Mauritius’s SBM (State Bank of Mauritius) gets RBI approval for subsidiary
- To operate in the country through a wholly-owned subsidiary route.
- After local incorporation was introduced in 2013, this is the first foreign lender to receive such a licence.
- In India, the subsidiary of SBM Group is under the name of SBM Bank (India) Ltd.
- Start Operate in India in 1994.
- Currently, it has four branches, in Mumbai, Chennai, Hyderabad and Ramachandrapuram.
- Expand its six new branches in Delhi, Bangalore, Kolkata, Pune, Ahmedabad and Jaipur by next year.
- State Bank of Mauritius
- CEO: Raj Dussoye
- Headquarters: Port Louis, Mauritius
- Founded: 1973
Indian Bank revises interest rates on FCNR(B) (foreign currency non-resident (banking) deposits)
- Account can be maintained by NRIs and PIOs in foreign currency. this is a Fixed Deposit Foreign Currency account.
- 1 year and above but less than 2 years (in US Dollar terms) to 3.68 % from 3.59 %.
- 2 years and above, but less than 3 years to 3.88 % from 3.77 %
- 3 years and above but less than 4 years to 3.97 % from 3.89 %
- 4 years and above but less than 5 years to 3.99 % from 3.92 %
- up to 5 years to 4 % from 3.93 %.
- Indian Bank
- Headquarters: Chennai
- CEO: Kishor Kharat
- Tagline: your tech-friendly bank
RBI bars Fino Payments Bank from enrolling new customers
- Fino Payments Bank has been alleged to have violated the norms related to the deposit limit which is as per RBI’s operating guidelines up to ₹1 lakh per account in a year.
- Due to this, it was asked to immediately stop enrolling new customers until it takes corrective actions.
- Fino Payments Bank
- Founded: 4 April 2017
- Parent organization: FINO PayTech
- Headquarter: Mumbai
Bandhan Bank surpasses YES Bank market capitalisation to becomes 7th most valued bank
- Now it becomes among India's 10 most valuable banks, sixth most valuable private sector bank and seventh most valued listed lender, with a market cap of Rs 55,596.64 crore.
- It mainly focuses on under-banked and under-penetrated regions in eastern India and has a strong network in states like West Bengal, Assam, and Bihar.
- It was registered as a non-banking financial company providing select banking services in 2009 and received the universal banking license in 2015.
- Bandhan Bank
- Headquarters: Kolkata
- CEO: Chandra Shekhar Ghosh
NHAI to Sign MoU with SBI for a long term, unsecured loan of Rs 25,000 Crore
- It is for 10 years with 3 years of moratorium on repayments after that repayment will be done in 14 equal half yearly instalments.
- lent at the rate of one month MCLR.
- The largest amount of loan to have been sanctioned to NHAI in one stroke by any institution also largest long term unsecured loan sanctioned by SBI at a time to any entity.
- Loan tenure is 10 years and NHAI can repay or prepay it at any time without any prepayment penalty.
On August 1, 2018 RBI releases its Third Bi-monthly Policy
- The 6-member meeting of the Monetary Policy Committee headed by Governor Dr. Urjit Patel.
| Policy rates | 3rd bimonthly in August 1,2018 |
|---|---|
| Repo Rate | 6.50% |
| Reverse Repo Rate | 6.25% |
| Marginal Standing Facility (MSF) | 6.75% |
| Bank Rate | 6.75% |
| Cash Reserve Ratio (CRR) | 4% |
| Statutory Liquidity Ratio (SLR) | 19.5% |
- Next meeting will be scheduled from October 3-5, 2018.
