Banking Current Affairs 2017

Welcome to Banking Current Affairs 2017 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

YONO: SBI to unveil India’s first integrated digital platform

State Bank of India (SBI), the largest commercial bank in India will soon launch country’s first integrated lifestyle and banking digital service platform named YONO (acronym for ‘You Only Need One’).

YONO is first digital banking platform that will allow customers to meet their lifestyle needs across 14 categories including booking and renting cabs, entertainment, dining experience, travel and stay etc.

Key Facts

YONO is path-breaking comprehensive digital product of SBI, developed using world’s latest digital technologies such as Artificial Intelligence, Predictive Analytics and Machine Learning.

The integrated omni-channel digital platform will offer an array of banking and financial services which can be accessed through mobile phones, both android and iOS and web portal through a browser. It will allow customers with smart phones to conduct basic banking like opening an instant account (with limited facilities) with as well as make investments. It will also enable it users to shop at various online stores.

SBI will also use platform to sell its cards, life and general insurance and mutual funds etc. In future, it also plans to approve retail loans through this platform as well. SBI has tied up with over 60 merchants across 14 categories like healthcare, lifestyle, hospitality and auto among others for YONO.

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India not to pursue Islamic banking: RBI

The Reserve Bank of India (RBI) has decided not to pursue a proposal to introduce Islamic banking in India. Decision in this regard was taken after considering wider and equal opportunities available to all citizens to access banking and financial services.

Islamic banking

Islamic banking is banking or banking activity that is consistent with the principles of sharia and its practical application through the development of Islamic economics. Sharia prohibits the fixed or floating payment or acceptance of specific interest of fee for loan of money. It is different from regular banking in that it prohibits earning of interest (or riba) through the business of lending.

Background

The proposal to introduce Islamic banking was first made in 2008 by a committee on financial sector reforms chaired by former RBI Governor Raghuram Rajan. The committee had recommended that interest-free banking techniques should be operated on larger scale to give access to those who are unable to access banking services, including those belong to economically disadvantaged section of society.

The 2015 World Bank report estimates Sharia-compliant financial assets to be in range of US 2 trillion dollars, covering bank and non-bank financial institutions, capital markets, money markets and insurance. The Islamic Finance Industry is expanding at rate of 10%-12% annually.

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