Bank: GK, General Studies and Current Affairs

Kotak Mahindra Bank becomes first Destination Bank to launch debit card-based e-mandate on NPCI’s API platform

The Kotak Mahindra Bank (KMB) has become the first Destination Bank to go live with Net Banking and Debit Card-based authentication solution on NPCI’s e-Mandate API platform. The facility will enable its customers to create electronic mandates (similar to the erstwhile eNACH with Aadhaar + OTP) via both the Debit Card and Net Banking channels. ..

SEFL and Bank of Baroda to co-lend through iQuippo

Bank of Baroda and city-based Srei Equipment Finance Ltd will collaborate to offer joint loans for infrastructure equipment under a new agreement. This collaboration will allow both Srei and Bank of Baroda to cooperate and widen their respective markets and customer base. Sourcing of loans will be facilitated through iQuippo, which is a Kanoria Foundation ..

RBI launches a 5G Lab for banking and financial sector

The Institute for Development and Research in Banking Technology (IDRBT), an arm of Reserve Bank of India (RBI), has launched a 5G Use Cases Lab for banking and financial sector. The use of 5G will change a range of technologies and applications including point of sale machines in the banking sector which were now using ..

RBI permits Reinsurance brokers to open Foreign Currency accounts

RBI has permitted Reinsurance brokers to open non interest bearing foreign currency accounts with banks for undertaking transactions. Earlier, the Insurance Regulatory and Development Authority of India (IRDAI) had issued notification and then RBI issued Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2015 – Opening of Foreign Currency Accounts by ..

RBI tweaked LCR norms to boost liquidity

In a bid to further improve the cash position of banks, the Reserve Bank of India (RBI) has recently tweaked Liquidity Coverage Ratio (LCR) norms to provide an additional 2% window to lenders. The move will harmonise the liquidity requirements of banks and release additional money for lending. The LCR indicates the proportion of highly ..