ECONOMY PART 2 (INDIA)Rahul Singh
UTI Mutual Fund crossed One Lakh Crore
UTI Mutual Fund crossed One Lakh Crore Rupees mark recently. UTI is the oldest mutual fund house of India.It is worth mentioning that the total asset under the control of Indian mutual fund companies is around 4.5 lakh crore. UTI Mutual Fund is being run by the UTI Asset Management Company (UTI AMC).
RBI relaxed Branch Authorisation Policy to allow banks to merge or close branches in urban areas
On 6th August 2015, Section 23 of the Banking Regulation Act, 1949 -Relaxations in Branch Authorisation Policy was notified by Reserve Bank of India (RBI). This will give the authority to banks at their own discretion to shift, merge or close branches, in urban areas.
SBI launched new mobile wallet App ‘Buddy’:
State Bank of India, on 18th August launched a new mobile wallet App ‘Buddy’. The Union Finanace minister Arun Jaitley launched this App in Mumbai. The App comes with features such as send money to registered and new users, Ask money and send reminders to settle dues, trans-fer of money, Recharge and pay bills instantly. SBI along with Accenture and Master Card, launched this new App.
Bandhan Bank launched in Kolkata
Finance Minister Arun Jaitley on 23 August inagurated the operations of Bandhan Bank in Kolkata. The Bank is started with 501 branches in 24 states with 2,022 servicing centres and 50 ATMs, 1.43 crore accounts, around Rs. 10,500 crore loan book and 19,500 employees. Bandhan bank happens to be the first bank to come up in the eastern region since independence. Chandra Sekhar Ghosh is the Managing Director and CEO of Bandhan Bank.
ICICI Bank launched ‘Smart Vault’ digital locker facility
ICICI Bank on 18 August 2015 launched a new digital initiative called Smart Vault. Smart Vault is India’s first automated locker facility with high-end robotic technology. It was launched by Managing Director (MD) and CEO of ICICI Bank, Chanda Kochhar in New Delhi. In this digital initiative, robotic technology is used to access the lockers from the safe vault.