The State Bank of India has removed the minimum balance charges on all savings bank accounts. SBI has removed charges for non-maintenance of Average Monthly Balance (AMB) for all 44.51 crore savings bank accounts.
The State Bank of India has finalized to buy shares worth Rs 7250 crore of the cash-strapped Yes Bank. The purchase of the shares will be in accordance with the draft reconstruction scheme put forward by the Reserve Bank of India. SBI will buy the 725 shares of Yes Bank at a price of Rs 10 per share. After the purchase, the shareholding of the State Bank of India (SBI) in Yes Bank will remain under 49% of the paid-up capital.
Securities and Exchange Board of India (SEBI) has started a mobile application ‘Sebi SCORES’ for convenience of investors to lodge grievances in Sebi Complaints Redress System (SCORES). The mobile app will make it easier for investors to lodge their grievances with SEBI, as they can now access SCORES at the convenience of their smartphone.
The Union Government of India imposed temporary prohibition of the activity of the capital-starved Yes Bank and capped withdrawals at ₹50,000 per account after considering an application created by the Reserve Bank of India. The board of Yes Bank has been superseded with immediate effect by the Reserve Bank of India (RBI). Former SBI CFO Prashant Kumar has been selected as administrator of Yes Bank.
Government has collected over one lakh five thousand crore rupees as Goods and Services Tax in February,2020 which is eight percent more than the GST collected in the same month of last year.
Finance Secretary Rajiv Kumar started “Baroda Startup Banking”. It is an initiative targeted at making the Bank of Baroda (BoB) a preferred banking partner for the start-up community and establishing link with at least 2,000 start-ups over the next two years.