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,
- 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.
- 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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