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RBI imposes ₹2 crore penalty on Standard Chartered Bank

The Reserve Bank imposed a penalty of ₹2 crores on Standard Chartered Bank–India for delays in reporting frauds to it.

The monetary penalty has been imposed on the bank for non-compliance with certain directions contained in the ‘Reserve Bank of India (Frauds – Classification and Reporting by commercial banks and select FIs) Directions 2016′.

The penalty has been imposed for delays in reporting of frauds to RBI, revealed during the statutory inspection of the bank concerning its financial position as on March 31, 2018, and March 31, 2019

  • Standard Chartered Bank CEO: Bill Winters.
  • Standard Chartered Bank Headquarters: London, United Kingdom.
  • Standard Chartered Bank Founded: 1969.

Govt. signs 2 loan agreements of USD 646 million with NDB

The government signed two loan agreements of USD 646 million with the New Development Bank for upgrading the State Highway Network and District Road Network in Andhra Pradesh. Finance Ministry said, the first project in the Andhra Pradesh Roads and Bridges Reconstruction Project comprising widening of 1,600 kilometres of State Highways to double lane and reconstructing dilapidated bridges on the State Highway network.

The second project is the Andhra Pradesh Mandal Connectivity and Rural Connectivity Improvement Project comprising a widening of 1,400 kilometers of district roads to double lanes and reconstructing dilapidated bridges on the district road network. The Government of Andhra Pradesh will implement the Projects through the Roads and Buildings Department.

  • New Development Bank Headquarters Location: Shanghai, China.
  • New Development Bank President: Marcos Prado Troyjo.
  • New Development Bank Founder: BRICS.
  • New Development Bank Founded: 15 July 2014.

RBI says SBI, ICICI Bank, HDFC Bank are Domestic Systemically Important Banks

The Reserve Bank of India (RBI) has retained the State Bank of India, ICICI Bank, and HDFC Bank as domestic systemically important banks (D-SIBs) or banks that are considered as “too big to fail”.

The D-SIB framework requires the Reserve Bank to disclose the names of banks designated as D-SIBs starting from 2015 and place these banks in appropriate buckets depending upon their systemic importance scores (SISs). “Based on the bucket in which a D-SIB is placed, an additional common equity requirement has to be applied to it,” the RBI said.

  • Reserve Bank of India (RBI) Headquarters: Mumbai, Maharashtra.
  • Reserve Bank of India Establishment: 1 April 1935.
  • Reserve Bank of IndiaGovernor: Shaktikanta Das.

 Axis Bank launches Aura Credit Card with health, wellness benefits

Individuals have increased their focus on health ever since the coronavirus outbreak. Looking at this trend, the country’s third-largest private sector bank has launched the Aura credit card, which offers health and wellness benefits.

The card offers benefits from IndusHealth Plus, a health check-up company, and Practo, an online medical consultation platform.

“Our analytics indicated a strong trend among consumers with the way they have been spending on health care products. This showed a significant increase in spending in the health and wellness categories,” said Sanjeev Moghe, EVP and head, cards and payments.

  • Axis Bank Commenced operations: 1994.
  • Axis Bank Headquarters: Mumbai, Maharashtra.
  • Axis Bank Tagline: Badhti Ka Naam Zindagi Managing.
  • Axis Bank MD and CEO: Amitabh Chaudhry.

Airtel Payments Banks launches ‘safe pay’ to curb online frauds

Airtel Payments Bank launched a mode of safe digital transactions to protect customers from online frauds, the company said in a statement.

Airtel Safe Pay is an additional wall that will prevent online frauds when customers transact through UPI (unified payment interface) or net-banking using the Airtel Payments Bank. The new payment gateway, which is free of cost, will offer protection against phishing, stolen credentials or passwords, and phone cloning, it said.

It will allow customers of the payments bank to conduct digital transactions across merchants, online retailers, and transfer money. Users can open an Airtel Payments Bank account via a video call using the Airtel Thanks application

  • Airtel Payments Bank CEO: Anubrata Biswas.
  • Airtel Payments Bank Headquarters Location: New Delhi.
  • Airtel Payments Bank Founded: 2017.
  • Airtel Payments Bank Parent organization: Bharti Airtel.

ICICI Bank launches ‘InstaFX’ mobile app to help customers obtain Forex Prepaid Card swiftly

ICICI Bank on January 20 launched a new mobile application ‘InstaFX’ for authorized money changers to help customers of any bank get ‘ICICI Bank Forex Prepaid Card’ swiftly. The bank is the first in the country to offer such a facility to money changers.

The app enables the authorized money changers, who are partners of the Bank, to complete the KYC verification and validation of customers digitally and on a real-time basis.

Yes Bank launches wellness-themed credit card

Yes, Bank launches the ‘YES BANK Wellness’ and ‘YES BANK Wellness Plus’ Credit Cards – aimed at the holistic health, self-care, and wellness of consumers.

Yes, Bank has announced its partnership with Aditya Birla Wellness Private Limited to launch the ‘YES BANK Wellness’ and ‘YES BANK Wellness Plus’ Credit Cards – aimed at the holistic health, self-care, and wellness of consumers.

Through the app, consumers will be able to avail complimentary benefits such as annual health check-up, round the clock doctor or counselor helpline, in-studio or home-based workout sessions, personalized diet plans, among others.

  • YES bank HQ: Mumbai, Maharashtra.
  • YES bank MD & CEO: Prashant Kumar.

ICICI Bank to issue prepaid cards to MSMEs in collaboration with Niyo

ICICI Bank has tied up with Niyo, a new age fintech, to issue prepaid cards to workers of Micro, Small & Medium Enterprises (MSMEs). MSMEs will now be able to get ‘ICICI Bank Niyo Bharat Payroll Card’ powered by Visa, for their blue-collar workers, who are mostly under-banked.

The ‘ICICI Bank Niyo Bharat Payroll Card’ allows an individual to receive funds up to ₹1 lakh into the card account. Any MSME can tie-up with Niyo to avail of the prepaid card

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

RBI cancels license of Osmanabad’s Vasantdada Nagari Sahakari Bank

The Reserve Bank of India said it has canceled the license of Vasantdada Nagari Sahakari Bank, Osmanabad, Maharashtra as the bank would be unable to pay its present depositors in full in its current financial position.

The Commissioner for Cooperation and Registrar of Cooperative Societies (RCS), Maharashtra has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank. The RBI said the bank has failed to comply with the requirements and the continuance of the bank is prejudicial to the interests of its depositors.

  • Deposit Insurance and Credit Guarantee Corporation Establishment: 1978.
  • Deposit Insurance and Credit Guarantee CorporationChairman: Michael Debabrata Patra (Deputy Governor, RBI).
  • Deposit Insurance and Credit Guarantee Corporation Headquarter: Mumbai, Maharashtra.
  • Reserve Bank of India (RBI) Headquarters: Mumbai, Maharashtra.
  • Reserve Bank of India Establishment: 1 April 1935.
  • Reserve Bank of IndiaGovernor: Shaktikanta Das.
  • Reserve Bank of India Deputy Governors: 4 (Bibhu Prasad Kanungo, Mahesh Kumar Jain, Michael Debabrata Patra, and M Rajeswar Rao).

RBI slaps ₹2 cr fine on Deutsche Bank AG for breach of norms on deposit rates

Reserve Bank of India imposed a monetary penalty of ₹2 crores on Deutsche Bank AG for breach of norms on deposit rates.

“The Reserve Bank of India (RBI) has, by an order dated January 12, 2021, imposed a monetary penalty of ₹2 crores (Rupees Two Crore only) on Deutsche Bank AG (the bank) for non-compliance with certain provisions of directions issued by RBI contained in the “Reserve Bank of India (Interest Rate on Deposits) Directions, 2016″, the central bank said in a statement.

  • Deutsche Bank CEO: Christian Sewing.
  • Deutsche Bank Headquarters: Frankfurt, Germany.
  • Deutsche Bank Founded: 10 March 1870.

Bandhan Bank signs agreement to provide banking services to Army personnel

Private lender Bandhan Bank said that it has signed an agreement with the Indian Army to provide banking services to the personnel of the force. The bank got the mandate to maintain zero-balance salary accounts of the Army personnel, the lender said in a statement.

  • Bandhan Bank MD & CEO: Chandra Shekhar Ghosh.
  • Bandhan Bank HQ: Kolkata, West Bengal.
  • Bandhan Bank Founded: 2001.

IDBI Bank launches video KYC facility for opening savings bank accounts

IDBI Bank announced the launch of a video KYC account opening (VAO) facility for savings bank accounts.

Through the facility, a customer can open a savings account with the lender from the convenience of his/her home or office as there are no physical forms to be filled or visits to be made to the branch, it said in a release.

IDBI Bank announced the launch of a video KYC account opening (VAO) facility for savings bank accounts

You can carry out the video KYC on any day except Sundays and Bank Holidays between 10 am and 6 pm.

  • IDBI Bank CEO: Rakesh Sharma.
  • IDBI Bank Headquarters: Mumbai, Maharashtra.

RBI introduces the RBI-Digital Payments Index

Amid digital transactions’ continuous rise across the country, the Reserve Bank of India has come up with a ‘composite Digital Payments Index (DPI)’ to measure the extent of digitization of payments in India.

Announcing the development recently, the central bank said that the RBI-DPI consists of five key parameters that would capture “deepening and penetration of digital payments in the country over different periods,” RBI said in a statement.

The digital payments ecosystem is currently dominated by large technology players including Paytm, PhonePe, Google Pay, and recently launched WhatsApp Payments.

The five parameters based on which RBI would measure the penetration of digital payments included payment enablers, payment infrastructure – demand-side and supply-side factors, payment performance, and consumer centricity.

  • RBI 25th Governor: Shaktikant Das; Headquarters: Mumbai; Founded: 1 April 1935, Kolkata.

 India and ADB sign USD 10 million PRF in Himachal Pradesh

India and the Asian Development Bank have signed a USD 10 million project readiness financing to help finance piloting activities and design and capacity building for an ensuing project that aims to expand horticulture production and farm household income in Himachal Pradesh.

The signatories to the PRF for Himachal Subtropical Horticulture, Irrigation, and Value Addition Readiness Project were Additional Secretary in the Finance Ministry Dr. C. S. Mohapatra and Officer-in-Charge of ADB’s India Resident Mission Mr. Hoe Yun Jeong.