Thu Jun 16 2022

BANK | FINANCIAL SERVICES IN NEWS MAY 2022 ❇️Axis Bank partnered with SpiceJet to launch the most lucrative co-branded credit cards - SpiceJet Axis Bank Voyage and Voyage Black powered by Visa. ❇️Bank of Maharashtra (BoM) introduced a series of digital products, including Mahabank Leads, Digital Mahabank Kisan Credit Card (MKCC), Virtual Visiting Card (V-Card), and others, with the goal of strengthening its digital channels and improving customer convenience. ❇️Bank of India (BoI) and Worldline India have teamed to digitise e-challan collections for the Madhya Pradesh (MP) Police Department. • BOI and the MP Police Department, Government of India (GoI), inked a Memorandum of Association (MoA) to integrate POS terminals with the police department’s e-challan portal. ❇️Canara Bank launched ‘skill loans’ in association with the Additional Skill Acquisition Programme (ASAP), Kerala the government company under the Higher Education Department. ❇️DBS Bank India partnered with Anthill Ventures and Headstart Network Foundation to launch DBS Business Class foundED. ❇️FidyPay partnered with Yes Bank to offer Yes Bank customers with seamless connected banking experience. ❇️HDFC Bank introduced 30-minute ‘Xpress Car Loans’, an end-to-end digital new car loan solution for both existing and non-customers. ❇️Indian Bank introduced its digital broking solution – ‘E-Broking’, as a strategic move toward comprehensive digitalisation of its customer products. ❇️Indian Bank has introduced its first digital product, Pre-Approved Personal Loan (PAPL), which aims to provide customers with instant loan disbursement through a three-step process. ❇️International Financial Services Centres Authority (IFSCA) has issued a detailed “Framework for FinTech Entity in the IFSCs” in the IFSCs. ❇️Life Insurance Corporation (LIC)’s initial public offering (IPO), India’s biggest public offer, was subscribed 2.95 times on the last day of offer period i.e. on May 9, 2022 to raise about Rs 21,000 crore. ❇️National Bank for Agriculture and Rural Development (NABARD) plans to formulate Farmer Distress Index (FDI) to track, identify, and assist the really needy and distressed farmers. ❇️According to the National Payments Corporation of India (NPCI), Unified Payments Interface (UPI) recorded highest ever number of transactions (5.58 billion(bn)) worth Rs 9.83 trillion in April 2022. ❇️Religare Broking Limited partnered with Spice Money Limited to offer access to platforms to invest in the capital market for the people in rural India ❇️REPCO Bank:Ajay Kumar Mishra, Union Minister of State (MoS), Ministry of Home Affairs (MoHA) launched a New Repatriate Welfare Scheme, “Repco Subhiksham” of Repatriates Cooperative Finance and Development Bank Ltd., (REPCO Bank) and an app for Repco Micro Finance Ltd. (RFML) in Chennai, Tamil Nadu. ❇️Securities and Exchange Board of India (SEBI) has given NSDL Database Management Limited (NDML), a wholly owned subsidiary of National Securities Depository Limited (NSDL), recognition as an accreditation agency for a term of three years. ❇️SEBI modifies operational guidelines for FPIs, depository participants. ❇️Union Bank of India (UBI) launched an online platform, ‘Trade nxt’, which enable corporate, and MSMEs to transact all cross-border export-import transactions from the comfort of their place. ❇️Union Minister Narayan Rane, Ministry of Micro, Small and Medium Enterprises (M/oMSME) launched the second phase of MSME RuPAY Credit Card with National Payments Corporation of India (NPCI) and four banks, viz. Kotak Mahindra Bank, Bank of Baroda, SBM Bank (India) and HDFC Bank.