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May 24, 2017

Latest Current Affairs 2017 : Banks in News

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Hi, I am shravan again. Today I am sharing some important banking related current affairs from recent news papers. Happy reading :)
  • Karnataka Bank and SBI Card have launched co-branded credit cards for the customers of Karnataka Bank. Through this alliance Karnataka Bank and SBI Card will launch two variants of the co-branded credit card 'Karnataka Bank Platinum SBI Card' and 'Karnataka Bank SimplySAVE SBI Card'. 
  • A separate 'Enforcement Department' has been set up by the Reserve Bank of India to oversee possible breaches of rules and take punitive actions against those who violate them. It will serve as a centralized wing to deal with banks only for enforcement action. 
    • Note : The department will develop a broad policy for enforcement and initiate action against the regulated entities for violation consistent with such policy. 
  • Ahead of the Reserve Bank of India's monetary policy, the country's largest bank, State Bank of India has reduced its benchmark lending rate by 0.15% (from 9.25% to 9.1%). 
    • Note : The cut in SBI's base rate was effective from 1st April, 2017. With This reduction, the equated monthly installments, or EMIs for the bank's new as well as existing bor-rowers who have taken housing or car loans at the base rate will cone down by at least 0.15%. 
  • The five associates banks (State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore) and the Bharatiya Mahila Bank became part of the State Bank of India. 
    • Note : The merged entity will have a deposit base of more than 26 lakh crore rupees and advance levels of 50 lakh crore rupees. The total customer base of the bank has reached 37 Crores with a branch network of around 24,000 and nearly 59,000 ATMs across the country. 
  • The Reserve Bank of India (RBI) has announced its First BI- monthly Monetary Policy Rates for 2017-18 in Mumbai. Repo rate under the liquidity adjustment facility (LAP) remains unchanged at 25 percent. Reverse repo rate under the LAF has been increased to 6.00 percent from earlier rate of 75%. Marginal standing facility (MSF) rate and the Bank Rate have been reduced 50 percent from earlier rate of 6.75%. Cash Reserve Ratio (CRR) remains unchanged at 4%. RBI has forecasted Gross Value Added (GVA) growth at 7.4% in the financial year 2017-16 and 8.1% in FY19. 
  • Aditya Birla Idea Payments Bank Ltd has become the seventh entity to receive a final license from the Reserve Bank of India (RBI) to set up a payments bank. The group's out-fit Aditya Birla Idea Payments Bank is a 51:49 joint venture (JV) between Aditya Birla Nuvo Ltd (ABNL) and telecom major Idea Cellular. 
    • Note : Payments banks can accept deposits from individuals and small businesses up to a maximum of Rs. 1 lakh per account. Airtel is offering 7.25% interest on its savings account. IPPB is offering three types of accounts where interest rates will vary from 4.5-5.5%. 
  • The Reserve Bank of India (RBI) has decided to slash clearance time for National Electronic Funds Transfer (NEFT) to enhance efficiency of the electronic payment system and add to customer convenience.  The NEFT settlement cycle will be reduced from hourly batches to half hourly batches. 
    • Note : National Electronic Funds Transfer (NEFT) is an electronic funds transfer system maintained by the Reserve Bank of India (RBI). 
  • Yes Bank' has announced the alliance with 'Paisabazaar.com' to offer conditionally approved loans to the latter's existing cus-tomers. The aim of tie up Is to make the process of availing a loan easy and seam-less and act as a one-stop financial solution provider for all retail lending needs of the customer. 
  • The bank will help 'Paisabazaar.com' through its advanced analytics and data mining capabilities to otter customers of the financial marketplace with customized and conditionally approved offers across retail lending products. 
    • Note : 'Paisabazaar.com' is a one-stop destination to all types of loans, cards, and investment products in India. 
  • The Reserve Bank has announced to soon put into circulation new Rs.10 coins that have been minted to commemorate 125th year of National Archives of India. The central bank will also put into circulation new Rs.5 coins to celebrate 150th anniversary of Allahaba.d High Court. The new design of Rs.10 coin will be having an image of National Archives Building in the centre with inscription '125 YEARS' below the image. 
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