Banking Affairs 19th & 20th February 2017 | Financial Awareness 19th & 20th February 2017

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1. Karnataka Bank Launches National Pension System in Mangaluru

  • Mangaluru based private sector lender Karnataka Bank Ltd launched National Pension System (NPS) at its corporate office in Mangaluru. To provide financial security at old age by giving regular income in the form of pension.
  • Under the scheme, one can contribute to NPS while earning and eventually start receiving pension on his/her attaining the age of 60 years to meet their financial needs.
  • To avail the benefit, any individual between the ages 18-60 years can register their name with the bank branch to contribute and to get pension benefit.

2.Canara Bank Inks MoU with HRD Ministry to Start Higher Education Financing Agency

  • Bangalore based Public sector Canara Bank has signed a Memorandum of Understanding (MoU) with the Human Resource Development (HRD) Ministry to operationalize the Higher Education Financing Agency (HEFA).
  • The establishment of the Higher Education Financing Agency (HEFA) was approved by the Union Cabinet in September 2016.Through this MoU, HRD Ministry and Canara Bank will jointly promote the HEFA with an authorised capital of Rs. 2,000 crore.

3. RBI Permits Multilateral Financial Institutions to Invest in Masala Bonds

  • Masala Bond Masala bonds are the new type of rupee dominated bonds which are issued by Indian entities in offshore market to raise funds in terms of Indian rupee only.
  • International Finance Corporation, a World Bank Group, issued the first masala bonds in London in November 2014 to attract international investment for infrastructure in India.

4. SBI ties adult with Greenply to offer financial services to the dealers

  • SBI has announced a tie-up with Greenply Industries to grow a channel financing business.
  • Forging a business partnership is rather routine, though this turns out to be special as a bargain allows SBI to take nonetheless another step in flourishing a digital banking footprint.
  • The dual companies sealed a chit of bargain on Saturday for financing a dealers of Greenply Industries on electronic platform.

5. Perform or perish: Singh to steel PSUs

  • In a stern warning, Steel Minister Birendra Singh has asked PSUs, including SAIL, to “perform or perish” saying complacency cannot be tolerated at a time when private players are excelling on various parameters.
  • Chairing a meeting of chiefs of top steel PSUs, the minister pulled up public sector firms like SAIL and RINL for not only lagging behind on international benchmarks but were behind their private counterparts and complacent in ramping up capacities.

6. Urjit Patel takes fresh guard, changes stance

  • RBI’s latest bimonthly policy saw its Governor reassert the central bank’s monetary independence “Urjit is his own man,” former Reserve Bank of India Governor Raghuram Rajan once said of his successor.
  • While Dr. Rajan impressed everyone from the word go, things were different for Dr. Patel.

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