August Month Banking Awareness – 2018

List of August Month Banking Awareness – 2018:

1. Reserve bank of India’s (RBI’s) Monetary Policy Committee (MPC) raised policy rates by 25 basis points to 6.5% on account of inflationary pressures arising due to hike in minimum support price.

2. HDFC has been awarded the best performing primary lending institution in Credit Linked Subsidy Scheme (CLSS) for the EWS (Economically Weaker Section) and LIG (Low Income Group) category.

3. National Bank for Agriculture and Rural Development (NABARD) has sanctioned Rs 772 crore for eight water projects in the rural areas of Haryana.

4. According to a Morgan Stanley report, India’s economy is expected to clock GDP growth of 7.5% in this financial year.

5. Mauritius-based SBM Group has received Reserve Bank of India’s approval to operate in the country through a wholly-owned subsidiary route. It is the first foreign lender to receive such a license after local incorporation was introduced in 2013.

6. The Reserve Bank of India (RBI) has directed Mumbai-based Fino Payments Bank to halt account opening functions till it modifies its processes to adhere to the regulator’s rules on deposit limit. The banking regulator mandates payments banks to restrict deposits to Rs 1 lakh.

7. The Reserve Bank of India (RBI) has allowed non-fund-based Umbrella Organizations (UO) at State levels to revive India’s co-operative banking sector.

8. Prime Minister Narendra Modi will launch India Post Payments Bank (IPPB) on August 21 which is aimed to provide financial services in the rural areas of the country. 648 branches will be launched across country in every district.

9. In the 29th meeting, GST Council approves cash incentives to promote Digital transactions. Finance Minister Piyush Goyal announces 20% Cashback upto Rs 100 for the Digital Transactions done via BHIM, Rupay or USSD mode. The meeting was held in New Delhi. The meeting was chaired by Finance Minister Piyush Goyal.

10. According to the Reserve Bank of India (RBI) data, the value of transactions made through mobile wallets touched a record Rs. 14,632 crore in June.

11. PayU India announced entering into a strategic partnership with Reliance Money, leading NBFC brands in India, to offer instant app-based personal loans, via LazyPay.

12. The Reserve Bank of India (RBI) will transfer Rs. 50,000 crore of its surplus money to the government, the highest since 2015-16, in a partial relief for the latter struggling to replenish public sector banks.

13. Hongkong and Shanghai Banking Corporation (HSBC) has launched a new digital platform ‘MyDeal’ to simplify capital raising process through capital markets by providing real-time access to information such as investors’ feedback, profiles, client orders and deal pricing.

14. PayPal, a digital payments platform has announced its strategic partnership with and HDFC Bank to offer safer, faster and convenient payment experiences for the bank’s cardholders.

15. Axis bank has become the first bank in the country to introduce Iris Scan Authentication feature for Aadhaar based transactions through its micro ATM tablets. This is being run as a pilot project in 8 branches of rural Punjab, Haryana, Gujarat and Andhra Pradesh.

16. State Bank of India (SBI) has launched its latest customer-friendly digital initiative Multi Option Payment Acceptance Device (MOPAD) at a shopping mall, in Visakhapatnam. The new device titled MOPAD is a Point of Sale (PoS) terminal that would along with cards accept payments through UPI, Bharat QR, and SBI Buddy wallet which till now required different tools to receive payments. So customers won’t have to carry cards for shopping.

17. The World Bank has mandated the Commonwealth Bank of Australia (CBA) to issue the world’s first blockchain-based bond. The Kangaroo bond, referring to foreign bonds issued in Australia in the local currency, has been named bond-i, an acronym standing for Blockchain Offered New Debt Instrument.

18. Axis bank has become the first bank in the country to introduce Iris Scan Authentication feature for Aadhaar based transactions through its micro ATM tablets. This is being run as a pilot project in 8 branches of rural Punjab, Haryana, Gujarat and Andhra Pradesh.

19. State Bank of India (SBI) has launched its latest customer-friendly digital initiative Multi Option Payment Acceptance Device (MOPAD) at a shopping mall, in Visakhapatnam. The new device titled MOPAD is a Point of Sale (PoS) terminal that would along with cards accept payments through UPI, Bharat QR, and SBI Buddy wallet which till now required different tools to receive payments. So customers won’t have to carry cards for shopping.

20. The World Bank has mandated the Commonwealth Bank of Australia (CBA) to issue the world’s first blockchain-based bond. The Kangaroo bond, referring to foreign bonds issued in Australia in the local currency, has been named bond-i, an acronym standing for Blockchain Offered New Debt Instrument.

21. Exim Bank of India has signed a multilateral cooperation agreement with member development banks of BRICS to undertake “collaborative research” in distributed ledger/blockchain technology.

22. Sarvatra Technologies launch 450th cooperative bank Sevalia Urban Co-operative Bank.

23. The World Bank launched “bond-i”, the world’s first bond to be created, allocated, transferred and managed by using distributed ledger technology. This two-year bond successfully raised 110 million Australian dollars (USD 80.48 million).

24. Centre for Economic Policy Research (CEPR) and the government Think Tank NITI Aayog organized two-day ‘India Banking Conclave’ (IBC) in New Delhi between August 23 and August 24, 2018. Focus:- On reform in the banking sector. About the Centre for Economic Policy Research (CEPR).

25. Ujjivan Small Finance Bank, a wholly-owned subsidiary of Ujjivan Financial Services Ltd, has launched an OverDraft (OD) facility for Micro and Small Enterprise (MSE) customers across its branches nationally.

26. State Bank of India (SBI) asked its customers to replace their ATM cards for Europay, MasterCard, Visa (EMV) chip based ATM-cum-debit cards with magnetic stripe before December 31. The Reserve Bank of India (RBI) had asked banks to issue only chip-based and Personal Identification Number (PIN) enabled debit and credit cards to protect customers from frauds.

27. Punjab National Bank (PNB) has announced that the Department of Financial Services report has rated it as number one state-owned bank in terms of digital transactions.

28. DBS Bank has been named the world’s best bank by Global Finance magazine, in a reflection of its ability to invest in digital innovation while still maintaining stable operations for its customers.

29. The Reserve Bank of India (RBI) has released its annual report in Mumbai. It was mentioned in the report that due to the evolving economic conditions, real GDP growth for 2018-19 is expected to increase to 7.4% from 6.7% in the previous year.

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