IIBF NOVEMBER UPDATE | IIBF BANKING EXAMS AWARENESS | 2023-24 | JAIIB | CAIIB | BANK PROMOTION | CERTIFICATION: MSME, KYC AML, DIGITAL BANKING, CCP, DRA, RURAL BANKING

IIBF NOVEMBER UPDATE | IIBF BANKING EXAMS AWARENESS | IIBF 2023-24

In this page, you will find the latest iibf November update applicable for JAIIB, CAIIB, Certification and Promotion Exams 2023-24.

Indian Institute of Banking and Finance conducts numerous examinations in a year for the banking as well as non-banking personnel. As an administrator of those examinations, it states in all of its prescribed Syllabus’ of exams that the candidates need to be up-to-date with regular changes & trends. And for that purpose, it does specify a time frame, upto which the banking candidates have to get themselves familiar with the changes.

So, Learning Sessions has come up with this article on the November series update that happened in last month. We have put together the IIBF updates here in simple & precise words that is relevant for the exams that Learning Sessions provides the classes for: JAIIB, CAIIB, Bank Promotion, Certification: MSME, KYC AML, Digital Banking, CCP, DRA, Rural Banking.

Whether it’s the online classes, mock tests, mega classes or notes, candidates get all the relevant material that is required to pass the exams at the lowest prices! With over more than a 1.5 lacs students services till date, it’s a center of excellent knowledge & expert interaction. 

You can also join Learning Sessions through the following platforms:

• • Android App: LS PRO & Website: iibf.info or 

• Android App: IIBF LEARNING CENTER  

• iOS App: My Institute 

• Website: Learning Center (Code: gegkt)

IIBF BANKING UPDATES 2023-24

75 DIGITAL BANKING UNITS TO TAKE BANKING TO REMOTEST CORNERS

There have been 75 digital banking units (DBUs) launched with the objective to promote financial inclusion. These DBUs are fixed point business units which unable to deliver digital banking products and services with minimum digital infrastructure.

• These DBUs will serve the existing financial products and services, digitally, in both: Self-service and assistance modes.
• The way these DBUs can help is by opening a savings account, taking a look at the account balance, passbook printing, fund transfer, payment of bills and Taxes etc. If is going to make the life of people living away from the banks easy.
• Inauguration: 75 digital banking units have been inaugurated by the Prime Minister virtually and 11 public sector banks, 12 private sector banks and one small finance Bank also participated in its inauguration. 
• These DBUs one way to help with digital banking reach the corners where banking services are yet not available, to spread digital financial literacy and awareness in relation to education on cyber security.

RBI’s DAKSH APPLICATION | ENHANCING THE SUPERVISORY PROCESSES 

Reserve Bank of India Wanted a supervisory process that is more robust, efficient, and Competent. And try it on this note it has launched a new supervisory Technology which has been named – DAKSH.

DAKSH is basically a web-based advance supervisory monitoring system that works on end-to-end basis helping the RBI to monitor the compliance requirements in a more focused and collated way.

• It will enhance the compliance culture in the entities (SEs) RBI supervises such as banks and non-banking financial corporations.
• It will also boost the communication process, inspection planning and it’s execution, reporting and analysis of cyber incidents, production of various MIS reports & will enable anytime and anywhere secure access.

RELIEF FROM MAINTAINING NCGTC CLAIMS (RECEIVED) AS PART OF CRR, SLR 

Reserve Bank of India has provided exemption to the banks on the NCGTC (National Credit Guarantee Trustee Company Ltd.) claims received from consideration to compute the cash reserve ratio and statutory liquidity ratio. This examination will help the bankers to lend out more resources substantially.

APPOINTMENT OF INTERNAL OMBUDSMAN BY CICs

Reserve Bank of India has provided directions to all the credit information companies that they have to appoint an internal ombudsman by 1st April, 2023. 

• The term of the internal ombudsman will be fixed for a minimum of 3 years and can be maxed up to 5 years. 
• The person for this position could be: A retired or a serving officer of Deputy General Manager or equivalent level having a minimum of 7 years of experience in any financial sector regulatory body or CIC, NBFC, Bank. 

BANKING POLICIES 

INCREASE IN RISK-WEIGHTED EXPOSURE FOR CORPORATES AND NBFCS 

A good number of press releases issued by external credit assessment institutions did not contain details of the lenders and as such, it has led to the absence of requisite consent by the borrowers to ECAIs.

Taking this into consideration the Reserve Bank of India has advised that ECAIs ratings given to non-banking financial companies and corporates without the disclosure of lenders details – shall not be considered by the banks for computation of capital.

Now this exposure will remain unrated in banks will have to apply the risk weight of 100% or 150%, as the case may be.

WIDENED SCOPE OF SPDS | ALL FOREX-RELATED ACTIVITIES ALLOWED

So far SPDs (Standalone Primary Dealers) allowed only to undertake foreign currency business only for Limited purposes but now the Reserve Bank of India has permitted them to offer all forex market-making facilities.

This allowance has been made: 

• to provide the customers to take broader facilities for currency risk management.
• Another reason that SPDs have been allowed to take up the liberated forex market operations is to increase the level of trading and self-clearing membership with SEBI- approved stock exchanges and clearing corporations,
• To conduct proprietary transactions in equity and derivatives market.

At present, there are 7 SPDs and 14 Bank primary dealers operating in India.

UFCEs GUIDELINES MODIFIED TO PROTECT AGAINST LOAN DEFAULTS 

Reserve Bank of India has modified the guidelines for banks on Unhedged Foreign Currency Exposure (UFCE), in order to prevent losses to banks due to exposure to heightened volatility in foreign exchange rates.

• The increased volume of losses a card on this account can lead to default on payment of loans taken from the banking system which will affect negatively on the banking system’s financial health. 
• To give up the system from such problems, reserve Bank of India issued consolidated guidelines for banks on UFCEs (which will be applicable from 1 January 2023.
• Some of these guidelines include the banks to consider the items that are much hearing or have the cash flows of the. of next 5 years,
• To assess UFCEs of entities based on information obtained from concerned entities.

DEVELOPMENT IN BANKING

RBI UNVEILS DIGITAL CURRENCY FEATURES & LAUNCHES PILOT PROJECT 

Reserve Bank of India has also recently features of its’ digital currency (digital rupee (e₹) / central bank digital currency (CBDC)) public. RBI will issue the legal tender of India in a format as CBDC which will hold the same value as that of the physical currency (in control of RBI). This digital currency can also be exchanged with Fiat currency it is supposed to provide an easier, faster and inexpensive option to whatever is currently available forms of money. 

Reserve Bank of India had also launched (pilot project) the digital rupee wholesale segment (e₹-W) to carry out the settlements of secondary market transactions in government securities. 9 banks participated in this pilot project of RBI. This pilot project is also going to be the basis for the whole sale transactions and cross border payments.

The main Idea behind issuing digital currency is to:

• Boost up the India’s digital economy
• And hands the financial inclusion
• Increase the efficiency of monetary and payment systems.

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BRIEF VIEW OF ECONOMIC REPORT OF DEPARTMENT OF ECONOMIC AFFAIRS: 

• Non-food credit growth has almost doubled to 16.40% (March 2022) from 8.7% (September 2022).
• PMI Manufacturing is now reflective of the manufacturing sector’s performance, & was in the expansionary zone at 55.1 points (September 2022). 
• Growth in credit outstanding to MSMEs rose to 7.8 lakh crore (August 2022) from Rs. 4.8 lakh crore (September 2020), an increase of 63.80%. 
• The wholesale inflation (WPI) has gone down to 12.40%, & retail inflation (CPI) is a notch above 7.00% in Q2 of Financial Year 2022-23 
• Foreign Direct Investment (FDI) inflows during April-July, increased to US$ 18.8 billion (CY) from US$ 13.1 billion (2021-2022)
• UPI platform recorded 6.8 billion transactions (September), which amounts to Rs 11.17 trillion. It is up by 3.05% and 4.06% in volume and value terms on a month-on-month (MoM) basis. 
• Gross Tax Revenue registered year-on-year growth of 18.7% until August 2022.
• GST collections registered a year-on-year growth of 25.6% (September 2022). 
• Index of Industrial Production (IIP) registered a year on-year growth of 7.7% (April 2022 to August 2022).

So, this was the all about the financial happening of India & are very much relevant for the mentioned exams of Indian Institute of Banking and Finance 2022-23. 

You can check out our other updates & notes for various examinations of IIBF as well as exam materials, whether its classes, mock tests or notes, you can get the access to all the study materials at the most reasonable prices. Just check them out at once.

• • Download Android App: LS PRO or IIBF LEARNING CENTER  

• Download iOS App: My Institute (Code: gegkt)

• Visit the website for Exam Materials: iibf.info

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