BANKING, FINANCE and BUSINESS Current Affairs

RBI Fine on American Express

• Name: American express bank Corp.
• Penalty: 31.80 lakh monetary fine.
• Date: October 1, 2025
• Justification: A breach of the guidelines related to Credit and Debit Cards provided by RBI (2022).
• Ruling: RBI affirmed the charges having considered submissions and representations of bank.
• Legal Force: Section 47A(1)(c) and section 46(4)(i) of the Banking regulation act, 1949.

SBI mutual fund: Magnum Hybrid long short fund

• Fund Name : Magnum Hybrid Long Short Fund.
• Framework: First fund through the Specialized Investment Fund (SIF) framework.
• NFO Dates: The Subscription open is between October 1, 2025, to October 15, 2025.
• Liquidity Terms:
  • Subscriptions: Daily
  • Redemptions: Three times a week (Mondays and Thursday)
• Investment Amount:
  • Minimum: Rs10 Lakh
  • Additional Purchase: Rs10,000
• Management:
  • Fund Manager: Gaurav Mehta
  • Performance Index: NIFTY 50 Hybrid Composite Debt 50:50 Index.
• Key Contacts: D.P. Singh (Deputy MD & joint CEO, SBI Funds Management)