Banking Current Affairs 2015

Bank of Baroda ties up with UAE Exchange for instant money transfer

Leading Indian public sector bank Bank of Baroda (BoB) has partnered with UAE Exchange to offer Non-resident Indian (NRI) customers an instant cash transfer facility.

In this regard agreement was signed between both parties. This agreement will facilitate customers can send money within minutes to their desired bank accounts in BoB in India.

This facility is also supported by SMS alert, which will notify the moment the amount is credited in the bank account of desired customer.

UAE Exchange is a global remittance and foreign exchange (FOREX) company. It serves over 7.9 million customers worldwide and currently has presence in 32 countries with over 750 branches across 32 countries.

Currently, Bank of Baroda (BoB) has a network of more than 5,000 branches across United States, Europe, Africa, Australia and Asia. Its financial centres are located in cities like New York, London, Hong Kong, Singapore and Dubai.

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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.

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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.

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