All Banking news for the month of June 2021: Current Affairs Special Series

Team Adda247 and BankersAdda are here with a Current Affairs Special Series. In this series, candidates will be introduced to current affairs topics daily, which will not only improve their general awareness but also will ensure that the candidates do not lack in any current affairs topic. Today’s Current Affairs topic is All Banking news for the month of June 2021.

All Banking news for the month of June 2021

Kotak Mahindra Bank launches ‘Pay Your Contact’ service

Kotak Mahindra Bank has announced the launch of ‘Pay Your Contact’ the new feature that enables its customers to send money or make payments to any of their contacts across all payment apps simply by the beneficiary’s mobile number.

HDFC Bank has planned to become carbon neutral

The bank is working on a framework of issuing green bonds. As part of this initiative, the bank is looking at reducing its emissions, energy, and water consumption. The bank has planned to become carbon neutral by 2031-32.

RBI has cancelled the license of Shivajirao Bhosale Sahakari Bank

The bank does not comply with the certain provisions of the Banking Regulation Act, 1949. According to the data provided by the bank, Deposit Insurance and Credit Guarantee Corporation (DICGC) will provide a full deposit amount to more than 98 percent of the depositors. Thus RBI cancelled the license of Shivajirao Bhosale Sahakari Bank in June 2021.

All public sector banks will provide unsecured personal loans for COVID-19 treatment cost

Indian Banks’ Association and State Bank of India announced that all Public Sector Banks (PSBs) will provide unsecured personal loans between Rs 25,000 to Rs 5 lakh to salaried, non-salaried and pensioners for COVID-19 treatment cost. Loans of up to Rs 20 crore could be availed by firms in Tier 1 and urban centres, and firms in Tier II to Tier IV could avail up to Rs 10 crore.

Bharti AXA Life Insurance signed bancassurance with Shivalik Small Finance Bank

Private life insurer Bharti AXA Life Insurance has entered into a bancassurance partnership with Shivalik Small Finance Bank (SFB) for the distribution of its life insurance products through the bank’s pan-India network of branches.

PSBs have sanctioned 95 percent of the total loans under PM SVANidhi scheme 

PSU Banks have sanctioned 23, 16, 207 loans which is around 95% of total loan disbursed under this scheme as on 31st May 2021. The Government of India launched the PM Street Vendors’ Atma Nirbhar Nidhi (PM SVANidhi) scheme on June 1, 2020.

HDFC Bank has signed an MoU with Karnataka Industrial Area Development Board

HDFC Bank will provide a wide range of financial products and services to its customers through an extensive network of branches across the country. 

CBI co-lending partnered with Indiabulls Housing Finance and IIFL Home Finance

Non-banking finance companies (NBFCs) will originate and process retail home loans while Central Bank of India will take into its book 80 per cent of the housing loan under direct assignment transactions, the lender said in separate regulatory filings. The partnership will result in a greater disbursement of housing loans by Central Bank of India, Indiabulls HFL and IIFL HFL.

The Reserve Bank of India (RBI) raised the interchange fee on ATM transactions

The Reserve Bank of India (RBI) raised the interchange fee on each financial transaction at ATM from Rs 15 to Rs 17. Banks will be able to raise ATM transaction charges from August 1, 2021.

DBS Bank: World’s Best Banks 2021 in India

DBS was ranked #1 out of 30 domestic and international banks in India for the second consecutive year. This is the third edition of the ‘World’s Best Banks’ list by Forbes, conducted in partnership with market research firm Statista.

State Bank of India introduced scheme called ‘Kavach Personal Loan’

State Bank of India has introduced a collateral-free offering scheme called ‘Kavach Personal Loan’ to provide financial assistance to its customers to manage the COVID-19 treatment-related expenses.

IDFC FIRST Bank has launched ‘Ghar Ghar Ration’ Program

IDFC FIRST Bank has launched ‘Ghar Ghar Ration’ Program, an employee-funded program for its low-income customers whose livelihoods are affected by COVID-19.

Ujjivan Small Finance Bank has collaborated with MoEngage 

Ujjivan Small Finance Bank has collaborated with MoEngage to drive digital banking experiences in the unserved and underserved areas of the country. MoEngage is a leading customer engagement platform.

Centrum Financial Services Ltd got RBI’s “in-principle” approval to take over Punjab and Maharashtra Cooperative Bank

Centrum Financial Services Ltd financial institutions got RBI’s “in-principle” approval to set up a small finance bank to take over Punjab and Maharashtra Cooperative Bank (PMC Bank). Centrum Capital, the holding entity for CFSL, and its partner BharatPe, a payments system company, will infuse Rs 1,800 crore into the small finance bank.

UBI signed an MoU with NSICLto support MSMEs with credit requirements

Union Bank of India has entered into an MoU with National Small Industries Corporation Limited (NSIC) under the ‘NSIC Bank Credit Facilitation Scheme’ to support MSMEs with credit requirements.

SBI General Insurance has signed a corporate agency agreement with IDFC FIRST Bank

Under this strategic agreement, SBI General Insurance will offer insurance products such as health, personal accident, home, motor and travel to the bank’s customers. It will also offer the commercial line of insurance products such as property, marine and engineering insurance.

ICICI Bank introduced the instant ‘Cardless EMI’ facility

The instant ‘Cardless EMI’ facility to online purchases made on e-commerce platforms. : It will allow the bank customer to buy products or services online through EMIs in only a few clicks using their mobile phone and PAN. The Bank has tied up with digital lending platforms namely FlexMoney and ShopSe to offer this facility across 2,500 brands.

SBI has launched Aarogyam Healthcare Business Loan

State Bank of India has launched Aarogyam Healthcare Business Loan under that the entire healthcare ecosystem such as hospitals, nursing homes, diagnostic centres etc can avail loans of up to ₹100 crore repayable in 10 years.

The Afthonia Lab private Limited has announced a strategic partnership with Yes Bank

The partnership will also support the efforts to innovate and inject new ideas to transform the financial sector of India. Under this partnership, the Afthonia Lab’s portfolio startups will develop APIs in a sandbox environment.

SBI Card in partnership with Fabindia

SBI Card in partnership with Fabindia has launched a co-branded contactless credit card to offer a rewarding shopping experience to its premium customers. The contactless credit card provides reward points for the premium cardholders on their retail spending with the value back on varied spending categories. The cards offer 10 percent value back to customers for buying in-stores at Fabindia.

India’s bank to credit-to-GDP ratio grows 56%

Notwithstanding incremental credit growth plunging to a 59 year low at 5.56% in FY21, the bank credit-to-GDP ratio rose to a five year high of a little over 56% in 2020, according to the latest data from the Bank for International Settlements.