Which bank has launched the ‘Express FD’, a digital fixed deposit (FD) product?
• Axis Bank launches short-term online fixed deposits “Express FD”.
• Axis Bank, India’s third-largest private sector bank has launched the ‘Express FD’, a digital fixed deposit (FD) product that allows a customer to open an FD account in 3 minutes through the digital mode without opening a savings account with the bank.
• ‘Express FD’ offers attractive interest rates, zero issuance fees and no penalty on pre-mature withdrawal of up to 25% of the amount, the bank said. A customer can open an Express FD account by investing a minimum Rs 5,000 up to Rs 90,000, for a tenure of 6 to 12 months
Which bank has become the first Indian bank to have a branch in the Australian state of Victoria?
• SBI becomes first Indian bank to have office in Australia’s Victoria.
• The State Bank of India opened its Melbourne office and becoming the first Indian bank to have a branch in the Australian state of Victoria.
• The Melbourne office will assist the growing trade and investment relations between Victoria and India and is the outcome of the state’s 10-year India Strategy. This investment by India’s largest commercial bank is a testament to our thriving financial services sector and our highly skilled workforce.
Which bank has launched three new digital products called Ucash and Digilocker?
• UCO Bank launches UCash, Digilocker and an App.
• Uco Bank, which recently became the regional bank for the east, launched three new digital products in Kolkata on Thursday.
• The new products launched by the bank's managing director and CEO, A K Goel, were UCash, Digilocker and an app.
• UCash enables customers to withdraw money from ATMs through mobile banking without using debit card, a statement issued by the bank said.
• Digilocker aims to eliminate the use of physical documents and enables sharing of verified electronic documents.
• The third product, the new mobile app, integrates four existing apps of the bank - UCO Mbanking, UCO UPI, UCO Mpassbook and UCO Secure- in a single interface, the statement added.
• Customers can also download TDS certificates online. The bank also launched a new current account on Thursday.
The Reserve Bank has increased the withdrawal limits for depositors of Punjab & Maharashtra Cooperative Bank to Rs ___________ from Rs 10,000 per account over the next six month?
• RBI increases PMC bank depositors withdrawal limit to Rs 25,000
• The Reserve Bank on Thursday enhanced the withdrawal limits for depositors of the scam-hit Punjab & Maharashtra Cooperative Bank to Rs 25,000 from Rs 10,000 per account over the next six month.
• This is the second time the regulator has increased the withdrawal limits since its clamped down on the bank on September 23 when it had capped it a low Rs 1,000 per customer which led to lot of distress and criticism.
• Since then PMC, which has among the top 10 cooperative banks with a deposit of over Rs 11,600 crore, is under an administrator appointed by the RBI the past management is being probed by the economic offences wing of the city police.
The Reserve Bank of India (RBI) has given permission to the State government to amalgamate how many district cooperative banks (DCBs) to form proposed Kerala Bank?
• RBI okays proposal to merge district co-operative banks to form ‘Kerala Bank.
• The Reserve Bank of India (RBI) has given the go-ahead to the State government to amalgamate 13 district cooperative banks (DCBs) with the Kerala State Cooperative Bank for forming the proposed Kerala Bank.
• All district banks, except the Malappuram District Cooperative Bank, had approved the scheme of amalgamation proposed by the State government at their respective general body meetings. The government may give one more opportunity to the Malappuram bank’s general body to approve the scheme.
• The merger approval would be contingent upon the order of the High Court on a case challenging the amendment to Section 14(A) of the Kerala State Cooperative Societies Act. The government would have to complete the stipulations laid for merger and submit a compliance report to the apex bank before March 31, 2020.
The Reserve Bank of India has rejected the merger proposal of Indiabulls Housing Finance with which bank?
• RBI rejects Indiabulls Housing & Lakshmi Vilas Bank merger deal.
• Reserve Bank of India (RBI) on Wednesday rejected the merger proposal between Lakshmi Vilas Bank and mortgage lender Indiabulls Housing Finance Limited.
• Lakshmi Vilas Bank confirmed the development in a stock exchange filing and said RBI has denied the merger proposal.
• If the RBI would have approved the move, this would have been the first ever incident where a non-bank lender would have merged with a bank in the country. However, the central bank's letter put end to months of speculation over the merger.
• The central bank had placed Lakshmi Vilas Bank under prompt corrective action (PCA) last month due to a high level of non-performing assets, insufficient capital to manage risks and negative return on assets for two consecutive years.
• RBI's disapproval poses a fresh challenge for Lakshmi Vilas Bank which will now have to look at opportunities to raise capital independently-a gargantuan task considering the current state of India's banking sector.
• The merger plan was crucial for Lakshmi Vilas Bank as it would have helped it raise capital, which is required to lift the PCA restrictions currently imposed on it by the central bank.
Which Fintech start-up has received a licence from the Reserve Bank of India to set up a non-banking financial company?
• Fintech start-up Shubh Loans gets NBFC licence from RBI.
• Fintech start-up Shubh Loans on Tuesday said it has received a licence from the Reserve Bank of India to set up a non-banking financial company.
• The company said the licence has been received through the subsidiary -- Ekagrata -- of its parent company Datasigns Technologies.
• Shubh Loans said it has already raised series A2 funding of Rs34 crore ($4.8 million) from Omidyar Network India.
• Shubh Loans, which is fast changing the way loans are disbursed and making credit accessibility easier, is set to implement NBFC compliant frameworks and governance processes, it
• Shubh Loans Chief Executive Officer and founder Monish Anand.
Which private sector bank has launched its new scheme “FD Health”?
• ICICI Bank launches new FD scheme “FD health”.
• Private sector lender ICICI Bank today launched of FD Health, a fixed deposit (FD) offering the dual-benefit of investment growth via FD and protection through a critical illness coverage. For investors in FD Health, ICICI Bank will offer the insurance cover free of cost for the first year and thereafter, they can renew it.
• ICICI Bank’s FD Health provides investors a complimentary critical illness cover of ₹1 lakh from ICICI Lombard General Insurance Company on opening an FD of Rs. 2 lakh to Rs. 3 lakh for tenure of at least two years. Customers, who are in the age bracket of 18-50 years, get a complimentary insurance cover for a year on 33 critical illnesses.
• The list of critical illnesses under the policy includes specified severities related to cancer, lung disease, kidney failure, liver disease and benign brain tumor, Alzheimer’s disease and Parkinson’s disease.
Reserve Bank of India has stopped the printing of which currency notes?
• RBI has Not Printed a Single Rs 2,000 Note This Financial Year, Reveals RTI
• The printing of Rs 2,000 currency notes has been stopped, the Reserve Bank of India has revealed in reply to an RTI. Not a single high-value note has been printed in this financial year.
• The notes, along with new Rs 500 notes, were introduced in November 2016 after the government put a ban on the existing Rs 500 and Rs 100 notes in a bid to crackdown on the black money and wipe out fake currency in circulation.
• The experts are seeing the removal of high-value notes from circulation as a crackdown on the black money as it becomes difficult to make too many black money transactions in such a case.
• According to officials, a high circulation of Rs 2,000 notes may defeat the government’s objectives as they are easier to use smuggling and other illegal purposes. Rs 6 crore of unaccounted cash in Rs 2,000 notes was seized near Andhra Pradesh-Tamil Nadu border.