Ø Deutsche Bank has become the first bank in India to use the
Reserve Bank of India (RBI)’s window to swap fresh foreign currency
non-resident (bank), or FCNR (B), dollar funds. It has raised about $450
million FCNR (B) deposits from about 10 non-resident Indians and swapped it
with the central bank.
Ø YES Bank has become the first bank to raise $ 225 million
funds overseas using the swap loan facility provided by the Reserve Bank of
India (RBI) . The private sector lender raised $255 million ($180 million and
€58 million) by way of dual currency, multi-tenor syndicated loan facility.
Ø Canara Bank and Apollo Munich Health Insurance (AMHI) have
entered into a bancassurance tie-up. This is the first such tie-up for the
insurance company in its six years of existence. Bank assurance is distribution
of insurance products through a bank’s network.
Ø In September 4, RBI had announced a swap window to attract
FCNR (B) dollar funds. Accordingly, it has been decided to offer such a window
to banks to swap fresh FCNR (B) dollar funds, mobilized for a tenure of at
least three years, at a fixed rate of 3.5% a year for the tenure of the deposit,”.
Ø World Bank lowers 2013 growth forecast for East Asian
developing countries to 7.1%.
Ø WTO lowers growth projection for world trade in 2013 to 2.5%
against 3.3 percent projected in April and 4.3 percent earlier in the year
Ø Own Your NPA’ campaign launched by IDBI: In a bid to
speedily recover Non-Performing Assets (NPA), the IDBI Bank has launched a
campaign named ‘Own Your NPA’.
Ø Tata Communications Payment Solutions Ltd (TCPSL), a wholly
owned subsidiary of Tata Communications Ltd, today inaugurated Indicash ATMs in
Mysore.
Ø Financial Stability Board (FSB): FSB is an international
body which was established after the 2009 G-20 London summit in April 2009 as a
successor to the Financial Stability Forum.
Note: i. FSB work is to coordinate at the international
level the work of national financial authorities and international standard- setting
bodies and to develop and promote the implementation of effective regulatory, supervisory and other financial
sector policies.
ii. The Reserve Bank of India (RBI), the Securities and Exchange
Board of India (SEBI) and the Ministry of Finance are the members of FSB from
India.
Ø China launched its first direct bank, a new mode of
providing online banking services without any entity outlets. The direct bank
has been launched by the Bank of Beijing in co-operation with the Netherlands-based
ING Group.
Note: i. A direct bank is a bank without any branch network
that offers its services remotely via online banking and telephone banking and
may also provide access via ATMs (often through interbank network alliances),
mail and mobile.
Ø According to the budget announcement for the financial year 2013
the Technology Up gradation Fund Scheme (TUFS) will remain continue during 12th
Plan period with a major focus on power looms. The total budget outlay for
continuation of the scheme will be about 11900 crore rupees, out of which 2400
crore rupees have been allocated for the financial year 2013-14. 12. According
to the latest data released by the CSO (Central Statistical office) the GDP
growth of India during first quarter of the fiscal year 2013-14 dropped to 4.4
percent, lowest in 4 years.
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