Category: Banking

ADB authorizes $190 million loan to upgrade power distribution in Bengaluru

December 6, 2020

• The Manila-based Asian Development Bank (ADB) has sanctioned a loan of $190 million (approx Rs 1,400 crore) to modernize and upgrade the power distribution system in Bengaluru, Karnataka.
• The financial-assistance by ADB will be used for the Bengaluru Smart Energy Efficient Power Distribution Project.

PNB starts loan management solution ‘LenS-The Lending Solution’

December 6, 2020

• Punjab National Bank (PNB) has initiated a tech-based loan management solution ‘LenS-The Lending Solution’, to speed up and sustain accuracy in online loan processing and sanctioning of credit proposals.

Axis Bank starts ‘Axis Bank Rupi Business Credit Card’ for MSMEs

December 5, 2020

• Axis Bank Ltd in partnership with Rupifi and Visa started ‘Axis Bank Rupifi Business Credit Card’ for MSMEs(Micro, Small and Medium Enterprises).
• This Contactless Co-Branded credit card, powered by Visa is applicable only to the MSMEs businesses that transact on the aggregator platforms tied-up with Rupifi PAN (Permanent Account Number) India for their business purchases.

RBI orders HDFC Bank to halt its digital launches

December 3, 2020

• The Reserve Bank of India (RBI) has published an order to HDFC Bank with respect to certain incidents of outages in the internet banking, mobile banking and payment utilities of the lender over the past 2 years, the private sector bank informed the stock exchanges.

YES Bank starts ‘SMS Pay’ on POS Terminals

November 29, 2020

• Private lender Yes Bank has started an ‘SMS Pay’ functionality on POS terminals, which would let merchants accept contactless and remote payments from their customers.
• Yes Bank has tied-up with French payment services company Worldline to launch the new facility.

HDFC Bank inks MoU with ICCI to support SMEs and Start-ups

November 27, 2020

• HDFC Bank has inked an MoU with the Inventivepreneur Chamber of Commerce and Industries (ICCI) to assist SMEs and Startups.
• Through this association, ICCI will engage, enroll and promote various Startups /SMEs /MSMEs to facilitate inter-alia financial and other facilities to/from HDFC Bank.

Cabinet permits RBI’s proposal to merge Lakshmi Vilas Bank with DBS Bank

November 25, 2020

• Union Cabinet has accepted the merger of capital-starved Lakshmi Vilas Bank (LVB) with DBS Bank India.
• The Reserve Bank of India on 17 November stated the merger of the lender with the Indian arm of Singapore’s DBS Bank.

RBI foists six-month ban on Manta Urban Cooperative Bank

November 24, 2020

• The Reserve Bank of India (RBI) has outlawed the Manta Urban Cooperative Bank in Jalna district of Maharashtra for six months for payment of money and loan transactions.
• The central bank has given some guidance to this bank, which will be active for six months since the bank closed on 17 November 2020.

LIC starts 1st digital app ‘ANANDA’

November 22, 2020

• Life Insurance Corporation of India has started a digital application for agents for onboarding to get a life insurance policy.
• The Digital Application is called “ANANDA”, which is an acronym for Atma Nirbhar Agents NewBusiness Digital Application.

Karnataka Bank starts CASA campaign

November 19, 2020

• Karnataka Bank started CASA (current account, savings account) mobilization campaign which will begin from November 17 to March 4, 2021.
• The bank declared that it intends to mobilise over 4.10 lakh current and savings accounts with an accretion of 650 crores of business.