Monthly One Liners - April 2021
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Monthly One Liners - April 2021 Monthly One Liners- April 2021 Financial One Liners: The Reserve Bank of India, RBI, extended the deadline to process recurring online transactions with additional factor of authentication, AFA, to 30th September of this year from the last date fixed. The World Bank Board of Executive Directors has approved a USD 32 million project to improve management capacity and quality of health services in Mizoram, a World Bank statement said. Reserve Bank of India Governor Shaktikanta Das noted that the monetary policy committee voted unanimously to leave the repo rate and reverse repo rate unchanged at 4 and 3.3.5 per cent, respectively. Page 1 of 42 Subscribe The Xpress Video Course & Mock Test Package for Bank & Insurance Exams If there are any suggestions/ errors in our PDFs Feel Free to contact us via this email: [email protected] Monthly One Liners - April 2021 “With a view to furthering financial inclusion and to expand the ability of payments banks to cater to the growing needs of their customers, the current limit on maximum end of day balance of Rs.1 lakh per individual customer is being increased to Rs.2 lakh,” RBI Governor Shaktikanta Das reported. The Reserve Bank of India (RBI) has decided to enhance the aggregate limit of ways and means advance (WMA) limit for all States and Union Territories to Rs.47,010 crore, which is an increase of 46 per cent from the current limit of Rs.32,225 crore. The RBI had issued guidelines in October 2018 for the adoption of interoperability voluntarily for full- KYC PPIs. Further, as a confidence-boosting measure and to bring uniformity across PPI issuers, it is now proposed to allow cash withdrawals for full KYC PPIs of non-bank PPI issuers. The Reserve Bank of India (RBI) will provide refinance aggregating Rs.50,000 crore to All India Financial Institutions (AIFIs). The National Bank for Agriculture and Rural Development will get Rs.25,000 crore, National Housing Bank Rs.10,000 crore, and Small Industries Development Bank of India Rs.15,000 crore. The Reserve Bank of India (RBI) has decided to put in place a secondary market Government Security Acquisition Programme (G-SAP) 1.0 for orderly evolution of the yield curve amid comfortable liquidity. The Reserve Bank of India has decided to publish the Financial Inclusion Index. Jeep India has tied up with Axis Bank to launch Jeep Financial Services, which will curate financial solutions for Jeep customers and Jeep brand dealers. Sri Lanka inked an agreement with the state-run China Development Bank for a loan of USD 500 million, less than a month after it signed a currency swap deal worth USD 1.5 billion with Beijing, to ensure fiscal stability in the country amidst the challenges posed by the pandemic. Leading German lender Deutsche Bank AG will lend €68.87 million (nearly ₹600 crore) to the National Cooperative Development Corporation (NCDC), a development finance statutory institution under the Ministry of Agriculture and Farmers’ Welfare, for financing farmer cooperative initiatives in the country. On average opening 1 million savings and current accounts a month. Paytm Payments Bank Ltd (PPBL),announced that it has become the top enabler of digital payments in the country by registering over 970 million digital transactions in March. Page 2 of 42 Subscribe The Xpress Video Course & Mock Test Package for Bank & Insurance Exams If there are any suggestions/ errors in our PDFs Feel Free to contact us via this email: [email protected] Monthly One Liners - April 2021 National Housing Bank (NHB) has rolled out a Rs.10,000-crore 'Special Refinance Facility-2021' (SRF-2021) to provide short term refinance support to housing finance companies (HFCs) and other eligible Primary Lending Institutions (PLIs). HDFC Bank said it is planning to raise up Rs 50,000 crore during the next 12 months through issuing bonds. As many as eight institutions and individuals have applied for on-tap licenses to set up universal banks and small finance banks. Food delivery platform Swiggy is set to raise up to $500 million from SoftBank Vision Fund 2 at a market valuation of nearly $5.5 billion, according to reliable industry sources. The government of Bangladesh signed an agreement for USD 250 million financing from the World Bank to help create more and better jobs, recover faster from the COVID-19 pandemic and build resilience to future crises. Reserve Bank of India has imposed restrictions on American Express Banking Corp and Diners Club International Limited from adding new customers to their card networks from 1st of next month. Home-grown digital financial services platform Paytm has launched a new video-based wealth community called the Paytm Wealth Community. Optimistic about the outlook for the life insurance industry, NS Kannan, Managing Director and CEO, ICICI Prudential Life Insurance, said as of now Covid-related claims for the sector are under control. Markets regulator Sebi tweaked its framework pertaining to contribution of asset management companies (AMCs) for setting up of limited purpose clearing corporation by mutual funds. Blackstone said that the private equity funds managed by it have entered into definitive agreements to acquire a majority stake in Mphasis Ltd. “Talks with DBS Bank is at an advanced stage and they are keen to take up the entire consumer banking operation,” said a person familiar with the development. The savings account, to be issued in three minutes, is aimed at digital-first millennials. Page 3 of 42 Subscribe The Xpress Video Course & Mock Test Package for Bank & Insurance Exams If there are any suggestions/ errors in our PDFs Feel Free to contact us via this email: [email protected] Monthly One Liners - April 2021 Introduction of a bad bank may help "shape the operations" of the existing asset reconstruction companies (ARCs), an RBI paper said, noting that a sizable bulk of assets bought by such entities has not been resolved for a long time. With wheat harvesting in full swing in Punjab and Haryana, farmers, for the first time, have started receiving minimum support price (MSP) payment directly in their bank accounts under the Direct Benefit Transfer Scheme (DBT). In a major reform step, the Reserve Bank of India (RBI) has capped the tenure of bank MD and CEOs with immediate effect. In a circular to all the commercial banks, the RBI said that the posts of Managing Director (MD) and Chief Executive Officer (CEO) or Whole Time Director (WTD) cannot be held for more than 15 years. Uttar Pradesh-based Shivalik Small Finance Bank has commenced operations as a small finance bank with effect from April 26, according to the Reserve Bank of India. The Reserve Bank of India (RBI) issued guidelines for appointment of Statutory Central Auditors (SCAs)/Statutory Auditors (SAs) in commercial banks, urban co-operative banks and non- banking finance companies from FY22 onwards, whereby they will have to appoint SCAs/SAs for a continuous period of three years. Tamilnad Mercantile Bank (TMB) has reported an impressive performance on many parameters in FY21 that include strong growth in net profit, good asset quality and higher business. The Asian Development Bank (ADB) said it has provided $ 1.5 billion to India to deal with the COVID-19 pandemic. Indian Bank signed an MoU with Bharat Sanchar Nigam Limited to provide seamless telecom services to the bank at a competitive rate. Centre has proposed up to 25 percent tax concession on the purchase of new vehicles on submission of scrappage certificate. Page 4 of 42 Subscribe The Xpress Video Course & Mock Test Package for Bank & Insurance Exams If there are any suggestions/ errors in our PDFs Feel Free to contact us via this email: [email protected] Monthly One Liners - April 2021 Homegrown digital payments innovation United Payments Interface (UPI) has processed Rs 5.04 lakh crore in transaction value an all time high during March 2021, showed data shared by regulator National Payments Corporation of India (NPCI). India has attracted a total FDI inflow of USD 72.12 billion during April 2020 to January, 2021. The International Monetary Fund (IMF) has upgraded its growth projection for India to 12.5 per cent for the Financial Year 2021-22. The International Monetary Fund has projected a 5 percent growth rate for Bangladesh for the year 2021. Leading digital healthcare platform Practo launched online consultations in 15 vernacular languages. Pradhan Mantri MUDRA Yojana has completed six years. It is a scheme under which loans of upto 10 Lakh rupees are provided to the non-corporate, non-farm, small and micro enterprises. The United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) has estimated the GDP growth rate of India at 7% in 2021-22, in its latest report titled Economic and Social Survey of Asia and the Pacific 2021. The National Payments Corporation of India (NPCI) has transferred all its Bharat Bill Payment System (BBPS) transaction business to NPCI Bharat BillPay Limited (NBBL), a wholly-owned subsidiary of NPCI. Technology giant Facebook and Google have planned to lay two huge subsea cables, called Echo and Bifrost, to provide vital new connections between the Asia-Pacific region and North America. Flipkart informed it has entered into a commercial partnership with the Adani Group to strengthen logistics and data centre capabilities of the Walmart-owned company and create about 2,500 direct jobs. Microsoft is reportedly acquiring speech-recognition company Nuance Communications for nearly USD 16 billion and the deal could be announced (US time), the media reported. Finance Minister Nirmala Sitharaman and President World Bank Group David Malpass met through virtual mode.