Banking Questions for NIACL AO Main | 09th February

Allahabad Bank and SBI Life Insurance came together and signed a bancassurance pact, to offer a holistic financial planning solution to consumers. The tie-up, one of the largest Bancassurance partnerships in the country, will see 3,238 branches of Allahabad Bank across the country offer SBI Life’s range of protection, wealth creation, and savings products to its customers.

The government has infused 10,882 crore Rupees in four public sector banks, including UCO Bank and Syndicate Bank. It is a part of 28,615 crore rupees capital infusion to be done in about half a dozen public sector lenders. UCO Bank has received 3,074 crore rupees in the equity by way of preferential allotment yesterday. Besides, Bank of Maharashtra got 4,498 crore rupees, Syndicate Bank 1,632 crore rupees and Central Bank of India 1,678 crore rupees.

The Reserve Bank of India (RBI) has allowed Paytm Payments Bank to restart opening new accounts for its consumers after almost six months of the ban.

Paytm Payments Bank stopped enrolling new customers in June 2018, following an audit by the RBI, which made certain observations about the process the company follows in acquiring new customers and its adherence to know-your-customer (KYC) norms.

SS Mallikarjuna Rao assumed charge as Managing Director and CEO of Allahabad Bank on 19/09/2018. Prior to joining the Bank, he served as Executive Director of Syndicate Bank since 15/9/2016. He has been a professional banker for over 33 years having held position as General Manager & CFO in Oriental Bank of Commerce.

State-run lender UCO Bank stated the central government has infused Rs 3,076 crore of capital into it by way of preferential allotment. The government "has conveyed its decision to invest Rs 3,074 crore in the equity of the Bank by way of preferential allotment and Bank has received the amount.

Satish Kumar Gupta is Managing Director & Chief Executive Officer of Paytm Payments Bank Limited. Mr Gupta has vast experience in Banking and digital payments. He served the country’s largest bank, State Bank of India for over thirty four years and held several assignments viz., Branch Manager of several branches, Training Establishment, Local Head Office and Corporate Office. He was deputed to National Payments Corporation of India (NPCI), for creating the country’s own cards “RuPay”, which was launched in 2012. Mr Gupta formally joined NPCI post his retirement in 2013 as Chief Project Officer. He was instrumental in introducing several digital payments & financial inclusion products and in coordinating with Govt. & RBI to promote digital payments.

Reserve Bank allowed a one-time restructuring of existing debt up to Rs 25 crore for the companies which have defaulted on payment but the loans given to them have continued to be classified as standard assets. The decision will help the micro, small and medium enterprises (MSMEs) which are facing a cash crunch in the wake of demonetization and GST implementation.

The Reserve Bank of India has released the 18th issue of the Financial Stability Report (FSR). The FSR reflects the collective assessment of the Sub-Committee of the Financial Stability and Development Council (FSDC) on risks to financial stability, as also the resilience of the financial system. The Report also discusses issues relating to the development and regulation of the financial sector.

The cabinet has approved the merger of Vijaya Bank & Dena Bank with Bank of Baroda. After this merger, Bank of Baroda will become the third biggest public sector bank. The merger will be effective from April 1. This is also the first ever three-way merger in Indian banking.

Shaktikanta Das is a retired 1980 batch Indian Administrative Service officer of Tamil Nadu cadre. Currently serving as the 25th governor of the Reserve Bank of India, he was earlier a member of the Fifteenth Finance Commission of India and India's Sherpa to the G20.

Financial Stability and Development Council (FSDC) is an apex-level body constituted by the government of India. The idea to create such a super regulatory body was first mooted by the Raghuram Rajan Committee in 2008.

The cabinet has approved the merger of Vijaya Bank & Dena Bank with Bank of Baroda. After this merger, Bank of Baroda will become the third biggest public sector bank. The merger will be effective from April 1. This is also the first ever three-way merger in Indian banking. Bank of Baroda (BoB) finalised the share swap ratio for the merger of Vijaya Bank and Dena Bank with itself. As per the Scheme of Amalgamation, shareholders of Vijaya Bank will get 402 equity shares of BoB for every 1,000 shares held. In case of Dena Bank, its shareholders will get 110 shares for every 1,000 shares of BoB.

Syndicate Bank and SBI Life Insurance signed a bancassurance pact aiming to offer a comprehensive financial planning solution to its customers. The pact was signed between Syndicate Bank MD & CEO, Mrutyunjay Mahapatra and MD and CEO of SBI Life, Sanjeev Nautiyal.

HDFC Mutual Fund has pipped ICICI Prudential MF to become the country’s largest asset management company after a gap of over two years. As of December-end, HDFC MF manages assets to the tune of Rs 3.35 lakh crore, while those of ICICI Prudential MF stood at Rs 3.08 lakh crore, as per the latest data available with Association of Mutual funds in India (AMFI).

ICICI Bank, in a first-of-its-kind programme, signed a Memorandum of Understanding (MoU) with Small Business FinCredit India Pvt. Ltd. (SBFC), a systemically important Non-Banking Finance Company for entrepreneurs, to jointly provide credit worth up to Rs 1 crore to MSMEs for a tenure of 15 years. Under this arrangement, ICICI Bank will co-originate loan against property with SBFC at a mutually agreed ratio.