ICICI Bank signed MoU with the NDB (New Development Bank) of BRICS
On 6th May 2016, ICICI Bank signed a MoU (Memorandum of Understanding) with the NDB (New Development Bank) of BRICS. The objective of this MoU was establishing strategic partnership in areas such as co-financing, bond issuance, human resources and treasury management. NDB, which acts as a multi-lateral development bank was established by BRICS states (Brazil, Russia, India, China and South Africa).
Registration Certificate of 4 NBFCs cancelled by RBI
On 10th May 2016, the registration certificates of 4 NBFCs (Non-Banking Financial Companies) were cancelled by the RBI (Reserve Bank of India). The certifications were cancelled on powers given to the RBI under the section 45-1A (6) as per the RBI Act, 1934. The 4 NBFCs whose registration certificates were cancelled were) GITC (Guide Investments and Trading Co. Pvt. Ltd), NTPL (Novoflex Tradecom Private Limited), NEPL (Neelanjali Engineering Private Limited and EVPL (Enol Ventures Private Limited). Following this, RBI is also planning to tighten the NBFC norms such as requirement of a stronger and reliable capital base.
RBI to issue 1000 Rupees Bank-notes to be issued by RBI with ‘R’ as inset letter
On 9th May 2016, the RBI (Reserve Bank of India) announced the issuance of 1000 rupees notes in the series ‘Mahatma Gandhi-2005’. Both number panels of these notes will contain ‘R’ as inset letter. Like all other banknotes, these notes will also feature all security measures such as ascending numerals size, enhanced identification mark and bleed lines. They will carry Raghuram Rajan’s signature, who is at present the Governor of RBI.
World Bank initiates PEF (Pandemic Emergency Financing) Facility
On 21st May 2016, the WBG (World Bank Group) initiated the PEF (Pandemic Emergency Financing) Facility with the objective of protecting the poorest nations against various dangerous pandemics. The PEF has become a fast-disbursing and innovative global financing process. It aims to enhance both national and global responses to various future outbreaks having pandemic potential. It was designed and built in assistance with the WHO (World Health Organization) as well as top private sectors with the objective of introducing new rigorous policies into the financing world. The PEF works as a window of insurance combining reinsurance market funding with the World Bank-proceeds.