Banking - General Knowledge Questions

HDFC Bank on Tuesday (3rd Jan 2023) said it is partnering with Microsoft in the next phase of its digital transformation.

 

HDFC Bank will leverage Microsoft’s Azure platform to consolidate and modernize its enterprise data landscape through a Federated Data Lake to scale its information management capabilities across enterprise reporting, and advanced analytics using artificial intelligence. 

 

The private sector lender is developing in-house IPs as well as partnering with several companies, including FinTechs, to co-create technology IPs, the lender said in a statement.

 

"Our partnership with Microsoft is a part of our technology transformation agenda by investing in running the bank as well as building the bank of the future.

At the heart of this is the ability to offer a neo-banking experience to our customers that is second to none. We are doing this by investing in proprietary IP as well through tie-ups like these," HDFC Bank Group Head - Information Technology and Chief Information Officer, Ramesh Lakshminarayanan said.

 

“We are delighted to be part of HDFC Bank’s digital transformation journey and to partner with them to create best-in-class products and services. These products and services will adhere to strict security and compliance standards for customers by leveraging Microsoft Cloud Platform and technologies. The partnership will also advance the bank’s digital workplace transformation with Microsoft 365 and will significantly enhance customer and employee experience," said Sashi Sreedharan, Managing Director Microsoft India..

Source : Mint

Bandhan Bank has launched its "Jahaan Bandhan, Wahaan Trust" campaign featuring cricketer Sourav Ganguly as its brand ambassador.

* According to the company, this is the first time that Bandhan Bank has appointed a pan-India brand ambassador.

* The campaign was conceptualised by Leo Burnett Orchard, which was brought in as the bank’s creative agency in August 2022.

* The marketing campaign will be visible across TV, print, out-of-home (OOH), cinema and digital media, it claimed.

 

* Bandhan Bank, in the last seven years, has established its presence in 34 states and union territories and has more than 2.77 crore customers, Apurva Sircar, head – marketing, Bandhan Bank, said.

* “Our campaign draws inspiration from this similar journey of both Ganguly and Bandhan Bank.”

Source : Financial Express

The Reserve Bank of India (RBI) issued its list of Domestic Systemically Important Banks (D-SIBs) for 2021 on Monday(2nd Jan 2023).

In line with the 2020 list of D-SIBs, SBI, ICICI Bank, and HDFC Bank are still categorized as Domestic Systemically Important Banks (D-SIBs), according to the central bank.

 

The additional Common Equity Tier 1 (CET1) requirement for DSIBs was phased in from April 1, 2016 and became fully effective from April 1, 2019 and the additional CET1 requirement will be in addition to the capital conservation buffer, said RBI in a statement.

 

On July 22, 2014, the Reserve Bank published the Framework for handling Domestic Systemically Important Banks (D-SIBs). Effective in 2015, the D-SIB framework mandates that the Reserve Bank reveal the names of banks that have been designated as D-SIBs and categorize those institutions appropriately based on their Systemic Importance Scores (SISs).

 

According to RBI, based on the bucket in which a D-SIB is placed, an additional common equity requirement has to be applied to it. In case a foreign bank having a branch presence in India is a Global Systemically Important Bank (G-SIB), it has to maintain additional CET1 capital surcharge in India as applicable to it as a G-SIB, proportionate to its Risk Weighted Assets (RWAs) in India, i.e., additional CET1 buffer prescribed by the home regulator (amount) multiplied by India RWA as per consolidated global Group books divided by total consolidated global Group RWA..

Source : Mint

RBI Governor Shaktikanta Das on 30th December 2022 launched Utkarsh 2.0, the second phase of the central bank’s medium-term strategy for strengthening regulatory and supervisory mechanism.

The Vision in Utkarsh 2.0 that will guide RBI over the period 2023-25

 

“Utkarsh 2.0 harnesses the strengths of Utkarsh 2022 by retaining the six Vision statements as well as Core Purpose, Values, and Mission statement”.

 

The first strategy framework (Utkarsh 2022) covering the period 2019-2022 was launched in July 2019. It became a medium-term strategy document guiding the Bank’s progress towards realization of the identified milestones.

 

The six vision statements are excellence in performance of its statutory and other functions, strengthened trust of citizens and institutions in the RBI, enhanced relevance and significance in national and global roles, transparent, accountable and ethics-driven internal governance, best-in-class and environment-friendly digital and physical infrastructure, and innovative, dynamic and skilled human resources will guide the strategy..

Source : Money Control

The Tripura government has signed an agreement with Asian Development Bank (ADB) amounting to Rs 2,275 crore to strengthen and improve power distribution efficiency in the north-eastern state, Deputy Chief Minister Jishnu Dev Varma said on 31st Dec 2022.

    

* Terming the agreement as "historic" for the state, Dev Varma said it is the single biggest project in any plan through an externally aided project.

    

* "The project agreement was signed by Power Secretary, Govt of Tripura, Brijesh Pandey and Nilaya Mitesh, the officer in charge of ADB’s Indian Resident Mission, New Delhi, remotely on 30th Dec 2022 after extensive deliberation and evolution", Dev Varma said at a press conference here.

    

* The deputy chief minister said the ADB project will support the state government’s efforts to strengthen its power sector by replacing inefficient power plants and strengthening the distribution system.

    

* The Rs 2,275 crore fund, the central government will repay Rs 1,820 crore while the state is supposed to provide Rs 455 crore, he said, adding the project will be implemented in the next three years.

    

* Heaping praise on Union Finance Minister Nirmala Sitharaman for clearing the first externally aided project for the power sector in the state, Dev Varma said the state government will undertake the massive renovation of two power projects - Rukhia in Sepahijala district and Gumati Hydro project in Gomati district. Besides, there will be a lot of work in the transmission sector to improve the existing system..

Source : Outlook India

IDBI Bank's Board of Directors have approved the re-appointment of Suresh Kishinchand Khatanhar as Deputy Managing Director (DMD) for a period of one year with effect from January 15, 2023.

* This re-appointment is as per approval of the Reserve Bank of India received in this regard.

* Khatanhar has joined IDBI Bank in 1997 from Dena Bank.

* He was appointed as DMD by IDBI Bank’s Board on January 15, 2020 for a period of three years..

Source : The Hindu Businessline

The Reserve Bank of India (RBI) said on Monday that it is migrating the payments fraud reporting module to Daksh, RBI’s advanced supervisory management system, on January 1, 2023, to streamline reporting, enhance efficiency and automate the payments fraud management process.

 

“In addition to the existing bulk upload facility to report payment frauds, Daksh provides additional functionalities, viz. maker-checker facility, online screen-based reporting, option for requesting additional information, facility to issue alerts / advisories, generation of dashboards and reports, etc,” the RBI said in its circular to the top honchos of banks, non-bank payment system operators, and credit card-issuing NBFCs.

 

In its circular, RBI has laid down guidelines under which all authorised Payment System Operators (PSOs) and payment system participants in India are required to report all payment frauds, including attempted incidents, irrespective of value, either reported by their customers or detected by the entities themselves. This reporting was earlier facilitated through Electronic Data Submission Portal (EDSP) and is being moved to Daksh..

Source : Business Standard

Indian Bank, one of the leading public sector banks in the country, has launched its flagship business mentoring program for MSME entrepreneurs – ‘MSME Prerana’ – in the state of Rajasthan.

 

Indian Bank’s unique program, “MSME Prerana”, is a first-of-its-kind initiative for MSME Sector in the country by any bank.

It aims at empowering MSME Entrepreneurs through skill development and capacity-building training in their local languages, assisting them in acquiring necessary financial and managerial skills, capacity to handle crises in business and understanding of dynamics of credit rating and risk management.

 

The training program is in collaboration with M/s Poornatha & Co, a firm that designs entrepreneurial development programs in vernacular languages using online web interactive sessions and case studies. Indian Bank has already conducted this online program in 7 languages across 10 states.

 

While inaugurating the program, Smt. Usha Sharma, Chief Secretary, Government of Rajasthan appreciated this proactive measure of the Indian Bank in handholding the MSME entrepreneurs in the state.

 

Shri Shanti Lal Jain, MD & CEO, Indian Bank further added that the MSME sector is a huge and potential sector and Indian Bank believes that ‘MSME Prerana’ will complement the efforts of Govt of Rajasthan by equipping them with the necessary skills to navigate and grow in the marketplace efficiently.

 

Shri Mahendra Kumar Parakh, Commissioner, Industries, Govt of Rajasthan, Shri Narendra Sharma, GM (MSME) and Shri. Ravinder Singh, FGM (Delhi), Indian Bank and other senior officials of the State Government and Bank were present at the event..

Source : Global Prime News

State Bank of India (SBI), ICICI Bank, and Axis Bank will start issuing RuPay credit cards over the UPI by March 2023.

 

Presently, the RuPay credit card segment on the UPI platform is live with Union Bank of India, Punjab National Bank, Indian Bank and HDFC Bank.

 

The RBI has authorised the connection of credit cards to UPI in June 2022.

 

Users will benefit from more convenience as a result of the change, which will also expand the adoption of digital payments..

Source : Business Standard

The Reserve Bank of India (RBI) has mandated banks in the country to renew their locker agreements with existing locker customers by 1st  January 2023.

All the existing locker depositors are required to furnish proof of eligibility for a renewed locker arrangement. They are required to sign a renewal agreement before the specified date.

RBI  advises the banks to install CCTV camera at entry and exit points of the strong room and the common areas of operation. It mandates to preserve its recording for a period of not less than 180 days.

 

RBI has also instructed banks to ensure that any “unfair terms or conditions” are not covered in their locker agreements. The revised guidelines add that the terms of the agreement shall not be more “onerous than required in ordinary course of business” to secure the interests of the bank.

 

According to the guidelines, if any customer has complained to the bank that his or her locker is opened without knowledge and authority, or any theft or security breach is noticed, the bank shall preserve the CCTV recording till the police investigation is completed and the dispute is settled.

 

Depositors can now get up to 100 times the bank charges if the valuables stored in the vaults are ransacked or lost due to fire or building collapse. However, the bank shall not be liable for any damage or loss of contents of the locker originating from natural calamities or ‘Acts of God’..

Source : AIR