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  • 17-Oct-2019
  • India Post launches mobile banking facility for savings accounts

    The Department of Post has launched mobile banking for its savings account customers. According to the circular, the facility will be available from October 15 for all the post office savings account holders of the CBS (core banking solutions) post offices.

    The launch of the mobile banking facility comes almost a year after the Department of Post launched Internet banking facility for its savings account holders.

  • 15-Oct-2019
  • ICICI Bank launches new FD scheme “FD health”

    ICICI Bank has launched a new Fixed Deposit (FD) scheme - FD Health. The scheme offers FD with a health benefit through a critical illness coverage. Customers will be offered a complimentary insurance cover of Rs 1 lakh.

    The FD Health scheme provides the customer a complimentary critical illness cover of Rs 1 lakh from ICICI Lombard General Insurance Company on opening an FD of Rs 2 lakh to Rs 3 lakh for tenure of at least two years. The customers, who are in the age bracket of 18-50 years, get a complimentary insurance cover for a year on 33 critical illnesses including specified severities related to cancer, lung disease, kidney failure, liver disease and benign brain tumor, Alzheimer’s disease and Parkinson’s disease.

  • 14-Oct-2019
  • Life Insurance Council plan to launch life insurance industry’s first joint mass media campaign ‘Sabse Pehle Life Insurance’

    Life Insurance Council has decided to launch the Indian life insurance industry’s first joint mass media campaign with the slogan ‘Sabse Pehle Life Insurance’. The slogan will encourage Indian households to opt for adequate life insurance cover as the fundamental necessity in their lives.

    The life insurance council’s campaign represents joint efforts of all 24 Indian life insurance companies who are working towards creating a common narrative aimed at increasing life insurance awareness in the country.

  • 10-Oct-2019
  • RBI approves merger of DCBs to form ‘Kerala Bank’

    The Reserve Bank of India has given the go-ahead to the Kerala government to amalgamate 13 district cooperative banks (DCBs) with the Kerala State Cooperative Bank to form the proposed “Kerala Bank”.

    Except the Malappuram District Cooperative Bank, all district banks had approved the scheme of amalgamation proposed by the State government at their respective general body meetings. Now, the government have to complete the stipulations laid for merger and submit a compliance report to the apex bank before March 31, 2020. RBI also insisted that the State government would have to consistently infuse additional capital and also put in place a well-defined governance structure by amending the KSCS Act.

  • 10-Jul-2019
  • SBI slashes lending rates by 5 bps

    State Bank of India (SBI), the country’s largest lender, reduced its benchmark lending rate by 5 bps across all loan tenures. The lender’s one-year marginal cost of funds based lending rate (MCLR) will be 8.4% compared with 8.45% from Wednesday.

    “Interest rates on all loans linked to MCLR stand reduced by 5 bps with effect from 10th July 2019. This is the third rate cut in the current financial year. With today’s MCLR cut, the reduction in the home loan rates since April 10, 2019 is 20 bps,” SBI said.

    The move comes after RBI decided to cut its repo rate by 25 bps last month. RBI has reduced the repo rate by 75 bps in 2019.

  • 09-Jul-2019
  • RBI board finalises ‘Utkarsh 2022’

    The Reserve Bank of India (RBI) board, which met in New Delhi, finalised a three- year roadmap to improve regulation and supervision, among other functions of the central bank.

    This medium term strategy — named Utkarsh 2022 — is in line with the global central banks’ plan to strengthen the regulatory and supervisory mechanism.

  • 06-Jul-2019
  • Punjab & Sind Bank sets up Cen-MARG

    State-owned Punjab & Sind Bank has set up a centralised hub for processing retail and MSME loans for better efficiency of branches in business acquisition.

    The Centralised MSME & Retail Group (Cen-MARG) will be housed at its head office in New Delhi.

  • 05-Jul-2019
  • 'Vasool So-Ft' launched to digitize NPA recovery process

    Karnataka Bank Ltd has launched the web tool – ‘Vasool So-Ft’ (Vasool So-Fast) – for digitalising the NPA (non-performing asset) recovery process of the bank.

    Launching the tool in Mangaluru, Mahabaleshwara MS, Managing Director and Chief Executive Officer of the bank, said the digital tool for the recovery of stressed assets will provide an end-to-end digital solution. It will enable easy and faster processing, real time information and immediate decision making in the recovery area.

  • 03-Jul-2019
  • RBI fines 4 Public Sector Banks for violating KYC norms

    The Reserve Bank of India (RBI) has imposed a penalty of Rs 1.75 crore on four public sector banks, including PNB and UCO Bank, for non-compliance with KYC requirement and norms for opening of current accounts.

    Punjab National Bank, Allahabad Bank and UCO Bank have been fined Rs 50 lakh each, while a penalty of Rs 25 lakh has been imposed on Corporation Bank

  • Ola Electric gets $250m funding from SoftBank

    Ola Electric Mobility has raised $250 million (Rs 1,725 crore) from Japanese investment heavyweight SoftBank, valuing the company at close to $1 billion, two people familiar with the matter said. In March, ride-hailing app Ola had spun off its electric vehicles business into a separate entity.

    Ola Electric’s share allotment to SoftBank was made on Tuesday, as reflected in a regulatory filing, which was accessed by ET.

    It follows a special resolution passed by the Ola Electric board, making SoftBank the single largest investor in the company.

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