1Federal Bank ties up with Spice Digital
For cash management services through the bank’s e-collection facility.
- Federal Bank has tied up with Spice Digital for cash management services through the bank’s e-collection facility
- As per the arrangement, 20,000 plus retail outlets of Spice Digital can now remit its cash collection at the Federal Bank branches pan India.
Spice Digital Ltd
- mobile value added services
- Internet products and services.
2RBI issues final guidelines on ‘large exposure’ of banks
Lending to a single borrower capped at 20 per cent of tier-I capital
- The Reserve Bank of India on Thursday announced the final guidelines on its ‘large exposures’ framework.
- These guidelines are aimed at significant tightening of norms pertaining to concentration risks of banks, especially in relation to large borrowers. The guidelines come into effect from March 31, 2019.
- 20 per cent of tier-I capital for a single entity
- 25 per cent of tier-I capital for group exposure.
3Why have white-label ATMs been shut?
Non-availability of cash has left these ATMs, run by non-bank entities
- Over the past three weeks, since the demonetisation move, the never-ending lines outside ATMs have left many anxious and flustered.
- But white label ATMs (WLAs) set up by licensed non-bank entities in remote areas of the country, have been completely shut.
No of white label ATMs (WLAs)
- Tata Communications Payment Solutions (8,941)
- BTI Payments (4,087)
4Jio launches payment solution for merchants
Merchants can transfer money, accept payments.
- Mukesh Ambani on Thursday announced the launch of Jio Money merchant solutions aimed at the fast growing digital economy. Using this application, merchants can transfer money, accept payments.
- Jio is aiming 10 million merchants across the country for this platform Mukesh Ambani said that the demonetisation move by Prime Minister was a game changer.
- 4G Broadband
- LYF Smartphones
- Jionet WiFi
- Jio apps
5RBI to court: FEMA rules prohibit Tatas from paying DoCoMo
Strengthens Tata Sons’ views; also vindicates Cyrus Mistry’s
- The Reserve Bank of India on Thursday told the Delhi High Court that the agreement between Tata Sons and NTT DoCoMo on buying back the latter’s shares in Tata Teleservices was against Foreign Exchange Management Act (FEMA) Regulations.
- In April 2014, NTT DoCoMo announced plans to sell its entire stake in TTSL, exiting India five years after entering the country. The exit came after TTSL failed to achieve certain performance targets.
Compensation paid to Japanese major on London court’s order.
6After 137 years looms fall silent at Bombay Dyeing
To focus on retail by rebranding to focus on youth
- One of the oldest textile businesses in India, Bombay Dyeing Manufacturing Company has officially called quits to manufacturing at a time when the Modi government is trying to attract fresh investments through its famed ‘Make in India’ slogan.
- Bombay Dyeing is also setting its own e-commerce portal to take advantage of the good response for its products in the online market place.
Invest in re-branding with more appeal to the youth.
7Salary rush drowns banks across the country; situation better in Mumbai
The first payday post-demonetisation.
- Banks across the country struggled to cope with the rush on the first payday after demonetisation as employees attempted to withdraw their salaries.
- The private sector and urban co-operative banks in the city continued to reel under the cash crunch.
Withdraw weekly limit
- ₹24,000 – for retail customers
- ₹50,000 – for current account customers
8Five PSU banks yet to join UPI, govt-backed digital platform
Thirty banks had already signed up with UPI.
AS THE government pushes for cashless transactions, five public sector banks are yet to join the Unified Payment Interface (UPI) network, an ambitious fund remittance service backed by the Reserve Bank of India and the government.
Banks with UPI Apps