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Banking and Financial Awareness July 2020: Week IV

Published on Saturday, August 01, 2020
Banking and Financial Awareness July 2020: Week IV

Insta Click Savings Account—By Bank of Baroda

  • The Bank of Baroda has launched ‘Insta Click Savings Account’.
  • The ‘Insta Click Savings Account’ is a paperless digital self-assisted saving account.
  • The aim behind launching this ‘Insta Click Savings Account’ is that BOB is working to digitize its all work by 2023 and become 100% paperless.

RBI Released 21st Issue of Financial Stability Report, July 2020

  • The Reserve Bank of India has released the 21st issue of Financial Stability Report, July 2020.
  • FSR is the study and assessment of FSDC (Financial Stability and Development Council).
  • The COVID-19 has affected the fiscal, monetary and regulatory inventions on a large scale. Also, the non-financial sector has affected large economic losses due to the pandemic.
  • The report has suggested that the GNPA ratio of all SCBs may rise from 8.5% in March 2020 to 14.8% by March 2021.

RBI signs Currency Swap Facility with Sri Lanka

  • The Reserve Bank of India has signed an agreement of USD 400 million currency swap facility with Sri Lanka.
  • The agreement is signed to help Sri Lanka to meet with its short-term international liquidity requirements.
  • The foreign exchange reserves will also be boosted for Sri Lanka which declined due to the COVID-19 in the country.

Amendments in Indian Accounting Standards

  • During this pandemic situation of Coronavirus, and to support Indian companies, the Government of India has amended certain Indian Accounting Standards (Ind-AS), including the standards and norms relating to leases.
  • The ministry of corporate affairs has amended Ind-AS 103 and Ind-As 116 and some other standards.
  • The amendment rules were set and finalized by the ministry in guidance and consultation with the National Financial Reporting Authority (NFRA).

Bank of Maharashtra partners with Uniken

  • Bank of Maharashtra has partnered with Uniken, an organisation which works in the field of digital security.
  • They have partnered to work and provide Omnichannel security.
  • The Omnichannel security will be provided to Bank of Maharashtra’s online banking app named as MahaSecure.
  • Uniken’s REL-ID technology will work to provide Omnichannel security.

BOB Financial Solutions Limited and Fiserv, Inc. to Work for Digital Transformation

  • The wholly-owned subsidiary of Bank of Baroda (BOB) named as BOB Financial Solutions Limited and the Fiserv, Inc., which is the technology-based financial services and payment global provider have joined together to have a flexible, scalable solution to accelerate the digital transformation of card issuance and its processing.
  • They will work together to develop high tech products like contactless credit cards, tokens and integration with branded wallets and virtual credit cards.
  • They will work to have loyalty management and will build customer trust on digital payment structures developed by them.
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