April Month Banking Awareness – 2018

List of April Month Banking Awareness – 2018:

1. Small Industries Development Bank of India (SIDBI) has celebrated its foundation day. Chairman Managing Director of SIDBI Mohammad Mustafa launched a series of initiatives from its bank headquarters Lucknow.

Chairman of SIDBI also launched ‘Samridhhi- the virtual assistant’ on banks revamped universal loan portal www.udyamimitra.in.

2. Securities and Exchange Board of India (SEBI) decided to double the investment limit by angel funds in venture capital undertakings to Rs. 10 crore from the current Rs. 5 crore.

3. Jana Small Finance Bank (formerly Janalakshmi Financial Services) announced the commencement of its banking operations.

4. Reserve Bank of India (RBI) has changed the methodology used by debt market players, including banks and primary dealers, for their valuation.

5. SoftBank signed a $930-million deal with China’s energy conglomerate Golden Concord (GCL) to produce and sell solar equipment in India.

6. IndusInd Bank has received RBI’s approval to buy the securities services arm of IL&FS.

7. Jio Payments Bank Limited has commenced operations as a payments bank. The Reserve Bank has issued a license to the bank under Section 22 (1) of the Banking Regulation Act, 1949 to carry on the business of payments bank in India.

8. On the basis of an assessment of the current and evolving macroeconomic situation at its meeting, the Monetary Policy Committee (MPC) decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.0%.

9. ICICI Bank has become its first Indian client to go live with an improved cross-border payments service. The improved cross-border payments service which is being referred to is the Global Payment Innovation (GPI) Tracker, which has been extended to cover all payment instructions sent across the SWIFT network.

10. Indian Bank has launched ‘Public Financial Management System (PFMS)’ and ‘Bharat QR’ facility.

“Bharat QR” is a mobile payment collection scheme to accept digital payments. Using this scheme, a merchant will receive Bharat QR sticker. This will enable customers to make payments through the QR facility.

11. The Reserve Bank of India (RBI) asked all payment system operators in India to store data within the country by the next 6 months.

12. Reserve Bank of India switched back to the gross domestic product (GDP)-based measure to offer its growth estimates from the gross value added (GVA) methodology.

13. Reserve Bank of India in consultation with the Government, hiked the foreign portfolio investors (FPI) investment limit in Central government securities (G-Sec) from 5% of outstanding stock now to 5.5% in FY2019 and 6% in FY2020.

14. The State Bank of India will be investing a total of Rs 80 billion in the Arun III hydropower project of Nepal, which has 900 megawatts (MW) electricity production capacities.

15. The State Bank of India has announced the launch of its UK subsidiary, SBI (UK) Limited, with an initial capital commitment of 225 million pounds from its parent entity.

16. Jammu & Kashmir (J&K) Bank has launched “Add-on Working Capital GST”, a special financing scheme to help the state industry cope with the delay in reimbursement of Goods and Services Tax (GST) under special tax relief.

17. The Asian Development Bank (ADB) has projected that India’s economic growth is set to rise to 7.3% this fiscal and further to 7.6% in the next financial year.

18. Reserve Bank of India (RBI) has imposed a penalty of Rs. 3 crore on IDBI Bank for non-compliance with the outlined norms related to reporting of bad loans.

19. The Reserve Bank of India tightened reporting norms for the Liberalised Remittance Scheme (LRS) under which an individual can transfer up to USD 2,50,000 abroad in a year.

20. The World Bank has approved $55mn to expand the use of clean renewable energy in rural areas of Bangladesh.

21. National E-Repository Limited (NERL), a group company of National Commodity and Derivatives Exchange Limited (NCDEX ), has brought in ICICI Bank and HDFC Bank on board as the repository participants for pledge finance.

22. Punjab National Bank (PNB) launched new products such as pre-approved credit card and UPI solution to mark its 124th foundation day.

23. Shares of private lender Kotak Mahindra Bank Ltd beat India’s largest lender State Bank of India (SBI) for the first time to become the second most valued bank in the country.

24. The Confederation of Indian Industry (CII) has announced that it expects India’s gross domestic product (GDP) to grow at 7.3-7.7% during the 2018-19 financial year.

25. The World Bank has projected a growth rate of 7.3% for India this year and 7.5% for 2019 and 2020.

26. Kolkata-based Bandhan Bank Ltd became one of the top 50 most valuable publicly traded firms in India.

27. Yes Bank has announced the launch of “Yes GST”, an Over Draft (OD) facility for Micro, Small and Medium Enterprises (MSMEs). Through this, an MSME can avail OD up to Rs 1 crore, based on their annual turnover, backed by GST returns.

28. India’s largest private sector bank, ICICI Bank announced that it has on-boarded over 250 corporates on its blockchain platform for domestic and international trade finance.

29. The Union Government (Finance Ministry) in consultation with Reserve Bank of India (RBI) launched the first tranche of Sovereign Gold Bonds (SGBs) for Background Households in India hold a large amount of their savings as physical assets such as gold, silver and other precious metals and real estate.

30. The International Monetary Fund (IMF) has stated that India is expected to grow at 7.4% in 2018 and 7.8% in 2019.

31. National Bank for Agriculture and Rural Development (NABARD) has announced that it has extended total credit support of Rs 14690 crore to Rajasthan during 2017-18.

32. State Bank of India (SBI) has come up with an alternate and convenient method of cash withdrawal for its customers. The bank is now providing facilities of cash through “Cash@POS” initiative.

33. According to the database of the International Monetary Fund’s World Economic Outlook (WEO) for April 2018, India’s Gross Domestic Product (GDP), the worth of the economy, clocked in at $2.6 trillion for 2017.

34. According to the TRA Brand Trust Report 2018, the State Bank of India (SBI) was the most-trusted bank in the public sector and ICICI Bank was the most-trusted bank in the private sector.

35. State Bank of India (SBI) got the top in the chart of BFSI (Banking and Financial Services Institutions).

36. Yes Bank has received the Reserve Bank of India’s (RBI) approval to open two representative offices in London and Singapore.

37. The Reserve Bank of India has revised “Know Your Customer” or the KYC guidelines. The KYC norms have been revised following the government’s decision to update the ‘Prevention of Money Laundering’ rules in June 2017.

38. Asian Development Bank (ADB) has agreed to give an aid of 1,700 crore rupees to Uttarakhand for infrastructure development and creation of sewerage treatment facilities in urban areas.

39. According to the report of the World Bank, India has got the top position in the remittances receiving country with its diaspora sending about $69 billion back home in 2017.

40. State Bank of India (SBI) has been authorized to issue and encash Electoral Bonds through its 11 Authorised Branches with effect from 01.05.2018 to 10.05.2018.

41. National Stock Exchange of India (NSE) has announced the launch of its “e – Gsec” platform for facilitating the non-competitive bidding in Government of India Dated Securities (G-Sec) and Treasury Bills (T-Bills).

42. The non-competitive bidding facility was introduced by the Reserve Bank of India (RBI) to encourage retail participation in the primary market for Government Securities.

43. As per a report by Deutsche Bank, Indian economy is likely to register Gross Domestic Product (GDP) growth of 7.5 percent in the financial year 2018-19.

44. HDFC Bank has launched IRA 2.0, the second version of its interactive humanoid at the Koramangala branch in Bengaluru, Karnataka.

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