top of page

Current affairs for CSEET February 2021

Banking & Finance

1. RBI Enhances Rules for Banks' Grievance Redress Mechanisms

Framework effective from Jan 27,enhances disclosures on complaints,to provide insight on volume & nature,time taken,mechanism for ombudsman to recover cost of redressal from banks whose complaints exceed their peer group average,review by RBI etc. Banking Ombudsman Scheme was introduced in 1995.

2. Reserve Bank of India projects GDP at 10.5 percent in 2021-22

The RBI monetary policy review has decided to maintain the status quo on key policy rates. GDP growth is projected at 10.5% in FY 2021-22 and the projection of CPI inflation has been revised to 5.2% for the fourth quarter of the current financial year. Repo Rate- 4%; Reverse Repo Rate- 3.35%; Bank Rate - 4.25%.

3. RBI has announced certain measures of protection including a 24x7 helpline for digital payment services

RBI has announced certain measures for common bank account holders. It includes setting up of 24*7 helpline for digital payment services, integrated ombudsman scheme, CTS across all bank branches & allowing retail investors to open Gilt accounts with RBI. Integrated Ombudsman Scheme will be rolled out in June 2021.

4. ICICI Bank signs MoU with Japan's MUFG Bank

ICICI Bank signed an MoU with MUFG Bank, Japan's premier bank, for collaboration towards catering to the banking requirements of Japanese corporates present in India. MUFG Bank is the largest bank in Japan headquartered in Tokyo. CEO: Kanetsugu Mike. ICICI Bank CEO: Sandeep Bakhshi HQ: Mumbai

5. RBI releases Annual Report of Ombudsman Schemes, 2019-20

According to the report, there was an increase of nearly 65% in the receipt of complaints under the 3 Ombudsman Schemes of RBI in 2019-20, & a disposal rate of over 92% was achieved. In 2019-20, a total of 330543 complaints were received under the schemes. Banking Ombudsman Scheme was introduced in 1995.

7. RBI observes Financial Literacy Week 2021: February 8 to February 12

The RBI observes Financial Literacy Week 2021 (FLW 2021) between February 8 and 12. RBI has been observing FLW annually since 2016. The theme for FLW 2021 is 'Credit Disclipne and Credit From Formal Institutions'. It was launched by Ajay Kumar. Reserve Bank of India is headquartered in Mumbai, Maharashtra.

8. PNB inks deal with Indian Oil to provide up to Rs 2 cr loan to dealers

PNB inked a pact with Indian Oil Corp to provide up to Rs 2 crore to the oil company's dealers. It will benefit dealers with credit facilities at lower interest rates, nil margin, & with minimum/zero collateral requirements through PNB e-Dealer scheme. IOCL Chairman: S M Vaidya HQ: New Delhi

9. BRICS' New Development Bank commits $100 mn to NIIF Fund of Funds

NDB committed $100 million to India's National Investment and Infrastructure Fund's (NIIF) Fund of Funds. Envisioned in the Union budget 2015, NIIF was launched as an alternative investment fund in December 2016 with a target corpus of '40,000 crore. In August, NIIF's FoF received investment from the ADB.

10. SIDBI, COWE launch campaign to promote Stand-Up India scheme

SIDBI, along with the Confederation of Women Entrepreneurs of India, launched a campaign to give a fillip to the government's Stand Up India scheme. The mega campaign - Swavalamban Sashakt is a 20 webinar series aimed at creating awareness about SUI scheme The scheme has now been extended up to FY2025.

11. RBI tightens norms for investments in NBFCs from non-FATF nations

According to the new rules,fresh investors from jurisdictions which feature in FATF's list of high risk countries or those placed under monitoring should hold less than the threshold of 20% of the voting power in an NBFC.It is to stop money laundering. There are 17 such noncompliantFATF nations at present.

12. RBI forms expert panel to explore consolidation of urban co-op banks

RBI constituted an 8-member expert panel to draw up a regulatory road map for urban cooperative banks (UCBs) and study the sector's consolidation prospects. The committee will suggest effective measures for faster rehabilitation and resolution of UCBs. Head of the committee: Former Dy Gov of RBI N S Viswanathan.

13. Bank credit growth at 90% of FY20 level: RBI

According to the Reserve Bank of India's data on Scheduled Banks' Statement of Position in India Bank credit growth in FY21, as of January 29 reached about 90% of the year-ago level. Year-to-date (YTD) credit growth of all scheduled banks: '3,39,147 crore. YTD credit growth a year ago: '3,74,938 crore.

14. RBI issues directions for housing finance companies

RBI came out with a slew of directions related to maintenance of liquidity coverage ratio, risk management, asset classification and loan-to-value ratio, among others, for housing finance companies. These directions came into force with immediate effect. HFC is a form of Non- Banking Financial Company.

15. State Bank of India joins JPMorgan's blockchain payments network

State Bank of India has tied up with JPMorgan to use the US bank's blockchain technology to speed up overseas transactions. The tie-up is expected to reduce SBI customers' transaction costs and time taken for payments. Venkat Nageswar, deputy MD - international banking group, SBI.

16. Paytm-Ola-IndusInd Bank to apply for New Umbrella Entity (NUE) to launch

payments network

Ola Financial, Paytm and IndusInd Bank are planning to apply for a New Umbrella Entity (NUE) license to set up a domestic payments network similar to the National Payments Corporation of India's (NPCI) unified payments interface (UPI). The consortium will submit its proposal to the RBI

0 views0 comments

Recent Posts

See All

Methods and Measures of GDP with Examples with MCQs

Methods and Measures of GDP with Examples: Gross Domestic Product (GDP) is a crucial measure of a nation's economic activity. Here's an explanation of the different methods and measures of GDP with ex

bottom of page