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Legend Magazine (March - 2018) Current Affairs and Quiz, Computer Aptitude, English, Banking Awareness, Simplification Exclusively prepared for RACE students Issue : 10 | Page : 48 | Topic : Legend of March | Price : Not for Sale FINANCIALAWARENESS Cabinet Clears Setting Up of NFRA To RBI Lifts Per-Borrower Loan Capitalization Catholic Syrian Bank Ltd and Celebrus Oversee Auditors: For MSMEs: Capital Ltd signs For Online Trading Union Cabinet has approved the In view of the increasing importance of Services: establishment of National Financial Reporting the services sector and to encourage banks to Catholic Syrian Bank Ltd and Authority (NFRA). lend more to this sector, the Reserve Bank of Celebrus Capital Ltd have announced a new NFRA will act as an independent regulator for the India has decided to do away with the per partnership to offer CSB’s customers online auditing profession which was one of the key borrower loan limits to Micro/Small and Medium trading and Demat services. changes brought in by the Companies Act 2013. Enterprises (Services) for classification under This partnership will enable all CSB clients to priority sector lending. open free Demat accounts through the SBI hikes interest rates making home, auto So far, loans to Micro/Small and Medium Celebrus platform with in-depth research, loans costlier: Enterprises (Services) up to Rs5 crore and allowing them to take wise investment decisions. India’s largest lender SBI on Thursday Rs10 crore, respectively, were classified as Celebrus Ltd HQ: Ernakulam, kerala increased marginal cost-based lending rates priority sector lending (PSL). MD CEO of CSB bank: C V R Rajendran. (MCLR) across most maturities, making home, education, and auto loans more expensive. RBI To Conduct Additional Repo Operations RBI Increases Currency Derivative Trade The bank raised the MCLR rate to 8.15% from To Provide Liquidity Support To Banks: Limit to USD 100 Million: 7.95%, effective immediately. According to the Reserve Bank of India The Reserve Bank of India raised the it will conduct additional variable rate repo exposure limit under Exchange Traded Separate limit of Interest Rate Futures operations for longer tenors up to 31 days every Currency Derivatives (ETCD) trading for (IRFs) for Foreign Portfolio Investors Tuesday in the month of March 2018 for Rs residents and foreign portfolio investors (FPIs): 25,000 crore each to provide additional liquidity (FPIs) to USD 100 million across all currency pairs The Reserve Bank of India has eased support to banks. involving the Indian rupee. position limit in interest rate futures (IRFs) for foreign portfolio investors (FPIs). The banking RBI slaps Rs 3 Cr penalty on Axis Bank, 2 Cr 9.9% Growth In Last year Foreign Exchange regulator has allowed a limit of Rs. 5,000 crore on IOB: Earnings: for FPIs to go long in IRFs. The Reserve Bank said it has imposed a Ministry of Tourism estimates monthly RBI’S review on Currency Distribution & penalty of Rs 3 crore on Axis Bank for violation Foreign Exchange Earnings (FEEs) through Exchange Scheme (CDES): of NPA classification norms, and Rs 2 crore on Tourism in India, both in Rupee and Dollar terms The RBI has been providing several Indian Overseas Bank for not complying with based on the credit data of Travel Head from incentives to banks, from time to time for the KYC regulations. Balance of Payments of Reserve Bank of India installation of various machines by them to (RBI). encourage technology absorption in their WTO to set up compliance panel in solar The growth rate in FEEs in rupee terms in January currency operations for improved customer dispute case between India, US: 2018 over January 2017 was 9.9%, compared to service. The dispute settlement body (DSB) of the growth of 18.0% in January 2017 over Therefore, on a review, it has been decided to World Trade Organization (WTO) has decided January 2016 withdraw the incentives which was being given to to set up panel to examine whether India has the banks for installation of Cash Recyclers and complied with its 2016 ruling in case against US IndusInd Bank And Ripple Tie-Up For Cross- ATMs dispensing only lower denomination notes regarding domestic content requirements Border Remittances: as contained in the Master Direction DCM (DCR) rules for solar cells and modules. IndusInd Bank announced its PNB And ICICI Bank Increases MCLR Rates HQ- Geneva, switzerland partnership with Ripple (the enterprise India Becomes Member of European blockchain solution for Global Payments) to Taking a cue from SBI, private sector lender Development Bank: facilitate payments into and out of India. ICICI Bank also raised the one-year MCLR from India is all set to become the 69th AIIB approves $1.5 billion in loans to India 8.2% to 8.3%. member of the European Bank for for infrastructure projects: The PNB, which is at the centre of Nirav Modi Reconstruction and Development (EBRD) China-based Asian Infrastructure fraudcase also increased one-year MCLR to 8.3% after shareholders of the international financial Investment Bank (AIIB) has approved from 8.15%. institution gave their nod to the country’s $1.5 billion loan to India for infrastructure- candidature. related projects in 2018. Chairman:Sir Suma Chakrabarti Chennai | Puducherry | Madurai | Trichy | Salem | Coimbatore | 7601808080 / 9043303030 www.RACEInstitute.in Erode | Namakkal | Tanjore| Tirunelveli | Trivandrum | Ernakulam| Bengaluru | Chandigarh |Legend Magazine | March - 2018| 2 HQ:London, United Kingdom DCB Bank said it has introduced a the emirate and to expand its retail offerings to remittance service ‘DCB Remit’ that will allow a customers in the neighboring northern emirates. Govt sanctions Rs.1000 crore for research resident Indian having a bank account in India to SBI Tie-up with IMGC to offer mortgage innovation program: remit or send money online, globally. guarantee for non-salaried and self- The government has sanctioned DCB HQ:Mumbai employed home loan customers: Rs.1,000 crore for the phase two of the DCB Tagline:We value you India’s largest lender SBI and India Impacting Research Innovation and India Announces USD 100 Mn LoC For Mortgage Guarantee Corporation (IMGC) Technology (IMPRINT) India programme, Union Mauritius: signed a pact to offer mortgage guarantee Minister Prakash Javadekar said. India has announced a new Line of scheme for prospective non-salaried and self- HDFC Bank hikes lending rates: Credit of USD 100 million for defense employed home loan customers. Private sector lender HDFC bank procurement by Mauritius as the two sides signed IMGC HQ- Haryana increased the one year MCLR by 10 bps to many agreements on the second day of President GIC Re to Operate From Lloyd’s In London 8.30%, according to its website. The new rate Ram Nath Kovind’s visit. General Insurance Corporation is going came into effect from March 7, 2018. Capital : port Louis to start operations at the Lloyd’s London office in Paytm received SEBI’s nod as registered Currency : Rupee April 2018 thereby increasing its share of Investment Adviser: RBI Cancels Letters of Undertaking (LoUs) international business. This will also facilitate Financial services platform Paytm today and Letters of Comfort (LoCs) for Trade Indian becoming a regional reinsurance center. said its wholly-owned subsidiary, Paytm Money, Credits: ABFL’s to merge with Allahabad Bank has received approval of market regulator SEBI The Reserve Bank of India has scrapped Ministry of Corporate Affairs has allowed to become a registered Investment Advisor. quasi bank guarantee instruments such as the the merger of Allahabad Bank with its wholly own RBI slaps Rs 40 lakh penalty on SBI for Letter of Undertaking and Letter of Comfort that subsidiary- All Bank Finance Ltd (ABFL). flouting fake note norms: blew a Rs. 14,000 crore hole in the books of ‘Digital Export Import’ payments by Yes Bank The Reserve Bank of India has imposed Punjab National Bank as the regulator attempts Yes Bank has launched a robotics- a monetary penalty of Rs 40 lakh on State Bank to plug a loophole and improve banks’ due based ‘Digital export Import’ payments solution of India for non-compliance of its directions on diligence in trade credit. as a part of its Yes Transact Smart Trade product detection and impounding of counterfeit notes. Banks can continue to issue guarantees and letter suite. RBI slaps Rs.5 Cr fine on Airtel Payments of credit for trade purposes which are the It aims to bring over 1 lakh trade transactions Bank over KYC norms international norm, and also have features that going entirely digital, across major geographies The RBI has imposed a penalty of Rs 5 crore on makes the claim on the issuer strong. including China, US. Airtel Payments Bank for breaching Know Your Digital transactions in India may hit $1 Karnataka Bank’s all-woman branch Customer (KYC) norms. trillion annually by 2025: Karnataka Bank opened its first all- The fine was imposed after the RBI found it guilty By 2025, digital transactions in India woman branch at Bull Temple Road in of opening payments bank accounts of could be worth $1 trillion annually, according to a Bengaluru. subscribers without their consent. report by ACI Worldwide and AGS Transact Agricultural credit target for FY 2018-19 up More than 23 lakh customers reportedly received Technologies. to Rs 11 lakh crore: over 47 crore in their payments accounts, which The country’s smartphone user base will also The government has fixed they didn’t know that account were opened. likely double to 500 million by 2020, the report the agriculture credit target of 11 lakh CSO projects the growth of GDP to be 6.6 per added crore rupees for the year 2018-19 against last cent in 2017-18 IBBI Signs MoU With Reserve Bank of India year’s target of 10 lakh crore rupees.