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Weekly Beebooster 9Th to 15Th Dec 2019 Regular Banking

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Weekly Beebooster 9Th to 15Th Dec 2019 Regular Banking Weekly BeeBooster 9th Dec to 15th Dec 2019 Finance and Banking SBI cuts 1-year MCLR by 10 bps to 7.9% • State Bank of India has cut its one-year benchmark Marginal Cost of funds based Lending Rate (MCLR) by 10 basis points effective December 10. • After the latest cut, SBI's one-year MCLR comes down to 7.90 per cent per annum from 8.00 per cent per annum. • With India's largest bank linking floating rate home and MSME loans to an external benchmark (repo rate) with effect from October 1, 2019 and fresh loans being sanctioned with reference to the repo rate, the MCLR cut is likely to benefit only borrowers who have taken loans pre-October 1. • This is the eighth consecutive cut in MCLR by SBI this fiscal year. Mastercard joins hands with Federal bank for additional digital security called ‘Mastercard Identity Check’ • Mastercard,an American multinational financial services corporation has tied-up with Federal Bank, a Private Sector, scheduled commercial bank, to provide an additional layer of security function called ‘Mastercard Identity Check’ for digital transactions done by bank’s cardholders. • The new layer of security will be provided by using latest authentication standards of EMV (Europay, MasterCard, Visa) 3-D Secure. ICICI Bank opens new service centre in Bahrain • ICICI Bank has inaugurated a new service centre of the bank in the Gulf nation Bahrain, making it the lender’s second physical touch point in the country. The bank already has a retail branch at the local Manama Centre. • The new service center will provide services for all products offered by the Manama branch, except cash deposit and withdrawal. • The bank offers retail, private banking and corporate banking services in Bahrain. It offers products, especially designed for customers in Bahrain, such as savings and current account, fixed deposits, global money transfer, life insurance products, and general insurance products. Karnataka Bank launches car loan • Karnataka Bank Ltd has launched ‘KBL Xpress Car Loan’, a digitized version of car loan finance. • Launching this product, Mahabaleshwara MS, Managing Director and Chief Executive Officer, said the bank has now acquired capabilities to sanction car loans within 20 minutes. 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 9th Dec to 15th Dec 2019 Edelweiss AMC launches India’s 1st corporate bond ‘Bharat Bond ETF’ • Edelweiss Asset Management Company (AMC), a subsidiary of Edelweiss Capital Limited (ECL) has launched India’s 1st Corporate Bond ETF (exchange trade fund) called the Bharat Bond ETF. • The ETF is a government initiative and Edelweiss AMC was given the mandate to design and manage the product. • Edelweiss aims to raise an initial amount of Rs 3,000 crore through this bond from institutional players with a greenshoe option of Rs 2,000 crore in the 3-year maturity period (2023) and Rs 4,000 crore with a greenshoe option of Rs 6,000 crore in the 10-year maturity bucket (2030). • Small retail investors will have to invest at least Rs 1,000 in this fund after which, there is a facility for multiple investments. Here they can invest up to 2 lakhs and the minimum amount for anchor investors has been fixed at Rs 10 crore. Zest Money joins hands with Xiaomi to launch ‘Mi Credit’ personal loan service in the Indian market • Zest Money, an AI(Artificial Intelligence) -driven EMI(Equated Monthly Instalment) financing platform based in Bengaluru, Karnataka, has partnered with Chinese smartphone company, Xiaomi, to launch new loan service app called “MiCredit” in the Indian market. Through this, customers can get an instant loan ranging from Rs 7,000 – Rs 1,00,000. • Application process for loans can be completed within 5 minutes, and the repayment can be done over a period from 3 months – 3 years in easy EMIs. • To avail the service, the Mi credit app will first be installed in Xiaomi smartphones. It can be downloaded from Google Play store or in-house gate app.The partnership will simplify the process of taking loans with real-time approval. Vakrangee join hands with Union Bank of India(UBI) for 20,000 Banking BC Points • Vakrangee Finserve Limited, a wholly-owned subsidiary of Vakrangee Limited (VL) has partnered with Union Bank of India (UBI), one of the largest government-owned banks of India for 20,000 Banking Business Correspondent (BC) points for Nextgen Vakrangee Kendra. • It has planned target to reach 3,00,000 Nextgen Vakrangee Kendras by 2024. Business correspondents are retail agents who represent banks and are responsible for delivering banking services at locations other than a bank branch/ATM (Automated Teller Machine). About Vakrangee - Formation: 1990; MD & Group CEO: Mr. Anil Khanna About Union Bank of India - Founded: 11 November 1919; Headquarters: Mumbai, Maharashtra; MD & CEO: Rajkiran Rai G; Tagline: Good People to Bank with. 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 9th Dec to 15th Dec 2019 IRDAI frames 10-member group headed by T. L. Alamelu to study loss prevention • IRDAI (Insurance Regulatory and Development Authority of India), an autonomous body constituted to regulate and develop insurance business in India, has constituted a 10- member working group (WG) headed by IRDAI member (non-life) T. L. Alamelu to make recommendations for loss prevention & minimization in the general insurance industry. It will submit its report within 12 weeks. • The group will examine current practices followed by insurance industry in the area of Loss Prevention and suggest segment-wise ways to coordinate all stakeholders towards a common end on a common platform. • The group also mandates to give recommendations for promoting research, education and services related to Loss Prevention & Mitigation. About IRDAI Founded: 1999; Headquarters: Hyderabad, Telangana; Chairman: Subhash Chandra Khuntia 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 9th Dec to 15th Dec 2019 National News Inner Line Permit regime extended to Manipur, President Kovind signs order • The Inner Line Permit (ILP) regime has been extended to Manipur. President Ram Nath Kovind signed an order in this regard. • Manipur is the fourth state after Arunachal Pradesh, Nagaland and Mizoram where the ILP regime has been made applicable. • To visit the ILP-regime states, outsiders, including people from other states of the country, need to take permission. Wipro makes India’s first metal 3D printer • Wipro 3D, the additive manufacturing arm of Wipro Infrastructure Engineering, has developed India's first industrial- grade metal 3D printer in collaboration with the Indian Institute of Science. • The 3D printer, which works on Selective Electron Beam Melting technology, will cater to the aerospace, defence, and oil & gas sectors. It will also have utility in the medical implants segment once commercialised. Rajya Sabha passed International Financial Services Centres Authority Bill, 2019 • The bill was passed to set up a unified authority to regulate all financial services in IFSCs in India. Prior to RS, the Lok Sabha(LS) passed the bill on December 11, 2019 and will become a law once the President Shri Ram Nath Kovind gives his assent. • Financial centres that cater to customers outside their own jurisdiction are referred to as International Financial Centers (IFCs) or offshore Financial Centers (OFCs). • These centres deal with finance flows, financial products and services across borders. London, New York and Singapore can be counted as global financial centres. • The first IFSC in India has been set up at GIFT (Gujarat International Finance Tec-City) City in Gandhinagar city of Gujarat. IFSCs can be set up in SEZ (Special economic zone) or as an SEZ after approval from the government. • As per the bill, the authority will comprise of a chairperson, and one member each nominated by the Reserve Bank of India (RBI), the Securities Exchange Board of India (SEBI), the Insurance Regulatory and Development Authority of India (IRDAI) and the Pension Fund Regulatory and Development Authority(PFRDA). India Design Council launches two Initiatives to promote Design Education and Standards 4 | 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 9th Dec to 15th Dec 2019 • The India Design Council (IDC) launched the Chartered Designs of India (CDI) and the Design Education Quality Mark (DEQM) in New Delhi. • These two initiatives of IDC and National Institute of design, Ahmedabad will help to address the 5 challenges of scale, quality of design, quality of education for design, raising the priority for design in industry and design for public purpose. • Creative manufacturing and design innovation will be the key drivers in the Make in India initiative of 2020 and beyond and further strengthening the brand “designed in India”. • India Design Council is an autonomous body of the Government of India established under the Department for Promotion of Industry and Internal Trade, Ministry of Commerce and Industry. It is a national strategic body for multi-disciplinary design and is involved in promotion of design to make India a design enabled country. • In 2007, India became one of the few countries to adopt a National Design Policy (NDP) and to enable the policy implementation the Government of India announced establishment of IDC in March 2009. • The two initiatives launched today will aid and support the profession of design and help in growing the profession and to establish professional standards.
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