SEBI fined the National Stock Exchange Rs. 7 crore

In a 2015 “black fibre” case, where certain brokers took use of the National Stock Exchange’s (NSE’s) internet infrastructure to gain faster connectivity to its colocation (colo) facilities, the Securities and Exchange Board of India (Sebi) imposed severe penalties. The NSE has been fined Rs. 7 crores by the markets regulator, while Chitra Ramkrishna, the …

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State Bank of India Says “Reverse Repo” Will Be Normalized Soon

In a recent report, State Bank of India, which is the largest public sector bank in the country, has stated: “…we believe the stage is set for a reverse repo normalisation.” The reverse repo is the interest rate that the RBI pays to the commercial banks when they park their excess “liquidity” (money) with the …

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Asian Infrastructure Investment Bank (AIIB)

With reference to the Asian Infrastructure Investment Bank (AIIB), consider the following statements: 1. Former Reserve Bank of India (RBI) governor Urjit Patel has been appointed as a vice-president of the Asian Infrastructure Investment Bank (AIIB). 2. It is a Tokyo based multilateral development bank. Which of the statements given above is/are correct? A. 1 …

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SBI to acquire 9.95% stake in Clearing Corp

State Bank of India is going to acquire up to 9.95 per cent stake in India International Clearing Corporation (IFSC) Ltd subject to a maximum investment of Rs 34.03 crore. The Clearing Corporation is a GIFT City (Gandhinagar, Gujarat) based Market Infrastructure Institution (MII). The Corporation is the first international clearing corporation to be set …

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Banks Recover ₹13,109.17 Crore By Selling Fugitives’ Assets

Union Finance Minister Nirmala Sitharaman informed the Lok Sabha that banks have recovered ₹13,109.17 crore by selling the assets of fugitives like Vijay Mallya, Nirav Modi and Mehul Choksi. Talking about the recovery of ₹13,109.17 crore from the sale of assets of wilful defaulters, who have now fled the country, the Finance Minister said ₹792 …

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RBI Announces Prompt Corrective Action (PCA) Framework

The Reserve Bank of India announced a Prompt Corrective Action (PCA) Framework for Non-Banking Financial Companies (NBFCs), to strengthen applicable supervisory tools. This will take effect October 1, 2022. This is in line with the PCA framework for banks, whose aim was to help improve their financial condition and governance issues. The framework will apply …

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Reserve Bank Rings In Big Change For Urban Cooperative Banks

Reserve Bank of India (RBI) Governor Shaktikanta Das indicated that the banking regulator will ring in sweeping regulatory changes to reform urban cooperative banks that have been plagued by a spate of failures, and warned people against parking their savings in banks offering high returns. While describing the Government’s decision to raise the insured limit …

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What is Account Aggregators?

What is Account Aggregators? Do you know what is Account Aggregators? An Account Aggregator is a non-banking financial company engaged in the business of providing, under a contract, the service of retrieving or collecting financial information pertaining to its customer. Daily Current Affairs Quiz On September 2 eight of India’s major banks joined the Account …

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