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Banking & Financial Awareness

Current Affairs

RBI to Set up Committee on Urban Co-op banks

  • RBI Governor Shaktikanta Das, during the Monetary Policy Committee meet announcements said that an expert committee will be formed for urban co-operative banks. The expert committee will provide a medium-term roadmap to strengthen the sector.
  • “The Primary (Urban) Co-operative Banks are an important segment of the credit structure. The Reserve Bank has undertaken several measures in the recent past to strengthen the Urban Co-operative Banking sector and deepen financial inclusion.
  • The recent amendments to the Banking Regulation Act, 1949 have brought near parity in regulatory and supervisory powers between Primary (Urban) Cooperative Banks and commercial banks, including those related to governance, audit and resolution. An Expert Committee (EC) will be constituted to provide a medium-term roadmap for strengthening the sector leveraging on the legislative amendments,” said the RBI.

 ICICI Lombard partners with Flipkart to offer Hospicash insurance to consumers

  • Flipkart has partnered with ICICI Lombard to offer Hospicash insurance to consumers. Compared to the standard indemnity health insurance policies, Hospicash is a benefit that will allow consumers to avail a fixed amount for each day of hospitalization.
  • The fixed daily amount will enable consumers to pay for incidental medical or emergency expenses. The insurance is made paperless, and flexible, covering both accidental hospitalizations or planned surgeries and treatment.
  • The Hospicash insurance policy will provide consumers with an extra allowance to not just cover emergency medical expenses’ but also travel and post-discharge costs and compensation for loss of income during hospitalization.
  • Flipkart headquarters: Bengaluru, Karnataka.
  • Flipkart CEO: Kalyan Krishnamurthy.
  • ICICI Lombard CEO: Bhargav Dasgupta.
  • ICICI Lombard Headquarters: Mumbai.
  • ICICI Lombard Founded: 2001.

ICICI Bank launches ‘Namma Chennai Smart Card’

  • ICICI Bank announced the launch of a Common Payment Card System (CPCS) in partnership with the Greater Chennai Corporation (GCC) and Chennai Smart City Limited (CSCL) to provide citizens with a one-stop solution for making various kinds of payments within the city and beyond, called ‘Namma Chennai Smart Card’, the Rupay powered co-branded, contactless prepaid card, will facilitate various digital payments like tax and utility bill payments at the GCC centres.
  • Additionally, the prepaid card facilitates retail payments within Chennai as well as in retail stores and e-commerce websites across the country.

  • ICICI Bank Headquarters: Mumbai, Maharashtra.
  • ICICI Bank MD & CEO: Sandeep Bakhshi.
  • ICICI Bank Tagline: Hum Hai Na, Khayal Apka.

ICICI Lombard Corporate India Risk Index to help India Inc. manage risks effectively amid COVID-19

  • ICICI Lombard unveiled ‘Corporate India Risk Index’, spanned across industries and companies
  • To develop the tool, ICICI Lombard joined hands with Frost and Sullivan, a leading management consulting firm.
  • The index will help companies to understand the level of risk that their business is facing, ICICI Lombard said. The index will also assist them in developing a successful risk aversion plan, it added. It aims to help firms understand the level of risk their business is facing and current level of preparedness.
  • ICICI Lombard CEO: Bhargav Dasgupta.
  • ICICI Lombard Headquarters: Mumbai.
  • ICICI Lombard Founded: 2001.

PNB Restricts Withdraw of Money from non-EMV ATMs

  • In an attempt to check frauds, the Punjab National Bank (PNB) has taken a giant step and won’t allow its customers to withdraw money from non-EMV automated teller machines (ATMs) from(1 February 2021). PNB has already informed its customers that it will be restricting both financial and non-financial transactions from non-EMV ATM machines from 1 February.
  • “To protect our esteemed customers from fraudulent ATM activities, PNB will be restricting transactions (financial and non-financial) from Non-EMV ATM machines from February 1, 2021, Go Digital, Stay Safe!” the bank had tweeted.

  • Punjab National Bank Headquarters: New Delhi.
  • Punjab National Bank CEO: S. S. Mallikarjuna Rao (1 Oct 2019–).
  • Punjab National Bank Founded: 19 May 1894, Lahore, Pakistan.
  • Punjab National Bank Founders: Lala Lajpat Rai, Dyal Singh Majithia