1SBI declares Silchar as its 5th zone in North East
- 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.
2Department of Economic Affairs Secretary Shaktikanta Das to be government nominee on SEBI board
- The government is set to step up its engagement with SEBI, keeping in mind the market regulator’s greater role after taking charge of the commodities markets as well following the merger of Forward Markets Commission with it.
- The finance ministry has appointed economic affairs secretary as its nominee on the market regulator’s board.
- At present, finance ministry is represented by joint secretary in-charge of capital markets on the board. Shaktikanta Das is at present the secretary in the Department of Economic Affairs.
3Bank Board Bureau to now advise on capital raising plans and business strategies
- The government has expanded the role of Banks Board Bureau, which beside selection of candidates will also help banks in their capital raising plans .
The managing director or a board level employee of a state run bank is not performing, so the BBB can advise the government to terminate their services.
4Debit Card Breach Could Dent PM Modi’s Push To Go Cashless
- Prime Minister Narendra Modi urged Indians in a radio address in May to use cashless payments to discourage corruption and keep track of money.
- Convincing them may get harder after India’s national card payments network said that the data violation led to fraudulent transactions, mainly in China and the U.S.
5RBI Permits 100% FDI In More Financial Services
- The Reserve Bank 20 oct 16 permitted 100 per cent foreign direct investment in ‘Other Financial Services’ carried out by NBFCs, a move which will help attract foreign capital into the country.
- In consultation with the Government of India, it has been decided to allow foreign investment up to 100% under the automatic route in Other Financial Services.
6World Bank Raises 2017 Oil Price Forecast
- The World Bank is raising its 2017 forecast for crude oil prices to $55 per barrel as members of the Organization of the Petroleum Exporting Countries (OPEC).
- Energy prices, which include oil, natural gas and coal, are projected to jump almost 25 percent overall 2017.
7HSBC to wind up P-notes operations in India
- HSBC is among the top five issuers of P-notes in India with a market share of more than 6 per cent at the end of last financial year.
- ‘P-notes’ attractiveness has been on the wane following tightening of the regulations and the recent Double Tax Avoidance Agreement (DTAA) with Mauritius.
8RBI, Central Bank of UAE sign pact on information sharing
- “The Reserve Bank signed the Memorandum of Understanding (MoU) on Supervisory Cooperation and Exchange of Supervisory Information with the Central Bank of UAE, United Arab Emirates.”
- The MoU was was signed by Saeed Abdulla Al Hamiz, assistant governor for Banking Banking Supervision Affairs on behalf of Central Bank of UAE and Meena Hemchandra, executive director on behalf of RBI.
- It was signed at the head office of Central Bank of UAE at Abu Dhabi, United Arab Emirates.