Economy and Banking Current Affairs May 2016

DBS Bank Launched Mobile Bank

  • Development Bank of Singapore (DBS) launched a mobile-only bank in India on April 28, 2016. The dedicated digibank uses technologies like biometrics and artificial intelligence for paperless, signature-less and branchless bank.
  • It will provide customer service via 24×7 artificial intelligence:driven assistant networks. It can understand customer behavior and preferences, synthesise data, and provide recommendations.
  • Account holders will be provided with a physical debit card which can be used in all visa-enabled online and POS transactions. It also has embedded soft token security, avoiding the need to wait for SMS to arrive.

RBL Bank Launched Branch for Startups

  • RBL Bank became the first private sector Bank to open a specialised branch for startups on April 19, 2016. It will offer various banking products to service the end-to-end needs of the emerging entrepreneurial market.
  • The branch was inaugurated by former Chairman of Unique Identification Authority of India NandanNilekani. The first such branch was opened by the bank in Bangalore.
  • The branch will assist entrepreneurs in setting-up new companies or enterprises and offers a host of banking products including, foreign exchange services, remittances and cash management and value-added services including registration, legal and tax formalities etc.

RBI First Bi-monthly Monetary Policy Statement for 2016-17

  • The Reserve Bank of India (RBI)’has announced the first Bi-monthly Monetary Policy Statement for 2016-17. It cut the repo rate under the Liquidity Adjustment Facility (LAF) by 25 basis points.

First Bi-monthly Monetary Policy Statement for 2016-17

  • Repo Rate : 6.5%
  • Reverse Repo Rate : 6.0%
  • Marginal Standing Facility Rate : 7.0%
  • Bank Rate
  • CRR : 4%
  • SLR : 21.25%

BhartiAirtel’s Payments Bank Approved

  • BhartiAirtel’spayments bank venture ‘Airtel m-Commerce Services Limited’ became the first entity to receive final approval from the Reserve Bank of India (RBI) to start a payments bank on April 11, 2016.
  • Airtel m-Commerce is a subsidiary of BhartiAirtel, a telecom company. Private sector lender Kotak Mahindra Bank has upto 20% stake in Airtel m-Commerce.
  • Some of the other players which received licences are Vodaphone m-pesa, Tech Mahindra, Reliance Industries, Vijay Shekhar Sharma, founder of the mobile wallet Paytm, and Fino Pay Tech, among others.
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Mansi Agarwal

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