1. Pallavan Grama Bank and Pandyan Grama Bank merged to form TN Grama Bank
- The consolidation will be effective from April 1, 2019.
- It has been conferred by Ministry of Finance under Regional Rural Banks Act 1976.
- Pallavan Grama Bank is sponsored by Indian Bank and Pandyan Grama Bank is sponsored by Indian Overseas Bank.
- The newly integrated bank will be sponsored by Indian Bank and will have its head office located at Salem, Tamil Nadu.
2. RBI Penalised a total of Rs.5.2 Crore on Axis Bank, UCO Bank and Syndicate Bank for violation of norms
- Axis and UCO Bank has been imposed with a Penalty of Rs.2 Crore each for their not committing with the norms related to payment through cheques.
- Axis Bank has also imposed a Penalty of 20 Lakhs for the detection and impounding of counterfeit notes.
- Syndicate Bank is imposed with a Penalty of Rs.1 Crore for contradicting the norms in Checking norms and Risk Management.
3. Asian Development Bank bought 14% stake in Annapurna Finance
- ADB has bought a 14% stake in micro-financier Annapurna Finance for Rs 137 crore.
- ADB believes that India’s microfinance sector is on course to attract long-term funds from global lenders and investors.
- The expansion of equity will help firm expand its loan portfolio in asset classes such as MSME and affordable housing, beyond its bread and butter finance.
4. 6th Bi-monthly Monetary policy released by RBI
- This is the first bi-monthly policy under Shaktikanta Das.
- It reduced 0.25 basis points in policy rates with immediate effects.
- Repo Rate 6.25%
- Reverse Repo Rate 6.00%
- MSFR 6.50%
- Bank Rate 6.50%
- Cash Reserve Ratio 4%
- SLR 19.25%
5. Indian Banking Association has issued Advisory to waive off various charges for Kisan Credit Card
- IBA issued an advisory to waive off the processing, documentation, inspections and all other service charges for KCC and crop loans up to 3 lakhs.
- There are 21 crore small and marginal farmers.
6. Fino Payments Bank partners with Suryoday SFB to offer Sweep Account Facility
- The partnership will help to address the issue of deposit limits that all the payment banks face at the moment.
- It would allow customers to seamlessly transfer the excess amount from their account in FPB to SSFB account.
7. Reserve penalized SBI for Rs 1 crore
- RBI in the exercise of powers under section 47A of the Banking Regulation Act, 1949 has levied a penalty of Rs 1 crore on SBI.
- It has been levied for not monitoring the end use of funds in respect of one of its borrowers.
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