Bank

28th meeting of GST council held

28th meeting of GST council held
The 28th meeting of GST council was held in New Delhi on 21st July 2018 under the Chairmanship of Piyush Goyal, Union Minister for Railways, Coal, Finance & Corporate Affairs. Refrigerators, washing machines, Lithium-ion batteries, Vacuum cleaners were reduced from 28% to 18% tax rate. Sanitary Napkins, Coir pith compost, Rakhi were exempted from tax slab from previous 12% tax slab.

J&K’s 1st all women branch at J&K Bank

J&K’s 1st all women branch at J&K Bank
First Lady Usha Vohra inaugurated the 1st All-Women Branch of Jammu & Kashmir Bank at the Sher-i-Kashmir centre. The bank also launched products designed exclusively for women clients which included Pink Gold Saving Scheme, Pink Platinum Saving Scheme, Special Loan Facility for Women Entrepreneurs. J&K Bank started on​ Oct 1 1983, was the 1st bank in India to emerge as a state-owned bank.

BoB inks pacts with ten companies

BoB inks pacts with ten companies
Bank of Baroda signed agreements with 10 companies promote micro and small business entrepreneurs. These companies are from e-commerce, logistics, service providers and traditional small business which contribute 31% to GDP and 45% of exports and employ over 100 million. These MoUs with will help enhance the bank’s footprint in the MSME eco-system.

Jana Small Finance Bank launches operations

Jana Small Finance Bank launches operations
Jana Small Finance Bank announced the commercial launch of its banking operations to convert itself into a small finance bank (SFB), 3 years after the RBI gave its in-principle approval. The bank was earlier called Janalakshmi Financial Services and weathered huge losses on account of demonetization. Ajay Kanwal is managing director and chief executive officer of Jana Small Finance Bank.

India fastest growing economy in Asia:ADB

India fastest growing economy in Asia:ADB
Led by India, South Asia will continue to be the fastest growing economic area despite new trade tensions in Asia and Pacific region, Asian Development Bank (ADB) said in a new report. The report titled “Asian Development Outlook” is published by ADB. The ADO published in April had said that India’s economic growth will rise to 7.3% this fiscal and further to 7.6% in the next financial year

RBI to launch new 100 rupee note

RBI to launch new 100 rupee note
The Reserve Bank of India (RBI) would soon issue new Rs 100 notes, with a base color of violet. According to the new policy on theme-based currency notes, the new Rs 100 note will have the impression of Gujarat’s Rani-ki-Vav (Queen’s stepwell). The new Rs 100 note will be slightly bigger than the Rs 10 note and weigh less than the old note & will be printed by Dewas-based Bank Note Press.

Govt announces capital infusion in 5 PSB’s

Govt announces capital infusion in 5 PSB’s
The government has announced an infusion of Rs 11,336 crore in five public sector banks as part of its Indradhanush scheme. The five banks are Punjab National Bank, Indian Overseas Bank, Andhra Bank, Corporation Bank & Allahabad Bank. Indradhanush is a scheme for recapitalization of PSBs, with a view to make sure they remain solvent & comply with the global capital adequacy norms, Basel-III.

Goldman Sachs names David Solomon as CEO

Goldman Sachs Group Inc named David Solomon as its next chief executive officer. Solomon to succeed CEO Lloyd Blankfein, who was the CEO since June 2006 and will be retiring on 1st October. The Goldman Sachs Group, Inc. is an American multinational investment bank and financial services company headquartered in New York City. Solomon previously worked for Irving Trust and Drexel Burnham.

PNB opens centralised loan processing centre

PNB has announced opening of second centralised loan processing centre, in a Mumbai branch. The centre aims to strengthen the bank’s internal systems and processes. Under this, the bank will focus on profit maximisation, improvement of asset quality & recovery, and increasing productivity among others. PNB’s first CLPC is located at Connaught Place branch in New Delhi.

Transformation Series Challenge by YES Bank

YES Bank, through partnerships with tech giants such as Microsoft, Cisco, IBM and Adobe has unveiled the 7th edition of ‘Transformation Series Challenge’. The Theme of the event is ‘tech for urban development’. The issues identified include over-utilisation of plastic and declining air quality in cities. Rana Kapoor is Managing Director and Chief Executive of YES Bank.