Here is today’s important banking news to keep you updated and help you prepare for IBPS and other bank exams:
Important Banking News: RBI Shortlists 5 Firms for Audit and Risk Monitoring Mechanism
- The Reserve Bank of India plans to procure an Audit Management and Risk Monitoring System (AMRMS) from five “potential shortlisted” solution providers, including PwC and Quadrant 4 Software Solutions.
- The central bank said it has decided to implement the AMRM system to carry out various audit and risk monitoring-related activities efficiently in a seamlessly integrated fashion, thereby replacing the existing system, which is partially computerised.
- The AMRMS will be a comprehensive package to facilitate Internal Audit and Risk Monitoring functions of the central bank.
- “Reserve Bank of India desires to procure an Audit Management and Risk Monitoring System (AMRMS) for the Bank from potential shortlisted solution providers,” it said in the Request for Proposal (RFP).
- AMRMS should also enable achieving the objective of paperless office environment, it added.
- The five shortlisted bidders based on expression of interest (EOI) evaluation are: Auditime Information Systems Pvt Ltd, Mumbai; NCSSoft Solutions Pvt Ltd, Chennai; PWC Pvt Ltd, Mumbai; Quadrant 4 Software Solutions Pvt Ltd, Chennai, and Thomson Reuters Pvt Ltd Mumbai.
- The AMRMS would cater to the requirements of primarily two Departments – Inspection Department and Risk Monitoring Department.
- According to the RFP, the AMRMS would be an online web-based application with a centralized database and browser independent (preferably). The system should be flexible and configurable to the user requirements dynamically.
Important Banking News: State Bank of Mysore Q3 Profit Dips 72%
- SBI associate State Bank of Mysore on Wednesday reported a dip of 71.98 per cent in net profit at Rs 26.94 crore for the quarter ended December 31, on higher provisioning and employee cost.
- The bank’s net profit during the corresponding quarter in 2014-15 was Rs 96.16 crore.
- Total income increased by a marginal 2.8 per cent to Rs 1,940.22 crore during the reported quarter from Rs 1,888.11 crore earned in the year ago period, the bank said in a BSE filing.
- During the October-December quarter of 2015-16, the bank made provisioning and contingencies to the tune of Rs 253.91 crore as against Rs 135.99 crore in the previous fiscal.
- The gross non-performing assets (NPAs) were at 5.48 per cent of the gross advances as of December 31, as against 5.09 per cent.
- Net NPAs or bad loans stood at 3.12 per cent of net advances, slightly up from 3.11 per cent a year ago.
- The bank said during nine months ended December, it paidm Rs 166.72 crore on account of wage arrears related to November 2012 to March 2015 period.
- Besides, the bank also provided Rs 12.88 crore against unhedged foreign currency exposure as on December 2015.
- Shares of the South-India based lender closed 0.17 per cent lower at Rs 408 on BSE.