Category: Banking

Equitas Small Finance Bank designates Smriti Mandhana as brand ambassador

November 18, 2020

• Equitas Small Finance Bank has started a women-centered product ‘Eva’.
• The Bank has tied up with Indian Woman cricketer Smriti Mandhana as the brand ambassador for its newly started product ‘EVA’.

RBI forms Reserve Bank Innovation Hub to boost financial inclusion

November 18, 2020

• The Reserve Bank of India has formed a Reserve Bank Innovation Hub (RBIH).
• The aim of Innovation Hub is to promote innovation across the financial sector by leveraging technology and creating an environment that would facilitate and foster innovation.

RBI sets Lakshmi Vilas Bank under moratorium

November 18, 2020

• The Reserve Bank of India (RBI) has put cash-strapped Lakshmi Vilas Bank (LVB) under a moratorium for a period of one month and limited withdrawals at Rs 25,000 for depositors, owing to a serious deterioration in the lender’s financial position.

HDFC Bank, IndusInd in ‘red flag’ list on nearing foreign investment cap

November 17, 2020

• HDFC Bank & IndusInd Bank have been placed in the ‘red flag’ list, a system used for observing foreign portfolio investor (FPI) limits.
• A listed company enters the list when the available legroom for overseas investment is less than 3% of the sanctioned limit.

SBM Bank India ready to launch a neo banking platform

November 17, 2020

• SBM Bank India, the wholly-owned subsidiary of State Bank of Mauritius has paired up with Fintech PayNearby to launch a neo banking platform.

RBI enforces Rs 1 crore penalty on Punjab National Bank

November 17, 2020

• The Reserve Bank of India has enforced a penalty of Rs 1 crore on Punjab National Bank for violating the Payment and Settlement Systems Act, 2007.

IFSCA passes draft banking regulations at IFSC

November 14, 2020

• International Financial Services Centres Authority (IFSCA) has conducted a meeting in New Delhi.
• The IFSC Authority permitted the International Financial Services Centres Authority (Banking) Regulations, 2020 in the meeting.

Paytm starts “Payout Links” for small businesses

November 12, 2020

• Paytm has started “Payout Links” for businesses, enabling them to instantly process payouts to customers, employees and vendors, without collecting their bank details.
• It is targeted at aiding small businesses in sectors like gaming, retail, export, manufacturing and e-commerce.

HDFC Bank launches SmartHub Merchant Solutions 3.0 for SMEs

November 12, 2020

• HDFC Bank has declared the release of “SmartHub Merchant Solutions 3.0” for Small and mid-size enterprises.
• This solution allows merchants and self-employed professionals to instantly open a current account and begin accepting payments in-store, online, and on-the-go.

RBI to evaluate the impact of ‘RBI Kehta Hai’ drive

November 10, 2020

• The Reserve Bank of India will assess the impact of the multi-media public awareness campaign ‘RBI Kehta Hai’, which was started in 14 languages to aware the public about safe banking and financial practices.