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Banking and Financial Awareness August 2020: Week III

Published on Monday, August 24, 2020
Banking and Financial Awareness August 2020: Week III

Surplus Transfer of Rs 57,128 crore to Central Govt

  • Reserve Bank of India has given the approval to transfer dividend of Rs 57,128 crore to the central government.
  • The approval is given with an aim for the accounting year 2019-2020 sharply lower by 67.5% with respect to Rs 1.76 lakh last year. And to maintain Contingency Risk Buffer at 5.5%.
  • The transfer of funds is done under the chairmanship of RBI Governor, Shaktikanta Das.

‘Digital Apnayen’—By Punjab National Bank

  • The campaign called ‘Digital Apnayen’ is launched by Punjab National Bank.
  • The aim behind launching this campaign is to encourage customers to prefer digital banking system.
  • The campaign will be in progress till 31st March 2021 and was launched on the occasion of Independence Day of India.

ADB approved Loan for India’s Rapid Transit System

  • Asian Development Bank has approved the loan to construct the modern, high-speed Delhi-Meerut, Uttar Pradesh RRTS (Regional Rapid Transit System), which will be of 82 km long.
  • For this purpose, ADB has approved to grant a loan of USD 1 Billion i.e. Rs 7458 crore to India.
  • The loan amount will be offered in 4 tranches i.e. between August 2020 and May 2025.

RBI releases Draft for Self-Regulatory Body for Payment System Operators

  • The Reserve Bank of India has released a draft framework which will offer a grant of recognition to the association of industry to be termed as Self-Regulatory Organisation (SRO) for Payment System Operators (PSO).
  • SRO will be responsible to frame and enforce rules for PSO in order to protect customers and promote ethics, quality and professionalism.
  • SRO will act as a two-way communication channel between PSOs and RBI and in case of any violations, SRO will report to RBI.

‘Framework for Authorisation of Pan-India Umbrella Entity for Retail Payments’

  • The Reserve Bank of India has released ‘Framework for authorisation of pan-India Umbrella Entity for Retail Payments’.
  • This new pan-India umbrella Entity will be set up with a capital of Rs 500 crore.
  • Under this, the entity which will be formed will perform the work of managing new payment systems like ATMs, Adhaar based payments, point of sale based payments.
  • For this framework to be built in reality, the apex bank has invited applications from eligible companies by 26th Feb 2021.
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