Here we are sharing Important Current Affairs for Bank Exams such as SBI & IBPS from 1st to 15th June 2015
IDFC appoints Ajay Mahajan as its new Commercial and Wholesale Banking Head
1. IDFC thas appointed Ajay Mahajan as the Head Commercial and Wholesale Banking, in the bank structure to be launched later this year.
2. Mahajan has been already heading the Financial Markets Group at IDFC
3. He has over 23 years of experience in the banking industry and has worked with Bank of America, Yes Bank and UBS.
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Utility bills valid proof of address to open account: RBI
1. Bills for postpaid mobile service, piped gas and water supply can now be submitted as proof of address for opening account with banks or other financial institutions.
2. "Utility bill which is not more than two months old of any service provider (electricity, telephone, postpaid mobile phone, piped gas, water bill)" for the limited purpose of proof of address are deemed to be Officially Valid Documents (OVDs) under 'simplified measures', RBI said in a notification.
3. Bank account or Post Office savings bank account statement; pension or family pension payment orders (PPOs) issued to retired employees by government departments or PSUs, if they contain the address too will be OVDs.
Private bankers to be interviewed for CEO/MD post at 5 large PSBs including PNB, Canara Bank
1. In a first for India's PSU banks, candidates from private sector banks have been shortlisted for next week's interviews for the post of CEO and MD at five large banks including Punjab National Bank, Bank of Baroda, Bank of India, Canara Bank and IDBI Bank for a fixed term of three years.
2. As many as 26 candidates are to appear for the interview on June 15 and 16.
3. A high level search panel headed by RBI Governor Raghuram Rajan will interview candidates.
Reliance Capital names Gopkumar as CEO of broking, distribution business
1. Reliance Capital, part of Anil Ambani-led Reliance Group, has appointed B Gopkumar chief executive of its broking and distribution business.
2. Gopkumar, who succeeds Vikrant Gugnani, has over 20 years of industry experience.
3. Prior to joining Reliance Capital, he worked for Kotak Securities.
HDFC Bank's PayZapp: Buy everything on your mobile
1. India's most valuable lender HDFC Bank rolled out an App that would combing the features of a bank branch and hundreds of e-commerce platforms which could protect consumers' wallet and ensure that the bank retains its dominance in the retail segment.
2. Customers of HDFC Bank from now on need not separately download Apps of companies such as Flipkart, BigBasket.com, BookMyShow, Cleartrip, Makemytrip, Goibibo and Expedia. All that they have to do is get HDFC Bank's PayZapp which would facilitate transactions at thousands of merchants across the country.
3. The HDFC Bank app will give customers options to send money, recharge mobile, make bill payments, book hotels, make grocery purchases and even book online movie or airline tickets.
ICICI Bank names MK Sharma to succeed KV Kamath as Chairman
1. ICICI Bank, the country's largest non-state lender, has named MK Sharma its non-executive chairman.
2. He will succeed KV Kamath, who will shortly step down from the bank's board after being nominated as the first president of the BRICS development bank.
3. Sharma's appointment is with effect July 1 and for five years.
Government extends Bank of Baroda interim chief Ranjan Dhawan's term for 3 months
1. The government has further extended the term of Bank of Baroda's (BoB) interim MD & CEO Ranjan Dhawan for three months while Bank of India will be headed by its Executive Director B P Sharma for the same duration.
2. This extension will take effect from June 8, 2015, and will be valid till the appointment of a regular MD & CEO or until further orders, BoB said in a BSE filing.
Deutsche Bank co-chief executive Anshu Jain resigns after struggle with regulatory woes
1. Anshu Jain, co-chief executive of Deutsche Bank and among the few Indians to head a global financial giant, quit after struggling to overcome regulatory woes and widespread investor and employee disenchantment with the institution's performance.
2. He will be replaced by John Cryan, who will become the co-CEO, Deutsche said in a statement after an emergency meeting of the bank's supervisory board.
Kotak Mahindra Bank, ING Bank sign MoU for cross-border business
1. Private sector Kotak Mahindra Bank inked a pact with ING Bank for exploring opportunities arising from cross-border business, investments and trade flows across various geographies, including Europe.
2. The MoU covers an array of co-operation in areas such as trade, finance, remittances and services related to non-resident Indians, funding to counter-parties' corporate relationships, fee-based products, direct banking and digital strategy, and cross-border debt capital markets and M&A.
Moody's downgrades IDBI Bank's baseline credit profile
1. International rating agency Moody's today downgraded state-run IDBI Bank's baseline credit assessment (BCA) to B1 from Ba3, driven by asset quality woes.
2. The agency has also downgraded the bank's subordinated medium-term notes (MTN) programme and the junior subordinated MTN programme to (P)B1 and (P)B2 from (P)Ba3 and (P)B1, respectively.
Over 15,000 youth apply for SBI's 'Youth for India' rural programme
1. State Bank of India has received over 15,000 applications for its `Youth for India' fellowship programme in an overwhelming response indicating that the youth from cities are willing to take up developmental work in rural India.
2. The bank will now shortlist 100 highly qualified candidates for the next batch of the 13-month programme.
3. SBI started this programme in 2011-12. Some of the existing fellows are candidates with qualifications from IIT Bombay , IIT Madras, Delhi University , JNU, University of Manchester, University of Illinois, JNTU, Hyderabad and Indian Institute of Human Rights.
Bank of India to enter investment banking again after 2001
1. The country's third largest state-owned lender Bank of India will re-enter the investment banking space with the aim to tap more fee-based income.
2. This is the second time the Mumbai-headquartered bank is getting into investment banking after surrendering it in 2001 following weak response during that time.
3. The bank floated a wholly-owned subsidiary BoI Merchant Bankers in October last to run this business vertical, and the bank's general manager NK Sood has been appointed managing director to take charge of this investment banking arm.
SBI’s mCASH for money transfer
1. State Bank of India customers can transfer money to anyone without knowing their Bank account details irrespective of whether the recipient bank is SBI or not.
2. “Sender needs to have Internet Banking access either through browser or State Bank Anywhere app. To transfer the money, sender needs to know recipient’s mobile no or email ID, SBI said in a statement.
3. Recipient will receive the intimation of the transfer request through SMS/Email and has to either download the State Bank mCASH app or visit www.onlinesbi.com to enter his/her Bank account details, IFSC code and Email ID/Mobile to receive the transfer-money.
Federal Bank launches mobile-based payment app Scan N Pay
1. Federal Bank launched ‘Scan N Pay’, a mobile application that allows customers to instantly transfer money to any of the Federal Bank accounts through android phones.
2. According to Federal Bank authorities, the hassel free Scan N Pay is a first of its kind mobile-based payment Application which is a world class utility developed in-house by Federal Bank.
3. It is currently enabled on Android phones and will shortly be made available on iOS, Windows and BlackBerry phones.
4. The customers can make any kind of payments, be it payments at retail stores, restaurants, hotels, home delivery, e-commerce, bill payments or even person to person payments, through this application, which can be freely downloaded from App stores.
5. The app was launched by A.P.Hota, Managing Director and CEO of NPCI, here on Monday at Federal Experience Centre near Cochin International Airport, Nedumbassery.
RBI cuts repo rates by 25 basis points; new repo rate is 7.25%
1. Reserve Bank of India (RBI) has reduced the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points from 7.5 per cent to 7.25 per cent with immediate effect.
It was announced in the second bi-monthly policy of RBI. It says that
1. Cash reserve ratio (CRR) of scheduled banks has kept unchanged at 4 per cent of net demand and time liabilities (NDTL).
2. Continuation of providing liquidity under overnight repos at 0.25 per cent of bankwise NDTL at the LAF repo rate.
3. Liquidity under 14-day term repos as well as longer-term repos of up to 0.75 per cent of NDTL of the banking system through auctions.
4. Continuation with overnight/term variable rate repos and reverse repos to smooth liquidity.
5. This the third time RBI has cut interest rates in 2015. RBI has reduced the rates in order to take advantage of subdued inflation and to give more support to an economy.
Meena Hemchandra appointed as Executive Director of RBI
1. Meena Hemchandra was appointed as the Executive Director of Reserve Bank of India (RBI).
2. With this appointment she will be in charge of RBI’s department of banking supervision, non-banking supervision and department of co-operative banking supervision.
3. Prior to this appointment Meena Hemchandra was in charge of RBI’s Department of Supervision..
Corporation Bank e-Lobby
1. Corporation Bank opened a branch with ‘e-Lobby’ at Gurgaon Sector-4.
2. The ‘e-Lobby’ has self-service automation kiosks that include cash deposit kiosk, cheque deposit kiosk, self-service passbook printer and ATM.
3. So far the bank has opened 111 e-Lobbies across the country, the release added.
RBI allows FIIs to buy more shares in Axis Bank
1. Reserve Bank of India allowed foreign investors to buy further shares in private lender Axis Bank as the stipulated limit has gone below the threshold.
2. The foreign shareholding by Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) in Axis Bank Ltd has gone below the threshold limit, RBI said in a notification.
3. “Hence the restrictions placed on the purchase of shares of the above company are withdrawn with immediate effect,” RBI said.
4. FIIs, NRIs and PIOs (Persons of Indian Origins) can invest in primary and secondary capital markets in India through PIS.
5. The RBI monitors the ceilings on FII/NRI/PIO investments in Indian companies on a daily basis and has fixed the cut—off points two percentage points lower than the actual ceiling.
Tata Teleservices payments arm ties up with Manappuram Finance
1. MMP Mobi Wallet Payment Systems, a subsidiary and payments arm of Tata Teleservices, has announced a tie-up with non-banking finance company (NBFC) Manappuram Finance to provide alternative physical and online repayment options to its customers.
2. The tie-up will provide greater payment convenience to Manappuram’s customers by enabling access to mRUPEE outlets and also to 2-lakh-plus Tata Docomo outlets in the country over a period
3. In addition, Manappuram will also integrate mRUPEE’s eWallet service, which enables repayments and transfer of funds via mobile phones onto its own online repayment platform.
4. With this, borrowers can make online repayments directly to their accounts through their pre-funded mRUPEE eWallet, even without having access to a bank account or credit card.
5. In fact, this is the first instance in India of an NBFC integrating the eWallet repayment concept into its own system.
Axis Bank allows booking of lockers via mobile app
1. Axis Bank, the country’s third-largest private sector lender, has launched a new mobile application that will allow its customers to book lockers, saving them many visits to bank branches.
2. The bank initiated the process of booking lockers through mobile phones to offer customers convenience and transparency in transactions.
3. On booking the locker, the documents and KYC (know-your-customer) formalities can be done with the closest Axis Bank branch and the customer can claim the locker within seven days.
Mauritius Regains Top Slot as Source of FDI in India
1. Mauritius has regained the position as top source of foreign direct investment (FDI) into India by pushing Singapore to the second slot in 2014-15.
2. Mauritius accounted for about 29 per cent of the country’s total FDI inflows last fiscal.
3. In 2013-14, Singapore had replaced Mauritius as the top source of FDI into India.
4. India attracted USD 9.03 billion in FDI from Mauritius in 2014-15 & From Singapore it was USD 6.74 billion
5. Other nations from where foreign inflows are increasing include Japan, Netherlands, US, Germany, France & UAE
RBI issued Draft Framework on Issuance of Rupee linked Bonds Overseas
1. The Reserve Bank of India (RBI) issued Draft Framework on Issuance of Rupee linked Bonds Overseas.
2. It is intended to permit Indian corporate and International Financial Institutions (IFIs) to issue rupee-linked bonds overseas.
Key Features
• Indian corporates eligible to raise external commercial borrowings (ECBs) are permitted to issue Rupee linked bonds overseas.
• The corporates which, at present, are permitted to access ECB under the approval route will require prior permission of the RBI to issue such bonds and those coming under the automatic route can do so without prior permission.
• The bonds may be floated in any jurisdiction that is Financial Action Task Force (FATF) compliant.
• The subscription, coupon payments and redemption may be settled in foreign currency. The proceeds of the bonds can be parked as per the extant provisions on parking of ECB proceeds.
• Banks incorporated in India will not have access to these bonds in any manner whatsoever.
SBI Life launches tablet service to digitise documentation process – Connect Life
1. SBI Life Insurance introduced ‘Connect Life’, a tablet-based service to digitise the entire documentation process.
2. It begins with a built-in need analysis calculator that offers a customer the right products to choose from, filling the proposal form with a facility of paying premium and uploading necessary documents from the tablet.
3. Distribution partners from all the sales channels of SBI Life can sell insurance products through this facility
4. The customer can fill in the proposal form, upload his/her documents, instantly pay the premium and be assured of making an informed and right decision
Anuj Mathur CEO of Canara HSBC Oriental
1. Anuj Mathur has been appointed the new chief executive officer of Canara HSBC Oriental Life Insurance Company with effect from July 1.
2. Anuj Mathur joined the company in 2007 to lead the legal, compliance, risk and corporate governance divisions, before taking over as Chief Financial Officer in September 2009.
RBI allows NRIs to invest in chit funds
1. The Reserve Bank allowed non-resident Indians (NRIs) to invest in chit funds on non-repatriation basis without any ceiling, a move that will encourage flow of capital into the country.
2. However, the subscription to the chit funds should be brought in through normal banking channel, including through an account maintained with a bank in India.
3. Earlier in May 2000, non-residents were barred from investing in a company or firms engaged in the business of chit fund.
What Is Chit Fund ?
In simple terms, a chit fund is an arrangement that a group of people arrive at to contribute money in a defined manner at periodic intervals into a pool or a kitty. During the process of collection, any member can draw a lump sum through various ways like a lucky draw, an auction or a member can even fix a payout date based on a known expenditure.
For example, if a group of say 15 people pay Rs.2,000 each a month, the total monthly pool becomes Rs.30,000. Now, in case of an auction, if three members need money at the same time, one is chosen through a process of bidding and the lowest bidder gets the deal. So if three people put in their bids (the bid amount is usually slightly lower than the total pool amount) and the lowest bid is Rs.25,000, then the bidder will get Rs.25000 immediately; the remaining amount gets divided among the remaining members at the end of the tenor.
Karnataka Bank Ltd has been awarded with ISO 27001:2013 certification
1. Karnataka Bank Ltd has been awarded with ISO 27001:2013 certification by NQA, a UK-based accreditation certifying body. ISO 27001:2013 is a specification for an information security management system.
2. Ganesh Shastri, Director of the certifying body NQA, handed over the certificate to P Jayarama Bhat, Managing Director of the bank, in Mangaluru recently, according to a press release here.
RBI issued final guidelines for 6-year and 13-year Interest Rate Futures
1. The Reserve Bank of India (RBI) issued the final guidelines for the 6-year and 13-year cash settled Interest Rate Futures (IRF) on government securities with residual maturity of 4-8 years and 11-15 years respectively under the Interest Rate Futures (Reserve Bank) (Amendment) Directions, 2015. For this purpose, RBI amended the Interest Rate Futures (Reserve Bank) Directions, 2013 dated 5 December 2013.
2. For the 6-year cash settled IRF contracts, the underlying shall be a coupon bearing government security of face value of 100 rupees and the residual maturity of 6-year IRF is between 4 and 8 years on the expiry of futures contract.
3. For the 13-year cash settled IRF contracts, the underlying can be a coupon bearing government security of face value of 100 rupees and residual maturity will be between 11 and 15 years on the expiry of futures contract.
4. Moreover, the RBI also expanded the residual maturity for the existing 10-year cash settled IRF from 9-11 years to 8-11 years to provide market participants a greater choice and flexibility to hedge their interest rate risk across different tenors.
China develops world’s first ATM with Facial Recognition Technology
1. Researchers from China have successfully developed the first automated teller machine (ATM) with facial recognition technology.
2. The machine has unique security feature which does not allow users to withdraw cash unless their face matches their facial ID.
3. The first of its kind ATM was developed by researchers from Tsinghua University and technology firm Tzekwan.
4. The machine has a camera installed in which captures the facial features of the user and then compares it with photos stored in a database for authentication. .
Mahendra Kumar Sharma appointed as non-executive Chairman of ICICI Bank
1. Mahendra Kumar Sharma was appointed as non-executive chairman of India’s largest private sector lender Industrial Credit and Investment Corporation of India (ICICI) Bank.
2. He will replace K V Kamath who had resigned from top most in order to join as President of the Shanghai based New Development Bank established by the BRICS nations.
Western Union, Yes Bank tie up for remittances
1. Global payment service provider Western Union tied up with mid-sized private lender Yes Bank for international direct-to-bank transfers. This will facilitate money transfers to bank accounts in India, through the NEFT as well as IMPS clearing systems.
2. This collaboration with Yes Bank will allow consumers in the US, UK, Canada, Australia and many other countries, to send money directly to more than 900 million bank accounts in India.
