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RBI signs $400 mn currency swap with Sri Lanka

The Reserve Bank of India (RBI) has signed an agreement for extending a $400-million currency swap facility to Sri Lanka to boost the foreign reserves and ensure financial stability of the country, which is badly hit by the COVID-19 pandemic.

  • Governor of RBI: Shaktikanta Das; Headquarters: Mumbai.
  • RBI Founded: 1 April 1935, Kolkata.
  • President of Sri Lanka: Gotabaya Rajapaksa.
  • Prime Minister of Sri Lanka: Mahinda Rajapaksa.
  • Capital of Sri Lanka: Sri Jayawardenepura Kotte.
  • Currency of Sri Lanka: Sri Lankan rupee.

UPI Autopay facility launched for recurring payments up to ₹2,000

  • National Payment Corporation of India (NPCI) launched UPI AutoPay feature for recurring payments.
  • With this new facility, customers can enable recurring e-mandate using any UPI application for recurring payments such as mobile bills, electricity bills, EMI payments, entertainment and OTT subscriptions, insurance, mutual funds and loan payments, among others of up to ₹2000.
  • If the amount exceeds ₹2000, customers have to execute every mandate with UPI PIN.

MD & CEO of National Payment Corporation of India: Dilip Asbe.

FamPay launches ‘numberless’ payments card for teenagers

  • FamPay, a Neobank for teenagers that brings cashless convenience to millions of teens and their parents, announced the launch of FamCard, which it claims is India’s first numberless card.
  • FamCard is just like a debit card that teenagers can use to make payments independently, relieving parents of the trouble of giving them physical cash or their debit/credit card.
  • With FamPay and its numberless card, minors can make online (UPI & P2P) and offline payments without the need to set up a bank account. Every transaction is protected with device locks like fingerprint, Face ID, pattern lock or PIN.
  • FamPay Headquarters: Bengaluru, Karnataka.
  • FamPay Founders: Kush Taneja & Sambhav Jain

 LIC signs agreement with UBI to distribute latter’s policies

  • The Life Insurance Corporation (LIC) of India and Union Bank of India, after its amalgamation with Andhra Bank and Corporation Bank, have announced a Corporate Agency Tie-up by which LIC policies will be distributed through the bank.
  • The amalgamated Union Bank of India has 1,021 branches in Tamil Nadu and Kerala.
  • LIC signs agreement with UBI to distribute latter’s policies
  • LIC Chairman: MR Kumar.
  • LIC Headquarter: Mumbai, Maharashtra.
  • Union Bank of India MD & CEO: Rajkiran Rai G.
  • Union Bank of India Headquarter: Mumbai, Maharashtra.
  • Tagline of Union Bank of India: Good People to Bank with

Karur Vysya Bank forms partnership with Bajaj Allianz Life

  • Karur Vysya Bank (KVB) has entered into a corporate agency partnership with Bajaj Allianz Life to offer the life insurance solutions of the latter to its customers. The insurer’s products will be available at the bank’s 780 branch offices across the country.
  • Under this partnership, all retail and group products of Bajaj Allianz Life will now be made available to the bank’s customers.
  • Headquarters of Karur Vysya Bank: Karur, Tamil Nadu.
  • The tagline of Karur Vysya Bank: Smart Way to Bank.
  • Chairman of Karur Vysya Bank: N. S. Srinath.
  • Bajaj Allianz Life Insurance Headquarters: Pune, Maharashtra.
  • Bajaj Allianz Life Insurance MD & CEO: Tarun Chugh.

CBDT and SEBI sign MoU to share data

  • The Securities and Exchange Board of India (SEBI) announced the signing of a memorandum of understanding (MoU) with the Central Board of Direct Taxes (CBDT) to facilitate the sharing of data between Sebi and CBDT on an automatic and regular basis.
  • The shared data could be used for the purpose of inspection and scrutiny. Sebi announced that the MoU was in force.
  • The direct tax authority said that the MoU will facilitate sharing of data and information between SEBI and CBDT on an automatic and regular basis.
  • Chairperson of CBDT: Pramod Chandra Mody.
  • Headquarters of CBDT: New Delhi.
  • Chairman of Securities and Exchange Board of India: Ajay Tyagi; Headquarter: Mumbai.
  • Chairman of National Highways Authority of India: Sukhbir Singh Sandhu.

Yes Bank launches ‘loan in seconds’ facility to push loan growth

  • In a bid to push loan growth, private lender Yes Bank has launched an instant personal loan disbursal facility ‘loan in seconds’. The account holders identified by the bank can avail this quick loan disbursal facility without any document. The advances of the bank had been consistently falling from Rs. 2.24 lakh crore in September 2019 to Rs. 1.74 lakh crore in March 2020.
  • The bank’s current account savings account (CASA) ratio stood at 26.6% in the March quarter, compared with 33.1% in March 2019.
  • Yes Bank Headquarters: Mumbai, Maharashtra.
  • Yes Bank MD & CEO: Prashant Kumar.
  • Yes Bank Tagline: Experience our Expertise.

Karur Vysya Bank partners with Star Health Insurance

  • The Karur Vysya Bank (KVB) announced it has entered into a tie-up with Star Health and Allied Insurance to provide health insurance products to its customers.
  • By the agreement, all the health insurance products of Star Health & Allied Insurance will be made available through all 780 branches of the Tamil Nadu-based bank, KVB President and Chief Operating Officer J Natarajan said in a statement.
  • Headquarters of Karur Vysya Bank: Karur, Tamil Nadu.
  • The tagline of Karur Vysya Bank: Smart Way to Bank.
  • Chairman of Karur Vysya Bank: N. S. Srinath.

SBM Bank Ties With Mastercard As Payments Solution For Customers Across India

SBM Bank and Mastercard has announced a partnership to revolutionize domestic and cross-border payments and remittances through Mastercard SendTM. SBM Bank India customers will be able to make real-time domestic business-to-consumer (B2C) transfers quickly and efficiently using Mastercard SendTM.

  • SBM Bank CEO: Parvataneni Venkateswara Rao.
  • SBM Bank Headquarters: Port Louis, Mauritius.
  • Mastercard CEO: Ajaypal Singh Banga.
  • Mastercard Headquarters: New York, United States

HDFC Bank launches ‘e-Kisaan Dhan’ app for farmers

  • HDFC Bank announced the launch of ‘e-Kisaan Dhan’ app for farmers all over India. Through this app the farmers will be able to access a bouquet of services, both banking and agriculture, through their mobile phones.
  • The app is a one stop solution for all the information needed on agriculture practices by the farmers.
  • ‘e-Kisaan Dhan’ will provide value-added services like mandi prices, latest farming news, weather forecast, information on seed varieties, SMS advisory, e-pashuhaat, Kisan TV, and more
  • Headquarters of HDFC Bank: Mumbai, Maharashtra.
  • Managing Director of HDFC Bank: Aditya Puri.

Fitch slashes India’s growth projection from 9.5% to 8% for FY22

  • Fitch Ratings cut India’s growth forecast for 2021-22 fiscal to 8 percent from 9.5 percent projected in june. It retained its projection of Indian economy contracting by 5 percent in the current fiscal.
  • Indian economic growth stood at an estimated 4.2 percent in 2019-20. In its June update of Global Economic Outlook, Fitch projected Indian economy to grow 5.5 percent in 2022-23.

RBI announces special liquidity scheme for NBFCs and HFCs through SPV

Reserve Bank of India said the government of India has approved a scheme to improve the liquidity position of NBFCs/HFCs through a Special Purpose Vehicle (SPV) to avoid any potential systemic risks to the financial sector. To be eligible under the scheme, RBI laid out the conditions:

  1. The Non-Banking Financial Company (NBFCs), including Microfinance Institutions that are registered with the RBI, under the Reserve Bank of India Act, 1934, excluding those registered as Core Investment Companies
  2. Housing Finance Companies that are registered under the National Housing Bank Act, 1987
  3. CRAR/CAR of NBFCs/HFCs should not be below the regulatory minimum, i.e., 15% and 12% respectively as on March 31, 2019
  4. The net non-performing assets should not be more than 6% as on March 31, 2019
  5. They should have made net profit in at least one of the last two preceding financial years (i.e. 2017-18 and 2018-19)
  6. They should not have been reported under SMA-1 or SMA-2 category by any bank for their borrowings during last one year prior to August 01, 2018
  7. They should be rated investment grade by a SEBI registered rating agency
  8. They should comply with the requirement of the SPV for an appropriate level of collateral from the entity, which, however, would be optional and to be decided by the SPV.

ADB Becomes Observer for the Network for Greening the Financial System

  • ADB has joined the Central Banks and Supervisors Network for Greening the Financial System (NGFS) as an observer
  • The Asian Development Bank (ADB) joined the Central Banks and Supervisors Network for Greening the Financial System (NGFS) as an observer on June 23, 2020.

President of Asian Development Bank: Masatsugu Asakawa.