1. SBI General launched cyber defence insurance
- It has been launched to protect businesses from financial and reputational losses due to cyber attacks.
- It offers protection against the growing threat of cyber breaches like hacking attacks, identity theft, disclosure of sensitive information and business interruption. Also, provides IT forensic investigations, legal advice, reputational and PR management.
2. Authorised capital of Allahabad Bank has been raised to Rs. 8000 crore
- Central government has increased the authorized capital of Allahabad bank from Rs 3000 cr to 8000 cr.
3. BEML have joined hands with Syndicate Bank for financing Earth Moving and Construction Equipment
- It will facilitate the availability of loans and address the growing demand for higher capacity equipment in the Mining Industry.
- Customers will be provided loans in the range of Rs 20 Lakh to Rs 300 Lakh and preferential pricing by Syndicate Bank.
4. Kotak Mahindra Bank became the first Destination Bank to launch debit card based e-mandates On NPCI’s E-Mandate API Platform
- The objective is to enable Kotak customers to create electronic mandates similar to the former eNACH with Aadhaar + OTP via both debit card and net banking provision.
- As API based e-mandates are customer-friendly, fast, frictionless and paperless, the initiative would help in making its customers’ lives hassle free for handling recurring payments.
5. RBI became the first Asia-Pacific central bank to begin interest rate easing cycle
- The Monetary Policy Committee had cut rates in February and April by citing prospects of benign inflation.
- It has been notified by Fitch ratings.
6. IRDAI has set up a committee to review regulatory framework on micro-insurance
- A 13-member committee will be headed by Suresh Mathur.
- It has been set up in order to review regulatory framework on micro insurance, and suggest the steps to be taken to raise demand for such products in India.
- The committee was formed because of less than desired offtake of microinsurance products in spite of their immense benefits in India.
- It will give recommendations about an alteration in distribution structure, that is, creating effective awareness programmes and making web-based technology-driven solutions.
- Their suggestions have to be submitted within a three month time frame, that is within 90 days.
7. RBI has extended the previous ombudsman scheme to non-deposit taking NBFCs
- Reserve Bank of India extended the ombudsman scheme coverage to non-deposit taking (NBFCs) Non-banking Financial Companies having an asset size of Rs.100 crore or higher.
- The objective - to provide a cost-free and swift complaint-redressal mechanism relating to shortage in the services, concerning loan and other issues by NBFCs under the scheme.
8. RBI issued new Rs 20 denomination banknote
- It has a base colour of greenish yellow with size of 63*129 mm.
- It have a motif of Ellora Caves on dorsal side.
- The front side have a transparent register with denominational numeral 20, a latent image with a numeral and also a Devanagari version of ’20’.
- In the centre of the new note there is a portrait of Mahatma Gandhi and towards the right of the portrait is written in micro letters, RBI, Bharat, India and 20, the guarantee clause, Governor’s Shaktikanta Das’ signature, the promise clause and RBI emblem, Ashok Pillar emblem and electrotype (20) watermark is on the top left and bottom side.
