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Current Affairs - BANKING & FINANCE

  • Edelweiss Tokio Life Insurance has launched India’s first insurance product that can be bought at a point of sale (PoS). The product has been named ‘PoSSaralNivesh’.
  • Reserve Bank of India (RBI) extended the deadline for companies undertaking billing business under
  • the Bharat Bill Payment System (BBPS) by seven months to December 31, 2017. The extension has been granted on account of difficulties expressed by various entities in meeting the deadline.
  • Securities markets regulator Sebi has permitted subscription to mutual fund (MF) schemes through e-wallets.
  • The National Highways Authority of India (NHAI) has raised Rs. 3000 crore through Masala
  • Bonds at London Stock Exchange. Funds raised through these Masala Bonds will be used for constructing roads and transport infrastructure in India.
  • In a bid to keep a check on "errant" NGOs, especially those receiving foreign funding, Union Home Ministry has asked as many as 5,845 organisations to open their accounts in banks having core banking facilities. This will enable security agencies to have real-time access to all relevant details.
  • The Finance Ministry has set up an "Investor Facilitation Platform". It will provide information about stocks of public sector units. The platform that launched by the DIPAM is developed and maintained by PRIME Database.
  • LIC Housing Finance launches new home loan product Griha Siddhi. It will offer interest rate of 40 per cent up to Rs 25 lakh and for loans up to Rs 1 crore the interest rate will be 8.50 per cent per annum for the borrowers.
  • The Reserve Bank of India (RBI) has initiated an action on IDBI Bank that will restrict bank from hiring, opening branches and giving big ticket loans.
  • India's first International Financial Services Centre (IFSC) and International Finance-Tec City (GIFT) signed an agreement with Gujarat National Law University (GNLU).
  • DishaMicrofin has received the final license from Reserve Bank on 12th of May to operate as a small finance bank.
  • State Bank of India the country's largest public sector lender has announced that it will start levying charges of Rs 25 for every withdrawal done at its automated teller machine or ATM kiosks.
  • The International Monetary Fund has predicted India to grow at 7.7% in 2018-2019.India’s growth is expected to 7.2 per cent in the 2017-18 fiscal year.
  • Private sector bank Yes Bank announced its tie-up with Cashkaro to launch India’s first Card Linked Offers (CLO) cash-back proposition.
  • Reserve Bank of India (RBI) has initiated "prompt corrective action" (PCA) on Kolkata-based public sector lender UCO Bank on account of high bad loans and negative return on assets. UCO bank is the second Bank after IDBI Bank against which PCA has been invoked by RBI.
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