A subsidiary of NABARD (The National Bank for Agriculture and Rural Development), Nabventures notified its first time funding termed ‘NABVENTURES Fund I‘ which is a Rs 700-crore venture capital fund for equity investments to provide support for agriculture, food and rural start-ups (which would help improve rural livelihoods).
Paytm collaborated with Citibank to launch its 1st credit card called ‘Paytm First Card’
According to Crisil Ratings report, in year 2018-19, Rs 70,000 crore bad loans were recovered through the Insolvency and Bankruptcy Code (IBC) with a recovery rate of 43 percent in 94 cases. The IBC has recovered bad loans two times the Rs 35,500 crore through previous resolution mechanisms like Debt Recovery Tribunal and Lok Adalat.
Small Industries Development Bank of India (SIDBI) has launched a pilot scheme for fintech Non Banking Financing Companies (NBFCs) to give financial assistance up to Rs. 10 crore in order to boost digital lending.
According to Reserve Bank of India data, the bank credit grew by 13.24 percent in financial year 2019 (FY19) to Rs 97.67 lakh crore as compared to 10.3 percent in FY18 and the deposits up by 10.03 percent in FY19 to Rs 125.72 lakh crore as compare to 6.7 percent in FY18.
RBI-appointed committee chaired by Nandan Nilekani, Aadhaar architect, submitted the panel’s suggestions on promoting digital payments to Shaktikanta Das, the Governor of RBI. RBI will examine the recommendations of the committee and will link the action points in its ‘Payment and Settlement Systems in India: Vision 2019 – 2021’.
Tripura Gramin Bank among top RRB performer in the country. Tripura Gramin Bank has posted a profit for 7 successive years to Rs 125.45 crore in fiscal 2018-19. The Bank also registered the business of Rs. 9,000 crores, with net Non-Performing Asset (NPA) of zero percent and gross NPA of 8.94 percent.
In accordance with the Reserve Bank of India (RBI) data, debit card swipes on Point of Sales (PoS) terminals have been increased over 27% in March 2019 in comparison to the same period of 2018. While, withdrawals from ATM hiked at a low rate of 15%.
Transport Company, Ola Cabs has launched Ola Money SBI Credit Card in partnership with SBI Card to provide a flexible and convenient payment system to its customers.
In accordance with the data compiled by Reserve Bank of India (RBI), the bank credit has been mounted by 18.5% to Rs 10.55 lakh crore for infrastructure in financial year 2018-19. It is highest since 2012-13 fiscal. Loans to the power sector had increased by 5% to Rs 5.69 lakh crore compared to Rs 5.19 lakh crore in FY18. Also, credit growth to roads sector mounted 2% to Rs1.86 lakh crore as of end-March 2019.
The Reserve Bank of India (RBI) has extended the time window of Real Time Gross Settlement (RTGS) for customer transactions from 4.30 pm to 6 pm. The move has been taken due to the increase in the number of transactions by 8% to Rs 1,335 crore in March 2019.
RBI permitted Banks to use Aadhaar only for DBT accounts for KYC requirements. The Reserve Bank of India has permitted banks to accept Aadhaar number (Offline verification) for Know Your Customer(KYC) verification with the consent of the customers.
India’s largest bank State Bank of India (SBI) has moved to a new interest rate regime on large savings account deposits with balance above Rs 1 lakh as well as short-term loans like overdraft and cash credit. In March 2019, SBI has announced that it will link its interest rate on large savings account deposits and short term loans to RBI’s repo rate which would be effective from May 1, 2019.
For the 1st time, private lender YES Bank Ltd, in terms of market valuation, has slipped by 3 levels to come down to the 10th spot. Previously, YES Bank was the 7th most-valued bank. The most valued Indian bank with a market cap of Rs. 6.34 trillion is HDFC Bank Ltd. This is followed by (SBI) State Bank of India and Kotak Mahindra Bank with market cap of Rs 2.76 trillion and Rs 2.68 trillion, respectively
To include the RRBs (Regional Rural Banks) and SFBs (Small Finance Banks) in the same level as the other Scheduled Commercial Banks, RBI has notified them to enhance housing loan limits to individuals up to Rs 35 lakh in metropolitan centres (which would have a population of over 10 lakhs) and Rs 25 lakh in other centres, under Priority sector Lending (PSL).
Banking & Finance Current Affairs – May 2019 Month
