All Banking News of January: Banking Awareness Special Series

Team Adda247 and BankersAdda are here with a Current Affairs Special Series for SBI and IBPS interview 2021.  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 if any current affairs topic is asked in the interview. Today’s Current Affairs topic is All Banking News of January.

All Banking News of January

• RBL Bank partnered with RuPay to launch an innovative payment solution

International card payment service RuPay partnered with RBL Bank to launch an innovative payment solution for Indian merchants “RuPay PoS” in association with Pay Nearby.

• Government issue zero-coupon bonds for Punjab and Sindh Bank

To recapitalize, the central government has issued Rs 5,500 crore in zero-coupon bonds — Punjab and Sindh Bank. Note: This move of capital infusion was approved by the Ministry of Finance on November 10, 2020.

• BOB has signed MOU with SIDBI for MSME customers

Bank of Baroda has signed MoU with Small Industries Development Bank of India for enabling micro, small and medium enterprises (MSMEs) customers for applying online One Time Restructuring (OTR). The restructuring of the borrower account will be implemented by March 31, 2021. The MSME Customer can now access the web-based portal, ‘Asset Restructuring Module for MSMEs (ARM-MSME).

• Central Bank of India signed MoU with NABFOUNDATION for ‘My Pad My Right’ project

Central Bank of India has signed an MoU with NABFOUNDATION to provide working capital to all self-help groups (SHGs) which have an account with it and undertake the ‘My Pad My Right’ project. ABFOUNDATION is a wholly-owned subsidiary of NABARD.

• SBI signed MoU with Mahindra Life-space Developers for home loan approvals

Mahindra Life-space Developers has signed an MoU with the State Bank of India (SBI) to speed up the home loan approvals as well as offer special discounts to customers and employees of both companies. It provides various co-promotional activities and outreach initiatives, customers and employees of SBI and Mahindra Life-spaces.

• IDBI Bank launched a Video KYC facility for Savings account

IDBI Bank announced the launch of a video KYC account opening (VAO) facility for savings bank accounts. Through the facility, a customer can open a savings account with the lender from the convenience of his/her home or office as there are no physical forms to be filled or visits to be made to the branch.

• Shivalik Merchantile Co-operative Bank becomes 1st Urban co-operative bank in India

Uttar Pradesh-based, Shivalik Mercantile Co-operative Bank (SMCB) has become the first urban co-operative bank (UCB) in India to receive a license from RBI to operate as a Small Finance Bank (SFB). The RBI had given an 18-month timeline to commence business.

• IDFC Mutual Fund launched investor awareness campaign ‘PaisonKoRokoMat

IDFC Mutual Funds has launched its latest pan-India investor awareness campaign titled #PaisonKoRokoMat. With this new campaign, IDFC Mutual Fund aims to shift the conversation regarding wealth creation from the traditional to the contemporary. The campaign has been conceptualized and created by TBWAIndia.

• ICICI Bank launched the ‘InstaFX’ App for Forex Partners

ICICI Bank has launched the ‘InstaFX’ App for Forex Partners to help customers of any bank to obtain Forex Prepaid Card. This facility significantly improves customer convenience as the ‘ICICI Bank Forex Prepaid Card’ gets activated swiftly within a few hours, as against the industry practice of up to two days.

• Standard Chartered Bank agreement with IIFL Home Finance for MSME Loans

Standard Chartered Bank has entered a co-lending arrangement with IIFL Home Finance Ltd to extend credit to MSME loans. The IIFL Home Finance will service the customers through the entire loan life-cycle including sourcing, documentation, collection, and loan servicing.

• Axis Bank launched ‘AURA’ credit card for health and wellness benefits

Axis Bank has launched ‘AURA’, a credit card with health and wellness benefits at an affordable price for its individual users. Cardholders could get discounts on annual medical checkups through IndushealthPlus.

• Paytm Payments Bank has partnered with Suryoday Small Finance Bank for FD services

Paytm Payments Bank has partnered with Suryoday Small Finance Bank (SFB) Ltd to enable its account holders to avail of Fixed Deposit (FD) services. With the partnership with Suryoday SFB, the Paytm Payments Bank has become the 1st payments bank in India to launch the multi-partner FD service.

• Airtel Payments Bank has launched ‘Safe Pay’

Airtel Payments Bank has launched ‘Safe Pay’ a safe way to pay digitally to protect Airtel customers from the growing incidents of online payment frauds. India’s first innovation, ‘Airtel Safe Pay’ leverages Airtel’s ‘telco exclusive’ strength of network intelligence to provide an additional layer of payment validation, compared to the industry norm of two-factor authentication.

• PNB collaborating with IIT Kanpur for setting up Fintech innovation center

Punjab National Bank has partnered with IIT Kanpur and the Foundation for Innovation & Research in Science & Technology (FIRST) to set up a ‘Fintech Innovation Centre (FIC)’ at the institute’s campus. It will address the challenges and explore opportunities in the Banking, financial services, and insurance (BFSI) space. 

• Bandhan Bank signed an agreement with the Indian Army 

Private lender Bandhan Bank has signed an agreement with the Indian Army to provide banking services to the personnel of the force. This includes free personal accident insurance of Rs 30 lakh, air accident cover of Rs 1 crore, and free educational benefit of up to Rs 1 lakh per year for four years to a dependent child in case of accidental death of the account holder. Bandhan Bank Shaurya Salary Account will have a zero balance facility. 

• RBI cancels the license of Vasantdada Nagari Sahakari Bank

The Reserve Bank of India (RBI) has canceled the license of Maharashtra-based Vasantdada Nagari Sahakari Bank, with immediate effect. Every depositor is entitled to repayment of his/her deposits up to Rs 5, 00, 000 from the DICGC.

• RBI penalize Deutsche Bank of Rs. 2 Crore for Non-compliance

The Reserve Bank of India has imposed a penalty of Rs 2 crore on Deutsche Bank AG for non-compliance with certain provisions of directions concerning interest rate on deposits. The central bank said the statutory inspection of Deutsche Bank’s financial position as of March 31, 2019, and the Risk Assessment Report revealed non-compliance with the ‘Reserve Bank of India (Interest Rate on Deposits) Directions, 2016’.

• IPPB partnered with Financial Software and Systems for promoting financial inclusion

Financial Software and Systems (FSS), a leading payment processor and provider of integrated payment products, has partnered with India Post Payments Bank (IPPB) to promote financial inclusion among underserved and unbanked segments.

• Yes Bank launched a wellness-themed credit card

Yes, Bank has announced its partnership with Aditya Birla Wellness Private Limited to launch the ‘YES BANK Wellness’ and ‘YES BANK Wellness Plus’ Credit Cards – aimed at holistic health, self-care, and wellness of consumers. 

• ICICI Bank tied up with fintech company Niyo for prepaid cards

ICICI Bank, a leading Indian private sector bank, and Niyo, a new age fintech company announced a tie-up to issue prepaid cards to Micro, Small, and Medium Enterprises (MSMEs) workers. The ‘ICICI Bank Niyo Bharat Payroll Card’ allows an individual to receive funds up to Rs 1 lakh into the card account. It offers convenience and safety of digital banking to the blue-collar workforce while providing a state-of-the-art salary disbursement solution to employers.

• RBL Bank re-appointed Vishwavir Ahuja as MD and CEO

The board of directors of RBL Bank has approved the re-appointment of Vishwavir Ahuja as the Managing Director and CEO of the bank for three years.

• HSBC inaugurated branch at GIFT City in Gujarat

Global financial services major HSBC has inaugurated its International Banking Unit (IBU) branch at GIFT City near Gandhinagar city in Gujarat. HSBC is one of the earliest global financial institutions setting up a branch at India’s GIFT City and was the first bank to get a license from the newly set up International Financial Services Centers Authority (IFSCA).

• Dhanlaxmi Bank appointed J K Shivan as MD and CEO

The Board of Directors of Kerala-based Dhanlaxmi Bank has given the approval to appoint J K Shivan as managing director and CEO of the Bank.

• Bharti AXA General Insurance launched Krishi Sakha app for farmers

Bharti AXA General Insurance has launched Krishi Sakha App, a one-stop-shop for Indian farmers that offers them relevant information to cater to their daily farming needs. It also provides guidance to farmers to adopt best farming practices and enhance their productivity. The farmers through this app will also have access to the Pradhan Mantri Fasal Bima Yojana (PMFBY) portal for crop insurance-related information.

• SBI selected Janakiraman and Ashwini Kumar Tewari as MDs

The appointments committee (ACC) of the Cabinet has approved the appointment of Swaminathan Janakiraman and Ashwini Kumar Tewari as new Managing Directors (MDs) of the State Bank of India (SBI) for a period of three years.