Category: Banking

Airtel Payments Bank starts ‘Suraksha Salary’ account for MSMEs

June 16, 2020

• Airtel Payments Bank started a salary account for micro, small and medium enterprises (MSME).
• Through the ‘Suraksha Salary’ account, MSMEs and other organizations will allow them to make cashless payments and also give financial security blanket to their employees.

Forex reserves bounce $8.22 billion; cross half-a-trillion (500M) mark for first time

June 12, 2020

• The country’s foreign exchange reserves passed the half-a-trillion mark for the first time after it surged by huge $8.22 billion in the week ended June 5, as per the latest data from the RBI.

IndusInd Bank starts ‘India’s first’ mobile app ‘Indus Corporate’ based convenience for opening current accounts

June 5, 2020

• IndusInd Bank has declared the release of a first-of-its-kind assisted mobile application based convenience, that allows the bank to open current accounts for self-employed individuals and businesses digitally, in just a few hours.

Yes Bank obtains 24.19% stake in Dish TV

June 2, 2020

• Yes Bank Ltd obtained a 24.19% stake in direct-to-home service provider, Dish TV India Ltd, by invoking pledges against 44.53 equity shares held as collateral with the private donor for a loan.

Airtel Payments Bank pairs up with Mastercard for farmers, SMEs

May 28, 2020

• Airtel Payments Bank has tied-up with Mastercard to generate customized financial products for Indian farmers and Small and Medium Enterprises (SMEs). These financial products mainly for those territories where there is less access to bank administrations.

Rs1500 crore letter of credit announced by RBI for EXIM Bank

May 22, 2020

• ईे15000 crore Letter of Credit (LoC) will be given by Reserve Bank of India (RBI) to the EXIM Bank for 90 days period from the date of availing with rollover maximum upto 1 year.
• Along with this RBI has also increased the max. period of pre-shipment and post-shipments export credit sanctioned by Banks from 1 year to 15 months for disbursements made upto 31 July 2020.

RBI updates policy rates.

May 22, 2020

• Reserve Bank of India (RBI) has made change in the policy rates. It has reduced repo rate from 4.4% to 4% and the Reverse repo rate from 3.75% to 3.35%.
•  Marginal Standing Facility (MSF) Rate has been lowered to 4.25% and Bank rate to 4.25%.

Kotak Mahindra Bank comes up as 1st bank in India to allow video KYC

May 19, 2020

• Kotak Mahindra Bank comes up as 1st bank in India to start video Know Your Customer (KYC) facility for customers opening savings accounts on Kotak 811 – the bank’s digital banking platform.

Federal Bank pair-up with MoneyGram for direct-to-bank deposits service

May 15, 2020

• A private sector bank, Federal Bank Limited paired-up with MoneyGram Payment System to provide a cost-effective direct-to-bank account credit option for customers in India.

SBI General Insurance starts Health Insurance Policy “Arogya Sanjeevani”

May 11, 2020

• A standard health insurance policy called “Aarogya Sanjeevani” has been released by the State Bank of India General Insurance.
• It gives hospitalization cover anywhere in India with sums insured ranging from Rs. 1 lakh to Rs. 5 lakh.