Banking Current Affairs: 27th Sep 2023

Daily Current Affairs: 26th Sep 2023 for SSC CGL, State SSC, RRB, Railways, Banking Exam & IBPS, etc

Table of Contents

The Reserve Bank of India (RBI) issued the “Prudential Regulations on Basel III Capital Framework” for All India Financial Institutions (AIFIs).
The directions will govern the operations of five prominent AIFIs, including NABARD, NHB, and SIDBI.
The regulations will promote financial stability and protect the interests of depositors and investors.

Reserve Bank of India has cancelled the certificate of registration of Pooram Finserv Private

The Centre has approved welfare measures for LIC agents and employees, including an increase in gratuity limit, renewal commission eligibility, uniform rate of family pension, and enhanced term insurance cover.
The measures follow amendments to LIC (Agents) Regulations, 2017.
The gratuity limit for LIC agents has been raised from ₹ 3 lakh to ₹ 5 lakh

The Reserve Bank of India has imposed monetary penalties on four co-operative banks for regulatory compliance deficiencies.
The banks include Lalbaug Co-operative Bank Ltd., Co-operative Bank of Mehsana, the Harij Nagrik Sahakari Bank, and the National Co-operative Bank Ltd. in Mumbai, Maharashtra.

Skills on Wheels initiative was launched on September 17, 2023 at a flagging-off ceremony attended by Union Minister for Education and Skill Development & Entrepreneurship, Shri Dharmendra Pradhan and Speaker, Lok Sabha, Shri Om Birla.
The initiative aims to empower 60,000 rural youth, especially women, over a period of five years by providing them with relevant skills training that will improve their livelihoods and make them job and future-ready.

Patnership between TCS and BankID BankAxept AS, which is a major development in Norway’s financial infrastructure.
TCS and BankID BankAxept AS have entered a strategic partnership to set up and manage an operations command center in Oslo, Norway, that will enhance the resilience, security and availability of the country’s critical financial infrastructure.
BankAxept is the national payment system in Norway, with 80% of card payments made using a BankAxept card.
BankID is the Norwegian eID verification solution, with more than 90% of the country’s population, banks, public institutions and commercial enterprises dependent on it.

Bharti AXA Life Insurance has launched a new mid-cap scheme called Emerging Equity Fund. This is the first new fund offering (NFO) by the insurer in more than 13 years.
The fund aims to provide long-term capital appreciation by investing in a portfolio of mid-cap companies, which are expected to be the future’s blue chips. The fund will be managed by a team of seasoned professionals at Bharti AXA Life Insurance.
The fund will charge an annual fund management charge of 1.35% and a policy administration charge of 0.05% per month.
The fund will invest in a diversified portfolio of 30 to 40 mid-cap stocks across sectors and industries.

In his resignation letter, Kalyanasundaram has raised issues like factionalism in the board, his differences regarding rights issue and the alleged ‘lack of in depth banking knowledge’ in other members.
The former independent director also raised the “probity and lack of consensus” on the various whistle-blower issues, as a reason of resignation.

In a collaboration, BriskPe, a pioneering cross-border payments FinTech company, has teamed up with YES BANK to introduce “BriskPe A2A,” a cutting-edge suite of solutions designed to empower exporters and importers.
This strategic partnership marks a significant milestone in the realm of cross-border payments, offering a seamless and efficient platform for Indian businesses to navigate the complexities of international trade and bolster their global competitiveness.

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