Latest Banking and Finance Current Affairs in November 2020

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Latest Banking and Finance Current Affairs in November 2020

Current Affairs- Banking and Finance- 30th November 2020

RXIL  has started 1st Trade Credit Insurance Transaction In Sandbox

 -By, Dr. Rituparna Dubey

Receivables Exchange of India Ltd (RXIL) has initiated a Trade Credit Insurance, which is backed transaction with Tata AIG as an insurer, and ICICI & YES Bank as financiers. It is the 1st time ever that a TReDS platform has tested the efficacy of the TCI backed transaction, thereby improving ability in assigning credit limits to corporates. The Receivables Exchange of India Ltd is promoted by SIDBI.

RBI has advised Lakshmi Vilas Bank to completely  write down its tier-2 bonds before the merger with DBS bank 

 -By, Dr. Rituparna Dubey

The exchanges have been informed by Lakshmi Vilas Bank that it has been advised by the RBI to fully write down ₹318 crores of its tier-2 bonds before its scheduled merger with the Singapore-based DBS Bank. A full-write down means that investors in these bonds will not receive any gain from this. The CEO of DBS bank is Piyush Gupta

 

IBM has collaborated with MeitY to build future-ready skills

 -By, Dr. Rituparna Dubey

IBM has collaborated with the Ministry of Electronics & Information Technology to create an education and skilling ecosystem through the Common Services Centre Academy. The objective of this ecosystem is to provide access to employment to about 4,000  youth in rural areas. The Common Services Centre (CSC) program is an initiative of the Electronics & Information Technology Ministry.

Current Affairs- Banking and Finance- 17th November 2020

RBI places Lakshmi Vilas Bank under moratorium, drafts amalgamation scheme with DBS Bank of India Limited.

Reserve Bank of India has placed Lakshmi Vilas Bank under a moratorium of 1 month and has also drafted a scheme for amalgamation of Lakshmi Vilas Bank with DBS Bank of India Ltd on 17th November 2020.

Key Highlights-

  • Moratorium is a temporary suspension of the activities or delay in administrative decision making.
  • RBI has imposed a daily withdrawal limit of Rs. 25,000 per account from Lakshmi Vilas Bank due to the weak financial conditions of the bank.
  • The moratorium has been imposed under Section 45 of the Banking Regulation Act, 1949
  • The scheme for amalgamation of Lakshmi Vilas Bank with DBS Bank has been drafted as the DBS Bank’s financials are strong and can easily sustain the merger of a new bank.

Current Affairs- Banking and Finance- 11th November- 2020

IFSCA approves IFSCA (Banking) Regulations, 2020

International Financial Services Centers Authority (IFSCA) in a meeting has approved International Financial Services Centers Authority (Banking) Regulations, 2020 on 11th November 2020 for setting rules regarding various aspects of banking operations which will be later acceptable at the International Financial Services Centers (IFSC).

Key Highlights-

  • IIFSC is headquartered at Gandhinagar, Gujarat.
  • Pradip Shah is the head of IFSC International Retail Business Development Committee.
  • Under the IFSCA (Banking) Regulation, 2020, the requirements for establishment of IFSC Banking Units (IBUs) will be fixed, NRIs and Indian residents with a net worth of US $1 million will be permitted for opening accounts and permissible activities of IBUs will be laid down.
  • IFSCA (Banking) Regulation, 2020 will be notified by the Government of India in a few days.

Current Affairs-Banking and Finance- 5h November 2020

RBI announces ‘Co-Lending Model (CLM) for Banks & NBFCs for Priority Sector Lending’

Reserve Bank of India (RBI) has announced ‘Co-Lending Model’ or CLM for enabling the banks to provide loans along with Non Banking Financial Companies (NBFCs) which will also include Housing Finance Companies (HFCs) for the borrowers of the Priority Sector.

Date of Announcement- 5th November 2020

Key Highlights-                    

  • Under this model, the co-lending banks will take their share of the individual loans while a minimum of 20% share of the individual loan amount will be retained by the NBFC involved.
  • The recent announcement will provide greater operational flexibility to the lending institutions in improving the credit flow to the unserved as well as the underserved sectors of the economy at an affordable cost.
  • The CLM will not be applicable to the foreign banks with less than 20 branches.

ICICI Bank launches ‘ICICI Bank Mine’ programme for the millenials

ICICI Bank has launched ‘ICICI Bank Mine’ for the millennial customers. It is first-of-its kind comprehensive banking programme that targets the customers in the age group of 18-35 years, who are collectively called as Millenials.

Date of Launch- 5th November 2020

Key Highlights-

  • The programme will offer instant opening of savings account in the bank using the digital means, making it fully paperless.
  • The programme will offer guidance on investments through the dedicated mobile application.
  • The programme will also offer India’s first Flexi-Plan Credit Card which will their lifestyle and spending patterns. Instant Personal Loan upto 25 lakh and Overdraft via Insta FlexiCash will also be offered to the customers with ‘ICICI Bank Mine’ account

Current Affairs- Banking and Finance – 4th November 2020

Bank of Baroda introduces Employee Assistance Program

Bank of Baroda has collaborated with Employee Assistance Program Pvt. Ltd.  to introduce ‘Employee Assistance Program’ for the well-being of its employees. It is the first bank in the country to launch any program for ensuring the well-being of its employees and their family members.

Launch Date- 4th November 2020

Objective of the Program- To provide professional counseling to its employees regarding their personal and professional problems and issues to prevent any psychological effects of stress and anxiety on its employee. This will improve the performance of its employees.

Key Highlights-

  • The program has been started in the Mumbai Zone on pilot basis.
  • BoB aims to create a positive work environment for its employees.
  • The counseling provided by EAP Ltd. Will be non-judgmental and confidential.
  • As per the annual report published by Bank of Baroda, almost 60% of its employees in the age group of 18-35 years were facing some kind of peer pressure, stress or anxiety.

 

Current Affairs- Banking and Finance- 2nd November 2020

HDFC ERGO General Insurance implements AI enabled tool ‘IDEAS’

Housing Development and Finance Corporation Limited (HDFC) has implemented an AI-enabled tool named ‘IDEAS’ for automated settlements of motor claims on 2nd November for the customers of ERGO General Insurance.

Name of the tool- Intelligent Damage detection Estimation and Assessment (IDEAS)

Key Highlights-

  • IDEAS tool uses Machine learning and Neural Network Image Processing and Analytics.
  • The AI-based tool has been trained with 3,00,000 images of motor vehicle damage collected over 2 years.
  • The tool will be integrated into the Surveyor’s Mobile App.
  • Ritesh Kumar is the MD and CEO of HDFC ERGO headquartered in Mumbai, Maharashtra.
  • HDFC ERGO is a joint venture between HDFC and ERGO International AG of Munich Re Group of Germany which is the third largest general insurance provider in the private insurance sector.
  • HDFC holds 51 % shares of HDFC ERGO Joint Venture.

 

 

Current Affairs- Banking and Finance -1st November 2020

Government provides Rs. 670 crores to RRBs for meeting Regulatory Capital Requirement

Government of India has provided Rs. 670 crores to the Regional Rural Banks (RRBs) for raising the Capital to Risk (Weighted) Assets Ratio (CRAR) of around 17 out of 43 RRBs which have been suffering losses in the North-eastern and Eastern Regions to fulfill the minimum Regulatory Capital Requirement of 9%.

Date of sanction- 1st November 2020

Significance- The financial aid will fulfill the capital needs of the RRBs (which have incurred losses) till March 2021

Key Highlights-

  • Regional Rural Banks (RRBs) were established under the RRB Act, 1976.
  • RRBs were set up for providing credit and banking facilities to the rural people, marginal farmers, labourers, rural micro-industries, artisans etc.
  • According to the current criteria of recapitalization of RRBs, 50 % of the required capital will be provided by the Central Government, 15 % by the State Government and 35 % by the sponsor bank for meeting CRAR.

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