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  1. The Reserve Bank of India (RBI) has signed up Memorandum of Understanding (MoU) with the Bank of Israel (BOI) for exchange of information pertaining to supervision of banking.

2. State Bank Of India has recently launched SBI e-Smart SME for providing the working capital loan for sellers on ecommerce platforms. The seller available on e commerce platform can apply for the loan online and get instant sanction of the loan with Know You Customer (KYC) documents.

3. Mayanmar Governement has provided operating licence along with three other Asian banks. The three other Asian Banks are Bank for Investment and Development of Vietnam, Sun Commercial Bank of Taiwan and Shinhan Bank of South Korea.

4. Reserve Bank of India has released a statement on 11 Febraury 2016 clarifying Payment Acceptance Rules for Startups in India, when it came to foreign currency.

5. Reserve Bank of India has signed a pact with the CentralBank of UAE to enter into Currency Swap

SBI declares Silchar as its 5th zone in North East

  • The State Bank of India (SBI) has declared Silchar as its 5th zone in North East to facilitate banking issues for the customers of the region.
  • The 5th zone will further help to cater the banking needs of the people of Mizoram, Tripura and Manipur along with the Barak Valley of North east India.
  • SBI also opened its administrative office at Silchar, Assam. Other four zones of SBI in North East are Guwahati, Shillong, Dibrugarh and Jorhat. Earlier, Silchar was under Guwahati zone. However, due to difficult terrain of the region it was tough on the part of the bank to address the complaints and issues of the customers in the region.
  • Presently, SBI has 736 branches across North East together with 3,000 ATMs and 3,000 customer service points for customer facilitation

    Payment Banks need RBI’s Prior product approval

  • The Reserve Bank of India (RBI) has notified entities that have been granted a payments bank (PB) licence will need to take specific approval for products they would be offering to customers.
  • In this regard, RBI has issued separate operating guidelines for payments banks in view to focus on financial inclusion.
  • Employee of Payment Bank should be available for sufficient duration at a fixed location to attend customers.
  • They must at least have 25% of access points in un-banked rural areas.
  • The main mandate of Payment Banks is to offer remittance services.
  • They will be not allowed to lend. Payment Banks can also offer simple financial products like insurance and mutual funds.
  • The RBI may place suitable restrictions on the design, functioning, or other features of the product of Payment Banks.
  • RBI may even discontinue the product launched by Payment banks if it feels that the product is not suitable for customers.
  • RBI it will have no objection to payments banks making arrangements with other scheduled commercial bank or small finance bank.

    ITBP celebrating its 55th raising day

    • Indo-Tibetan Border Police (ITBP) is celebrating its 55th raising day.
    • The ITBP raised on 24 October 1962, under the CRPF Act, in the wake of the Sino-Indian War of 1962.
    • The ITBP was intended for deployment along India’s border with China’s Tibet Autonomous Region.

    AIIMS, Ganga Ram doctors chosen for Dr. B C Roy award

    • Two doctors Randeep Guleria (Head of Pulmonology- SGRH)) and CS Yadav (All India Institute of Medical Sciences-AIIMS) have been selected for the prestigious Dr. BC Roy Award for excellence in the field of medicine.
    • Chairman of Board of Management at SGRH DS Rana and Arvind Kumar have also been chosen for the coveted award.
    • The Bidhan Chandra Roy Award was instituted in 1976 in the memory of renowned physician and freedom fighter BC Roy by Medical Council of India.

    Ratan Tata writes to PM Narendra Modi regarding Cyrus Mistry’s ouster from Tata Sons

     According to reports, Indra Nooyi, N Chandrasekharan and Noel Tata are among the leading contenders for the post of chairman.

    In a major corporate upheaval on Monday, Cyrus Mistry was removed as the Chairman of Tata Sons. The board decided to reinstate Ratan Tata as the interim head of the group. The decision is bound to send shockwaves across business circles of the nation. Although the transition is claimed to be swift, the internal rift is out in the open as Pallonji Group, which controls 18 per cent of Tata Sons equity, has decided to challenge the decision in Bombay High Court. Meanwhile, Ratan Tata wrote to Prime Minister Narendra Modi later in the evening to inform him about Cyrus Mistry’s ouster

    United Nations Day being observed today

    • The United Nations Day is being observed globally on 24th October.
    • The day marks the anniversary of the entry into force of the UN Charter in 1945.
    • This year’s United Nations Day will be used to highlight concrete actions people can take to help achieve the Sustainable Development Goals