Current Affairs Economy & Banking

  UCO Bank has launched three new digital products called, UCash, Digilocker and an app in Kolkata, West Bengal. A new current account facility has also been launched by the bank. UCash enables customers to withdraw money from ATMs through mobile banking without using a debit card. Digilocker aims to eliminate the use of physical documents and enables sharing of verified electronic documents. The third product, the new mobile app, integrates four existing apps of the bank – UCO Mbanking, UCO UPI, UCO Mpassbook and UCO Secure- in a single interface.
Source: The Business Standard

  Axis Bank, India’s third-largest private sector bank has launched the  ‘Express FD’, a digital fixed deposit (FD) product that allows a customer to open an FD account in 3 minutes through the digital mode without opening a savings account with the bank. ‘Express FD’ offers attractive interest rates, zero issuance fees and no penalty on pre-mature withdrawal of up to 25% of the amount, the bank said. A customer can open an Express FD account by investing a minimum Rs 5,000 up to Rs 90,000, for a tenure of 6 to 12 months.
Source: The Indian Express

  The State Bank of India opened its Melbourne office and becoming the first Indian bank to have a branch in the Australian state of Victoria. The Melbourne office will assist the growing trade and investment relations between Victoria and India and is the outcome of the state’s 10-year India Strategy. This investment by India’s largest commercial bank is a testament to our thriving financial services sector and our highly skilled workforce.
Source: The Economic Times

  The Reserve Bank of India has imposed restrictions on Punjab and Maharashtra Co-operative Bank, under which the depositors cannot withdraw more than Rs 1,000 from their accounts. The depositors will be allowed to withdraw a sum not exceeding Rs 1,000 of the total balance in every savings bank account or current account or any other deposit account. The curbs will remain for six months. PMC Bank has also been barred from making fresh loans and taking deposits. PMC Bank is a multi-State scheduled urban co-operative bank with operations in the states of Maharashtra, Delhi, Karnataka, Goa, Gujarat, Andhra Pradesh and Madhya Pradesh.
Source: The Hindu

  Finance Minister Nirmala Sitharaman has announced that Public Sector Banks will organise ‘loan melas’ or “Shamiana meetings” in 400 districts. The meetings will be organised to provide loans to NBFCs and retail borrowers, including homebuyers and farmers. PSBs will focus on giving loans to the ‘RAM‘ category: retail, agriculture and MSMEs. The open house public meetings will be held in two tranches. The first will be held between October 3 and 7 in 200 districts, while the remaining 200 will be covered October 11 onwards. She also announced that no MSME stressed loan would be classified as an NPA until March 31, 2020.
Source: The Economic Times

  Airtel Payments Bank launched “Bharosa savings account” services, designed for deepening the financial inclusion in the country. This service enables customers to withdraw cash, check their balance or access a mini statement of their account at over 6,50,000 Aadhaar-enabled payment system (AePS) enabled outlets across India. Bharosa savings account would offer Rs 5 lakh personal accident insurance on maintaining the balance of Rs 500 along with one debit transaction per month. Customers would also be eligible for cashback, if they decided to receive government subsidies in their Bharosa account or if they made cash deposits in it.
Source: The Livemint

  The Goods and Services Tax Network has decided to make Aadhaar authentication or physical verification mandatory for new dealers from January 2020. Those who do not want Aadhaar authentication, physical verification will be carried out, which will be completed in three days. The step has been taken to check malpractices in Goods and Services Tax. In the first phase, Aadhaar authentication will be mandatory for new dealers. Afterwards, all those enrolled on GSTN would be asked to provide their Aadhaar numbers.
Source: The DD News

  The Industrial Development Bank of India (IDBI Bank) and Life Insurance Corporation of India Credit Cards Services (LIC CSL), a wholly-owned subsidiary of LIC, will launch a co-branded credit card, which will be marketed to customers, agents, and employees of the corporation and its subsidiaries.
Source: The Hindu

  Reserve Bank Of India (RBI) is to implement the idea to develop a mobile application with an aim to help the visually impaired people to identify currency notes. For this, RBI has selected Daffodil Software Pvt Ltd. The application should be able to identify the denomination of legal tender banknotes of Mahatma Gandhi Series and Mahatma Gandhi (New) series by capturing the image of the notes that are placed in front of the mobile camera or scrolled across it. The mobile application should be searchable via voice option in all app stores.
Source: The Economics Times

  India Post Payments Bank (IPPB) rollout of Aadhaar Enabled Payment System Services (AePS). With AePS services, any person with a bank account linked to Aadhaar can perform basic banking services such as cash withdrawals and balance enquiry irrespective of the bank they hold their account with. IPPB has become the single largest platform in the country for providing interoperable banking services to customers of any bank by leveraging the last mile unprecedented reach of the Postal network.
Source: The Livemint


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