Banking & Financial Awareness
- Srei Equipment Finance Ltd has partnered with a public sector bank to offer loans to the MSME sector and retail customers under a co-lending arrangement United Bank of India (UBI).
➢ The NBFC and the bank jointly organized Loan Utsavs across 20 cities.
➢ According to a release, loan to value of up to 90 percent of the equipment was offered for the tenure of up to 5 years, while a moratorium of 30-60 days was also awarded depending on the loan structure and size.
- Private sector lender Dhanlaxmi Bank managing director (MD) and chief executive officer (CEO) have resigned due to personal reasons T. Latha.
➢ The resignation has been accepted by the board and the same has been intimated to the RBI.
➢ Ms. Latha was appointed as MD and CEO of Dhanlaxmi Bank for three years.
- Government e-Marketplace (GeM) has signed MoU with Indian Bank & Canara Bank.
➢ The MoU will facilitate a cashless, paperless and transparent payment system on the portal and would create an efficient procurement system for government entities.
➢ GeM is also working with Banks, TReDs and SIDBI to provide bill discounting and financing of working capital where the cost of capital is linked to the performance and rating of a seller on GeM.
➢ This will help sellers in general and MSMEs, in particular, to access easy credit and do better business with the
- According to the Organisation for Economic Co-operation and Development (OECD), India’s gross domestic product (GDP)
could grow in 2020-24 6.6% Note:
➢ As per the report, China would need to bridge the gap between demand and supply of digital talent, while
improving digital literacy and increasing access to digital devices are critical in India.
- New Managing Director & Chief Executive Officer of IndusInd Bank — Sumant Kathpalia.
➢ He has replaced Romesh Sobti.
➢ Kathpalia is the head of consumer loans at the Hindujas-promoted lender and his name has been forwarded to the
Reserve Bank for approval.
- According to the International Monetary Fund (IMF) report, South America’s Guyana GDP (Gross Domestic Product) is expected to be more at 86% in 2020.