- Karnataka Bank and SBI Card have launched co-branded credit cards for the customers of Karnataka Bank. Through this alliance Karnataka Bank and SBI Card will launch two variants of the co-branded credit card 'Karnataka Bank Platinum SBI Card' and 'Karnataka Bank SimplySAVE SBI Card'.
- A separate 'Enforcement Department' has been set up by the Reserve Bank of India to oversee possible breaches of rules and take punitive actions against those who violate them. It will serve as a centralized wing to deal with banks only for enforcement action.
- Note : The department will develop a broad policy for enforcement and initiate action against the regulated entities for violation consistent with such policy.
- Ahead of the Reserve Bank of India's monetary policy, the country's largest bank, State Bank of India has reduced its benchmark lending rate by 0.15% (from 9.25% to 9.1%).
- Note : The cut in SBI's base rate was effective from 1st April, 2017. With This reduction, the equated monthly installments, or EMIs for the bank's new as well as existing bor-rowers who have taken housing or car loans at the base rate will cone down by at least 0.15%.
Subscribe to Gr8ambitionz
Get updates delivered right to your inbox!