Banking and Financial Awareness July 2020: Week IV

Insta Click Savings Account—By Bank of Baroda

The Bank of Baroda has launched ‘Insta Click Savings Account’.
The ‘Insta Click Savings Account’ is a paperless digital self-assisted saving account.
The aim behind launching this ‘Insta Click Savings Account’ is that BOB is working to digitize its all work by 2023 and become 100% paperless.

The Reserve Bank of India has released the 21st issue of Financial Stability Report, July 2020.
FSR is the study and assessment of FSDC (Financial Stability and Development Council).
The COVID-19 has affected the fiscal, monetary and regulatory inventions on a large scale. Also, the non-financial sector has affected large economic losses due to the pandemic.
The report has suggested that the GNPA ratio of all SCBs may rise from 8.5% in March 2020 to 14.8% by March 2021.

The Reserve Bank of India has signed an agreement of USD 400 million currency swap facility with Sri Lanka.
The agreement is signed to help Sri Lanka to meet with its short-term international liquidity requirements.
The foreign exchange reserves will also be boosted for Sri Lanka which declined due to the COVID-19 in the country.

During this pandemic situation of Coronavirus, and to support Indian companies, the Government of India has amended certain Indian Accounting Standards (Ind-AS), including the standards and norms relating to leases.
The ministry of corporate affairs has amended Ind-AS 103 and Ind-As 116 and some other standards.
The amendment rules were set and finalized by the ministry in guidance and consultation with the National Financial Reporting Authority (NFRA).

Bank of Maharashtra has partnered with Uniken, an organisation which works in the field of digital security.
They have partnered to work and provide Omnichannel security.
The Omnichannel security will be provided to Bank of Maharashtra’s online banking app named as MahaSecure.
Uniken’s REL-ID technology will work to provide Omnichannel security.

The wholly-owned subsidiary of Bank of Baroda (BOB) named as BOB Financial Solutions Limited and the Fiserv, Inc., which is the technology-based financial services and payment global provider have joined together to have a flexible, scalable solution to accelerate the digital transformation of card issuance and its processing.
They will work together to develop high tech products like contactless credit cards, tokens and integration with branded wallets and virtual credit cards.
They will work to have loyalty management and will build customer trust on digital payment structures developed by them.

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