Banking Current Affairs 2017

Arundhati Bhattacharya becomes first woman Chairman of SBI

Screenshot_1 Arundhati Bhattacharya, Managing Director and Chief Financial Officer of State Bank of India, has become its first woman Chairman. She succeeds Pratip Chaudhuri who retired as Chairman on September 30, 2013. Bhattacharya, who joined SBI as a probationary officer in 1977, will be at the apex position of the bank until March 2016.

The Govt. appointment Arundhati Bhattacharya as the new managing director of the State Bank of India (SBI). Previously, Bhattacharya was the managing director of SBI Capital, the merchantbanking arm of the bank.

Who is SBI’s first woman MD (Managing Director)?

Ms Arundhati Bhattacharya is State Bank of India’s first woman managing director.

Who was the first Woman MD (Managing Director) of a Public Sector bank in India?

The first woman MD of a Public sector bank in India was Ms Ranjana Kumar. The Government of India appointed Ms Ranjana Kumar as the Chairperson and managing Director of the Indian Bank, she became the first woman to become head of a public sector bank in India.

Some other ladies who are at present heading banks in India:

Public Sector Banks:

  • United Bank of India: Ms. Archana Bhargav (Chairman & MD)
  • Allahabad Bank: Ms Shubhalakshmi Panse (Chairman & MD)

Private Sector Banks:

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RBI cuts MSF rate by 50 bps to 9.0%

The Reserve Bank of India has reduced one of the key short-term borrowing rate, the Marginal Standing Facility (MSF), by 50 basis points to 9.0%. The step has been taken as the rupee has recovered 11.4% after hitting an all-time low of 68.85 to the dollar on August 28, 2013.

What is MSF?

Marginal Standing Facility (MSF) was introduced by the Reserve Bank of India in 2011-12 as part of its monetary policy. Under this facility, banks can borrow funds from RBI at a fixed rate, which is, normally, 1% or 100 basis points above the Liquidity Adjustment Facility-repo rate, against pledging Government securities (G-Sec). Banks can borrow funds through MSF when there is a considerable shortfall of liquidity. This measure was introduced by RBI to regulate short-term asset liability mismatches more effectively.

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