Banking & Financial Awareness Feb'2019: Week I

Banking and Financial Awareness Feb'2019: Week I

India attracted massive FDI worth $ 239 billion in last 5 years 

  • As per the interim budget of 2019-20, India has received massive foreign direct investment worth USD 239 billion in the last five years 
  • Sectors which received the maximum foreign investment are services, computer software and hardware, telecommunications, trading, construction, automobile, and power. 
  • The top sources of FDI include Mauritius, Singapore, Netherlands, the US and Japan. 

KisanSuvidha loan by Ujjavan Small Finance Bank

  • Ujjivan Small Finance Bank launched ‘Kisan Suvidha loan’ for small and marginal farmers with an attempt to reach the bottom of the pyramid with products and services. 
  • This loan can be used by farmers for both agriculture and allied activities. 
  • It caters to the needs of customers for various allied and agricultural activities. It provides loans to individuals with an amount ranging from Rs. 60000 to Rs. 2 Lakh to fulfill the customized needs of the mass market segment. 

Two RRBs To Be Merged To Form Tamil Nadu Grama Bank

  • Two regional rural banks; Pallavan Grama Bank and Pandyan Grama Bank will be merged to form the Tamil Nadu Grama Bank 
  • The new Tamil Nadu Grama Bank will be under the sponsorship of Indian Bank with head office in Salem. 

ICICI Bank, SBFC Joined Hands To Provide Loans

ICICI Bank has signed a Memorandum of Understanding (MoU) with Small Business FinCredit India Pvt. Ltd. (SBFC) to jointly provide credit worth up to Rs 1 crore to MSMEs for a tenure of 15 years. Under this arrangement, ICICI Bank will co-originate loan against property with SBFC at a mutually agreed ratio.

Syndicate Bank And SBI Life Insurance Signed Bancassurance Pact

  • Syndicate Bank and SBI Life Insurance signed a bancassurance pact to offer a comprehensive financial planning solution to its customers 
  • Syndicate Bank will provide penetration in the market with its 3,000branches and SBI Life’s diverse range of protection, wealth creation and savings insurance products will be brought to the table to the customers. 

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