CURRENT AFFAIRS - BANKING
Kotak Mahindra Bank launches 811 app to double customer base | 02-Apr-2017 17:17
Kotak Mahindra Bank has launched the '811 banking app' which is part of the lender's vision to double customer base in 18 months.
Customers will be able to open an account on the 811 banking app with zero balance. Only Aadhaar and PAN card would be required to open 811 account which would provide access to over 100 features on mobile. The account offers up to 6 percent interest rate on savings deposits.
SBI gets new logo and enters in the league of top 50 Global Banks | 02-Apr-2017 17:14
From April 1, the associate banks which will be merging with State Bank of India will sport the lender's signage and logo, with its iconic keyhole set against the background of inky blue.On the design, “SBI” legend will be seen in white colour and will be written in a new font called Effra.
As per the Reserve Bank of India, all branches of the associate banks will function as branches of SBI from April 1, 2017.
iv. With The merger, State Bank of India will enter the league of Top 50 Global Banks with a balance sheet size of Rs. 41 trillion.
82nd Establishment Day of RBI- 01st April 2017 | 02-Apr-2017 17:12
The Reserve Bank of India is the central bank of the country. The Reserve Bank of India was set up on the basis of the recommendations of the Hilton Young Commission. The Reserve Bank of India Act, 1934 (II of 1934) provides the statutory basis for the functioning of the Bank, which commenced operations on April 1, 1935.
Burma (Myanmar) seceded from the Indian Union in 1937 but the Reserve Bank continued to act as the Central Bank for Burma till Japanese Occupation of Burma and later upto April 1947. After the partition of India, the Reserve Bank served as the central bank of Pakistan upto June 1948 when the State Bank of Pakistan commenced operations. The Bank, which was originally set up as a shareholder's bank, was nationalized in 1949.
The Bank was constituted to:-
1. Regulate the issue of banknotes
2. Maintain reserves with a view to securing monetary stability and
3. To operate the credit and currency system of the country to its advantage.
- RBI was set up on the basis of the recommendations of the Hilton Young Commission.
- Reserve Bank of India was established on 01st April 1935.
- Sir Osborne Smith was the first Governor of the Reserve Bank of India.
- Urjit Ravindra Patel is present and 24th Governor of RBI.
- The Reserve Bank of India was nationalized on 1st January 1949.
- C. D. Deshmukh was the first Indian governor of RBI.
- The headquarter of RBI is in Mumbai, Maharashtra.
At present, there are four deputy governors of RBI.
1. B.P. Kanungo
2. S. S. Mundra
3. N. S. Vishwanathan
4. Viral V. Acharya