Banking and Financial Awareness May 2019: Week IV

Multi-Currency Card Launched by ICICI Bank

• ICICI Bank along with online travel booking portal Goibibo launched a co-branded multi-currency card- "Goibibo ICICI Bank Travel Card".
• Customers can use one card for multiple currencies and enjoy discounts on flights and hotel bookings.
• The card is accepted across 200 countries and 4.6 merchants globally and can be dealt in 15 currencies.
• The joining fee is Rs. 499+ GST and customers can buy the card by logging into the iMobile App.
• The card provides travel insurance of Rs. 2 lakh to Rs. 10 lakh.

'Bharti Airtel' and 'HDFC Life' to Offer Insurance for Prepaid Customers

• This new Rs 249 prepaid recharge will include 2 GB data, unlimited calls across all the networks and 100 SMS per day with an insurance cover of worth of Rs 4 lakh from HDFC Life.
• The recharge validity is for only 28 days.
• The insurance cover of Rs 4 lakh will be there with the customers till the recharge will be active and once validity gets over, customers have to recharge it again to avail the insurance cover.
• This insurance cover will be available to persons of 18 to 54 years of age.

Nainital Bank fined by RBI for Rs. 1 crore

• The penalty was imposed under the provisions of the Banking Regulation Act, 1949.
• It is a legislation in India that regulates all banking firms in India.
• It was founded in 1922 and is headquartered in Nainital, Uttarakhand, India.
• Its MD & CEO is Dinesh Pant and its parent bank is Bank of Baroda.
• It is a scheduled commercial bank.

HDFC ties up with IMGC for Home Loan

• Mortgage guarantee is a financial product which compensates lending institutions for the losses that may occur when a home owner defaults on a mortgage loan.
• This collaboration will help HDFC provide more loan to a home loan customer on an improved eligibility.

HDFC Group overtakes Tata Group

• The combined market value of the five listed companies of the HDFC group - HDFC, HDFC Bank, HDFC Life, HDFC Asset Management and Gruh Finance stood at Rs 11.66 lakh crore while the combined m-cap of 29 Tata group companies stood at Rs 11.64 lakh crore, about Rs 2,000 crore less than that of the HDFC group.
• CEO of HDFC group is Mr. Aditya Puri.
• HDFC group was founded in August 1994, India.

SBI Ties up with 'Sri Sri Tattva'

• State Bank of India (SBI) has tied up with the FMCG arm of The Art of Living, 'Sri Sri Tattva'.
• Under this tie up, SBl's YONO users can avail a discount of 15% on the entire range of products offered by Sri Tattva such as food, personal care, healthcare, homecare, BYOGI apparels and Shankara skincare products.

ICICI Bank agrees to buy 9.9% stake in BSE Subsidiary INX

• ICICI Bank will buy a 9.9% stake in India International Exchange (INX), a wholly-owned subsidiary of Bombay Stock Exchange (BSE) for nearly Rs 31 crore.
• INX is located at GIFT City in Gujarat.
• The investment is subject to regulatory approvals and comes at a cash consideration of up to Rs 305 million in tranches to acquire up to 9.9% shareholding in INX.

ADB gives $750 mn loan for Railways Track Electrification Project

• It is the largest single non-sovereign loan ever.
• IRFC will use the proceeds from the loan to install electric traction equipment along about 3,378 kilometres of existing railway lines.
• IRFC was established in 1986.
• It is the financing arm of Indian Railways for mobilizing funds from domestic and international capital markets.

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