Current Affairs Economy & Banking

  Bandhan Bank launched a co-branded credit card in association with Standard Chartered bank. This credit card would be offered to 40 lakh savings bank account holders across the 1,000 branches of Bandhan Bank. As part of the tie-up, while Standard Chartered bank will take the credit risk, Bandhan Bank will be responsible for identifying and issuing cards to its customers.
Source: The Hindu

  Acko General Insurance, an insurtech company, has partnered with ZestMoney, a consumer lending fintech, to offer credit insurance. This insurance will help ZestMoney customers cover their monthly EMI payments during times of crisis. Acko will offer credit insurance to these consumers and cover them during eventualities like hospitalization or critical illness when they’re unable to pay their instalments. ZestMoney offers instant financing to consumers across 1000+ online portals and provides them with the option of paying through EMIs even if the consumers don’t own a credit card.
Source: The Hindu

  The Reserve Bank of India has permitted processing of e-mandate on credit and debit cards for recurring transactions (merchant payments). The maximum limit for such a transaction will be Rs 2,000. While processing the first transaction in e-mandate-based recurring transaction series, additional factor authentication (AFA) validation should be performed. As per the RBI circular, no charges should be levied or recovered from the card holder for availing the e-mandate facility on cards for recurring transactions. The direction is applicable for transactions performed using all types of cards—debit, credit and Prepaid Payment Instruments (PPIs), including wallets.
Source: The Live Mint

  India’s forex reserves has reached the highest ever valuation of $430.57 bn. As per the latest RBI data, India’s foreign exchange reserves increased by $1.620 billion in the week to 9 August due to rise in foreign currency assets. Foreign currency assets expressed in dollar terms includes the effect of appreciation/depreciation of non-US units like the euro, pound and yen held in the reserves.
Source: The Live Mint

 The Reserve Bank of India has clarified rules on ‘free ATM transactions’ provided by banks to its customers. Banks provide certain number of free transactions at ATMs to their customers and beyond that impose charges.
According to the Reserve Bank of India, the following transactions should not be counted as valid ATM transactions for the customer as the ‘free ATM transactions’:
  • Transactions failed at ATMs due to technical reasons like hardware and software issues.
  • Transactions failed due to non-availability of currency in ATMs.
  • Use of ATMs for non-cash withdrawal transactions such as balance enquiry, cheque book request, payment of taxes, funds transfer.
Source: The Hindu

 The Central government has rolled out scheme for liquidity support to NBFCs. The partial guarantee scheme will allow state-run banks (PSBs) to purchase assets of non-banking and housing finance companies (NBFCs and HFCs). The partial guarantee scheme aims at providing liquidity support to avoid distress sale of assets in a sector facing a shortage of cash due to asset-liability mismatch. NBFCs will be able to sell 20% of standard assets, worth up to Rs 5,000 crore, as on March 31.
The Department of Economic Affairs will provide government guarantee of up to 10%of the fair value of assets purchased by a bank from a stressed NBFC or HFC. The scheme is capped at Rs 1,00,000 crore and will be open for up to 6 months. The government will settle claims by banks within 5 working days. The one-time guarantee on the pooled assets will be valid for 24 months from the date of purchase and can invoked in specified circumstances.
Source: The Economic Times

  National Payments Corporation of India has announced that Aadhaar enabled Payment System has crossed the milestone of over 200 million transactions during July 2019. The transaction count of AePS stood at 220 million in july 2019. AePS is a bank led model which allows basic banking transactions at point of sale. AePS empowers a bank customer to use Aadhaar as identity to access respective Aadhaar enabled bank account and perform basic banking transactions like cash withdrawal, intrabank or interbank fund transfer and balance enquiry.
Source: The DD News

  Business-to-business payments startup EnKash has launched the country’s first corporate credit card called ‘Freedom Card’ for small and medium enterprises (SMEs). The Freedom Card would give SMEs and startups the freedom to avail credit facility for immediate needs and to manage their liquidity.
Source: The Business Standard

 Private sector bank, RBL Bank and digital healthcare platform Practo have partnered to launch an industry-first co-branded health credit card. This credit card is powered by Mastercard. RBL Bank’s new credit card offers benefits like online consultations with doctors and a free health check-up.
Source: The Livemint

 Mastercard announced the launch of Identity Check Express, a next-generation, mobile-first authentication solution that aims to redefine the e-commerce journey for Indian consumers. Mastercard Identity Check Express combines the latest technology, including device intelligence and behavioural biometrics, with the latest EMV 3-D Secure and FIDO authentication standards to deliver an uninterrupted mobile payment experience.
Source: The Livemint


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