Banking and Financial Awareness November 2018: Week IV

Banking and Financial Awareness November 2018: Week IV

NBFC Mudra loans grew faster than banks in FY18: report by MUDRA

  • NBFCs sanctioned only over ₹27,000 crore of Mudra loans in FY18 against ₹92,492.68 crores by public sector banks, According to the 2017-18 annual report of Pradhan Mantri Mudra Yojana (PMMY). 
  • By this move NBFCs not only met their Mudra target of ₹9,050 crore for FY18, but their sanctions for the year were a five-fold jump from the previous year. 
  • Among the public banks, State Bank of India (SBI) was the top lender followed by Canara Bank and Punjab National Bank (PNB). 

About Pradhan Mantri Mudra Yojana (PMMY)

  • Launched in April, 2015. 
  • For refinancing collateral-free loans given by the lenders to small borrowers. 
  • three types of loans under PMMY: 
    • Shishu (up to Rs.50,000) 
    • Kishore (from Rs.50,001 to Rs.5 lakh) 
    • Tarun (from Rs.500,001 to Rs.10,00,000). 

European Investment Bank & State Bank of India agreed to finance the renewable energy sector

  • to expand cooperation in wind energy financing projects 
  • promoters of onshore wind projects will be able to benefit from long-term low cost financing under a dedicated €600-million renewable energy financing programme. 
  • also a new line of credit was approved to Yes Bank to boost private investment in clean energy projects. 
  • $100 million line of credit to the private sector lender will be provided by EIB in the coming months. 
  • European Investment Bank 
    • President: Werner Hoyer 
    • Location: Kirchberg, Luxembourg 

HDFC ERGO General Insurance set up a remote sensing lab

  • lab will not only work on accurately assessing the risks of the insurers but also be able to give early warnings about the losses. 
  • By this move company will be able to prepare the teams in advance and also make assessments in a scientific manner. 
  • early warnings about adverse conditions can be given to the government as well as the farmers. 
  • earlier crop insurance schemes were based on weather, there were a few instances of farmers submitting fraudulent claims with respect to crop yield data and crop loss. 
  • government also encouraging insurers to use smartphones and remote sensing to reduce crop cutting experiments and help cut delay in payments to farmers. 
  • HDFC ERGO was one of the first non-life insurers to use drones on a pilot basis to look into estimate losses from any catastrophic events for the crop areas which they covered. 
  • Pradhan Mantri Fasal Bima Yojana (PMFBY): 
    • Launched - 13th Feb 2016. 
    • premium – 
      • 2 per cent for Kharif Crops 
      • 1.5 per cent for Rabi crops. 
      • 5 per cent for commercial and horticultural crops. 
  • HDFC ERGO General Insurance 
    • Headquarters: Mumbai 
    • CEO: Mr. Ritesh Kumar 

Ujjivan Small Finance Bank launches personal loan facility for salaried individuals 

  • product will be launched across 14 tier I and tier II locations including Ahmedabad, Bengaluru, Delhi, Kolkata, Pune, Surat, Mumbai, Mysuru, Ankaleshwar,Coimbatore, Kochi, Chennai and Vadodara. 
  • personal loan will be available for salaried professionals who are earning a monthly salary above Rs 15, 000 also, Individuals can avail loans starting from Rs 50,000 up to Rs 15 lakhs. 
  • Key features: 
    • attractive interest rate with complete digital processing. 
    • individual may get the loan without any collateral or deposit of any asset, though the bank will consider the credit history of the individual. 
    • provide a flexible time frame of 12 to 60 months for an individual to pay EMI. 
  • Ujjivan Small Finance Bank 
    • Headquarters: Bengaluru 
    • Founder: Samit Ghosh 
    • Founded: 1 February 2017 

Paytm partners with LIC for insurance premium payments

  • For offering online insurance premium payments on its platform. 
  • For this move, it has become India’s largest online insurance premium payments platform. 
  • Paytm now has 30 insurance companies including LIC, ICICI Prudential Life, Reliance Life, Max Life Insurance, HDFC Life, TATA AIA, SBI Life, Aditya Birla Sun Life, Canara HSBC Life Insurance, Shri Ram Life and Star Health to provides easy online insurance premium payment solutions. 
  • Paytm 
    • CEO: Renu Satti 
    • Founder: Vijay Shekhar Sharma 
    • Founded: 2010 
    • Parent organization: One97 Communications 
    • Headquarters: Noida, India 

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