Banking Current Affairs 2015

ICICI Bank launches India’s first contactless credit and debit cards

India’s largest private sector bank Industrial Credit and Investment Corporation of India (ICICI) Bank has launched country’s first ‘contactless’ debit and credit cards.

These cards will provide its customers to make electronic payments by waving the cards near the merchant terminal instead of dipping or swiping.

Facts about ICICI Bank’s contactless cards

  • These cards are based on the Near Field Communication (NFC) technology and powered by MasterCard contactless and Visa payWave technologies.
  • It provide customers with the improved convenience of speed as these cards require significantly less time than traditional cards to complete a transaction.
  • It also enhances security features for the customer.

Presently, bank has introduced these cards in cities like Gurgaon, Hyderabad and Mumbai. ICICI Bank also has provided with over 1200 Electronic Data Capture (EDC) machines that are capable of accepting contactless payments in these cities.


ICICI Bank Launches Digital Village Project in Akodara Village of Gujarat

Industrial Credit and Investment Corporation of India (ICICI) Bank has launched its own version of Digital Village Project by adopting entire Akodara Village in Sabarkantha district of Gujarat.

It was launched presence of Prime Minister Narendra Modi and ICICI Bank MD and CEO Chanda Kochar to mark 60-year-celebration of the ICICI group’s existence.

Key facts about ICICI Bank’s Digital Village Project

  • It is launched in lines with Governments flagship programme of Digital India.
  • It seeks to provide entire village with services ranging from cashless banking to digitised school teaching.
  • As part of this project, banking platform at rural part will be digitized by covering all aspects of banking like opening an account to sale of goods to purchase of products including milk from the vendors or local kirana stores.
  • In case of school teaching, it will digitized all school records alongwith the Gujarat syllabus and even teaching methods and tools.
  • It will also provide necessary infrastructure needed for digisiting entire village in order to provide villager with the access required to data and information in a digital format.
  • Besides basic banking facilities like ATMs and other digital banking services, other services like e-health, e-milk producer group, Wi-Fi connectivity and schools with digital black boards in the village, along with a host of other digital facilities will be provided under this project.

About ICICI Bank

It was established in 1955 as ICICI Ltd.

Originally it was set up as an Indian financial institution as the initiative of the World Bank, the Government of India and representatives of Indian industry to provide project financing to Indian businesses.

Later in 1994, it got merged to form ICICI Bank.


RBI relaxes KYC norms for Non-Banking Financial Companies (NBFC’s)

Reserve Bank of India (RBI) has relaxed Know-Your-Customers (KYC) norms for Non-Banking Financial Companies (NBFCs).

In this regard, RBI has amended the KYC norms in order to remove the practical difficulties and constraints being faced by NBFC’s in getting KYC documents at frequent intervals.

Previously, as per the norms it was necessary for NBFC’s to undertake KYC once in every 5 years for low risk category customers and once in two years for both high and medium risk categories.

But as per new norms, full KYC exercise will be required to be done at least every 10 years for low risk and at least every 8 years for medium risk individuals and entities.

While for the high-risk individuals and entities, it should be done in at least every 2 years.

This full KYC exercise will be done by taking into account whether and when client due diligence measures have previously been undertaken and the adequacy of data obtained.

However, the new norm does not mention physical presence of clients for such periodic updations.