 The RBI board decided to set up a high-powered committee to examine issues related to the surplus capital of Rs 9.69 lakh crore with the central bank and advised it to consider a scheme for restructuring stressed assets in the MSME sector. At the crucial meeting of the board in Mumbai, it was also decided that the Board for Financial Supervision (BFS) of the RBI would examine the issues concerning the banks health under Prompt Corrective Action (PCA) framework and the Economic Capital Framework – ECF of RBI. The Reserve Bank and the Finance Ministry will decide the committee’s composition. |
| Source- AIR World Service |
 SBICAP Ventures (SVL), an alternative asset manager and a wholly owned subsidiary of SBI Capital Markets, has launched two funds for the small and medium enterprises (SMEs) and affordable housing sectors. The SME fund is expecting to raise a corpus of Rs 400 crore, while the affordable housing fund would look at raising Rs 350 crore. Before this, SBICAP Ventures had launched a fund named Neev Fund in 2015 with a focus on the low-income states for small infrastructure projects. |
| Source: The Economic Times |
 Karnataka Bank has launched a special campaign for opening current account and savings accounts (CASA). The campaign will remain in force for a period of three-and-a-half months from November 15 to February 28. It has been introduced as a new SB scheme ‘KBL SB – TASC’ a specialized product forTrusts/Associates/Societies/Clubs. Bank intends to open more than 4.18 lakh Current & Savings accounts by the active involvement of its 8000 plus workforce in all the 823 branches across India. |
| Source: The Hindu Business Line |
 Sunil Mehta, the chairman of a bankers’ panel working on the faster resolution of stressed assets in public sector banks, had announced that an asset management company (AMC) for resolving large bad loans has been formed and will be called as Sashakt India Asset Management. The panel is now working towards identifying potential investors for an alternate investment fund (AIF) which will fund the AMC. |
| Source- The Economic Times |
 IndusInd Bank has announced the launch of IndusInd Bank Nexxt Credit Card, which empowers customers with a choice of payment options such as EMI, Reward Points or Credit at the push of a button, on the card, at the point of sale (POS). The bank claims it to be the nation’s first interactive credit card with buttons. According to the bank, this card provides customers with the flexibility of 3 payment options at a POS terminal — Credit, Converting Transactions into EMIs with 4 tenure options (6, 12, 18 & 24 months) or using accumulated Reward Points, by simply pushing a button on the card. The card has been created in partnership with Dynamics Inc, which is headquartered in Pittsburgh USA, and designs and manufactures intelligent, battery-powered payment cards. |
| Source- The Financial Express |
 The RBI canceled the certificate of registrations of as many as 31 NBFCs for unspecified reasons. It also canceled the certificate of registrations of 17 NBFCs following a request by them for the same. The action comes amid difficulties faced by the NBFCs sector. A majority 27 of 31 companies which lost licenses are from Bengal. |
| Source: The Times of India |
 The Reserve Bank of India has initiated the process to set up a digital Public Credit Registry (PCR) to capture all the details of borrowers, including wilful defaulters and also the pending legal suits in order to check financial delinquencies. The public credit registry will also include data from entities like market regulator SEBI, the corporate affairs ministry, Goods and Service Tax Network and the Insolvency and Bankruptcy Board of India to enable the banks and financial institutions to get a 360-degree profile of existing and prospective borrowers on a real-time basis. |
| Source- The Financial Express |
 The Reserve Bank of India (RBI) allowed banks to provide partial credit enhancement (PCE) to bonds issued by systemically important non-deposit taking non-banking financial companies (NBFCs) registered with the RBI and housing finance companies (HFCs) registered with the National Housing Bank. The move is aimed at enhancing the credit rating of the bonds and enabling these NBFCs to access funds from the bond market on better terms. PCE, which was introduced in 2015, will help NBFCs and HFCs raise money from insurance and provident or pension funds who invest only in highly-rated instruments. |
| Source- The Livemint |
 The Kirloskar group had announced that it has received licence from the Reserve Bank to launch a non-banking finance company (NBFC), Kirloskar Capital, which will be headed by industry veteran Vimal Bhandari. The group company will invest Rs 1,000 crore in the proposed NBFC, which will be a fully-owned subsidiary of Kirloskar Oil Engines, and will focus on providing growth capital to industry with an initial focus on small and medium enterprises (SMEs). |
| Source- The Hindu Business Line |
 Country’s largest lender State Bank of India (SBI) and payments solution provider Hitachi Payment Services India has entered into an agreement to form a joint venture for establishing a card acceptance and digital payment platform. SBI will have a majority stake in the proposed joint venture. Hitachi Payment Services India is a wholly owned subsidiary of Hitachi Group, Japan. |
| Source- The Economic Times |
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