Policy SBI General Insurance
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– (covered June 2020) – (covered July 2020) – (covered August 2020) – (covered Sept. 2020) – (covered October 2020) Reliance Power, JERA ink loan agreement with banks for new power plant in Bangladesh Reliance Power announced on 31st July that it has signed a loan agreement, along with Japanese utility JERA, for $642 million with a group of lenders for their 745-megawatt gas-based project in Bangladesh. Reliance Power hold 51% stake while JERA will hold 49% stake in the joint venture company. National Bank of Bahrain selects Infosys Finacle for transformation of transaction banking business National Bank of Bahrain and Infosys Finacle announced the bank's decision to adopt the Finacle Cash Management Suite to digitally transform its transaction banking business. India extended US$18 mn Line of Credit to Maldives for expansion of fishing facilities India has extended the Line of Credit (LoC) worth US$18 million to the Government of Maldives for the expansion of fishing facilities at Maldives Industrial Fisheries Company (MIFCO) based in Felivaru, Lhaviyani Atoll, through the development of fish collection and storage facilities, and the setting up of a tuna cooked plant and fishmeal plant. The credit line agreement was signed by India’s Export-Import Bank (EXIM). daily_current_affairss Ambitiousbaba.com Telegram Channel - @ambitiousbaba Exim Bank extends $250 million line of credit to Mozambique Export-Import Bank of India (Exim Bank) on 7th August said it has extended a USD 250-million (about Rs 1,870 crore) line of credit (LOC) to Mozambique for improving power supply quality in the country. With the signing of this LOC agreement, Exim Bank till date has extended 14 LOCs to Mozambique, taking their total value to USD 772.44 million. Home-grown social media app ShareChat to get $100 million funding from Microsoft Microsoft run enterprise is all set to invest about $100 million in the home-grown regional language social media app ShareChat. ShareChat which has a user base of over 140 million monthly active users in the country did not respond to an email query. NPCI launches omni-channel loyalty platform ‘nth Rewards’ The National Payment Corporation of India (NPCI) has launched a loyalty platform named ‘nth Rewards’. Here nth represents “infinite possibilities”. Benefit: It is an analytics-enabled omnichannel multi-branded loyalty platform. It allows users to earn “nth” (infinite) loyalty points through various bank transactions. These rewards point can be redeemed for various purposes including online shopping. South Indian Bank gets RBI's nod to set up non-financial subsidiary Private sector lender South Indian Bank (SIB) on 12th August announced the RBI has given an in-principle approval for setting up a wholly owned non-financial subsidiary. daily_current_affairss Ambitiousbaba.com Telegram Channel - @ambitiousbaba RBI governor announces 'positive pay' feature to help avert cheque frauds RBI Governor Shaktikanta Das on 13th August said that the banking system will move to a positive pay practice in cheque transactions to curb frauds. Under the 'positive pay' system, a customer who issues the cheque clicks a picture of the cheque before handing it over to the beneficiary and uploads the same on the bank's mobile application. "To enhance safety of cheque payments, it has been decided to introduce a mechanism of 'Positive Pay' for all cheques of value Rs 50,000 and above. India announces USD 500 million help in Maldives Connectivity project Maldives has thanked India for its developmental assistance as budget support and greater Male connectivity project. India support the implementation of GMCP in Maldives, through a financial package consisting of a grant of USD 100 million and a new Line of Credit of USD 400 million. RBI mandates system-based asset classification for UCBs The Reserve Bank of India (RBI) on 12th August asked urban co-operative banks (UCBs) with assets of ₹2,000 crore or more to implement system-based asset classification from 30 June 2021. System-based asset classification refers to asset classification (downgrading as well as upgrading) carried out by computerized systems of a bank in an automated manner. daily_current_affairss Ambitiousbaba.com Telegram Channel - @ambitiousbaba SBI General Insurance Launches ‘Shagun – Gift an insurance’ policy SBI General Insurance, one of the leading general insurance companies in India, announced the launch of first-of-its- kind offering, ‘Shagun – Gift an Insurance”, a unique gift of Personal Accident policy. HSBC India launched green deposit programme for corporate clients HSBC India on 21st August launched a “green deposit programme”, exclusively for corporate clients, under which deposits will be used by the bank to finance green initiatives and environment friendly projects. HSBC India Launched Omni Collect, a One Stop Solution to Businesses HSBC India has launched Omni Collect, a one-stop solution in India. It supports businesses to offer multiple payment options on a single platform. It is designed for businesses to easily collect payments through various digital methods, thereby allowing them to easily adapt to the changes in consumer spending. Axis Bank introduced ‘Liberty Savings Account’ for the Indian Youth Axis Bank has introduced ‘Liberty Savings Account’ for the Indian Youth, to address the ever-changing lifestyle needs of young and digitally interested Indians. It offers a complimentary hospital cash insurance cover of up to Rs 20,000 per year, which covers hospital expenses incurred under COVID -19, which makes this a 1st of its kind savings account to cover the pandemic. This account targets to meet the lifestyle requirements of the working class that falls under 35 years of age. daily_current_affairss Ambitiousbaba.com Telegram Channel - @ambitiousbaba TN women top the list of MUDRA loan scheme beneficiaries According to the data Tamil Nadu topped the list in availing loans to women. It was followed by West Bengal and Karnataka. • The loans provided by other states are as follows • Tamil Nadu: Rs 58,227 crores. • West Bengal: Rs 55,232 crores • Karnataka: Rs 47,714 crores Nabard launches credit guarantee programme for NBFC-MFIs The National Bank for Agriculture and Rural Development (Nabard) on 24th August said it has introduced a dedicated debt and credit guarantee product to ensure unhindered flow of credit in rural areas hit by the COVID-19 pandemic, loans extended to small and mid-sized micro finance institutions (MFIs). It will help in facilitating Rs 2,500 crore funding in the initial phase which is expected to be scaled up in the future. The program is targeting to cover over 1 million households across 28 States and 650 districts. daily_current_affairss Ambitiousbaba.com Telegram Channel - @ambitiousbaba Reserve Bank of India released its annual report 2019-20. The report has made it very clear to the world that the apex bank stands as a bank with the highest levels of financial resilience globally. According to the report, the total income in 2019-20 has increased by 28.97%. The following are the key highlights of the report • The value of bank fraud cases has increased 74%. The number of bank fraudulent cases increased to 6,800 in 2019 as compared to 5,900 in 2018. • The Gross Non-Performing Ratio of banking system have declined to 9.1% as compared to 11.2% in March 2019. • The balance sheet size of Reserve Bank increased by 13.42% • The total income in the year 2018-19 was Rs 1,49,672. In 2019-20, it was Rs 1,93,036. • The expenditure decreased by 39.72%. • The interest income of the bank increased by 44.62% • The RBI holdings of Government Securities increased by 57.19%. The currency in circulation has soared 17%. It was Rs 21.10 trillion in 2019-20. • Till June 2019, the RBI held 618.16 metric tonnes of gold as compared to 566,23 tonnes held in June 2018. • The Contingency Funds of RBI reduced to Rs 1.96 lakh crore. It was Rs 2.32 lakh crores in 2018-19. • This was mainly because RBI has changed the way of calculating its reserves based on the recommendations made by Bimal Jalan Committee. An Economic Capital Framework Committee was set up under former RBI Governor Bimal Jalan. daily_current_affairss Ambitiousbaba.com Telegram Channel - @ambitiousbaba Committee Headed by Purpose Setting Parameters RBI on the required financial parameters, along with the sector specific benchmark ranges for such for Loan KV Kamath parameters, to be factored into resolution plans. The expert committee will also undertake a process Restructuring validation of resolution plans for borrowal accounts above a specified threshold." Centres Authority (IFSCA) set up a panel of industry experts to formulate a plan to develop international Plan to develop retail business at the International Financial Services Centre (IFSC). international retail Pradip Shah The committee will be chaired by Pradip Shah, chairman at Indasia Fund Advisors. business Purpose: The expert committee was also tasked with strategizing to make the IFSC attractive for international financial services and to draw up roadmap for the growth of international retail at the centre. Fix ceiling rates The reimbursement of taxes under the Remission of Duties and Taxes on Export Products (RoDTEP) such as under duty Chaired by duty on power charges, VAT on fuel in transportation, farm sector, captive power generation, mandi tax, reimbursement Secretary (retd) stamp duty and central excise duty on fuel used in transportation would make Indian products competitive scheme for G K Pillai. in global markets. exporters Dividend of Reserve Bank of India on 13th August approved dividend of ₹57,128 crore to government. ₹57,128 crore to Shaktikanta Das The decision was taken when the Central Board of the RBI met on 13th August under the chairmanship of government. Governor Shaktikanta Das through video conference Business The Corporate Affairs Ministry (MCA) will work closely with capital markets regulator SEBI for Responsibility Rajesh Verma implementation of the ‘Business Responsibility and Sustainability Report (BRSR)’ framework in the Reporting (BRR) country.