Banking and Financial Awareness February 2019: Week II

Banking and Financial Awareness February 2019: Week II

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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