India Post Payments Bank (IPPB) has launched a low-cost insurance scheme ‘Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)’ for its customers to bring large sections of the underserved and unserved population into the financial mainstream. IPPB has collaborated with PNB MetLife India Insurance Company for this product.

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Features of PMJJBY:

  • To provide protection and financial security to the poor and underprivileged, especially in unbanked and remote areas of India, in the unforeseen and unfortunate event of the loss of a family member who is primarily the breadwinner.
  • Anyone who has a savings account with IPPB.
  • Minimum age 18 years and a maximum age 50 years.
  • The maximum coverage of Rs 2,00,000 per life irrespective of multiple accounts/multiple certificates of insurance held under the PMJJBY scheme.
  • Premium Rs 330 to be paid annually.
  • Completion of 55 years (Age near Birthday).

Important takeaways for all competitive exams: 

  • Managing Director & CEO of IPPB: J Venkatramu.
  • India Post Payments Bank (IPPB) Headquarters: New Delhi.
  • Prime Minister Narendra Modi had launched IPPB in 2018.

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Union Cabinet has approved the merger of capital-starved Lakshmi Vilas Bank (LVB) with DBS Bank India. The Reserve Bank of India on 17 November proposed the merger of the lender with the Indian arm of Singapore’s DBS Bank.

The 94-year-old LVB will now cease to exist and its equity completely wiped out. Its deposits will now be on the books of DBS India. Lakshmi Vilas is the second bank to need a rescue this year, and the third collapse of a major deposit-taking institution in 15 months and the first since the onset of the coronavirus pandemic.

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As part of the amalgamation, DBIL will infuse fresh capital of Rs 2,500 crores into LVB. This also marks the first instance when India has turned to a foreign entity to bail out a struggling domestic bank. Under the deal, DBS got 563 branches, 974 ATMs and a $1.6 billion franchise in retail liabilities. Earlier, the RBI had placed LVB under a one-month moratorium till December 16, during which withdrawals for depositors have been capped at Rs 25,000.

About DBS Bank:

DBS was the first foreign bank to receive a banking licence after the central bank allowed foreign banks to set up a wholly-owned subsidiary in 2014. “With DBS likely to use digital capabilities to enhance its physical footprint in India, the proposed deal could lead to a 30-40% increase in Indian assets of DBS.

Important takeaways for all competitive exams: 

  • Managing Director & CEO of DBS Bank India Ltd: Surojit Shome.
  • DBS Bank India Limited Headquarters: Mumbai, Maharashtra.
  • DBS Bank India Limited Established: 2014.
  • Lakshmi Vilas Bank Headquarters: Chennai, Tamil Nadu.
  • Lakshmi Vilas Bank Founded: 1926.

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Life Insurance Corporation of India has launched a digital application for agents for onboarding to get a life insurance policy. The Digital Application is called “ANANDA”, which is an acronym for Atma Nirbhar Agents NewBusiness Digital Application. The Digital application is a tool for the onboarding process to get the life insurance policy through a paperless module with the help of the agent or intermediary.

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Important takeaways for all competitive exams: 

  • Life Insurance Corporation of India Headquarters: Mumbai, Maharashtra.
  • Life Insurance Corporation of India Chairperson: M R Kumar.
  • Life Insurance Corporation of India Founded: 1 September 1956.

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HDFC Bank & IndusInd Bank have been put in the ‘red flag’ list, a system used for monitoring foreign portfolio investor (FPI) limits. A listed company enters the list when the available legroom for overseas investment is less than 3% of the permissible limit. FPIs can invest up to 74% in both HDFC Bank and IndusInd Bank.

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The current FPI shareholding in case of HDFC Bank is 71.3 per cent, while that of IndusInd Bank is 73. 1 per cent. Besides these two, Novartis India and Procter & Gamble Hygiene and Health Care are the only other companies in the red-flag list.

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Paytm has launched “Payout Links” for businesses, enabling them to instantly process payouts to customers, employees and vendors, without collecting their bank details. It is aimed at helping small businesses in sectors like gaming, retail, export, manufacturing and e-commerce.

About Payout Links:

  • Payout Links will allow businesses to send ‘incentives’ or refunds to the customers’ bank accounts or wallet accounts.
  • It can be used for salary payments, vendor payments, commissions and incentive transfers to be done instantly.
  • Paytm Payout Links can be easily created and shared with customers, vendors and employees in one go.
  • The receiver needs to simply open the link and is automatically provided with a list of saved accounts such as Paytm Wallet, Paytm UPI and connected bank accounts, which can be chosen to receive money instantly.
  • This service helps businesses reduce cash transactions, maintain better records, avoid errors and delays.
  • Paytm Payout Links is extremely user friendly, intuitive and is easy to integrate with the present operations of a company.

Important takeaways for all competitive exams:

  • Paytm founder: Vijay Shekhar Sharma.
  • Paytm Headquarters: Noida, Uttar Pradesh.
  • Paytm founded: 2010.

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WhatsApp has partnered with five Indian banks to process its payment services. These are State Bank of India, HDFC Bank, ICICI Bank, Axis Bank and Jio Payments Bank. The Facebook-owned messaging platform, WhatsApp Inc., has received the approval from the National Payments Corporation of India (NPCI) to launch its Unified Payments Interface (UPI) based payments services in India, to let users send or receive money across the country.

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The service can however be expanded in a graded manner. It means that initially, Whatsapp can only roll out the payments service to only its 20 million users. The payment system will be rolled out in ten Indian regional languages in the latest version of WhatsApp app.

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Securities and Exchange Board of India (SEBI) has enhanced the investment limits for Mutual Fund companies for overseas investments. Mutual Funds can make overseas investments subject to a maximum of US $ 600 million per Mutual Fund, within the overall industry limit of US $ 7 billion. Earlier it was USD 300 million.

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Mutual Funds can make investments in overseas Exchange Traded Fund (ETF) subject to a maximum of US $ 200 million per Mutual Fund, within the overall industry limit of US $ 1 billion. Earlier it was Rs 50 million.

Important takeaways for all competitive exams:

  • Securities and Exchange Board of India Founded: 12 April 1992.
  • Securities and Exchange Board of India Headquarters: Mumbai.
  • Securities and Exchange Board of India Agency executive: Ajay Tyagi.

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The National Payments Corporation of India (NPCI) has finally allowed Facebook-owned messaging platform “WhatsApp” to roll out its payments service in the country in a “graded” manner. The announcement by NPCI came after the organisation made a crucial change to its regulations concerning the use of the Unified Payments Interface (UPI). The change puts a limit on single third parties such as WhatsApp or its rivals Google Pay and Walmart’s PhonePe where they can only handle 30 per cent of overall UPI transaction volumes.

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The NPCI runs the Unified Payments Interface (UPI) used for real-time payments between peers or at merchants’ end while making purchases. The UPI channel has rapidly grown to become India’s most favoured mode of digital transactions since its launch in terms of volumes.

Important takeaways for all competitive exams:

  • National Payments Corporation of India MD & CEO: Dilip Asbe.
  • National Payments Corporation of India Headquarters: Mumbai.
  • National Payments Corporation of India Founded: 2008.

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The Competition Commission of India (CCI) has approved the acquisition of General Insurance Business of Bharti AXA General Insurance Company Limited (Bharti AXA) by ICICI Lombard General Insurance Company Limited (ICICI Lombard) under Section 31(1) of the Competition Act, 2002.

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As per the proposed combination:

  • The whole general insurance business of Bharti AXA will be transferred to ICICI Lombard by way of demerger, considering that ICICI Lombard will issue shares to Bharti AXA.
  • The combined entity(proposed merged non-life insurance company) is likely to have a market share of 8.7% on a proforma basis.
  • Under the proposed combination, the shareholders of Bharti AXA will receive 2 shares of ICICI Lombard for every 115 shares of Bharti AXA, held by them as on the date on which the scheme is approved by the Board of Directors of ICICI Lombard and Bharti AXA.

Important takeaways for all competitive exams:

  • Bharti AXA Co. Ltd Headquarters: Mumbai, Maharashtra.
  • Bharti AXA MD and CEO: Sanjeev Srinivasan.
  • Bharti AXA Established: 2008.
  • Bharti AXA Tagline: Suraksha ka Naya Nazariya.
  • ICICI Lombard Co. Ltd Headquarters: Mumbai, Maharashtra.
  • ICICI Lombard MD & CEO: Bhargav Dasgupta.
  • ICICI Lombard Established: 2001.
  • ICICI Lombard Tagline: Quick Easy Smart.

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The Airports Authority of India (AAI) has handed over the Lucknow airport to the Adani group on lease for a period of 50 years. Apart from this, the Adani group has taken over/will take over operations of 5 more airports.

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In February 2019, the Central Govt had privatised six major airports of the country namely Lucknow, Ahmedabad, Jaipur, Mangaluru, Thiruvananthapuram, and Guwahati. The right to run all these 6 airports has been won by Adani Group for 50 years. Adani group has taken over the operations of Jaipur, Guwahati and Thiruvananthapuram in September 2020, Mangaluru on October 31, 2020, Lucknow on November 02, 2020, and will take on the operations of Ahmedabad Airport on November 11, 2020.

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