Economy News-Daily Digest: 3 Key Updates
1. SIB executes transactions via block-chain technology
South Indian Bank (SIB), in partnership with a leading currency exchange house in West Asia, has successfully executed overseas transactions using block-chain technology.
The pilot transaction was successfully executed by forex transaction from the UAE to India.
2. FBIL rolls out benchmark rate for the money market
Financial Benchmarks India (FBIL) has developed the FBIL-Market Repo Overnight Rate (FBIL-MROR), which will be published on each working day beginning December 12, 2017.
The Clearing Corporation of India (CCIL) will be the Calculating Agent for FBIL-MROR.
3. Kirana stores to turn ATMs for Paytm
Paytm Payments Bank plans to tie up with over a lakh kirana stores in the coming months to attract more customers in rural areas and also in B-towns. These stores will be called Paytm Ka ATM, and will allow customers to open saving accounts and also deposit/withdraw money at their ease.
Paytm Payments Bank are the only bank providing zero balance accounts and zero charges on digital transactions.