Banking Current Affairs on 11,12 &13 July 2015

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Yes Bank gets RBI nod for setting up IBU in GIFT City

Yes Bank has received approval from RBI to set up IFSC Banking Units (IBUs) in Gujarat International Finance Tec (GIFT) city.

Establishing the IBU will propel the bank's growth plans further by providing it access to international financial markets, as well as provide a comprehensive product suite to its corporate clients requiring foreign currency funding.

It will also allow the bank to raise foreign currency funding through MTNs and other routes as appropriate, Yes Bank MD Rana Kapoor said.


Yes Bank ties up with Citrix for faster branch rollout

Mid-sized lender Yes Bank has partnered with cloud service and business mobility provider Citrix to empower workforce mobility and ensure faster rollout of new branches.

The tie-up will provide employees secure access to apps, desktops, data and services from any device, over any network to empower mobile workers with the freedom and flexibility to choose how they work


SBI partners with bankbazaar.com

State Bank of India (SBI), the largest bank in India, has partnered online financial product aggregator ‘bankbazaar.com’ along with the bank’s subsidiary SBI CAP Securities.

Under this arrangement, the bank will be able to display its home loan products on bankbazaar.com, generate leads and provide door-step delivery, thus improving the response time. 

Bankbazaar.com offers end to end solutions to the home loan seekers from getting the customised quotes, comparison of the offers and submission of online application to SBI

2,590 post offices have core banking facilities: Ravi Shankar Prasad

Reserve Bank of India is expected to give Department of Posts (DoP) payment bank licence by September, there are 2,590 post offices in the country with core banking facilities. 

DoP has applied for a payment bank licence with the RBI to bring a large section of unbanked populace of the country into the banking space.

There were only 236 post offices under core banking facilities, but after the current NDA government came to power last year, 2,590 post offices have now core banking facilities.

Communication and IT Minister Ravi Shankar Prasad dedicated the core banking service of Agartala Post Office and laid the foundation stone for Dimapur Mukhya Dak Ghar in Nagaland here by remote control. 

At present, post offices offer savings bank accounts, but cannot have credit or overdraft facilities. 

Under payment banking licence an entity would be allowed to accept deposits, facilitate remittances and payments, but cannot lend.