CURRENT AFFAIRS

Detailed explanation-1: -State Bank of India (SBI) has secured an in-principal approval from the Reserve Bank of India (RBI) to set up an operations support subsidiary.

Detailed explanation-2: -State Bank of India has set up a wholly owned subsidiary named State Bank Operations Support Services (SBOSS) for providing support services and Business Correspondent activities to SBI branches and RACCs in rural and semi urban areas, as approved by Reserve Bank of India.

Detailed explanation-3: -There are five fully owned subsidiaries of RBI: DICGC, BRBNMPL, ReBIT, IFTAS and RBIH. RBI has one associate NCFE. An associate company is one where the parent company holds 20-50% of the stake. Earlier National Housing Bank(NHB) was also a subsidiary of RBI.

Detailed explanation-4: -Fully owned: Deposit Insurance and Credit Guarantee Corporation of India (DICGC), Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL), Reserve Bank Information Technology Private Limited (ReBIT), Indian Financial Technology and Allied Services (IFTAS), Reserve Bank Innovation Hub (RBIH).

Detailed explanation-5: -RBI preliminary approved the operations and support subsidiary of State Bank of India (SBI). The subsidiary will likely be staffed by a group of employees.