The Reserve Bank of India will evaluate the impact of multi-media public awareness campaign ‘RBI Kehta Hai’, which was launched in 14 languages to educate the public about safe banking and financial practices. As part of the campaign, messages have been launched on basic savings bank deposit accounts, customer liability in unauthorised electronic banking transactions, safe digital banking practices, banking facilities for senior citizens, banking ombudsman scheme, and cybersecurity, among others.

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About ‘RBI Kehta Hai’ campaign:

  • ‘RBI Kehta Hai’ was the first even 360-degree campaign initiated by the central bank using all mass media, including media such as television, radio, newspapers, hoardings, web banners, gifs, social media and SMS.
  • In order to evaluate the impact of the public awareness campaign, the RBI has invited Expression of Interest (EoI) from eligible companies and other entities which have successfully completed at least five similar projects.
  • The RBI had launched the multi-media campaign with a view to creating awareness among common man about good practices, regulations and initiatives in banking and financial sector.

Important takeaways for all competitive exams: 

  • Governor of RBI: Shaktikanta Das.
  • Deputy Governors of RBI: BP Kanungo, MK Jain, MD Patra and Rajeshwar Rao.
  • Headquarters: Mumbai, Maharashtra.

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Private lender ICICI Bank has launched a comprehensive banking programme for its millennial customers, (in the age bracket of 18 years to 35 years ), called ‘ICICI Bank Mine’. The ‘ICICI Bank Mine’ is India’s first and unique product launched by the bank to offer a mobile-first, highly personalised and experiential led banking experience to the millennial customers.

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Features of ‘ICICI Bank Mine’

  • Instant savings account
  • New look iMobile, the Bank’s mobile banking app
  • Curated credit and debit card,
  • Instant personal loans & overdrafts,
  • Experiential branch with social engagement space

Important takeaways for all competitive exams:

  • ICICI Bank Headquarters: Mumbai, Maharashtra.
  • ICICI Bank MD & CEO: Sandeep Bakhshi.
  • ICICI Bank Tagline: Hum Hai Na, Khayal Apka.

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The Reserve Bank of India (RBI) imposed monetary penalty on DCB Bank and Jio Payments Bank for various rule violations. The central bank has imposed a penalty of Rs 22 lakh on DCB Bank for non-compliance with certain provisions on marketing/distribution of mutual fund/insurance etc. The penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949.

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In the case of Jio Payments Bank, the RBI imposed a penalty of Rs 1 crore for non-compliance with RBI directions on timely submission of application in the case of reappointment of Managing Director and Chief Executive Officer under Section 35B of the Banking Regulation Act, 1949 (the Act).

Important takeaways for all competitive exams: 

  • Governor of RBI: Shaktikanta Das.
  • Deputy Governors of RBI: BP Kanungo, MK Jain, MD Patra and Rajeshwar Rao.
  • Headquarters: Mumbai, Maharashtra.

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State Bank of India (SBI) has signed a loan agreement of up to $1 billion with The Japan Bank for International Cooperation (JBIC). The loan will facilitate the operations of Japanese car companies in India. The financing will assist in Government of India’s ‘Make in India’ initiative.

While $600 million will be financed by JBIC, the rest will come from other participating lenders which include the Sumitomo Mitsui Banking Corporation, MUFG Bank, , Mizuho Bank, Shizuoka Bank and Bank of Yokohama. JBIC will provide a guarantee for the portion co-financed by the participating banks. The loan is intended to promote the smooth flow of funds for the whole range of business operations of Japanese automobile manufacturers in India.

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About SBI:

The bank has the largest network of over 22,100 branches in India with an ATM/CDM network of over 58,500 and total BC outlets of more than 62,200. The number of customers using internet banking facilities is about 76 million and mobile banking services stand a little more than 17 million.

About JBIC:

JBIC is a policy-based financial institution, wholly owned by the Japanese government, with the objective of contributing to the sound development of Japan, the international economy and society.

Important takeaways for all competitive exams:

  • Chairman of State Bank of India: Dinesh Kumar Khara.
  • SBI Founded: 1 July 1955
  • SBI Headquarters: Mumbai, Maharashtra.
  • Japan Bank for International Cooperation Headquarters: Tokyo, Japan.
  • President & CEO of Japan Bank for International Cooperation: Tadashi Maeda.
  • Japan Bank for International Cooperation Founded: 1 October 1999.

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                                                     हिंदी में पढ़ें 

The Reserve Bank of India has barred Payment System Operators (PSOs) from launching any new proprietary QR code for payment transactions. Currently, there are two interoperable QR codes — UPI QR and Bharat QR.

The decision to continue with the two existing Quick Response (QR) codes was based on the recommendations of the committee which was set up by the Reserve Bank under the chairmanship of Deepak Phatak to review the current system of such codes in India and suggest measures for moving towards interoperable QR codes.

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QR codes are two-dimensional machine-readable barcodes, which are increasingly used to facilitate mobile payments at the point-of-sale. QR codes can store a large amount of information. PSOs that use proprietary QR codes shall shift to one or more interoperable QR codes; the process of migration shall be completed by March 31, 2022.

Important takeaways for all competitive exams:

  • Governor of RBI: Shaktikanta Das.
  • Deputy Governors of RBI: BP Kanungo, MK Jain, MD Patra and Rajeshwar Rao.
  • Headquarters: Mumbai, Maharashtra.

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ICICI Bank has shut down his operations in Sri Lanka after getting approval from the Sri Lankan monetary authority. The Monetary Board of the Central Bank of Sri Lanka, having considered the request made by ICICI Bank, has granted approval to close down the business operation of the bank in Sri Lanka and cancel the licence issued to it.

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The Director of Bank Supervision being satisfied with the bank complying with the terms and conditions imposed by the Monetary Board, the licence issued to the bank to carry on banking business in Sri Lanka is cancelled with effect from October 23, 2020.

Important takeaways for all competitive exams:

  • ICICI Bank Headquarters: Mumbai, Maharashtra.
  • ICICI Bank MD & CEO: Sandeep Bakhshi.
  • ICICI Bank Tagline: Hum Hai Na, Khayal Apka.

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Indian Bank has introduced an initiative for funding start-ups, ‘IND Spring Board’, in collaboration with the IIT-Madras Incubation Cell (IITMIC). The Chennai-headquartered bank seeks to bridge the gap in funding for start-ups through this collaboration with IITMIC.

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Under the deal, IITMIC will refer start-ups with proven technology and established cash flows to the bank and also extend advisory to the bank on the business model. The bank will extend loans of up to 50 crores to these start-ups for their working capital requirements or purchase of machinery, equipment.

Important takeaways for all competitive exams:

  • Indian Bank Headquarters: Chennai, Tamil Nadu.
  • Indian Bank CEO: Padmaja Chunduru.
  • Indian Bank Tagline: Your Own Bank, Banking That’s Twice As Good.

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IDBI Bank announced the launch of banking services on WhatsApp. The WhatsApp Banking service is being offered through a dedicated WhatsApp verified number ensuring end-to-end encryption, the Bank stated.

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The facility will enable IDBI Bank customers to avail various essential services such as account balance information, last five transactions, request for a cheque book and an email statement, interest rates, as well as details of IDBI Bank branches/ATMs in the vicinity, to begin with.

Important takeaways for all competitive exams: 

  • IDBI Bank Headquarters: Mumbai, Maharashtra.
  • IDBI Bank CEO: Rakesh Sharma.

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India’s leading private sector bank, HDFC Bank and Apollo Hospitals have collaborated to launch the “HealthyLife Programme”, a holistic healthcare solution. This programme will be launched for HDFC Bank customers, to make healthy living accessible and affordable while making the process convenient and easy for the customers.

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Benefits of the programme:

  • Customers will get round the clock access to emergency Apollo Doctor at No Cost on Apollo’s digital platform, Apollo 24|7.
  • It will also come with various other benefits such as choice of payment options and ease of finance for treatments at all Apollo Hospitals.
  • Customers can avail unsecured loans of up to Rs. 40 lakh to pay for medical expenses incurred at the healthcare chain.

Important takeaways for all competitive exams:

  • HDFC Bank CEO: Aditya Puri.
  • The tagline of HDFC Bank: We Understand Your World.
  • HDFC Bank Headquarters: Mumbai, Maharashtra.

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Reserve Bank of India (RBI) has raised the banks’ maximum aggregate retail exposure limit to entities with turnover up to Rs 50 crore to Rs 7.5 crore. Earlier this limit was Rs 5 crore. The decision has been taken to increase credit flow to small businesses. The risk weight of 75 per cent will apply to all fresh exposures and also to existing exposures where incremental exposure may be taken by the banks up to the revised limit of Rs 7.5 crore.

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RBI has also decided to extend the existing enhanced Held to Maturity (HTM) limit of 22 per cent for SLR securities acquired between September 1, 2020, and March 31, 2021, up to March 31, 2022. This means that Banks may continue to hold such excess SLR securities in HTM category up to March 31, 2022. The enhanced HTM limit would be restored to 19.5 per cent in a phased manner, beginning from the quarter ending June 30, 2022.

Important takeaways for all competitive exams:

  • RBI 25th Governor: Shaktikanta Das; Headquarters: Mumbai; Founded: 1 April 1935, Kolkata.

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