Banking Current Affairs 2015

ICICI Bank launches Tap-n-Pay, a near-field communications-enabled payment service

India’s largest private sector lender Industrial Credit and Investment Corporation of India (ICICI) Bank has launched a payment service Tap-n-Pay. It was launched by bank in collaboration with Tech Mahindra.

This payment service is based on the near-field communications (NFC) technology which will enable its customers make over-the-counter payments without using cash.

Key features of Tap n Pay

  • NFC technology will allow users to tap NFC enabled tag or mobile phone at the merchant’s point-of-sale device to make payments.
  • It is a prepaid account which will be available to customers of any bank by simply registering for it and transferring money online from any bank account.
  • ICICI Bank customers can also transfer money to the Tap-n-Pay account through an SMS.
  • To start with this service bank has offered it at large campuses of corporate offices.

ICICI Bank and Tech Mahindra also are planning to extend this service across the country.

Tags:

PM Narendra Modi launches MUDRA Bank to provide credit to small entrepreneurs

Prime Minister Narendra Modi on 8 April 2015 launched Micro Units Development Re-finance Agency (MUDRA) Bank in New Delhi.

MUDRA Bank will act as a regulator for ‘Micro-Finance Institutions’ (MFIs) involved in manufacturing, trading and service activities to promote their growth.

The Pradhan Mantri MUDRA Yojana will be the main support system for the bank and will be the part of Small Industries Development Bank of India (SIDBI).

The MUDRA bank was proposed in Budget 2015-16 by Union Government with an initial corpus of 20,000 crore rupees. Apart from this, 3,000 crore rupees also has been earmarked as credit guarantee corpus.

The envisaged roles for MUDRA Bank include

  • Formulate policy guidelines for micro-enterprise financing business and registration of MFI entities.
  • Undertake rating and accreditation of MFI entities.
  • Develope standardized set of guidelines in order to govern last-mile lending to micro enterprises.
  • Promote appropriate technology solutions for the last mile.
  • Formulate and operate a credit guarantee schemes in order to provide guarantees to loans and portfolios that are extended to micro enterprises.
  • Support promotional and development activities in the sector and create a good architecture for last-mile credit delivery.

MUDRA Bank will provide financing on 3 stages- Shishu, Kishore and Tarun.

  • Shishu is first stage in which loan cover upto Rs 50,000 will be given to a business entity at start of business.
  • Kishore is second stage in which loan cover ranging from Rs 50,000 to Rs 5 lakh will be given.
  • Tarun is the third stage in which loan cover up to Rs. 10 lakh will be given.

Tags:

Dena Bank inks MoU with Life Insurance Corporation to provide insurance cover

State owned Dena Bank has signed Memorandum of Understanding (MoU) with Life Insurance Corporation (LIC) of India to provide insurance cover to its all Aadhaar-linked savings account holders in the age group of 18 to 50 years.

LIC will provide insurance cover under the Union Government’s flagship Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJBY) scheme.

Under the MoU

  • LIC will give a life cover of Rs 2 lakh in case of death of the insured person.
  • In this regard, a nominal premium of 330 rupees per annum will be charged from account holder.
  • Those who join the scheme before completing 50 years can continue to have the risk of life cover up to the age of 55 years.

Tags:

Advertisement