Monthly Current Affairs – September 2019
Read Current Affairs of September Month 2019
News: Most Important
1. RBI proposes Rs 200 crore minimum capital for small banks under ‘on tap’ licence regime
The Reserve Bank of India proposed a minimum equity capital of Rs 200 crore to set up a small finance bank (SFB) under the ‘on tap’ licence regime to expand the banking services through high technology-low cost operations.
2. RBI reduces risk weight for consumer credit, including personal loans, to 100%
Reserve Bank of India (RBI) reduced the risk weight requirement for consumer loans to 100 per cent, a move that will reduce cost of such loans. Currently, the risk weight requirement for such loans is 125 per cent.
3. RBI panel recommends self-regulatory agency for secondary markets
Task force headed by Canara Bank chairman T.N. Manoharan recommended setting up of a self-regulatory body (SRB), to oversee the proposed secondary market. SRB’s role will be to standardize loan process, ensure standardization of practices & promote growth.
4. RBI makes repo-linked interest rates mandatory
RBI has made it mandatory for banks to link all of their new loan products- personal, housing or auto to an external benchmark like the policy repo rate w.e.f 1st October 2019. Banks may choose any benchmark market interest rate published by Financial Benchmark India Private Ltd (FBIL).
5. NPCI rationalises MDR for RuPay debit card deals
NPCI rationalised the merchant discount rate (MDR) for RuPay debit card transactions across Point-of-Sale (PoS), eCom, & BharatQR Code-based merchant transactions. MDR has been revised to 0.60 per cent for transactions above ₹2K, with a maximum cap of ₹150.
For Bharat QR the MDR has also been reduced to 0.50 percent.
6. RBI panel suggests new intermediary under NHB
member RBI committee, under the chairmanship of Harsh Vardhan has recommended that an intermediary be set up under the National Housing Bank (NHB), wherein the government will have a 51% ownership.
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