Financial Awareness for RBI Grade B-21 July 2017
ICICI Bank offers up to Rs. 15 lakh instant personal loan via ATMs (Source: BL/ ET)
- ICICI Bank has launched a facility whereby its existing salaried customers can avail personal loans at ATMs. These customers can get pre-qualified personal loans up to 15 lakhs in their savings account instantly.
- The facility offers a bouquet of features – swift application in simple steps, multiple eligible loan amount options up to Rs. 15 lakh based on pre-checked CIBIL scores and instant transfer of the money to the customer’s account.
- The facility also incorporates an additional level of authentication to make the security of the offering robust. Through this offering, a customer can get personal loans of up to Rs. 15 lakh for a fixed tenure of 60 months.
2. Farm loan recoveries drop, banks stop fresh lending in Punjab (Source: BS)
- Banks in Punjab have stopped fresh lending to farmers who are defaulting on repayments in anticipation of a debt waiver with loan recoveries plummeting by about 60 per cent in the state.
- After the Punjab government announced a debt waiver for the farming sector, growers in several parts of the state have stopped repayment of bank loans in anticipation of relief.
- To speed up recoveries, banks are warning growers that they would not get interest subvention in crop loan if they fail to repay loans.
3. Paytm users can now receive cash back as ‘digital’ gold (Source: BS)
- Mobile wallet company Paytm will now offer consumers the option of receiving ‘digital gold’ as cash back on their transactions.
- Paytm has partnered gold refiner, MMTC-PAMP to allow consumers to buy gold for as low as Re 1. Under the partnership, Paytm wallet holders could purchase 24K 999.9 purity gold online and store it in MMTC-PAMP’s secure vaults free of charge.
4. Fintech among top 5 sectors for funding in 2016: Deloitte (Source: ET)
- Indian FinTech is one of top five markets by the value of capital funding and investments in the sector with nearly USD 270 million of funding in 2016, according to a recent report.
- The report also noted that in medium-term fintech players will consolidate their position in urban and metro centres and will extend to rural and semi-urban areas over the next three-five years
5. Arun Jaitley to launch pension scheme with 8% fixed rate (Source: MINT/BS)
- Finance minister Arun Jaitley will today launch a pension scheme for elderly with 8% fixed rate of interest on their savings. It can be purchased offline as well as online through Life Insurance Corporation (LIC) of India which has been given the sole privilege to operate this scheme.
- Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a pension scheme announced by the government exclusively for the senior citizens aged 60 years and above which is available from May 4, 2017, to May 3, 2018.
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