1. PNB buys 30% stake in Met Life India
2. ICICI Bank ties with Aircel for Mobile Money
Punjab National Bank has acquired a 30% stake in the Indian subsidiary of the biggest US life insurer MetLife at an unrevealed amount.
2. ICICI Bank ties with Aircel for Mobile Money
i. India’s largest private sector bank, ICICI Bank has partnered with Aircel to launch a mobile banking service, ‘Mobile Money’.
ii. With the help of this service the unbanked customers of these two companies will be able to transfer money securely and instantly through their mobile phones without getting connected to data services.
iii. The service will work towards financial inclusion of those who face problems in transferring money due to absence of branches or ATMs closer to them by offering a range of financial services such as deposits and cash withdrawals, money transfer to third parties, self-reload of prepaid mobile credit, and various utility bill payments.
NOTE: i. The service will be initially rolled out in Tamil Nadu, specifically for the Chennai – Tirunelveli corridor – to help migrant labourers send back money to their villages.
ii. It is similar to Vodafone’s M-Pesa service which first pioneered to great success in Africa.
3. Naseer Ahmed is the new Director of Syndicate Bank
i. C R Naseer Ahmed has been appointed as the Director of Syndicate Bank. The Government of India has nominated Ahmed as part-time non-official director on the Board of Directors of Syndicate Bank for a period of 3 years.
4. SBI slashes base rate to 9.7%
i. India’s largest public sector bank, State Bank of India, has cut its base rate (minimum lending rate) marginally from current 9.75% to 9.70%.
ii. The decision came following RBI cut its key policy rate and the cash reserve ratio by 25 basis points each.
NOTE: After RBI announced cut, IDBI Bank was the first off the block to reduce base rate as well as its benchmark prime lending rate by 25 basis points each.
5. Canara Bank to launch e-Lounge services
i. Canara Bank is about to unveil its e-Lounge services in Bangalore and Delhi.
ii. The bank would launch first e-Lounge at Koramangala Branch, Bangalore
About e-Lounge services
i. e-Lounge will cater to the needs of corporate, IT and business professionals.
ii. It would offer Services of ATM, cash deposit kiosk, check deposit kiosk, pass book update, internet banking terminal, online trading terminal, corporate web site terminal to offer latest information of bank’s services all under one roof.
6. S S Mundra appointed as the new CMD of BoB
S S Mundra has been appointed by the Government of India as the Chairman and Managing Director (CMD) of India’s second largest lender- Bank of Baroda. He is the former Executive Director of Union bank of India.
7. Axis Bank offers e-Gift Card service
Axis Bank has launched ‘Axis Bank e- Gift Card’ which is an online version of physical plastic gift cards.
About e-Gift Card service
i. The e-Gift card allows the customers to buy gift cards in an alternate way. The card carrying a particular value can be bought by using debit or credit card.
ii. This card can be gifted via email or SMS to the recipient who can use it to purchase anything online across categories like apparels, airline tickets, books etc.
iii. It also saves the sender from the puzzling situation of “what to buy for gift”.
iv. All purchase transactions shall be limited to sites that support verified by Visa and MasterCard secure code for two factor authentication.
8. World Bank slashed Global Growth to 2.4%
i. World Bank sharply slashed the global growth outlook for 2013 to 2.4% from earlier estimate of 3%.
The report includes updates to the World Bank's forecasts for growth.
i. 2.3 percent global GDP growth in 2012 (down from 2.5 percent)
ii. 2.4 percent global GDP growth in 2013 (down from 3.0 percent)
iii. 3.1 percent global GDP growth in 2014 (down from 3.3 percent)
iv. 3.3 percent global GDP growth in 2015
9. IMF forecasted World Economic Growth Rate would be 3.5 percent in 2013
i. International Monetary Fund (IMF) in at update to World Economic Outlook (WEO) on 23 January 2013, projected that the global economic growth rate would be 3.5 percent in 2013.
ii. The update mentioned that the global economic growth would strengthen gradually as the limitations of the economic activities have seen a positive note with the start of the year.
10. IMF forecasted Indian Economic Growth Rate to be 5.9 percent in 2013
i. The International Monetary Fund (IMF) on 23 January 2013 projected that the economic growth rate of India in 2013 would be 5.9 percent.
ii. The IMF also projected an increased growth rate of 6.4 percent for 2014 looking forward towards the gradual strengthening of the global expansion in India’s context.