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Tag Wise Current Affairs
Tag: Banking Schemes & Policies
RBI classifies IDBI Bank as Private Sector Bank
Tags: Banking Schemes & Policies
Published on: 16 March 2019
YONO Cash: SBI launches India’s first cardless ATM withdrawal service
Tags: Banking Schemes & Policies
Published on: 18 March 2019
SBI raises Rs. 1,251.30 crore by issuing Basel III-compliant tier-I bonds
Tags: Banking Schemes & Policies
Published on: 23 March 2019
RBI sets WMA Limit for Government at Rs 75000 crore
Tags: Banking Schemes & Policies
Published on: 04 April 2019
SBI inks first co-origination loan agreement with Paisalo Digital
Tags: Banking Schemes & Policies
Published on: 11 April 2019
NABARD announces Rs 700-crore venture capital fund for rural agricultural start-ups Â
Tags: Banking Schemes & Policies
Published on: 14 May 2019
RBI allows modern currency chests to hike service charges
Tags: Banking Schemes & Policies
Published on: 24 May 2019
RBI scraps charges on NEFT and RTGS Transfers
Tags: Monetary Policy & RBI, Banking Schemes & Policies
Published on: 07 June 2019
RBI creates single category of NBFCs by merging present 3 tier structure
Tags: Financial Institutions, Banking Schemes & Policies, NBFC
Published on: 23 February 2019
UTKARSH 2022:Â RBI Board approves three-year roadmap
Tags: Banking Schemes & Policies
Published on: 09 July 2019
Utkarsh 2022: RBI launches medium-term strategy framework
Tags: Banking Schemes & Policies
Published on: 24 July 2019
Anchor banks witness stock freefall
Tags: Banking Schemes & Policies
Published on: 05 September 2019
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'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Union Finance Ministry in a gazette notification to roll out Rs 20 coin for the first time in the country. It also announced to release new series of visually impaired friendly circulation coins of Re 1, Rs 2, Rs 5 and Rs 10.</span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Features of Rs. 20 Coin</span></strong></span></span></p>
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<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is shaped like 12-edged polygon (dodecagon). Its outside diameter is 27mm (millimeters) and weighs around 8.54 grams.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Composition: </span></strong><span style="font-family:"Quicksand",serif">It will be 65% copper, 15% zinc and 20% nickel for outer ring. Its inner ring (centre piece) will be 75% copper, 20% zinc and 5% nickel.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Obverse (face) side: </span></strong><span style="font-family:"Quicksand",serif">It will bear Lion Capitol of Ashoka Pillar with legend "Satyamev Jayate" inscribed below. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is flanked on left periphery with word "Bharat" in Hindi and on right periphery with the word "INDIA" in English. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Reverse side: </span></strong><span style="font-family:"Quicksand",serif">It will bear denominational value "20". It will have rupee symbol above the denominational value.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">On left periphery it will have design of grains depicting agricultural dominance of the country.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Top right and bottom right peripheries will bear word Rs 20 in Hindi and "TWENTY RUPEES" in English</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">The year of minting in international numerals will be shown on centre of left periphery of coin.</span></span></span></li>
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<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Note:</span></strong><span style="font-family:"Quicksand",serif"> Unlike circular Rs 10 coin, the new Rs 20 coin will not have any marks on its edges. But, like Rs. 10 coin, it will be two-toned with a similar diameter. Reserve Bank of India (RBI) had issued the first Rs 10 coin nearly 10 years ago in March 2009.</span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Background</span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">As per Coinage Act, 1906, Union Government has sole right to mint coins and responsibility for coinage vests with Government (i.e. Union Finance Ministry).</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">But coins are issued for circulation only through Reserve Bank of India in terms of the RBI Act.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Designing and minting of coins in various denominations is also responsibility of Government. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">At present, coins are minted at four India Government Mints at Mumbai (Maharashtra), Alipore (Kolkata-West Bengal), Saifabad (Hyderabad, Telangana), Cherlapally (Hyderabad, Telangana) and Noida (Uttar Pradesh). </span></span></span></li>
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'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Quicksand",serif">Reserve Bank of India (RBI) has categorised IDBI Bank Limited as ‘Private Sector Bank’ for regulatory purposes with effect from January 21, 2019. This comes after acquisition of 51% stake (total paid-up equity share capita) of IDBI by Life Insurance Corporation of India (LIC).</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><strong><span style="font-size:11.0pt"><span style="font-family:"Quicksand",serif">Other public sector banks category</span></span></strong></span></span></p>
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<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><strong><span style="font-size:11.0pt"><span style="font-family:"Quicksand",serif">Background</span></span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Quicksand",serif">LIC in January 2019 had completed process acquiring 51% stake in IDBI Bank. This deal was concluded after final approval of Union Cabinet in August 2018. As part of this deal, Union Cabinet had approved reduction of Central Government shareholding in IDBI Bank Limited below 50% stake by dilution of its existing shareholding. The acquisition was done through strategic disinvestment i.e. preferential allotment or open offer of equity and relinquishment of management control of Government.</span></span></span></span></p>
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'title' => 'YONO Cash: SBI launches India’s first cardless ATM withdrawal service',
'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">India’s largest bank State Bank of India (SBI) has launched of YONO Cash using which customers can withdraw money from ATMs without using card. With this, SBI became first bank in India to launch cardless ATM withdrawal service.</span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">YONO Cash</span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">SBI customers can initiate cash withdrawal process on YONO app and set six-digit YONO pin for transaction.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">After initiating process, customers will also get six-digit reference number for transaction on their registered mobile numbers via SMS. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">ATMs enabled for this service will be termed YONO Cash Point. Cash withdrawal under it has to be completed within 30 minutes at ATM using both PIN and reference number.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">The transactions using YONO is secured with <strong><em>two-factor authentication</em></strong>. It also eliminates risk of skimming and cloning.</span></span></span></li>
</ul>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Benefits</span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Through YONO, SBI seeks to create digital universe by integrating entire transactions ecosystem under one platform in coming years.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is designed to help SBI customers to withdraw cash without physical debit card. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It seeks to maximize convenience and enhance banking experience for its customers.</span></span></span></li>
</ul>
<p><span style="font-size:11.0pt"><span style="font-family:"Quicksand",serif">It will address concerns over using debit cards at ATMs for cash withdrawals by eliminating the possible associated risks</span></span></p>
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'title' => 'SBI raises Rs. 1,251.30 crore by issuing Basel III-compliant tier-I bonds',
'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">The country's largest lender State Bank of India (SBI) has raised Rs. 1,251.30 crore by issuing Basel III-compliant additional tier-I bonds. The proceeds from these bonds will help SBI to boost its <strong>additional tier 1 capital ratio</strong> to meet systematically important bank (D-SIB) criteria to which SBI is mandated to meet.</span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">SBI-Basel III-compliant tier-I bonds</span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">These bonds allotted to investors are in nature of taxable, perpetual, subordinated, unsecured. They are Basel lll compliant for inclusion in additional tier 1 capital. These bonds have face value of Rs 10 lakh each and carry coupon of 9.45% payable annually with call option after five years.</span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Background</span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Reserve Bank of India (RBI) has classified SBI along with ICICI and HDFC as domestic domestic systematically important bank (D-SIBs), which are too big to fail. These three banks are needed to comply most stringent capital rules by April 1, 2019.</span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">They are required to keep aside additional common equity tier 1 (CET1) requirement in addition to capital conservation buffer. Tier 1 capital is calculated as common equity Tier 1 (CET1) capital plus additional Tier 1 capital (AT1).<strong> </strong></span></span></span></p>
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'title' => 'RBI imposes Rs 2 crore fine on PNB',
'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Reserve Bank of India (RBI) has imposed penalty of Rs 2 crore on Punjab National Bank (PNB) for non-compliance of regulatory directions with regard to SWIFT (Society for Worldwide Interbank Financial Telecommunication) operations. The fine was imposed on PNB for violations of regulatory directions observed during assessment of implementation of SWIFT- related operational controls.</span></span></span></p>
<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Previously, RBI had imposed penalties worth Rs 71 crore on 36 public, private and foreign banks for non-compliance with various directions on implementation and strengthening of SWIFT operations. Some of these banks were SBI, ICICI Bank, HSBC, Bank of Baroda, Citibank, Canara Bank and Yes Bank.</span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Earlier also PNB was in news over issues of SWIFT system after Rs. 14,000-crore fraud carried out by jewelry designer Nirav Modi and his uncle Mehul Choksi by misusing this global messaging software.</span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Society for Worldwide Interbank Financial Telecommunication (SWIFT)</span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is global messaging software used for sharing information on inter-bank transactions by financial entities. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It provides network that allows banks and other financial institutions worldwide to send and receive information about financial transactions in secure, standardised and reliable environment.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It basically transports financial messages in highly secure way. It does not hold accounts of its members and does not perform any form of clearing or settlement.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Besides it also doesn’t facilitate transfer of funds, rather, it only sends payment orders, which needs to be settled by correspondent accounts that institutions have with each other.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Majority of international interbank messages use it. It assigns each financial organization unique code that has either eight characters or 11 characters. The code is interchangeably called bank identifier code (BIC), SWIFT code, SWIFT ID, or ISO 9362 code.</span></span></span></li>
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'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Reserve Bank of India (RBI) in consultation with Central Government has decided to set limits for Ways and Means Advances (WMA) for first half of financial year 2019-20 (April 2019 to September 2019) at Rs 75000 crore. The interest rate on WMA will be Repo Rate and overdraft will be 2% above Repo Rate.</span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Ways and Means Advances (WMA) </span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is temporary loan facility provided by RBI to centre and state governments to meet temporary mismatches in the receipts and payments.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It was introduced in 1997 to replace four-decade old system of adhoc (temporary) Treasury Bills to finance fiscal deficit of Central Government.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">This facility can be availed by central or state governments if they need immediate cash from RBI. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">However, WMA has to be vacated after 90 days and interest rate levied on it for is currently charged at repo rate. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">RBI has flexibility to revise WMA limit at any time, in consultation with Central Government, taking into consideration the prevailing circumstances. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">RBI also provides overdraft facility when WMA limit is breached, but it is not allowed beyond 10 consecutive working days. The interest rate on overdrafts is 2% more than repo rate.</span></span></span></li>
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'title' => 'SBI inks first co-origination loan agreement with Paisalo Digital',
'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">PAISALO Digital Limited signed first <strong>co-origination loan agreement</strong> with State Bank of India (SBI). It is the first agreement of its kind in the country that has been signed SBI. The agreement was signed with vision of empowering the AGRI, MSME segment and small businesses.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">Under this co-origination<strong>, S</strong>BI and PAISALO intends to enable customers to reach us with ease and use it for smooth loan disbursal and repayment easily. Its platform will cater needs to last mile customer. The loan ticket designed under it has is at Rs 10,000 to 2 lakh. </span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">PAISALO Digital Limited </span></span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">It is leading systemically important non-deposit taking NBFC registered with Reserve Bank of India. It is in operations since 1992. </span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">It has AUM of over Rs. 2,000 Crore with a net worth of Rs. 671.9 Crore and CAR of 31.73% as on Q3FY19. </span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">It has over 2,50,000 live borrowers and so far has serviced nearly 10,00,000 borrowers. It serves customers with 118 branches in rural areas.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">Its business operations are in Uttar Pradesh, Maharashtra, Himachal Pradesh, Gujarat, Rajasthan, Delhi, Haryana, Punjab, Uttarakhand and Bihar.</span></span></span></span></li>
</ul>
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'description' => '<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">National Bank for Agriculture and Rural Development (NABARD) has announced Rs. 700 crore venture capital fund for equity investments in agriculture and rural focused start-ups. This is first of its kind VC fund launched by NABARD, even though it contributes to other funds.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">NABARD VC fund </span></span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">It was launched by Nabventures, an auxiliary unit of NABARD. It has proposed amount of Rs 500 crore with option to retain over-subscriptions of Rs 200 crore (called-shoe option ). With this fund, NABARD will assist those start-ups who are engaged in agriculture, food and rural development space.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Benefits</span></span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">The fund will help to boost rural economy. It will have high impact as it will provide a boost to investment ecosystem in the core areas of agriculture, food and improvement of rural livelihoods. It will help to generate employment as well as new market to the country. It will automatically improvise rural financial condition.</span></span></span></span></p>
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'title' => 'RBI allows modern currency chests to hike service charges',
'description' => '<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Reserve Bank of India (RBI) will soon allow large modern currency chests to increase service charges on cash deposited by non-chest bank branches from existing rate of </span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Rs.5 per packet of 100 pieces to higher rate subject to maximum of Rs.8 pe</span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">r packet. </span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Minimum Standards</span></span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Those currency chests (CC) that fulfill minimum standards will be only eligible to be classified as a large modern CC. Banks may approach issue office of the RBI under whose jurisdiction CC is located for such classification. The increased rates will be only charged after such classification by issue office concerned.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Currency chest</span></span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It is part of bank wherein currency notes and coins are stored. It can be strong room or a vault. When cash is taken out of vault, it becomes cash of bank and it can be used for the payments. RBI on its behalf authorises few selected bank branches to stock rupee notes and coins. It acts as distributives of RBI cash and enable RBI to take back soiled notes and mutilated notes from the public.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">RBI offices in various cities receive currency notes from presses and coins from the mints. These are sent to currency chests and small coin depots from where they are distributed to bank branches. RBI has so far set up over 4,075 currency chests all over the country. Besides currency chests there are also around 3,746 bank branches that act as small coin depots to stock small coins.</span></span></span></span></p>
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'title' => 'RBI scraps charges on NEFT and RTGS Transfers',
'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Reserve Bank of India (RBI) has announced waiving off charges are applied on bank transfers carried out either by National Electronic Funds Transfer (NEFT) or Real Time Gross Settlement System (RTGS). This decision was taken to boost digital transactions and asked banks to pass on the benefits to customers.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">NEFT and RTGS</span></span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">RTGS and NEFT are bank transfer devices that allows individual to transfer funds electronically from one account to another. RTGS is meant for large-value instantaneous fund transfers while NEFT System is used for fund transfers up to Rs 2 lakh.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">RTGS transactions happen in real time, hence the beneficiary bank receives instruction to transfer funds immediately and transfer is instantaneous. Whereas, NEFT settlements happen in batches, as a result, there might be slight delay for actual transfer to take place from time the request for transfer. </span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">The minimum amount that can be remitted through RTGS is Rs 2 lakh, and there is no upper ceiling. In NEFT there is no minimum transfer limit, but there is Rs 10 lakh limit per transaction with no upper limit on the number of transactions.</span></span></span></span></li>
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'title' => 'MUDRA bad loans rise in FY19',
'description' => '<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Gross Non Performing Assests under Pradhan Mantri Mudra Yojana (PMMY) has rose by 68.7</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">to Rs 16,480.87 crore in financial year 2019 from Rs 9,769 crore a year-ago. However, bad loans under MUDRA scheme are much lower than total system-wide NPAs. The banking sector’s gross NPAs declined to 9.3</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">in March 2019 from 11.5 per cent the year before.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">MUDRA NPAs </span></span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">They accounted for 5.28</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">of the total disbursements of Rs 311,811 crore as of March 2019 as compared to 3.96</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">of total disbursements of Rs 246,437 crore in the previous year. NPAs were Rs 8,501.68 crore in 2016-17. Of the total disbursements, as much as 41.42</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> (or Rs 129,153 crore) loans, are taken by women. In the financial year 2018-19, 3.706 crore women entrepreneurs benefitted from MUDRA loans.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Reasons for MUDRA NPAs: </span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Loan waivers by state governments, credit crunch in the MSME sector after demonetisation and ambitious targets to push up lending to sector are among several factors that led to the rise in defaults.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">About Pradhan Mantri Mudra Yojana</span></span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It was launched by Cental Government in 2015 to loan up to 10 lakh to the non-corporate, non-farm small/micro enterprises engaged in manufacturing, trading and Services sector including allied agricultural activities.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">The loans under it are offered through commercial banks and financial institutions (RRBs, Small Finance Banks, Cooperative Banks, MFIs and NBFCs) refinanced through the Micro Units Development and Refinance Agency (MUDRA) Bank.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Mudra loans are provided to eligble enterpriese under three categories: (i) <strong>Shishu:</strong> up to Rs 50,000. (ii) <strong>Kishore:</strong> loans between Rs 50,001-Rs 5 lakh. (ii) <strong>Tarun:</strong> Loans between Rs 5,00,001 and Rs 10 lakh category.</span></span></span></span></li>
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'title' => 'RBI relaxes leverage ratio for banks',
'description' => '<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Reserve Bank of India (RBI) has relaxed leverage ratio (LR) for banks to help them boost their lending activities. The LR now stands reduced to 4</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">for Domestic Systemically Important Banks (DSIBs) and 3.5</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> for other banks effective from quarter commencing October 1, 2019. It will be mandotary for banks to disclosed on a quarter-end basis both capital measure and exposure measure along with Leverage Ratio. However, banks must meet the minimum Leverage Ratio requirement at all times.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Background</span></span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">RBI in its second bi-monthly policy review had announced to harmonise LR in line with Basel III standards keeping in mind financial stability of financial firms. It had mentioned that in order to mitigate risks of excessive leverage, Basel Committee on Banking Supervision (BCBS) had designed the Basel III Leverage Ratio as simple, transparent, and non-risk-based measure to supplement existing risk-based capital adequacy requirements.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">About Leverage ratio</span></span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It is defined Tier-I capital as a percentage of the bank’s total exposures under Basel-III norms. It is designed to capture leverage associated with both on- and off-balance sheet exposures.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Total exposure:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> In this case is defined as sum of following exposures on-balance sheet exposures, securities financing transaction exposures, derivative exposures and off-balance sheet items.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Introduction: </span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It was introduced for banks post financial crisis of 2008, as one of underlying features of the crisis was build-up of excessive on- and off-balance sheet leverage in the banking system.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Minimum requirement for leverage ratio: </span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It set by Basel Committee on Banking Supervision (BCBS) is 3%. RBI has mandated banks to publicly disclose their Basel-III leverage ratio on consolidated basis from 1 April, 2015.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Significance:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> Leverage ratio is considered as important supplement to risk-based capital requirements. Therefore, banks are required to disclose, on quarterly basis, following irrespective of whether financial statements are audited: Tier-1 capital, exposure measure and leverage ratio. Lowering of leverage ratio with capital as numerator staying fixed, implies expansion of denominator, or bank’s lending activity.</span></span></span></span></p>
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'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Reserve Bank of India (RBI) has created single category non-banking financial companies (NBFCs) by merging their present three-tier structure. The new single category will be called as <strong>NBFC- investment and credit companies (NBFC-ICCs)</strong>. It mergers existing three NBFCs categories viz. Asset Finance Companies (AFC), Loan Companies (LCs) and Investment Companies (ICs).</span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Key Facts</span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">These three NBFCs were merged into single category to provide greater operational flexibility to non-banking lenders.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">The harmonisation process of different categories will be carried out based on principle of regulation by activity rather than regulation by entity.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Deposit taking NBFC-ICC shall invest in unquoted shares of another company which is not subsidiary company or company in same group of NBFC, an amount not exceeding 20% of its owned fund.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">RBI also has decided that exposures to all NBFCs, excluding core investment companies, will be risk weighted as per credit ratings.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">The risk weight model will work in a manner similar to corporates. This has been done to facilitate flow of credit to well-rated NBFCs.</span></span></span></li>
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<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Non-banking financial companies (NBFC)</span></strong> </span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is company is which provide banking services without meeting the legal definition of a bank. It loosely called as shadow bank.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is incorporated under Companies Act and its regulatory provisions under RBI are defined under Section 45 I(a) of RBI Act, 1934.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is engaged in business of loans and advances, acquisition of shares, bonds, stocks, debentures and securities issued by government or local authority or other marketable securities. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It can make investments and lend and hence, their activities are akin to that of banks. However, it cannot accept demand deposits. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It also not part of any payment and settlement system i.e. they cannot issue cheques drawn on itself.</span></span></span></li>
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'title' => 'UTKARSH 2022:Â RBI Board approves three-year roadmap',
'description' => '<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Reserve Bank of India (RBI) board has finalised three-year roadmap named Utkarsh 2022 to improve regulation and supervision, among other functions of the central bank. The board also approved RBI’s budget for the July 2019—June 2020 period. It also discussed other matters including issues related to currency management and payment systems.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Utkarsh 2022 </span></span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It is three-year road map for medium term objective to be achieved for improving regulation, supervision of the RBI. This medium term strategy is in line with global central banks’ plan to strengthen the regulatory and supervisory mechanism.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Background</span></span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Worldwide, all central banks are strengthening their regulatory and supervisory mechanism. They are also formulating long-term plan and medium-term plan. So, RBI has also decided it will formulate a pragramme to outline what is to be achieved in the next three years. In this regard, it had formed internal committee, which was anchored by outgoing Deputy Governor Viral Acharya, to identify issues that needed to be addressed over the next three years.</span></span></span></span></p>
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'tag' => 'Banking Schemes & Policies',
'keyword' => 'banking-schemes-policies',
'id' => (int) 1779,
'title' => 'Utkarsh 2022: RBI launches medium-term strategy framework',
'description' => '<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Reserve Bank of India (RBI) launched its medium- term strategy framework Utkarsh 2022 aimed at achieving excellence in performance of RBI's mandates and strengthening trust of citizens and other institutions. It has been launched in line with evolving macro-economic environment. It contains, inter alia, RBI’s Mission, Core Purpose, Values and Vision Statements, reiterating the Bank’s commitment to the Nation</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Utkarsh 2022 set out the following:</span></span></strong></span></span></p>
<ul>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Excellence in performance of statutory and other functions.</span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Strengthened trust of citizens and other Institutions in the RBI.</span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Enhanced relevance and significance in national and global roles.</span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Transparent, accountable and ethics-driven internal governance.</span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Best-in-class and environment friendly digital as well as physical infrastructure.</span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Innovative, dynamic and skilled human resources.</span></span></span></span></li>
</ul>
<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Utkarsh 2022 is mutually reinforcing and will guide RBI during medium- term period (2019-22) through various strategies. The purpose of its strategies is to capitalise on emerging opportunities and meet challenges of the future. Its implementation and progress will be periodically monitored through a sub-committee of the Central Board.</span></span></span></span></p>
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'tag' => 'Banking Schemes & Policies',
'keyword' => 'banking-schemes-policies',
'id' => (int) 1899,
'title' => 'Negative Interest Rates',
'description' => '<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Issue</span></span></strong></span></span></p>
<p> </p>
<p><span style="font-size:11.0pt"><span style="font-family:"Times New Roman","serif"">Danish Bank launches world’s first Negative Interest rate mortgage.</span></span></p>
<p> </p>
<p><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Background</span></span></strong></p>
<p> </p>
<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">Interest rates in a few countries in Europe, including Sweden and Denmark, have been in negative territory. This means that these countries are depositing money in banks and the money is really not in demand.</span></span></span></span></p>
<p><span style="font-size:11.0pt"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">Japan has also introduced negative interest rates to discourage people to stash excessive money into bank accounts. Instead they encourage spending of money to boost economy.</span></span></span></p>
<p> </p>
<p><span style="font-size:11.0pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">Reasons for Negative interest rates</span></span></span></strong></span></span></p>
<ul>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">When individual borrows money, he usually pays interest on it to the bank. Hence, when the rate of interest is negative, the bank should be paying the borrower</span></span></span></span></span></span></li>
<li><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:10.0pt"><span style="background-color:white"><span style="color:#212121">Banks by offering a negative rate of interest on their deposits are telling consumers to spend their income instead of storing them with the banks.</span></span></span></span></span></li>
<li><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:10.0pt"><span style="background-color:white"><span style="color:#212121">The basic reason for introduction of such policies is due to prevalent economic conditions. Global slowdown has resulted in recessive situation and needs impetus to boost consumption and growth.</span></span></span></span></span></li>
<li><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:10.0pt"><span style="background-color:white"><span style="color:#212121">By offering negative interest rates customers are encouraged to spend their income that can boost economy.</span></span></span></span></span></li>
</ul>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Indian context</span></span></strong></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif"">In the present situation this policy does not apply to India due to its exemplary growth conditions. The rate of growth in India is suitable for banks to adopt positive measures.</span></span></span></p>
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'tag' => 'Banking Schemes & Policies',
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'title' => 'Bank Mergers',
'description' => '<p><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Issue</span></span></strong></p>
<p> </p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif""><span style="color:#404040">Finance Minister Nirmala Sitharaman announced a series of mergers involving 10 state-owned banks . The merger has reduced the number of state owned banks from 27 to 12.</span></span></span></span></p>
<p> </p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Background</span></span></strong></span></span></p>
<p> </p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">A Bank merger is a situation in which two banks pool their assets and liabilities to become one bank. Since, this can have a significant impact on the financial industry, the Federal Reserve subjects mergers involving bank holding companies to more intensive regulation.</span></span></span></span></p>
<p> </p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Details</span></span></strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">Finance minister announced the merger of Punjab National Bank, Oriental Bank of Commerce and United Bank with business of 7.95 trillion to make India’s second-largest bank.</span></span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">The other merger will be between Canara Bank and Syndicate Bank, which will make the fourth-largest bank, with 15.2 trillion business. </span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">Union Bank will be merged with Andhra Bank and Corporation Bank to build India’s fifth-largest public sector bank with 14.59 trillion in business.</span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">Indian Bank will be merged with Allahabad Bank to make India’s seventh-largest PSB with a business of 8.08 trillion</span></span></span></span></p>
</li>
</ul>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Advantages and disadvantages</span></span></strong></span></span></p>
<p> </p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Times New Roman","serif"">Advantages</span></strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="background-color:white"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif""><span style="color:#26282a">It reduces the cost of operation</span></span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="background-color:white"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif""><span style="color:#26282a">The merger helps in financial inclusion and broadening the geographical reach of the banking operation</span></span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="background-color:white"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif""><span style="color:#26282a">NPA and risk management are benefited</span></span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="background-color:white"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif""><span style="color:#26282a">Merger leads to availability of a bigger scale of expertise and that helps in minimising the scope of inefficiency which is more in small banks</span></span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="background-color:white"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif""><span style="color:#26282a">Merger sees a bigger capital base and higher liquidity and that reduces the government's burden of recapitalising the public sector banks time and again</span></span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="background-color:white"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif""><span style="color:#26282a">Redundant posts and designations can be abolished which will lead to financial savings</span></span></span></span></span></p>
</li>
</ul>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Times New Roman","serif"">Disadvantages</span></strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="background-color:white"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif""><span style="color:#26282a">Many banks have a regional audience to cater to and merger destroys the idea of decentralisation.</span></span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="background-color:white"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif""><span style="color:#26282a">Larger banks might be more vulnerable to global economic crises while the smaller ones can survive.</span></span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="background-color:white"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif""><span style="color:#26282a">Merger sees the stronger banks coming under pressure because of the weaker banks.</span></span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="background-color:white"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif""><span style="color:#26282a">Coping with staffers' disappointment could be another challenge for the governing board of the new bank. This could lead to employment issues</span></span></span></span></span></p>
</li>
</ul>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Times New Roman","serif"">Other mergers</span></strong></span></span></p>
<p> </p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">The earlier merger of <strong>Bank of Baroda</strong>,<strong>Vijaya Bank</strong> and <strong>Dena Bank</strong> led to enhanced customization and rationalization of operations without any retrenchment. CASA (current and savings account) growth is 6.9% in the June quarter; retail loan growth is 20.5%, while profitability is around 710 crore.</span></span></span></span></p>
<p style="margin-left:36pt; margin-right:0cm"> </p>
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'tag' => 'Banking Schemes & Policies',
'keyword' => 'banking-schemes-policies',
'id' => (int) 2111,
'title' => 'Anchor banks witness stock freefall',
'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt">Issue</span></strong></span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Stocks of public sector lenders (anchor banks), with which some other PSU banks will be merged, lost anywhere between 8.5% and 12% on the BSE. </span></span></p>
<p style="margin-right:0in"><span style="font-size:18pt"><span style="background-color:whitesmoke"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">Indian Bank, with the lowest NPAs among PSB merger candidates, is the worst hit</span></span></span></span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt">Background</span></strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The fall in shares comes during the first trading day after the government announced the merger of ten public sector banks (PSBs) into four.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"> Indian Bank, which has the lowest non-performing assets (NPAs) among the banks chosen for merger is the worst-hit with shares declining almost 12%.</span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt">Details</span></strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The asset quality of anchor banks will suffer due to its merger. The Indian bank has lower NPA but its merger with Allahbad Bank, which has higher NPA, has affected shares of Indian Bank.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Similarly Shares of Punjab National Bank, which is the anchor bank for the merger of PNB, Oriental Bank of Commerce and United Bank of India fell by 8.5%. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Union Bank and Canara Bank, the other two anchor banks have dropped 9.1% and 10.6% respectively.</span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt">Anchor Banks</span></strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Anchor Banks are large lender banks that will act as the main support when certain smaller banks are merged into them to form consolidated banks.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Currently, the government has identified State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda and Indian bank as anchor banks.</span></span></p>
</li>
</ul>
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'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt">Issue</span></strong></span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Stocks of public sector lenders (anchor banks), with which some other PSU banks will be merged, lost anywhere between 8.5% and 12% on the BSE. </span></span></p>
<p style="margin-right:0in"><span style="font-size:18pt"><span style="background-color:whitesmoke"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">Indian Bank, with the lowest NPAs among PSB merger candidates, is the worst hit</span></span></span></span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt">Background</span></strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The fall in shares comes during the first trading day after the government announced the merger of ten public sector banks (PSBs) into four.</span></span></p>
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<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"> Indian Bank, which has the lowest non-performing assets (NPAs) among the banks chosen for merger is the worst-hit with shares declining almost 12%.</span></span></p>
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<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt">Details</span></strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The asset quality of anchor banks will suffer due to its merger. The Indian bank has lower NPA but its merger with Allahbad Bank, which has higher NPA, has affected shares of Indian Bank.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Similarly Shares of Punjab National Bank, which is the anchor bank for the merger of PNB, Oriental Bank of Commerce and United Bank of India fell by 8.5%. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Union Bank and Canara Bank, the other two anchor banks have dropped 9.1% and 10.6% respectively.</span></span></p>
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<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt">Anchor Banks</span></strong></span></span></p>
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<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Anchor Banks are large lender banks that will act as the main support when certain smaller banks are merged into them to form consolidated banks.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Currently, the government has identified State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda and Indian bank as anchor banks.</span></span></p>
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It will have rupee symbol above the denominational value.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">On left periphery it will have design of grains depicting agricultural dominance of the country.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Top right and bottom right peripheries will bear word Rs 20 in Hindi and "TWENTY RUPEES" in English</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">The year of minting in international numerals will be shown on centre of left periphery of coin.</span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Note:</span></strong><span style="font-family:"Quicksand",serif"> Unlike circular Rs 10 coin, the new Rs 20 coin will not have any marks on its edges. But, like Rs. 10 coin, it will be two-toned with a similar diameter. Reserve Bank of India (RBI) had issued the first Rs 10 coin nearly 10 years ago in March 2009.</span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Background</span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">As per Coinage Act, 1906, Union Government has sole right to mint coins and responsibility for coinage vests with Government (i.e. Union Finance Ministry).</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">But coins are issued for circulation only through Reserve Bank of India in terms of the RBI Act.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Designing and minting of coins in various denominations is also responsibility of Government. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">At present, coins are minted at four India Government Mints at Mumbai (Maharashtra), Alipore (Kolkata-West Bengal), Saifabad (Hyderabad, Telangana), Cherlapally (Hyderabad, Telangana) and Noida (Uttar Pradesh). </span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'government-launches-new-rs-20-coin', 'image' => 'https://www.mediafire.com/convkey/75b5/tc3yv7v77xvmf9n6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/75b5/tc3yv7v77xvmf9n6g.jpg', 'metatitle' => 'Government launches new Rs 20 coin | National Affairs', 'metakeyword' => 'In National Current Affairs, Finance Ministry, announced, launch, first, new, Rs 20 coin,', 'metadescription' => 'Union Finance Ministry has announced launch of first new Rs 20 coin. It also announced to release new series of visually impaired friendly circulation coins', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'http://www.mediafire.com/file/6itnii5c2vzcbc9/7Mar_Government_launches_new.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 1 => object(Cake\ORM\Entity) { 'tag' => 'Banking Schemes & Policies', 'keyword' => 'banking-schemes-policies', 'id' => (int) 485, 'title' => 'RBI classifies IDBI Bank as Private Sector Bank', 'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Quicksand",serif">Reserve Bank of India (RBI) has categorised IDBI Bank Limited as ‘Private Sector Bank’ for regulatory purposes with effect from January 21, 2019. This comes after acquisition of 51% stake (total paid-up equity share capita) of IDBI by Life Insurance Corporation of India (LIC).</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><strong><span style="font-size:11.0pt"><span style="font-family:"Quicksand",serif">Other public sector banks category</span></span></strong></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Quicksand",serif">With this, IDBI has been removed from ‘Other public sector banks’ category. It was categorised in this sub-group by the RBI in April 2005. This categorisation was rendered by RBI on the basis of assurance given by then Finance Minister to Parliament in December 2004 (during discussion on Repeal Bill 2003) that government holding in IDBI Ltd will always be above 51</span></span><span style="font-size:11.0pt"><span style="font-family:"Calibri",sans-serif">%</span></span><span style="font-size:11.0pt"><span style="font-family:"Quicksand",serif">.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><strong><span style="font-size:11.0pt"><span style="font-family:"Quicksand",serif">Background</span></span></strong></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Quicksand",serif">LIC in January 2019 had completed process acquiring 51% stake in IDBI Bank. This deal was concluded after final approval of Union Cabinet in August 2018. As part of this deal, Union Cabinet had approved reduction of Central Government shareholding in IDBI Bank Limited below 50% stake by dilution of its existing shareholding. The acquisition was done through strategic disinvestment i.e. preferential allotment or open offer of equity and relinquishment of management control of Government.</span></span></span></span></p> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'rbi-classifies-idbi-bank-private-sector-bank', 'image' => 'https://www.mediafire.com/convkey/a0ca/0exhm78y2ffu4lz6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/a0ca/0exhm78y2ffu4lz6g.jpg', 'metatitle' => 'RBI classifies IDBI Bank as Private Sector Bank', 'metakeyword' => 'In Banking Current Affairs, RBI, categorises, IDBI Bank Limited, Private Sector Bank, regulatory purposes, LIC acquisition, ', 'metadescription' => 'RBI has categorised IDBI Bank Limited as ‘Private Sector Bank’ for regulatory purposes with effect from January 21, 2019', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/aj777d6d7ofs7dm/16_Mar_RBI_classifies_IDBI_Bank_as_Private_Sector_Bank.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 2 => object(Cake\ORM\Entity) { 'tag' => 'Banking Schemes & Policies', 'keyword' => 'banking-schemes-policies', 'id' => (int) 500, 'title' => 'YONO Cash: SBI launches India’s first cardless ATM withdrawal service', 'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">India’s largest bank State Bank of India (SBI) has launched of YONO Cash using which customers can withdraw money from ATMs without using card. With this, SBI became first bank in India to launch cardless ATM withdrawal service.</span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">YONO Cash</span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">SBI customers can initiate cash withdrawal process on YONO app and set six-digit YONO pin for transaction.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">After initiating process, customers will also get six-digit reference number for transaction on their registered mobile numbers via SMS. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">ATMs enabled for this service will be termed YONO Cash Point. Cash withdrawal under it has to be completed within 30 minutes at ATM using both PIN and reference number.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">The transactions using YONO is secured with <strong><em>two-factor authentication</em></strong>. It also eliminates risk of skimming and cloning.</span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Benefits</span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Through YONO, SBI seeks to create digital universe by integrating entire transactions ecosystem under one platform in coming years.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is designed to help SBI customers to withdraw cash without physical debit card. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It seeks to maximize convenience and enhance banking experience for its customers.</span></span></span></li> </ul> <p><span style="font-size:11.0pt"><span style="font-family:"Quicksand",serif">It will address concerns over using debit cards at ATMs for cash withdrawals by eliminating the possible associated risks</span></span></p> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'yono-cash-sbi-launches-cardless-atm-withdrawal', 'image' => 'https://www.mediafire.com/convkey/6663/1iq4atx9g93egg86g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/6663/1iq4atx9g93egg86g.jpg', 'metatitle' => 'YONO Cash: SBI launches cardless ATM withdrawal', 'metakeyword' => 'In Banking Current Affairs, State Bank of India, SBI, launches, YONO Cash, withdraw money from ATMs without using card,', 'metadescription' => 'India’s largest bank State Bank of India (SBI) has launched of YONO Cash using which customers can withdraw money from ATMs without using card.', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/be1qhp3d989bhd9/18_Mar_YONO_Cash.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 3 => object(Cake\ORM\Entity) { 'tag' => 'Banking Schemes & Policies', 'keyword' => 'banking-schemes-policies', 'id' => (int) 530, 'title' => 'SBI raises Rs. 1,251.30 crore by issuing Basel III-compliant tier-I bonds', 'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">The country's largest lender State Bank of India (SBI) has raised Rs. 1,251.30 crore by issuing Basel III-compliant additional tier-I bonds. The proceeds from these bonds will help SBI to boost its <strong>additional tier 1 capital ratio</strong> to meet systematically important bank (D-SIB) criteria to which SBI is mandated to meet.</span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">SBI-Basel III-compliant tier-I bonds</span></strong></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">These bonds allotted to investors are in nature of taxable, perpetual, subordinated, unsecured. They are Basel lll compliant for inclusion in additional tier 1 capital. These bonds have face value of Rs 10 lakh each and carry coupon of 9.45% payable annually with call option after five years.</span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Background</span></strong></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Reserve Bank of India (RBI) has classified SBI along with ICICI and HDFC as domestic domestic systematically important bank (D-SIBs), which are too big to fail. These three banks are needed to comply most stringent capital rules by April 1, 2019.</span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">They are required to keep aside additional common equity tier 1 (CET1) requirement in addition to capital conservation buffer. Tier 1 capital is calculated as common equity Tier 1 (CET1) capital plus additional Tier 1 capital (AT1).<strong> </strong></span></span></span></p> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'sbi-issues-basel-iii-compliant-tier-i-bonds', 'image' => 'https://www.mediafire.com/convkey/8fc7/ff2l556w3vdvve96g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/8fc7/ff2l556w3vdvve96g.jpg', 'metatitle' => 'SBI raises Rs. 1,251.30 crore by issuing Basel III tier-I bonds', 'metakeyword' => 'In Banking Current Affairs, State Bank of India, SBI, raises, Rs. 1,251.30 crore, Basel III-compliant additional tier-I bonds, DSIBS', 'metadescription' => 'State Bank of India (SBI) has raised Rs. 1,251.30 crore by issuing Basel III-compliant additional tier-I bonds', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/cjak0c57xtvalv0/SBI_raises_Rs._1%2C251.30.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 4 => object(Cake\ORM\Entity) { 'tag' => 'Banking Schemes & Policies', 'keyword' => 'banking-schemes-policies', 'id' => (int) 564, 'title' => 'RBI imposes Rs 2 crore fine on PNB', 'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Reserve Bank of India (RBI) has imposed penalty of Rs 2 crore on Punjab National Bank (PNB) for non-compliance of regulatory directions with regard to SWIFT (Society for Worldwide Interbank Financial Telecommunication) operations. The fine was imposed on PNB for violations of regulatory directions observed during assessment of implementation of SWIFT- related operational controls.</span></span></span></p> <p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Previously, RBI had imposed penalties worth Rs 71 crore on 36 public, private and foreign banks for non-compliance with various directions on implementation and strengthening of SWIFT operations. Some of these banks were SBI, ICICI Bank, HSBC, Bank of Baroda, Citibank, Canara Bank and Yes Bank.</span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Earlier also PNB was in news over issues of SWIFT system after Rs. 14,000-crore fraud carried out by jewelry designer Nirav Modi and his uncle Mehul Choksi by misusing this global messaging software.</span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Society for Worldwide Interbank Financial Telecommunication (SWIFT)</span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is global messaging software used for sharing information on inter-bank transactions by financial entities. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It provides network that allows banks and other financial institutions worldwide to send and receive information about financial transactions in secure, standardised and reliable environment.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It basically transports financial messages in highly secure way. It does not hold accounts of its members and does not perform any form of clearing or settlement.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Besides it also doesn’t facilitate transfer of funds, rather, it only sends payment orders, which needs to be settled by correspondent accounts that institutions have with each other.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Majority of international interbank messages use it. It assigns each financial organization unique code that has either eight characters or 11 characters. The code is interchangeably called bank identifier code (BIC), SWIFT code, SWIFT ID, or ISO 9362 code.</span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'rbi-imposes-rs-2-crore-fine-pnb', 'image' => 'https://www.mediafire.com/convkey/1ab9/nkohvsyx7jzhg946g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/1ab9/nkohvsyx7jzhg946g.jpg', 'metatitle' => 'RBI imposes Rs 2 crore fine on PNB | Banking Current affairs, GK', 'metakeyword' => 'In Banking Current Affairs, RBI, imposes, penalty,Rs 2 crore, Punjab National Bank (PNB), non-compliance, regulatory directions, SWIFT operations', 'metadescription' => 'Reserve Bank of India (RBI) has imposed penalty of Rs 2 crore on Punjab National Bank (PNB) for non-compliance of regulatory directions with regard to SWIFT operations', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/1rbx453h5sys3db/RBI_imposes_Rs_2_crore.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 5 => object(Cake\ORM\Entity) { 'tag' => 'Banking Schemes & Policies', 'keyword' => 'banking-schemes-policies', 'id' => (int) 685, 'title' => 'RBI sets WMA Limit for Government at Rs 75000 crore', 'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Reserve Bank of India (RBI) in consultation with Central Government has decided to set limits for Ways and Means Advances (WMA) for first half of financial year 2019-20 (April 2019 to September 2019) at Rs 75000 crore. The interest rate on WMA will be Repo Rate and overdraft will be 2% above Repo Rate.</span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Ways and Means Advances (WMA) </span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is temporary loan facility provided by RBI to centre and state governments to meet temporary mismatches in the receipts and payments.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It was introduced in 1997 to replace four-decade old system of adhoc (temporary) Treasury Bills to finance fiscal deficit of Central Government.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">This facility can be availed by central or state governments if they need immediate cash from RBI. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">However, WMA has to be vacated after 90 days and interest rate levied on it for is currently charged at repo rate. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">RBI has flexibility to revise WMA limit at any time, in consultation with Central Government, taking into consideration the prevailing circumstances. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">RBI also provides overdraft facility when WMA limit is breached, but it is not allowed beyond 10 consecutive working days. The interest rate on overdrafts is 2% more than repo rate.</span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'rbi-sets-wma-limit-for-government-75000-crore', 'image' => 'https://www.mediafire.com/convkey/aac9/oetd3thn9638b7r6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/aac9/oetd3thn9638b7r6g.jpg', 'metatitle' => 'RBI sets WMA Limit for Government at Rs 75000 crore', 'metakeyword' => 'In Banking Current Affairs, RBI sets WMA Limit for Government at Rs 75000 crore', 'metadescription' => 'RBI sets WMA Limit for Government at Rs 75000 crore, RBI in consultation with Central Government has decided to set limits for WMA for first half of financial year', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/igmsdi4ziib2e2g/RBI_sets_WMA_Limit.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 6 => object(Cake\ORM\Entity) { 'tag' => 'Banking Schemes & Policies', 'keyword' => 'banking-schemes-policies', 'id' => (int) 733, 'title' => 'SBI inks first co-origination loan agreement with Paisalo Digital', 'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">PAISALO Digital Limited signed first <strong>co-origination loan agreement</strong> with State Bank of India (SBI). It is the first agreement of its kind in the country that has been signed SBI. The agreement was signed with vision of empowering the AGRI, MSME segment and small businesses.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">Under this co-origination<strong>, S</strong>BI and PAISALO intends to enable customers to reach us with ease and use it for smooth loan disbursal and repayment easily. Its platform will cater needs to last mile customer. The loan ticket designed under it has is at Rs 10,000 to 2 lakh. </span></span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">PAISALO Digital Limited </span></span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">It is leading systemically important non-deposit taking NBFC registered with Reserve Bank of India. It is in operations since 1992. </span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">It has AUM of over Rs. 2,000 Crore with a net worth of Rs. 671.9 Crore and CAR of 31.73% as on Q3FY19. </span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">It has over 2,50,000 live borrowers and so far has serviced nearly 10,00,000 borrowers. It serves customers with 118 branches in rural areas.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Quicksand",serif">Its business operations are in Uttar Pradesh, Maharashtra, Himachal Pradesh, Gujarat, Rajasthan, Delhi, Haryana, Punjab, Uttarakhand and Bihar.</span></span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'sbi-first-co-origination-loan-agreement-paisalo-digital', 'image' => 'https://www.mediafire.com/convkey/d998/mz5clgd8jwdi5456g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/d998/mz5clgd8jwdi5456g.jpg', 'metatitle' => 'SBI inks first co-origination loan agreement with Paisalo Digital', 'metakeyword' => 'In Banking Current Affairs, PAISALO Digital Limited, first co-origination loan agreement, State Bank of India,', 'metadescription' => 'PAISALO Digital Limited signed first co-origination loan agreement with State Bank of India (SBI). It is the first agreement of its kind in the country that has been signed SBI', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/hbj57ohbsz7yivj/SBI_inks_first_co-origination.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 7 => object(Cake\ORM\Entity) { 'tag' => 'Banking Schemes & Policies', 'keyword' => 'banking-schemes-policies', 'id' => (int) 1093, 'title' => 'NABARD announces Rs 700-crore venture capital fund for rural agricultural start-ups  ', 'description' => '<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">National Bank for Agriculture and Rural Development (NABARD) has announced Rs. 700 crore venture capital fund for equity investments in agriculture and rural focused start-ups. This is first of its kind VC fund launched by NABARD, even though it contributes to other funds.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">NABARD VC fund </span></span></strong></span></span></p> <p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">It was launched by Nabventures, an auxiliary unit of NABARD. It has proposed amount of Rs 500 crore with option to retain over-subscriptions of Rs 200 crore (called-shoe option ). With this fund, NABARD will assist those start-ups who are engaged in agriculture, food and rural development space.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Benefits</span></span></strong></span></span></p> <p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">The fund will help to boost rural economy. It will have high impact as it will provide a boost to investment ecosystem in the core areas of agriculture, food and improvement of rural livelihoods. It will help to generate employment as well as new market to the country. It will automatically improvise rural financial condition.</span></span></span></span></p> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'nabard-venture-capital-fund-agricultural-start-ups  ', 'image' => 'https://www.mediafire.com/convkey/e4e4/jrorblhg7t2o3376g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/e4e4/jrorblhg7t2o3376g.jpg', 'metatitle' => 'NABARD announces Rs 700-crore venture capital', 'metakeyword' => 'NABARD, announces Rs 700-crore venture capital fund for rural agricultural start-ups  ', 'metadescription' => 'National Bank for Agriculture and Rural Development (NABARD) has announced Rs. 700 crore venture capital fund for equity investments in agriculture', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/jyvcaly8cfjqzge/NABARD_announces.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 8 => object(Cake\ORM\Entity) { 'tag' => 'Banking Schemes & Policies', 'keyword' => 'banking-schemes-policies', 'id' => (int) 1203, 'title' => 'RBI allows modern currency chests to hike service charges', 'description' => '<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Reserve Bank of India (RBI) will soon allow large modern currency chests to increase service charges on cash deposited by non-chest bank branches from existing rate of </span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Rs.5 per packet of 100 pieces to higher rate subject to maximum of Rs.8 pe</span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">r packet. </span></span></span></span></p> <p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Minimum Standards</span></span></strong></span></span></p> <p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Those currency chests (CC) that fulfill minimum standards will be only eligible to be classified as a large modern CC. Banks may approach issue office of the RBI under whose jurisdiction CC is located for such classification. The increased rates will be only charged after such classification by issue office concerned.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Currency chest</span></span></strong></span></span></p> <p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It is part of bank wherein currency notes and coins are stored. It can be strong room or a vault. When cash is taken out of vault, it becomes cash of bank and it can be used for the payments. RBI on its behalf authorises few selected bank branches to stock rupee notes and coins. It acts as distributives of RBI cash and enable RBI to take back soiled notes and mutilated notes from the public.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">RBI offices in various cities receive currency notes from presses and coins from the mints. These are sent to currency chests and small coin depots from where they are distributed to bank branches. RBI has so far set up over 4,075 currency chests all over the country. Besides currency chests there are also around 3,746 bank branches that act as small coin depots to stock small coins.</span></span></span></span></p> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'rbi-modern-currency-chests', 'image' => 'https://www.mediafire.com/convkey/b534/a65y5b7kiavl3lk6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/b534/a65y5b7kiavl3lk6g.jpg', 'metatitle' => 'RBI allows modern currency chests to hike service charges', 'metakeyword' => 'RBI allows modern currency chests to hike service charges', 'metadescription' => 'RBI allows modern currency chests to hike service charges, Reserve Bank of India (RBI) will soon allow large modern currency chests to increase service ', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/lf7kdadr5kaw3la/RBI_allows.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 9 => object(Cake\ORM\Entity) { 'tag' => 'Banking Schemes & Policies', 'keyword' => 'banking-schemes-policies', 'id' => (int) 1384, 'title' => 'RBI scraps charges on NEFT and RTGS Transfers', 'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Reserve Bank of India (RBI) has announced waiving off charges are applied on bank transfers carried out either by National Electronic Funds Transfer (NEFT) or Real Time Gross Settlement System (RTGS). This decision was taken to boost digital transactions and asked banks to pass on the benefits to customers.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">NEFT and RTGS</span></span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">RTGS and NEFT are bank transfer devices that allows individual to transfer funds electronically from one account to another. RTGS is meant for large-value instantaneous fund transfers while NEFT System is used for fund transfers up to Rs 2 lakh.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">RTGS transactions happen in real time, hence the beneficiary bank receives instruction to transfer funds immediately and transfer is instantaneous. Whereas, NEFT settlements happen in batches, as a result, there might be slight delay for actual transfer to take place from time the request for transfer. </span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">The minimum amount that can be remitted through RTGS is Rs 2 lakh, and there is no upper ceiling. In NEFT there is no minimum transfer limit, but there is Rs 10 lakh limit per transaction with no upper limit on the number of transactions.</span></span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'rbi-scraps-charges-neft-rtgs-tansfers', 'image' => 'https://www.mediafire.com/convkey/f041/mw5ejclm7m441tq6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/f041/mw5ejclm7m441tq6g.jpg', 'metatitle' => 'RBI scrap charges on NEFT and RTGS Transfers', 'metakeyword' => 'Reserve Bank of India, waives off, charges om bank transfers,National Electronic Funds Transfer, NEFT, Real Time Gross Settlement System, RTGS ', 'metadescription' => 'Reserve Bank of India (RBI) has announced waiving off charges are applied on bank transfers carried out either by National Electronic Funds Transfer (NEFT) or Real Time Gross Settlement System (RTGS). ', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/6d2yxuvbt8zyee5/RBI_scraps.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 10 => object(Cake\ORM\Entity) { 'tag' => 'Banking Schemes & Policies', 'keyword' => 'banking-schemes-policies', 'id' => (int) 1526, 'title' => 'MUDRA bad loans rise in FY19', 'description' => '<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Gross Non Performing Assests under Pradhan Mantri Mudra Yojana (PMMY) has rose by 68.7</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">to Rs 16,480.87 crore in financial year 2019 from Rs 9,769 crore a year-ago. However, bad loans under MUDRA scheme are much lower than total system-wide NPAs. The banking sector’s gross NPAs declined to 9.3</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">in March 2019 from 11.5 per cent the year before.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">MUDRA NPAs </span></span></strong></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">They accounted for 5.28</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">of the total disbursements of Rs 311,811 crore as of March 2019 as compared to 3.96</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">of total disbursements of Rs 246,437 crore in the previous year. NPAs were Rs 8,501.68 crore in 2016-17. Of the total disbursements, as much as 41.42</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> (or Rs 129,153 crore) loans, are taken by women. In the financial year 2018-19, 3.706 crore women entrepreneurs benefitted from MUDRA loans.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Reasons for MUDRA NPAs: </span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Loan waivers by state governments, credit crunch in the MSME sector after demonetisation and ambitious targets to push up lending to sector are among several factors that led to the rise in defaults.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">About Pradhan Mantri Mudra Yojana</span></span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It was launched by Cental Government in 2015 to loan up to 10 lakh to the non-corporate, non-farm small/micro enterprises engaged in manufacturing, trading and Services sector including allied agricultural activities.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">The loans under it are offered through commercial banks and financial institutions (RRBs, Small Finance Banks, Cooperative Banks, MFIs and NBFCs) refinanced through the Micro Units Development and Refinance Agency (MUDRA) Bank.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Mudra loans are provided to eligble enterpriese under three categories: (i) <strong>Shishu:</strong> up to Rs 50,000. (ii) <strong>Kishore:</strong> loans between Rs 50,001-Rs 5 lakh. (ii) <strong>Tarun:</strong> Loans between Rs 5,00,001 and Rs 10 lakh category.</span></span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'mudra-bad-loans-rise-fy19', 'image' => 'https://www.mediafire.com/convkey/f8c5/915zpe42jjh058q6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/f8c5/915zpe42jjh058q6g.jpg', 'metatitle' => 'MUDRA bad loans rise in FY19', 'metakeyword' => 'Gross Non Performing Assests under Pradhan Mantri Mudra Yojana (PMMY) has rose by 68.7% to Rs 16,480.87 crore in financial year 2019 from Rs 9,769 crore a year-ago.', 'metadescription' => 'Gross Non Performing Assests under Pradhan Mantri Mudra Yojana (PMMY) has rose by 68.7% to Rs 16,480.87 crore in financial year 2019 from Rs 9,769 crore a year-ago.', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/nqo438lzzqpjlgo/MUDRA_bad_loans_rise_in_FY19.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 11 => object(Cake\ORM\Entity) { 'tag' => 'Banking Schemes & Policies', 'keyword' => 'banking-schemes-policies', 'id' => (int) 1582, 'title' => 'RBI relaxes leverage ratio for banks', 'description' => '<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Reserve Bank of India (RBI) has relaxed leverage ratio (LR) for banks to help them boost their lending activities. The LR now stands reduced to 4</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">for Domestic Systemically Important Banks (DSIBs) and 3.5</span></span><span style="font-size:9.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> for other banks effective from quarter commencing October 1, 2019. It will be mandotary for banks to disclosed on a quarter-end basis both capital measure and exposure measure along with Leverage Ratio. However, banks must meet the minimum Leverage Ratio requirement at all times.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Background</span></span></strong></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">RBI in its second bi-monthly policy review had announced to harmonise LR in line with Basel III standards keeping in mind financial stability of financial firms. It had mentioned that in order to mitigate risks of excessive leverage, Basel Committee on Banking Supervision (BCBS) had designed the Basel III Leverage Ratio as simple, transparent, and non-risk-based measure to supplement existing risk-based capital adequacy requirements.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">About Leverage ratio</span></span></strong></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It is defined Tier-I capital as a percentage of the bank’s total exposures under Basel-III norms. It is designed to capture leverage associated with both on- and off-balance sheet exposures.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Total exposure:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> In this case is defined as sum of following exposures on-balance sheet exposures, securities financing transaction exposures, derivative exposures and off-balance sheet items.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Introduction: </span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It was introduced for banks post financial crisis of 2008, as one of underlying features of the crisis was build-up of excessive on- and off-balance sheet leverage in the banking system.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Minimum requirement for leverage ratio: </span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It set by Basel Committee on Banking Supervision (BCBS) is 3%. RBI has mandated banks to publicly disclose their Basel-III leverage ratio on consolidated basis from 1 April, 2015.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Significance:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> Leverage ratio is considered as important supplement to risk-based capital requirements. Therefore, banks are required to disclose, on quarterly basis, following irrespective of whether financial statements are audited: Tier-1 capital, exposure measure and leverage ratio. Lowering of leverage ratio with capital as numerator staying fixed, implies expansion of denominator, or bank’s lending activity.</span></span></span></span></p> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'bi-relaxes-leverage-ratio-for-banks', 'image' => 'https://www.mediafire.com/convkey/66e3/uie88os7qtqcpzl6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/66e3/uie88os7qtqcpzl6g.jpg', 'metatitle' => 'RBI relaxes leverage ratio for banks', 'metakeyword' => 'Reserve Bank of India (RBI) has relaxed leverage ratio (LR) for banks to help them boost their lending activities', 'metadescription' => 'Reserve Bank of India (RBI) has relaxed leverage ratio (LR) for banks to help them boost their lending activities', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/dx3wnm22xd9rrf1/RBI_relaxes.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 12 => object(Cake\ORM\Entity) { 'tag' => 'Banking Schemes & Policies', 'keyword' => 'banking-schemes-policies', 'id' => (int) 245, 'title' => 'RBI creates single category of NBFCs by merging present 3 tier structure', 'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Reserve Bank of India (RBI) has created single category non-banking financial companies (NBFCs) by merging their present three-tier structure. The new single category will be called as <strong>NBFC- investment and credit companies (NBFC-ICCs)</strong>. It mergers existing three NBFCs categories viz. Asset Finance Companies (AFC), Loan Companies (LCs) and Investment Companies (ICs).</span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Key Facts</span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">These three NBFCs were merged into single category to provide greater operational flexibility to non-banking lenders.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">The harmonisation process of different categories will be carried out based on principle of regulation by activity rather than regulation by entity.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Deposit taking NBFC-ICC shall invest in unquoted shares of another company which is not subsidiary company or company in same group of NBFC, an amount not exceeding 20% of its owned fund.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">RBI also has decided that exposures to all NBFCs, excluding core investment companies, will be risk weighted as per credit ratings.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">The risk weight model will work in a manner similar to corporates. This has been done to facilitate flow of credit to well-rated NBFCs.</span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Non-banking financial companies (NBFC)</span></strong> </span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is company is which provide banking services without meeting the legal definition of a bank. It loosely called as shadow bank.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is incorporated under Companies Act and its regulatory provisions under RBI are defined under Section 45 I(a) of RBI Act, 1934.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is engaged in business of loans and advances, acquisition of shares, bonds, stocks, debentures and securities issued by government or local authority or other marketable securities. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It can make investments and lend and hence, their activities are akin to that of banks. However, it cannot accept demand deposits. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It also not part of any payment and settlement system i.e. they cannot issue cheques drawn on itself.</span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'rbi-creates-single-category-nbfcs', 'image' => 'https://www.mediafire.com/convkey/29ff/07xfdl962ajurlh6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/29ff/07xfdl962ajurlh6g.jpg', 'metatitle' => 'RBI creates single category of NBFCs ', 'metakeyword' => 'In Banking Current Affairs, Reserve Bank India, RBI, creates, single category, non-banking financial companies, NBFCs,merging, three-tier structure. NBFC- investment and credit companies (NBFC-ICCs). ', 'metadescription' => 'Reserve Bank Friday of India, RBI, single category non-banking financial companies,NBFCs, merging their present three-tier structure., new single category will be called as NBFC', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'http://www.mediafire.com/file/4hhk0kgwlroxin6/23febRBI_creates_single_category_of_NBFCs.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 13 => object(Cake\ORM\Entity) { 'tag' => 'Banking Schemes & Policies', 'keyword' => 'banking-schemes-policies', 'id' => (int) 1672, 'title' => 'UTKARSH 2022: RBI Board approves three-year roadmap', 'description' => '<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Reserve Bank of India (RBI) board has finalised three-year roadmap named Utkarsh 2022 to improve regulation and supervision, among other functions of the central bank. The board also approved RBI’s budget for the July 2019—June 2020 period. It also discussed other matters including issues related to currency management and payment systems.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Utkarsh 2022 </span></span></strong></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It is three-year road map for medium term objective to be achieved for improving regulation, supervision of the RBI. This medium term strategy is in line with global central banks’ plan to strengthen the regulatory and supervisory mechanism.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Background</span></span></strong></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Worldwide, all central banks are strengthening their regulatory and supervisory mechanism. They are also formulating long-term plan and medium-term plan. So, RBI has also decided it will formulate a pragramme to outline what is to be achieved in the next three years. In this regard, it had formed internal committee, which was anchored by outgoing Deputy Governor Viral Acharya, to identify issues that needed to be addressed over the next three years.</span></span></span></span></p> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'utkarsh-2022-rbi-board-approves-3-year-roadmap', 'image' => 'https://www.mediafire.com/convkey/bcb0/7y0wuqrrprea91t6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/bcb0/7y0wuqrrprea91t6g.jpg', 'metatitle' => 'UTKARSH 2022: RBI Board approves three-year', 'metakeyword' => 'Reserve Bank of India (RBI) board has finalised three-year roadmap named Utkarsh 2022 to improve regulation and supervision, among other functions of the central bank', 'metadescription' => 'Reserve Bank of India (RBI) board has finalised three-year roadmap named Utkarsh 2022 to improve regulation and supervision, among other functions of the central bank', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/m7vf6dqzhqbbi88/UTKARSH_2022%E1_RBI_Board_approves_three-year.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 14 => object(Cake\ORM\Entity) { 'tag' => 'Banking Schemes & Policies', 'keyword' => 'banking-schemes-policies', 'id' => (int) 1779, 'title' => 'Utkarsh 2022: RBI launches medium-term strategy framework', 'description' => '<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Reserve Bank of India (RBI) launched its medium- term strategy framework Utkarsh 2022 aimed at achieving excellence in performance of RBI's mandates and strengthening trust of citizens and other institutions. It has been launched in line with evolving macro-economic environment. It contains, inter alia, RBI’s Mission, Core Purpose, Values and Vision Statements, reiterating the Bank’s commitment to the Nation</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Utkarsh 2022 set out the following:</span></span></strong></span></span></p> <ul> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Excellence in performance of statutory and other functions.</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Strengthened trust of citizens and other Institutions in the RBI.</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Enhanced relevance and significance in national and global roles.</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Transparent, accountable and ethics-driven internal governance.</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Best-in-class and environment friendly digital as well as physical infrastructure.</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Innovative, dynamic and skilled human resources.</span></span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Utkarsh 2022 is mutually reinforcing and will guide RBI during medium- term period (2019-22) through various strategies. The purpose of its strategies is to capitalise on emerging opportunities and meet challenges of the future. Its implementation and progress will be periodically monitored through a sub-committee of the Central Board.</span></span></span></span></p> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'utkarsh-2022-medium-term-strategy-framework', 'image' => 'https://www.mediafire.com/convkey/0d7c/ky0wnboann8pm8q6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/0d7c/ky0wnboann8pm8q6g.jpg', 'metatitle' => 'Utkarsh 2022: RBI launches medium-term', 'metakeyword' => 'Reserve Bank of India (RBI) launched its medium- term strategy framework Utkarsh 2022 aimed at achieving excellence in performance of RBI's mandates and strengthening trust of citizens and other institutions', 'metadescription' => 'Reserve Bank of India (RBI) launched its medium- term strategy framework Utkarsh 2022 aimed at achieving excellence in performance of RBI's mandates and strengthening trust of citizens and other institutions', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/gfhc24dyy7kq8nt/Utkarsh_2022_RBI_launches_medium_%281%29.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 15 => object(Cake\ORM\Entity) { 'tag' => 'Banking Schemes & Policies', 'keyword' => 'banking-schemes-policies', 'id' => (int) 1899, 'title' => 'Negative Interest Rates', 'description' => '<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Issue</span></span></strong></span></span></p> <p> </p> <p><span style="font-size:11.0pt"><span style="font-family:"Times New Roman","serif"">Danish Bank launches world’s first Negative Interest rate mortgage.</span></span></p> <p> </p> <p><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Background</span></span></strong></p> <p> </p> <p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">Interest rates in a few countries in Europe, including Sweden and Denmark, have been in negative territory. This means that these countries are depositing money in banks and the money is really not in demand.</span></span></span></span></p> <p><span style="font-size:11.0pt"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">Japan has also introduced negative interest rates to discourage people to stash excessive money into bank accounts. Instead they encourage spending of money to boost economy.</span></span></span></p> <p> </p> <p><span style="font-size:11.0pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">Reasons for Negative interest rates</span></span></span></strong></span></span></p> <ul> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">When individual borrows money, he usually pays interest on it to the bank. Hence, when the rate of interest is negative, the bank should be paying the borrower</span></span></span></span></span></span></li> <li><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:10.0pt"><span style="background-color:white"><span style="color:#212121">Banks by offering a negative rate of interest on their deposits are telling consumers to spend their income instead of storing them with the banks.</span></span></span></span></span></li> <li><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:10.0pt"><span style="background-color:white"><span style="color:#212121">The basic reason for introduction of such policies is due to prevalent economic conditions. Global slowdown has resulted in recessive situation and needs impetus to boost consumption and growth.</span></span></span></span></span></li> <li><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:10.0pt"><span style="background-color:white"><span style="color:#212121">By offering negative interest rates customers are encouraged to spend their income that can boost economy.</span></span></span></span></span></li> </ul> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Indian context</span></span></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif"">In the present situation this policy does not apply to India due to its exemplary growth conditions. The rate of growth in India is suitable for banks to adopt positive measures.</span></span></span></p> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'negative-interest-rates', 'image' => 'https://www.mediafire.com/convkey/921d/kpq390ly8c3vvwp6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/921d/kpq390ly8c3vvwp6g.jpg', 'metatitle' => 'Negative Interest Rates | Interest Rates', 'metakeyword' => 'Negative Interest Rates', 'metadescription' => 'Interest rates in a few countries in Europe, including Sweden and Denmark, have been in negative territory.', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/1mdj29pcqz9dje5/Negative_Interest_Rates.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 16 => object(Cake\ORM\Entity) { 'tag' => 'Banking Schemes & Policies', 'keyword' => 'banking-schemes-policies', 'id' => (int) 2060, 'title' => 'Bank Mergers', 'description' => '<p><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Issue</span></span></strong></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif""><span style="color:#404040">Finance Minister Nirmala Sitharaman announced a series of mergers involving 10 state-owned banks . The merger has reduced the number of state owned banks from 27 to 12.</span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Background</span></span></strong></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">A Bank merger is a situation in which two banks pool their assets and liabilities to become one bank. Since, this can have a significant impact on the financial industry, the Federal Reserve subjects mergers involving bank holding companies to more intensive regulation.</span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Details</span></span></strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">Finance minister announced the merger of Punjab National Bank, Oriental Bank of Commerce and United Bank with business of 7.95 trillion to make India’s second-largest bank.</span></span></span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">The other merger will be between Canara Bank and Syndicate Bank, which will make the fourth-largest bank, with 15.2 trillion business. </span></span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">Union Bank will be merged with Andhra Bank and Corporation Bank to build India’s fifth-largest public sector bank with 14.59 trillion in business.</span></span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">Indian Bank will be merged with Allahabad Bank to make India’s seventh-largest PSB with a business of 8.08 trillion</span></span></span></span></p> </li> </ul> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Advantages and disadvantages</span></span></strong></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Times New Roman","serif"">Advantages</span></strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="background-color:white"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif""><span style="color:#26282a">It reduces the cost of operation</span></span></span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="background-color:white"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif""><span style="color:#26282a">The merger helps in financial inclusion and broadening the geographical reach of the banking operation</span></span></span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="background-color:white"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif""><span style="color:#26282a">NPA and risk management are benefited</span></span></span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="background-color:white"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif""><span style="color:#26282a">Merger leads to availability of a bigger scale of expertise and that helps in minimising the scope of inefficiency which is more in small banks</span></span></span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="background-color:white"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif""><span style="color:#26282a">Merger sees a bigger capital base and higher liquidity and that reduces the government's burden of recapitalising the public sector banks time and again</span></span></span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="background-color:white"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif""><span style="color:#26282a">Redundant posts and designations can be abolished which will lead to financial savings</span></span></span></span></span></p> </li> </ul> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Times New Roman","serif"">Disadvantages</span></strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="background-color:white"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif""><span style="color:#26282a">Many banks have a regional audience to cater to and merger destroys the idea of decentralisation.</span></span></span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="background-color:white"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif""><span style="color:#26282a">Larger banks might be more vulnerable to global economic crises while the smaller ones can survive.</span></span></span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="background-color:white"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif""><span style="color:#26282a">Merger sees the stronger banks coming under pressure because of the weaker banks.</span></span></span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="background-color:white"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif""><span style="color:#26282a">Coping with staffers' disappointment could be another challenge for the governing board of the new bank. This could lead to employment issues</span></span></span></span></span></p> </li> </ul> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Times New Roman","serif"">Other mergers</span></strong></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">The earlier merger of <strong>Bank of Baroda</strong>,<strong>Vijaya Bank</strong> and <strong>Dena Bank</strong> led to enhanced customization and rationalization of operations without any retrenchment. CASA (current and savings account) growth is 6.9% in the June quarter; retail loan growth is 20.5%, while profitability is around 710 crore.</span></span></span></span></p> <p style="margin-left:36pt; margin-right:0cm"> </p> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'bank-mergers', 'image' => 'https://www.mediafire.com/convkey/71fb/bxkip98qxcy1ez56g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/71fb/bxkip98qxcy1ez56g.jpg', 'metatitle' => 'Bank Mergers | Finance Minister Nirmala Sitharaman', 'metakeyword' => 'Bank Mergers | Finance Minister Nirmala Sitharaman', 'metadescription' => 'Finance Minister Nirmala Sitharaman announced a series of mergers involving 10 state-owned banks . The merger has reduced the number of state owned banks from 27 to 12', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/h73m41tc3k2ygmt/Bank_Mergers.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 17 => object(Cake\ORM\Entity) { 'tag' => 'Banking Schemes & Policies', 'keyword' => 'banking-schemes-policies', 'id' => (int) 2111, 'title' => 'Anchor banks witness stock freefall', 'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt">Issue</span></strong></span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Stocks of public sector lenders (anchor banks), with which some other PSU banks will be merged, lost anywhere between 8.5% and 12% on the BSE. </span></span></p> <p style="margin-right:0in"><span style="font-size:18pt"><span style="background-color:whitesmoke"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">Indian Bank, with the lowest NPAs among PSB merger candidates, is the worst hit</span></span></span></span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt">Background</span></strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The fall in shares comes during the first trading day after the government announced the merger of ten public sector banks (PSBs) into four.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"> Indian Bank, which has the lowest non-performing assets (NPAs) among the banks chosen for merger is the worst-hit with shares declining almost 12%.</span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt">Details</span></strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The asset quality of anchor banks will suffer due to its merger. The Indian bank has lower NPA but its merger with Allahbad Bank, which has higher NPA, has affected shares of Indian Bank.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Similarly Shares of Punjab National Bank, which is the anchor bank for the merger of PNB, Oriental Bank of Commerce and United Bank of India fell by 8.5%. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Union Bank and Canara Bank, the other two anchor banks have dropped 9.1% and 10.6% respectively.</span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt">Anchor Banks</span></strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Anchor Banks are large lender banks that will act as the main support when certain smaller banks are merged into them to form consolidated banks.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Currently, the government has identified State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda and Indian bank as anchor banks.</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'anchor-banks-witness-stock-freefall', 'image' => 'https://www.mediafire.com/convkey/6583/byqa9pb1rsxnu9b6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/6583/byqa9pb1rsxnu9b6g.jpg', 'metatitle' => 'Anchor banks witness stock freefall', 'metakeyword' => 'Anchor banks witness stock freefall', 'metadescription' => 'Stocks of public sector lenders (anchor banks), with which some other PSU banks will be merged, lost anywhere between 8.5% and 12% on the BSE. 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[[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'sitebanners' } ] $params = [ (int) 0 => 'banking-schemes-policies' ] $b = [ 'name' => 'Banking Schemes & Policies', 'link' => 'https://currentaffairs.studyiq.com/tags/banking-schemes-policies' ] $currentaffair = object(Cake\ORM\Entity) { 'tag' => 'Banking Schemes & Policies', 'keyword' => 'banking-schemes-policies', 'id' => (int) 2111, 'title' => 'Anchor banks witness stock freefall', 'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt">Issue</span></strong></span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Stocks of public sector lenders (anchor banks), with which some other PSU banks will be merged, lost anywhere between 8.5% and 12% on the BSE. </span></span></p> <p style="margin-right:0in"><span style="font-size:18pt"><span style="background-color:whitesmoke"><span style="font-family:"Times New Roman",serif"><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">Indian Bank, with the lowest NPAs among PSB merger candidates, is the worst hit</span></span></span></span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt">Background</span></strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The fall in shares comes during the first trading day after the government announced the merger of ten public sector banks (PSBs) into four.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"> Indian Bank, which has the lowest non-performing assets (NPAs) among the banks chosen for merger is the worst-hit with shares declining almost 12%.</span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt">Details</span></strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The asset quality of anchor banks will suffer due to its merger. The Indian bank has lower NPA but its merger with Allahbad Bank, which has higher NPA, has affected shares of Indian Bank.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Similarly Shares of Punjab National Bank, which is the anchor bank for the merger of PNB, Oriental Bank of Commerce and United Bank of India fell by 8.5%. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Union Bank and Canara Bank, the other two anchor banks have dropped 9.1% and 10.6% respectively.</span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt">Anchor Banks</span></strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Anchor Banks are large lender banks that will act as the main support when certain smaller banks are merged into them to form consolidated banks.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Currently, the government has identified State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda and Indian bank as anchor banks.</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'anchor-banks-witness-stock-freefall', 'image' => 'https://www.mediafire.com/convkey/6583/byqa9pb1rsxnu9b6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/6583/byqa9pb1rsxnu9b6g.jpg', 'metatitle' => 'Anchor banks witness stock freefall', 'metakeyword' => 'Anchor banks witness stock freefall', 'metadescription' => 'Stocks of public sector lenders (anchor banks), with which some other PSU banks will be merged, lost anywhere between 8.5% and 12% on the BSE. 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