Banking News of April: Banking Awareness Special Series_00.1
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Banking News of April: Banking Awareness Special Series

Team Adda247 and Bankers Adda have introduced a Special Banking Awareness series for SBI and IBPS Interviews 2021. In this series, we will introduce the candidates to some banking awareness topics Daily that will improve their general awareness and ensure that the candidates do not lack in any banking term when it comes to the interview round. Today the topic of our Banking Awareness Series is Banking News of April.

Banking News of April: Banking Awareness Special Series_40.1

Banking News of April

RBI caps the tenure of Private Banks as MD & CEO at 15 years

RBI has capped the tenure of 15 years for private banks including Small Finance Banks and wholly owned subsidiaries of Foreign Banks for their MD, CEO, and whole-time Directors.

Shivalik Small Finance Bank begins its operations

Shivalik Small Finance Bank commenced its operations as a small finance bank (SFB) with effect from April 26, 2021. It was the first urban cooperative bank in India to receive a license from RBI to operate as a small finance bank.

SBI inks 1 billion USD agreement with Japan Bank

State Bank of India has raised 1 billion US dollars from Japan Bank for International Cooperation (JBIC) for extending loans to the supply chain of the Japanese automobile industry in India. Earlier SBI has inked a similar agreement with JBIC for 1 billion USD thus it is now a total of 2 billion USD. 

ICICI Bank tied up with PhonePe for Issuance of FASTags

ICICI Bank and PhonePe have announced their partnership for the issuance of FASTags using UPI on the PhonePe APP. ICICI Bank is the first bank to tie up with PhonePe for the issuance of FASTags.

PhonePe becomes first to cross billion-transaction mark on UPI

Bangalore-based digital payment service company PhonePe has become the first company to achieve the milestone of 1 billion transactions on UPI. The company achieved this feat in March 2021 when total transactions were more than 1.3 billion on its platform. 

World Bank approves USD 32 million projects to Mizoram

The World Bank has approved 32 million US dollars projects in Mizoram to improve management capacity and quality of health services. The project named “Mizoram Health Systems and Strengthening Project”. 

World Bank and AIIB approve a loan for USD 300 million projects to Punjab

The World Bank and Asian Infrastructure Investment Bank (AIIB) jointly approved the loan of USD 300 million (around Rs.2190 crore) for canal-based drinking water projects in Punjab.

RBI deputy governor BP Kanungo retires

The RBI deputy governor BP Kanungo has retired after his term ended on 2nd April.

Bharti AXA Life and Fincare SFB partnered for bancassurance

Bharti AXA Life Insurance and Fincare Small Finance Bank have a bancassurance partnership. Fincare SFB will sell insurance policies to its customers.  

Axis Bank becomes co-promoter of Max Life Insurance

Axis Bank is now co-promoter of Max Life Insurance Company Ltd. after completing the acquisition of a 12.99% stake in the company. Axis capital ltd. and Axis Securities Ltd. will collectively own a 12.99% stake in Max Life Insurance Company.

Punjab National Bank launches digital initiative PNB@Ease

Punjab National Bank has launched a digital initiative “PNB@Ease” which will enable the customers to avail all banking services under one roof. This digital initiative was announced by PNB on its 127th foundation day.

RBL Bank partnered with Mastercard to offer payment functionality

RBL Bank and Mastercard joined hands for the partnership of launching a mobile-based consumer-friendly payment solution ‘Pay by Bank App’. It is a first-of-its-kind payment functionality in India. Bank account holders can enjoy contactless transactions across the world through their mobile banking applications both in-store and online.

RBI approves re-appointment of MD & CEO of DCB Bank

Reserve Bank of India has given approval to DCB Bank for the re-appointment of Murali M. Natrajan as MD and CEO of the bank for a further one year. 

LIC joins hands with Paytm to handle digital payments

Life Insurance Corporation, LIC has appointed Indian payments player Paytm to facilitate its digital payments

RBI cancels License of Sambandh Finserve

RBI has canceled the license of fraud-hit Sambandh Finserve Pvt. Ltd headquartered in Odisha. It was registered as an NBFC-MFI.

Reserve Bank of India approves Atanu Chakraborty as HDFC Bank’s part-time chairman

RBI has approved the appointment of former Economic affairs secretary, Atanu Chakraborty as the part-time chairman and additional independent director of the private sector lender HDFC Bank

RBI allows commercial banks to pay up to 50% of pre-covid dividends

The RBI has allowed commercial banks to pay dividends on equity shares for FY21, from the profits for the fiscal ended March 31, 2021. RBI allows commercial banks to pay dividends which cannot be more than 50% of the amount determined as per the dividend payout ratio prescribed. 

SBI research estimates India’s GDP Growth Rate at 10.4% for FY22

SBI Research has revised India’s GDP growth rate for FY22 to 10.4% which was estimated earlier at 11%. This downward in estimation has done due to increasing covid cases in the country.

RBI canceled license of Bhagyodaya Friends Urban Co-operative Bank

The Reserve Bank of India has canceled the license of Maharashtra-based Bhagyodaya Friends Urban Co-operative Bank due to insufficient capital. 

 

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