Financial law Current Affairs, GK & News

BoB signs MoU with Indian Army for customised services

The Bank of Baroda (BoB) has signed a Memorandum of Understanding (MoU) with Indian Army under which the bank would offer customised services along with a host of facilities to account holders. The MoU offers handsome free personal accident insurance cover, free air accident insurance cover of Rs 15 lakh to Rs 50 lakh and ..

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Sunil Mehta recommends changes in existing Inter-Creditor Agreement (ICA)

The Sashakt Committee, headed by PNB non-executive chairman Sunil Mehta, has recommended changes in existing Inter-Creditor Agreement (ICA) to incorporate revised voting threshold and other changes for decision making stipulated by the Reserve Bank of India (RBI). It will enable expeditious implementation of the new framework on stressed assets. Under the RBI’s new framework, it ..

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SBI’s new rules on saving accounts and short-term loans effective from May 1

State Bank of India (SBI) has moved to a new interest rate regime on large savings account deposits with balance above Rs 1 lakh as well as short-term loans like overdraft and cash credit. SBI became the first bank in the country which has linked deposit accounts and short term loans to an external benchmark. ..

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Multi Commodity Exchange of India platform launches India’s first options contract on copper futures

The Multi Commodity Exchange of India Ltd. (MCX) has launched the India’s first options contract on copper futures on May 21, 2018. The option contract will provide physical market participants an additional instrument to hedge their risk. Currently, June, August and November 2018 option contracts are available for trading, with one MCX copper futures contract ..

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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 ..

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