Banking Current Affairs 2015

RBI lowers repo rate to 7.25 per cent

Reserve Bank of India (RBI) has reduced the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points from 7.5 per cent to 7.25 per cent with immediate effect.

It was announced in the second bi-monthly policy of RBI. It says that

  • Cash reserve ratio (CRR) of scheduled banks has kept unchanged at 4 per cent of net demand and time liabilities (NDTL).
  • Continuation of providing liquidity under overnight repos at 0.25 per cent of bankwise NDTL at the LAF repo rate.
  • Liquidity under 14-day term repos as well as longer-term repos of up to 0.75 per cent of NDTL of the banking system through auctions.
  • Continuation with overnight/term variable rate repos and reverse repos to smooth liquidity.

This the third time RBI has cut interest rates in 2015. RBI has reduced the rates in order to take advantage of subdued inflation and to give more support to an economy.

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Meena Hemchandra appointed as Executive Director of RBI

Meena Hemchandra was appointed as the Executive Director of Reserve Bank of India (RBI).

With this appointment she will be in charge of RBI’s department of banking supervision, non-banking supervision and department of co-operative banking supervision.

Prior to this appointment Meena Hemchandra was in charge of RBI’s Department of Supervision. Previously, she also had worked in RBI’s department of external investment and operations which manages country’s reserves and Foreign Exchange Department.

She also had served as Principal of Reserve Bank’s College of Agriculture Banking located in Pune. She is a chartered financial analyst from Institute of Chartered Financial Analysts of India (ICFAI) and also holds a post graduate degree in Economics.

It should be noted that RBI has 11 Executive Directors who are in charge of various departments. With this appointment the portfolios of other Executive Directors remain unchanged.

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China develops world’s first ATM with Facial Recognition Technology

Researchers from China have successfully developed the first automated teller machine (ATM) with facial recognition technology.

The machine has unique security feature which does not allow users to withdraw cash unless their face matches their facial ID.

The first of its kind ATM was developed by researchers from Tsinghua University and technology firm Tzekwan.

Key facts

  • The machine has a camera installed in which captures the facial features of the user and then compares it with photos stored in a database for authentication.
  • Its technology and software looks at biological features of person and has potential to identify people even if their facial features have changed.
  • The machine combines high-speed banknote handling, improved counterfeit-bill recognition and facial recognition. Thus, help to curb ATM-related crimes.
  • It provides 20% more accurate authenticity in verifying multiple currencies compared to present conventional ATMs used globally.

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