RBI directs banking bodies to cooperate with SIT on black money
i. The Reserve Bank of India has directed all banks and financial institutions to provide information and documents sought by the Special Investigation Team, SIT set up to unearth black money.
ii. RBI issued a notification to this effect yesterday. The SIT under the chairmanship of former Justice M B Shah was constituted by the Narendra Modi-led government on its first day in office.
Subhalakshmi Panse joins Federal Bank board
i. Subhalakshmi Panse, former CMD of Allahabad Bank, has joined the board of Federal Bank as an Independent Director.
ii. Panse had earlier served as Executive Director of Vijaya Bank for two-and-a-half years, overseeing all major portfolios of that bank.
iii. A post-graduate in Science, Panse has a Diploma in Business Management and Masters in Management Sciences from Pune University. She also holds an MBA from Drexel University, USA.
Note: Panse was a member of the RBI appointed committee on Corporate Governance and Chairman of the IBA committee on Cheque Truncation System - National Archive. At present, she is the Chairman of the Quality Review Board of the Indian Institute of Actuaries.
Bank of Maharashtra launches digital banking app
i. State-owned Bank of Maharashtra launched MahaSecure, a digital banking app, to enable secure access to Internet banking facilities for both retail and corporate customers of the bank.
ii. MahaSecure will protect Internet banking users from sophisticated online attacks, the bank said in a statement.
iii. Bank of Maharashtra’s initiative to launch the MahaSecure banking app is aimed at ensuring complete safety and trust in Internet banking for all users as there is no dependency on any hardware tokens or SMS. \
iv. The launch of MahaSecure also underlines the fact that the bank intends to offer greater customer convenience through alternative delivery channels such as Internet banking, while ensuring comprehensive security, it further said.
World Bank lowers India's GDP growth forecast to 5.5 per cent for 2014-15
i. The World Bank has lowered India's GDP growth forecast to 5.5 per cent for 2014-15, from the earlier forecast of 5.7 per cent.
ii. The World Bank report, however, said that India's growth would accelerate to 6.3 per cent in 2015-16, and 6.6 per cent in 2016-17.
iii. It attributed the acceleration in growth rate to rising global demand, the expected rebound in domestic investment and pick-up in manufacturing activities.
iv. The Report added that implementing the Goods and Services Tax regime, targeting subsidies better, and broadening the tax base will help create the fiscal space for supporting accelerated growth and poverty reduction.
Swiss Money: India moves up to 58th rank; UK remains on top
i. India has moved up to 58th rank in terms of foreign money lying with Swiss banks, but it accounts for a meagre 0.15 per cent of an estimated USD 1.6 trillion total global wealth held in Switzerland's banking system.
ii. The UK has retained its top position with highest share of close to 20 per cent of global wealth in Swiss banking system, followed by the US, West Indies, Germany and Guernsey in the top-five in terms of exposure to banks in Switzerland.
iii. Amid much hue and cry over huge amounts of illicit wealth stashed by Indians in Swiss banks, the latest official data released by Switzerland's central banking authority SNB shows that Indian money in Swiss banks rose by 43 per cent during 2013 to close to Rs 14,000 crore (2.03 billion Swiss francs), pushing its global ranking up from 70th at the end of 2012.
iv. The rankings are based on the direct client exposure as also the funds held through 'fiduciaries' or wealth managers with a total of 283 banks in Switzerland.
v. India now ranks higher than Pakistan, whose position has slipped from 69th earlier to 74th now, as its total exposure to Swiss banks declined from 1.44 billion Swiss francs at the end of 2012 to 1.23 billion Swiss francs in 2013.
i. The Reserve Bank of India has directed all banks and financial institutions to provide information and documents sought by the Special Investigation Team, SIT set up to unearth black money.
ii. RBI issued a notification to this effect yesterday. The SIT under the chairmanship of former Justice M B Shah was constituted by the Narendra Modi-led government on its first day in office.
Subhalakshmi Panse joins Federal Bank board
i. Subhalakshmi Panse, former CMD of Allahabad Bank, has joined the board of Federal Bank as an Independent Director.
ii. Panse had earlier served as Executive Director of Vijaya Bank for two-and-a-half years, overseeing all major portfolios of that bank.
iii. A post-graduate in Science, Panse has a Diploma in Business Management and Masters in Management Sciences from Pune University. She also holds an MBA from Drexel University, USA.
Note: Panse was a member of the RBI appointed committee on Corporate Governance and Chairman of the IBA committee on Cheque Truncation System - National Archive. At present, she is the Chairman of the Quality Review Board of the Indian Institute of Actuaries.
Bank of Maharashtra launches digital banking app
i. State-owned Bank of Maharashtra launched MahaSecure, a digital banking app, to enable secure access to Internet banking facilities for both retail and corporate customers of the bank.
ii. MahaSecure will protect Internet banking users from sophisticated online attacks, the bank said in a statement.
iii. Bank of Maharashtra’s initiative to launch the MahaSecure banking app is aimed at ensuring complete safety and trust in Internet banking for all users as there is no dependency on any hardware tokens or SMS. \
iv. The launch of MahaSecure also underlines the fact that the bank intends to offer greater customer convenience through alternative delivery channels such as Internet banking, while ensuring comprehensive security, it further said.
World Bank lowers India's GDP growth forecast to 5.5 per cent for 2014-15
i. The World Bank has lowered India's GDP growth forecast to 5.5 per cent for 2014-15, from the earlier forecast of 5.7 per cent.
ii. The World Bank report, however, said that India's growth would accelerate to 6.3 per cent in 2015-16, and 6.6 per cent in 2016-17.
iii. It attributed the acceleration in growth rate to rising global demand, the expected rebound in domestic investment and pick-up in manufacturing activities.
iv. The Report added that implementing the Goods and Services Tax regime, targeting subsidies better, and broadening the tax base will help create the fiscal space for supporting accelerated growth and poverty reduction.
Swiss Money: India moves up to 58th rank; UK remains on top
i. India has moved up to 58th rank in terms of foreign money lying with Swiss banks, but it accounts for a meagre 0.15 per cent of an estimated USD 1.6 trillion total global wealth held in Switzerland's banking system.
ii. The UK has retained its top position with highest share of close to 20 per cent of global wealth in Swiss banking system, followed by the US, West Indies, Germany and Guernsey in the top-five in terms of exposure to banks in Switzerland.
iii. Amid much hue and cry over huge amounts of illicit wealth stashed by Indians in Swiss banks, the latest official data released by Switzerland's central banking authority SNB shows that Indian money in Swiss banks rose by 43 per cent during 2013 to close to Rs 14,000 crore (2.03 billion Swiss francs), pushing its global ranking up from 70th at the end of 2012.
iv. The rankings are based on the direct client exposure as also the funds held through 'fiduciaries' or wealth managers with a total of 283 banks in Switzerland.
v. India now ranks higher than Pakistan, whose position has slipped from 69th earlier to 74th now, as its total exposure to Swiss banks declined from 1.44 billion Swiss francs at the end of 2012 to 1.23 billion Swiss francs in 2013.
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