Banking Sector Current Affairs, GK & News

RBI Framework on Indian Banks’ Foreign Businesses

December 5, 2022

On December 1, the Reserve Bank of India has unveiled a framework allowing overseas subsidiaries and branches of Indian banks and financial institutions to undertake activities that are not specifically permitted in the Indian domestic market. This framework has been implemented with immediate effect. What are the key features of the framework? The framework allows ..

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2022 Nobel Prize for Economics

October 11, 2022

This year, the Nobel Prize for Economics was conferred to Ben Bernanke, Douglas Diamond and Philip Dybvig. Key facts The 2022 Nobel Prize for Economics recognized the works that have significantly improved the world’s understanding of the role of banks in the economy, especially during the times of financial crises. The research by Ben Bernanke, ..

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Government Declares Banking Services as Public Utility Service

April 28, 2020

The government recently notified that the banking services would be categorised as a public utility service for the next 6 months. About Banking services are to be categorised as public utility services till the 21st of October. The Union Ministry of Labour and Employment declared the categorisation under the provisions of the Industrial Disputes Act. ..

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ICICI Bank launches self-service delivery facility

February 3, 2020

Leading Private lender of India, ICICI Bank recently launched a unique self-service delivery facility called ‘iBox’. Using this facility, the customers of the bank can avail various banking services including- collecting their debit card, credit card, cheque from a nearby branch. The ‘iBox’ terminals are to be placed outside the premises of the branches, which ..

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NPIC to export UPI, sets up subsidiary: RBI Governor

December 17, 2019

The Unified Payment Interface was introduced in India in 2016. Based on its performance, Google has recommended similar service called FedNow to the US Federal Reserve Board. With its growing popularity, the RBI on December 16, 2019 announced that NPCI will set up a subsidiary to export UPI. India is already extending the app to ..

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Government announces Bank Recapitalisation Plan to infuse Rs. 2.11 lakh crore capital in PSBs

October 25, 2017

The Union Government has announced Bank Recapitalisation Plan to infuse Rs. 2.11 lakh crore ( $32.4 billion) capital over next two years into public sector banks (PSBs) and prioritised financing support for MSMEs in 50 clusters. The capital infusion will be accompanied by a series of banking sector reforms that will be revealed in the coming ..

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