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BANKING CURRENT AFFAIRS : FEBRUARY 2018

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BANKING CURRENT AFFAIRS: FEBRUARY 2018 YES BANK successfully completed issuance of its

first USD 600 million (more than Rs. 3,847 crore) bond issue in the international debt markets. The Bond issuance is for a tenor of 5 years. It is listed on the London Stock Exchange International Securities Market (LSE ISM), the Singapore Exchange Securities Trading (SGX), and the India International Exchange IFSC at GIFT City, Gandhinagar.

The $1.8 billion fraud hit Punjab National Bank stated that Indian skipper Virat Kohli continues to be its brand ambassador.

Pune based online lending platform TAB Capital, launched a “Two-Wheeler Loan" product that can be approved in just 10 minutes. The initiative will use biometric technology, linked with a customer’s Aadhar details and finger print, to approve loans in just 10 minutes.

State Bank of India is set for a major restructuring of its business in the UK from April. SBI's UK operations will transform into a subsidiary named State Bank of India UK Limited. The move will mean that all retail branches of SBI in the UK will fall under a new UK incorporated banking entity instead of their previous status as overseas branches of the Indian entity.

State Bank of India steeply increased the bulk deposits rates for various maturities by up to 0.75 per cent with immediate effect.

SBI wrote off bad loans worth Rs. 20,339 crores in 2016-17, the highest among all the public-sector banks, which had a collective write off of Rs 81,683 crore for the fiscal.

RBI has made banks' priority sector norms lenient by saying that all loans to micro small and medium enterprises (MSME) will henceforth qualify as

priority sector lending. Till date, loans up to Rs. 10 crores per MSME borrower was considered for priority sector calculation.

The central bank has however told foreign banks with 20 or more branches to adhere to the priority sector sub-targets for farm loans and loans to micro enterprises to make the rule equal with other banking entities.

The sub-target for bank lending to the micro enterprises has been 7.50 percent of adjusted net bank credit. Foreign banks will also have to follow 8% sub-target for lending to the small and marginal farmers.

NCP chief Sharad Pawar said the Reserve Bank refused to accept old currency notes having face value of Rs 112 crore deposited with some District Central Cooperative Banks (DCCBs) in Maharashtra post demonetisation and instead asked the banks concerned to show them as "loss".

In the wake of Punjab National Bank fraud case, the Central Vigilance Commission issued an advisory to all the public-sector banks ordering them to transfer the officers who have completed three years as on December 31, 2017. It also stated that the transfer of all clerical staff who have completed five years as on December 31, 2017 "should be done immediately".

Note: PNB has lodged two financial fraud complaints of Rs. 11400 crores and Rs 280 crore against Nirav Modi, his family members and Mehul Choksi, owner of Gitanjali Gems.

Axis Bank has asked its President and Chief Information Officer Amit Sethi to resign. Axis said Avinash Raghavendra, who has been with the bank for 20 years, will be in charge of the technology department in place of Sethi.

Finance minister Arun Jaitley said that banking sector must invest in long-term assets to improve the capital formation in agriculture sector.

Reserve Bank of India announced the scrapping of subsidies given to banks to install ATM machines and cash-recyclers and said that it would lead to a further push to digital transactions.

Currently, the regulator has fixed subsidy amount at 50% of the actual cost of the machine or Rs 2 lakh whichever is lower for urban centres and 60% of the actual cost of the machine in semi urban

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areas and rural areas or Rs 2.5 lakh whichever is lower.

Capital Small Finance Bank achieved the milestone of 100 branches by opening 53 new in span of 22 months. Sarvjit Singh Samra is Managing Director of Capital Small Finance Bank Ltd.

Bank of Baroda will shut down its operation in South Africa.

Catholic Syrian Bank Ltd (CSB) has tied up with Celebrus Capital Ltd (Celebrus), to offer CSB’s customers online trading and demat services.

Central Bureau of Investigation (CBI) booked the directors of Rotomac Pen company on charges of cheating and willfully defaulting on loans of Rs 3,695 crore.

Vikram Kothari, his wife Sadhana Kothari and son Rahul Kothari — all directors — have been booked by the CBI on charges of cheating a consortium of seven banks led by Bank of Baroda.

Private sector lender Federal Bank made its foray into investment banking by acquiring a minority 26 per cent stake in Equirus Capital, a boutique investment bank.

Private sector lender HDFC Bank announced appointment of Rakesh Singh as private banking head. Private banking is wealth management service of the bank catering to High Net Worth and ultra-HNW individuals, families and establishments, who aim to successfully manage and grow their wealth.

RBI has asked commercial lenders to link their core software with the SWIFT interbank messaging system by the end of April 2018.

Aditya Birla Idea Payments Bank became the fourth such entity to begin operations since issuance of licenses to 11 firms by RBI in August 2015.

Telecom major Bharti Airtel was the first to begin the payments bank operations.

Reserve Bank of India has constituted a five-member panel under former board member Y H Malegam to look into the wide divergence by banks in asset classification and provisioning and reasons for frauds and measures to prevent it and also asked them to strengthen the SWIFT operating environment.

Finance Ministry directed public sector banks (PSBs) to probe all NPA accounts of over Rs 50 crore for possible fraud and accordingly report the cases to CBI.

India's central banking institution has asked lenders to step up the monitoring of debits from their Nostro accounts after a cyberattack led to $2 million being siphoned off from the accounts of City Union Bank last week.

Let’s Talk about some Important points

from these CURRENT AFFAIRS

GVA: Gross Value Added

Put simply, it is a measure of total output and income in the economy. It provides the rupee value for the amount of goods and services produced in an economy after deducting the cost of inputs and raw materials that have gone into the production of those goods and services. It also gives sector-specific picture like what is the growth in an area, industry or sector of an economy.

YES BANK: Headquarters: Mumbai: CEO: Rana Kapoor







Punjab National Bank: Shri Sunil Mehta: Managing Director & Chief Executive Officer: HQ: New Delhi

NCP: Nationalist Congress Party (NCP) is a National level political party in India.

Axis Bank: Headquarters: Mumbai: Shikha Sharma (CEO, Managing director)

Capital Small Finance Bank

The Jalandhar-headquartered bank

Bank of Baroda: Managing Director & CEO: Shri P. S. Jayakumar: HQ: Vadodra

Catholic Syrian Bank Ltd

Shri. T.S. Anantharaman: Chairman Shri. C. VR. Rajendran: Managing Director & CEO HQ: Thrissur, Kerala

Federal Bank

Mr. Shyam Srinivasan: Managing Director & CEO HQ: Kochi, Kerala

HDFC Bank

Headquarters: Mumbai, Maharashtra, India Aditya Puri (MD)

SWIFT

A SWIFT code is an international bank code that identifies particular banks worldwide. It’s also known as a Bank Identifier Code (BIC). CommBank uses SWIFT codes to send money to overseas banks. A SWIFT code consists of 8 or 11 characters.

CommBank's SWIFT code is CTBAAU2S. The code is made up of letters and numbers as follows:

Aditya Birla Idea Payments Bank

A payments bank is not allowed to give loans. It is authorised to accept demand deposits with a maximum balance of Rs 1 lakh per customer. It can issue debit cards but not credit cards. Besides, it can also act as a business correspondent to another bank.

ABIPBL is a joint venture between Aditya Birla Nuvo Ltd (51 per cent stake) and Ideal Cellular (49 per cent stake).

Nostro accounts

Nostro account refers to an account that a bank holds in a foreign currency in another bank.

A bank account held in a foreign country by a domestic bank, denominated in the currency of that country. Nostro accounts are used to facilitate settlement of foreign exchange and trade transactions.





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