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Banking and Financial Awareness August 2018: 1st Week

Published on Monday, August 06, 2018
Banking and Financial Awareness August 2018: 1st Week

Mauritius’s SBM (State Bank of Mauritius) gets RBI approval for subsidiary

  • To operate in the country through a wholly-owned subsidiary route. 
  • After local incorporation was introduced in 2013, this is the first foreign lender to receive such a licence.
  • In India, the subsidiary of SBM Group is under the name of SBM Bank (India) Ltd.
  • Start Operate in India in 1994.
  • Currently, it has four branches, in Mumbai, Chennai, Hyderabad and Ramachandrapuram.
  • Expand its six new branches in Delhi, Bangalore, Kolkata, Pune, Ahmedabad and Jaipur by next year.
  • State Bank of Mauritius
    • CEO: Raj Dussoye 
    • Headquarters: Port Louis, Mauritius
    • Founded: 1973

Indian Bank revises interest rates on FCNR(B) (foreign currency non-resident (banking) deposits)

  • Account can be maintained by NRIs and PIOs in foreign currency. this is a Fixed Deposit Foreign Currency account.
  • 1 year and above but less than 2 years (in US Dollar terms) to 3.68 % from 3.59 %.
  • 2 years and above, but less than 3 years to 3.88 % from 3.77 %
  • 3 years and above but less than 4 years to 3.97 % from 3.89 %
  • 4 years and above but less than 5 years to 3.99 % from 3.92 %
  • up to 5 years to 4 % from 3.93 %.
  • Indian Bank
    • Headquarters: Chennai
    • CEO: Kishor Kharat
    • Tagline: your tech-friendly bank

RBI bars Fino Payments Bank from enrolling new customers

  • Fino Payments Bank has been alleged to have violated the norms related to the deposit limit which is as per RBI’s operating guidelines up to ₹1 lakh per account in a year.
  • Due to this, it was asked to immediately stop enrolling new customers until it takes corrective actions.
  • Fino Payments Bank
    • Founded: 4 April 2017
    • Parent organization: FINO PayTech
    • Headquarter: Mumbai

Bandhan Bank surpasses YES Bank market capitalisation to becomes 7th most valued bank

  • Now it becomes among India's 10 most valuable banks, sixth most valuable private sector bank and seventh most valued listed lender, with a market cap of Rs 55,596.64 crore. 
  • It mainly focuses on under-banked and under-penetrated regions in eastern India and has a strong network in states like West Bengal, Assam, and Bihar.
  • It was registered as a non-banking financial company providing select banking services in 2009 and received the universal banking license in 2015.
  • Bandhan Bank
    • Headquarters: Kolkata
    • CEO: Chandra Shekhar Ghosh

NHAI to Sign MoU with SBI for a long term, unsecured loan of Rs 25,000 Crore

  • It is for 10 years with 3 years of moratorium on repayments after that repayment will be done in 14 equal half yearly instalments. 
  • lent at the rate of one month MCLR. 
  • The largest amount of loan to have been sanctioned to NHAI in one stroke by any institution also largest long term unsecured loan sanctioned by SBI at a time to any entity.
  • Loan tenure is 10 years and NHAI can repay or prepay it at any time without any prepayment penalty.

On August 1, 2018 RBI releases its Third Bi-monthly Policy

  • The 6-member meeting of the Monetary Policy Committee headed by Governor Dr. Urjit Patel.
Policy rates 3rd bimonthly in August 1,2018
Repo Rate 6.50%
Reverse Repo Rate 6.25%
Marginal Standing Facility (MSF) 6.75%
Bank Rate 6.75%
Cash Reserve Ratio (CRR) 4%
Statutory Liquidity Ratio (SLR) 19.5%
  • Next meeting will be scheduled from October 3-5, 2018.

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