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Current Affairs

India Post Payments Bank launches Pradhan Mantri Jeevan Jyoti Bima Yojana: Eligibility, features

  • India Post Payments Bank (IPPB) has joined hands with PNB MetLife India Insurance Company Limited to launch Pradhan Mantri Jeevan Jyoti Bima Yojana.
  • The unique scheme offers life cover on the death of the insured member due to any reason.
  • “Products like PMJJBY help to inculcate a culture of buying affordable insurance amongst this segment of the population,” Venkatramu, managing director and chief executive officer, India Post Payments Bank said.
  • “PMJJBY takes forward the Government’s mission of creating a universal social security net for needy and disadvantaged sections,” he further added.
  • Managing Director & CEO of IPPB: J Venkatramu.
  • India Post Payments Bank (IPPB) Headquarters: New Delhi.
  • Prime Minister Narendra Modi had launched IPPB in 2018.

HDFC Bank, ICCI join hands to support SMEs, start-ups

ICCI will offer industry connections to respective HDFC startups globally and support entrepreneurship nationwide through knowledge transmission on government announced programs, Acceleration Fund, International Presence, and Global Business Relations.

  • ICCI Headquarters: New Delhi, India.
  • President of ICCI: Ritika Yadav.
  • Headquarters of HDFC Bank: Mumbai, Maharashtra.
  • MD and CEO of HDFC Bank: Sashidhar Jagdishan(Succeeds Aditya Puri).
  • The tagline of HDFC Bank: We understand your world.

UNDP, Invest India launch SDGs Investor Map for India

  • United Nations Development Programme, UNDP, and Invest India have launched the Sustainable Development Goals (SDGs) Investor Map for India.
  • It laid out 18 Investment Opportunities Areas in six critical SDG enabling sectors that can help the country push forward on the trajectory of Sustainable Development.
  • Speaking on the occasion, Deepak Bagla, CEO of Invest India said, India occupies a key role in determining the success of the SDGs, globally.
  • Shoko Noda, Resident Representative of UNDP India said, Investing in the SDGs is crucial to ‘Building Back Better’ and making the economy and our societies more resilient and sustainable.
  • Invest India is a non-profit venture under the Department for Promotion of Industry and Internal Trade, Ministry of Commerce and Industry.
  • Invest India MD and CEO: Deepak Bagla.
  • Invest India Established: 2009.
  • Invest India Headquarter: New Delhi.

Karnataka Bank launches CASA campaign

  • Karnataka Bank launched CASA (current account, savings account) mobilisation campaign which will run from November 17 to March 4, 2021.
  • A press release by the bank said that it intends to mobilise over 4.10 lakh current and savings accounts with an accretion of ₹650 crores of business.
  • Karnataka Bank Limited Headquarters: Mangaluru(Mangalore), Karnataka.
  • Karnataka Bank Limited MD & CEO: Mahabaleshwara M.S.
  • Karnataka Bank LimitedIncorporated: February 18th, 1924.
  • Karnataka Bank Limited Tagline: ‘Your Family Bank Across India’.

RBI Imposes Rs 1 Crore Penalty On Punjab National Bank

  • The Reserve Bank of India has imposed a penalty of Rs 1 crore on Punjab National Bank for violating the Payment and Settlement Systems Act, 2007, the state-run lender said.
  • Punjab National Bank was operating a bilateral ATM-sharing arrangement with Druk PNB Bank Ltd., Bhutan, since April 2010 without prior approval or authorisation from India’s banking regulator, PNB said in an exchange filing.
  • Punjab National Bank Headquarters: New Delhi.
  • Punjab National Bank MD and CEO: S. S. Mallikarjuna Rao.
  • Punjab National Bank Founded: 19 May 1894, Lahore, Pakistan.

SBM Bank India set to launch a neo banking platform

  • SBM Bank India, which is the wholly-owned subsidiary of State Bank of Mauritius, is focussing on technology to reach out to customers and is set to launch a neo banking platform.
  • “We are launching neo banking. We have tied up with a fintech,” said Neeraj Sinha, Head-Retail and Consumer Bank at SBM Bank (India), adding that the bank is looking at collaborative banking in a lot of other segments as well where companies may have access to a large number of customers but do not have a banking license.
  • SBM Bank (India) Limited Headquarters: Mumbai, Maharashtra.
  • SBM Bank (India) Limited MD and CEO: Sidharth Rath.
  • SBM Bank (India) Limited Commenced Operations– 1st December 2018.
  • SBM Bank (India) Limited Tagline: We make banking convenient for you.

Lakshmi Vilas Bank under moratorium: ‘Don’t panic’, RBI tells depositors

  • Reserve Bank of India placed the cash strapped Lakshmi Vilas Bank (LVB) under moratorium till 16 December 2020.
  • The central bank also restricted the withdrawals of more than ₹25,000 during the moratorium period.
  • The central bank also superseded the board of directors of LVB for 30 days owing to a serious deterioration in the financial position of the bank. The move was announced through an order by the Ministry of Finance.
  • Lakshmi Vilas Bank Headquarters: Chennai, Tamil Nadu.
  • Lakshmi Vilas Bank Founded: 1926.
  • Lakshmi Vilas Bank President: Avtar Singh Monga.

IFSCA approves draft banking regulations

  • Paving the way for setting up banking units in the International Financial Services Centre (IFSC), the body’s regulator approved the International Financial Services Centres Authority (Banking) Regulations, 2020. The regulations, to be notified by the government soon, will enable the International Financial Services Centres Authority (IFSCA) to lay down the rules on the kind of banking activities that will be permitted within IFSCs and mark a major step in the development of GIFT City into a global financial hub.
  • Chairman of the IFSCA: Injeti Srinivas.
  • Headquarters of IFSCA: Gandhinagar, Gujarat.

ICICI Bank launches ‘Mine’ for millennials

  • ICICI Bank  announced the launch of India’s first comprehensive banking program for millennials. Inspired by ‘Millennial Network’, the proposition is called ‘ICICI Bank Mine’ and offers an instant savings account, a feature-driven iMobile application that offers investment guidance to suit the demand of millennials, curated credit and debit card, instant personal loans & overdrafts, and even an experiential branch with social engagement space.
  • ICICI Bank Headquarters: Mumbai, Maharashtra.
  • ICICI Bank MD & CEO: Sandeep Bakhshi.
  • ICICI Bank Tagline: Hum Hai Na, Khayal Apka.

WhatsApp starts UPI payments service in India

  • WhatsApp has started its payments service in India, the messaging app said in a blog post. WhatsApp received NPCI approval evening to ‘Go Live’ on UPI in a graded manner.
  • WhatsApp, which counts India as its biggest market with more than 400 million users, had been running a peer-to-peer payments service with limited users for over two years, awaiting regulatory approvals.

CCI approves acquisition of Bharti AXA by ICICI Lombard

  • According to the proposal, the entire general insurance business of Bharti AXA would be transferred by way of a demerger to ICICI Lombard in consideration of issuance of shares by ICICI Lombard to Bharti AXA.
  • The Competition Commission of India (CCI) approved the acquisition of General Insurance Business of Bharti AXA General Insurance Company Limited (Bharti AXA) by ICICI Lombard General Insurance Company Limited (ICICI Lombard) under Section 31(1) of the Competition Act, 2002, the Ministry of Corporate Affairs said in a statement.
  • Bharti AXA Co. Ltd Headquarters: Mumbai, Maharashtra.
  • Bharti AXA MD and CEO: Sanjeev Srinivasan.
  • Bharti AXA Established: 2008.
  • Bharti AXA Tagline: Suraksha ka Naya Nazariya.
  • ICICI Lombard Co. Ltd Headquarters: Mumbai, Maharashtra.
  • ICICI Lombard MD & CEO: Bhargav Dasgupta.
  • ICICI Lombard Established: 2001.
  • ICICI Lombard Tagline: Quick Easy Smart.