Banking & Finance Current Affairs 2020
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The Reserve Bank of India (RBI) launched the Aadhaar-based Video Customer Identification Process (V-CIP) on 9 January 2020. The aim of the move is to allow banks and other lenders to remotely complete Know Your Customer (KYC) of customers on videos. V-CIP: ♦ RBI has allowed consent-based video-based KYC as an option to establish a customer's identity. ♦ It is expected that it will make the process easier for banks and other regulated entities to adhere to the RBI's KYC norms. ♦ It moves with a view to leveraging the digital channels for the Customer Identification Process (CIP) by Regulated Entities (REs). ♦ RES has been encouraged to take the assistance of the latest available technology like Artificial Intelligence (AI) and face matching technologies, to ensure the integrity of the process and the information furnished by the customer. ♦ This consent-based method will be an alternate method of establishing the customer's identity, for customer onboarding. ♦ This approval by RBI was a long-standing industry demand for several years as many banks, especially digital NBFCs and fin-tech startups, as it will reduce the costs of physically reaching out to customers in remote locations where they did not otherwise have branches.
In a first, HDFC Bank launched myApps application on 9 January 2020. The app aims to boost digital payments in India. myApps: ♦ myApps is a customized suite of banking products. ♦ The app will benefit urban local bodies, housing societies, local clubs and gymkhanas, and religious institutions. ♦ It will allow institutions to customize their branding and content. ♦ Using the app one can publish their application on the Google PlayStore or Apple AppStore in the name of the institution. ♦ myApps is free to all members of each institution without any monthly subscription charges. ♦ Members can pay monthly bills or fees and make an online booking for different facilities via myApps. ♦ The organization will get easy access to reports on payments, facilities booked by members, requests and complaints registered by users. ♦ The app can be customized in over 20 languages starting with Hindi and English. ♦ The move by HDFC bank aims to help organizations to entirely digitize their ecosystem through myApps. ♦ Currently, HDFC Bank is offering four types of applications namely, mySociety, myClub, myPrayer, and myCity.
The Reserve Bank of India (RBI) has permitted the select banks in India can offer forex rates to Indian clients round the clock, which is 24X7. Now the select banks can work beyond the inter-bank market hours, which now run from 9 am to 5 pm. Benefits: ♦ The move will allow the Indians to hedge their foreign exchange risks at any time of the day. ♦ It will make the offshore currency markets in Dubai and Singapore less attractive for Indian investors. ♦ RBI has also decided to accept the recommendation of the task force on the offshore rupee market. Hence it permits the authorized dealers Category-I banks to offer foreign exchange prices to users at all times either by a domestic sales team or through their overseas branches. ♦ This allows transactions with person resident outside India, through their foreign branches and subsidiaries can be undertaken beyond onshore market hours. ♦ It benefits the bank's clients to manage overnight currency risk as they can now hedge beyond local market hours.