Economy and Banking Current Affairs September 2015 (Part 8)

RBI Allowed Banks to Shift, Merge or Close Branches in Urban Areas

  • The Reserve Bank of India (RBI) has allowed on August 6, 2015 the banks to shift, merge or close all branches except rural branches and sole semi-urban branches at their own discretion but must ensure that customers of the branch, which is being shifted/merged/closed, are informed well in time before actual shifting/merger/closure of the branch, so as to avoid inconvenience to them.
  • The RBI announced in a notification from Mumbai that shifting, merger or closure of any rural branch as well as a sole semi urban branch would require approval of the District Consultative Committee or District Level Review Committee.
  • However, banking activity, that is deposit or loan business should not be maintained at both places, and the new locality for part shifting would have to be within 1 km of the existing location.
  • The banks have also been allowed to shift some activities of a branch in any centre due to space or rent constraints without seeking prior approval of the RBI.


Reliance Communications Tied-up with the USA Firm ‘Jasper’

  • Reliance Communications tied-up with the Silicon Valley-based ‘Jasper’ on August 27, 2015 to provide Internet of Things (IoT) solutions, starting with the companies belonging to the Indian conglomerate.
  • IoT refers to a network of internet connected devices which are embedded with electronic sensors and data transmitting technologies. The tie-up will provide solutions to the upcoming smart cities, making electricity distribution grids smarter for public safety and on the healthcare front.


Birla Corp Announced to Acquire Lafarge India’s Cement Units

  • Birla Corporation announced op August 17, 2015 that it will acquire two cement units i.e., Jojobera and Sonadih from Lafarge India having a capacity of 5.15 million tonnes per annum for Rs 5000 crore.
  • Upon completion of this transaction, Birla Corporation will consolidate its position in the eastern India cement market, where the demand supply scenario and outlook continue to remain buoyant.
  • The transaction will be funded through exiting cash reserves and incremental debt, and is subject to approval of Competition Commission of India and other . regulatory* approvals.

Hero Cycles Acquired Majority Stake in UK’s Avocet Sports

  • Hero Cycles picked up majority stake in UK-based Avocet Sports on August 12, 2015. It is its first overseas acquisition and marked entry into high-end bicycle market in Europe.
  • Manchester-based Avocet is among top three players in bicycles, e-bikes, bicycle parts and accessories in the UK. It has relationships with leading retailers, including Tesco, Halfords, ASDA, Shop Direct and Amazon.
  • Hero Cycles has a manufacturing capacity of 7.5 nVillion bicycles per year, with its manufacturing units in Ludhiana (Punjab), Bihta (Bihar) & Ghaziabad (Uttar Pradesh).

See Also – International Current Affairs September 2015 (Part 2).

Airtel Acquired YTS Solutions to Boost Wallet Services

  • Bharti Airtel has bought financial products company YTS Solutions. It has named the startup’s co-founder and MD Manish Khera Chief Executive Officer (CEO) of Airtel Money. The acquisition is the first of its kind among telecom service providers who offer mobile wallets.
  • Airtel said on August 3, 2015 that the buy will bring in a host of new product capabilities targeted at migrants in urban cities and their families in rural towns and villages, driving financial inclusion.
  • M-Pesa of Vodafone, Idea Money of Idea Cellular and MRupee of Tata Teleservices compete with the likes of PayTm, MobiKwik, PayU and Oxigen for a share of the fast growing mobile commerce pie.

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Updated: December 30, 2015 — 5:37 am

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