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Banking Current Affairs 29th Sep 2023

Daily Current Affairs: 28th Sep 2023 for SSC CGL, State SSC, RRB, Railways, Banking Exam & IBPS, etc

Kotak MF launches investor education program in partnership with CBSE:

Kotak Mutual Fund has partnered with CBSE to launch ‘Seekho Paiso ki Bhasha’, an investor education program aimed at empowering teachers and promoting financial literacy in India.

RBI cancels license of Mumbai-based ‘The Kapol Co-operative Bank’:

The RBI has canceled the licence of Mumbai-based ‘The Kapol Co-operative Bank Limited’ as the lender does not have adequate capital and earning prospects.
The cooperative bank has been prohibited from conducting the business of ‘banking’.

RBI Approved Poonawalla Fincorp To Issue Credit Cards With IndusInd Bank:

The Reserve Bank of India (RBI) has granted its approval for Poonawalla Fincorp’s collaboration with IndusInd Bank to issue a co-branded credit card. This initiative is expected to have a profound impact on the financial landscape in India

REC With Punjab National Bank To Lend Up To ₹55,000 Crore To Power, Infra Projects:

REC Ltd. has entered into a Memorandum of Understanding (MoU) with Punjab National Bank (PNB) to explore collaborative opportunities for funding projects in these sectors under a consortium arrangement. This partnership aims to co-finance loans amounting to a substantial ₹55,000 crore over the next three years, according to an official statement released by REC.

A Vision for Inclusive Insurance:

The Insurance Regulatory and Development Authority of India (IRDAI) has introduced ‘Bima Vistaar’. This all-in-one insurance product, encompassing life, health, and property coverage, is poised to revolutionize the insurance landscape in the country.

Infosys And Microsoft Collaboration:

significant move towards revolutionizing the landscape of artificial intelligence (AI) applications, Infosys, one of India’s leading IT majors, has announced a strategic collaboration with tech giant Microsoft. The partnership aims to develop cutting-edge solutions harnessing the combined prowess of Infosys Topaz, Azure OpenAI Service, and Azure Cognitive Services.

Asian Games 2023:

the Indian trio of Manu Bhaker, Esha Singh, and Rhythm Sangwan secured the gold medal in the women’s 25m pistol team event at the Asian Games held in Hangzhou, China.

Unchanged Borrowing Plan:

India maintains its borrowing plan for H2FY24 at Rs 6.55 lakh crore and introduces a 50-year bond, aiming to raise Rs 30,000 crore.

RBI Approves Sahebrao Deshmukh Co-op Bank Merger with Cosmos Co-op Bank; Penalizes SBI, Indian Bank, Punjab & Sind Bank:

RBI approves merger of Sahebrao Deshmukh Co-op Bank with Cosmos Co-op Banki.RBI in exercise of its power conferred under Sub-Section (4) of Section 44A read with Section 56 of the Banking Regulation (BR) Act, 1949 sanctioned the Scheme of amalgamation of The Sahebrao Deshmukh Co-operative Bank Ltd., Mumbai, Maharashtra with The Cosmos Co-operative Bank Limited, Pune, Maharashtra.

ONGC Signed Agreement with HPCL for Sale of Oil from Mumbai Offshore:

Oil and Natural Gas Corporation Limited (ONGC), the largest crude oil and natural gas Company in India, signed an agreement to supply crude oil from Mumbai (Maharashtra) offshore fields to Hindustan Petroleum Corporation Ltd (HPCL). This agreement covers the sale of approximately 4.5 million tonnes of crude oil per annum to HPCL’s Mumbai refinery.

Agri Scientist Swati Nayak Becomes 3rd Indian to be Honoured with Norman E. Borlaug Award:

Odisha Indian Scientist Swati Nayak has been named the 2023 recipient of the Norman E. Borlaug Award for ‘Field Research and Application’.

ICICI Lombard General Insurance Appoints Sanjeev Mantri as MD & CEO:

ICICI Lombard General Insurance Limited appointed Sanjeev Mantri as the Managing director (MD) and Chief Executive Officer (CEO) of the company following the resignation of Bhargav Dasgupta from the post. Sanjeev Mantri is currently serving as the Executive Director of ICICI Lombard General Insurance (since 2015).

UOW Australia& NSE Academy Unveils New Book on Corporate Finance:

The University of Wollongong (UOW), Australia in collaboration with the NSE Academy Limited launched the global edition of the book Introduction to Corporate Finance (sixth edition) at the NSE India(National Stock Exchange of India Ltd) headquarters in Mumbai, Maharashtra.

World Environmental Health Day 2023:

September 26 2023 World Environmental Health Day is annually observed across the globe on 26 September to raise awareness about the importance of environmental health and to promote action to protect human health from environmental hazards. The day is dedicated to raising awareness about the critical role the environment plays in our well-being.