Banking Affairs 25th February 2017 | Financial Affairs 25th February 2017

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1. IOB appoints T C A Ranganathan as Non-official Director

Indian Overseas Bank has informed about the change in Bank’s Board of Directors. Government of India, vide its Notification dated February 16, 2017, hereby appoints Shri T C A Ranganathan as part-time Non-official Director as well as Non-Executive Chairman of the bank.


2. Bharat Financial launches instant microloan facility

  • Microfinance institution Bharat Financial Inclusion Ltd today launched an initiative for instant loan approval and disbursed them to three women in a village near Bassi in Jaipur district.
  • The initiative is expected to help rural areas embrace cashless transactions.
  • The loans are cashless since they are deposited directly to the loanee’s bank account.
  • Three women were approved instant loans through the technology in Dev village near Bassi

3. Rs 5,637.56 crore for Narmada Yojana

  • Maharashtra, Rajasthan and Madhya Pradesh- three of the four partner States in Sardar Sarovar Narmada Yojana- owe total Rs 5,637.56 crore to Gujarat government for joint implementation of the scheme.
  • Gujarat govt. has initiated procedure to approach the Attorney General of India to resolve the dispute of payment of money for Resettlement & Rehabilitation of affected families.

4. Bill banning hookah bars

  • The Gujarat Assembly on Feb 23 passed an amendment bill which proposes a total ban on hookah bars and imposes max. jail term of 3 years on those operating such joints despite absolute restriction.
  • The Cigarettes and Other Tobacco Products (Prohibition of Advertisement and Regulation of Trade and Commerce, Production, Supply and Distribution) Gujarat Amend Bill, 2017 was passed by majority.

5. Karnataka Bank bags two awards at IBA Banking Technology Awards

City based private sector bank – Karnataka Bank Ltd has bagged two IBA – banking technology awards 2017. The awards are, winner- best financial inclusion initiatives [small bank] category; and runner up – best use of digital and channels technology [small bank] category. IBA Banking Technology Awards is instituted to recognize and reward individuals, professionals and banks who have recorded noteworthy technology and business benefits in previous year.

6. Mobile Application for GST

  • Central Board of Excise and Customs (CBEC) launches a Mobile Application for GST to inform the taxpayers of the latest updates on GST among others.
  • The Mobile Application enables taxpayers to be well informed of the latest updates on GST.
  • Taxpayers can also provide feedback and contact CBEC’s 24×7 helpdesk “CBEC Mitra” through a toll-free number or email, at the touch of a button.

7. Visa signed MoU with AP to make Vizag, India’s first ‘less cash’ city

  • Global payments network Visa signed a memorandum of understanding (MoU) with the Andhra Pradesh government to help transform Vishakhapatnam into India’s first ‘less cash’ city.
  • This initiative is designed to provide the foundation for the city to emerge as India’s ‘Fintech Valley’.

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