SBI launches unified payment terminal- MOPAD (Multi-Option Payment Acceptance Device)
- It will help merchants for different kinds of transaction through one PoS machine and to get rid of operational inconvenience and streamline cash flow
- Also able to pay through cards (credit or debit), Bharat QR, Unified Payments Interface (UPI) and SBI Buddy (e-wallet) at a Point of Sale (PoS) terminal.
- SBI has 6.23 lakh PoS terminals and the bank plans to roll-out this new facility on all these terminals
Rs 4,989.55 crore collected from customers in FY18 by 24 banks for not maintaining minimum account balance
- SBI collected crore nearly half the amount raised by the 24 banks put together which was around Rs.2433.
- After SBI, the largest amount was collected by HDFC Bank around Rs 590.84 crore, Rs 530.12 crore collected by Axis bank and ICICI Bank charged Rs 317.6 crore.
- Under Basic Savings Bank Deposit (BSBD) scheme and Pradhan Mantri Jan Dhan Yojna customers are not required to maintain any minimum balance.
- State Bank of India
- Chairperson: Rajnish Kumar
- Managing Director: Arijit Basu
- Headquarters: Mumbai
- Founded: 1 July 1955
Exim Bank signs MoU with BRICS Development Banks to undertake “collaborative research” in distributed ledger/blockchain technology.
- For identifying potential applications of the distributed ledger/blockchain technology, in the financial sector.
- It will replace the old processes and paperwork with a new-found innovative process that is faster, and can offer tangible outcome.
- under the BRICS Interbank Cooperation Mechanism, Exim Bank of India is the nominated member development bank.
- It will enhance cooperation among BRICS development banks, speed up and simplify processes, as a result reduce the cost of cross-border payment.
- BRICS
- Founded: June 2006
- Nations: India, China, Russia, Brazil, South Africa
UAE top source of inward remittances in 2016-17: RBI
- Kerala has received the maximum funds (19%) sent from abroad followed by Maharashtra (16.7%).
- Total 26.9% remittances were shared by UAE, followed by the United States (22.9%).
- From eight countries — UAE, the U.S., Saudi Arabia, Qatar, Kuwait, Oman, the United Kingdom and Malaysia, 82% of the total remittances received by India
- 58.7% of total remittances received by Kerala, Maharashtra, Karnataka and Tamil Nadu.
- The most popular channel of remittances is the rupee drawing arrangement (RDA), which accounts for 75.2% of remittances, followed by SWIFT (19.5%).
- Reserve Bank of India
- Established – 1 April 1935
- Governor – Urjit Patel
- Headquarters – Mumbai
- United Arab Emirates (UAE)
- Capital: Abu Dhabi
- Currency: United Arab Emirates dirham
In line with Budget estimate, RBI to pay Rs 50,000 cr dividend to govt for FY18
- RBI paid an interim dividend of Rs 10,000 crore at the insistence of the government to support fiscal position, earlier in March.
- RBI had transferred a surplus of Rs 30,659 crore as dividend to the government for the year ended June 30, 2017, which was low because of demonetisation.
Bajaj Allianz General Insurance and Vijaya Bank entered into a bancassurance deal
- Insurance products such as health, personal accident, home, motor and travel along with a commercial line of insurance products will be offered through the bank’s network of 2,129 branches.
- Vijaya Bank
- Headquarters: Bengaluru
- CEO: R. A. Sankara Narayanan
- Tagline: A Friend You Can Bank Upon
- Bajaj Allianz General Insurance
- Headquarters: Pune
- CEO: Tapan Singhel
- Tagline: Jiyo Befikar
PayPal & HDFC Bank partner to offer seamless payment experiences to card holders
- To offer safer, faster and convenient payment experiences to bank’s card holders.
- Also it will enable consumers to easily open PayPal accounts and set it as their preferred payment method.
- HDFC Bank
- CEO: Aditya Puri
- Headquarters: Mumbai
- Founded: August 1994.
- Tagline: We Understand your world.
