Bank: GK, Current Affairs, Questions, Trivia and News

Payment Banks

Payments banks are a new model of banks conceptualised by the Reserve Bank of India (RBI) to meet government’s financial inclusion target. It will be set up as a differentiated bank and will confine its activities to acceptance of demand deposits, remittance services, Internet banking and other specified services but cannot undertake lending services. Payments ..

SBI allows depositors to withdraw cash from its Point of Sale (PoS) devices

In a bid to ease the cash crunch, the State Bank of India (SBI) has decided to allow depositors to withdraw cash from its Point of Sale (PoS) devices available with merchants. This “[email protected]” facility will be available for customers of all banks and can be used in about 80% of SBI’s PoS devices across ..

RBI tightens reporting norms for LRS

On 13th April 2018, the Reserve Bank of India (RBI) has tightened reporting norms for the Liberalised Remittance Scheme (LRS) under which an individual can transfer upto $ 2,50,000 US Dollars abroad in a year. The central bank has made it mandatory for banks to file a daily report of all such transactions. In a ..

Public Asset Reconstruction Agency

The Public Sector Asset Rehabilitation Agency (PARA) colloquially called “Bad Bank” is a proposed agency to assume the Non-Performing Assets (NPA) of public sector banks in India and to deal with the recovery of the bad loans. This agency has been proposed in Economic Survey 2016-17. The main function of PARA would be to take ..

Bail-in clause in FRDI bill

The “bail-in” clause of the Financial Resolution and Deposit Insurance Bill (FRDI) has led to worries about the safety of bank deposits. It is different from a traditional bailout in which government’s money helps bank tide over the crisis. In case of a bail-in, it is the bank’s own deposits that are used to rescue ..

ICICI Bank launches instant overdraft ‘InstaOD’ facility for Micro, Small and Medium Enterprises (MSME)

The ICICI Bank has launched instant overdraft ‘InstaOD’ facility for Micro, Small and Medium Enterprises (MSME) in a completely online and paperless manner. Customers can get overdraft facility up to Rs 15 lakh for a year anytime, anywhere using the bank’s Internet and mobile banking app. The new facility will enable a few lakh of ..

RBI initiates PCA against Allahabad Bank over its high bad loans

The Reserve Bank of India (RBI) has initiated Prompt Corrective Action (PCA) against public sector lender Allahabad Bank, owing to its high net Non-Performing Assets (NPAs) and negative Return on Assets (RoA) for two consecutive years. The action would contribute to the overall improvement in risk management, asset quality, profitability, efficiency of the bank. The ..

IICA signs MoU with India Post Payments Bank to provide training on payment banking

The India Post Payments Bank (IPPB) has signed a Memorandum of Understanding (MoU) with Indian Institute of Corporate Affairs (IICA) to offer relevant training to the employees on issues pertaining payment banking. Under the agreement, IICA has been entrusted with the key responsibility of capacity building of IPPB through training of its officials/employees besides providing ..