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Banking and Finance Awareness Jan-2016 • Objective: to Track 10 Largest Private Sector • Thiruvananthapuram Headquartered State Bank of Banks Listed on the NSE

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Banking and Finance Awareness Jan-2016 • Objective: to Track 10 Largest Private Sector • Thiruvananthapuram Headquartered State Bank of Banks Listed on the NSE GUPTAGUPTA CLASSESCLASSES www.guptaclasses.com Life Insurance Corporation of India (LIC) Banking and Finance introduced a limited premium paying, non-linked with- profits Endowment Assurance plan ―Jeevan Labh‖. Awareness What is Jeevan Labh plan? Jeevan Labh is a limited RBI asked the banks to open banks in villages premium paying endowment plan which means with a population of more than 5000 premium paying shall Reserve Bank of India (RBI) asked State Level Bankers‘ be less than the policy tenure and policyholder‘s Committee (SLBC) banks to identify villages with nominee will receive the maturity benefit together with population above 5,000 without a bank branch of a any other benefits at the end of the policy term or on scheduled commercial bank the death of the policy holder, whichever is earlier. in their state. Key features of Jeevan Labh • Identified villages may be selected among scheduled Minimum Sum Assured Rs.2 lakh commercial banks for opening of branches and Maximum Sum Assured No Limit should be completed by March 31, 2017. Policy Term 16 years / 21 years / 25 years Minimum Entry Age 8 years SEBI rejects Sahara plea to restore portfolio Maximum Entry Age 59 years for 16 years policy term manager licence 54 years for 21 years policy term SEBI has rejected Sahara Asset Management 50 years for 25 years policy term Company‘s pleato reconsider an order cancelling the Premium Paying Term 10 years / 15 years / 16 years Maximum Maturity Age 75 years portfolio manager licence of the company, Premium Payment Yearly, Half-Yearly, Quarterly or Reason: Not ‗fit and proper‘ for this business. Monthly New listing norms for stock exchanges : In case of Death - If death of the life assured happens • The exchanges would need to take steps for during the policy term, the death benefit ―Sum maintaining of 51 percentage of shareholding of Assured on Death‖ and vested Simple Reversionary Public Category and ensuring that holding of trading Bonuses and Final Additional bonus, if any, shall be members, associates or agents does not exceed 49 payable. per cent. RBI imposes Rs 1 cr fine on State Bank of • The depositories shall generate an alert when such Travancore holding exceeds 2 per cent and monitor the same RBI has imposed a penalty of Rs 1 crore on an SBI under intimation to Sebi. associate bank i.e. State Bank of Travancore violating • The stock exchanges, both listed and where the some of its instructions including report of data to securities are listed, and depositories will have to Central Repository of Information on Large ensure that such mechanism be in place latest by Credits (CRILC) which was set up by to collect, store, March 31, 2016. and disseminate data on all borrowers‘ credit exposures. Punjab National Bank launches host of digital IMPS launched by Andhra Bank banking solutions In association with the National Payments Punjab National Bank has launched host of digital Corporation of India (NPCI), Hyderabad banking solutions including green PIN and enrichment of headquartered Andhra Bank has launched Immediate its mobile app. Payment Service (IMPS) at all its branches. • Motive: To enable the customer to locate PNB • This multi-channel & multi-dimensional platform ATM with PNB ATM Assist will makes payments possible within fraction of • Android app: To use GPS and locate the nearest seconds with all the standards maintained for PNB ATM security. • Green PIN facility: Under this customer can • This facility of real time instant fund transfer obtain duplicate PIN for debit card instantly system for inter-bank remittances will be available through SMS request. It will provide customer SMS round-the-clock. based facility to block and unblock Internet • The maximum cap of transaction will be Rs. 2 banking and mobile banking. lakh. The charges will be at the rate of Rs.5 per • Cash acceptor cum ATM at their Sansad transaction. Marg branch: Customers can deposit cash up to Rs.2 lakh per transaction and can avail the ATM India Index Services launches Private Sector feature. Bank Index ―Jeevan Labh‖ initiated by LIC NSE group company, India Index Services & Products (IISL) launched the Nifty Private Sector Bank Index. 1 Banking and Finance Awareness Jan-2016 • Objective: To track 10 largest private sector • Thiruvananthapuram headquartered State Bank of banks listed on the NSE. Travancore (SBT) is the sponsor bank for this • Calculation of INDEX: It is calculated using free- scheme. float market capitalisation method, and stock Subscribers of New Pension System can now weights are limited at 25 per cent. Base date of make payments online the Index- April 1, 2005and Base value – 1,000. Pension fund regulator PFRDA launched a platform for The index will be calculated on an end-of-day subscribers of New Pension System. With this they basis. can now make their payments online through net Bank of India allots shares worth Rs 264 crore to banking, credit or debit cards. LIC Directions: Mumbai headquartered Bank of India has allotted • A potential subscriber can register for NPS 2 crore shares to LIC valued at Rs 264.12 crore. • Contribute to his/her Permanent Retirement • The bank has allotted 2 crore equity shares to Account Life Insurance Corporation of India (LIC) on • Subscribers who already have an NPS account can preferential basis at the price of Rs 132.06 per make contributions through eNPS directly. share. HDFC targets fund size of Rs. 5000 crore for Bajaj Allianz launches micro term insurance HCARE-1 Bajaj Allianz Life Insurance has launched micro HDFC Capital Advisors has been appointed as an term insurance plan Bajaj Allianz Bima Dhan investment manager for the HDFC Capital Affordable Suraksha Yojana with return of premium option. Real Estate Fund-1 (HCARE-1). • It is targeted at the small income groups in rural • HCARE-1: SEBI registered Alternative Investment parts of the country, minimum premium of Fund (AIF). Bima Dhan Suraksha Yojana is capped at Rs • Objective: To primarily make medium to long 1,500 annually or Rs 200 monthly. term investments towards development of mass Kotak Life launches Premier Life Plan housing where the residential units would be Kotak Life launched Premier Life Plan as company was priced in a manner so as to cater to the residential expecting reviving business in the present fourth demand of the urban middle-income households. quarter. This is the tax savings season, about 35 to 40 • Targeted fund size: Approximately Rs. 5,000 per cent total business for life insurance industry crore and the first close will be Rs. 2,700 crore. normally happens during these three months. A few • Tenure: 12Years group insurance products will also be launched soon. HDFC Standard Life sets up reinsurance arm at • Kotak Premier Life Plan offers protection up to Dubai IFC 99 years of age. HDFC Standard Life Insurance Company set up a wholly- • Premium payments will be limited with the two owned reinsurance company at the Dubai International bonus options of cash payout and paid up Financial Centre (DIFC). additions The subsidiary HDFC International Life and Re ICICI Bank partners with FINO PayTech for Company Limited (HILRCL)has been set up with an payments bank space initial capital of USD 12.33 million. ICICI Bank partnered with FINO PayTech to venture into • Business: To offer reinsurance capacity to insurers the payments bank space. and may also venture directly into underwriting RBI Regulations: insurance contracts, subject to receipt of necessary • It allows universal banks to invest up 30 per cent approvals. in payments banks but ICICI canincrease its Indian Bank to raise Rs 1,100 crore from bonds stake if there is a requirement. Chennai headquarters Indian Bank plans to raise • Payments banks are not allowed to lend. They are Rs 1,100 crore from bonds to fund business growth. also not allowed to offer fixed deposits but only • The bank plans to raise Basel III compliant Tier savings and current account products are allowed. II Bonds for Rs 1,100 crore in one or more • Payments banks can hold a maximum balance tranches in the current or subsequent years based of Rs.1lakh per individual on the requirement, Indian Bank said in a SBT to sponsor NeFMS under MGNREGA regulatory filing. Union cabinet has instigated an electronic fund BOB pays Rs 95 cr as interest on Basel-III bonds management system for direct and faster release of Mumbai headquartered Bank of Baroda has timely wages under the Mahatma Gandhi National Rural paid over Rs 95 crore as interest to the beneficiaries Employment Guarantee (MNREGA) scheme. of its additional tier-I Basel-III compliant bonds • Centre has introduced this scheme in the country for issue of Rs 1,000 crore. the first time and picked up Kerala for the pilot • Interest was paid at 48%, including two days of project. additional interest. Banking and Finance Awareness Jan-2016 3 • The payment was done through RTGS or NEFT to The policyholder, who has option to receive the funds 75 beneficiaries. between 40-80 years. BankBazaar.com launches ―One Loan Two SBI opens branch in Seoul, South Korea & Homes‖ program launches dedicated branch for start-ups in An online marketplace BankBazaar.com has launched Bengaluru a new ―One Loan Two Homes‖ programme to help Country‘s largest lender SBI has opened a branch in the flood-affected citizens of Chennai. Seoul, South Korea to predominantly finance growing • Under this scheme, the company will contribute trade and investment relations between Korean and Rs 1000 to Habitat for Humanity India on Indian companies.SBI is second Indian bank after every home loan disbursed between 1 January to Indian Overseas Bank to have branch in South Korea. 31 March.
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