Weekly Beebooster 16Th Dec to 22Nd Dec 2019
Total Page:16
File Type:pdf, Size:1020Kb
Weekly BeeBooster 16th Dec to 22nd Dec 2019 Finance and Banking SBI inks $277 million pact with Germany based KfW bank to develop energy-efficient housing programme State Bank of India (SBI) has signed a loan agreement worth of $277 million (about Rs 1,958 crore) with Kreditanstalt für Wiederaufbau (KfW) German development bank for establishing an energy-efficient housing programme in India. • The arrangement of the loan and the grant facilities was facilitated by SBI's investment banking subsidiary SBI Capital Markets Ltd. • The financial cooperation pact has been signed between the Government of India and the Government of Germany. • In addition to this loan, KfW will also extend a grant of 1.5 million euros (about Rs 12 crore) as a technical assistance package. The technical assistance funds shall be used for supporting SBI in the preparation, implementation and monitoring of the programme. • Under the programme, both builders and homebuyers shall be financed for developing/purchasing energy-efficient residential projects that achieve at least 25 per cent energy savings in comparison to standard reference buildings. BSE inks cyber-security agreement BSE has signed a pact with security services provider Si Consult to strengthen cyber security services and safeguard the interests of stockbrokers. • The market regulator SEBI in December 2018 put in place a stricter cyber security framework for stock brokers and depository participants amid concerns over possible data breaches. • SEBI had asked brokers and depository participants to formulate a comprehensive cyber security and cyber resilience policy document encompassing the framework. HDFC Bank crosses $100 billion market capitalisation HDFC Bank has become the 3rd Indian firm to cross $100 billion mark in market capitalisation. • HDFC Bank has joined the league of Reliance Industries Ltd, which has a market cap of $140.74 billion, and Tata Consultancy Services (TCS) that has a market cap of $114.60 billion. • With this achievement, HDFC Bank is now ranked 110th in the list of world’s most valued companies. • Among the world’s most valued banks and financial companies which have a market cap of over $100 billion, HDFC Bank is ranked at 26th position. 1 | P a g e All ixamBee Mock Tests are FREE Please visit www.ixamBee.com Contact us at 92055 24028 (SMS/WhatsApp/call) or [email protected] Weekly BeeBooster 16th Dec to 22nd Dec 2019 Google searches for 'Operation Twist' surge in India Google searches for 'Operation Twist' surged in India after the RBI announced its version of the US Federal Reserve's monetary policy. • Most searches for the term came from Delhi followed by Maharashtra. • The central bank said it will buy long-term bonds, while simultaneously selling short-term government securities in an effort to cheapen long-term borrowing and boost bank lending. • The Reserve Bank of India will buy longer-tenor bonds while selling shorter debt. • The concept is similar to Operation Twist used by the Fed in 2011-2012 in an effort to cheapen long-term borrowing and spur bank lending. RBI buy, sell govt bonds worth Rs 10,000 crore on 23rd December 2019 The Reserve Bank of India (RBI) had simultaneously purchased and sold government securities worth 10,000 crore rupees under a special Open Market Operation (OMO). • Such exercises are done by the central bank when the proceeds from the sale of short-term securities are used to buy long-term government securities or bonds in a bid to bring down interest rates on long-term securities. • RBI said, the eligible participants have submitted their bids/offers in electronic format on the RBI's Core Banking Solution (E-Kuber) system between 10.30 a.m. and 12.00 noon on 23rd of this month. Axis Bank & IOCL launched co-branded credit card for cashless payments Axis Bank and Indian Oil Corporation Ltd (IOCL) has entered into a partnership to launch co- branded credit cards which will be useful for customers preferring cashless and hassle-free payments and enhance customer convenience in tier-II and III cities • Under the partnership, customers will receive a cashback of upto Rs 250 on fuel purchases within the first 30 days of card issuance, 20 times accelerated reward points on fuel spends at IOCL outlets as well as the waiver of fuel surcharge. • 5x accelerated reward points can also be availed on online shopping, 10% instant discount on movie ticket bookings via BookMyShow. About Indian Oil Corporation Ltd Indian Oil Corporation Ltd (IOCL) is India's flagship national oil company with business interests straddling the entire hydrocarbon value chain - from refining, pipeline transportation and marketing of petroleum products to exploration & production of crude oil & gas, marketing of natural gas and petrochemicals. Founded: 30 June 1959; Headquarters: New Delhi ; Chairman: Sanjiv Singh. 2 | P a g e All ixamBee Mock Tests are FREE Please visit www.ixamBee.com Contact us at 92055 24028 (SMS/WhatsApp/call) or [email protected] Weekly BeeBooster 16th Dec to 22nd Dec 2019 About Axis bank Axis Bank is the fifth-largest bank in India offering a wide assortment of financial products. The bank has its head office in Mumbai, Maharashtra. It has 4,050 branches, 11,801 ATMs and 4,917 cash recyclers spread across the country as of 31 March 2019 and nine international offices. Founded: 1993 ; Tagline: Badhti ka naam zindagi ; Chief Executive Officer(CEO): Amitabh Chaudhry. NPCI to set up subsidiary to take UPI global After tasting success in India in its three years of existence, real-time payment system Unified Payment Interface (UPI) is now gearing up for international markets. • The National Payments Corporation of India (NPCI), an initiative of the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA), and the developer of the UPI system is now going to set up a subsidiary to take the UPI model to other countries. • RBI governor Shaktikanta Das revealed the same while addressing an industry gathering at Times Network’s India Economic Conclave. • “UPI system is now being internationally watched, and it can become an international model to facilitate quick and seamless payment,” Das added citing Bank of International Settlement’s (BIS) recently released paper. • The development comes two days after search engine giant Google had requested US Federal Reserve to create a similar model of open-payments like UPI, where private entities are allowed to collaborate to find unique solutions to serve users. • Launched in 2016, the NPCI-led digital payment railroad has witnessed a rise in transactions and rapid adoption among customers. In November, UPI registered about 1.2 billion transactions adding up to nearly Rs 1.9 lakh crore, according to NPCI. • Digital payment players PhonePe, Google Pay and Paytm contribute around 90% in overall transactions via the NPCI-owned payments railroad. Google Pay is reported to command over 35% market share followed by PhonePe. All these three firms have been profusely burning money to draw in more customers. • According to recent data available, UPI has onboarded over 100 million customers. It aims to onboard about 500 million customers by 2022. It may soon go live in overseas markets like the United Arab Emirates (UAE) and Singapore. 3 | P a g e All ixamBee Mock Tests are FREE Please visit www.ixamBee.com Contact us at 92055 24028 (SMS/WhatsApp/call) or [email protected] Weekly BeeBooster 16th Dec to 22nd Dec 2019 About Unified Payment Interface (UPI) It is a smartphone application which allows users to transfer money between bank accounts. It is a single-window mobile payment system developed by the National Payments Corporation of India (NPCI). There are currently 140 member banks using the UPI rails to enable payments for customers across the banking sector. About NPCI Founded: 2008 ; Headquarters: Mumbai, Maharashtra ; MD & CEO: Dilip Asbe RBI releases annual report of ombudsman Schemes for the year 2018-19 According to the annual Report of Ombudsman Schemes for 2018-19,released by Reserve Bank of India(RBI), the volume of complaints received by its 21 Offices of Banking Ombudsman (OBOs) has increased to 1,95,901 complaints in 2018-19 (Fiscal year-FY 19), up by 19.75% (or 32,311 complaints) from the previous year (2017-18), that accounted 1,63,590. • The complaints related to unfair practices accounted for a maximum number of cases, its percentage share fallen from 22.10 % in 2017-18 to 19.17 % in 2018-19. • ATM/Debit card grievances has increased from 15.08 % in 2017-18 to 18.65 % in 2018-19 (36,539 complaints), while those related to pension, levy of charges without notice, credit card related issues and remittance has been decreased. • The volume of complaints related to mis-selling have has been increased 92.57% to 1,115 in 2018-19 as against from 579 complaints in 2017-18. • The report also states that the average cost of handling a complaint was Rs 3,145 in 2018-19, which was lower than the average cost of Rs 3,504 in 2017-18. • The disposal rate was 94.03 % at for 2018-19 as against 96.46 %in 2017-18 due to rise in volume of complaints from the same resource . • Through the intervention of OBOs, mediation and conciliation among others, the resolution of complaints increased to 70.40 % in 2018-19 from 65.82 % in 2017-18. • In case of NBFC-Ombudsman scheme which came to effect on February 23, 2018 in four metro centres Chennai, Kolkata, Mumbai and New Delhi, as many 3,991 complaints were received, as compared to 675 in four months operation during 2017-18. Here, unfair practices constituted 40.44 % of complaints received, followed by non-observance of RBI directions (17.21 %), levy of charges without notice (12.63%) and lack of transparency in contract / loan agreement (9.17 %).