 Indian Overseas Bank (IOB) entered into an agreement for information utility services with the National E-Governance Services Limited (NeSL). With this agreement, the IOB branches will be able to provide high-quality, authenticated information about debts and defaults; which will have more transparency in maintaining the list of borrowers, debtors, creditors and loan defaulters. |
| Source- ANI News |
 The Reserve Bank of India has revised "Know Your Customer" or the KYC guidelines. The KYC norms have been revised following the government's decision to update the 'Prevention of Money Laundering' rules in June 2017. The RBI made linking of national biometric ID Aadhaar to bank accounts mandatory. However, it said this will be subject to the final decision of the Supreme Court on making of Aadhaar mandatory. Till now, an Officially Valid Document for address proof together with Permanent Account Number issued by the Income Tax department and a recent passport size photograph were the key KYC documents. But in the amended Customer Due Diligence procedure, the Aadhaar number, the PAN or Form No. 60 need to be obtained from an individual who is eligible for applying for the biometric ID. |
| Source- DD News |
 Private sector lender Yes Bank has received the Reserve Bank of India’s (RBI) approval to open two representative offices in London and Singapore. Yes Bank opened its first representative office in Abu Dhabi in April 2015 and also launched IFSC banking unit (IBU) at GIFT City, Gandhinagar, in the same year. |
| Source- The Hindu |
 According to the TRA Brand Trust Report 2018, the State Bank of India was the most-trusted bank (both public and private sector) in the country and ICICI Bank topped the chart among the private ones. This year, State Bank of India tops the chart of BFSI (Banking and Financial Services Institutions) super-category despite seeing a dip in its overall brand trust index ranking. The leader among the private banks is ICICI Bank, rising nine ranks in overall ranking, it ranked 38th overall in 2018. Fraud-hit PSB Punjab National Bank, ranks sixth among the public sector banks (PSB) and is 297th in the overall ranking, according to the survey. |
| Source- The Economic Times |
 Amid the ongoing difficulties of cash crunch being faced in various states of India, the country’s biggest lender, State Bank of India (SBI) has come up with an alternate and convenient method of cash withdrawal for its customers. The bank is now providing facilities of cash through ‘Cash@POS’ initiative. Under this, the debit card holders of SBI and all other banks can withdraw cash from PoS machines installed by SBI across various merchant locations. A customer can withdraw Rs 1000 in Tier I and Tier II cities whereas Rs 2000 can be withdrawn in Tier 3 to Tier 6 cities per day per card. |
| Source- The Financial Express |
.jpg) National Bank for Agriculture and Rural Development (NABARD) has extended total credit support of Rs 14,690 crore to Rajasthan for 2017-18. Rajasthan has been one of the biggest beneficiaries under the Rural Infrastructure Development Fund (RIDF) of NABARD, under which NABARD disbursed concessional loan of Rs 1,851.29 crore to the state government during 2017-18. |
| Source- The Moneycontrol |
 Kolkata-based Bandhan Bank Ltd became one of the top 50 most valuable publicly traded firms in India. The market capitalization of Bandhan Bank was at Rs64,000 crore, claiming 50th rank, according to BSE data. Tata Consultancy Services Ltd is the most valuable company in India, followed by Reliance Industries Ltd and HDFC Bank Ltd. Bandhan Bank had raised Rs4,500 crore through a successful initial public offering (IPO) in March after setting the pricing at Rs375 per share. |
| Source- Business Standard |
 The Confederation of Indian Industry (CII) has announced that it expects India's gross domestic product (GDP) to grow at 7.3-7.7% during the 2018-19 financial year. This is based on strengthening demand in the rural economy, including agriculture and non-farm activities, as well as better global growth climate. |
| Source- Business Standard |
 Shares of private lender Kotak Mahindra Bank Ltd beat India’s largest lender State Bank of India (SBI) for the first time to become the second most valued bank in the country. Data from BSE showed that Kotak Mahindra Bank has a market capitalization of Rs2,22,560.69 crore, after its shares rose 1.7%. SBI market capitalization stood at Rs2,22,043.74 crore. Its shares were trading at Rs248.80 on BSE, down 1% from its previous close. HDFC Bank Ltd remained country’s most valuable bank with a market capitalisation of Rs5.04 trillion. |
| Source- The Livemint |
_1.jpg) As part of the drive to double the income of farmers by 2022, the government has raised the authorised capital of NABARD by six times from 50 billion to Rs 300 billion to help it increase its lending to the rural economy. A bill in this regard was approved by Parliament earlier this year. The increase in authorised capital will enable Nabard to respond to commitments it has undertaken, particularly in respect of the Long Term Irrigation Fund and on-lending to cooperative banks. |
| Source- Business Standard |
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