Final Hindu Review May 2019 PDF
Final Hindu Review May 2019 PDF
Final Hindu Review May 2019 PDF
Banking/Insurance Current Affairs first time that the rural development bank
Bharti AXA General Insurance tied up with launched a fund of its own.
financial marketplace Wishfin’s insurance arm Bank credit grew by 13.2% in the financial year
Wishpolicy, to offer two-wheeler insurance to 2018-19 as compared to 10.3% in the previous
customers via WhatsApp. This service option is an financial year, mainly aided by loans to services
instant and additional customer service option for and retail sector. Deposit growth also gained
policyholders. momentum, growing by 10% as compared to 6.7%
SBI moved to a new interest rate regime on large a year ago.
savings account deposits as well as short-term ICICI Bank announced the launch of a co-
loans. SBI linked its interest rate on savings account branded multi-currency card with online travel
with a balance above Rs1 lakh and short-term booking portal Goibibo. The card also includes
loans like overdraft and cash credit facility to RBI’s benefits of up to Rs20,000, including gift vouchers
repo rate, effective 1 May 2019. of Rs15,000 from Goibibo.
LIC Housing Finance (LIC HFL) launched ‘Udyam’, RBI imposed a monetary penalty of Rs1 crore on
a skilling center in Bengaluru. It was launched in Nainital Bank for its failure to fully automate
association with Lok Bharti Education Society, the the non-performing asset (NPA)identification
implementing partner. process, despite specific directions issued in this
RBI slapped a monetary penalty on five pre-paid regard.
payment instrument issuers including Vodafone m- RBI released a vision document ‘Payment and
pesa and Phonepe, for violating regulatory Settlement Systems in India: Vision 2019 – 2021’,
guidelines. A penalty of INR 3.05 crore imposed on with its core theme of ‘Empowering Exceptional E-
Vodafone m-pesa and INR 1 crore each on Mobile payment Experience’ for ensuring a safe, secure,
Payments, PhonePe, and G.I. Technology Private convenient, quick and affordable e-payment
Ltd. system.
RBI decided to enhance the housing loan limits for Small Industries Development Bank of India (SIDBI)
Regional Rural Banks (RRBs) and Small Finance put together a pilot scheme to extend financial
Banks (SFBs) for eligibility under priority sector assistance of up to Rs10 crore to new-age fintech
lending. Henceforth, housing loans given by RRBs non-banking finance companies
and SFBs to individuals up to INR 35 lakh in (NBFCs) engaged in financing small businesses
metropolitan centers (with population of 10 lakh and other income-generating activities.
and above) and INR 25 lakh in other centers, The SBI announced a strategic partnership with the
provided the overall cost of the dwelling unit in the FMCG arm of The Art of Living – Sri Sri Tattva. Under
metropolitan centers and at other centres does this partnership, YONO users can avail a discount
not exceed INR 45 lakh and INR 30 of 15% on the entire range of products offered by
lakh, respectively, will be eligible for classification Sri Sri Tattva
under priority sector lending. RBI announced that it will allow large modern
India Ratings downgraded the YES bank’s long- currency chests to increase the service charges on
term rating to ‘IND AA-’ with a negative outlook, cash deposited by non-chest bank branches from
while reaffirming short-term rating. ICRA also the existing rate of Rs5 per packet of 100 pieces to
downgraded the long-term ratings of the lender. a higher rate subject to a maximum of Rs8 per
The National Bank for Agriculture and Rural packet.
Development (NABARD) announced Rs 700-crore Corporation Bank launched ‘Corp SME Suvidha’, a
venture capital fund for equity investments in product for GST-registered MSMEs. The product
agriculture and rural-focused startups. NABARD is designed as part of the bank’s efforts to provide
contributing to other funds till now and this is the the best products to the MSME sector.