Facebook Page Facebook Group Telegram Group Telegram Channel

AMBITIOUSBABA.COM | MAIL US AT 1 [email protected]

Facebook Page Facebook Group Telegram Group Telegram Channel Jan to June 2019 Banking, Financial and Economic News RBI Fined on banks and Organization list Banks/Organization Penalty Reasons Penalty Date Amount Citibank Rs 3 crore For non-compliance in January 11, 2019 criteria for directors of the bank.

Bank of Maharashtra Rs 1cr. For non-compliance of January 16, 2019 Know Your Customer (KYC) guidelines and fraud- classification norms.

Axis Bank, UCO Bank and Total of Rs.5.2 and UCO 5th February Crore Bank has been imposed 2019 with a Penalty of Rs.2 Crore each for their not commiting with the norms related to payment through cheques. Further Axis Bank has also imposed a Penalty of 20 Lakhs for the detection and impounding of counterfeit notes. SBI Rs 1cr. For not monitoring the 7th February end use of funds in 2019 respect of one of its borrowers.

AMBITIOUSBABA.COM | MAIL US AT 2 [email protected]

Facebook Page Facebook Group Telegram Group Telegram Channel

Allahabad Bank Rs 1.5 crs. For not monitoring end 8th February use of funds, delay in 2019 classification and reporting of fraud and non- adherence with RBI guidelines during restructuring of accounts in respect of one of its borrowers.

PNB, OBC and Rs 3.5 crore Due to deficiencies in 14th February regulatory compliance 2019 with the directions issued by RBI on monitoring end use of funds, information exchange with other banks and on restructuring of accounts. OBC- 1.5Crs PNB-1cr. Bank of India- 1cr. Union Bank, Rs.11crs Banks for non- 20 March 2019 IDBI Bank, strengthening of ‘SWIFT’ related controls

PNB Rs.2crs For violation of SWIFT 25 March 2019 norms

AMBITIOUSBABA.COM | MAIL US AT 3 [email protected]

Facebook Page Facebook Group Telegram Group Telegram Channel

Nanital Bank Rs. 2crs Reason behind this June monetary penalty was because of Nanital Bank’s failure to fully automate the non-performing asset (NPA) identification process, despite specific directions issued in this regard. Rs 2 crore For not furnishing details 10 June 2019 about the shareholding of its promoter and its plans for complying with stake dilution norms. ‘’ and Online Rs.11.25 lakh For violating PPI On 12 June 2019. Wallet Service, ’ZipCash (prepaid Services’ instrument) norms pertaining to issuance and operation of PPIs.

United India Insurance Co 5lakhs For violating motor 4th jan 2019 settlement norms

Granted Loan List Loan Bank Amount Purpose ADB $350 Million Chhattisgarh Road Improvement Project ADB Rs 1,650cr The Asian Development Bank (ADB) has approved a project submitted by the Urban Development Department (UDD) of Tripura amounting to Rs. 1650 crore for overall infrastructure development of seven districts headquarter towns of Tripura. Exim Bank $245 million loan agreement with Ghana & Mozambique for agricultural and railway projects

AMBITIOUSBABA.COM | MAIL US AT 4 [email protected]

Facebook Page Facebook Group Telegram Group Telegram Channel

World Bank $147 Million To provide basic urban services to the people and help improve the management capacity of the urban local bodies (ULBs) in Jharkhand, the World Bank approved a $147 million loan agreement to the state.

World Bank $31.58 mn loan for Uttarakhand Public Financial Management Strengthening Project

World Bank $ 400M The World Bank and the Government of India signed a loan agreement of $400 Million for the Program Towards Elimination of Tuberculosis(TB), which kills approximately half a million people in India every year. The program will cover nine States of India. World Bank $328M World Bank, Government of India and State Government of Andra Pradesh signed a loan agreement worth of $328 million with the World Bank (WB) for improving health services of Andhra Pradesh. World Bank $250 million Develop Rajasthan’s Roads and Highways World Bank $250-m The Government of India, State Government of Kerala and World Bank signed a loan agreement of $250 million (Rs 1,725 crore) for the Kerala Resilient Programme.

AMBITIOUSBABA.COM | MAIL US AT 5 [email protected]

Facebook Page Facebook Group Telegram Group Telegram Channel

World Bank $287 Mn The Government of India, , and the World Bank signed a $287 million loan agreement for the state’s Health System Reform Programme in New Delhi. It is aimed to improve the quality of health care, reduce the burden of non-communicable diseases (NCDs) and fill equity gaps in reproductive and child health services. Asian Infrastructure USD 455 Million Andhra Pradesh Rural Roads Investment Bank (AIIB) Project Asian Development Bank USD 926 Million Mumbai Metro Rail Project (ADB) ADB USD 26 million For improving drainage infrastructure in Dibrugarh town of Assam Asian Development Bank USD50 million Invest in India’s renewable (ADB) energy producer company Avaada Energy Private Limited (AEPL).

World Bank USD 25.2 Million Chhattisgarh Public Financial Management and Accountability Program World Bank USD 96 Million Additional Financing for Uttarakhand Disaster Recovery Project

World Bank 250 Million For National Rural Economic Transformation Project (NRETP) World Bank Rs. 2200 crores ($328-million) For Andhra Pradesh Health Systems Strengthening Project (APHSSP)

AMBITIOUSBABA.COM | MAIL US AT 6 [email protected]

Facebook Page Facebook Group Telegram Group Telegram Channel

World Bank $137 Million For the Additional Financing of the Dam Rehabilitation and Improvement Project (DRIP), Karnataka, Kerala, Madhya Pradesh, Odisha, Tamil Nadu and Uttarakhand.

ADB $750-mn loan to fund railway track electrification in India World Bank $35 million World Bank to invest $35 million in Manapurram Finance ADB $350million State and District Roads in Chhattisgarh World Bank $287milliom Tamil Nadu Health System Reform Programme

GDP FORCASTING Organization 2018-19 2019-20 Fitch 7.2% 6.6% UN report 7.4% 7.1% Government of India 7.2% 7.5% forecasted Moody 7.3% ADB 7.2% World Bank 7.3% 7.5% World Economic Outlook 7.3%(2019) 7.5%(2020) released by International Monetary Fund (IMF) FICCI 7.1% Organisation for 7.5% Economic Co-operation and Development (OECD) DBS Bank 6.8% Goldman Sachs 7.2% Central Statistics Office 7% (CSO)

AMBITIOUSBABA.COM | MAIL US AT 7 [email protected]

Facebook Page Facebook Group Telegram Group Telegram Channel RBI BI-Monthly List  6th Bi-Monthly Monetary Policy Released By (RBI) On 7th February 2019,Reserve Bank of India(RBI)’s six-member monetary policy committee chaired by RBI Governor Shaktikanta Das released its 6th Bi-Monthly Monetary Policy.This is the First Bi-Monthly Policy for Shaktikanta Das after he took charge as the RBI Governor. RBI had reduced 0.25 basis points in the Policy Rates with immediate effect.The Change in Policy rates are as follows: Policy Rates 6th Bi-Monthly Monetary 5th Bi-Monthly Monetary Policy(Feb 2019) Policy(Dec 2018) Repo Rate 6.25% 6.50% Reverse Repo Rate 6.00% 6.25% Marginal Standing Facility 6.50% 6.75% Rate Bank Rate 6.50% 6.75% Reserve Ratios 6th Bi-Monthly Monetary 5th Bi-Monthly Monetary Policy(Feb 2019) Policy(Dec 2018) Cash Reserve Ratio(CRR) 4% 4% Statutory Liquidity 19.25% 19.5% Ratio(SLR)  First Bi-monthly Monetary Policy Statement for 2019-20-RBI cuts repo rate by 25 basis points On 6th April 2019, Reserve Bank of India (RBI)’s six-member monetary policy committee chaired by RBI Governor Shaktikanta Das released its 1st Bi-Monthly Monetary Policy for 2019-20 Policy Rates 1st Bi-Monthly Monetary 6th Bi-Monthly Monetary Policy 2019-2020(Apr- Policy(Feb 2019) 2019) Repo Rate 6.00 % 6.25% Reverse Repo Rate 5.75 % 6.00% Marginal Standing 6.25 % 6.50% Facility Rate Bank Rate 6.25 % 6.50% Reserve Ratios 1st Bi-Monthly Monetary 6th Bi-Monthly Monetary Policy 2019-2020(Apr Policy(Feb 2019) 2019) Cash Reserve 4% 4% Ratio(CRR) Statutory Liquidity 19.25% 19.25% Ratio(SLR)

 Second Bi-Monthly Monetary Policy Of RBI 2019-20 The Reserve Bank of India (RBI) announced its second Bi-Monthly Monetary Policy Rates for 2019-20 in Mumbai on June 6, 2019. The three-day policy review meeting by

AMBITIOUSBABA.COM | MAIL US AT 8 [email protected]

Facebook Page Facebook Group Telegram Group Telegram Channel the six members of Monetary Policy Committee (MPC) was headed by RBI Governor Shaktikanta Das with the members Dr Chetan Ghate, Dr Pami Dua, Dr Ravindra H. Dholakia, Dr Michael Debabrata Patra, Dr Viral V Acharya. The next monetary policy statement is scheduled from August 5-7, 2019. In a rare 6-0 majority, Repo rate was reduced by 25 bps under the liquidity adjustment facility (LAF) to 5.75 per cent for third time in a row. It fell below 6% for the first time in 9 years since September 2010.

Repo Rate 5.75% Reserve Repo Rate 5.50 Marginal Standing Facility(MSF) 6.0% Rate Bank Rate 6.0%

Cash reserve Ratio(CRR) 4% Statutory Liquidity Ratio(SLR) 19% January 2019 banking, Financial and Economic News  Complaints with bank ombudsman enterprises (MSMEs) which are facing cash surge 25% in FY18: RBI Report crunch in the wake of demonetisation and According to the RBI Report on Trend and GST implementation. Progress of , number of The restructuring has to be implemented by complaints registered at banking 31st of March 2020. The eligibility for the ombudsman offices has increased to 25% scheme entails that the aggregate exposure owing to increased awareness and poor including non-fund based facilities of banks internal redressal mechanisms of banks. and NBFCs, to a borrower should not exceed More than 57% of the total complaints came 25 cr. rupees as on January 1, 2019. from the banking ombudsman offices in tier- 1 cities like New Delhi, Mumbai, Chennai,  RBI Forms Expert Panel On MSMEs Kolkata, Bengaluru and Hyderabad. Of all under Ex-SEBI Chief UK Sinha the complaints received at the ombudsman’s The Reserve Bank set up an expert offices, 97% of them were resolved in 2017- committee under former SEBI chairman U K 18, up from 92% in a year earlier. Sinha to suggest long-term solutions for the ♦ Currently, there are 21 functional economic and financial sustainability of the banking ombudsman offices in the country. MSME sector. The eight-member committee ♦ These offices were established under will also examine the factors affecting the Banking Ombudsman Scheme, 2006. timely and adequate availability of finance to  One-time relief to MSMEs allowed the sector. by restructuring debt up to Rs 25 crore by 31st March 2020: RBI  RBI limits customer liability in Reserve Bank allowed a one-time fraudulent PPI transactions restructuring of existing debt of up to 25 The RBI said frauds due to third-party breach crore rupees to micro, small and medium where neither the customer nor the PPI issuer is at fault, there cannot be any liability

AMBITIOUSBABA.COM | MAIL US AT 9 [email protected]

Facebook Page Facebook Group Telegram Group Telegram Channel for the customer, in case the incident in Regional Cooperation) SWAP facility reported within three days. system.It is also said that another request of If the fraud is reported between three and currency SWAP USD 1 billion is under seven days, customer liability will amount to process. the transaction value or Rs.10,000,  Iran’s Pasargad Bank received whichever is lower whereas for fraud RBI’s nod to open its branch in Mumbai reported over seven days, the liability of the The Union Road Minister Nitin Gadkari, on customer will be according to the board- successful meeting with Iran’s Minister of approved policy of the PPI issuer. Foreign Affairs Mohammad Javad Zarif, The PPI issuer has to credit the amount announced that Reserve Bank of India (RBI) involved in the unauthorised transaction to has approved Iran’s Pasargad Bank to open the customer’s PPI within 10 days, after the branches in Mumbai for easing trade related customer reports the fraud. transactions. The bank branch would be  RBI set up 5-member panel under made operational within 3 months. Nandan Nilekani to boost digital payments  Bharti AXA Life uses WhatsApp to The Reserve Bank of India constituted a 5- deliver policy, renewal premium member high-level committee under Aadhaar Private sector insurer Bharti AXA Life architect Nandan Nilekani to suggest Insurance started delivering policies and measures to strengthen the safety and renewal premium receipt to customers via security of digital payments in the country. instant messaging platform WhatsApp as a Aims part of its alternative service option to the i)To undertake cross country analyses to policy holders. identify best practices to accelerate  SBI Card & Etihad Guest tie-up to digitisation of the economy, launch premium card for international ii)financial inclusion through greater use of travel digital payments SBI Card, the country’s second largest iii)To suggest a medium-term strategy for credit card issuer and Etihad Guest, the deepening of digital payments loyalty programme of Etihad Airways have  IndiaMoneyMart Receives NBFC - weld their hand together for a specific visa P2P Certification from RBI credit card to come into play for members Reserve Bank of India (RBI) has granted and Indian travellers. NBFC – P2P (Non-Banking Financial  UAE, Saudi Central banks launch Company – Peer to Peer) Certificate to common digital currency called ‘Aber’ IndiaMoneyMart and this certification will Central banks of UAE and Saudi Arabia enable IndiaMoneyMart to expand operations launched common digital currency called and target loan disbursals worth INR 100 ‘Aber. Crore by the end of financial year 2018-19. Purpose:  Sri Lanka’s Gets USD i)Aber will be used in financial settlement 400 Million Swap From RBI between the two countries through Block The Reserve bank of India has agreed to chains and distributed Ledger technologies. disburse Sri lanka’s loan amount of USD ii) Both Saudi Arabian Monetary Authority 400 million to boost the nation’s (SAMA) and the United Arab Emirates Central reserve.RBI has agreed to issue the fund Bank (UAEIB) are studying the impact on the under the SAARC(South Asian Association for improvement and reduction of remittance

AMBITIOUSBABA.COM | MAIL US AT 10 [email protected]

Facebook Page Facebook Group Telegram Group Telegram Channel costs and the assessment of risks through Facility Aber. The private sector Jana , SBI Life join hand has launched a new Current. Account with for bancassurance partnership Auto-Sweep facility that will enable bank’s A ‘bancassurance’ pact was signed between existing and potential new customers to auto State-owned Allahabad Bank and SBI Life sweep-in and sweep-out the idle funds in the Insurance to sell the policies of the insurer current account to Sweep Fixed Deposit and from over 3,238 branches of the Allahabad earn high interest. Bank.  CAG report on the Fiscal  Bancassurance pact was signed Responsibility and Budget between Syndicate Bank and SBI Life Management Insurance The Comptroller and Auditor General of India Syndicate Bank and SBI Life Insurance (CAG) released a report on the “Fiscal signed a bancassurance pact aiming to offer Responsibility and Budget Management a comprehensive financial planning solution (FRBM)” reveals that the government should to its customers. frame a policy on off- budget financing and  ICICI Bank, Small Business sources of such funding in view of its fiscal FinCredit joined hands to provide loans implication. CAG further said that the worth Rs. 1 crore to MSMEs for 15-year government should also consider disclosing tenure the details of off- budget borrowings through ICICI Bank, in a first-of-its-kind programme, disclosure statements in Budget as well as in signed a Memorandum of Understanding accounts. (MoU) with Small Business FinCredit India  Indian Army and Punjab Pvt. Ltd. (SBFC), a systemically important National Bank (PNB) singed MOU for Non-Banking Finance Company for updated salary packages entrepreneurs, to jointly provide credit worth up to Rs 1 crore to MSMEs for a tenure of 15 On Indian Army and Punjab National years. Bank (PNB) signed a Memorandum of  Government amalgamated three Understanding (MoU) on the Defence Regional Rural Banks-Punjab Gramin Salary Packag. Free ‘RAKSHAK ’ Bank, Malwa Gramin Bank and Sutlej Scheme for serving pers and veterans, Gramin Bank into a single Bank overdraft facility range from Rs 0.75 to The three Regional Rural Banks (RRBs) – 3.0 lakhs. Punjab Gramin Bank, Malwa Gramin Bank  IRCTC tied up with Bharti AXA and Sutlej Gramin Bank has been General insurance company to offer free amalgamated into a single RRB by the travel insurance for air travellers Government. IRCTC tied up with Bharti AXA General National Bank for Agriculture and Rural insurance company to provide free travel Development (NABARD), the Government of insurance to the air travellers. This Punjab, , State Bank of insurance is applicable to only those who India and Punjab and Sind Bank are the book ticket in the official website of air sponsor banks of the said RRBs. ticketing irctc,IRCTC Air – air.irctc.co.in.  Launches  HDFC Standard Life Insurance Current Account with Unique Auto-Sweep renamed to HDFC Life Insurance

AMBITIOUSBABA.COM | MAIL US AT 11 [email protected]

Facebook Page Facebook Group Telegram Group Telegram Channel HDFC Standard Life Insurance renamed policy making for the development of itself to HDFC Life Insurance. i.The change capital market.The committee formed will in name has been made effective immediately. be headed by Sankar De.  Centre to states: step up spending,  Eight-member Group of Ministers auditing of District Mineral Fund under Maharashtra Finance Minister Centre has advised States to increase the Sudhir Mungantiwar panel is formed to spending under District Mining Fund (DMF) study uniform tax rate on lottery because only 24 percent of the Rs. 23,606 The GST council has constituted an eight crore allocated for Pradhan Mantri Khanij member Group of Ministers(GoM) headed Kshetra Kalyan Yojana (PMKKKY) is spent by Maharashtra State Finance Minister, until now. Sudhir Mungantiwar to suggest whether a  Group insolvency: UK Sinha- uniform tax rate should be imposed on headed working group to suggest suitable lotteries or the current differential tax rate framework system be continued. Former Chairman of Securities and Exchange Board of India (SEBI), U.K. Sinha will head an  HDFC MF surpassed ICICI 11-member working group constituted by Prudential MF to become largest AMC the Insolvency and Bankruptcy board of in India: AMFI India (IBBI) to study the concept of ‘Group As per the latest data of Association of Insolvency’ and suggest a suitable Mutual funds in India (AMFI), HDFC Mutual framework. Fund has surpassed ICICI Prudential MF to  IRDAI sets panel headed by become the country’s largest asset Praveen Kutumbe to identify management company (AMC) after a gap of systematically important insurers over two years. A panel is all set by Insurance Regulatory  Bihar State GDP Growth Development Authority of India (IRDAI) outshines nation’s growth: CRISIL headed by Praveen Kutumbe,to identify As per a report published by CRISIL domestically systematically important insurers (SIIs) and an augmented regulatory (Credit Rating Information Services of framework is logically established in this India Limited), Bihar has been ranked regard. the Top State in terms of Gross State  SEBI Constitutes Research Advisory Domestic Product (GSDP) by clocking a Committee Headed By Sankar De growth rate of 11.3 per cent in financial Market regulator SEBI has set up a year 2017-2018. Research advisory committee(RAC) that will help and analyse the new methods of 

Febuary2019 Banking, financial and economic News  J P Morgan became First US of JP Morgan is the first step in the program Bank with Cryptocurrency of making it more competitive. The currency JP Morgan rolled out as the first US bank is designed to be decentralized so that no one with cryptocurrency. The change in opinion has control over transactions being sent over the network.

AMBITIOUSBABA.COM | MAIL US AT 12 [email protected]

Facebook Page Facebook Group Telegram Group Telegram Channel  RBI extends KYC deadline for framework in 2017 and 2018. And the digital wallets by six months government gave a capital infusion of Rs The Reserve Bank of India extended the 10,000 crore for Bank of India, Rs 5,500 deadline for Prepaid Payment Instrument crore for Oriental Bank of Commerce and Rs (PPI) issuers to complete their Know Your 4,500 crore for , which Customer (KYC) norms by six months. helped the banks to come out of the i)Earlier, they had been asked to complete framework. their KYC process by the end of February,  RBI Doubles the limit of bulk 2019. deposits from Rs. 1 crore to Rs 2 Crore ii)However, an additional time of 6 months Reserve Bank of India decided to treat has been provided because of difficulties in deposits to over Rs.2 crore as ‘bulk’ as they undertaking Aadhaar e- KYC and time doubled the limit for the same from the necessary to put in place other systems for earlier Rs.1crore. This move will enhance completing the KYC process. operational freedom of Banks.  RBI formalised USD 75-billion RBI also proposed banks would maintain swap pact with Bank of Japan their bulk deposits interest rate cards in The Reserve Bank of India (RBI)and the the core banking system for supervisory Bank of Japan formalised the USD 75- review. billion swap agreement, which would act as  RBI MSME package to help a cushion against any sharp swings in the recast 1 lakh crore loan for 700k local currency whenever the international accounts financial markets turn volatile. RBI restructuring package for small Note- businesses will help recast Rs 1 lakh crore of It will enable the availability of USD 75- loans to 7 lakh MSME s account holders. billion in foreign capital for use as and when Note- the need arises, bringing greater stability to i. This scheme must be implemented by the foreign exchange and capital markets in every bank before March 2020. India and serve as a second line of defence ii. This MSME package would enhance job as India has about USD 398 billion foreign opportunities in the industry. exchange reserves to cushion sudden dollar iii. This scheme announced by RBI is a one- outflows. time scheme wherein a loan tenor and  RBI Lifted up the restrictions on interest rate can be revised without BoI, Bank of Maharashtra, Oriental classifying the asset as an NPA. Bank of Commerce iv. The facility is available for standard The Reserve Bank of India eased out the advances of up to Rs 25 crore . operational curbs on three banks, Bank of  RBI bundles NBFCs into a single India (BoI),Bank of Maharashtra (BoM) type to offer operational flexibility and Oriental Bank of Commerce (OBC) and The Reserve Bank of India (RBI), in also allowed them to have a exit from the accordance with an announcement made Prompt Corrective Action ( PCA) during the last bi-monthly policy, decided to framework fully. create a single category for the NBFCs (non- These three banks were part of 11 banking financial companies) by bundling government-owned banks that were put their present three-tier structure. It was under the Prompt Corrective Action also decided that exposures to all NBFCs,

AMBITIOUSBABA.COM | MAIL US AT 13 [email protected]

Facebook Page Facebook Group Telegram Group Telegram Channel excluding core investment companies, will be Karnataka and Odisha with an eye to risk weighted as per credit ratings. expand the product offerings. It provides  Centre has revised disclosure loans to individuals with an amount limit of Stock investment and Mutual ranging from Rs. 60000 to Rs. 2 Lakh to funds fulfill the customized needs of the mass The government has revised an old cap on market segment. investment in the stock markets and mutual  and funds by Government Officials to 6 months of merged to form their basic pay. TN Grama Bank Under the 1992 rule, officials of Group A and Under the sponsorship of , two B had to intimate the government if the total – Pallavan Grama Bank transaction exceeded Rs. 50,000. For Group C and Pandyan Grama Bank will be & D, the earlier upper limit was 25000. Now amalgamated to form a single RRB i.e. Tamil the limit has raised 5-6 times of the previous Nadu Grama Bank in Tamil Nadu. The one. consolidation will be effective from April 1, New orders have redrafted the limits in a way 2019. that intimation should be forwarded to  Introductory “Trip Protector” government servants if the total transactions policy launched by HDFC ERGO exceeds 6 months of basic pay of the The first-of-its kind ‘Trip Protector’ government servant in a year. insurance policy was launched by HDFC  Asian Development Bank raised ERGO General Insurance Company for non- $100 million in international market life insurance segment in India.It is the third- The Asian Development Bank raised $100 largest non-life insurance provider in the million from peso-linked bonds in the private sector in India. international market. It was their maiden  Indianmoney.com Group issue of Philippine peso. acquired broking license to enter  IBA issued advisory to waive off Insurance Business various charges for Kisan Credit Card Indianmoneyinsurance.com, a subsidiary Indian Banking Association (IBA) has of the Indianmoney.com Group has recommended banks to exempt farmers from acquired a broking license from processing, documentation, inspection, ledger Insurance Regulatory and folio charge and various service charges for Development Authority of Kisan Credit Card loans upto Rs. 3 Lakhs.  Ujjivan Small Finance Bank India(IRDAI) to enter Insurance launches Kisan Suvidha loan product for Business.  Life Insurance Corporation (LIC) small and marginal farmers ‘Kisan Suvidha loan’ for small and launched a new micro insurance plan marginal farmers launched by Ujjivan ‘Micro Bachat’ Small Finance Bank. The scheme will A new micro insurance plan ‘Micro Bachat’ attempt to reach the bottom of the pyramid was launched by the Life Insurance with products and services. Corporation (LIC) of India. Ujjivan Small Finance Bank launched the Note- product in Tamil Nadu, West Bengal, i)It provides a coverage of up to 2 lakhs and is the first micro-insurance plan to do so.

AMBITIOUSBABA.COM | MAIL US AT 14 [email protected]

Facebook Page Facebook Group Telegram Group Telegram Channel ii)It provides both protection and savings According to a statement by , and is a regular premium, non-linked, its merger with and Dena Bank participating endowment micro insurance shall come into force from 1st April 2019. plan. This scheme has been named as  Capital Infusion of Rs. 48,239 ‘Amalgamation of Vijaya Bank and Dena Crore into 12 State-Run Banks Bank with Bank of Baroda Scheme, 2019’. The Finance Ministry announced a capital  Zimbabwe Starts Trading New infusion of Rs 48,239 crore in 12 public Currency RTGS dollar sector banks (PSBs). This has been done to Zimbabwe’s central bank announced the enable them to meet their regulatory capital discontinuation of its official currency, quasi- requirements and to increase the availability currency bond note officially pegged at parity of credit for stronger lenders. with the U.S. dollar and launched a new The largest beneficiaries of this infusion are: currency called RTGS dollars, to resolve a  - Rs. 9086 long-term monetary crisis. crores  Asian Development Bank  Allahabad Bank- Rs. 6896 crores acquires 14% stake in Annapurna  Bank of India- Rs. 4,638 crores Finance  Bank of Maharashtra- Rs. 205 On February 3,2019,The Asian crores  Punjab National Bank- Rs. 5,908 Development Bank (ADB) bought 14% crores stake in micro-financier Annapurna  - Rs. 4,112 Finance. crores ADB Bank bought this stake with a motive of  - Rs. 3,256 crores attracting long -term funds from global  Syndicate Bank- Rs. 1,603 crores lenders and investors. ADB’s investment  , United increased Annapurna Finance’s net worth Bank, UCO Bank and Indian Overseas by 580 crores. Bank- Rs. 12,535 crores ADB’s investment is considered to be the  Srei Equipment, Syndicate Bank second equity investment following Oman to jointly provide equipment financing India Joint Investment Fund (OIJIF) Rs under co-lending arrangement 155-crore investment. Srei Equipment Finance, a wholly-owned  Fino and subsidiary of Srei Infrastructure Finance, Suryoday Small Finance Bank come has collaborated with Syndicate Bank to together to offer sweep account facility provide equipment financing under co- Fino Payments Bank (FPB) has joined lending arrangement for various hands with Suryoday Small Finance equipment categories like Bank in order to initiate sweep construction, mining, material account facility. handling, commercial vehicles, As per Reserve Bank of India, medical and farm equipment. Payments banks can only take deposits  Merger of Vijaya Bank and Dena upto ₹ 1 lakhs but this partnership will Bank with BoB (Bank of Baroda) to be allow customer to seamlessly transfer effective from April 1 the excess amount from their Fino

AMBITIOUSBABA.COM | MAIL US AT 15 [email protected]

Facebook Page Facebook Group Telegram Group Telegram Channel payment bank (FPB) account to able to use their UPI ID to shop Suryoday Small Finance bank (SSFB) on Amazon.in, make payments including account. The Customer who wants to recharges and bill payments without entering use Sweep Account Facility needs to bank credentials. Transactions held on activate the facility by FPB’s Mobile Amazon is secured through mobile verification as well as with UPI pin. App or by visiting FPB’s branch. Customers can link their bank account with  RBI imposes penalties on UPI pin. Various Banks for violating various  RBI approved transfer of Rs norms 28,000 crore as interim dividend to the The Reserve Bank of India (RBI) has Government of India penalised various banks for not The Reserve Bank of India (RBI) decided complying with various norms of RBI. to transfer Rs. 28,000 crore as interim HDFC Bank, Kotak Mahindra dividend to the Government of India in Band and IDBI Bank were fined Rs 2 million the current Financial Year (FY) 2018-19, each for non-compliance with respect to Know Your Customer (KYC) norms in order to enable the Centre to meet and Anti-Money Laundering its revised fiscal deficit target (AML) standards. of 3.4% of the GDP for FY19.Now, GoI Allahabad Bank, Andhra Bank, Indian have Rs 68,000 crore as dividend for Overseas bank and Bank of the 2018-19 fiscal, as Rs 40,000 crore Maharashtra were penalised for not dividend was transferred to govt in following directions set by RBI on monitoring August 2018. end use of funds, exchange of information  A deal of USD 1.5 billion signed with other banks, classification and reporting by IOC to buy US crude oil of frauds and restructuring of accounts. The Indian Oil Corporation (IOC), has signed penalty was Rs 10 million for Andhra its very first annual deal to Bank and Rs 15 million each for others.Bank of Baroda and Union Bank of buy U.S. crude oil, paying USD 1.5 India has imposed a penalty of Rs 1 billion for 60,000 barrels a crore each for violating various banking day beginning April 2019 to March norms. 2020 to diversify its crude sources.  Amazon launched ‘Amazon Pay  Corporation bank, Allahabad UPI’ in collaboration with Axis Bank Bank and are out of for Indian android users PCA framework On 14th February 2019, Amazon in The Board for Financial Supervision partnership with Axis (BFS) of the Reserve Bank of India has Bank launched ‘Amazon Pay Unified removed 2 public sector banks- Corporation Payment Interface (UPI)’ to facilitate Bank and Allahabad Bank and 1 private sector bank – Dhanlaxmi Bank from PCA secure payments and financial (Prompt Corrective Action) framework. transactions on its platform. According to BFS, Allahabad Bank and Amazon Pay UPI will be exclusively for Corporation Bank had received Rs 6,896 Android users, where every customer will be crore and Rs 9,086 crore respectively which

AMBITIOUSBABA.COM | MAIL US AT 16 [email protected]

Facebook Page Facebook Group Telegram Group Telegram Channel led to increase in their capital funds and also breaching any of the risk threshold of the PCA increased their loan loss provision. According Framework, hence was removed out of the to RBI, Dhanlaxmi bank was found to be not PCA Framework. March 2019 Banking, Financial and Economic news ORGANIZATION/BANK Loan Amount PURPOSE Asian Infrastructure USD 455 Million Andhra Pradesh Rural Roads Project Investment Bank (AIIB) Asian Development Bank USD 926 Million Mumbai Metro Rail Project (ADB) ADB USD 26 million For improving drainage infrastructure in Dibrugarh town of Assam Asian Development Bank USD50 million Invest in India’s renewable energy (ADB) producer company Avaada Energy Private Limited (AEPL).

World Bank USD 25.2 Million Chhattisgarh Public Financial Management and Accountability Program World Bank USD 96 Million Additional Financing for Uttarakhand Disaster Recovery Project

World Bank 250 Million For National Rural Economic Transformation Project (NRETP) World Bank Rs. 2200 crores For Andhra Pradesh Health Systems ($328-million) Strengthening Project (APHSSP) World Bank $137 Million For the Additional Financing of the Dam Rehabilitation and Improvement Project (DRIP), Karnataka, Kerala, Madhya Pradesh, Odisha, Tamil Nadu and Uttarakhand.

Partnership/ Agreement Aims ICICI Lombard partnered with ATL Provide insurance cover to its lenders and (AnyTimeLoan.in) borrowers

Bancassurance Agreement signed by IDBI As part of the agreement, IDBI Bank will become Bank and LIC the preferred bank for LIC premium payments and also function as premium point to boost sale of LIC products, thereby gaining from fees and float income.

AMBITIOUSBABA.COM | MAIL US AT 17 [email protected]

Facebook Page Facebook Group Telegram Group Telegram Channel

Life Insurance Corporation Housing Finance Offer home buyers enhanced loan eligibility and Ltd (LICHFL) partnered with India Mortgage easy loans and it will now be in a position to offer Guarantee Corporation (IMGC) extended loan tenure for borrowers till the age of 75 years, increasing the loan quantum and reducing the burden of monthly EMIs for borrowers.

SBI and Hitachi Payment Services launched For establishing a digital payments platform SBIPSPL (SBI Payment Services Pvt Ltd) for India and other countries in the region, in Mumbai.

Bancassurance deal signed between United aims to provide the facilities Bank of India and HDFC Life of life insurance products to its customers through HDFC Life.

AU Small Finance Bank partnered with Acko AU Small Finance Bank is working on offering General Insurance customers access to financial services and products directly through their digital channels and building a robust digital banking platform to offer best in class products in Digital Loans, Deposits, and Investment segments.

IBBI inks cooperation deal with The cooperation agreement provides a technical International Finance Corporation (IFC) assistance by IFC to IBBI (Insolvency and Bankruptcy Board of India ) until 30th June, 2021.It will provide training of insolvency professionals and trainers by the IFC to IBBI. IBBI provides a platform for re-organization and insolvency resolution of corporate persons, individuals and partnership firmsin a time bound manner for maximization of the value of assets.

ICICI Lombard partnered with MobiKwik ICICI Lombard and digital financial services company MobiKwik entered into a partnership to provide cyber insurance cover of Rs. 50000.

AMBITIOUSBABA.COM | MAIL US AT 18 [email protected]

Facebook Page Facebook Group Telegram Group Telegram Channel

IBBI(Insolvency and Bankruptcy Board of The Insolvency and Bankruptcy Board of India India) and SEBI (Securities and Exchange (IBBI) signed a Memorandum of Understanding Board of India) (MoU) with the Securities and Exchange Board of India (SEBI) seeking effective implementation of the Insolvency and Bankruptcy Code, 2016 (Code) and its allied rules and regulations, which have redefined the debt-equity relationship and aims to promote entrepreneurship and debt market,at Mumbai.

eBay joined hands with google US-based e-commerce platform eBay has partnered with Google to offer as a form of payment option in its new “managed payments” plan. The collaboration will enhance customer experience tailored to their personal preferences. 14th CII-EXIM Bank Conclave on India-Africa Three day 14th CII-EXIM Bank Conclave on Project Partnerships India-Africa Project Partnerships concluded in New Delhi. The Conclave will enhance the partnership between India and Africa in economic as well as business terms.

SBI signed MoU with Bank of China for (SBI) signed a pact with the business opportunities third largest Bank in the world by capital size,Bank of China (BoC) to boost business opportunities. It will enhance the business cooperation between both the banks.

Apple partnered with Goldman Sachs and The Tech Giant Apple has partnered with Mastercard Goldman Sachs and Mastercard to launch a new credit card called Apple Card.

GAIL and BHEL Sign an agreement GAIL India Ltd joined hand with Bharat Heavy Electricals Ltd (BHEL) to cooperate in the development of solar power projects.

 Manappuram Finance withdrew a had issued earlier regarding securing Rs 695 release which had issued earlier regarding crore debt funding from NABARD. securing debt funding from NABARD  The interest rate on small-saving Manappuram Finance, a Non-banking schemes are kept unchanged by the finance company withdrew a release which Government

AMBITIOUSBABA.COM | MAIL US AT 19 [email protected]

Facebook Page Facebook Group Telegram Group Telegram Channel The interest rates on small-saving schemes  Bank of Baroda inked MoU with 6 including Public Provident Fund (PPF) and firms to develop “Baroda Kisan” National Savings Certificate (NSC) have been Bank of Baroda has signed memorandum of kept unchanged by the Government for the understanding (MoU) with six firms namely April-June quarter of the financial year 2019- Skymet Weather Services, Weather Risk 20. Management Services, BigHaat, Agrostar The interest rate for Public Provident Fund India, EM3 Agri Services and Poorti Agri (PPF) and National Savings Certificate (NSC) Services to develop “Baroda Kisan”. It will will continue at 8 percent, while the interest provide solutions for all major agricultural rate of Kisan Vikas Patra (KVP) will be at 7.7 requirements through its holistic approach. percent as against 7.3% earlier and mature  RBI notifies 2% interest subsidy in 112 months. through “Interest subvention scheme” for  Average base rate to be charged by short-term crop loans NBFC and MFI is set at 9.21% by RBI The Reserve Bank of India notified a 2% Reserve Bank of India set the average base interest subvention or Subsidy for short- rate to be charged by Non- Banking Financial term crop loans during 2018-19 and 2019- Companies (NBFC) and Micro Finance 20. institutions (MFI) at9.21% for the first  IDBI Bank categorized as Private quarter (April to June). Sector Lender by RBI  Reserve Bank of India received a The Reserve Bank of India categorized IDBI huge response for introducing a $5-billion Bank as a Private Sector Bank with effect swap facilityfor the banks to facilitate from January 21, 2019 following Life permanent liquidity Insurance Corporation of India (LIC) is To ease the liquidity crunch, Reserve Bank acquiring 51 per cent of the total paid-up of India will buy dollars from banks for three equity share capital of the bank. years and offer them rupees in return, which Important Point: will bulk up the central bank’s foreign- i)IDBI Bank has been under the Prompt exchange reserves while injecting cash into Corrective Action (PCA) framework of RBI the banking system. which bans it from corporate lending, branch Banks offered $16.31 billion at the auction expansions, salary hikes and other regular against the notified amount of $5 billion for activities. the rupee-dollar swaps and out of this $16.31 ii) IDBI has charted out a revival strategy to billion received via 240 offers by market bring banking and insurance under one roof participants, the RBI accepted $5.02 billion along with LIC. The bank also informed about via 89 offers. appointment of LIC as a corporate agent  Govt decides to infuse Rs 5042 Cr under bancassurance channel. into Bank Of Baroda ahead of the merger iii) The appointment of MR Kumar as the The government has decided to infuse a Chairman of Life Insurance Corporation of capital of 5,042 crore rupees into state- India (LIC), Hemant owned Bank of Baroda ahead of its merger Bhargava ceases to be the Non-Executive with two other public sector lenders Dena chairman of IDBI Bank as he no longer heads Bank and Vijaya Bank,with Bank of Baroda the parent company LIC. which would be effective from 1st April  SBI, ICICI and HDFC named as 2019. Systemically Important Banks by RBI

AMBITIOUSBABA.COM | MAIL US AT 20 [email protected]

Facebook Page Facebook Group Telegram Group Telegram Channel Reserve Bank of India named State Bank of any insurance company with a plan to protect India, ICICI Bank and HDFC Bank as the contents of a bank locker such as jewelry, Domestic Systemically Important Banks title documents, and other valuables. (D-SIBs). The banks which are too big to fail  PSBloansin59minutes.com are named by the RBI annually since 2015. emerged as the largest fintech lending  SBI introduced “YONO Cash” for platform cardless ATM withdrawal PSBloansin59minutes.com has become The State Bank of India has launched a new the largest fintech online lending service called ‘YONO Cash’ for its customers platform, as quoted by a report from using which customers can withdraw money from ATMs without using debit cards.YONO – Credit Suisse. The portal was launched You Only Need One. in November 2018 by Prime Minister  PNB ranks highest in Narendra Modi. implementation of ‘Reforms agenda’ It provides loans amounting up to Rs 1 crore According to BCG-IBA Report on EASE to micro, small and medium enterprises Reforms index released by Union Minister (MSMEs) in just 59 minutes. of Finance & Corporate Affairs, Punjab  Lowering of fees for Brokers, National Bank (PNB) which is fraud hit exchanges approved by SEBI board bank, secured the top spot among all public SEBI board with a view to making more sector banks in the implementation of cost-effective trade in Indian stock market ‘Reforms agenda’. approved lowering of fees charged from  Commemorative notes to be brokers, stock exchange and the companies released to mark Gandhi’s 150th birth seeking to get listed. anniversary The fees payable to brokers is reduced by UAE based company will release 12 bank 33.33% from Rs.15 per crore of notes of zero value which is the first ever transactions to Rs.10. In case of agri- limited edition commemorative series to commodity derivative transactions, the fee would be reduced sharply by 93.33% from mark the 150th birth anniversary of Rs.15 to just Re.1 Mahatma Gandhi.  IDBI Bank gets govt nod to handle  DCB Bank launches Open Banking import and export transactions with Iran Platform for next generation banking The government has given a nod to the IDBI solutions Bank to handle import and export As part of efforts towards creating a transactions with Iran. This has been done to collaborative ecosystem with enterprises, boost the trade between India and Iran fintechs and app developers, and enhancing amidst US sanctions on Iran. customer-service delivery, Development  proposes Credit Bank (DCB) Bank announced the stricter regulations for Housing Finance launch on its Open Banking Platform. Companies  India’s first policy to protect bank National Housing Bank (NHB), a mortgage locker launched by IFFCO Tokio General sector regulator and a fully owned subsidiary Insurance of the Reserve Bank of India (RBI) has IFFCO Tokio General Insurance launched decided to impose stricter regulations on the ‘bank locker protector policy’, the first Housing Finance Companies (HFCs) to stand-alone bank locker cover offered by prevent them from falling prey to liquidity

AMBITIOUSBABA.COM | MAIL US AT 21 [email protected]

Facebook Page Facebook Group Telegram Group Telegram Channel and credit risks.  HDFC just becomes the third Indian  SBI and Hitachi Payment company to achieve a market value of Services launched SBIPSPL to establish more than Rs.6 trillion digital payments platform in India HDFC Bank became the third Indian State Bank of India (SBI) and Hitachi company after Reliance Industries (Rs. Payment Services Pvt Ltd, a wholly-owned 8.52trillion) and TCS (Rs. 7.49 trillion) to subsidiary of Hitachi Ltd, launched their achieve a market value of Rs. 6 trillion, owing merchant-acquiring joint venture, SBI to a sudden upsurge in its share prices. Payment Services Pvt Ltd (SBIPSPL), for  A new 50p ‘black hole’ coin in establishing a digital payments platform for honour of Stephen Hawking’s work India and other countries in the region, in unveiled by Royal Mint Mumbai. The Royal Mint has honoured Stephen  Rise in Banks’ reliance on bulk Hawking’s legacy by issuing a new 50 deposits predicted by India Ratings and pence piece. Research The coin has drawn its inspiration from India Ratings and Research (Ind-Ra) Hawking’s work on black holes discussed in predicted that the dependence of Scheduled his bestselling book- A Brief History of commercial banks on bulk deposits shall Time. The coin has his name engraved along witness an increase if credit growth is higher with an illustration of concentric circles that than deposit growth. represent a black hole. The system level credit growth of 12.9%  India provides financial support of year-on-year continues to be greater than USD 250 million to Nepal for 9.3% deposit growth and thus banks are keen reconstruction of infrastructures after on harnessing more deposits. earthquake  Bank of Baroda becomes one of India has provided a financial support worth the first PSBs to launch creche/day- USD 250 million to Nepal, to reconstruct infrastructure in fields of housing, education, care facility for employees’ children health and cultural heritage, which had been Bank of Baroda has become one of the ruined by the earthquake that took place on first public sector banks to launch a April 2015. crèche/child day-care facility for  Doorstep Banking for Senior children of its employees. Citizens, Differently-Abled And Infirm The day-care facility has been launched at its Persons introduced by SBI Mumbai corporate office in Bandra Kurla The State Bank of India has initiated a new Complex and is being mulled further on ‘doorstep banking’ service for senior being implemented at the head office in citizens, differently-abled and infirm account Vadodara, Gujarat. holders as well as visually impaired  114th Foundation Day celebrated by customers. Corporation Bank Cost for availing these services would be Rs Corporation Bank celebrated its 114th 100 for each financial transaction and Rs Foundation Day at various centres of the bank 60 for each non- financial transaction. across the nation and undertook 114 Those aged above 70 years would be treated Corporate Social Responsibility (CSR) as senior citizens for the facility. activities to mark the day.

AMBITIOUSBABA.COM | MAIL US AT 22 [email protected]

Facebook Page Facebook Group Telegram Group Telegram Channel  SBI signed MoU with Bank of China securities under Open Market Operations for business opportunities (OMOs) in February. State Bank of India (SBI) signed a pact with The infusion will be made through three the third largest Bank in the world by capital auctions of Rs 125 billion each during the size,Bank of China (BoC) to boost business 2nd, 3rd and 4th week. The aggregate amount opportunities. It will enhance the business will be Rs 375 billion. cooperation between both the banks.  Cabinet approvedRs.1450 crore for Note share capital of RBI in NHB i)It will facilitate the two major banks to Cabinet approved Rs.1450crfor the share provide its clients access to banking capital of RBI in National Housing Bank products and services of each other. It will (NHB), which operate as the principal agency be mutually beneficial for both the banks and to promote housing finance institutions in the two largest and fastest growing India. The decision is the resultant of the economies. amendments made to the NHB Act, 1987 in ii)India’s largest lender SBI already has a 2018.. branch in Shanghai and Bank of China, one  RBI constituted a panel under Usha of the major players in the Chinese banking Thorat on Offshore Rupee markets sector is planning to open its branch in Reserve Bank of India has constituted a Mumbai. task force which will be headed by its former  ICICI Prudential Bharat deputy governor, Usha Thorat to examine Consumption Scheme was launched by issues related to offshore rupee ICICI Prudential Mutual Fund markets and recommend policy measures. ICICI Prudential Mutual Fund launched The 8-member task force will aim to ensure ICICI Prudential Bharat Consumption stability of the external value of the domestic eScheme to get advantage from the Indian currency. consumption market, which is considered as The motive behind this is to develop deep and one of the fastest growing consumption liquid on-shore financial markets that will act markets globally. as a price setter of the Rupee globally.  Bank of Baroda inked MoU with 6 State Bank of India- Rs. 1 crore for delaying firms to develop “Baroda Kisan” the implementation of the daily reconciliation Bank of Baroda has signed memorandum of of Swift transaction logs with effect from understanding (MoU) with six firms namely February 20, 2018 at 226 “low intensity Skymet Weather Services, Weather Risk branches” of the bank. Management Services, BigHaat, Agrostar  India’s Unemployment Rate shot up India, EM3 Agri Services and Poorti Agri to 7.2% in Feb’19: CMIE Services to develop “Baroda Kisan”. It will The unemployment rate in India rose provide solutions for all major agricultural to 7.2% in February 2019, the highest requirements through its holistic approach. since September 2016, and up  RBI will infuse Rs. 37,500 Crore from 5.9% in February 2018, according to into the system through OMO data compiled by the Centre for Monitoring On 26th February 2019, The Reserve Bank of Indian Economy (CMIE). India announced that in order to increase The number of employed persons in India liquidity, it will infuse Rs. 37,500 crore into was estimated at 400 million in February the system through purchase of government 2019 compared with 406 million last year.

AMBITIOUSBABA.COM | MAIL US AT 23 [email protected]

Facebook Page Facebook Group Telegram Group Telegram Channel  HDFC becomes the third Indian  India extends Rs. 35.5 million company to achieve a market value of financial grant to Nepal more than Rs.6 trillion, India extended a financial grant of 35.5 HDFC Bank became The third Indian million Nepalese rupees to Nepal for the company after Reliance Industries (Rs. 8.52 construction of an educational campus to trillion) and TCS (Rs. 7.49 trillion) to boost the learning environment of the achieve a market value of Rs. 6 trillion, owing students. The educational campus was jointly to a sudden upsurge in its share prices. inaugurated by District Coordination  RBI has given its approval to Committee and Campus management to acquire Gruh Finance committee on 22nd March 2019. Reserve Bank of India provided a no objection  Reserve Bank of India (RBI) has to Kolkata headquartered Bandhan Bank for appointed a five-member committee the proposed acquisition of Gruh Finance. under the chairmanship of Nandan Gruh Finance Limited,a Ahmedabad Nilekhani to strengthen digital payments headquartered Subsidiary of HDFC Reserve Bank of India (RBI) has appointed Limited, is a Housing Finance Company 5-member committee under the (HFC) recognized by the National Housing chairmanship of Nandan Bank (NHB) and it was taken over in January Nilekani to strengthen digital payments as by Kolkata-based Bandhan Bank in a share- well as to boost financial inclusion through swap deal. Financial Technology.It will provide  Exim Bank agreed to grant $83 recommendations in 3 months. million line of credit to Congo for i. The decision regarding the formation of financing 3 solar power projects committee was taken during the first event of Export-Import Bank of India (Exim Financial Technology (Fintech) Conclave, Bank) signed a loan agreement on behalf of which was organized by NITI Aayog in New the government of USD 83.11 Delhi. million (approx Rs.5,72,08,76,850) to Congo ii. The purpose of the event was to shape for financing three solar power projectsin India’s predominance in FinTech, build the the central African country. future strategy and policy to uplift the It aims to provide support for financing three financial inclusion. solar photovoltaic power projects with a total iii. With the revolution in the FinTech sector capacity of 35 megawatts in the three India’s aim is to emerge as a 10 trillion provinces — Karawa, Mbandaka, and dollar economy. Lusambo.. April 2019 Banking, Financial and Economic news Partnership/ Agreement Aims and its life insurance Canara Bank and its life insurance partner Canara partner Canara HSBC OBC Life HSBC Oriental Bank of Commerce Life Insurance launched ’Webassurance’ to enable its customers to purchase life insurance in a convenient and hassle-free way.

NITI Aayog , UNICEF signed a LOI United Nations Children Fund (UNICEF) India and

AMBITIOUSBABA.COM | MAIL US AT 24 [email protected]

Facebook Page Facebook Group Telegram Group Telegram Channel

NITI Aayog’s Atal Innovation Mission (AIM) has signed a Letter of Intent (LOI) to provide an open platform to promote participation, skill and empowerment among young children across different communities. Aegon Life Insurance collaborated with Mobikwik, digital financial services company MobiKwik collaborated with pioneer of digital insurance in India, Aegon Life Insurance to launch a Rs 20 smart digital insurance product in order to protect its wallet users from death and accident related disability cover for up to Rs 2 lakh.

Airtel Payments Bank joined hands with joined hands with Bharti Bharti AXA General Insurance AXA General Insurance for a two-wheeler insurance product offering which is available on MyAirtel App and at over 40,000 Airtel Payments Bank points across India.

Bank of Maharashtra and M1Xchange State-owned Bank of Maharashtra (BoM) has join hands partnered with M1Xchange TReDSplatform for Micro,Small and Medium Enterprises(MSMEs) bill discounting.Trade Receivables Discounting System (TreDS) is a digital platform to assist MSMEs to get their bills financed at a competitive rate through a vendue where multiple registered financiers can participate.

India join hands with Japan and UAE India joined hands with Japan and the United Arab Emirates (UAE) to implement two projectsin Africa as it seeks to extend its footprint on the continent as a counter to China’s ambitious Belt and Road Initiative (BRI). i. India will build a cancer hospital in Kenya in collaboration with Japan and will to set up an information and communications technology (ICT) center in Ethiopia in partnership with the UAE. ii. Through this partnership, India has undertaken many projects like the ambitious Pan African e- network project on tele-education and tele-medicine which provides “integrated” satellite, fiber optics and wireless network between educational and medical institutes in Africa and India.

AMBITIOUSBABA.COM | MAIL US AT 25 [email protected]

Facebook Page Facebook Group Telegram Group Telegram Channel

Tata Trusts and Microsoft India for A Memorandum of Understanding (MoU) has been jointly collaborating signed by Tata Trusts and Microsoft India forjointly rejuvenating the handloom clusters in the eastern and north-eastern parts of India in order to build a digitally-inclusive society. Google Pay partners with MMTC-PAMP Google Pay has partnered with Bullion refiner MMTC-PAMP India to initiate buying and selling of gold through the app to make Google Pay more useful for Indian customers. MMTC-PAMP is India’s only London Bullion Market Association (LBMA)- accredited gold refinery. RBL Bank partners with CreditVidya RBL Bank has partnered with CreditVidya to enhance the lender’s customer experience (by offering them relevant credit products) and construct customised offerings for over 15 lakh customers.

PFS in a joint venture with USICEF PTC India Financial Services (PFS) an finances Infrastructure finance company has partnered with the US-India Clean Energy Finance (USICEF) to leverage funds for solar projects in India. PFS Managing Director and CEO Pawan Singh stated that this innovative venture can contribute to achieve India’s distributed energy target of 40 GW (gigawatt) by 2022.

BSE signed an agreement with HDFC (BSE), Asia’s oldest Bank exchange has signed an agreement with HDFC Bank to spread more awareness about the benefits of listing startups as well as to strengthen BSE startup platform. NIIF and ROADIS on a joint venture The National Investment and Infrastructure Fund (NIIF) and global private infrastructure operator ROADIS (owned by Public Sector Pension Investment board abbreviated as PSP investment) have jointly set up a platform for investing up to $2 billion in road projects in India. Karnataka Bank Signs agreement With Karnataka Bank has signed a pact with Bharti Axa Bharti AXA Life Insurance Company Ltd to distribute the latter’s life insurance products to provide insurance solutions to the customers of Karnataka Bank. Tata Power joined hands with Tata Power has signed an agreement Indraprastha Gas ink with Indraprastha Gas Limited (IGL) for green energy solutions including rooftop solar projects, setting up of commercial-scale EV charging/battery

AMBITIOUSBABA.COM | MAIL US AT 26 [email protected]

Facebook Page Facebook Group Telegram Group Telegram Channel

swapping stations. India-Africa Institute of Agriculture India has signed an agreement with National Bank and Rural Development (IAIARD) for Agriculture and Rural in Malawi, India signed an agreement Development Consultancy Service (NABCONS) for setting up India-Africa Institute of Agriculture and Rural Development (IAIARD) in Malawi to enhance capacity in the areas of agro-financing and entrepreneurship development for African countries Reliance Mutual Fund partnering with Reliance Nippon Life Asset Management Google (RNAM) has joined hands with Google to enable the customers of Reliance Mutual Fund to carry out voice-based financial transactions.

Summit Location About 17thedition of World Dead Sea,Jordan Over 1000 representatives Economic Forum on the from more than 50 countries Middle East and North participated in the meeting.It is Africa (MENA) the 10th meeting in Jordan . G20 summit (2020) Saudi Arabia The first G20 meeting in the Arab world will be held in November 2020. 4th Session of India-Ukraine New Delhi India and Ukraine have working group on Trade and discussed bilateral trade Economic Cooperation featuring the importance of exports and imports between the 2 countries.

Merge Company About Telecom Department sanctions merger of The Telecom Department has sanctioned the TTSL and Bharti Airtel merger of TTSL (Tata Teleservices Limited) consumer mobility business with Bharti Airtel, subject to the condition that Sunil Mittal led firm provides bank guarantees of about Rs. 7,200 crore. got merge with The board of Lakshmi Vilas Bank (LVB), has Indiabulls Housing Finance approved the merger of private sector lender with Indiabulls Housing Finance Ltd, mortgage financier in an all-stock deal. IndusInd Bank and Bharat Financial National Company Law Tribunal (NCLT) Inclusion approved merger of private sector lender IndusInd Bank with Bharat Financial Inclusion (BFIL), a microfinance company. Now, BFIL become the subsidiary of IndusInd Bank. Last year, IndusInd Bank had received ‘No Objection’

AMBITIOUSBABA.COM | MAIL US AT 27 [email protected]

Facebook Page Facebook Group Telegram Group Telegram Channel

from Reserve Bank of India, National Stock Exchange and Bombay Stock Exchange. Chatbot Making Startup Haptik and Reliance Reliance Jio Digital, a subsidiary of Reliance Jio Digital Industries has acquired a chatbot making startup firm Haptik forRs.700 Crore.

WEB Portal/APP Organisation Purpose “My Circle” Airtel collaboration with FICCI women’s safety Ladies Organisation (FLO) ETMONEY ETMONEY ETMONEY India’s largest app for financial services has integrated with UPI as a payment method. ET Money has clocked Rs 2,000 crore of mutual fund sales on its app

 SC gave ultimatum to RBI to customer-friendly underwriting, example, disclose information under RTI Act easy premium payment methods and simple Recently, Supreme Court bench headed by claims settlement procedures. Justice L Nageswara Rao has directed the Note- Reserve Bank of India (RBI) to disclose i)The committee was formed because of less information related to its annual inspection than desired offtake of microinsurance report of banks under the Right to products in spite of their immense benefits in Information (RTI) Act until and unless they India. are exempted under law. The bench has also ii)It will also give recommendations about an directed the RBI to review its policy to alteration in distribution structure, that is, disclose information relating to banks under creating effective awareness programmes RTI. and making web-based technology-driven  IRDAI set up Suresh Mathur solutions. Committee comprising of 13 members to review regulatory framework on micro-  State Bank of India (SBI) launched insurance India’s first ‘Green Car Loan’ (Electric The Insurance Regulatory and Vehicle) to encourage customers to buy Development Authority of India (IRDAI) electric vehicles set up a 13-member committee in order to On World Earth Day- April 22, 2019 the State review regulatory framework on micro Bank of India (SBI) has launched India’s first insurance, and suggest the steps to be taken ‘Green Car Loan’ (Electric Vehicle) to to raise demand for such products in India by encourage customers to buy electric vehicles. recommending product designs with The new scheme ‘Green Car Loan’ will offer

AMBITIOUSBABA.COM | MAIL US AT 28 [email protected]

Facebook Page Facebook Group Telegram Group Telegram Channel loan at 20 basis points lower than the crore into the state owned Bank of interest rate on the existing car loan schemes. Maharashtra in lieu of preferential  Bank of Baroda becomes the 3rd allotment of shares. largest bank after its merger with After the Capital infusion, the Dena Bank & Vijaya Bank shareholding of government in Bank of On April 1, 2019, the merger of Dena Maharashtra has increased to 87.74 % Bank and Vijaya Bank into Bank of from 87.01%. Baroda has come into effect. With this  World Bank estimates India’s amalgamation, Bank of Baroda becomes GDP grow to 7.5% in Fiscal Year 2019- the India’s second largest public sector 20 bank and third largest commercial The World Bank notified that India’s bank after State Bank of India consistent hold in investment sector, (SBI) and HDFC Bank. mainly private-improved export  Consulting arm of Infosys will performance and resilient consumption, buy 75% stake in Dutch Bank has led its GDP growth forecast to Subsidiary mount to 7.5 per cent for fiscal year Consulting arm of Global IT Services 2019-20. major, Infosys will buy 75% stake  India’s growth rate to increase in Starter NV which is a subsidiary of from 7.3% in 2019 to 7.5% in 2020 Dutch based ABN AMRO Bank for $144 According to the World Economic Outlook million (approx. Rs 999 crore) in an all- (WEO) report released by International cash deal. Monetary Fund (IMF), India’s growth rate is This move is aimed at strategic estimated to rise from 7.3% in 2019 to partnership in Netherlands. ABN Amro 7.5% in 2020 provided it receives impetus from the fiscal policy and is backed by the which is the third largest bank of ongoing recovery of investment and Netherland will hold the remaining 25 consumption within expanded approach per cent stake in Starter NV. of monetary policy.  One97 Communications-owned  HDFC Bank ranked No. 1 in India by Money Gets SEBI Approval for the survey of Forbes Stock Broking On 12th April 2019, as per the first edition One97 Communications-owned Paytm of Forbes World’s Best Bank survey, HDFC Money, the wealth management arm of Bank has been recognized as number 1 Paytm, has got approval from the Securities bank by customers in India. and Exchange Board of India (SEBI) to start  DBI Bank launches NRI-Insta offering a stock broking service such as the Online, A paperless account opening ability to trade in equities and cash segments, facility for NRIs derivatives, and exchange-traded funds IDBI Bank has launched ‘NRI-Insta Online’ (ETFs) among other exchange-traded account opening process for NRIs residing in products. Financial Action Task Force (FATF) member  Government infused Rs 205 countries to open an account in the Bank crore into Bank of Maharashtra without visiting the branch or submitting Government infused a capital of Rs. 205 paper documents such as physical documents

AMBITIOUSBABA.COM | MAIL US AT 29 [email protected]

Facebook Page Facebook Group Telegram Group Telegram Channel as well as KYC proofs. This online facility is Interface) platform, thus being the first available in IDBI Bank’s website. ever Destination Bank to go live with  Bandhan Bank got the approval both Net Banking and Debit Card- from CCI to acquire Gruh Finance based e-mandate authentication. On 16th April 2019, Kolkata-  SBI signs its first ever co- based Bandhan Bank has received the origination loan agreement with approval of the Competition Commission of India (CCI) for the acquisition of Gruh PAISALO Digital Limited Finance which is the affordable housing With the profound vision of finance arm of HDFC Ltd in a share-swap empowering the ‘Agri’, ‘MSME segment’ deal. The approval has been given under the and small businesses, PAISALO Digital sub-section (1) of Section 31 of Limited signed the first co-origination the Competition Act, 2002. loan agreement (designed at Rs.10,000  BSE, India INX- the first ever Indian to 2 lakh) with State Bank of India exchanges to sign MoU with MOEX (SBI). The company expects to pay out BSE (earlier called Bombay Stock 200,000 loan applications in FY20. Exchange) and INX (India International  NTPC Inked Term-Loan Exchange) are the first Indian exchanges to Agreement of Rs.2,000 crore with sign MoU (Memorandum of Understanding) with MOEX (Moscow Exch Canara Bank ange) in order to allow capital formation On 5th April 2019, National Thermal platform and connect investor community Power Corporation(NPTC) has signed a and companies in both India and Russia. term- loan Pact of Rs.2,000  RBI is going to issue new Rs 20 crore with Canara Bank. The Loan denomination banknote with greenish- facility prolonged at an interest rate yellow colour linked to 3-Month MCLR of Bank. The The Reserve Bank of India (RBI) will issue lent amount would be utilized to part new Rs 20 denomination banknotes having a finance company’s capital expenditure. base colour of greenish -yellow with size of  ADB agreed to grant highest- 63 X 129 mm. The first Rs 20 notes were ever USD 3 billion in sovereign loans to issued in the Mahatma Gandhi Series in August 2001. India  Kotak Mahindra Bank becomes On 16th April 2019, Asian Development the first Destination Bank to launch Bank (ADB) agreed to provide a total debit card based e-mandates On NPCI’s of USD 3.88 billion in sovereign loans to E-Mandate API Platform India in 2018, which is the highest ever Kotak Mahindra Bank (Kotak) has loan amount since sovereign launched the first debit card-based operations began in the country in authentication solution 1986. on NPCI’s (National Payments 1) With this total USD 21.6 billion in Corporation of India) e- loans, granted from ADB’s own Mandate (electronic resources, which exceeded the target mandate) API (Application Program of USD 19.71 billion and up 10 percent from 2017.

AMBITIOUSBABA.COM | MAIL US AT 30 [email protected]

Facebook Page Facebook Group Telegram Group Telegram Channel 2) ADB committed several projects like as well as balance inquiries. They also can a USD 100-million loan to Ostro Kutch offer an even broader range of digital Wind, which is a renewable energy financial services. company for constructing and  BEML joined hands with Syndicate operating a 250-megawatt wind power Bank for financing Earth Moving and Construction Equipment project in Gujarat, also provided USD Syndicate Bank and BEML Limited (Bharat 30 million in equity and USD 20 Earth Movers Limited) have signed an millionin debt security to Annapurna agreement for financing Earth Moving and Finance, a microfinance company. Construction Equipment which is 3) In 2018, ADB signed an manufactured by BEML. Also, it will facilitate arrangement with the International the availability of loans and address the Solar Alliance for promoting solar growing demand for higher capacity energy deployment across Asia, the equipment in the Mining Industry. Pacific, and South Asia.  Bajaj Allianz General Insurance in a 4). ADB continued to deliver climate partnership with Bajaj Allianz Life financing to USD 3.6 billion in 2018 and Insurance launched their 1st product: ‘Total Health Secure Goal’ has a target to double its annual Bajaj Allianz General Insurance collaborated climate financing to USD 6 billion in with Bajaj Allianz Life Insurance to launch approvals by 2020. their 1st product titled ‘Total Health Secure  Exim Bank gives loans worth 267$ Goal’.The product is a combination of 2 million for projects in Rwanda existing plans, namely, Health Guard policy The Reserve Bank of India (RBI) notified by Bajaj Allianz General Insurance and that Exim Bank has proffered soft loans iSecure policy by Bajaj Allianz Life Insurance. worth 266.6$ million to Rwanda for various  SBI General launched cyber projects. defence insurance  for supporting agricultural projects SBI General Insurance has launched its new  for the development of Special product – cyber defence insurance to Economic Zones (SEZs) protect businesses from financial and  for financing road projects in Rwanda. reputational losses due to cyber attacks.  Wirecard joined hands with RBL  Indiabulls General gets preliminary Bank to drive financial inclusion nod to foray into non-life business Germany-based global provider of digital Indiabulls General Insurance has received R1 payments and commerce solutions approval to its proposed general insurance Wirecardentered into a partnership with business and preliminary to approval foray RBL Bank to promote financial inclusion in into the non-life business from the Insurance India. Regulatory and Development Authority of i)The move will make digital payment and India (IRDAI) respectively. banking transactions easily accessible to all  Bank of Maharashtra and Indian citizens. M1Xchange join hands for MSME bill ii)With this partnership with RBL, Wirecard’s discounting customer service representatives will be able State-owned Bank of Maharashtra (BoM) has to access basic payment and banking services partnered with M1Xchange TReDSplatform which include cash withdrawals and deposits

AMBITIOUSBABA.COM | MAIL US AT 31 [email protected]

Facebook Page Facebook Group Telegram Group Telegram Channel for Micro,Small and Medium forecasted by Fitch is 6.8% in financial year Enterprises(MSMEs) bill discounting.Trade 2019-20 and 7.1% in FY 2020-21. Receivables Discounting System (TreDS) is a  RBI grants 12 years to LIC for digital platform to assist MSMEs to get their reducing stake in IDBI Bank bills financed at a competitive rate through a Life Insurance Corporation(LIC), the largest vendue where multiple registered financiers insurance company in India, got 12 years can participate. from RBI for cut down stake in IDBI Bank.LIC  Canara Bank: India’s First Public is the lender’s major shareholder, and it has a Sector Bank To Meet RBI’s EMV Mandate 51 per cent stake in the Bank. It means that Global provider of real-time electronic no obligation to sell its stake in the following payment and banking solutions, ACI years or would probably spend higher money Worldwide, notified that India’s public to keep its stake in any future fund raising by sector bank, Canara Bank has successfully the bank. rolled out new functionality that supports Note- EMV (Europay, MasterCard and Visa) card i)Insurance Regulatory and Development acquiring across its ATM (Automated Teller Authority (IRDAI) claimed that LIC can take Machine) network and Aadhaar up to 15 percent stake in any bank,which can Authentication, thus becoming the 1st in the stretch up to 30 percent as per the board market to leverage ACI’s UP Retail Payments approval.But the insurance regulator has solution and the 1st public sector bank to authorised LIC to hold up to 51 percent in shift to EMV chip and PIN for card based IDBI Bank in 2018. transactions across the country’s vast ATM ii)After 12 years LIC has to decrease stake in network. IDBI Bank by 10 per cent to 40 per cent.  RBI sets WMA Limit for  The RBI issued Rs. 50 Government at Rs 75000 crore for the first denomination bank notes in Mahatma half of the FY 2019-20 Gandhi (New) Series bearing the The Reserve Bank of India has set the limits Governor’s signature for Ways and Means Advances (WMA) to Rs. The Reserve Bank of India (RBI) issued Rs. 50 75000 crore for the first half of the financial denomination banknotes in Mahatma Gandhi year 2019-20 (April 2019 to September (New) Series that bore Shri Shaktikanta Das’ 2019). As and when the government of India (Governor of RBI) signature. utilises 75% of the WMA limit, the central i)The design of these notes is exactly similar bank would activate fresh floatation of to the ‘Rs 50 banknotes’ in Mahatma Gandhi market loans. (New) Series. The rate of interest issued on the Ways and ii)The RBI notified that all bank notes in the Means Advances (WMA) will be Repo Rate denomination of Rs. 50 issued by the Central while the overdraft will exceed the Repo Rate Bank in the past will continue to be legal by flat 2%. The WMA needs to be vacated tender. after 90 days.  RBI gives HDFC’s proposal for  Fitch kept India’s rating unchanged holding 9.9% stake in Bandhan Bank at BBB- with Stable outlook The RBI (Reserve Bank of India) has granted Fitch Rating affirms India’s sovereign rating approval to HDFC Ltd for holding up to 9.9% at the lowest investment grade of BBB-with a stake in Bandhan Bank following the Gruh stable outlook. The growth rate of India Finance deal.

AMBITIOUSBABA.COM | MAIL US AT 32 [email protected]

Facebook Page Facebook Group Telegram Group Telegram Channel Gruh Finance is the housing finance arm of India’s Central Bank, the Reserve Bank of HDFC Ltd and was taken over in January by India (RBI) would tighten rules on opening Bandhan Bank in a share-swap deal. and operating current accounts of corporate  RBI becomes the first APAC (Asia- borrowers to prevent the diversion of funds. Pacific) central bank to begin interest rate RBI had notified that the banks with easing cycle collection accounts will have to transfer funds The Fitch ratings notified that the Reserve to the current account and the current Bank of India (RBI) becomes the first central accounts could be opened only with the lead bank in the Asia-Pacific region (APAC) to bank of a lending association. begin an interest rate easing cycle floated by  A quasi-cryptocurrency called as benign food inflation and easier global “Learning Coin,” launched by The World financial condition. Bank and the International Monetary  RBI gives approval for e-mandates Fund (IMF) to facilitate Internet Banking, Debit Cards Two international financial institutions the to NPCI World Bank and the International The National Payments Corporation of India Monetary Fund (IMF) have launched a (NPCI) has received approval from the private blockchain and quasi-crypto currency Reserve Bank of India (RBI) to implement e- called as “Learning Coin” for better mandates (electronic mandates) for internet understanding of blockchain technology and banking and debit cards, which will allow the the function of crypto assets. users to automatically deal with their  Kotak Mahindra Bank becomes the recurring payments. first Destination Bank to launch debit card The limit for each mandate is set at Rs 1 Lakh, based e-mandates On NPCI’s E-Mandate and depending on the usage, the organisation API Platform will review the limit from time to time. Kotak Mahindra Bank (Kotak) has launched  RBI extends the previous the first debit card-based authentication ombudsman scheme to non-deposit taking solution NBFCs having asset size of Rs.100 crore or on NPCI’s (National Payments Corporation of higher India) e-Mandate (electronic mandate) API The Reserve Bank of India (RBI) extended (Application Program Interface) platform, the ombudsman scheme coverage to non- thus being the first ever Destination Bank to deposit taking (NBFCs) Non-banking go live with both Net Banking and Debit Card- Financial Companies having an asset size of based e-mandate authentication. Rs.100 crore or higher.  Emirates Islamic, a bank in Dubai, This was notified in the Statement of becomes the world’s first Islamic bank to Developmental and Regulatory Policies under launch banking via WhatsApp the Monetary Policy statement. Emirates Islamic bank launched a chat  The Reserve Bank of India (RBI) banking facility for its customer via has proposed strict rules on opening and Whatsapp and become the world’s 1st bank running of current accounts of corporate in the Islamic banking sector to give such borrowers in order to tackle fund facility. diversion. May 2019 Banking, Financial and Economic News

AMBITIOUSBABA.COM | MAIL US AT 33 [email protected]

Facebook Page Facebook Group Telegram Group Telegram Channel Partnership/ Agreement (May) Partnership/ Agreement Aims Bharat Heavy Electricals Limited (BHEL) and For cooperation on various projects related to e- Automotive Research Association of India mobility. (ARAI)Sign MoU BHEL’s scope of work in the project includes design, engineering, manufacturing, supply and installation of the EV charging stations along with a central monitoring system with a user- friendly mobile app. Income Tax Department and the Goods and For sharing data to prevent anomalies. Services Tax Network (GSTN) are all set to States that the GSTN can ask for and be provided sign an MoU data relating to an assessee’s status of filing income tax returns, turnover, gross total income, financial ratios, and any other data with the I-T Department to be decided at a later date. The order also provides for the automatic exchange of such data, and not just based on requests, the modalities of which will be decided.

Commerce ministry organises interaction to Commerce Ministry and Indian High boost India-Africa trade ties Commissions and embassies of eleven African countries to strengthen the India-Africa trade ties. The interaction was arranged over Digital Video Conference (DVC) over two days, on May 3rd and May 6th with the Indian business community in Africa. In order to build an effective engagement with the Indian Diaspora in Africa, the interactions with Indian Diaspora were held in Tanzania, Uganda, Kenya, Zambia, and Mauritius, Nigeria, Mozambique, Ghana, South Africa, Botswana, and Madagascar.

Doordarshan partners with Amazon India DD Souvenir gallery was started on 21 June 2018. The online store will sell branded articles like cups, T-shirts and water bottles. The development makes Doordarshan India’s first broadcaster to start a souvenir store. The pubcaster believes that the online souvenir store will not only strengthen the relationship with viewers but also help in establishing Doordarshan brand value. Housing finance major HDFC Limited has The partnership aims to make it possible for

AMBITIOUSBABA.COM | MAIL US AT 34 [email protected]

Facebook Page Facebook Group Telegram Group Telegram Channel

partnered with India Mortgage Guarantee HDFC to further penetrate home loan market Corporation (IMGC) and access an enlarged customer base, helping them to own a home of their choice. This product will help HDFC to offer more loan to a home loan customer on an enhanced eligibility. It also helps customers to avail loans beyond their retirement period. The finer details of the product are being worked out and will be known to market soon. Ola partners with Visa, SBI to launch credit Homegrown ride-hailing platform Ola has cards launched a credit card in partnership with SBI and Visa, the company said in a statement. Ola users will be able to apply, view and manage their credit cards directly on the Ola app and will get instant cashbacks, which can be redeemed against Ola rides, flight and hotel bookings. BSNL Partners With Google State-run telecom major BSNL has partnered with Google to increase access to its WiFi footprint in the country. With the launch of this service, people across the country will be able to enjoy BSNL’s free WiFi services. This initiative will allow customers use BSNL’s high speed internet services on WiFi. National Small Industries Corporation The MOU was signed by Ram Mohan Mishra, AS Limited (NSIC) signed a Memorandum of & DC(MSME) and CMD (NSIC) with Dr. Arun Understanding (MOU) with Ministry of Micro, Kumar Panda, Secretary, MSME, in the presence Small and Medium Enterprises (MSME) of Alka Nangia Arora, Joint Secretary, SME, Mercy Epao, Director (SME), P. Udaya kumar, Director -P&M (NSIC) and A.K. Mittal, Director- Finance (NSIC). The MOU envisages provision of enhanced services by NSIC under its marketing, financial, technology and other support services schemes for MSMEs in the country.

Summit/Meeting Location About 16th Ministerial Meeting of Qatar, Doha The meeting is taking place when the the Member States of the world is undergoing complex changes Asian Cooperation Dialogue and developments at all political, (ACD) economic and financial spheres, stressing the need to deepen cooperation among Asian countries to

AMBITIOUSBABA.COM | MAIL US AT 35 [email protected]

Facebook Page Facebook Group Telegram Group Telegram Channel

meet the challenges of the future. G-7 France 7 industrialised nations (France, Japan, United States, Canada, Italy, Germany, United Kingdom) meet organised by France. India will be attending the Group of 7 industrialised nations meet organised by France in Biarritz in August along with Australia, Chile and South Africa, in a sign of the recognition of India’s growing economic heft in the international arena. IBSA (India, Brazil & South Cochin from May 3-5, Africa) Sherpas’ Meeting 2019. the 15th Finance Mumbai Commission with the Reserve Bank of India Central Board of Indirect Kochi India is hosting this meeting in its Taxes and Customs (CBIC) is capacity as Vice Chair of the Asia Pacific organising a meeting of the region that it assumed on 1st July, 2018 Regional Heads of Customs for a two-year period. Administration of Asia The meeting will take stock of the Pacific Region of the World progress being made in carrying Customs Organisation (WCO) forward the programmes and initiatives of WCO to promote, facilitate and secure the cross-border trade in the region and the capacity building and technical assistance required to achieve this goal. World Trade Organisation, New Delhi The meeting is being held at a time WTO, ministerial meeting when the multilateral rule-based- trading system is facing serious and grave challenges. It will provide an opportunity to the Ministers to discuss various issues and the way forward. On the first day, there will be a meeting of senior officers of the participating countries. On the 2nd day, the Ministerial Meeting will be held. Meeting of Council of Foreign Kyrgyzstan capital The meeting will exchange views on Ministers of Shanghai Co- Bishkek issues of international and regional operation Organization importance. It will also review the (SCO). preparations for the forthcoming SCO

AMBITIOUSBABA.COM | MAIL US AT 36 [email protected]

Facebook Page Facebook Group Telegram Group Telegram Channel

Summit in Bishkek which commences on the 13th of next month.

Merge Company About Airtel to merge broadband satellite business Bharti Airte has decided to merge its broadband with Hughes India unit satellite, or VSAT, business with that of market leader Hughes Communications India, to create a stronger no. 1 in the space, in a bid to increase scale, improve operational efficiencies and target new customers in areas such as in-flight connectivity. Mukesh Ambani’s RIL buys out British toy- Reliance Brands, a subsidiary of Reliance maker Hamleys Industries Ltd. (RIL), has signed a definitive agreement with C Banner International, a Hong Kong-listed company, to acquire 100% shares of centuries-old British toy retailer Hamleys for £68 million. Govt to merge CSO with NSSO to create new The government has approved the merger of stats body National Sample Survey Office (NSSO) with the Central Statistics Office (CSO) under the Ministry of Statistics and Programme Implementation (MoSPI). The restructuring is in line with the proposed National Policy on Official Statistics which was floated last year. The policy suggests discontinuing with the role of the Chief Statistician of India as secretary to the National Statistical Commission (NSC) and doing away with the user of the terms CSO and NSSO Instead, the two will be treated as being under a single entity called the National Statistical Organisation (NSO).

introduced  Srei Equipment Finance ties up “Bank on Wheels” for door-step banking with Oriental Bank of Commerce to offer facility loans for purchase of equipment under a Indian Overseas Bank (IOB) has launched a co-lending arrangement mobile van facility named “Bank on Wheels” Srei Equipment Finance tied up with in 14 districts of Tamil Nadu, Kerala and the Oriental Bank of Commerce to offer loans Vijayawada region of Andhra Pradesh to for the purchase of equipment under a co- provide door-step banking facility, especially lending arrangement. Srei Equipment Finance for senior citizens.

AMBITIOUSBABA.COM | MAIL US AT 37 [email protected]

Facebook Page Facebook Group Telegram Group Telegram Channel is a wholly-owned subsidiary of Srei Sandbox” in April for fintech innovations; the Infrastructure Finance. market watchdog Securities and Exchange  launched Board of India (SEBI) and insurance Trade AI Engine in partnership with IBM watchdog Insurance Regulatory and Standard Chartered in partnership with IBM Development Authority of India (IRDAI) has launched the Trade AI Engine which will have also introduced the similar RS. automate the high- risk process of trade  SBI has joined hands with FMCG documentation. It will enhance client Arm of The Art of Living — Sri Sri Tattva experience through increased operational State Bank of India (SBI) has tied up with the efficiency and strengthened operational FMCG arm of The Art of Living, Sri Sri Tattva control. This newly launched Trade AI Engine under which SBI’s YONO users can avail a will replace the Traditional documentary discount of 15% on the entire range of trade consisting of millions of data elements products offered by Sri Sri Tattva such as in paper-based that are reviewed through a food, personal care, healthcare, homecare, largely manual process. BYOGI apparels and Shankara skincare  SEBI constituted panel suggested products. YONO is an integrated digital significant changes to FPI Regulations banking platform of SBI. Securities and Exchange Board of India  Karnataka Bank introduced (SEBI) constituted panel suggested Savings Bank product named “KBL SB significant changes to Foreign Portfolio Salary” for salaried class Investors (FPI) Regulations including Karnataka Bank has launched a customized simplified registration requirements for product for the salaried class. The new certain categories and barring entities that savings bank product, KBL SB Salary has fail to furnish beneficial ownership details. It been designed with three variants namely SB has sought the comments from the public on Salary Executive, SB Salary Prime, and SB this regard till June 14, 2019. Salary Classic to cater the financial needs of  Corporation Bank launches ‘Corp the ‘employer-employee ecosystem’. SME Suvidha’ for GST- registered MSMEs  Mutual funds get SEBI nod to invest Corporation Bank has launched a new in exchange-traded commodity product named ‘Corp SME Suvidha’ for GST- derivatives registered Micro, Small and Medium The Securities and Exchange Board of India Enterprises (MSME). It was launched by PV (SEBI) has given its consent for the Bharathi, Managing Director and Chief participation of mutual funds Executive Officer of Corporation Bank in (MF) in Exchange-Traded Commodity Mangaluru in the presence of Gopal Murli Derivatives (ETCD) except sensitive Bhagat, Executive Director and general commodities. The participation of MFs is managers. allowed through hybrid schemes, which  SEBI & IRDAI to introduce include the multi-asset scheme and gold ETFs Regulatory Sandbox Framework for (Exchange-traded fund). Fintech Startups  World Bank and CBA joined hands On the lines of the initiative taken by Reserve for World’s first Blockchain Bond Bank of India (RBI), regarding the setting up Transaction International Bank for of the regulatory sandbox (RS) in its draft Reconstruction and Development (IBRD, “Enabling Framework for Regulatory World Bank) in partnership with

AMBITIOUSBABA.COM | MAIL US AT 38 [email protected]

Facebook Page Facebook Group Telegram Group Telegram Channel Commonwealth Bank of Australia (CBA) level as the enabled recording of secondary market other Scheduled Commercial Banks, (RBI) bond trading using blockchain technology. Reserve Bank of India has notified them to With this, Bond-i become the first bond enhance housing loan limitsto individuals whose issuance and trading is recorded on up to Rs 35 lakh in metropolitan centres a blockchain platform. (which would have a population of over 10 lakhs) and Rs 25 lakh in other centres,  Ola launches Ola Money SBI Credit under Priority sector Lending (PSL). Card  RBI has published ‘Payment and Transport Company, Ola Cabs has launched Settlement Systems in India: Vision 2019 – Ola Money SBI Credit Card in partnership 2021’ to promote innovation, cyber- with SBI Card to provide a flexible and security, financial inclusion convenient payment system to its customers. The Reserve Bank of India (RBI) released its The credit card is powered by Visa. statement on ‘Payment and Settlement  among top Systems in India: Vision 2019–2021’, which RRB performer in the country notifies the steps that RBI will take to Tripura Gramin Bank is among India’s top promote innovation, cyber-security, three Regional Rural Banks (RRBs) out of financial inclusion, customer protection, 45 Regional Rural Bank in terms of profit, and competition through which the vision business, and growth. Tripura Gramin Bank looks forward to achieve a ‘highly digital’ has emerged as one of the top performers in and ‘cash-lite’ society. the banking sector in the 2018-19 financial The report consists of 36 specific action year across the country, investing heavily to points with 12 specific outcomes, based on promote entrepreneurship. different inputs from stakeholders and  HDFC Capital Advisors launched an guidance of the Board for Regulation and initiative termed as HDFC Affordable Real Supervision of Payment and Settlement Estate and Technology Programme Systems. (HeART)  Nandan Nilekani-led panel HDFC Capital Advisors, (a wholly-owned submitted report to RBI regarding the subsidiary of HDFC Ltd) launched an promotion of digital payments initiative termed as HDFC Affordable Real The Central Bank notified that the (Reserve Estate and Technology Programme Bank of India) RBI-appointed committee (HeART), the objective of which is to mentor, chaired by Nandan Nilekani, Aadhaar partner and invest in real estate technology architect, submitted the panel’s suggestions companies which produce innovative on promoting digital payments to products that aim at lowering costs and Shaktikanta Das, the Governor of RBI. creating efficiencies in every stage of the  Bank credit has increased by development cycle of the affordable housing 18.5% to infrastructure sector in FY19 system. In accordance with the data compiled by  RBI directs banks to enhance Reserve Bank of India (RBI), the bank credit housing loan limits for eligibility under has been mounted priority sector lending by 18.5% to Rs 10.55 lakh crore for To include the RRBs (Regional Rural Banks) infrastructure in financial year 2018-19. It is and SFBs (Small Finance Banks) in the same highest since 2012-13 fiscal.

AMBITIOUSBABA.COM | MAIL US AT 39 [email protected]

Facebook Page Facebook Group Telegram Group Telegram Channel  RBI publicized draft circular on headed by its chairperson, T. N. Manoharan, “liquidity risk management for NBFCs “ Chairman of Canara Bank and will submit its The Reserve Bank of India (RBI) has report by the end of August 2019. Panel for introduced the “Liquidity Risk Management housing loan securitization is headed by Framework for Non- Banking Financial Bains and Co. advisor, Harsh Vardhan. Companies and Core Investment  ICICI Bank along with online travel Companies” for public comments by June 14, booking portal Goibibo launched co- 2019. The eligible entities for this draft branded multi-currency card framework are all deposit-taking NBFCs; non- Industrial Credit and Investment Corporation deposit taking non-banking financial of India (ICICI) Bank along with online travel companies (NBFCs) with an asset size of over booking portal Goibibo launched co-branded Rs 100 crore and all core investment multi-currency card- Goibibo ICICI Bank companies (CICs) registered with RBI. Travel Card. Customers can use one card for  RBI modified the norms on VRR multiple currencies and enjoy discounts on investment by FPIs flights and hotel bookings. Reserve Bank of India has modified the  Paytm collaborated with Citibank norms on Voluntary Retention Route (VRR) to launch its 1st credit card called ‘Paytm investment by Foreign Portfolio Investors First Card’ (FPIs) by fixing the investment limit at Rs. The digital payments company Paytm has 54,606.55 crores. Now FPIs can invest up to collaborated with Citibank and launched its Rs 54,606.55 crore under the VRR, which 1st credit card called ‘Paytm First Card‘. This allows parking funds in both government is the first card of its kind launched in India securities as well as corporate debt. by the American card company, which has  RBI has increased the transfer similar exclusive partnerships across sectors timings of RTGS from 4.30 pm to 6 pm in the US. The Reserve Bank of India (RBI) has extended  ADB (Asian Development Bank) the time window of Real Time Gross launched $5 Billion Healthy Oceans Action Settlement (RTGS) for customer transactions Plan at its 52nd Annual Meeting from 4.30 pm to 6 pm. The move has been Asian Development Bank (ADB) launched 5$ taken due to the increase in the number of billion Action Plan for Healthy Oceans and transactions by 8% to Rs 1,335 crore in Sustainable Blue Economies for the Asia March 2019. There has been 12% rise in an and Pacific region. This will support ADB’s aggregate amount of transactions, year-on- developing member countries’ efforts for year, which amounted to Rs 1,255.51 crore. achieving the Sustainable Development Goals It will come into effect from June 1. (SDGs), inclusive of the SDG 14: Life Below  RBI formed two separate 6 Water. member panels to strengthen the sale of  Bank Credit up by 13.24% and stressed corporate assets and housing Deposit up by 10.03% in FY19 loan portfolios According to Reserve Bank of India data, the Reserve Bank of India(RBI) has formed two bank credit grew by 13.24 percent in separate 6 member panels to strengthen the financial year 2019 (FY19) to Rs 97.67 lakh sale of stressed corporate assets and housing crore as compared to 10.3 percent in FY18 loan portfolios. The six-member task force on and the deposits up by 10.03 percent in the development of the secondary market is FY19 to Rs125.72 lakh crore as compare to

AMBITIOUSBABA.COM | MAIL US AT 40 [email protected]

Facebook Page Facebook Group Telegram Group Telegram Channel 6.7 percent in FY18. assistance up to Rs. 10 crore in order to  Bharti Airtel and HDFC Life tied up boost digital lending. to offer insurance for prepaid customers SIDBI has set the credit exposure limit to a Bharti Airtel and the Housing Development new fintech NBFC to 30% of the Net-Owned Finance Cooperation (HDFC) Life had tied Fund(NOF) of the new fintech NBFC, with the up to offer life cover for customers at a maximum capital of Rs. 10 crores. prepaid recharge of Rs 249. This new Rs  HDFC ERGO and IBM to jointly 249 prepaid recharge will include 2 GB data, setup data lab in India to improve unlimited calls across all the networks and business efficiency and profitability HDFC 100 SMS per day with an insurance cover of ERGO, General Insurance Company and IBM, the worth of Rs 4 lakh from HDFC Life. The technology giant, announced to jointly setup recharge validity is for only 28 days. data lab in India to improve business  HDFC collaborated with IMGC efficiency and profitability. It will analyze the (India Mortgage Guarantee Corporation) customer data and develop customized for a mortgage guarantee-backed home solutions. loan  Rs 70,000 crore NPA recovered via Mortgage guarantee is a financial product IBC in FY19 which compensates lending institutions for According to Crisil Ratings (formerly Credit the losses that may occur when a home Rating Information Services of India Limited) owner defaults on a mortgage loan. report, in the year 2018-19, Rs 70,000 crore  SIDBI’s pilot scheme for fintech bad loans were recovered through the NBFCs to give financial assistance up to Rs. Insolvency and Bankruptcy Code (IBC) with a 10 crore to boost digital lending recovery rate of 43 percent in 94 cases. The Small Industries Development Bank of IBC has recovered bad loans two times the Rs India (SIDBI) has launched a pilot scheme 35,500 crore through previous resolution for fintech Non Banking Financing mechanisms like Debt Recovery Tribunal and Companies (NBFCs) to give financial Lok Adalat.

June 2019 Banking, Financial and Economic News Merger Company About Merger of IndusInd Bank and Bharat The boards of IndusInd and BFIL decided that Financial Inclusion Ltd (BFIL) on July 4, the NCLT (National Company Law Tribunal )Order will be filed by BFIL and IFIL with the Registrar of Companies. On June 10, 2019, The NCLT sanctioned the scheme of arrangement about BFIL, IndusInd, and IFIL (Induslnd Financial Inclusion )and their respective shareholders and creditors. In October 2018, IndusInd Bank decided to merge with BFIL which was previously known as SKS Microfinance. The Business Correspondent of BFIL will operate under IFIL and the Assets and liabilities

AMBITIOUSBABA.COM | MAIL US AT 41 [email protected]

Facebook Page Facebook Group Telegram Group Telegram Channel

of BFIL will be merged with IndusInd’s balance sheet. Sundaram Finance to acquire stakes of its India’s leading Non-Banking Financial partner BNP Paribas Company(NBFC) Sundaram Finance Ltd (SFL) has announced that it set to acquire the stakes held by BNP Paribas in their two joint venture (JV) companies for a total of around Rs 1,000 Cr.

Partnership/ Agreement Aims Bajaj Finserv &Motherhood hospitals ink Indian financial services company Bajaj Finserv partnership inked partnership with Motherhood hospitals, a national network of women &child hospital to provide Lifecare finance facility. Through this partnership, patients at all motherhood hospitals can avail Life Care Finance (LCF) from Bajaj Finserv that converts their medical bills into an EMI loan without interest.

Ashok Leyland partnered with Suryoday Ashok Leyland, Hinduja Group flagship firm, Small Finance Bank partnered with Suryoday Small Finance Bankto provide vehicle loans. Under this partnership, Suryoday Small Finance Bank will provide end-to-end financial solutions to the customers of Ashok Leyland for auto loans across India. The strategic financing partnership agreement was signed for 3 years. Agreement signed between MCA and SEBI A Memorandum of Understanding (MOU) was signed between Ministry of Corporate Affairs (MCA) and Securities and Exchange Board of India (SEBI) for automatic data exchange in order to tackle the rising instances of fraud. It was signed by Shri KVR Murty, Joint Secretary, MCA, and Smt. Madhabi Puri Buch, Whole Time Member, SEBI in the presence of senior officers from both the organizations. IRSDC signed a Tripartite Agreement with Indian Railway Station Development SNCF and AFD Corporation (IRSDC) entered into a Tripartite Agreement with French National Railways (SNCF)and French Development Agency (AFD). Under this agreement, a grant up to 7 lakh euros will be provided to boost capacity

AMBITIOUSBABA.COM | MAIL US AT 42 [email protected]

Facebook Page Facebook Group Telegram Group Telegram Channel

building for railway station development program in India.

IDBI Bank and Max Bupa Industrial Development Bank of India (IDBI) Bank and Max Bupa, a Standalone Health Insurer (SAHI) signed a Bancassurance corporate agency agreement. For the first time, IDBI Bank became an on-boarded corporate agent for Max Bupa under open architecture. IDBI Bank is focused to increase the Fee Income through Third Party distribution. The products are IDBI Max Bupa Suvidha Health Plus, IDBI Max Bupa Loan Secure and IDBI Max Bupa Sehat Suraksha. ZestMoney in partnership with Digit ZestMoney, a Bengaluru based digital lending Insurance startup, in partnership with Digit Insurance announced to offer EMI (Equated Monthly Installment) insurance to the company’s five million customers. The aim of the partnership is to relieve its customers of debt in case of unforeseen circumstances. DGT partnered with Cisco & Accenture Directorate General of Training (DGT), under the Ministry of Skill Development and Entrepreneurship (MSDE) joined hands with Cisco and Accenture, private sector companies, to skill the youth for digital economy through Industrial Training Institutes (ITIs). The implementation partner is Quest Alliance. Edelweiss and Bank of Baroda Bank of Baroda (BoB) and ECL Finance, the flagship non-banking financial company of Edelweiss Group, signed an agreement to form a strategic partnership to explore co-lending opportunities. They will offer loans and expertise for the growing needs of Micro, Small and Medium Enterprises (MSME), self-employed and priority sector groups. NHA and ICICI Foundation signed a MoU to The National Health Authority (NHA) train 15,000 personnel under Ayushman and ICICI Foundation for Inclusive Bharat Scheme Growth signed a Memorandum of Understanding (MoU) to train 15,000 state and district personnel and Pradhan Mantri Arogya Mitras to provide the delivery of health services

AMBITIOUSBABA.COM | MAIL US AT 43 [email protected]

Facebook Page Facebook Group Telegram Group Telegram Channel

under Ayushman Bharat Scheme over a period of one year. It is aimed at capacity building of health personnel at state. The state personnel is assigned the responsibility to implement the scheme in their respective states and Arogya Mitras, the health service professionals, are present at each empanelled hospital. IDBI Bank and Tata AIG Industrial Development Bank of India (IDBI) has signed a bancassurance agreement with Tata AIG General Insurance Company Ltd to provide Tata AIG’s suite of P&C (Property and Casualty (insurance) products to its customers. Maruti Suzuki inks partnership with BOB Automobile manufacturer in India, Maruti Suzuki signed ‘Preferred Financier’ MoU(Memorandum of understanding) with public sector Bank, Bank of Baroda (BOB) to improve credit for dealership inventory financing. NTPC and PGCIL National Thermal Power Corporation (NTPC) and PowerGrid Corporation of India Limited (PGCIL) signed a Memorandum of Understanding (MOU) to set up a Joint Venture (JV) the National Electricity Distribution Company Limited (NEDCL). It will undertake the business for distribution of electricity in distribution circles in various states and Union Territories (UTs) and other related activities. MobiKwik partnered with Max Bupa MobiKwik, a mobile payments service provider, partnered with health insurer Max Bupa to launch “shampoo-sachet” concept in the insurance sector. It will offer mini medical insurance products with premiums as low as Rs 20. The partnership enables financial inclusion by making pocket size health insurance solutions available through the Mobikwik platform.

Summit/Meeting Location About G20 Ministerial Meeting Tsukuba city, Ibaraki It is one of the eight Ministerial Prefecture, Japan Meetings. Trade and Economy Ministers of the Group of 20 major economies discussed the ways to reorder trade rules and finances in an

AMBITIOUSBABA.COM | MAIL US AT 44 [email protected]

Facebook Page Facebook Group Telegram Group Telegram Channel

era of technological change and protectionism. 15th Finance Commission Meghalaya 15th Finance Commission headed by held a meeting the Chairman Shri N.K. Singh held meeting with the representatives of Autonomous Development Councils (ADCs) of Meghalaya as part of its visit to the State. There are 3 ADCs in Meghalaya namely the Khasi Hills Autonomous District Council, the Garo Hills Autonomous District Council and the Jaintia Hills Autonomous District Council. G20 Finance Ministers Fukuoka, Japan G20 Summit, to be held in Osaka, meeting and Central Bank Japan, from 28-29 June 2019, a G20 Governors meet Finance Ministers and Central Bank Governors Meet was held in Fukuoka, Japan on 8-9 June. It was one of the 8 ministerial meetings taking place in Japan before 2019 G20 summit. This is for the first time that Japan is hosting the G20 Summit & Ministerial Meetings at its eight different locations. G20 Ministerial Meeting on Karuizawa, Japan G20 (Group of 20) Ministerial Meeting Energy Transitions and on Energy Transitions and Global Global Environment for Environment for Sustainable Sustainable Growth Growth for the year 2019 was held at Karuizawa Prince Hotel (Karuizawa Town, Nagano), Japan on June 15-16, 2019. 3rd Indo-French cyber Paris, France The third Indo-French cyber dialogue dialogue 2019 was held in Paris, France. The meeting was co-chaired by Henri Verdier, French Ambassador for Digital Affairs, and Upender Singh Rawat, Joint Secretary in charge of e-Governance, Information Technology and Cyber Diplomacy at the Ministry of External Affairs. Meeting of Expert Working New Delhi Meeting of Expert Working Group on Group of Paris Pact Initiative Paris Pact Initiative on Illicit of UNODC Financial Flows deriving from the trafficking of Opiates originating in Afghanistan was organised in New

AMBITIOUSBABA.COM | MAIL US AT 45 [email protected]

Facebook Page Facebook Group Telegram Group Telegram Channel

Delhi from June 27-28, 2019. It was hosted by the Department of Revenue, Ministry of Finance with the support of United Nations Office on Drugs & Crimes (UNODC). It was inaugurated by the Additional Secretary, Revenue Mr. Anil Kumar Jha.

 Repo-linked home loan (Sbi)  IOCL, BPCL and HPCL to form a State Bank of India (SBI) announced to Joint Venture for Kandla-Gorakhpur introduce repo-linked home loan LPG pipeline project product from July 1, 2019. It has become the On June 3, 2019, Indian Oil Corporation first bank to offer this facility. It means any Limited(IOCL), Bharat Petroleum changes in the key interest rate by the central Corporation Limited (BPCL) bank would be passed on directly to the customers. and Hindustan Petroleum Corporation  Government Met The Fiscal Limited(HPCL) signed an agreement to Deficit Target Of 3.4% For FY 2018-19 form a Joint Venture(JV) in New Delhi for Government has met the fiscal deficit laying the world’s longest Liquefied target of 3.4% for the Financial Year petroleum gas(LPG) 2018-19. The fiscal deficit stood pipeline from Kandla, Gujarat to at 3.39% against the estimated rate of Gorakhpur, Uttar Pradesh. 3.4%. The data was released by the  AAI (Airports Authority of India) Controller General of Accounts (CGA). It signs technical assistance pact with was met through a reduction in Boeing government spending, which also The National Airports body Airports contributed to GDP growth slowing to Authority of India (AAI) signed technical 5.8% in the fourth quarter of FY19. assistance agreement with American  ONGC overtakes IOC to become a multinational corporate, Boeing to most profitable PSU jointly develop a 10-year India’s top oil and gas producer, ONGC roadmap which will improve flexible use (Oil and Natural Gas Corporation) has of airspace, enhance communication, become India’s most profitable Public surveillance and help to maintain efficient sector Undertaking after surpassing aircraft operations. Indian Oil Corp (IOC).  RBI formed panel led by Nandan For the fiscal year ended March 31, 2019, Nilekani recommended to rope in local ONGC reported a 34 percent jump its net retailers to act as cash points profit to Rs 26,716 crore. This profit is The Reserve bank of India(RBI) formed much higher than IOC’s (Indian panel led by Nandan Nilekani has Oil Corporation) reported a profit of recommended to rope in local retailers Rs 17,274 crore. and business correspondents to act as cash points in semi-urban centers. These

AMBITIOUSBABA.COM | MAIL US AT 46 [email protected]

Facebook Page Facebook Group Telegram Group Telegram Channel will act as the primary source of cash in Corrective Action (PCA) framework and semi-urban centers and will replace ATMs an important supplement to the risk- (Automated Teller Machines). based capital requirements.  RBI removed charges for RTGS  RBI eased regulations for BSBD and NEFT transactions Accounts The Reserve Bank of India(RBI) has Nation’s apex bank Reserve Bank of India removed the charges levied on Real Time (RBI) has relaxed the regulations Gross Settlement (RTGS)and National for Basic Savings Bank Deposit Electronic Funds Transfer (NEFT) (BSBD) Accounts aka “no-frills” accounts transactions to boost digital payments. as a part of the financial inclusion drive.  RBI to create foreign exchange Now, the BSBD account holders will get a trading platform for retail participants cheque book and certain minimum On June 6, 2019, the Reserve Bank of facilities, free of charge by the bank. India (RBI) announced to set up Also, there will be no requirement of a foreign exchange trading platform maintaining a minimum balance in lieu of for retail participants. This is to create a such additional facilities. Previously market infrastructure that ensures fair additional facilities for these accounts and transparent pricing for users of attract the requirement of maintaining a foreign exchange like Small and Medium minimum balance and other charges. Enterprises (SME) exporters & importers  Kotak Mahindra Bank was and individuals. penalized with Rs 2 crore by Reserve  RBI relaxed leverage ratio for Bank of India for not meeting banks to 3.5% ownership rules On June 6, 2019, The Reserve Bank of Reserve Bank of India has India (RBI) relaxed the Leverage penalized Kotak Mahindra Ratio (LR) for banks to 3.5%. This is Bank with Rs. 2 crores for not furnishing done to help them in order to expand details about the shareholding of its their lending activities. The LR is reduced promoter and its plans for complying to 4% for Domestic Systemically with stake dilution norms. Important Banks (D-SIBs).  Kazakh-Indian Investment LR is defined under Basel-III norms, Tier Forum held in Ahmedabad 1 Capital as a percentage of the bank’s Kazakh-Indian Investment Forum was exposure. It was introduced for banks held in Ahmedabad, Gujarat on June 7, post-financial crisis of 2008. The 2019, to attract investments. It was minimum requirement for LR set by the organized by the Embassy of Kazakhstan Basel Committee on Banking Supervision in India with the support of the Honorary (BCBS) is 3%. Banks have been required Consulate of Kazakhstan in the state of to publicly disclose their Basel III leverage Gujarat Dilip Chandan, the National ratio on a consolidated basis from 1 April Company- Kazakh Invest and Jain 2015 quarterly. LR is one of the 4 International Trade Organization. indicators under the RBI’s Prompt

AMBITIOUSBABA.COM | MAIL US AT 47 [email protected]

Facebook Page Facebook Group Telegram Group Telegram Channel  RBI formed a committee headed  Dell tops the list of most trusted by VG Kannan, IBA Chief to review ATM brand in India, while Amazon is most pricing trusted Internet Brand: TRA Research The Reserve Bank of India (RBI) 2019 constituted 6-member According to the report “Brand Trust committee headed by VG Kannan, Chief Report, 2019”, by Trust Research Executive of Indian Banks’ Association Advisory (TRA), Dell tops the list as the (IBA) to review ATM pricing. most trusted brand for 2019 in India. It is i. It will review the existing interchange followed by automobile fee and pricing structures to reduce brand Jeep, and LIC (Life Insurance prices for customers on Automated Teller Corporation of India). Machines (ATM) transactions with a  Facebook confirmed the launch broader objective to improve rural of cryptocurrency ‘Libra’ in 2020 penetration of teller machines. On June 8, 2019, Facebook confirmed  Japan will invest Rs 13,000 that it will launch a blockchain-powered crore in North-East in infrastructure stable-coin ‘Libra’ in 2020 through the projects release of white paper. It will be a form of On June 12, 019, The Government of digital money backed by a reserve of Japan has decided to invest an amount assets. It will be governed by the of 205.784 billion Yen, nearly Rs 13,000 independent Libra Association, crore in several ongoing as well as new headquartered in Geneva, Switzerland. infrastructure projects in the North-East  RBI panel on MSMEs headed by Region. This was announced after a U K Sinha recommended to double meeting of Development of North-East collateral-free loans limit to Rs 20 lakh Region (DoNER) Minister Dr Jitendra The 8 member panel on Micro, Small and Singh with the Japanese delegation led by Medium Enterprises (MSMEs), Ambassador Mr Kenji Hiramatsu. constituted by the Reserve Bank of India  A penalty of Rs.11.25 lakh (RBI) in January 2019, headed by the imposed on ZipCash, Yes Bank by RBI former Securities and Exchange Board of On June 12, 2019, The Reserve Bank of India (SEBI) Chairman U K India slapped a monetary Sinha submitted its report to RBI penalty Rs. 11.25 lakh each on Private Governor Shaktikanta Das on June 17, sector lender ‘Yes Bank’ and Online 2019. The panel was formed to suggest Wallet Service, ’ZipCash Card long-term measures for the economic and Services’ for violating PPI (prepaid financial sustainability of the MSME payment instrument) norms pertaining to sector. issuance and operation of PPIs. The Committee suggested doubling The fine imposed in exercise of powers collateral-free loans for MSMEs to Rs 20 vested under Section 30 of the Payment lakh from Rs 10 lakh. This is also and Settlement Systems Act, 2007, for applicable to Micro Units Development non-compliance of regulatory guidelines.

AMBITIOUSBABA.COM | MAIL US AT 48 [email protected]

Facebook Page Facebook Group Telegram Group Telegram Channel and Refinance Agency (Mudra) and Self- i. Loan up to Rs 10 lakh for study in India Help Groups (SHGs). and upto Rs 20 lakh for study abroad.  BDC under EAC-PM headed by ii. Collateral free loans upto Rs 7.5 Lakh Professor Bibek Debroy submitted its under the Credit Guarantee Fund Scheme report for Education Loans (CGFSEL). Beekeeping Development iii. No Margin for a loan up to Rs 7.50 Committee (BDC) under the Economic Lakh. Advisory Council to the Prime iv. Repayment period of 15 years. Minister(EAC-PM) headed by Professor  High-Level Group headed by Dr. Bibek Debroy submitted its report to the Surjit S. Bhalla recommendations for Prime Minister on June 26, 2019. It was Trade and Policy framed with the objective to identify ways The Union ministry of commerce had of advancing beekeeping in India. constituted a high-level advisory group To recognize honeybees as inputs to headed by economist Dr. Surjit S. Bhalla, agriculture and consider landless member of the Prime Minister’s Economic Beekeepers as farmers. Advisory Council on Foreign trade policy  RBI panel led by U.K. Sinha for ways to boost India’s share and suggests Rs.5,000 crore stressed asset importance in global merchandise and fund for MSMEs services trade. On June 25, 2019, The Reserve Bank  RBI relaxed the leverage ratio released the report of the expert (LR) for banks to help committee under former SEBI (Securities banks expand lending and Exchange Board of India) chairman U The RBI (Reserve Bank of India) relaxed K Sinha on measures for the economic the leverage ratio (LR) for banks in a bid and financial sustainability of the MSMEs to help them expand their lending (Micro, Small and Medium Enterprises). activities. The leverage ratio (LR) reduced  RBI recommends Commercial to 4% for Domestic Systemically Banks to adopt Education Loan Scheme Important Banks (DSIBs) and 3.5% for On June 24, 2019, India’s central banking other banks with effective from October institution, The Reserve Bank of 1, 2019. India (RBI) has advised all Scheduled  DBS Bank revised India’s GDP Commercial Banks to adopt Education forecast for FY20 to 6.8% from 7% Loan Scheme which is formulated On June 20, 2019, DBS Bank in its report by Indian Banks’ Association (IBA). on the Indian economy revised India’s Model Education Loan Scheme: The IBA Gross Domestic Product (GDP) forecast scheme circulated to all member Banks for the fiscal year 2020 to 6.8% year-on- including State Bank of India (SBI) for year (YoY) from 7% due to headwinds for providing financial support to exports amidst challenging trade outlook. meritorious students for pursuing higher  World Bank Cuts Global Growth education in India and abroad. Forecast For 2019 To 2.6% And It Note Retains India’s FY19 Growth Forecast

AMBITIOUSBABA.COM | MAIL US AT 49 [email protected]

Facebook Page Facebook Group Telegram Group Telegram Channel At 7.5% Online Mock Test Available on App as On June 5, 2019, World Bank in its well as Web: semiannual report “Global Economic Prospect (GEP)” slashed global forecast for 2019 to 2.6% as compared to 2.9% in January this year. On June 5,2019 , World Bank in its report “Global Economic Prospects report” retained India’s growth forecast How to Access on App:- at 7.5% for the next two Fiscal years , 1. Go to Playstore search FY2019 and FY20 (April 1, 2019 to March Ambitious Baba or Click 31, 2020) as it also cuts the global economic expansion by 0.3%. here to Install App  India’s GDP growth may expand 2. After Install Login with to 7.2 percent in 2019-20: Goldman Google Account or Sachs Facebook Account According to American multinational Related Links: banking firm, Goldman Sachs, India’s  More Daily Current Affairs economic growth is estimated to rise to 7.2 percent in 2019-20. It will be Click here driven by lower oil prices, political  Get Free PDFs stability, and removal of infrastructure  Banking Awareness Study bottlenecks. The report came a day after Notes the policy review by RBI, in which policy  WhatsApp Group Join here rates were cut by 0.25 percent to increase  Telegram Group:- Click growth.  Fitch reduces India growth Here forecast for FY20 from 6.8% to 6.6%  Telegram Channel: Click On June 17, 2019, Fitch reduced India’s here growth forecast for the current fiscal year  Like & Follow our Facebook (FY20) from 6.8% to 6.6%due to the slow Page:- Click here down of manufacturing and agriculture  Join our Facebook Group:- sectors over the past years. In the latest Global Economic Outlook, it Click Here retained its GDP (Gross Domestic Product) growth forecast for the fiscal 2020-21 at 7.1% and 7% for 2021- 22.

AMBITIOUSBABA.COM | MAIL US AT 50 [email protected]

Facebook Page Facebook Group Telegram Group Telegram Channel

AMBITIOUSBABA.COM | MAIL US AT 51 [email protected]