Banking and Financial Awareness August 2020: Week I

Published on Tuesday, August 11, 2020
Banking and Financial Awareness August 2020: Week I

BOB Financial Solutions Partners with Innoviti Payment

  • BOB Financial Solutions Limited has partnered with Innoviti Payment Solutions Pvt Ltd. to launch a new credit card which offers EMI on PoS terminals.
  • This will allow BOB credit cardholders to access EMIs which will be repaid conveniently via their credit cards. The offers are in terms of convenient and affordable EMI payment options.
  • The credit card holders all over India can take benefit of this service from over 70,000 Innoviti Payment Solutions across more than 1000 cities.

Virtual Museum of Security Market

  • The Securities and Exchange Board of India (SEBI) has decided to develop a virtual museum of security markets in India.
  • To build this and develop the virtual museum, SEBI has invited Expression of Interest (EOI) from various agencies.
  • The virtual museum will be the online platform which will display the history of the evolution of security markets in India.

RBI Monetary Policy Updates

  • The Monetary Policy Committee (MPC) of Reserve Bank of India has released new updates related to monetary policy rates on 6th Aug 2020.
  • As per the announcement by RBI Governor Shaktikanta Das, the repo rate is kept unchanged to 4%.
  • The reverse repo rate under liquidity adjustment facility is unchanged to 3.35% and marginal standing facility and the bank rate is kept at 4.25%.

Innovation Hub for Financial Sector in India—By RBI

  • Reserve Bank of India has announced that it will be setting up an ‘Innovation Hub’ in India.
  • The aim behind developing an innovation hub is to increase and deepen financial inclusion and promote banking services effectively and efficiently to the citizens.
  • It will be acting as the finance-related idea creation centre. It will develop new capabilities which will create a viable and trustworthy financial and banking products and services.

‘Smart Plan Shop Package Policy’

  • A newly launched insurance product named as ‘Smart Plan Shop Package Policy’ is launched by Airtel Payment Bank in partnership with Bharti AXA General Insurance.
  • The ‘Smart Plan Shop Package Policy’ will offer financial protection to bank’s retailers and merchants.
  • The financial protection in case of asset damage inside the shop aur to accidents like fire outbreak, earthquake etc will be offered.

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