SEBI has banned NSE from securities market for a period 6 months
- SEBI also fined NSE a sum of Rs. 1,000 crore, that is, Rs. 624.89 crore and an additional 12% interest, from 1st April 2014 for NSE's failure to exercise effective due diligence during co-location facility.
- It is a system in trade execution, where a broker's server is kept in the exchange premises to decrease latency or delay in computational terms.
- EBI, having estimated that NSE had earned a profit of Rs 624.89 crore during 2010-11 to 2013-14 from its co-location operation, and ordered the former and the present top employees in the exchange-management to refrain from holding any position in the stock exchange for 2 to 3 years.
RBI to enhance Housing Loan Limits for RRBs and SFBs
- Housing loans to individuals up to Rs.35 lakh in metropolitan centres and Rs.25 lakh in other centres will be eligible for classification under Priority Sector Lending.
- This is in alignment with the income criteria specified under the Pradhan Mantri Awas Yojana.
- Priority Sector Lending is an important role given by the Reserve Bank of India (RBI) to the banks for providing a specified portion of the bank lending to few specific sectors like agriculture and allied activities, micro and small enterprises, poor people for housing, students for education and other low income groups and weaker sections.
State Bank of India (SBI) launched India’s first ‘Green Car Loan’
- On World Earth Day- April 22, 2019 the State Bank of India (SBI) has launched India’s first ‘Green Car Loan’ (Electric Vehicle) to encourage customers to buy electric vehicles.
- The scheme comes with the longest repayment period of up to 8 years
RBI gives approval for e-mandates to facilitate Internet Banking, Debit Cards to NPCI
- The National Payments Corporation of India (NPCI) has received approval from the Reserve Bank of India (RBI) to implement e-mandates (electronic mandates) for internet banking and debit cards, which will allow the users to automatically deal with their recurring payments.
- The limit for each mandate is set at INR 1 Lakh, and depending on the usage, the organisation will review the limit in due course.
- Kotak Mahindra Bank (Kotak) has become first ever Destination Bank to go live with both Net Banking and Debit Card-based e-mandate authentication.
RBI to Launch Mobile App for Visually Impaired
- At present, banknotes in the denominations of Rs.10, 20, 50, 100, 200, 500 and 2,000 are in circulation, besides Re 1 notes issued by the Government of India.
- The RBI has solicited bids from technology firms for developing the mobile application.
- Around 80 lakh people are likely to benefit by this initiative of RBI.
- The application should be able to identify the denomination of legal tender banknotes of Mahatma Gandhi Series and Mahatma Gandhi (New) series by capturing the image of the notes placed in front of the mobile camera or scrolled across it.
- The mobile application should be able to identify the banknote denomination in 2 seconds or less.
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