Yak Banks Inwards Intelligence 2017

Banks inwards News 2017

• South-based Lakshmi Vitas Bank has had upwards with Centrum Group inwards which the depository financial establishment volition refer its High Net worth Individuals (HNI) to Centrum for wealth administration as well as household unit of measurement business office services. Centrum volition acquit the busi-ness through its wealth administration arm Centrum Wealth Management as well as volition offering its existing portfolio of wealth administration services to the bank's HNI clients. 
• Note : This is the starting fourth dimension time inwards the Blue Planet that a private depository financial establishment has given the accuse to an independent professional person wealth.
• In a fresh force toward a less cash economy, the Reserve Bank of Republic of Republic of India (RBI) has prohibit-ed non-banking finance companies (NBFCs) of all kinds from lending to a greater extent than than Rs.20,000 inwards cash against gold. 
  
• Note : The NBFCs get got been told to number cheques for loan amounts to a higher house this prescribed limit. Earlier, NBFCs had been directed to disburse solely high value loans of Rs.1 lakh as well as to a higher house against gilt past times cheque. 
• iSelect term plan 
• Canara, HSBC as well as Oriental Bank of Commerce Life Insurance launched iSelect term invention to expand its online production accommodate with the meant for household unit of measurement protection. iSelect term invention provides enhanced protection encompass for the household unit of measurement at an affordable premium. 
• Note : It is a pure protection online term invention that provides life insurance encompass along with the selection to encompass against accidental death/ disability. 
• State Bank of Republic of Republic of India has decided to reintroduce penalisation on non-maintenance of mini-mum residue inwards accounts from Apr 1, 2017. 
• Note : The Reserve Bank of Republic of Republic of India has permitted banks to levy charges for breaching minimum residue limit. Withdrawal of cash from ATMs volition too attract a accuse upwards to xx rupees if the number of transactions exceeds iii from other bank's ATMs inwards a calendar month as well as 10 rupees for to a greater extent than than 5 withdrawals from SBI ATMs. 
• The State Bank of Republic of Republic of India is alongside 4 novel unusual banks given preliminary approving to opened upwards 100 percent-owned branches inwards Myanmar, the latest motion past times the Southeast Asian acre to woo investment to the Blue Planet long ruled past times the armed forces as well as hitting past times Western sanctions. 
• Note : This is the minute fourth dimension Myanmar has allowed unusual banks to opened upwards 100-per cent-owned branches within the Blue Planet inwards to a greater extent than than 5 decades next permits to nine unusual banks inwards Oct terminal twelvemonth to operate inwards the country. Myanmar's powerful armed forces nationalised all banks when it seized mightiness inwards 1962.
• Best Small Bank
• The 'Karur Vysya Bank' (KVB) has been adjudged the 'Best Small Bank for 2016'. The Managing Director (MD) of 'Kann. Vysya Bank' has received the observe from Sudhir Munguodvar, Minister of Finance as well as Planning, Government of Maharashtra, at a component inwards Mumbai. This is the 8th observe won past times KVB inwards the mountain fiscal.
• German Development Bank 
• The German linguistic communication Development Bank (KfW) as well as Energy Efficiency Services Limited (EESL) signed a loan understanding for €200 1000000 to nurture release energy efficiency inwards India. EESL volition invest the funds inwards release energy efficiency inwards house-holds, buildings, street lighting, H2O supply, agriculture as well as industry. 
• Note : KfW too signed a funding bargain of €500,000 with the Indian Renewable Energy Development Agencyto keep solar projects. 
• Insurance ecommerce
• Insurance Regulatory as well as Development Authority of Republic of Republic of India (IRDAI) has issued guidelines on insurance ecommerce, so paving the agency for electronic platforms that volition marketplace equally good equally service insurance products. 
• Note : The insurance self-network plafforms that are to hold upwards fix could hold upwards a regular spider web portal, mobile app or both. Entities registered with IRDAI, such equally insurance firms or insurance intermediaries, are eligible to apply for setting upwards such a platform. 
• As per the RBI data, ICICI Bank topped the listing of banks that witnessed the most number of frauds inwards the April-December catamenia of 2018 with state-owned SBI taking the minute spot. 
• Note : The other banks which reported a large number of frauds to the apex depository financial establishment during the catamenia include Axis Bank (189), Bank of Baroda (176) as well as Citibank (150). The RBI information too revealed the interest of depository financial establishment staff inwards frauds.
• Airtel Payments Bank
• Airtel Payments Bank, offered past times telecom major Bharti Airtel, announced that over ane lakh savings accounts were opened inwards 100 villages across Tamil Nadu. Through the initiative, the villages would get got access to banking services along with the selection of making digital payments. 
• Note : Payment Banks get got deposits from individuals as well as pocket-sized businesses upwards to a maximum of Rs.1 lakh per account.
• HDFC Bank has launched an instant digital Loan Against Securities (LAS) facility inwards collaboration with the National Securities Depository Ltd. (NSDL). Demat customers tin calculate their eligibility for overdraft boundary against shares, as well as opened upwards a electrical flow concern human relationship instantly. 
• Note : The depository financial establishment stated that customers tin avail themselves of overdraft facility against shares inwards iii steps : 
• (i) Select the Shares to hold upwards pledged on internet banking
• (ii) Accept understanding through one-time Financial Literacy Centers password (OTP) and 
• (iii) Pledge the shares with NSDL online
• SBI Card Unnati
• SBI Card on 28th March, 2017 launched a unique credit bill of fare 'SBI Card Unnati' targeted at all SBI customers, including January Dhan account-holders across the country. The bill of fare was launched past times Piyush Goyal, Minister of State (Independent Charge) for Power, Coal, New as well as Renewable Energy as well as Mines. 
• Note : 'Unnati' would get got no annual fees for the initial 4 years as well as volition hold upwards offered through the 20,000 addition SBI branches. Any SBI client with a residue of at to the lowest degree Rs.25,000 inwards his/ her savings concern human relationship with the depository financial establishment would hold upwards eligible for the Unnati credit bill of fare without the demand for whatsoever credit score or credit history. 
• Cabinet approval 
• The Union Cabinet has approved the merger of Bharatiya Mahila Bank (BMB) with State Bank of India. The approving comes afterward terminal month's Cabinet approving for the merger of SBI's 5 associate banks with the larger entity, which volition hold upwards effective from Apr 1, 2017. 
• Note : BMB's full concern of Rs.2,000 crore as well as Its 103 branches volition hold upwards merged with the country's largest depository financial establishment soon. 
• To promote cashless digital transactions, South Indian Bank has introduced Aadhar-based payment inwards its UPI mobile application-SIB M-Pay. Even non-customers of South Indian Bank tin link whatsoever of their depository financial establishment concern human relationship inwards this mobile applicatbn. 
• Note : Aadhar based payment inwards South Indian Bank's SIB M-Pay volition hold upwards a major stride inwards offering unproblematic as well as efficient payment methods, equally the Blue Planet moves towards a 'Cashless Society' as well as Aadhar ID plays a commutation purpose inwards Digital Republic of Republic of India initiatives. Currently, the fund transfer is possible solely if the Virtual Address (UPIID) of the beneficiary is known to the user. 
• Bandhan Bank Ltd. has signed an understanding with a payment solution provider inwards Republic of Republic of India Avenues Republic of Republic of India Pvt Ltd. inwards Kolkata. The understanding was signed to provide the merchants with seamless access to the point- of- sale (POS) as well as the payment gateway products. 
• Note : Bandhan Bank Ltd. is an Indian banking as well as financial services fellowship head-quartered inwards Kolkata, West Bengal. Bandhan, which started equally a micro-finance fellowship inwards 2001, received bank-ing license past times Reserve Bank of Republic of Republic of India inwards 2014. 
• Financial Literacy Centres
• The Reserve Bank of Republic of Republic of India has asked depository financial establishment operated Financial Literacy Centers (FLCs) as well as rural branches to organize particular camps starting from 1st Apr to develop world close digital payments through Unified Payments Interface (UPI) as well as Unstructured Supplementary Service Data-based (USSD) '*99#'service code platforms. The camps volition hold upwards conducted for ane year. 
• Note : They volition choke on to acquit the tailored camps for 5 target groups similar farmers, pocket-sized entrepreneurs, schoolhouse children, senior citizens as well as Self Help Groups.
• HDFC Bank has launched an artificial intellience based chatbot 'EVA' (Electronic Virtual Assistant) for client services inwards India. Eva is India's starting fourth dimension Al-based banking chatbot as well as tin reply millions of client queries across multiple channels instantly. 
• Note : Eva tin assimilate noesis from thou-sands of sources as well as provide answers inwards unproblematic linguistic communication inwards less than 0.4 seconds.
• Mera iMobile 
• ICICI depository financial establishment has launched a mobile banking app 'Mena Mobile' for rural customers.This app volition let them to access banking ser-vices equally good equally information on agriculture services. The app tin too hold upwards used past times non-ICICI Bank customers equally well. The Mere iMobile app provides around 135 services, available inwards English linguistic communication as well as xi Indian languages (Assamese, Bengali, Gujarati, Hindi, Kannada, Malayalam, Marathi, Odia, Punjabi, Tamil, as well as Telugu). 
• Aadhaar Pay
• IDFC Bank is at nowadays the starting fourth dimension depository financial establishment inwards the coun-try to launch Aadhaar Pay. Aadhaar Pay is the biometric based payment system.
• State Bank of Republic of Republic of India has at nowadays announced a one-time settlement for tractor as well as farm equipment loans that establish close Rs.6,000 crore of doubtful as well as loss cases on its books. This scheme is yet applicable for loan s upwards to Rs.25 lakh. 
• The 'Syndicate Bank' has digitally inaugurated xl 'Ananya' transformed branches to nurture client experience, ameliorate sales focus, as well as ameliorate digital transactions through it dedicated digit zone. 'Project Ananya' is a two-year large-scale transformation projection undertaken past times the depository financial establishment to provide customers with best inwards class' services piece improving as well as modernizing the whole bank.

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