Current Affairs

Banking & Finance:

Technology Vision For Cyber Security For Urban Co-operative Banks – 2020-2023

On 24th September, 2020, the Reserve Bank of India(RBI) released Cyber Security Vision Framework for Urban Cooperative Banks (UCBs).


K V Kamath Committee Report On ‘Resolution Framework For Covid-19 Related Stress’

  • On 7th September, 2020,the Reserve Bank of India (RBI) released a report by the K V Kamath Committee which was formed to make recommendations on the required financial parameters to be factored in the resolution plans under the ‘Resolution Framework for Covid-related Stress’, along with sector specific benchmark ranges for such parameters.

Force Majeure Clause

  • A glimpse of the magnitude of the economic destruction wreaked was revealed at the 41st meeting of the Goods and Services Tax(GST) Council, where the shortfall in compensation cess for this year was estimated at around Rs 2.35 lakh crore.

National Strategy For Financial Education

  • On 20th August, 2020, the Reserve Bank of India (RBI) released the National Strategy for Financial Education(NSFE): 2020-2025 document in order achieve the vision of creating a financially aware and empowered India.

RBI’s New Loan Recast Scheme

  • On 6th August, 2020, the Reserve Bankof India(RBI) gave the green signal to a loan restructuring scheme for stressed borrowers.

Pre-Packaged Deals In Insolvency And Bankruptcy Code

The Ministry of Corporate Affairs (MCA) has set up a committee to look into the possibility of including what are called “pre-packs” to offer faster insolvency resolution under the Insolvency and Bankruptcy Code (IBC).


Merger Of Banks

  • The merger of 10 public sector undertaking banks into four came into effect from 1st April, 2020.

AT-1 Bonds

Recently, the private lender YES Bank additional tier 1 (AT1) bonds worth Rs. 8,415 crore have been written down to zero by the Reserve Bank of India(RBI) under the scheme of reconstruction of Yes Bank.


Curbs On Cryptocurrency Trades Lifted

In a significant judgment, the Supreme Court on 4th March, 2020, lifted the curbs imposed by the Reserve Bank of India(RBI) on regulated entities such as banks and NBFCs from dealing with virtual currencies (VC) and from providing services to crypto businesses.


Share Swap Ratio

Recently, seven of the 10 public sector banks slated for merger have invited independent experts to determine their share swap ratios.


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