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Weekly Banking and Financial Awareness July 2018: 1st Week

Published on Tuesday, July 03, 2018

RBI proposes Board of Management for all urban co-op banks

  • It was recommended by the committee headed by former deputy governor of RBI R Gandhi.
  • For protecting the interests of depositors, overcome constraints imposed by dual regulation.
  • Objective is to oversee daily business operations.
  • Opening of new branches and expansion of area of operation also allowed only for UCBs that have made such a provision in their law.
  • Also The board of management may be appointed by the board of directors.
  • Key responsibilities of Board of Management will include credit management, risk management and liquidity management.

Bajaj Finance surpasses Axis Bank in m-cap ranking

  • According to BSE It was a surge of 3%.
  • Bajaj Finance stood at number 6th position in overall market-cap ranking.
  • The m-cap of Bajaj Finance was of Rs 1,345.85 billion and for Axis Bank was Rs. 1,340.18 billion.
  • Bajaj Finance: 
    • Headquarter - Pune.
  • Axis Bank: 
    • CEO and Managing Director: Shikha Sharma.
    • Headquarter – Mumbai. 
    • Tagline - Badhti ka Naam Zindagi.

Exim Bank of India extends $10 mn loan facility to Seychelles for healthcare

  • It is for healthcare and procurement of goods and projects.
  • It is the first tranche of the $50 million sanctioned by the Exim Bank
  • EXIM Bank: 
    • CEO - Shri Yaduvendra Mathur. 
    • Headquarter – Mumbai.
  • Seychelles: 
    • Capital – Victoria. 
    • Currency - Seychellois rupee.

 MCX launches ‘Cotton Mission’ for Maharashtra farmers

  • It creates a value chain with final market linkages for thousands of cotton farmers in Vidarbha. Also it will support the farmers’ in their upliftment and contribute to doubling their incomes by 2022.
  • Partners for this project are Agriculture department, Farmer Producer Organisations for connecting MCX’s organised market network for capacity building.
  • Multi Commodity Exchange:
    • CEO: Mrugank M. Paranjape
    • Headquarters: Mumbai

IRDAI Gives Nod to LIC to Buy Stake in IDBI Bank

  • Under this, LIC can raise its stake in the public sector bank to 51 per cent, by injecting ₹10,000-13,000 crore in the debt-ridden lender.
  • It will help increase its share of business through the bancassurance route.
  • Insurance Regulatory and Development Authority
    • Founded: 1999
    • Sector: Insurance
    • Headquarters: Hyderabad
  • Life Insurance Corporation of India
    • Headquarters: Mumbai
    • Founder: Government of India
    • Founded: 1 September 1956.

Mumbai Based Swadhaar FinServe Acquired By RBL Bank

  • It has raised its stake in Swadhaar Finserve Pvt. Ltd from 60.48% to 100%.
  • The Swadhaar FinServe started operations as a non-banking finance company in 2008.
  • RBL Bank 
    • Headquarters: Mumbai, 
    • MD & CEO: Vishwavir Ahuja, 
    • Founded: August 1943.

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