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BANKING CURRENT AFFAIRS : FEBRUARY 2018

BANKING CURRENT AFFAIRS: FEBRUARY 2018


YES BANK successfully completed issuance of its priority sector lending. Till date, loans up to Rs. 10
first USD 600 million (more than Rs. 3,847 crore) crores per MSME borrower was considered for
bond issue in the international debt markets. The priority sector calculation.
Bond issuance is for a tenor of 5 years. It is listed on The central bank has however told foreign banks
the London Stock Exchange International Securities with 20 or more branches to adhere to the priority
Market (LSE ISM), the Singapore Exchange sector sub-targets for farm loans and loans to micro
Securities Trading (SGX), and the India enterprises to make the rule equal with other
International Exchange IFSC at GIFT City, banking entities.
Gandhinagar.
The sub-target for bank lending to the micro
The $1.8 billion fraud hit Punjab National Bank enterprises has been 7.50 percent of adjusted net
stated that Indian skipper Virat Kohli continues to bank credit. Foreign banks will also have to follow
be its brand ambassador. 8% sub-target for lending to the small and marginal
Pune based online lending platform TAB Capital, farmers.
launched a “Two-Wheeler Loan" product that can NCP chief Sharad Pawar said the Reserve Bank
be approved in just 10 minutes. The initiative will refused to accept old currency notes having face
use biometric technology, linked with a customer’s value of Rs 112 crore deposited with some District
Aadhar details and finger print, to approve loans in Central Cooperative Banks (DCCBs) in Maharashtra
just 10 minutes. post demonetisation and instead asked the banks
concerned to show them as "loss".
In the wake of Punjab National Bank fraud case, the
Central Vigilance Commission issued an advisory to
all the public-sector banks ordering them to
transfer the officers who have completed three
years as on December 31, 2017. It also stated that
the transfer of all clerical staff who have completed
five years as on December 31, 2017 "should be
done immediately".
Note: PNB has lodged two financial fraud complaints of
Rs. 11400 crores and Rs 280 crore against Nirav Modi,
his family members and Mehul Choksi, owner of
State Bank of India is set for a major restructuring Gitanjali Gems.
of its business in the UK from April. SBI's UK
Axis Bank has asked its President and Chief
operations will transform into a subsidiary named
Information Officer Amit Sethi to resign. Axis said
State Bank of India UK Limited. The move will mean
Avinash Raghavendra, who has been with the bank
that all retail branches of SBI in the UK will fall
for 20 years, will be in charge of the technology
under a new UK incorporated banking entity
department in place of Sethi.
instead of their previous status as overseas
branches of the Indian entity. Finance minister Arun Jaitley said that banking
sector must invest in long-term assets to improve
State Bank of India steeply increased the bulk
the capital formation in agriculture sector.
deposits rates for various maturities by up to 0.75
per cent with immediate effect. Reserve Bank of India announced the scrapping of
subsidies given to banks to install ATM machines
SBI wrote off bad loans worth Rs. 20,339 crores in
and cash-recyclers and said that it would lead to a
2016-17, the highest among all the public-sector
further push to digital transactions.
banks, which had a collective write off of Rs 81,683
crore for the fiscal. Currently, the regulator has fixed subsidy amount
at 50% of the actual cost of the machine or Rs 2
RBI has made banks' priority sector norms lenient
lakh whichever is lower for urban centres and 60%
by saying that all loans to micro small and medium
of the actual cost of the machine in semi urban
enterprises (MSME) will henceforth qualify as

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BANKING CURRENT AFFAIRS : FEBRUARY 2018
areas and rural areas or Rs 2.5 lakh whichever is Telecom major Bharti Airtel was the first to begin
lower. the payments bank operations.
Capital Small Finance Bank achieved the milestone Reserve Bank of India has constituted a five-
of 100 branches by opening 53 new in span of 22 member panel under former board member Y H
months. Sarvjit Singh Samra is Managing Director Malegam to look into the wide divergence by banks
of Capital Small Finance Bank Ltd. in asset classification and provisioning and reasons
for frauds and measures to prevent it and also
asked them to strengthen the SWIFT operating
environment.
Finance Ministry directed public sector banks
(PSBs) to probe all NPA accounts of over Rs 50
crore for possible fraud and accordingly report the
cases to CBI.
India's central banking institution has asked
lenders to step up the monitoring of debits from
their Nostro accounts after a cyberattack led to $2
million being siphoned off from the accounts of City
Union Bank last week.
Bank of Baroda will shut down its operation in
South Africa.
Catholic Syrian Bank Ltd (CSB) has tied up with Let’s Talk about some Important points
Celebrus Capital Ltd (Celebrus), to offer CSB’s from these CURRENT AFFAIRS
customers online trading and demat services.
Central Bureau of Investigation (CBI) booked the
directors of Rotomac Pen company on charges of GVA: Gross Value Added
cheating and willfully defaulting on loans of Rs Put simply, it is a measure of total output and income in
3,695 crore. the economy. It provides the rupee value for the
Vikram Kothari, his wife Sadhana Kothari and son amount of goods and services produced in an economy
Rahul Kothari — all directors — have been booked after deducting the cost of inputs and raw materials
by the CBI on charges of cheating a consortium of that have gone into the production of those goods and
seven banks led by Bank of Baroda. services. It also gives sector-specific picture like what is
the growth in an area, industry or sector of an
Private sector lender Federal Bank made its foray
economy.
into investment banking by acquiring a minority 26
per cent stake in Equirus Capital, a boutique
investment bank.
Private sector lender HDFC Bank announced
appointment of Rakesh Singh as private banking
head. Private banking is wealth management
service of the bank catering to High Net Worth and
ultra-HNW individuals, families and
establishments, who aim to successfully manage YES BANK: Headquarters: Mumbai: CEO: Rana Kapoor
and grow their wealth.
RBI has asked commercial lenders to link their core
software with the SWIFT interbank messaging
system by the end of April 2018.
Aditya Birla Idea Payments Bank became the fourth
such entity to begin operations since issuance of
licenses to 11 firms by RBI in August 2015.

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BANKING CURRENT AFFAIRS : FEBRUARY 2018
Punjab National Bank: Shri Sunil Mehta: Managing
Director & Chief Executive Officer: HQ: New Delhi

NCP: Nationalist Congress Party (NCP) is a National SWIFT


level political party in India. A SWIFT code is an international bank code that
Axis Bank: Headquarters: Mumbai: Shikha Sharma identifies particular banks worldwide. It’s also known
(CEO, Managing director) as a Bank Identifier Code (BIC). CommBank uses SWIFT
codes to send money to overseas banks. A SWIFT code
consists of 8 or 11 characters.
Capital Small Finance Bank CommBank's SWIFT code is CTBAAU2S. The code is
The Jalandhar-headquartered bank made up of letters and numbers as follows:

Bank of Baroda: Managing Director & CEO: Shri P. S.


Jayakumar: HQ: Vadodra

Aditya Birla Idea Payments Bank


A payments bank is not allowed to give loans. It is
authorised to accept demand deposits with a maximum
balance of Rs 1 lakh per customer. It can issue debit
cards but not credit cards. Besides, it can also act as a
business correspondent to another bank.
Catholic Syrian Bank Ltd ABIPBL is a joint venture between Aditya Birla Nuvo
Shri. T.S. Anantharaman: Chairman Ltd (51 per cent stake) and Ideal Cellular (49 per cent
Shri. C. VR. Rajendran: Managing Director & CEO stake).
HQ: Thrissur, Kerala
Nostro accounts
Federal Bank Nostro account refers to an account that a bank holds
Mr. Shyam Srinivasan: Managing Director & CEO in a foreign currency in another bank.
HQ: Kochi, Kerala A bank account held in a foreign country by a domestic
bank, denominated in the currency of that country.
Nostro accounts are used to facilitate settlement of
foreign exchange and trade transactions.

HDFC Bank
Headquarters: Mumbai, Maharashtra, India
Aditya Puri (MD)

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