Banking Current Affairs 2018

Welcome to Banking Current Affairs 2018 Section of GKToday. This section has current affairs on banking industry for IBPS Banking Recruitment, RBI Grade B, SBI PO, RRB and other banking examinations. An E-book compilation of latest 300 Banking Current Updates can be downloaded from This Link

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Finance Ministry launches web portal to grant loans to MSMEs within hour

Union Finance Minister Arun Jaitley launched portal to enable micro, small and medium enterprises (MSMEs) to get in-principle approval of loans within hour without need for branch visit.

The web portal will enable in principle approval for MSME loans up to Rs. 1 crore within 59 minutes from Small Industries Development Bank of India (SIDBI) and 5 Public Sector Banks (PSBs). It also simplifies decision making process for loan officer as final output provides summary of credit, valuation and verification on a user-friendly dashboard in real time.

PSB loans in 59 minutes Portal

The portal is strategic initiative of SIBDI led five PSB consortium incubated under aegis of Department of Financial Services (DFS), Ministry of Finance. It sets new benchmark in loan processing and reduces turnaround time from 20-25 days to 59 minutes. Subsequent to this in principle approval, the loan will be disbursed in 7-8 working days.

The portal integrates advanced fintech to ensure seamless loan approval and management in MSME banking credit space. The loans under it are undertaken without human intervention till sanction and or disbursement stage. It has User Friendly Platform, which omits need for physical submission of any physical document for in-principle approval.

It also uses sophisticated algorithms to read and analyse data points of MSME borrower from various sources such as IT returns, GST data, bank statements, MCA21 etc. in less than hour. It also captures applicant’s basic details using smart analytics from available documents.

Month: Categories: Banking Current Affairs 2018


RBI shortlists 5 IT firms for implementation of Centralised information and Management System

Reserve Bank of India (RBI) has shortlisted five IT firms for implementation of Centralised Information and Management System (CIMS) for seamless data collection and validations. These five IT firms are Infosys, Tata Consultancy Services (TCS), Capgemini Technology Services India, IBM India and Larsen & Toubro Infotech. These five firms were selected based on expression of interest (EOI) notified by RBI in July 2018 for identification of solution provider for implementation of CIMS by overhauling its Data Warehouse (DW).

Centralised Information and Management System (CIMS)

RBI has proposed CIMS comprising of DW and Data Lake (DL) to harness power of big data analytics. CMIS will include seamless data collection from regulated entities by creating system-to-system interface, system driven data validation and data review, flexible and scalable data repository and providing data dissemination platform. It will also include centralised analytics platform to facilitate creation of RBI Data Sciences Lab.


RBI in April 2018 had announced to gainfully harness power of big data analytics by setting up data sciences lab that will comprise experts and budding analysts, internal as well as lateral trained in computer science, data analytics, statistics, economics, econometrics and finance. In pursuance of this goal, it had issued EOI in July 2018 for implementation of CIMS. One of functional requirements for CIMS enshrined in EOI was to establish system-to-system interface for automated element based data collection from about 130 banks/entities

Month: Categories: Banking Current Affairs 2018