SBI Current Affairs

MOPAD: SBI launches unified payment terminal

India’s largest bank State Bank of India (SBI) has launched its Multi Option Payment Acceptance Device (MOPAD) for digital payments convenience of merchants and consumers. It aims at providing digital convenience to customers and ease of doing business for merchants at the same time. SBI will roll-out this new initiative on all SBI PoS terminals in a phased manner.

Multi Option Payment Acceptance Device (MOPAD)

MOPAD also aims at providing convenience to merchants by eliminating multiple machines that they keep in order to facilitate transaction from different sources. It will allow customers to make payments through cards, Bharat QR, UPI and SBI Buddy (e-wallet) on single Point–of–Sale (PoS) terminal.

It will help merchants to integrate different kinds of transaction through one PoS machine, which will help in eliminate their operational inconvenience and streamline cash flow. Customers will receive a charge-slip as proof of payment after processing any type of transactions through MOPAD. This multipurpose initiative will also enhance digital ecosystem and help bank in driving economy towards a less-cash society.

Month: Categories: Banking Current Affairs 2018

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NHAI ink MoU with SBI for Long Term, unsecured Loan of Rs 25,000 crore

National Highways Authority of India (NHAI) has singed Memorandum of Understanding (MoU) with country’s largest lender State Bank of India (SBI) for long term unsecured loan of Rs. 25,000 crore for 10 years with 3 years of moratorium on repayments. This is SBI’s highest long term unsecured loan to any entity and also largest loan ever sanctioned to NHAI in one stroke by any institution.

Key Facts

The loan sanctioned by SBI is unsecured. It has no principal repayment liability for initial three years. But after three years, repayment will be done in 14 equal half yearly installments. The total loan tenure is 10 years. NHAI can repay or prepay it at any time without any prepayment penalty. The rate of interest will be based on one month marginal cost of funds based lending rate (MCLR). Interest accrued on amount actually outstanding will be paid on monthly basis.

Background

NHAI traditionally relied on borrowing through long term bonds issued to various investors, including LIC, EPFO and other qualified investors and Tax Free bonds and Masala Bond issued in year 2017. But recently it had invited Expression of Interest (EoI) from Scheduled Commercial Banks (SCBs) to fund Rs. 25000 crore as unsecured loan for 10 years with 3 years of moratorium on repayments. In response to this EoI, SBI had offered to fund t entire requirement of Rs. 25000 crore based on one month MCLR.

National Highways Authority of India (NHAI)

NHAI is an autonomous statutory agency of Central Government, responsible for management of network of over 70,000 km of national highways in India. It was established through NHAI Act, 1988. In February 1995, it was formally made an autonomous body. It is nodal agency of Ministry of Road Transport and Highways. It is responsible for development, management, operation and maintenance of National Highways. It is headquartered in New Delhi.

Month: Categories: India Current Affairs 2018

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