All Banking News for the month of March: Banking Awareness Special Series

All Banking News for the month of March

IOB has signed a Bancassurance with SBI General Insurance

Indian Overseas Bank has signed a corporate agency agreement with the SBI General Insurance for selling its insurance products to the customers of the bank.

New guidelines for Housing Finance Companies released by the Reserve Bank of India

HFCs are mandated to maintain a liquidity buffer in terms of liquidity coverage ratio (LCR) and all deposit taking HFCs irrespective of their asset size will have to maintain a minimum LCR of 50% by 1st Dec 2021 and to 100% by 1st Dec 2025.

World Bank and SBI planning to launch $ 100 million loan

State Bank of India, Ministry of MSMEs and the World Bank is planning to launch a $100-million ($1 billion) credit guarantee scheme to boost India’s rooftop solar program. World Bank credit guarantee scheme will be provided as a Green finance i.e. financing for sustainable climate.

SBI sponsored banks launched Digital savings account through video KYC

Telangana Gramin Bank and Andhra Pradesh Gramin Vikas Bank became India’s 1st RRBs to launch Digital Savings Account opening facility through Video-Know Your Customer (KYC) facility. These banks are sponsored by State Bank of India.

SBI joined Investment banking company JPMorgan chase

 State Bank of India has joined ‘Liink’, a peer-to-peer Block chain-based data network of US based Investment Banking Company JPMorgan chase. The partnership will help to reduce costs like transaction costs and also speed up Consumer transactions (including International transactions) to SBI.

SBI Mutual Funds launches First overseas Fund

SBI Mutual Funds has launched its first overseas fund titled as SBI international access-US Equity FOF. It offers on 1 March and it is an open ended fund of funds scheme investing in mutual fund scheme/ETFs which invest in US markets and these are domiciled overseas.

NPCI partnered with SBI Payments to launch ‘Rupay SoftPos’

National Payments Corporation of India and SBI Payments have partnered to launch “Rupay SoftPos” for Indian merchants. It will help to deepen the digital payment acceptance among millions of underserved Indian MSMEs.

HDFC ERGO launches Business Kisht Suraksha cover

HDFC ERGO General Insurance launched the “Business Kisht Suraksha” cover. It is a protection for Microfinance institutions, financial institutions and banks against natural disaster.

Kotak Mahindra Bank join hands with Indian Army to handle salary accounts

Kotak Mahindra Bank signed MOU with the Indian Army for the salary account. It will give benefit of zero-balance salary account with interest rate up to 4% per annum with free unlimited ATM transactions across the bank’s network. 

Naureen Hassan appointed as 1st vice president of Federal Reserve Bank

Indian origin Naureen Hassan has been appointed as the first Vice President and Chief Operating Officer (COO) of the Federal Reserve Bank. Appointment is done by the board of Governors of the Federal Reserve System. 

RBI penalise the Fedbank Financial Services

The Reserve Bank of India has imposed a penalty of Rs.15 lakh on Fedbank Financial Services which is located at Mumbai. The penalty has been imposed for non-compliance.

Equitas small finance bank awarded with ‘Great Place to Work’ Certification

Equitas Small Finance Bank (HQ-Thrissur, Kerala) had been awarded ‘Great Place to Work’ certification by the Great Place to Work Institute. 

IOB launches ‘IOB Trendy’ savings account

Indian Overseas Bank has launched ‘IOB Trendy’ savings account. It is bank account for the age group of 21-38 years and it will help the growing millennial population in the country by keeping their banking preferences in mind. 

HDFC Bank named as India’s Best SME Bank

HDFC Bank has been considered as the ‘India’s Best Bank for SMEs’ at the Asiamoney Best Bank Awards 2021. Bank has transformed it strategies towards MSME business over the past few years makes it a worthy winner for this award.

Former RBI deputy Governor K C Chakrabarty passed away

Former RBI deputy Governor K C Chakrabarty passed away. He served RBI during the year of 2009 to 2014.

Union Bank of India launched “UNI-CARBON CARD” with HPCL

Union Bank of India has launched “UNI-CARBON CARD” on the Rupay platform of NPCI with joint venture of HPCL.

HDFC Bank launched program ‘SmartUp Unnati’

HDFC Bank started program ‘SmartUp Unnati’ to help women entrepreneurs. Initially they consider about 3,000 women entrepreneurs for the program.  

Karnataka Vikas Gramin Bank launched Vikas Asha loan Scheme

Karnataka Vikas Gramin Bank (KVGB) has launched the ‘Vikas Asha’ Loan Scheme, under which the bank will distribute loans of up to INR 10 Lakhs to Women Entrepreneurs for purchasing of machinery/vehicle/equipment.

IDFC First Bank and Acko Drive partnered to issue FASTags

IDFC First Bank and Acko Drive an online car sales platform join hands to issue free FASTags.

IDBI bank has been removed from the list of PCA

IDBI Bank has been removed from the Prompt Corrective Action (PCA) framework, by the Reserve Bank of India (RBI), after almost four years. LIC owned the IDBI bank. 

Bank of Baroda and Aquaconnect join hand to provide credit access to farmers

Aquaconnect partnered with Bank of Baroda for providing credit loans to 1.6 million aquaculture farmers under the Kisan Credit Card (KCC) scheme.

Axis Bank became India’s first bank to own its first wearable payment device

Axis Bank became India’s first bank to launch its own wearable payment device named ‘Wear ‘N’ Pay’, to make contactless transactions. Axis bank partnered with Thales and Tappy technologies for designing and creating the product. 

State Bank of India topped in digital transaction

SBI topped in the list of the Ministry of Electronics and Information Technology’s digital payment scorecard for consecutive 3 months. The highest UPI transactions were done through SBI around 64 crore users with volume of 13.5 crores.

Standard Chartered Bank and IATA join hands for providing ‘EasyPay’ services

Standard Chartered Bank has partnered with International Air Transportation Association (IATA) for providing ‘EasyPay’ services ‘Pay as you go’ to travel agents in India. It will accelerate the digitalisation of payments in the aviation industry. 

UBI has partnered with SMC Global Securities for online trading services

Union bank of India has partnered with SMC Global Securities for providing online trading services to the customers of bank. 

ICICI Bank first in banking industry to launch an instant EMI

ICICI Bank becomes the first bank in the banking industry to launch an instant EMI facility Called ‘EMI @ Internet Banking’ on its internet banking platform in partnering with Bill Desk and Razor pay.