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2016
OCTOBER
BANKING - 2016 OCTOBER
SEPTEMBER

AUGUST October 1
Kotak Bank to acquire 99.5% stake in BSS Microfinance.
JULY
Kotak Mahindra Bank would acquire BSS
JUNE Microfinance Pvt Ltd. The bank is paying Rs.
139.2 crore for the 99.49 per cent equity stake.
MAY
The acquisition of BSS is Kotaks second. It
APRIL acquired ING Vysya Bank in November 2014 in an all-stock deal. The BSS deal is
Kotaks first move into the rapidly growing micro-lending sector.
MARCH
BSS lends primarily to women in the small- and medium-sized farming segments in
FEBRUARY Karnataka and Maharashtra, and has a smaller presence in Madhya Pradesh.

JANUARY Indian Bank revises interest rates for FCNR (B) deposits.
Indian Bank has revised its interest rates for foreign currency non-resident banking
2015 deposits with immediate effect.
DECEMBER The revised interest rates have been fixed at 1.95 per cent for deposits of one
year and above but less than two years from the existing 1.96 per cent.
NOVEMBER
For deposits of two years and above, but less than three years, interest rates
OCTOBER
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 OCTOBER have been revised to 2.01 per cent from the existing 2.06 per cent.
Interest rates, for deposits of four years and above but less than five years, have
SEPTEMBER
been revised to 2.61 per cent from the existing 2.66 per cent.
AUGUST For deposits of up to five years, the interest rates were fixed at 2.66 per cent
from the current 2.71 per cent.
JULY
October 2
JUNE
Centre constitutes Insolvency and Bankruptcy Board.
MAY Centre has constituted a four-member Insolvency and Bankruptcy Board of India
(IBBI) under the Chairmanship of M.S. Sahoo for a period of five years.
APRIL
M.S. Sahoo is currently a member at anti-trust regulator Competition Commission
MARCH of India and was earlier a member at capital markets regulator Securities and
Exchange Board of India.
FEBRUARY
The oath of office was administered by Finance and Corporate Affairs Minister Arun
JANUARY Jaitley.
The main activity of IBBI would be to regulate the functioning of insolvency
2014
professionals, insolvency professional agencies and information utilities under the
DECEMBER Insolvency and Bankruptcy Code 2016.

NOVEMBER The members of the IBBI are Ajay Tyagi, Additional Secretary, Finance Ministry;
Amardeep Singh Bhatia, Joint Secretary, Ministry of Corporate Affairs; G.S. Yadav,
OCTOBER
Joint Secretary, Department of Legal Affairs; and Unnikrishnan, Legal Advisor, Reserve

SEPTEMBER Bank of India.

October 3
AUGUST
SBI becomes first Indian bank to open branch in Myanmar.
JULY State Bank of India has become the first India bank to open a branch in the capital
city of Yangon.
JUNE
The Yangon branch is the 54th foreign branch of the SBI.
MAY This branch extends the global presence of SBI in 37 countries through 198 offices.
Syndicate Bank to operate battle casualties fund.
APRIL
Syndicate Bank has been chosen to maintain and operate an account named 'Army
MARCH Welfare Fund Battle Casualties'.
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 FEBRUARY Donations received in the fund will be utilised to provide financial assistance/ grant
to widows, next of kin or dependants of Army personnel who have lost their lives in
JANUARY battle.

2013 The Army Welfare Fund Battle Casualties account has been opened at Syndicate
Banks Defence Headquarters Branch, South Block and New Delhi.
DECEMBER
RBL Bank picks up 10% stake in Utkarsh Micro Finance.
OCTOBER RBL Bank had picked up 9.99 per cent stake in Varanasi-based Utkarsh Micro
Finance besides inking a deal to offer its product portfolio to the customers of
SEPTEMBER
Utkarsh.
AUGUST Utkarsh has received in-principle approval from the RBI for setting up a small-
finance bank and is expected to commence operations soon.
JULY
October 4
JUNE
RBI cuts repo rate by 25 bps in fourth bi-monthly policy.
Reduced the policy repo rate under the liquidity adjustment facility (LAF) by 25
basis points from 6.5 per cent to 6.25 per cent.
Policy Rates
Policy Repo Rate: 6.25%
Reverse Repo Rate: 5.75%
Marginal Standing Facility Rate: 6.75%
Bank Rate: 6.75%
Reserve Ratios
CRR: 4%
SLR: 20.75%
All six members of the newly appointed Monetary Policy Committee (MPC) voted in
favour of the rate cut from 6.5 per cent to 6.25 per cent.
October 5
Finance Ministry to set up public debt management cell.
Finance Ministry will soon set up the Public Debt Management Cell (PDMC) in the
Budget Division.
PDMC will at present only have advisory functions to avoid ''any conflict'' with the

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 statutory powers of the RBI.
It would also develop an integrated debt database system as a centralised data
base for all liabilities of the government on a near real time basis.
About Public Debt Management Cell
The PDMC would be staffed with 15 ''experienced'' debt managers from the Budget
Division, RBI, middle office and other units and would be under the overall supervision
of the Joint Secretary (Budget), Department of Economic Affairs.
It would plan the borrowings of the Centre, manage the Central government
liabilities and monitor the cash balances.
To be initially located in the RBIs Delhi office, the PDMC will also advise
government on matters related to investment, capital market operations and interest
rates on small savings as well as undertake requisite preparatory work for PDMA.
October 6
RBI releases report of IWG on Rationalisation of Branch Authorisation Policy.
Reserve Bank of India (RBI) released the Report of the Internal Working Group
(IWG) on Rationalisation of Branch Authorisation Policy. The Group is chaired by Lily
Vadera, Chief General Manager, and Department of Banking Regulation.
The thrust of the recommendations is to facilitate financial inclusion by ensuring
availability of banking services in all centers through low cost delivery channels and
mapping the footprints of various banking channels.
ICICI Bank unveils next-gen features on mobile app Pockets.
ICICI Bank has introduced digital banking on its mobile app 'Pockets'.
Claiming to be the first to introduce contact-less mobile payment solution in the
country, even those who are not customers of ICICI Bank, to download, fund the
wallet from any bank account, and use it.
Pockets are also the worlds first mobile application to integrate the mVISA
payment solution.
RBI suggests wider definition of banking outlet.
Reserve Bank of India proposes to give a breather to banks, especially small
finance banks, by bringing all places of their business, including extension counters,

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 satellite offices, ultra small branches, fixed point business correspondent outlets, and
manned ATMs, within the definition of a banking outlet to help them fulfil the criteria
of opening 25 per cent branches in un-banked rural centres.
Small finance banks exempted from inter-bank borrowing ceiling.
Small finance banks (SFBs) will be allowed exemption from the existing regulatory
ceiling on inter-bank borrowings till the existing loans mature or up to a period of
three years, whichever is earlier, according to the operating guidelines issued by the
Reserve Bank of India.
Small finance banks may engage all permitted entities, including the companies
owned by their business partners and own group companies, on an arms length basis
as business correspondents.
October 7
RBI eases operating norms for payments banks.
Reserve Bank of India, have no objection to these banks making arrangements with
any other scheduled commercial bank/ small finance bank, whereby amounts in
excess of the prescribed limit of Rs. 1 lakh is swept into an account opened for the
customer with the latter.
According to RBI directions, PBs can accept only savings and current deposits. The
aggregate limit per customer cannot exceed Rs. 1 lakh, as provided in the Licensing
Guidelines.
The prescribed limit will apply to customer deposits and not to any security/
earnest money deposit the bank may collect from any of its service providers in the
ordinary course of business.
PBs need not issue passbooks for deposit accounts. They may provide a statement
of account in paper form on request on chargeable basis, or otherwise.
PBs may provide account information through multiple user-friendly modes, such as
SMS and/or internet banking, and they should provide electronic confirmation through
SMS/ e-mail/ printed proof for each account transaction.
Exide Life launches heart, cancer plans.
Exide Life Insurance has launched 'Exide Life Sanjeevani', which is the first fixed

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 benefit health insurance solution by a life insurance company for heart and cancer
conditions.
The plan is distinct from standard critical illness policies as it provides a fixed
lumpsum benefit on diagnosis of early and major stages of heart and cancer-related
conditions waives future premiums and also allows you to claim any existing health
insurance.
October 8
Payments banks need RBIs prior product approval.
Reserve Bank of India (RBI) has notified entities that have been granted a
payments bank (PB) licence will need to take specific approval for products they
would be offering to customers. In this regard, RBI has issued separate operating
guidelines for payments banks in view to focus on financial inclusion.
Employee of Payment Bank should be available for sufficient duration at a fixed
location to attend customers. They must at least have 25% of access points in un-
banked rural areas.
China central bank injects $41 billion via mid-term lending facility in Sept.
China's central bank lent 275 billion yuan ($41.24 billion) via its medium-term
lending facility (MLF) to financial institutions in September.
The central bank also lent financial institutions 552 million yuan via its standing
lending facility (SLF).
October 9
HDFC Realty mulls helping banks dispose of defaulter assets.
Real estate advisory firm HDFC Realty is considering helping banks sell properties of
defaulters and recover loans.
Market regulator had appointed HDFC Realty and SBI Capital Markets to e-auction
properties of Sahara and PACL, which had defaulted on payments.

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Ushodaya Enterprises Private Limited 2016

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