South Indian Bank Introduces SIB Mirror+ App for NRIs
i. Kerala headquartered South Indian Bank has launched a full-fledged NRI-focused mobile banking application called SIB Mirror+ across major mobile platforms.
ii. SIB Mirror+ enables the customers to perform almost all banking transactions from their smart phones.
iii. The app has self-registration facility for ease of activation and uses NEFT facility for interbank fund transfers. It also provides bill payment facility, instant mobile/DTH recharge, cheque book request and 24×7 ‘within bank’ fund transfer.
iv. ‘Social Money’, an innovative feature of the app would allow customers to transfer money through social media channels like Facebook and Whatsapp.
South Indian Bank
♦ South Indian Bank is a major private sector bank headquartered at Thrissur City in Kerala, India.
♦ Founded: 1929
♦ Headquarters: Thrissur City, Kerala
♦ Managing Director & CEO: Sri. V.G. Mathew
RBI Extends the Loan Repayment Period by 30 days
i. To further provide some relief to people hit by demonetisation, the Reserve Bank of India (RBI) on December 28 gave borrowers another 30 days in addition to 60 days for repayment of housing, car, farm and other loans worth up to Rs 1 crore.
ii. RBI had provided additional 60 days for repayment of loans worth up to Rs 1 crore in November. So, borrowers together get 90 days to get relief from getting the account classified under non-performing asset (NPA) category.
iii. According to the notification, the exemption will apply to dues payable between 1st November and 31st December and the running working capital accounts or crop loans with the sanctioned limit of Rs 1 crore or less would be eligible for the benefit.
iv. Besides, term loans for business purposes with the same limit, loans by non banking finance companies and micro finance institutions can avail the benefit. Dues payable after January 1, 2017 will be covered by the instructions for the respective entities.
World Bank approved USD 235 Million Credit for Bihar Rural Roads Project
i. World Bank has approved a USD 235 million credit for the Bihar Rural Roads Project to upport the construction of about 2,500 km of rural roads in Bihar under the Mukhiya Mantri Gram Sampark Yojana (MMGSY)
ii. The fund is allocated from the International Development Association (IDA) with a maturity of 25 years, including a 5-year grace period.
iii. This project will provide all-weather road access to some 1.2 million people, most of whom belong to the poor and vulnerable sections of society.
iv. The project will generate direct employment of about 20 million person days for local labourers through a rural road construction and maintenance programme.
World Bank :
The World Bank is an international financial institution that provides loans to developing countries for capital programs.
♦ Headquarters: Washington, USA
♦ Founded: December 27, 1945
♦ World Bank CEO: Jim Yong Kim
BoB Signs MoU With HFL To Provide Dairy Loans To Farmers
i. Vadodara based Bank of Baroda signed Memorandum of Understanding(MoU)
with Heritage Foods Ltd (HFL) to provide dairy loans to farmers through the lender’s branches across the country on December 29, 2016
ii. Aim : To increase formers productivity and earnings
iii. Heritage Foods is in the business of procurement, processing and sale of milk and milk products.
Bank of Baroda :
♦ Headquarters: Vadodara
♦ CEO: P. S. Jayakumar
♦ Tagline: India’s International Bank