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Economy and Banking Current Affairs September 2016

SBI Launched 3 New Digital Offerings

• The SBI, on the occasion of 61st State Bank Day, launched a social media banking platform for Facebook and Twitter users, called ‘SBI Mingle’ which will help the customers with a host of banking services on their social media accounts, at their own convenience on July 6, 2016.

• The SBI partnered with Flipkart to offer its consumers the facility of pre-approved EMI Facility on purchases. Under this partnership the SBI will provide overdraft facility to pre-qualiiied set of customers for transacting on Flipkart for a minimum purchase of Rs 5000.

• The SBI. also launched its new initiative SBI Digital Villages aimed at transforming villages into cash less eco-system by adopting them. In its first leg the bank has adopted 21 villages to be moved on the digital platform and plans to bring 100 villages under this initiative.

See Also – Daily Current Affairs

World Bank and SBI Signed Agreement to Support Solar Programme

• The Stale Hank of India (SBI) and the World Bank (WB) signed an agreement worth $ 625 million (around Rs 4200 crore) to support India in order to meet power requirement on July 3, 2016.

• The World Bank will help the SBI in financing Grid Connected Rooftop Solar Photovoltaic (GRPV) projects at competitive rates.

• The programme also aims at improving the investment climate for solar PV, and increase the ‘ease of doing rooftop businesses through technical assistance to strengthen the capacity of key institutions, and support development of the overall solar rooftop PV market.

RBI’S ACTIVITY

RBI Reformed On-Tap Bank License

• The Reserve Bank of India (RBI) governor Raghuram Rajan took key reform in the country’s banking sector by announcing final norms for ‘on tap licensing’ or continuous licensing on July 31, 2016.

• Front this point onwards, any eligible banking aspirant, individual or entity, can walk to the Central bank with an application to start a full-service bank at any point.

• In the first round, the RBI gave ten permits, while two each in the second and third round. These include Kotak Mahindra and Yes Bank (2004) and later IDFC and Bandhan.

• Since 1990s, some of the private banks which got license, lost their race in the tough competition. They got eventually merged with other banks. A few examples are Bank of Rajasthan, Times Bank and Bank of Madura.

CORPORATE SECTOR

• Myntra Acquired Online Fashion Portal Jabong Flipkart Limited has acquired Jabong through its unit Myntra in a cut-price deal that values the online fashion store at $ 70 million, moving to preserve its position as India’s No. 1 e-commerce marketplace on July 25, 2016.

• Flipkart, which beat other Jabong suitors such as Snapdeal, will pay cash for the acquisition, according to a statement by Global Fashion Group (GFG), which owns Jabong.

• GFG has been looking for a buyer for Jabong for more than a year now. GFG held discussions with several firms, including Snapdeal, Future Group, Aditya Birla Group and Amazon.

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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