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Banking and Financial Awareness July 2018: 5th Week

Published on Wednesday, August 01, 2018
Banking and Financial Awareness July 2018: 5th Week

Government cut minimum yearly deposit for Sukanya Samriddhi account

  • The government has cut the minimum annual deposit requirement for accounts from Rs 1,000 earlier to Rs 250 for enabling more number of people to take advantage of this scheme.
  • It was launched in 2015.
  • To avail this, a parent or legal guardian can open an account in the name of the girl child until she attains the age of 10 years and it will be valid for 21 years from the date of opening, after which it will mature and the money will be paid to that girl child.

Indian banks and financial institutions (FIs) signed an inter-creditor agreement (ICA)

  • To expedite the resolution of banks’ non-performing assets (NPAs), or bad loans, and enable smooth credit flow.
  • The committee headed by Punjab National Bank (PNB) Chairman Sunil Mehta under the control of Indian Banks’ Association (IBA) worked under the Insolvency and Bankruptcy Code (IBC). 
  • Public sector banks, including the India Post Payments Bank, private sector banks, foreign banks, major financial institutions like LIC and HUDCO and private organisations like ICICI Bank will join the ICA.
  • For taking joint actions for resolution of stressed accounts, ICA will act as a platform for banks and financial institutions.

SEBI approves Bharti Infratel, Indus Tower merger deal

  • It has received clearance from the BSE and NSE for the merger and will approach for approval of National Company Law Tribunal.
  • This marger would create the largest mobile tower operator in the world outside China.
  • Have over 163,000 towers across 22 telecom service areas in India.
  • Bharti Airtel
    • CEO: Gopal Vittal 
    • Headquarters: New Delhi

Oxigen announces signs MOU with Fincare Small Finance Bank

  • For starting branchless banking
  • Through internet and mobile banking, the Bank will offer bill pay services to its customers, also expand other payments services such as POS network, micro-ATMs, pre-paid cards, Bharat Bill Payment System (BBPS), UPI and Bharat QR and Aadhaar Enabled Payment System (AEPS) through Oxigen.
  • Fincare small finance bank:
    • Headquarters: Bengaluru, Karnataka.
  • Oxigen:
    • Founded: 2004.
    • Headquarters: Gurugram.

IRDAI has constituted a 16-member committee to monitor third party pricing and premium rates

  • It is to examine motor third party insurance pricing and make recommendations on the premium rates for 2019-20, Also been tasked to revisit the classification of vehicles, in view of the development in the industry.
  • P.J. Joseph is the chairman of the committee.
  • The formation of the committee comes in the backdrop of a cargo transporters strike to highlight various demands. 
  • IRDAI:
    • Founded: 1999
    • Headquarters: Hyderabad.
    • Chairman: Subhash Chandra Khuntia.

SoftBank and Paytm partner to launch cashless payments service in Japan

  • launched by SoftBank’s joint venture company PayPay.
  • Utilise Paytm’s technology and expertise in mobile payments also promote cashless payment in Japan.
  • To help and boost the government’s decision of raising the cashless payment ratio to 40 per cent by 2025 this decision was taken, because Cash is mainly used for payment in Japan with cashless payments only remaining at 20%.
  • Paytm:
    • Parent Company: One97 Communiations.
    • Founded: 2010.
    • Founder: Vijay Shekhar Sharma.
    • Headquarters: Noida, Uttar Pradesh.
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