BANKING - 2019 APRIL

April 29

Rs. 20 Notes
The Reserve Bank of India (RBI) has announced that it will issue Rs 20 denomination banknotes in the Mahatma Gandhi (New) Series shortly.
The new denomination has motif of Ellora Caves that depicts the country's cultural heritage on the reverse. It also contains a portrait of Mahatma Gandhi at the centre.
It has micro letters 'RBI', 'Bharat', 'India' and '20', along with a guarantee clause, Governor's signature with Promise Clause and RBI emblem towards the right of Gandhi's portrait.
An Ashoka Pillar emblem and electrotype (20) watermarks are on the right side of the portrait and the base colour of the note is Greenish yellow.

April 28

Panel on micro insurance
The Insurance Regulatory and Development Authority of India (IRDAI) set up a 13-member panel chaired by IRDAI’s Executive Director Suresh Mathur. This panel will review regulatory framework on micro insurance and also recommend measures to increase demand for such products . It comprises of representatives from IRDAI, life, general and health insurance companies in public and private sectors and NGOs. IRDAI set up this Committee because of less than desired off take of micro insurance products despite their inherent benefits in the country.

April 24

RBI sells entire stake in NHB, Nabard to govt for Rs. 1,470 crore

RBI's divestment in National Bank for Agriculture & Rural Development (NABARD) and National Housing Bank was based on the recommendations of the second Narasimham Committee.
RBI stake sales in Nabard and NHB to the government amounted to ₹20 crore and Rs. 1,450 crore, respectively.
With this, the government now holds 100 percent stake in both these financial institutions.

April 8

Reserve Bank of India (RBI) has come out with guidelines for banks to set up new currency chests.
It has stated that minimum area of 1,500 square feet should be provided for strong room.
Besides, the new chests should have a processing capacity of 6.6 lakh pieces of banknotes per day.
For those situated in the hilly/ inaccessible places, the capacity of 2.1 lakh pieces of banknotes per day.

April 1

Bank of Baroda becomes 3rd largest lender as Dena and Vijaya Bank merger takes effect
After the merging with Vijaya Bank and Dena Bank, Bank of Baroda (BoB) has become 3rd largest commercial bank after State Bank of India (SBI) and HDFC Bank.
And also BoB became 2nd largest Public Sector Bank (PSB) after SBI.
All branches of Vijaya Bank and Dena Bank will function as branches of the Bank of Baroda from April 1, 2019.
BoB now has over 9,500 branches, 13,400 ATMs and 85,000 employees.
After the merger, the number of Public Sector Banks (PSB) has reduced to 19 from 21.
Recently Government has also infused Rs. 5,042 crore into Bank of Baroda by way of preferential allotment of equity shares.


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