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Banking and Financial Awareness November 2018: 3rd week

Published on Monday, November 19, 2018
Banking and Financial Awareness November 2018: 3rd week

RBI injected Rs 12,000 crore liquidity via OMO

  • on November 15 RBI inject Rs 12,000 crore into the system through purchase of government securities. 
  • eligible participants submit their offers in electronic format on Core Banking Solution (E-Kuber) system. 
  • government dated securities maturing in 2021, 2022, 2024, 2027 and 2033 bearing various interest rates would be purchased by RBI. 
  • minimum amount of stocks was of Rs. 10,000/- (nominal) and in multiples of Rs. 10,000/- thereafter. 
  • Reserve Bank of India 
    • Founded: 1st April 1935. 
    • Headquarters: Mumbai. 
    • 24th Governor: Dr. Urjit Patel. 

RBI imposed fine of Rs 3 crore each on Deutsche Bank, J&K Bank

  • Penalty imposed on Deutsche Bank for 
    • non-compliance on Income Recognition and Asset Classification (IRAC) norms, 
    • Know Your Customer/Anti-money Laundering (KYC/AML) norms, 
    • disclosure of monetary penalties imposed by the regulator. 
  • Also, fined on state-owned Jammu and Kashmir Bank Ltd for violating similar norms. 
  • Deutsche Bank: 
    • Headquarters: Frankfurt, Germany. 
  • Jammu and Kashmir Bank Ltd: 
    • Headquarters: Srinagar, J&K. 

Induslnd Bank launches India’s first interactive credit card named ‘Nexxt Credit Card’

  • customers have a choice of payment options such as EMI, Reward Points or Credit at the push of a button at the point of sale in this card. 
  • The card has been created in partnership with Dynamics Inc, headquartered in Pittsburgh USA. 
  • also comes with the exclusive Nexxt Reward Points, which further add to the bouquet of customer benefits. 
  • Features
    • payment choice with the three options by using LED lights associated 
    • customer needs not to fill any form, Call Bank or visit the bank’s website. 
  • IndusInd Bank 
    • Headquarters: Mumbai 
    • CEO: Romesh Sobti 

Government of India and ADB signed $300 Million Loan

  • to support lending by India Infrastructure Finance Company Limited (IIFCL). 
  • the Project will enhance availability of long-term finance for PPP projects, improve operational capacity, and expand the portfolio of infrastructure financing instruments available to IIFCL. 
  • Also, it will help prepare for the financial closing of $2.4 billion in investments. 

Government of India and ADB signed $105 Million Loan

  • to Support Hydropower Transmission in Himachal Pradesh, for increased supply of hydropower to the state and the national grid. 
  • It will help Government of Himachal Pradesh to benefit electricity consumers in the state and throughout northern India. 
  • It will have 25-year term, including grace period of 5 years. 
  • ADB (Asian Development Bank): 
    • Headquarters: Manila, Philippines. 
    • President: Takehiko Nakao. 
    • Established in 1966.Members: 67 (48 regional members). 

Sunil Mehta committee incorporated ‘Sashakt India AMC’ for large NPAs over 500 crore rupees

  • for resolving large bad loans, an asset management company(AMC) has been formed and will be called as Sashakt India Asset Management. 
  • panel is now working towards identifying potential investors for an alternate investment fund (AIF) which will fund the AMC. 
  • Also the committee engaged with private sector banks to become the potential investors in the AIF. 
  • For this resolution an inter creditor agreement (ICA)has been made with 33 banks. 
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