BANKING & FINANCE
• The Mahindra Group and IBM joined together to develop blockchain solution. It is the first projects of its kind in India outside of banking industry. ICICI Bank executes India’s first banking transactions on blockchain in partnership with Emirates NBD in October, 2016.
• To encourage people to deposit valid currency notes in banks, RBI on November 29, 2016 allowed bank customers to withdraw the deposits made in current legal tender notes of Rs. 500 and Rs. 2000 beyond the current withdrawal limits of Rs. 24,000 per week. For current accounts, the withdrawal limit is Rs 50,000 a week for small traders.
• Mumbai based ICICI Bank announced to transform 100 villages into ‘ICICI Digital Villages’ in 100 days to enable villagers go in cash less banking and payments transactions.
• American Morgan Stanley has lowered its growth forecast for FY’17 to 7.3% from 7.7% earlier on account of currency replacement programme. As global growth accelerates to 3.4% in 2017 from 3% in 2016, Morgan Stanley expect India’s exports to support overall recovery in 2017 after being a drag in 2016.
• As per the latest data released by Oxford Economics, Delhi has dislodged Mumbai as the economic capital of India.
Maharashtra based RBL Bank has tied up with non banking finance company Bajaj Finance to launch a series of co-branded credit cards for Indian customers.
• After Ujjivan Small Finance Bank got final license from RBI for its set up in November, Utkarsh Micro Finance has also received final license from RBI to start operations as Small Finance Bank (SFB). It is one of the 10 entities that got in-principle approval to set up Small Finance Bank in September last year.
• HSBC has rolled out ‘Unified Payments Interface‘(UPI) solution for corporates in India. This UPI offering will provide improved collection solution to corporates, enabling them to drive sales through increased digitization of flows.
• Bank of America Merrill Lynch (BofA) has lowered India’s economic growth estimates by 30 basis points to 7.1 per cent for the current fiscal after the demonetisation of Rs 500 and Rs 1,000 notes.
Earlier, BofA had estimated GDP growth at 7.4 per cent for 2016-17 and 7.6 per cent for 2017-18.
• The Reserve Bank of India increasing the Cash Reserve Requirement (CRR) for incremental deposits between September 16 and November 11 to 100% while the current CRR is 4%, effective from November 25, 2016.The RBI move will require all excess deposits that banks in India are getting— estimated to be about Rs 3.25 lakh crore by Friday.
• Insolvency and Bankruptcy Board set up two advisory panels headed by Mohandas Pai and UdayKotak. Four-member Insolvency and Bankruptcy Board of India (IBBI) constituted under the Chairmanship of MS Sahoo on October 1, 2016.
• India’s largest ride-hailing service Ola cabs has tied up with lenders like State Bank of India (SBI) and Punjab National Bank (PNB)to set up mobile ATM in the cab to help people withdraw cash easily.
• Centrum Direct launched CentrumPay payment Solution to Help Foreigners from Cash Crunch.
• Telangana government joined hands with Mumbai based IDFC Bank to enable cashless transactions and to solve the change problem.
• Leading stock exchange BSE has opened its regional investor service centre in Shimla on November 19, 2016 to expand its operations and conform to SEBI’s directives.
• The RBI has planned to open “Islamic window” in conventional banks with Gradual introduction of Sharia-compliant (interest-free banking) in the country.Islamic or Sharia banking is a finance system based on the principles of not charging interest, which is prohibited under Islam. Conventional Bank on the other hand earn their money by charging interest and fees for services.
• Due to increasing bad loans in the banking sector, 16 Public sector banks in India out of 22 skipped paying dividends in 2015-16 to the government. The government of India received Rs 1,444.6 crore as dividend from PSB. This amount is 67% less than that the government received in the previous fiscal which was Rs 4,336.22 crore.
• Canada’s export credit agency Export Development Canada (EDC) sanctioned the first-ever masala loan of Rs. 340 crore($50 million) to Indian firm Infrastructure Leasing & Financial Services(IL&FS). This is the first lending of EDC in Indian Rupees. In a masalaloan the borrower saves on the hedging cost because the repayment is in rupees.
• Airtel Payments Bank Ltd (Airtel Bank), a subsidiary of the country’s largest telecom operator Bharti Airtel, started its first pilot banking services in Rajasthan from November 23, 2016.
• NABARD has sanctioned Rs. 21,000 crores to the District Central Cooperative Banks (DCCBs) to help farmers in Rabi agricultural seasons. The DCCBs will disburse loans to farmers through the network of Primary AgriculturalCooperative Societies (PACS). Government has chosen DCCB for loan disbursal because 40% of the small-scale farmers go to co-operative banks.
• Brunei’s largest bank Bank Islam Brunei Darussalam Berhad has signed a deal with India’s Ramco Systems to integrate its business processes across HR and enterprise resource planning functions with Ramco Systems’ Enterprise Resource Planning (ERP).
• The Reserve Bank of India on November 23, 2016 declared to increase the limit of the Prepaid Payment Instruments (PPIs) from Rs. 10,000 to Rs. 20,000 per month and Rs. 50,000 for Merchant Bank to facilitate digital transactions.
• The Insolvency and Bankruptcy Board (IBBI) of India on 23 November 2016 notified three sets of regulations directing the eligibility criteria of becoming a professional member of an Insolvency Professional Agency or for registering with the IBBI as an Insolvency Professional Agency. The regulation is applicable to
1.Insolvency Professionals, 2.Insolvency Agencies and 3.Model Bye-Laws and Governing Board of Insolvency Professional Agencies..
• According to National Payments Corporation of India (NPCI), 30 private and foreign banks were joined the Unified Payments Interface (UPI) to allows money transfer between any two bank accounts by using a mobile phone.
• Maharashtra based YES Bank, announced a partnership with Gujarat State Road Transport Corporation (GSRTC) on November 24, 2016 to digitise payment of bus tickets for Gujarat People.
• The Securities and Exchange Board of India (SEBI) on November 23, 2016, has relaxed the rules for angel funds in order to boost more investment for new start-ups in the country. Angel investors are financiers who put money in new companies at the early stage of start-up of companies, mostly in exchange for convertible debt or ownership equity. The market regulator has raised the total number of angel investors to invest in a start-ups to 200 from 49 and reduced the minimum investment amount to Rs. 25 lakh from the previous Rs. 50 lakhs.
• India’s largest microfinance providers ESAF selected FIS as the bank’s technology partner to launch ESAF’s small finance bank. The Small Finance Bank was created to serve micro- and small-credit needs for women in parts of India
• Kerala based South Indian Bank has launched contactless debit card which is based on Near Field Communication (NFC) technology on November 2, 2016.
• Public sector bank Canara Bank has signed a corporate agency agreement Bajaj Allianz General Insurance for the distribution of Bajaj Allianz’s general insurance products through its branches.
• INOX Leisure, multiplex chain in India has parterned with State Bank of India(SBI) to enable cash withdrawal of Rs 2000 at their multiplex. The initiative has been taken to reduce the loads on ATMs and banks for cash withdrawal and ease the process of cash withdrawal and support the demonetization move of government.
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