Banking Awareness 24th October 2019: Updates Quiz

Exp. On the basis of an assessment of the current and evolving macroeconomic situation, the Monetary Policy Committee (MPC) decided to:

• reduce the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points to 5.75 per cent from 6.0 per cent with immediate effect.
• Consequently, the reverse repo rate under the LAF stands adjusted to 5.50 per cent, and the marginal standing facility (MSF) rate and the Bank Rate to 6.0 per cent.
• The MPC also decided to change the stance of monetary policy from neutral to accommodative.

Exp. Karnataka Bank has entered into an MoU with Bharti AXA Life Insurance Company to distribute the latter’s life insurance products. The bank will be able to provide a wide choice of life insurance products to its customers across 836 branches, supported by the products of Bharti AXA Life Insurance Company.

Exp. HDFC Bank was ranked No 1 in India by customers in the ‘World’s Best Banks’ survey by Forbes magazine. In the first edition of this survey, Forbes partnered with market research firm Statista to measure the best banks in 23 countries. HDFC Bank emerged as India’s No 1 bank.

Exp. International Development Association (IDA) is an agency to provide ‘soft-loans’ to developing countries.

Exp. The State Bank of India, in a first, starts linking its loan and deposit rates for large accounts to the Reserve Bank of India (RBI’s) repo rate. The new interest rate plan applies only to savings accounts deposits with a balance over Rs 1 lakh and short-term loans. While this rule is expected to make loans cheaper, some SBI customers will see the interest rate on their savings bank account dip.

Exp. The Asian Development Bank (ADB) launched an ‘Action Plan for Healthy Oceans and Sustainable Blue Economies’ for Asia and the Pacific alongside an ADB Oceans Financing Initiative. The Plan and Initiative aim to support the protection and restoration of marine ecosystems while promoting inclusive livelihoods.

Exp. ICICI Bank today announced the launch of a co-branded multicurrency travel card with Goibibo, a leading online travel booking company, to offer convenience as well as monetary benefits to the burgeoning section of international travel enthusiasts of the country. Anyone travelling abroad, whether an ICICI Bank savings account customer or not, can apply for the ‘Goibibo ICICI Bank Travel Card’ digitally on the Goibibo website and mobile app.

Exp.Digital payments company Paytm, in association with Citibank, launched its first credit card called Paytm First Card. Paytm First Card comes with unlimited cash back and will be accepted in India as well globally.

Exp. Ride-hailing company Ola has launched Ola Money SBI Credit Card in partnership with SBI Card, one of India’s largest credit card issuers. Powered by Visa, the Bangalore-based company aims to provide a flexible and convenient payment system alongside several benefits to its customers.

Exp. The Reserve Bank of India has constituted a six-member committee on Development of Housing Finance Securitization Market to review the existing state of mortgage securitization in India and various issues constraining market development, and to develop the market further.

The terms of reference of the committee, headed by Harsh Vardhan, Senior Advisor, Bain & Co, will review the regulations relating to mortgage-backed securitization (MBS) currently in place, and make specific recommendations on suitably aligning the same with international norms