RBI proposes Board of Management for all urban co-op banks
- It was recommended by the committee headed by former deputy governor of RBI R Gandhi.
- For protecting the interests of depositors, overcome constraints imposed by dual regulation.
- Objective is to oversee daily business operations.
- Opening of new branches and expansion of area of operation also allowed only for UCBs that have made such a provision in their law.
- Also The board of management may be appointed by the board of directors.
- Key responsibilities of Board of Management will include credit management, risk management and liquidity management.
Bajaj Finance surpasses Axis Bank in m-cap ranking
- According to BSE It was a surge of 3%.
- Bajaj Finance stood at number 6th position in overall market-cap ranking.
- The m-cap of Bajaj Finance was of Rs 1,345.85 billion and for Axis Bank was Rs. 1,340.18 billion.
- Bajaj Finance:
- Headquarter - Pune.
- Axis Bank:
- CEO and Managing Director: Shikha Sharma.
- Headquarter – Mumbai.
- Tagline - Badhti ka Naam Zindagi.
Exim Bank of India extends $10 mn loan facility to Seychelles for healthcare
- It is for healthcare and procurement of goods and projects.
- It is the first tranche of the $50 million sanctioned by the Exim Bank
- EXIM Bank:
- CEO - Shri Yaduvendra Mathur.
- Headquarter – Mumbai.
- Seychelles:
- Capital – Victoria.
- Currency - Seychellois rupee.
MCX launches ‘Cotton Mission’ for Maharashtra farmers
- It creates a value chain with final market linkages for thousands of cotton farmers in Vidarbha. Also it will support the farmers’ in their upliftment and contribute to doubling their incomes by 2022.
- Partners for this project are Agriculture department, Farmer Producer Organisations for connecting MCX’s organised market network for capacity building.
- Multi Commodity Exchange:
- CEO: Mrugank M. Paranjape
- Headquarters: Mumbai
IRDAI Gives Nod to LIC to Buy Stake in IDBI Bank
- Under this, LIC can raise its stake in the public sector bank to 51 per cent, by injecting ₹10,000-13,000 crore in the debt-ridden lender.
- It will help increase its share of business through the bancassurance route.
- Insurance Regulatory and Development Authority
- Founded: 1999
- Sector: Insurance
- Headquarters: Hyderabad
- Life Insurance Corporation of India
- Headquarters: Mumbai
- Founder: Government of India
- Founded: 1 September 1956.
Mumbai Based Swadhaar FinServe Acquired By RBL Bank
- It has raised its stake in Swadhaar Finserve Pvt. Ltd from 60.48% to 100%.
- The Swadhaar FinServe started operations as a non-banking finance company in 2008.
- RBL Bank
- Headquarters: Mumbai,
- MD & CEO: Vishwavir Ahuja,
- Founded: August 1943.
