Banking and Financial Awareness May 2019: Week IV

Multi-Currency Card Launched by ICICI Bank

ICICI Bank along with online travel booking portal Goibibo launched a co-branded multi-currency card- "Goibibo ICICI Bank Travel Card".
Customers can use one card for multiple currencies and enjoy discounts on flights and hotel bookings.
The card is accepted across 200 countries and 4.6 merchants globally and can be dealt in 15 currencies.
The joining fee is Rs. 499+ GST and customers can buy the card by logging into the iMobile App.
The card provides travel insurance of Rs. 2 lakh to Rs. 10 lakh.

This new Rs 249 prepaid recharge will include 2 GB data, unlimited calls across all the networks and 100 SMS per day with an insurance cover of worth of Rs 4 lakh from HDFC Life.
The recharge validity is for only 28 days.
The insurance cover of Rs 4 lakh will be there with the customers till the recharge will be active and once validity gets over, customers have to recharge it again to avail the insurance cover.
This insurance cover will be available to persons of 18 to 54 years of age.

The penalty was imposed under the provisions of the Banking Regulation Act, 1949.
It is a legislation in India that regulates all banking firms in India.
It was founded in 1922 and is headquartered in Nainital, Uttarakhand, India.
Its MD & CEO is Dinesh Pant and its parent bank is Bank of Baroda.
It is a scheduled commercial bank.

Mortgage guarantee is a financial product which compensates lending institutions for the losses that may occur when a home owner defaults on a mortgage loan.
This collaboration will help HDFC provide more loan to a home loan customer on an improved eligibility.

The combined market value of the five listed companies of the HDFC group - HDFC, HDFC Bank, HDFC Life, HDFC Asset Management and Gruh Finance stood at Rs 11.66 lakh crore while the combined m-cap of 29 Tata group companies stood at Rs 11.64 lakh crore, about Rs 2,000 crore less than that of the HDFC group.
CEO of HDFC group is Mr. Aditya Puri.
HDFC group was founded in August 1994, India.

State Bank of India (SBI) has tied up with the FMCG arm of The Art of Living, 'Sri Sri Tattva'.
Under this tie up, SBl's YONO users can avail a discount of 15% on the entire range of products offered by Sri Tattva such as food, personal care, healthcare, homecare, BYOGI apparels and Shankara skincare products.

ICICI Bank will buy a 9.9% stake in India International Exchange (INX), a wholly-owned subsidiary of Bombay Stock Exchange (BSE) for nearly Rs 31 crore.
INX is located at GIFT City in Gujarat.
The investment is subject to regulatory approvals and comes at a cash consideration of up to Rs 305 million in tranches to acquire up to 9.9% shareholding in INX.

It is the largest single non-sovereign loan ever.
IRFC will use the proceeds from the loan to install electric traction equipment along about 3,378 kilometres of existing railway lines.
IRFC was established in 1986.
It is the financing arm of Indian Railways for mobilizing funds from domestic and international capital markets.