1 UPPSC- CURRENT AFFAIRS SPECIAL GOOD MORNING TIMES ONE LINERS CA MARCH TO SEPTEMBER- 2020 2 UPPSC- CURRENT AFFAIRS SPECIAL March 2020 – One Liner Current Affairs Financial One Liners: • State Bank of India (SBI) has switched to “Cash Budget Based Assessment (CBBA)” from “Projected Balance Sheet (PBS)” method of Fund Based Working Capital (FBWC) limits for assessment of the working capital requirement for corporates or large advances. • Indian digital payments platform Paytm’s subsidiary, Paytm Insurance Broking, has received the brokerage licence from the Insurance Regulatory and Authority of India (IRDAI). • The Union Cabinet led by Prime Minister Narendra Modi approved the consolidation of ten Public Sector Banks (PSBs) into four. The amalgamation of the PSBs will be effective from 1 April 2020. • National Bank for Agriculture and Rural Development (NABARD) has infused Rs.1.46 lakh crore in the rural banking system during the current fiscal. • Employees' Provident Fund Organisation (EPFO) has lowered the interest rate on PF deposits to 8.5% for the current financial year 2019-20. • The Central Government of India imposed temporary prohibition of the activity of the capital-starved Yes Bank and capped withdrawals at Rs50,000 per account after considering an application made by the Reserve Bank of India. • ICICI Prudential AMC (Asset Management Company), one of the leading mutual fund investment companies in India, has entered into the partnership with Saraswat Co-operative Bank,an urban co-operative banking institution, to distribute its products with the latter’s customers base spread across its 280 branches in 6 states. • State Bank of India (SBI) has announced a rate cut of the fixed deposit rates across multiple tenors for general customers and senior citizens. It has reduced a rate cut up to 50 basis points (bps) in some tenors, and for some tenors, it has announced a reduction of 10 bps. • The State Bank of India has waived off the minimum balance charges on all savings bank accounts. • SBI will infuse Rs 7,250 crore into ailing YES Bank to pick up to 49 per cent equity as part of the Reserve Bank of India-mandated bailout plan. • ICICI Bank approves an investment of Rs1,000 crore to revive capital-starved Yes Bank. • Axis Bank to invest a sum of up to Rs. 600 crore (Rupees six hundred crore only) for acquiring up to 60 crore equity shares of Rs. 2 each (Rupees two only) of Yes Bank Limited, for cash, at a premium of Rs. 8 (Rupees eight only) per equity share. • The Department of Posts has introduced a free digital parcel locker service in the city from 11 March for the first time in India. 3 UPPSC- CURRENT AFFAIRS SPECIAL • HIL (India) Limited, in association with Union Bank of India, launched "Customer Payment Portal" in New Delhi. • The Reserve Bank of India (RBI) has revised the single borrower and group exposure limit for Urban Cooperative Banks (UCBs). • Ministry of Finance reported that all villages were mapped by banks into 1.59 lakh Sub-Service Areas (SSAs) under Pradhan Mantri Jan-Dhan Yojana (PMJDY). • The Reserve Bank of India (RBI) has announced that, in the wake of the epidemic Covid-19, the central bank would use Forex swap and long-term repo operations (LTROs) to mitigate the effects of the Covid-19 on the Indian Economy. • State Bank of India entered into an agreement to acquire 6.825%(6,825 equity shares) stake of Zero Mass Private Limited (Pvt Ltd) • Small Industries Development Bank of India (SIDBI) is to start Swavalamban Express on 5 June 2020. The aim is to promote budding business aspirants and entrepreneurs. • Reserve Bank of India (RBI) put in place a contingency plan to ensure that crucial information technology (IT) services for the delivery of digital banking, treasury services. • The Reserve Bank of India (RBI) will infuse liquidity of Rs 30,000 crore to maintain financial stability in the Indian economy. • After Rupay debit cards Paytm Payments Bank Limited(PPBL) announced to issue Visa virtual debit cards to its customers. • Reserve bank of India extended the regulatory restrictions on Punjab and Maharashtra Cooperative Bank (PMC) Bank by another three months. • The State Bank of India has launched an additional liquidity facility “Covid-19 Emergency Credit Line (CECL)”. • Axis bank will waive off charges for savings account, current account and prepaid card customers (wherever applicable) towards online IMPS and financial and non-financial ATM transactions between March 23 and March 31 (both dates inclusive). • The International Monetary Fund (IMF) reported that the COVID-19 pandemic will cause a global recession in 2020. • Union Finance Minister Nirmala Sitharaman announced that debit cardholders could withdraw cash from any other bank's ATM free of charge for the next three months. • Karur Vysya Bank has launched India’s 1st pre-paid card Enkasu (My cash in Tamil) in Karur, Tamil Nadu under its Quit cash movement. 4 UPPSC- CURRENT AFFAIRS SPECIAL • Union Finance Minister Nirmala Sitharaman today announced various statutory and regulatory compliance relief measures amid a complete shutdown almost all over the country to control the spread of the highly contagious coronavirus or Covid-19 infection. • The Employees' Provident Fund Organization (EPFO) issued guidelines for timely credit of monthly Pension to the Employees' Pension Scheme (EPS) pensioners. • The Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Narendra Modi approved to continue the process of recapitalization of Regional Rural Banks (RRBs). • National Bank for Agriculture and Rural Development (NABARD) provides financial support of Rs 42,313crore in the Financial Year(FY) 2019-20 for building rural infrastructure. • The Reserve Bank of India (RBI) has announced that all banks and Non-bank financial institutions (NBFCs) have been permitted to allow a moratorium of 3 months on repayment of term loans outstanding on 1 March 2020. • Jana Small Finance Bank has rolled out a Unified Payments Interface (UPI) QR-based loan installment payment facility along with National Payment Corporation of India (NPCI) for its customers. • The Reserve Bank of India (RBI) stated that the schemes for the merger of 10 state-run banks into four lenders will come into force from 1 April. • The Punjab National Bank (PNB) has unveiled a new logo before its merger with the Oriental Bank of Commerce (OBC) and the United Bank of India (UBI). The new logo bears the distinct signages of all the three PSU banks i.e. the Punjab National Bank, the United Bank of India (UBI) and the Oriental Bank of Commerce (OBC). • ICICI Bank has rolled out the banking services on WhatsApp. The facility will enable the banks’ retail customers to undertake a slew of banking requirements from their home. • Global agency Organisation for Economic Cooperation and Development (OECD) in its report titled “OECD Interim Economic Assessment Coronavirus: The world economy at risk” has trimmed India’s real GDP (Gross Domestic Product) growth forecast to 5.1% from the earlier projection of 6.2% for 2020 due to the impact of deadly coronavirus (COVID-19) on the domestic as well as the global economy. For 2021, India’s real GDP growth is projected at 5.6% from the earlier forecast of 6.4%. • Asian Development Bank (ADB) will provide a total of USD 4 million (about ₹29 cror developing countries in Asia and Pacific to fight the outbreak of novel coronavirus (COVID-19). • Google to open the cloud region in Delhi. It will be made operational by 2021. • Markets regulator Sebi has launched a mobile application ‘Sebi SCORES’ for convenience of investors to lodge grievances in Sebi Complaints Redress System (SCORES). • Zomato, an Indian restaurant aggregator and food delivery startup has acquired Uber’s food delivery business in India. 5 UPPSC- CURRENT AFFAIRS SPECIAL • In less than a month’s time, rating agency Moody’s Investors Service has revised downward its baseline growth projections for India to 5.3% for 2020 from 5.4% earlier, cautioning that an extensive and prolonged slump as a result of COVID-19 outbreak will reduce growth in Asia’s third largest economy to 5% during the same calendar year. • Software major Infosys partnered with the US-based chipmaker Qualcomm to offer smart cities solutions through Qualcomm's accelerator program. • Google India has launched a skill programme for women called ‘DigiPivot’. The programme designed for women who are looking to return to their corporate careers after a break or simply planning to make midcareer shifts to digital marketing. • Indian MarTech Company, AdGlobal360 has been acquired by Japanese company Hakuhodo Inc for an undisclosed sum. • The government today hiked the dearness allowance (DA) by 4%. It means the dearness allowance has been increased from 17% of basic pay/pension to 21% of basic pay/pension for central government employees and pensioners. • Indian E-commerce company Flipkart has tied up with Aegon Life Insurance to sell comprehensive insurance solutions for customers. • S&P Global Ratings has reduced India’s economic growth forecast to 5.2% for financial year 2020. The economic growth forecast was earlier forecasted at 5.7%. • “WhatsApp Coronavirus Information Hub” has been launched globally by WhatsApp. • Fitch Ratings on Friday joined the chorus of international agencies, downgrading its growth forecast for India to 5.1% from 5.6% for 2020-21 as Covid-19 hits sentiment and supply chain disruptions in China impact input-dependent Indian manufacturers. • ICICI Lombard a private sector non-life insurance company has launched a 1 year-long “COVID-19 Protection Cover”. • Billionaire Mukesh Ambani's Reliance Industries Limited (RIL) on Monday said it has provided an initial support of Rs 5 crore to the Maharashtra Chief Minister’s Relief Fund to help tackle the Covid-19 outbreak.