IBPS has issued notification for CRP RRB IX examination for all the posts ranging from Office Assistant (Multipurpose) & Officers in all scales fro Scale I to Scale III.
Category: Banking
RBI brings in norms to curb malpractices by lending apps. RBI had to bring in these norms as hundreds of lending apps have mushroomed over the past year or so. RBI has made banks or NBFCs directly responsible for the actions of the digital platforms they have tied up with. RBI said that digital platforms and lenders must make adequate efforts towards the creation of grievance redressal mechanism.
Union government will bring an ordinance to put cooperative banks under RBI supervision. All govt banks, including urban and multi-state cooperative banks will be brought under the supervisory powers of the RBI.
Prime Minister Shri Narendra Modi today launched the technology platform CHAMPIONS which stands for Creation and Harmonious Application of Modern Processes for Increasing the Output and National Strength. As the name suggests,the portal is basically for making the smaller units big by solving their grievances,encouraging, supporting, helping and handholding.It is a real one-stop-shop solution of MSME Ministry.
This booklet entitled ” Latest Banking Updates – Bank Promotions (Updated as of 31.05.2020)” has been prepared with an intention to provide ‘Latest Developments in Banking and Financial Sector’ for the enrichment of Bank’s Staff, the Banking knowledge and Banking Developments taking place in present day scenario, when the entire Banking Industry is facing heavy Turbulence in the form of huge NPA and mounting losses.
In view of the recent release of Macro Economic Data the RBI preponed the need for an off-cycle meeting of the monetary policy committee (MPC) in lieu of the scheduled meeting to be held during June 3 to 5, 2020. The MPC met on 20th, 21st and 22nd May 2020, the MPC reviewed domestic and global developments and their implications for the outlook. MPC voted unanimously for a reduction in the policy repo rate and for maintaining the accommodative stance of monetary policy as long as necessary to revive growth, mitigate the impact of COVID-19, while ensuring that inflation remains within the target. On the quantum of reduction, the MPC voted with a 5-1 majority to reduce the policy rate by 40 basis points from 4.4 per cent to 4.0 per cent. Consequently, the Marginal Standing Facility (MSF) rate and the Bank rate stand reduced to 4.25% from 4.65%. The reverse repo rate stands reduced to 3.35% from 3.75%.
RBI has allowed cash withdrawal facility at POS Terminals. Latest updates on FAQ’s as of May 5,2020.
RBI Governor meets MD & CEOs of Public and Private Sector Banks, NBFCs & Mutual Funds to review theCurrent Economic condition, over Video Conference. Credit flows to different sectors of the economy, including liquidity to Non-Banking Financial Companies, Micro Finance Institutions, Housing Finance Companies, Mutual Funds, etc.;Post lockdown strategies for supply of credit, including working capital, to MSMEs, traders and bottom of pyramid customers in semi-urban, rural and urban areas; Impact of measures taken by the Reserve Bank with regard to the provision of liquidity etc.
On April 17th 2020 RBI Governor Shri Shakti Kanta Das announced the second series of measures to give boost to ailing economy by providing relief to various sectors and financial institutions including NBFC. The measures were aimed to (i) maintain adequate liquidity in the system and its constituents in the face of COVID-19 related dislocations; (ii) facilitate and incentivise bank credit flows; (iii) ease financial stress; and (iv) enable the normal functioning of markets.
This is an unconventional monetary policy tool. It involves printing money and distributing it to the public. Milton Friedman coined this term. It basically denotes a helicopter dropping money from the sky. Friedman used the term to signify “unexpectedly dumping money onto a struggling economy with the intention to shock it out of a deep slump”.