Only Banking! Monthly Banking Awareness PDF Issue #16– March 2019 Features: Detailed Banking News Expected Banking Questions RBI Policy Rates Important Bank Mergers from 2017-2019 If you have any suggestion or query, feel free to mail us at [email protected]Download Our Android App From Playstore Join us at Facebook
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Only Banking! Monthly Banking Awareness PDF
Issue #16– March 2019
Features:
Detailed Banking News
Expected Banking Questions
RBI Policy Rates
Important Bank Mergers from 2017-2019
If you have any suggestion or query, feel free to mail us at [email protected]
Download Our Android App From Playstore Join us at Facebook
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About Reserve Bank of India
Headquarter at Mumbai. The Governor of RBI is Shashikanta Das.
The slogan is “India’s Central Bank”. RBI Follows July to June Financial Cycle.
RBI Rates as of 1 April, 2019
Name of Rate Rate in Percentage
Policy Repo Rate 6.00%
Reverse Repo Rate 5.75%
Marginal Standing Facility Rate 6.25%
Bank Rate 6.25%
CRR 4%
SLR 19.25%
Base Rate 8.95% - 9.40%
MCLR (Overnight) 8.05% - 8.55%
Savings Deposit Rate 3.50% - 4.00%
Term Deposit Rate > 1 Year 6.25% - 7.00%
Banking News of March 2019
RBI, Bank of Japan sign Bilateral Swap Arrangement for India to access 75 billion in US dollars
The Reserve Bank of India and Bank of Japan have completed signing of the Agreement for Bilateral Swap
Arrangement (BSA) between India and Japan.
The BSA was negotiated between India and Japan during the visit of Prime Minister Narendra Modi to Tokyo
in October 2018.
This BSA provides for India to access USD 75 billion and was approved by the Union Cabinet in January 2019.
India can access the agreed amount of USD 75 billion for its domestic currency for the purpose of maintaining
an appropriate level of balance of payments or short-term liquidity.
Cabinet approves payment of Rs 1450 crore of National Housing Bank to RBI
The Cabinet approved the payment of the face value of the subscribed share capital of Rs.1450 crore in
National Housing Bank (NHB) to Reserve Bank of India (RBl) consequent to amendments made to the NHB
Act, 1987 in 2018.
The expenditure of Rs.1450 crore will be met out of Gross Budgetary Support 2018-19.
The beneficiaries are the Reserve Bank of India and the Housing Sector.
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Hasmukh Adhia Appointed Non-Executive Chairman Of Bank Of Baroda
Former Finance Secretary Hasmukh Adhia was appointed as non-executive chairman of Bank of Baroda on
Friday, according to a Personnel Ministry order.
The Appointments Committee of the Cabinet has approved his appointment as part-time non-official director
as well as non-executive chairman on the board of Bank of Baroda for a period of three years, it said.
Mr Adhia, a 1981-batch IAS officer of Gujarat cadre, superannuated on November 30 last year. He last served
as the Finance Secretary.
RBI slaps Rs 7 crore monetary penalty on four PSU banks for non-strengthening of 'SWIFT' related controls
The Reserve Bank has imposed a monetary penalty of Rs 3 crore on Union Bank, Rs 2 crore on Dena Bank,
and Rs 1 crore each on IDBI and the SBI for non-compliance with various directions, regulatory filings.
Union Bank said that the apex bank has imposed a penalty of Rs 30 million (Rs 3 crore) on it for delay in
adherence to its directives on 'time-bound implementation and strengthening of SWIFT-related controls'
contained in the RBI circular of February 20, 2018.
In a filing to the BSE, Dena Bank said the Reserve Bank has imposed a penalty of Rs 20 million on it for non-
compliance with the directions issued on February 20, 2018.
PSBloansin59minutes .com becomes largest fintech lending platform: Report
Web portal PSBloansin59minutes .com launched by Prime Minister Narendra Modi three months ago has
emerged as the largest online lending platform, according to a report by global financial firm Credit Suisse.
The portal was launched in November to provide credit of up to Rs 1 crore to micro, small and medium
enterprises (MSMEs) in just 59 minutes.
Ravneet Gill takes charge as Yes Bank MD, CEO
Yes Bank Friday said Ravneet Gill has taken charge as its MD and CEO with immediate effect for a tenure of
three years.
The appointment of Gill, will be subject to approval of shareholders' at the ensuing annual general meeting of
the Bank to be held in June, 2019.
IDBI Bank gets govt nod to handle import, export transactions with Iran
The IDBI Bank has received government nod to handle import and export transactions with Iran, a move
which would help in promoting two-way trade amid US sanctions on the Persian Gulf nation, industry
sources said.
US President Donald Trump had in May last year withdrawn from the 2015 nuclear accord with Iran, re-
imposing economic sanctions against the Persian Gulf nation. Some sanctions took effect from August 6, 2018
while those affecting the oil and banking sectors started from November 4, 2018.
According to sources, IDBI Bank has been identified to route the payments. UCO Bank had in the previous
round of sanctions handled rupee payments.
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RBI slaps Rs 1 cr fine on Yes Bank for non-compliance in Swift operations
Private sector lender Yes Bank Tuesday said the Reserve Bank of India has slapped a fine of Rs 1 crore on
the bank for non-compliance of directions on Swift messaging software.
Swift is the global messaging software used for transactions by the financial entities.
Notably, the massive Rs 14,000 crore fraud at the Punjab National Bank (PNB) was a case of misuse of this
messaging software.
Post the PNB fraud, which came to light in February 2018, the RBI has been tough on banks to tighten all kinds
of transactions.
RBI slaps Rs 4 crore fine on Karnataka Bank
Private sector Karnataka Bank Monday said the RBI has slapped a fine of Rs 4 crore on the bank for violating
regulatory norms.
The Reserve Bank of India has levied an aggregate penalty of Rs 40 million on the bank for delayed
implementation of four of the Swift related operational controls.
Swift is the global messaging software used for transactions by the financial entities.
Notably, the massive Rs 14,000 crore fraud at the PNB was a case of misuse of this messsaging software.
State Bank of India to join SWIFT's global payment interface
State Bank of India will soon sign up with the Society for Worldwide Interbank Financial Transactions’
(SWIFT) Global Payment Interface (gpi), adding to the list of Indian banks that have subscribed to the
interbank communication channel’s new payment interface which is set to make cross-border transactions
much more secure and transparent, a top official said.
These banks are ICICI Bank, Axis Bank, Punjab National Bank, Yes Bank, City Union Bank, HDFC Bank, Bank
of India, Federal Bank Limited, Union Bank of India, Indian Bank and IndusInd Bank.
SWIFT said that they want to make gpi a universal payments interface by partnering with all major global banks
by 2020.
IBBI signs pact with International Finance Corporation to train professionals
The Insolvency and Bankruptcy Board of India (IBBI) has signed a cooperation agreement with the
International Finance Corporation (IFC) to train professionals, the government said on Thursday.
The pact calls for organising workshops and training for insolvency professionals and IBBI officers, training the
trainers, development of a national insolvency programme besides insolvency and valuation examinations.
The agreement runs through till June 30, 2021.
Former RBI governor Raghuram Rajan to get Yashwantrao Chavan national award
Former Reserve Bank of India (RBI) Governor Raghuram Rajan has been chosen for the 'Yashwantrao Chavan
National Award 2018' for his contribution towards economic development.
Rajan will be presented the award at a function here on March 12 on the occasion of 106th birth anniversary
of late Yashwantrao Chavan, who was the first chief minister of Maharashtra, a release issued here said.
NCP chief Sharad Pawar, who is president of the Yashwantrao Chavan Prathisthan, will preside over the
function, it said.
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InstantPay launches neo-banking services for SMEs
InstantPay reiterated its focus on the SME industry with its launch of the first-of-its-kind Neo-banking
services.
This new age branchless banking solution will allow SMEs the advantage of managing all their payments,
collections and reconciliation on a single and seamless interface.
With its 100% digital and mobile platform InstantPay is trying to reinvent the practices of a traditional bank,
while at the same time ensuring that they are more cost-effective, automated and convenient, in line with the
requirements of today's SMEs.
RBI board warned of short-term negative impact of demonetisation on GDP
The Board of Reserve Bank of India, which included the present Governor Shaktikanta Das as the Director, had
warned of short-term negative impact of demonetisation on the country’s economic growth.
The board observed that the move will not have any material impact on tackling the black money menace.
The board met just two-and-a-half hours before Prime Minister Narendra Modi announced the
demonetisation decision on November 8, 2016, banning the currency notes of Rs 500 and Rs 1000.
One of the prime objectives of demonetisation was to curb black money.