Banking Affairs 17th February 2017 | Financial Awareness 17th February 2017

1. Citi Bank launches instant chat service for customers

Citi has launched instant chat services for customers logged in to Citibank Online (CBOL) in India. The real-time chat facility focuses on resolving queries instantly, in a safe environment, across cards, domestic and non-resident accounts, and loans, for clients as they transact online.

2. Cabinet approves acquisition of subsidiary banks of State Bank of India

The Union Cabinet has approved the acquisition by the State Bank of India of its subsidiary banks namely State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore.

3. RBI plans to rejig MDR for cards

⦁ The RBI plans to rationalise the Merchant Discount Rate for debit cards the rate which banks charge a merchant when the customer uses a card for a transaction and said there would be different charges for different kinds of merchants.
⦁ According to MDR, the merchants have been categorised in four categories, small merchants with turnover outside the ambit of GST (less than Rs. 20 lakh per annum), government transactions (railways, VISA fees etc), a special category of merchants (utilities, hospitals, Army canteen etc)…

4. SEBI-stung NSE to reset co-location code

⦁ The NSE is strengthening its policies and procedures related to co-location facilities even as the SEBI is looking into allegations of some brokerages having got preferential access to the exchange.
⦁ It plans more safeguards and protocols and has hired an independent consultant to guide it on the implementation of the new procedures, which are expected to be put in place by the end of this Feb 2017.

5. China’s Shunwei invests in Indian start-up Truebil

Truebil, a marketplace for pre-owned cars, said that it has concluded its follow-on Series A funding round by securing an investment of $3 million from China’s leading venture capital fund Shunwei Capital.

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