Banking Current Affairs Januray 2021
Six-member Working Party Found Out By RBI To Look At All Aspects Of Digital Lending Activities
- RBI’s executive, Jayant Kumar Dash, is going to be the chairman of the working party on digital lending activities. it’s four senior RBI officers and two external members.
- The working party won’t only study all aspects of digital lending activities in the regulated financial sector but also study all aspects of digital lending activities by unregulated players.
- RBI has advised the Group to submit its report within three months. The names of external members are Vikram Mehta and Rahul Sasi.
RBI Fines Deutsche Bank for Non-compliance with Federal Reserve Bank of India (Interest Rate On Deposits) Directions, 2016
- RBI had fined Deutsche Bank for non-compliance with Federal Reserve Bank of India (Interest Rate on Deposits) Directions, 2016.
- RBI had imposed a fine of Rs. 2 crores within the exercise of its powers under the Banking Regulation Act,1949.
- Deutsche Bank may be a German multinational investment bank.
List Of D-SIBS Released by RBI On 19 January 2021
- The 2020 list of Domestic Systemically Important Banks (D-SIBs) was released by RBI on 19 January 2021.
- Depository financial institutions of India are present within the list of D-SIBs. Two private sector banks, ICICI
- Bank and HDFC Bank, have also found an area in the 2020 list of D-SIBs.
- SBI, HDFC Bank, and ICICI Bank were present within the 2018 list of D-SIBs also.
Video Kyc Account Opening (VAO) Facility Launched By IDBI Bank
- Video KYC Account Opening (VAO) facility has been launched by IDBI Bank to open Savings Bank Accounts.
- Centralized Video-KYC hub at Mumbai has also been launched by Deputy MD of IDBI bank.
- Customers can open an account from his/her house/office through the power. The bank had earlier launched I Quick mobile app-based account opening and WhatsApp Banking facilities launched by the bank recently.
- IDBI Bank was found out in 1964. it’s headquartered in Mumbai. Its CEO is Rakesh Sharma. life assurance Corporation is its parent organization.
ICICI Bank Carries Out Its First Soft-linked Interbank-money Market Transaction
- ICICI Bank has administered its first Secured Overnight Funding Rate (SOFR)-linked interbank-money market transaction.
- The bank administered the transaction through its Hong Kong branch as a part of its Benchmark Transition Management plan.
- SBI has also administered two inter-bank short term market deals. The pricing was linked with SOFR(Secured Overnight Funding Rate).
- USD LIBOR (US Dollar LIBOR) is going to be replaced by SOFR. London Inter-bank Offered Rate (LIBOR) may be a benchmark rate for various financial instruments. it’ll be discontinued from December 2021.
INSTAFX Mobile App Launched By ICICI Bank
- InstaFX mobile app has been launched by ICICI Bank to enable authorized money exchangers in completing KYC verification of the latest customers digitally.
- The appliance is for authorized money exchangers who are partners of the Bank. With InstaFX, they’re going to be ready to help customers of any bank get ‘ICICI Bank Forex Prepaid Card’ within few hours.
- With the launching of the app, ICICI Bank has become the primary bank to supply such a facility to authorized money exchangers.
Scheme For Industrial Development Of Jammu And Kashmir Approved By CCEA
- Scheme for the industrial development of Jammu and Kashmir has been approved by Cabinet Committee on Economic Affairs (CCEA).
- Department for Promotion of Industry and Internal Trade (DPIIT) has made a proposal for the Central Sector Scheme for the economic development of J&K.
- CCEA has now approved DPIIT’s proposal for the Central Sector scheme with a complete outlay of Rs 28,400 crore up to 2037.
- Under the scheme, capital intensive incentives, capital interest subvention, capital incentive, and GST linked incentives are going to be provided to companies.
DPIIT Asks For Implementation Of CGSS and SISFS In Budget 2021-22
- DPIIT has asked Finance Ministry to implement the Credit Guarantee Scheme for Startups (CGSS) and Startup India Seed Fund Scheme (SISFS) in Budget 2021-22.
- Credit Guarantee Scheme for Startups (CGSS) for startups was proposed in the Startup India Action Plan of2016.
- The number of startups in 2018 was 50,000 in India. Startup India Action Plan was released by the Government on 16 January 2016.
First Five Pharma Projects Approved Under Pli Scheme For Promoting Domestic Production Of Bulk Drugs And Apis
- First five pharma projects are approved under PLI Scheme for promoting domestic production of bulk drugs and Active Pharmaceutical Ingredients (APIs).
- The projects are associated with penicillin G, 7-ACA (7-aminocephalosporanic acid), erythromycin thiocyanate, and clavulanic acid. All of them are currently imported.
- The projects would tend to Rs 3,600 crore over the subsequent six years. they’re going to begin production by April 2023.
Courier Imports And Exports (Electronic Declaration And (Processing) Amendment Regulations Issued By CBIC
- The amendment regulations make a few changes in Courier Imports and Exports (Electronic Declaration and Processing) Regulations, 2010
- The amendment regulations allow the import and export of Covid-19 vaccines with no value addition.
- Temporary import and re-export of vaccine containers have facilities for temperature maintenance and tracking devices have also been allowed.
Central Board Of Indirect Taxes & Customs (CBIC) Introduces Liberalised Authorised Economic Operator (Aeo) Package For MSMEs.
- CBIC has simplified compliance criteria and documentary requirements. MSMEs must have a legitimate certificate from their line-Ministry.
- Under the relaxed norms, MSMEs filing a minimum of 10 Customs clearance documents in one year and having a clean compliance record over 2 years can apply for the scheme.
- CBIC has committed that it’ll choose an application for grant of AEO status within only 15 days from the electronic submission of complete documents for AEO Tier T1.