Banking and Financial Awareness October 2018: 4th week

Banking and Financial Awareness October 2018: 4th week

RBI to inject Rs 40,000 cr into banking system via OMO in November 2018

  • through purchase of government securities under open market operations for an aggregate amount of Rs. 400 billion in the month of November 2018.
  • The move will help ease cash shortage in the system and stabilise debt market rates. 
  • RBI had announced to conduct Rs 36,000 crore worth of OMO purchase in October. 
  • Reserve Bank of India 
    • Governor: Urjit Patel 
    • Bank rate: 6.75% 
    • Headquarters: Mumbai 

Kerala Infrastructure Investment Fund (KIIF) Board to issue masala bonds worth Rs 5,000 crore for development works

  • for funding infrastructure projects in the state. 
  • for rating the masala bonds issue, KIIFB has appointed Standard & Poor’s and Fitch Ratings. 
  • Kerala Infrastructure Investment Fund Board 
    • Chairperson: Pinarayi Vijayan 
    • CEO: K.M.Abraham, Chief Secretary of Kerala 
    • Headquarters: Thiruvananthapuram 
    • Founded: 1999 

Six-member Overseeing Committee (OC) set up to resolve stressed assets

  • approved resolution plans for stressed assets submitted by lead lenders, under the aegis of the Indian Banks’ Association (IBA), 
  • Sunil Mehta Committee on restructuring stressed assets and creating more value for public sector banks had suggested the OC mechanism for all corporate borrowers that have taken loans and financial assistance for an amount of ₹50 crore or more under consortium lending/multiple banking arrangements. 
  • three new members of the OC are: 
    • MBN Rao (former Chairman and Managing Director of Canara Bank), 
    • YM Deosthalee (former Whole-time Director and CFO of L&T Group), 
    • S Raman (former CMD of Canara Bank and current Whole-time Member at SEBI). 

SBI launches “Wealth Hub” in Mangaluru

  • 1st bank to introduce wealth business services for its customers. 
  • launched by SBI Chairman Rajnish Kumar. 
  • Also launched Wealth Business services for NRIs. 
  • State Bank of India 
    • Chairperson: Rajnish Kumar 
    • Headquarters: Mumbai 
    • Founded: 1 July 1955 

Paytm teams up with Softbank, Yahoo to launch ‘PayPay’ service in Japan

  • It is the joint venture set up by Japanese conglomerate SoftBank Corp. and Yahoo Japan Corporation. 
  • Japanese government is taking measures for raising the cashless payment ratio from the current 20% to 40% by 2025. 
  • Paytm is also offering a ‘cashback’ to users of PayPay in Japan, give electronic money equivalent to ¥500 to each customer downloading the application and authenticating it with a valid Japanese mobile number. 
  • Yahoo Japan will terminate “Yahoo! Wallet” with the launch of payment service called “PayPay”. 
  • Paytm 
    • CEO: Renu Satti 
    • Founder: Vijay Shekhar Sharma 
    • Founded: 2010 
    • Revenue: 814 crores INR (US$120 million, 2017) 
    • Headquarters: Noida 
    • Parent organization: One97 Communications 

NABARD, Ayurvet Research Foundation (AFR) sign MoU for collaborative initiatives in Haryana

  • for facilitating several collaborative initiatives for integrated agricultural and rural development of Haryana. 
  • Also enable to find practical solutions to the problems and challenges faced in integrated development of some districts of Haryana. 
  • Enable planning and implementation of programmes like: 
    • natural resource management, 
    • village development, 
    • exploring and creating alternative employment generation opportunities, 
    • upscaling micro-finance activities and supporting farmer producer organisations. 
  • National Bank for Agriculture and Rural Development 
    • Founded: 12 July 1982 
    • Headquarters: Mumbai 
    • Agency executive: Harsh Kumar Bhanwala

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