BANKING TITBITS

 Here are some Latest TITBITS ON BANKING…..

(1) State Bank of India raises $500 million at a Superfine Rate:

Through Bonds SBI has raised $500 million under its medium term note program, at a fine rate of three months LIBOR plus 95 basis points (which roughly comes to 2.1 per cent).  This matches with the prices of bonds issued by many developed countries though the bank is ranked as BBB in the international markets.  These bonds will mature in three years Standard Chartered was the Manager for the issue and this forms a part of the Bank’s proposed $10 billion medium term note program.

(2) Bank of Maharashtra looses Rs. 25 crores due to UPI fraud:

The NPCI has informed that Rs. 25 crore has been defrauded  from the accounts of Bank of Maharashtra, due to a bug in the UPI application.  The funds have been transferred through UPI to 19 banks across, from different accounts.  NPCI adds that necessary measures are being initiated to take corrective steps.  Some amount has been recovered, and some more amounts are still pending, the note adds.  A Police complaint has also been filed and investigation is going on.

(3) MDR charges to continue : RBI reports:

RBI had come out with proposals for revision of Merchant Discount Rates.  However, the bank now informs that till the time the guidelines on merchant discount rates are finalized, the existing rates would continue.  It may be noted that RBI had advised that for transactions up to Rs. 1000 MDR would be capped at 0.25 per cent of the value and for transactions above Rs. 1000 and up to Rs. 2000 the MDR would be capped at 0.5 per cent of the transaction value.

(4) FUTURE BANK CHIEFS:

The Banks Board Bureau (BBB) has named five names of the present Executive Directors of Public Sector Banks  to be appointed as CEOs and Managing Directors, for the future vacancies as detailed under: