Banking and Financial Awareness September 2018: 4th Week

Banking and Financial Awareness September 2018: 4th Week

PayU Receives Nod from RBI to Operate Its Own NBFC

  • Earlier in February 2018, The company had applied for NBFC license, in line with its aegis PayUMoney, a secure payment solution.
  • Company aims to scale up its operations and customer experience. Also planning to bolster its effort in laying the foundation for its long-term credit business, wherein it estimates that its consumer business revenues will be 40-50% within next three to four years.
  • PayU's growth so far:
    • Acquired Indian fintech company Citrus Pay for $130 Mn in September 2016
    • Launched its flagship product LazyPay, an online deferral payment option, Early 2017.
    • Company has spent about $265 million over the past five years in India.
    • Crossed Rs 100 crore ($16 million) mark for credit issuance.

India & the World Bank signed loan for US$ 74 Million for Uttarakhand Workforce Development Project (UKWDP)

  • For improving the quality and relevance of training at priority Industrial Training Institutes (ITIs) and increase the number of labour-market-relevant workers through short term training in Uttrakhand.
  • Loan Agreement was signed by Mr. Sameer Kumar Khare, Additional Secretary, Department of Economic Affairs, Ministry of Finance, Government of India and Mr. Jorge Coarasa, Acting Country Director, World Bank (India).
  • Project has three components: 
    • Improving the quality and relevance of ITI Training.
    • Increasing the number of skilled workers certified under National Skills Qualification Framework (NSQE) - Compliant Short Term Training.
    • Policy and Institutional Development and Project Management.
  • Project –
    • 5-year grace period.
    • Maturity of 17 years. 
  • Closing date - 30th June, 2023.

India Post Payments Bank, Bajaj Allianz tie up for insurance products sale

  • BALIC is the first life insurer to partner with IPPB since its launch.
  • At first, simple term and Point of Sale (POS) products of BALIC will be sold through the IPPB.
  • First the product will be available across IPPB’s network of 3250 access points, gradually expanding to 155,000 post offices across every village, town and district in India.
  • India Post Payments Bank (IPPB)
    • Founded: 1 September 2018
    • Parent organization: India Post
    • MD & CEO - Suresh Sethi

World Bank approved Country Partnership Framework for India.

  • For supporting its transition to higher middle- income country.
  • This will be done by addressing some of its key development priorities such as resource efficient and inclusive growth, job creation and building its human capital.
  • Framework is expected to bring between 25 and 30 billion US Dollars in financial support from 
  • The International Bank for Reconstruction and Development (IBRD), 
  • The International Finance Corporation (IFC) 
  • The Multilateral Investment Guarantee Agency (MIGA).
  • World Bank:
    • President: Jim Yong Kim
    • Headquarters: Washington, D.C., United States
    • CEO: Kristalina Georgieva 
    • Membership: 189 countries

IRDAI raised minimum driver insurance cover to Rs 15 lakh for 2 wheelers and cars

  • At present, the capital sum insured (CSI) under this section for motorised two-wheelers and private cars/commercial vehicles is Rs 1 lakh and Rs 2 lakh, respectively.
  • Under Compulsory Personal Accident (CPA) cover, a minimum CSl of Rs 15 lakh provide for owner-driver under ‘Liability Only’ to all classes of vehicles at the premium rate of Rs 750 per annum for annual policy.
  • Insurance Regulatory and Development Authority (IRDAI)
    • Founded: 1999
    • Headquarters: Hyderabad
    • Agency executive: Subhash Chandra Khuntia (Chairman)

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