February Month Banking Awareness 2018

February Month Banking Information 2018:

Indian Overseas Bank (IOB) has received Rs. 173.06 crore capital infusion from the government in the current fiscal.

The Central Statistics Office (CSO) revised the gross domestic product (GDP) growth rate for 2015-16 to 8.2% from the earlier estimates of 8% and kept the 2016-17 growth unchanged at 7.1%.

The Union Minister for Finance and Corporate Affairs Mr Arun Jaitley launched CriSidEx. It is the India’s first sentiment index for Micro and Small Enterprises ( MSEs) developed jointly by CRISIL & SIDBI.

The Monetary Policy Committee (MPC) decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.0%.

The Reserve Bank of India will link the base rate with the MCLR from 1st of April 2018 to ensure expeditious transmission of its policy rate to borrowers.

The Reserve Bank of India has launched Ombudsman Scheme for non-banking financial companies (NBFCs) for redressal of complaints against them.

The Reserve Bank of India announced setting up an ombudsman for addressing customer grievances in the non-banking finance companies.

IndusInd Bank launched its new Sonic Identity, which is essentially a musical logo called ‘MOGO’, as part of its branding initiatives.

Direct tax collections grew by nearly 20% between April and January this year with strong growth in both corporate and personal income tax receipts.

The Reserve Bank of India (RBI) scrapped numerous loan restructuring programmes, asking banks to immediately identify defaults and make disclosures every Friday to the RBI credit registry, starting from February 23.

Bank of Baroda has decided to exit by March-end its South Africa operations after 21 years amid a probe into alleged compliance lapses by the bank there.

Private sector lender, Yes Bank has announced the listing of the Bank’s debut US $600 million bond issue under its maiden US $1 billion medium-term note (MTN) bond on country’s first international exchange BSE’s IndiaINX at the International Financial Services Centre (IFSC) at GIFT City in Gandhinagar.

The National Bank for Agriculture and Rural Development (NABARD) announced area development plans worth Rs 1,918 crore for Punjab to supplement farmers’ income.

Capital First announced that the regulator National Housing Bank (NHB) has approved the merger of the company along with Capital Home Finance and Capital First Securities Limited with IDFC Bank.

PNB Housing Finance Ltd has tied up with International Finance Corporation (IFC), part of the World Bank Group, to raise $800 million for green and affordable housing in India.

Retirement fund body Employees Provident Fund Organisation (EPFO) has reduced the interest rate on deposits to 8.55% for 2017-18 from 8.65% for 2016-17

The Union Cabinet has given approval for creation of National Urban Housing Fund (NUHF) for Rs.60,000 crores. This fund will be situated in Building Materials and Technology Promotion Council (BMTPC), an autonomous body under the Ministry of Housing and Urban Affairs.

Digital payments startup Paytm has launched two insurance companies, Paytm Life Insurance and Paytm General Insurance.

Aditya Birla Idea Payments Bank Ltd (ABIPBL) started operations, making it the fifth payments bank to roll out operations.

Employees Provident Fund Organisation (EPFO) has introduced UAN-Aadhaar linking facility for the convenience of members using EPFO Link in UMANG Mobile App.

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