Banking GK

Current Targets in Priority Sector Lending

March 16, 2015

As of March 2015, the domestic banks and foreign banks with 20 and more branches have to disburse 40% of the Net Bank Credit (NBC) to Total Priority sector, out of which 18% should be total agricultural advances. The Foreign banks have been given a target of 32% of...

Current Repo Rate

March 20, 2013

Repo Rate, or repurchase rate, is the rate at which RBI lends to banks for short periods. This is done by RBI buying government bonds from banks with an agreement to sell them back at a fixed rate. If the RBI wants to make it more expensive for banks...

ICICI Bank to launch net banking services via ‘Facebook’

September 8, 2012

ICICI Bank will launch its services through social website ‘Facebook’ in order to expand its internet banking services. ICICI is among the first banks to start its online presence and facilitate non-cash transactions i.e. requests for cheque books, account statement enquiry etc. The bank also plans to allow debit...

“Risk Index” to facilitate banks in extending loans soon: CIBIL

August 12, 2012

Credit Information Bureau (India) Ltd (CIBIL) is likely to bring in a “Risk Index” that will assist country’s banks in making faster decisions on extending loans to corporates and business houses. Banks would be able to gauge the potential of a company in servicing its loan by looking at...

RRBs can launch branches in Tier-II cities without RBI permission

August 8, 2012

The RBI has allowed Regional Rural Banks (RRBs) to open branches in Tier-II cities without asking for permit.  As per a notification by RBI, RRBs would be allowed to launch branches in Tier-II cities with a population of 50,000 to 99,999 as per 2001 census with certain conditions. The...

RBI promotes info sharing, inks MoU with Financial Regulators of 9 countries

August 6, 2012

The RBI with the aim to promote co-operation in information sharing b/w regulators, inked 3 MoUs with financial regulators of nine countries. The newly signed are with: Jersey Financial Services Commission (JFSC) Financial Services Authority of UK Financial Supervisory Authority of Norway Jersey Financial Services Commission (JFSC) It is...

Ravneet Gill will be new CEO of Deutsche Bank India

August 2, 2012

Ravneet Gill appointed as new CEO of the bank’s Deutsche Bank for its Indian operations. Mr. Gill replaced Gunit Chadha, who was elevated as co-chief executive of Asia Pacific along with AlanCloete.

SEBI allows online subscription of bonds

July 29, 2012

SEBI gave its nod for online subscription of bonds.  Objective: To cut the timeline for completion of the process. In order to provide a mechanism to decrease the timelines of the issue process for public issue of debt securities, SEBI extends Application Supported by Blocked Amount (ASBA) facility to...

PCOs, Kirana shops, petrol pumps, to be new Insurance Agents

July 29, 2012

With the aim to expand the reach of insurance in the country, the Insurance Regulatory and Development Authority (IRDA) has suggested to permit owners of kirana shops, fair price shops, medical shops, petrol pumps, individual Public Call Office (PCO) to sell micro insurance products. As per the IRDA’s exposure...

EPFO offers e-pass book to subscribers

July 27, 2012

The Employees’ Provident Fund Organisation (EPFO) is offering e-passbook facility to its subscribers. Over 50 million of the subscribers can avail e-passbook along with details of their updated accounts online from now. The active subscribers who wish to access the facility will have to register themselves on the EPFO...