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.
Mansi Agarwal
Mansi Agarwal

Hey, I am Mansi Agarwal - owner of this site. I am basically from Lucknow. I did B.Tech and now working as a full time blogger. Blogging is my passion and my permanent job also. If you have any suggestion for the improvement of this site then feel free to tell me. You can connect with me on FB and Twitter for more updates.

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