Banking Current Affairs 2015

RBI signs $400 million currency swap pact with Sri Lanka

The Reserve Bank of India (RBI) has signed a US $400 million currency swap agreement with the Central Bank of Sri Lanka.

The currency swap agreement will allow central banks of both nations to make withdrawals of US Dollar or Euro in multiple tranches up to a maximum of USD 400 million or its equivalent.

The agreement will be valid for a period of three years and further economic co-operation between the two countries. It will also bring in more financial stability in the region.

Background

  • In SAARCFINANCE Governor’s meeting held in Nepal in 2012, RBI had announced that it will offer currency swap facilities aggregating USD 2 billion. This facility will be offered in both foreign currency and rupee to SAARC member countries.
  • In this regard, the swap arrangement are signed to provide a backstop line of funding for the SAARC member countries to meet any balance of payments (BoP) and liquidity crises till long-term arrangements are made.
  • The facility will be available to all SAARC member countries including India, Afghanistan, Bangladesh, Bhutan, Maldives, Nepal, Pakistan and Sri Lanka.

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India Railways launches RuPay pre-paid debit card service

Indian Railways has launched RuPay pre-paid debit card service for the railway passengers.

The service was launched by Indian Railway Catering and Tourism Corporation (IRCTC) in collaboration with the Union Bank of India (UBI) and the National Payment Corporation of India (NPCI).

Key facts

  • By using RuPay pre-paid cards, passengers now can book their tickets, do shopping and pay service bills.
  • Initially the service will be available only for booking rail tickets and later on facility of shopping and bill payments will be upgraded.
  • These cards will be made available from UBI offices or through IRCTC online.
  • The cardholder can have a loading limit of Rs 10,000 with partial Know Your Customer (KYC) detail or with full KYC detail of Rs 50,000 loading limit.
  • For every month, first five transactions done per card for purchase of train tickets through IRCTC will be free. Subsequent transaction after free usage limit, customer will be charged extra Rs 10 per transaction.
  • For first six months no transaction charges will be levied from the customers for usage of this services.

It should be noted that RuPay is India’s own card payment gateway network like Master Card and Visa. It provides an alternative system for banks to provide debit card service.

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Union Government appoints 9 Executive Directors in Public Sector Banks

Union Government has appointed 9 Executive Directors (EDs) in Public Sector Banks (PSBs).

Their appointment was approved by Appointments Committee of the Cabinet on recommendation of selection panel headed by the Reserve Bank of India (RBI) Governor Raghuram Rajan.

Following 9 Executive Directors (ED) of PSBs were appointed

  • K. Sahoo- ED of Allahabad Bank.
  • Pawan Kumar Bajaj- ED of Indian Overseas Bank.
  • Ravi Shankar Pandey- ED of Syndicate Bank.
  • Kishore Piraji Kharat- ED of Union Bank of India.
  • C.Lodha- ED of Central Bank of India.
  • Charan Singh- ED of UCO Bank
  • Venkata Rama Moorthy- ED of Bank of Baroda.
  • P. Marathe- ED of Bank of India.
  • Harideesh Kumar B- ED of Canara Bank.

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