Banks Current Affairs, GK & News

SBI to waive penalty for non-maintenance of AMB for all savings accounts

The Largest lender of India, State Bank of India (SBI) recently announced that the penalty charges for non-maintenance of average monthly balance (AMB) for all its savings bank accounts are to be waived. At present, the customers shall have to maintain average monthly balance of ₹3000, ₹2000 and ₹1000 in metro, semi urban and rural areas respectively. The ..

Topics: Banks • Banks in India • SBI

SBI becomes first Indian bank to have office in Australia’s Victoria

The State Bank of India (SBI) has opened its Melbourne office & became the first Indian bank to have a branch in the Australian state of Victoria. The Melbourne office will assist the growing trade and investment relations between Victoria and India and is the outcome of the state’s 10-year India Strategy – our shared ..

Topics: Banks • BSE SENSEX • CNX Nifty • Companies • Economy of India • Melbourne • Public Sector Banks in India • SBI Cards • St.George Bank • State Bank of India • Victoria

History of Banking in India

What are the ancient proofs of presence of banking system? Traces of information regarding existing of banking and financial system are found in India right from Vedic era to Buddhist, Mauryan, Satavahana, Sangam, Rajpoot, Sultanate as well as Mughal periods. The most ancient are the loan deeds of Vedic era called rnapatra or rnalekhya. Which financial activity finds ..

Topics: Bank of Bombay • Bank of Madras • Banking • Banking in India • Banks • BSE SENSEX • CNX Nifty • Companies • Financial services • Imperial Bank of India • Public Sector Banks in India • State Bank of India

What could be implications of RBI’s mandate to link lending rates to an external benchmark?

The Reserve Bank of India, in a recent announcement, has mandated the banks to link their lending rates for loans to an external benchmark. This has made it mandatory for the banks to pass on the benefits of rate cuts on the loans to the banks immediately. Significance of the RBI’s Announcement This is significant ..

Topics: Banking • Banks • Central bank • Economy • Finance in India • Financial services • IDBI Bank • Monetary policy • Money • Money market in India • Repurchase agreement • Reserve Bank of India

RBI’s Surplus Transfer

The Reserve Bank of India has transferred a surplus of Rs. 1.76 lakh crores to the Indian Government. This payment, which is equal to 1.25% of the Indian GDP (in nominal rates for 2018-19) aims to provide some breathing space for the Indian government and allow it to make a higher capital expenditure on infrastructure ..

Topics: Banking • Banks • Bimal • Central bank • Economy • Finance in India • Financial services • Indian Economy • Monetary Policy • Monetary reform • Open market operation • RBI • RBI Surplus • Reserve Bank of India