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Banking Current Affairs

RBI allows Bandhan Bank to open new branches without prior permission

The Reserve bank of India removes the restrictions placed on Bandhan Bank, allowing it to open new branches without prior permission. The RBI came up with some regulatory conditions & directed the bank to order about 25% of the total banking outlets to be opened in rural areas where banking facilities are not available.

Bandhan Bank was banned from opening a new branch on September 28, 2018, on behalf of the Supreme Court (SC) and the court ordered to freeze the salary of Chandra Shekhar Ghosh, the founder-cum managing director (MD) of the bank, after not fulfilling the shareholding rules. As per the RBI Licensing Guideline, Bandhan Financial Holdings Ltd, the bank promoter was to reduce the company’s share from 82 % to 40 % in 3 years. The deadline for the Bank was August 23, 2019, which it failed to meet.

“EASE 3.0” launched for tech-enabled banking for aspiring India

“Enhanced Access and Service Excellence (EASE) 3.0” has been launched by Finance Minister Nirmala Sitharaman along with the EASE 2.0 Annual Report at Indian Banks’ Association function. This has been launched for smart, tech-enabled banking for aspiring India.

EASE 3.0 is expected to provide advanced solutions to make the public sector banking smart and technology-enabled. Some key facilities like Palm Banking for “End-to-end digital delivery of financial service”, “Banking on Go” via EASE banking outlets at frequently visited spots like campuses, stations, complexes and malls will be provided by the EASE 3.0 reforms agenda. It also aims to digitize the customer’s experience at public sector bank branches.

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