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.