Economy and Banking Current Affairs September 2016
Karnataka Bank Started Solar Initiative for Rural Students
• Karnataka Bank Limited has initiated a programme to provide solar lights in the non-electrified houses of students in rural areas on July 23, 2016.
• Bank in association with the Manipal-based non-governmental organisation Bharatiya Vikas Trust (BVT), has taken-up this initiative under its Corporate Social Responsibility (CSR) programme.
• While, the school authorities identify the beneficiaries, BVT screens them. SELCO solar installs the solar units in the houses of such students.
ICICI Bank Organised Coin Exchange Mela in Odisha
• ICICI Bank Limited has organised a coin exchange mela during the ‘Rath Yatra’ festival at-the RBI financial literacy camp in Bholanath Vidyapith on July 22, 2016 in Odisha.
• The coin mela saw participation of over 52000 people, where they exchanged coins worth t 6.34 lakh in the denomination of Rs 10, Rs 5, Rs 2 and Rs 1.
• The Bank also exchanged fresh currency worth Rs 6.25 lakh in denominations of Rs 100, Rs 50, Rs 20 and Rs 10 during the mela.
• The bank periodically organises exchange melas to offer free facility of exchanging acceptable soiled and mutilated currency notes with fresh currency and coins to the general public.
IRCTC Partnered with SBI to Promote Rail Ticketing
• Indian Railway Catering and Tourism Corporation (IRCTC) partnered with the State Bank of India to prepare a detailed plan for promotion of rail ticketing activities, including internet, ticketing and unreserved ticketing system on July 20, 2016.
• It will provide improved Internet ticketing services to the customers of Indian Railways in the field of Unreserved Ticketing System (UTS) and Internet-based e-ticketing system.
• The MoU also envisages for undertaking activities which can provide value to customers and bring about synergy in working of both the organisations.
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HDFC became First Company to Offer Masala Bond
• The success of the first Masala Bond issued by a domestic finance company, by home loan major HDFC on July 17, 2016.
• It will open the market for other potential issuers, particularly Non-Bank Finance Companies and Government-Related Issuers.
• Private mortgage lender HDFC had a few days ago raised Rs 3000 crore through masala bonds.
• Masala bonds although denominated in Indian rupees are listed on the international market and offered and settled in US dollars, providing easier access for foreign investors.
SIDBI and Yes Bank became Partner for Loan Guarantee Under World Bank Scheme
• The SIDBI entered into a partnership with private sector lender Yes Bank to guarantee 75% of loans of up to Rs 15 crore extended to energy efficiency projects under a World Bank initiative on July p 2016.
• A MoU was signed between SIDBI and Yes Bank under the Partial Risk Sharing Facility (PRSF) for financing energy efficiency projects programme sponsored by the World Bank.
• The SIDBI is the project execution agency whereas Yes Bank claims to be the first Indian lender to be empanelled for the programme
