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News in Short

News in Short - 25-April-2019

Pakistan successfully test fires cruise missile 

Date: 25 April 2019 Tags: Defence & Security
  • Pakistan successfully test fired indigenously developed cruise missile (claimed to be Harbah) from its latest Azmat-class patrol craft, PNS Himmat (1027), in the North Arabian Sea,
  • The missile is claimed to be shipborne variant of indigenously developed Hatf 7 (Babur) short-range cruise missile. It has anti-ship and land-attack capabilities.
  • Pakistan is known to be pursuing air, ship, and submarine-launched variants of Babur cruise missile to complement its line-up of longer-ranged ballistic missiles.

IndusInd Bank to take over Bharat Financial Inclusion

Date: 25 April 2019 Tags: miscellaneous
  • National Company Law Tribunal (NCLT) has approved merger of private sector lender IndusInd Bank with Bharat Financial Inclusion (BFIL), a microfinance company.
  • With this merger, BFIL will become subsidiary of IndusInd Bank. Earlier this merger had received ‘No Objection’ from Reserve Bank of India (RBI), National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).

Karnam Sekar appointed as new MD & CEO of IOB

Date: 25 April 2019 Tags: Banking People in News
  • Karnam Sekar was appointed as new Managing Director (MD) and Chief Executive Officer (CEO) of Indian Overseas Bank.
  • He will succeed erstwhile CEO and MD. R Subramaniakumar.  Prior to this appointment he was working as officer on special duty and Whole Time Director in IOB. Prior to this, he was Managing Director of Dena Bank.

BuyUcoin launches India’s first platform for wholesale Cryptocurrency Trading

Date: 25 April 2019 Tags:
  • BuyUcoin, second oldest Cryptocurrency Exchange in India, has introduced country’s first unique platform for wholesale cryptocurrency trading.
  • This wholesale trading platform also known as Over-the-counter (OTC) Desk allows users to trade on large scale with low price fluctuations.
  • This platform works on ‘free trading model’ i.e. without levying any it charges zero fee on any trade.
  • It will help to improve the problem of liquidity of cryptocurrency in Indian market. It will also help in quicker transactions, better prices and market stability.

Kotak Mahindra Bank launches first debit card-based authentication solution

Date: 25 April 2019 Tags: miscellaneous
  • Kotak Mahindra Bank has launched first debit card-based authentication solution based on National Payments Corporation of India (NPCI’s) e-Mandate (electronic mandate) API (Application Program Interface) platform.
  • With this, it also became first ever destination bank to go live with both net banking and debit card-based e-mandate authentication.
  • It will enable Kotak customers to create electronic mandates similar to former eNACH with Aadhaar + OTP, eNACH- Electronic National Automated Clearing House; OTP- One Time Password via both debit card and net banking provision.
  • It also allows Kotak Mahindra Bank to go live as sponsor or acquirer bank for corporates and merchants seeking recurring payments.