16. IFC collaborates with FIDC for training NBFCs

The International Finance Corporation (IFC), has signed a MoU with the Finance Industry Development Council (FIDC), a representative body of asset and loan Financing NBFCs, to collaborate on training of NBFCs in the country.

17. StanChart launches DigiSmart card

Standard Chartered Bank launched a DigiSmart credit card that would be available

for a monthly fee of ₹49, which will, however, be waived off if the customer spends more than ₹5,000 in the previous month.

18. Axis Bank launches Express FD

Axis Bank announced the launch of a digital fixed-deposit product called ‘Express FD’. Customer can open an Express FD account in three minutes through the digital mode without opening a savings account with the bank. Express FD offers attractive interest rates & zero issuance fees

19. UPI transactions overtake debit card payments in 2018-19

As per RBI report No. of transactions via real-time payments system, the Unified Payments Interface (UPI), were 1.2 times higher than number of debit card transactions in 2018-19. 5.35 bn UPI-based transactions, seen compared to 4.41 bn debit card uses.

20. Airtel Payments Bank launches ‘Bharosa’ savings account

Airtel Payments Bank launched Bharosa savings account services, designed for deepening the financial inclusion in India. SB account would offer ₹ 5 L personal accident insurance on maintaining balance of ₹ 500 along with one debit transaction per month.

21. SEBI sets up expert panel to suggest norms for social stock exchanges

SEBI set up a 15-member expert panel to make recommendations on setting up so-called social stock exchanges in the country. These exchanges allow companies operating in sectors such as health, environment and transportation to raise risk capital.

22. RBI sets timelines for reversal of failed electronic transactions

RBI released a framework for TAT for failed transactions & compensation for customers. The bank will have to pro-actively reverse failed transactions within a max of T + 5 days of failed transaction & compensation will be paying ₹100/day to the a/c holder.

23. SBI becomes first Indian bank to have office in Australia’s Victoria

SBI opened its office in Melbourne & became the first Indian bank to have a branch in the Australian state of Victoria. Victoria already has the presence of leading Indian businesses-including Cipla, Cyient, HCL, Infosys, Ramco, Zomato etc.

24. HDFC Bank launches three-month-long discount campaign on its platform

HDFC Bank launched three-month-long discount campaign on its platform offering best deals on transactions through its debit/credit cards. For this the bank has tied up with more than 1,000 major brands such as Reliance Digital, Samsung, Apple etc.

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