SBI Current Affairs

Indian Army inks MoU with SBI on Defence Salary Package

Indian Army has singed Memorandum of Understanding (MoU) with State bank of India (SBI) on Defence Salary Package. It is revised version of first MoU between SBI and Indian Army signed in 2011 and was renewed again in February 2015 to add suited requirements of serving soldiers, pensioners and families.

Key Facts

Number of additional facilities have been incorporated in revised MoU which includes free personal accident death cover, free permanent total disability cover and other accidental benefits to the deceased soldier and family. The revised MoU will benefit large number of serving and retired Army personnel who have their accounts with the SBI

Currently Indian Army has MoUs on Defence Salary Package with 11 public and private sector banks. These MoUs are considered for inception and renewal with banks on analyzing their utility and suitability to requirements of serving soldiers, pensioners and families.

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FTSE SBI Bond Index: India’s first bond index series launched by SBI

State Bank of India (SBI) along with FTSE Russell, global index and data provider launched FTSE SBI Bond Index series at London Stock Exchange (LSE). It is India’s first bond index series for overseas investors.

It launch follows November 2015 visit of Prime Minister Narendra Modi in UK when letter of intent was signed between SBI and FTSE to jointly develop new index tracking Indian fixed income securities.

FTSE SBI Bond Index Series

FTSE SBI Bond Index is positioned as first-of-its-kind transparent and reliable benchmark for investors in international markets to analyse India’s government bond market. It will significantly contribute to development and broadening of Indian bond market. It demonstrates SBI’s commitment to play befitting leadership role in development of India’s bond market.

Background

Indian government bond market is worth around $1.7 trillion. Prior to launch of FTSE SBI Bond Index, the bond market was not having any reliable international indices on which international investors can invest in the country. Investors are eager to invest in India, but lacked enough depth in terms of the various types of bond products.

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