Monthly Current Affairs – September 2019

News: Others
1. Bank of Baroda approves ₹2,000-cr loan for Bundelkahnd Expressway project

Bank of Baroda has sanctioned a loan of Rs 2,000 crore for the ambitious Bundelkahnd Expressway project. Bundelkhand Expressway is a 296 km long expressway with origin at Bharatkoop in Chitrakoot district.

2. Equitas Holding proposes new scheme to list Equitas Small Finance Bank

EHL has proposed to capitalise free reserves of Equitas Small Finance Bank issuing shares of the subsidiary to its shareholders without cash consideration. As per RBI regulations, ESFB was to be listed on capital markets on or before September 4, 2019.

3. SBI to offer MUDRA loans to Kerala broiler farmers

SBI has entered into a tie-up with Kudumbashree Broiler Farmers Producers Company for financing poultry farmers under the Kudumbashree project, which is the State’s Poverty Eradication Mission that doubles up as a campaign for women empowerment.

4. Bank of Baroda plans to raise capital up to Rs 3,000 cr via tier-II bonds

Bank of Baroda has planned to raise capital up to Rs 3,000 crore through tier-II bonds for meeting capital adequacy norms for the merged entity (Vijaya & Dena Bank with BoB). India Ratings has assigned “AAA” stable rating to proposed bond offering by BoB.

5. RBI bars Equitas Small Finance Bank from opening new branches

RBI has taken strict action against Equitas Small Finance Bank (ESFB) for not getting its shares listed on time. As per the RBI order, Equitas Small Finance Bank can no longer open new branches, and RBI has also frozen the salary of the bank CEO.

6. American Express introduces SmartEarn Credit Card for millennials

American Express, the world’s largest card issuer by purchase volume, has launched the SmartEarn Credit Card for millennials in India. It carries an annual fee of ₹495, along with ₹500 cashback in the first year in the form of statement credit.

7. Wipro secures deal worth $300 mn from ICICI Bank

Wipro Ltd secured a strategic 7-yr deal valued at $300 mn from ICICI Bank to provide a suite of digital services & to further strengthen our endeavor to provide differentiated technology & digital capabilities to financial services industry.

8. RBI puts curbs on PMC Bank

RBI put severe curbs on Punjab and Maharashtra Co-operative (PMC) Bank . Cash withdrawals were capped at ₹1,000 per account for six months. PMC Bank has also been barred from making fresh loans and taking deposits. Restrictions are under Section 35A of the Banking Regulation Act.

9. Edelweiss and SBI team up for co-origination of loans to MSMEs

ECL Finance Ltd of Edelweiss & State Bank of India have signed a co-origination agreement to increase access to credit for Micro, Small and Medium Enterprises. It involves sharing of risks & rewards b/w Banks & NBFCs, MSMEs, creating a lending environment.

10. ECL Finance Ltd, a subsidiary of Edelweiss & Central Bank of India tie up

ECL Finance Ltd, a subsidiary of Edelweiss Financial Services, and Central Bank of India have signed an agreement for priority sector lending to Micro, Small and Medium Enterprise (MSME) customers.

11. IPPB rolls out of Aadhaar-enabled payment services (AePS)

India Post Payments Bank has rolled out Aadhaar enabled payment system (AePS) services. IPPB has now become the single largest platform in the country for providing interoperable banking services to the customers of any bank.

12. RBI increases withdrawal limit for PMC Bank customers to Rs 10,000

In a relief for Punjab & Maharashtra Cooperative Bank customers, the RBI increased the withdrawal limit from Rs 1,000 to Rs 10,000. With the above relaxation, more than 60% of the depositors will be able to withdraw their entire account balance.

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