BANKING CURRENT AFFAIRS : FEBRUARY 2018
BANKING CURRENT AFFAIRS: FEBRUARY 2018
YES BANK successfully completed issuance of its
first USD 600 million (more than Rs. 3,847 crore)
bond issue in the international debt markets. The
Bond issuance is for a tenor of 5 years. It is listed on
the London Stock Exchange International Securities
Market (LSE ISM), the Singapore Exchange
Securities Trading (SGX), and the India
International Exchange IFSC at GIFT City,
Gandhinagar.
The $1.8 billion fraud hit Punjab National Bank
stated that Indian skipper Virat Kohli continues to
be its brand ambassador.
Pune based online lending platform TAB Capital,
launched a “Two-Wheeler Loan" product that can
be approved in just 10 minutes. The initiative will
use biometric technology, linked with a customer’s
Aadhar details and finger print, to approve loans in
just 10 minutes.
State Bank of India is set for a major restructuring
of its business in the UK from April. SBI's UK
operations will transform into a subsidiary named
State Bank of India UK Limited. The move will mean
that all retail branches of SBI in the UK will fall
under a new UK incorporated banking entity
instead of their previous status as overseas
branches of the Indian entity.
State Bank of India steeply increased the bulk
deposits rates for various maturities by up to 0.75
per cent with immediate effect.
SBI wrote off bad loans worth Rs. 20,339 crores in
2016-17, the highest among all the public-sector
banks, which had a collective write off of Rs 81,683
crore for the fiscal.
RBI has made banks' priority sector norms lenient
by saying that all loans to micro small and medium
enterprises (MSME) will henceforth qualify as
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priority sector lending. Till date, loans up to Rs. 10
crores per MSME borrower was considered for
priority sector calculation.
The central bank has however told foreign banks
with 20 or more branches to adhere to the priority
sector sub-targets for farm loans and loans to micro
enterprises to make the rule equal with other
banking entities.
The sub-target for bank lending to the micro
enterprises has been 7.50 percent of adjusted net
bank credit. Foreign banks will also have to follow
8% sub-target for lending to the small and marginal
farmers.
NCP chief Sharad Pawar said the Reserve Bank
refused to accept old currency notes having face
value of Rs 112 crore deposited with some District
Central Cooperative Banks (DCCBs) in Maharashtra
post demonetisation and instead asked the banks
concerned to show them as "loss".
In the wake of Punjab National Bank fraud case, the
Central Vigilance Commission issued an advisory to
all the public-sector banks ordering them to
transfer the officers who have completed three
years as on December 31, 2017. It also stated that
the transfer of all clerical staff who have completed
five years as on December 31, 2017 "should be
done immediately".
Note: PNB has lodged two financial fraud complaints of
Rs. 11400 crores and Rs 280 crore against Nirav Modi,
his family members and Mehul Choksi, owner of
Gitanjali Gems.
Axis Bank has asked its President and Chief
Information Officer Amit Sethi to resign. Axis said
Avinash Raghavendra, who has been with the bank
for 20 years, will be in charge of the technology
department in place of Sethi.
Finance minister Arun Jaitley said that banking
sector must invest in long-term assets to improve
the capital formation in agriculture sector.
Reserve Bank of India announced the scrapping of
subsidies given to banks to install ATM machines
and cash-recyclers and said that it would lead to a
further push to digital transactions.
Currently, the regulator has fixed subsidy amount
at 50% of the actual cost of the machine or Rs 2
lakh whichever is lower for urban centres and 60%
of the actual cost of the machine in semi urban
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 BANKING CURRENT AFFAIRS : FEBRUARY 2018
areas and rural areas or Rs 2.5 lakh whichever is Telecom major Bharti Airtel was the first to begin
lower. the payments bank operations.
Capital Small Finance Bank achieved the milestone Reserve Bank of India has constituted a five-
of 100 branches by opening 53 new in span of 22 member panel under former board member Y H
months. Sarvjit Singh Samra is Managing Director Malegam to look into the wide divergence by banks
of Capital Small Finance Bank Ltd. in asset classification and provisioning and reasons
for frauds and measures to prevent it and also
asked them to strengthen the SWIFT operating
environment.
Finance Ministry directed public sector banks
(PSBs) to probe all NPA accounts of over Rs 50
crore for possible fraud and accordingly report the
cases to CBI.
India's central banking institution has asked
lenders to step up the monitoring of debits from
their Nostro accounts after a cyberattack led to $2
million being siphoned off from the accounts of City
Union Bank last week.
Bank of Baroda will shut down its operation in
South Africa.
Catholic Syrian Bank Ltd (CSB) has tied up with Let’s Talk about some Important points
Celebrus Capital Ltd (Celebrus), to offer CSB’s from these CURRENT AFFAIRS
customers online trading and demat services.
Central Bureau of Investigation (CBI) booked the
directors of Rotomac Pen company on charges of GVA: Gross Value Added
cheating and willfully defaulting on loans of Rs Put simply, it is a measure of total output and income in
3,695 crore. the economy. It provides the rupee value for the
Vikram Kothari, his wife Sadhana Kothari and son amount of goods and services produced in an economy
Rahul Kothari — all directors — have been booked after deducting the cost of inputs and raw materials
by the CBI on charges of cheating a consortium of that have gone into the production of those goods and
seven banks led by Bank of Baroda. services. It also gives sector-specific picture like what is
the growth in an area, industry or sector of an
Private sector lender Federal Bank made its foray
economy.
into investment banking by acquiring a minority 26
per cent stake in Equirus Capital, a boutique
investment bank.
Private sector lender HDFC Bank announced
appointment of Rakesh Singh as private banking
head. Private banking is wealth management
service of the bank catering to High Net Worth and
ultra-HNW individuals, families and
establishments, who aim to successfully manage YES BANK: Headquarters: Mumbai: CEO: Rana Kapoor
and grow their wealth.
RBI has asked commercial lenders to link their core
software with the SWIFT interbank messaging
system by the end of April 2018.
Aditya Birla Idea Payments Bank became the fourth
such entity to begin operations since issuance of
licenses to 11 firms by RBI in August 2015.

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 BANKING CURRENT AFFAIRS : FEBRUARY 2018
Punjab National Bank: Shri Sunil Mehta: Managing
Director & Chief Executive Officer: HQ: New Delhi
NCP: Nationalist Congress Party (NCP) is a National
level political party in India.
Axis Bank: Headquarters: Mumbai: Shikha Sharma
(CEO, Managing director)
Capital Small Finance Bank
The Jalandhar-headquartered bank
Bank of Baroda: Managing Director & CEO: Shri P. S.
Jayakumar: HQ: Vadodra
Catholic Syrian Bank Ltd
Shri. T.S. Anantharaman: Chairman
Shri. C. VR. Rajendran: Managing Director & CEO
HQ: Thrissur, Kerala
Federal Bank
Mr. Shyam Srinivasan: Managing Director & CEO
HQ: Kochi, Kerala
HDFC Bank
Headquarters: Mumbai, Maharashtra, India
Aditya Puri (MD)
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SWIFT
A SWIFT code is an international bank code that
identifies particular banks worldwide. It’s also known
as a Bank Identifier Code (BIC). CommBank uses SWIFT
codes to send money to overseas banks. A SWIFT code
consists of 8 or 11 characters.
CommBank's SWIFT code is CTBAAU2S. The code is
made up of letters and numbers as follows:
Aditya Birla Idea Payments Bank
A payments bank is not allowed to give loans. It is
authorised to accept demand deposits with a maximum
balance of Rs 1 lakh per customer. It can issue debit
cards but not credit cards. Besides, it can also act as a
business correspondent to another bank.
ABIPBL is a joint venture between Aditya Birla Nuvo
Ltd (51 per cent stake) and Ideal Cellular (49 per cent
stake).
Nostro accounts
Nostro account refers to an account that a bank holds
in a foreign currency in another bank.
A bank account held in a foreign country by a domestic
bank, denominated in the currency of that country.
Nostro accounts are used to facilitate settlement of
foreign exchange and trade transactions.
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 BANKING CURRENT AFFAIRS : FEBRUARY 2018

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