The Reserve Bank of India (RBI) changed the rules for banks to claim the amount of interest subsidies paid to farmers under the short-term crop credit plan via the Kisan Credit Card (KCC) during the previous fiscal year.

 

 

* The Reserve Bank of India (RBI) announced in a circular that pending claims for the fiscal year 2021-22 can be submitted by June 30, 2023, and that they must be duly certified by statutory auditors “as true and correct.”

 

* The government grants banks a 2% annual interest subsidy in order to assist farmers with short-term crop loans of up to Rs 3 lakh at a 7% annual interest rate.

 

* Farmers that repay their loans on time will receive an additional 3% interest subsidy. The effective interest rate for these farmers is 4%.

 

* Banks must submit their claims on an annual basis, duly certified by their statutory auditors as true and correct, within a quarter of the year’s end, according to the circular on ‘Modified Interest Subvention Scheme for Short Term Loans for Agriculture and Allied Activities availed through Kisan Credit Card (KCC)‘ during 2021-22.

Source : RBI

* Recently, the Reserve Bank of India (RBI) released the Report on Currency and Finance (RCF).

* According to the report, the Indian economy may take more than a decade to overcome the losses caused by the outbreak of the Covid-19 pandemic.

* The theme of the report is "Revive and Reconstruct" in the context of nurturing a durable recovery post-Covid-19 and rising trend growth in the medium-term.

Source : The Hindu

The World Bank has approved a USD 47 million financial support to the Government of India for the Mission Karmayogi, a national program to build civil service capacity.

The loan of $47 million provided from the International Bank for Reconstruction and Development (IBRD) has a final maturity of 11 years, including a grace period of 4.5 years.

Mission Karmayogi was launched by Union Cabinet on 2nd September 2020.

Source : World Bank

Bank of Baroda has launched "bob World Gold", a new feature on its bob World mobile banking platform for seniors and the elderly.

 

It is a unique digital banking platform that has been designed to provide its senior customers with a simple, smooth and secure mobile banking experience.

 

bob World Gold has easy navigation, large fonts, sufficient spacing, and clear menus with added features like a ready-to-assist voice based search service. Further, while bob World offers over 250 services, bob World Gold brings the essential, frequently used services and favorite transactions of senior citizens upfront such that they are conveniently available and easily accessible on the home screen.

 

 

* Simple and Easy User Interface

* Customization

* Preferential research-based service

Source : Live Mint

Suryoday Small Finance Bank has partnered with New York, US-based Kyndryl, an IT infrastructure services provider for a period of 5 years. The bank will partner with Kyndryl to drive its technology transformation program, improve operational efficiency, and increase digital banking adoption among its customers as part of a five-year transformation deal.

 

 

* Kyndryl will drive the bank’s Information technology (IT)/Digital transformation program, improve operational efficiency, and increase digital banking adoption among the bank’s customers.

* Overall, Kyndryl will modernize the bank’s technology and network connectivity. The bank will utilize Kyndryl’s advisory and implementation services to deploy and support a new core banking system.’

* Kyndryl will provide advisory and implementation services to the bank to deploy and support a new core banking system and integrate with digital channels to deliver an agile banking platform that accelerates retail business growth and enhances the bank’s customer experience.

Airtel Payments Bank on Tuesday(26th Apr 2022) launched the fixed deposit facility in partnership with IndusInd Bank, offering interest rates of 6.5 per cent and above and an option of premature withdrawal without any penalty.

 

With the launch of the fixed deposits (FD) facility, Airtel Payments Bank has further strengthened its digital banking portfolio, IndusInd Bank said in a release.

 

It said customers can deposit any amount starting from Rs 500 to Rs 1,90,000 through the Airtel Thanks app and earn interest up to 6.5 per cent per annum, while senior citizens will get an additional 0.5 per cent on all fixed deposits..

Source : Outlook India

* The World Bank will provide financial assistance to Sri Lanka of USD 600 million dollars to meet the payment requirements for essential imports.

 

* Sri Lanka has also talked with the International Monetary Fund (IMF) for financial assistance, but the country needs 3 to 4 billion dollars in bridge financing to help meet its essential expenses.

 

* India has helped Sri Lanka by assisting with 1.9 billion dollars. Sri Lanka's Finance Minister Ali Sabry said Colombo would also seek assistance from the Asian Development Bank..

Source : News On Air

Dhanlaxmi Bank on Thursday(21st April 2022) said it has signed a memorandum of understanding with Central Board of Direct Taxes (CBDT) and Central Board of Indirect Taxes and Customs (CBIC) for collection of taxes.

 

The bank has been authorised by the Reserve Bank of India (RBI) based on the recommendation from the Controller General of Accounts for collection of various taxes, Dhanlaxmi Bank said in a regulatory filing.

 

With this, customers will soon be able to pay their direct taxes and GST payments and other indirect taxes through the branch network and digital platforms of the bank, it said.

 

The technical integration required to implement the seamless flow of remittances from the bank's portal to that of CBDT and CBIC will be completed at the earliest in order to provide early access to its customers towards the facilities.

 

In October, the bank had been empanelled as 'Agency Bank' by RBI to undertake general banking businesses of central and state government on behalf of RBI..

Source : Money Control

* On the occasion of the 75th anniversary of Indian Independence & ongoing Azadi ka Amrit Mahotasav, India Post Payments Bank (IPPB), a 100% government owned entity under Department of Posts (DoP) announced the launch(21st Apr 2022) of Fincluvation– a joint initiative to collaborate with Fintech Startup community to co-create and innovate solutions for financial inclusion.

* Aim : To co-create and innovate solutions for financial inclusion.

* Start-ups will develop solutions and tailored products and services for customers.

* IPPB launched: September 1, 2018

* CEO of IPPB: J Venkatramu; Headquarters : New Delhi

Source : PIB

IndusInd Bank today announced that it has been awarded the global 'Celent Model Bank' award under the category – 'Payments System Transformation' for building a best-in-class Enterprise Payments Hub (EPH). The award acknowledges the Bank's outstanding journey in creating a cloud-based central payments hub that is capable of seamlessly processing high transaction loads originating across all forms of payment instructions, and across all originating client touchpoints.

 

The 'Celent Model Bank' is awarded for best practices of technology usage in different areas that are critical to success in banking, and is the main award that a financial institution can receive from Celent – a leading research and advisory firm focused on technology for financial institutions, globally. With this, IndusInd Bank has joined ranks with a few other banks globally, who have been conferred with this award.  

 

Speaking about the award, Mr. Biswabrata Chakravorty, Head – Information Technology, IndusInd Bank said, "We are honoured to have been recognized for our efforts at the prestigious Celent Model Bank awards. IndusInd Bank's vision to transform into a state-of-the-art Digital Bank hinges on providing the best-in-class banking services, backed by innovative usage of technology. The award is a testament to our constant endeavour at undertaking initiatives that simplify processes, minimise turnaround times, and eventually create an agile financial ecosystem, that provides customers with a seamless banking experience across touchpoints."..

Source : PR Newswire