Banking & Finance, August 16th, 2018, Current Affairs Current Affairs Notes | EduRev

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Current Affairs : Banking & Finance, August 16th, 2018, Current Affairs Current Affairs Notes | EduRev

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BANKING & FINANCE

Bharti AXA & Airtel Payments Bank partnered to offer Pradhan Mantri Jeevan Jyoti Bima Yojana
On August 16, 2018, Bharti AXA, Airtel Payments Bank team up to offer Pradhan Mantri Jeevan Jyoti Bima Yojana.

i. This aims to increase penetration of life insurance products among the underinsured masses and boost financial inclusion.
ii. IT is aimed to reach the 190 million under-insured Indians under Airtel Payments Bank.
iii. This would help to strengthen Bharti AXA Life Insurance’s presence in India.

About the team up and the product:
i. Under this, ‘Pradhan Mantri Jeevan Jyoti Bima Yojana’ (PMJJBY) would be provided by Bharti AXA Life Insurance.
ii. It will give Rs 2 lakh life insurance cover for an annual premium of Rs 330.
iii. This will be available to all existing or new Airtel Payments Bank savings bank account holders between ages 18-50.
iv. Initially PMJJBY will be available at 1 lakh Airtel Payments Bank banking points across India.
v. This would be increased to over 5 lakh banking points to have financial inclusion.

‘Pradhan Mantri Jeevan Jyoti Bima Yojana’ (PMJJBY)
Launch Year: 2015

Andhra Bank raised MCLR by 0.15% for various tenors
On August 16, 2018, Andhra Bank raises MCLR by 0.15% for various tenors.
i. This is the second time that Andhra Bank has raised the MCLR.
ii. Earlier in June it has raised its MCLR by 0.05 % to up to 8.55 percent for various tenors.
iii. The following table shows the new rates w.r.t. various tenors:

Tenors New Rates (in %)
Overnight 8.15
One Month 8.20
Three months 8.40
Six months 8.55
One year 8.70

iv. This will make consumer loans such as auto, car and home loans costlier for buyers.
v. These changes will be effective from August 16, 2018.

Background:
RBI increased repo rate, at which it lends to other banks, by 25 basis points to 6.5 percent twice within 2 months.

Andhra Bank:
♦ Headquarters: Hyderabad.
♦ Tagline: Much more to do with you in focus.

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