Banking and Financial Awareness September 2018: 3rd week

Banking and Financial Awareness September 2018: 3rd week

Reserve Bank to purchase govt securities (G-secs) worth Rs 10,000 crore

  • This move aimed at inducing liquidity in the system. 
  • Through Open Market Operations (OMO), purchase of the government securities will be done. 
  • Eligible participants have to submit their offers in electronic format on the RBI’s Core Banking Solution (E-Kuber) system. 
  • Also buy securities having five different maturity dates (maturing in 2020, 2022, 2027, 2030, and 2042). 

$400 m raised by YES Bank via syndicated loan facility from its IBU in Gujarat

  • It reinforces the bank’s ability to raise substantial foreign currency resources through various product instruments at a competitive price. 
  • Amounts are nearly ₹2,900 crores; funds will be used to support IFSC Banking Unit (IBU’s) growth. 
  • IBU has crossed $3 billion balance sheet within three years of starting operations at GIFT City, by YES Bank. 
  • 3-year loan facility involves a syndication led by 8 firms, which are: 
    • Bayerische Landesbank, 
    • Commerzbank, 
    • CTBC Bank, 
    • First Abu Dhabi Bank PJSC, 
    • Korea Development Bank, 
    • State Bank of India, 
    • United Overseas Bank and 
    • Westpac Banking Corporation,
  • Bank has also raised USD 400 million through two syndicated loan transactions in Taiwan and Japan in November 2017, which are 
    • $250 million from Taiwanese banks 
    • $150 million) from Japan. 
  • Yes Bank: 
    • Headquarters: Mumbai 
    • CEO: Rana Kapoor 
    • Tagline: Experience our Expertise. 

IPPB ties up with Financial Software and Systems (FSS) to create payments network for unorganized retail

  • This will help India Post provide affordable, quality banking and payment services to its customers. 
  • Over any channel – online, unified payments interface (UPI), quick-response (QR) codes, Aadhaar and IPPB accounts, micro-merchants are able to accept payments. 
  • Plans of creating a QR based payments acceptance network for unorganized retail sector mainly at the rural parts of the country. 

LIC launches group insurance scheme for Central Depository Services (CDSL) demat account holders

  • Group insurance coverage is provided to all eligible demat account holders serviced through depository participants associated with it. 
  • The age of demat account holders is between 18 years and 59 years. 
  • Group insurance scheme will provide a cover of ₹1 lakh for every eligible demat account subject to maximum of ₹5 lakhs for any single individual at a very nominal price. 
  • LIC 
    • Headquarters: Mumbai 
    • Founder: Government of India 
    • Founded: 1 September 1956 

SEBI panel headed by HR Khan proposed relaxing of rules for investment in FPIs by NRIs

  • Beneficial ownership criteria should be applicable for know your customer rules only and not for eligibility for foreign investors. 
  • Committee suggested that NRIs should be allowed to manage funds and have relaxed rules that would have limited their investments in the country. 
  • No restrictions should be imposed for managing non-investing FPIs or Sebi-registered offshore funds. 
  • Entity can be considered for foreign government agency ‘only if more than 75 per cent ownership entitlement and control is held by the government of a foreign country. 
  • To comply to new rules, FPIs will be given 6 months and non-compliant investors can be given further 180 days to stop their operations. 

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