September Month Banking Awareness – 2018

List of September Month Banking Awareness – 2018:

1. Home, auto and other loans would become costlier as the country’s largest lender, State Bank of India, has increased its benchmark lending rate or MCLR by 0.2%, a development followed by other lenders.

2. Prime Minister Narendra Modi launched a payments bank of the Department of Posts that will take banking to the doorstep of every citizen through an unmatched network of post offices and almost 3 lakh postmen and “Grameen Dak Sewaks”. The payments bank will accept deposits of up to Rs 1 lakh, offer remittance services, mobile payments/transfers/purchases and other banking services like ATM/debit cards, net banking and third-party fund transfers. The IPPB would be available through 650 branches and 3,250 access points.

3. The Reserve Bank of India (RBI) has canceled the license of Rajasthan-based Bhilwara Mahila Urban Co-operative Bank as it does not have adequate capital and earning prospects.

4. The Unique Identification Authority of India (UIDAI) has asked banks to ensure that at least eight enrolments or updations are carried out daily in each stipulated branch from November 1, 2018, to avoid financial disincentives to be applicable from July 2018.

5. The Reserve Bank of India (RBI) asked all scheduled commercial banks with more than 10 branches to appoint an Internal Ombudsman (IO).

6. National Bank for Agriculture and Rural Development (NABARD) has sanctioned an amount of Rs 335 crore under the Rural Infrastructure Development Fund (RIDF) to West Bengal. This fund would be used for 158 minor irrigation projects and 23 flood protection projects.

7. HDFC ERGO announced the launch of “E@Secure”, a Cyber Insurance Policy for individuals. It is India’s third-largest non-life insurance provider in the private sector. his policy aims at providing comprehensive protection to individuals and their families against any cyber-attacks, cyber frauds or digital threats that could lead to a financial loss and or reputational loss.

8. The Government of India has doubled the monetary limit to 20 lakh rupees for filing loan recovery application in the Debt Recovery Tribunals (DRT) by banks and financial institutions.

9. Union Finance Ministry has doubled pecuniary limit to Rs. 20 lakh from Rs.10 lakh for filing loan recovery application in Debt Recovery Tribunals (DRT) by banks and financial institutions. It means that bank or financial institution or consortium of banks or financial institutions cannot approach DRTs if the pecuniary limit amount due is less than Rs 20 lakh. This move is aimed at helping reduce pendency of cases in DRTs

10. The Reserve Bank of India (RBI) has released new guidelines through a gazette notification for all notes which were introduced post note ban, or notes which were introduced as part of the Mahatma Gandhi New Series.

11. The Reserve Bank to purchase Government securities (G-secs) worth Rs 10,000 crore on September 19, a move aimed at inducing liquidity in the system. The purchase of the government securities will be done through Open Market Operations (OMO).

12. PayU India has received Reserve Bank of India’s (RBI) approval to operate its own Non-Banking Financial Company (NBFC).

13. The National Bank for Agriculture and Rural Development (NABARD) has approved Rs 65,634.93 crore loan so far to 93 prioritised irrigation projects under the government’s flagship scheme Pradhan Mantri Krishi Sinchai Yojana (PMKSY).

14. The government has proposed an amalgamation of Bank of Baroda, Vijaya Bank, and Dena Bank to create India’s 3rd largest globally competitive Bank.

15. Asian Paralympic Committee (APC) confirmed that Hangzhou in China will host the fourth edition of Asian Para Games in 2022. Asian Para Games will begin in the Indonesian capital Jakarta on October 6.

16. India Post Payments Bank (IPPB) and Bajaj Allianz Life Insurance Co Ltd (BALIC) entered into a strategic partnership to provide life insurance solutions, especially at the doorstep of every household in the country.

17. The government has raised interest rates on Small Savings Schemes (SSS), including National Savings Certificate (NSC) and Public Provident Fund (PPF) by up to 0.4% for the October-December quarter, in line with rising deposit rates in the banks

18. The World Bank Board has endorsed an ambitious five-year Country Partnership Framework (CPF) for India, which aligns with New Delhi’s objectives of high, sustainable and inclusive growth. The framework is expected to bring between 25 and 30 billion US Dollars in financial support to India.

19. Yes Bank has paid Rs 38 crore in fines to the GST department for alleged violations in domestic remittances. Over Rs. 32 crore has been paid to the GST department, while Rs 6 crore has been paid in service tax which has been replaced by GST.

20. Insurance regulator IRDAI has raised the minimum insurance cover for owner-driver to Rs. 15 lakh for a premium of Rs. 750 per annum, a move to provide some succor to road accident victims.

21. The Reserve Bank of India (RBI) barred Bandhan Bank from opening new branches and also ordered freezing of the bank’s CEO salary over failure to stick to shareholding rules.

22. The Reserve Bank of India (RBI) allowed banks to dip further into statutory cash reserves to ease a liquidity squeeze afflicting the nation’s money markets.

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