Economy and Banking Current Affairs January 2017

Standard Chartered Bank Launched UPI Solution

• Standard Chartered Bank has launched Unified Payments Interface (UPI) solution for its corporate anti financial institutional, and commercial banking clients on November 8, 2016. This will enable clients to send and receive money using a Virtual Payment Address without entering additional bank account details.
• According to bank statement, UPI allows real time ‘push and pull’ of funds, thus providing companies with a collections mechanism that can be used in multiple industries to ease the payment process for end customers. Instead of just sending payment reminders, companies can now collect funds by sending a ‘pull’ request which the end customer can authorise on his smart phone using a UPI app.

HCC is First Company Getting Debt Recast Under S4A

• Hindustan Construction Company (HCC) became the India’s first company to get Reserve Bank of India’s (RBI) approval for debt recast under Scheme for Sustainable Structuring of Stressed Assets (S4A) on November 6, 2016. This scheme was passed by ICICI Bank-led joint lender forum and approved by the RBI’s—mandated overseeing committee.
• The S4A was launched by the RBI to resolve the corporate debt problem and strengthen the lenders’ ability to deal with stressed assets. The RBI also constituted advisory body to review the resolution plans submitted by the Banks. This advisory body is called Overseeing Committee (OC).
• Task of identifying the loans eligible for restructuring under S4A will be carried out by the professional agencies including famous experts. Aggregate exposure of an enterprise like Rupee loans, foreign currency loans, external commercial borrowings etc. of all institutional lenders should be more than Rs 500 crore to be eligible for the scheme.

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