Current Affairs Today September 22, 2017 on Banking

Presenting current affairs today September 22 2017 on Banking updates. Aim of our current affairs section is to help you to get high marks in competitive exams you are going to attempt.

SBI Card to Offer Pre-approved cards to Customers of SBI Bank

SBI Card, the second biggest credit card offering organization after HDFC, is to offer pre-approved cards to customers of its parent State Bank of India.

It has gone into a tripartite agreement with SBI and India’s first credit bureau TransUnion Cibil to this end. The agreement will allow the credit bureau to check the credentials of SBI customers and SBI Card to leverage the information.

SBI Card, is now the second biggest issuer of credit cards after HDFC Bank, is hoping to tap SBI’s customers with a plan to double its base to one crore in the following couple of years.

About SBI Card

SBI Card is a joint venture between the SBI and GE Capital, which is set to exit as part of the American giant’s global business revamp.

The card issuer is additionally in dialog with several banks to explore co-branding opportunities as the organization is wanting to flame all chambers to develop. It has accomplished 50 lakh customers in August 2017 and issue two lakh new cards each month.

Forex reserve of India Crossed $400 Billion First time

Foreign Exchange reserve of India for the first time has crossed $400 billion mark. It was recorded all time high $400.726 billion on 8th September this month. It has become possible because of increase in foreign currency assets, foreign direct investments in large amount and portfolio interments.

India’s foreign exchange had hit $300 billion back year 2008. It took nine years for Forex reserve to reach to $400 billion mark. With this Ndia has reached at sixth position in the global Forex reserves ranking leaving behind countries like Taiwan, Brazil and euro zone are the countries. The list is toped by India’s neighbour China. China is ways ahead of India and other countries with reserves of $3,053 billion and is followed by Japan with reserves of $1,188 billion. Switzerland is at third place in the list with $743 billion reserve.

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