Banking and Financial Awareness April 2019: Week III

Banking and Financial Awareness April 2019: Week III

1. IDBI Bank has launched NRI-Insta Online

  • The bank has launched NRI-Insta Online account opening process for NRIs residing in Financial Action Task Force (FATF) member countries.
  • It has been launched to open an account in the Bank without visiting the branch or submitting paper documents such as physical documents as well as KYC proofs.
  • It is a paperless account opening facility for NRIs and the facility is available in IDBI Bank’s website. 

2. ADB agreed to grant USD 3 billion in sovereign loans to India

  • This is the highest ever loan amount since sovereign operations began in the country in 1986.
  • ADB also in 2018 signed an arrangement with the International Solar Alliance for promoting solar energy deployment across Asia, the Pacific, and South Asia.

3. Canara Bank became India’s First Public Sector Bank To Meet RBI’s EMV (EuroPay, MasterCard and Visa) Mandate

  • The bank became the 1st in the market to leverage ACI’s UP Retail Payments solution and also the 1st public sector bank to shift to EMV chip and PIN for card based transactions across the country’s vast ATM network.
  • It will fasten the process of Aadhaar number linking, which in turn eases KYC (Know Your Customer) compliance at the bank’s branches.
  • The main objective of the EMV shift is to reduce fraud of lost and stolen card and to make forging of card fraud more difficult.

4. The RBI issued Rs. 50 denomination bank notes in Mahatma Gandhi (New) Series bearing the Governor’s signature

  • The design is exactly similar to the Rs 50 banknotes in Mahatma Gandhi (New) Series.
  • RBI notified that all bank notes in the denomination of Rs. 50 issued by the Central Bank in the past will continue to be legal tender.
  • The dimension is 66mm*135mm.
  • On front side 50 is written in the Devanagari script along with Mahatma Gandhi’s portrait in the centre.
  • On reverse side, it has a Swachh Bharat logo printed on it with its slogan.
  • The emblem of Ashoka Pillar is also printed on the front-right side of the note.
  • The year of printing is mentioned on the back-left side of the note.

5. The World Bank and the International Monetary Fund (IMF) launched quasi-cryptocurrency Learning Coin

  • The currency has been launched for better understanding of blockchain technology and the function of crypto assets.
  • It will only be available for use within the IMF and the World Bank.
  • It has no monetary value, means it is not a true cryptocurrency.
  • After the testing period, the IMF and the World Bank may use blockchain technology to create smart contracts, fight money laundering, and improve transparency.

6. Exim Bank gave loans worth 267$ million for projects in Rwanda

The funding for the projects has been done in 3 distinct tranches.
  1. for supporting agricultural projects ($100 mn for 3 agri projects)
  2. for the development of Special Economic Zones ($100 mn for 2 SEZs)
  3. for financing road projects in Rwanda ($66.60 mn for the Base-Butaro-Kidaho Road Project)

7. Airtel Payments Bank joined hands with Bharti AXA General Insurance

  • They have joined hands for a two-wheeler insurance product offering which is available on MyAirtel App and at over 40,000 Airtel Payments Bank points across India.
  • It offers benefits such as 70 percent savings on an annual premium, personal accident cover, protection against third-party liabilities and inspection-free renewal through a paperless process.
  • Customers can also avail towing services at no extra cost on claim intimation, at the time of insured vehicle breaks down.
  • Customers not having Airtel Payments Bank account can also avail this policy and can renew their two-wheeler insurance at Airtel Payments Bank banking point.

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