Business Current Affairs

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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Cabinet approves promulgation of ordinance to amend Insolvency & Bankruptcy Code

Union Cabinet has proposal to promulgate an ordinance under Article 123 of Constitution to make certain amendments in the Insolvency and Bankruptcy Code (IBC).

The ordinance is likely to be tabled during winter session of Parliament with view to getting its approval soon. The President’s nod for the ordinance is expected shortly.

Key Facts

The amendments seeks to strengthen IBC by explicitly preventing certain persons — including wilful defaulters, those who have indulged in fraudulent transactions, disqualified directors as well as promoters whose account is classified as non-performing assets (NPA) beyond prescribed duration from regaining control of defaulting company through  backdoor in the garb of a resolution applicant.

These amendments were proposed because in initial phase of Corporate Insolvency Resolution Process (CIRP) under IBC, a number of cases are likely to have long pending default requiring deep haircut for the creditors.  This decision also after Insolvency and Bankruptcy Board of India (IBBI) amended its CIRP Regulations to ensure that as part of due diligence, prior to approval of a ‘Resolution Plan’, the antecedents, credit worthiness and credibility of Resolution Applicant, including promoters, are taken into account by Committee of Creditors (CoC).

Insolvency and Bankruptcy Code (IBC)

The IBC provides for market-determined and time-bound insolvency resolution process. It provides for effective and robust legal framework for time-bound insolvency resolution to release assets locked up in NPA and promote maximisation of value of assets, failing which, under-utilised resources of unviable business are released through liquidation.

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