www.oliveboard.in Table of Contents Banking .............................................................................................................................................. 3 Insurance .......................................................................................................................................... 7 Economy ............................................................................................................................................ 7 State ..................................................................................................................................................... 8 National ............................................................................................................................................ 10 International ................................................................................................................................. 13 India & world ................................................................................................................................ 15 Appointments & Resignations ............................................................................................ 18 Ranks & Reports ......................................................................................................................... 20 Important days ............................................................................................................................ 22 Sports ................................................................................................................................................ 25 Awards .............................................................................................................................................. 26 Obituaries ....................................................................................................................................... 28 Schemes........................................................................................................................................... 29 Person in News ............................................................................................................................ 30 Summits & Conference ........................................................................................................... 31 Defence ............................................................................................................................................ 33 Agreements ................................................................................................................................... 34 Books & Authors ......................................................................................................................... 36 Science & Technology .............................................................................................................. 37 Environment .................................................................................................................................. 37 Apps & Portals ............................................................................................................................. 38 Acquisitions & Mergers ........................................................................................................... 39 www.oliveboard.in www.oliveboard.in Banking ❖ Reserve Bank of India reduced repo rate by 25 bps to 5.75% for third time in a row. RBI cuts GDP growth forecast to 7 % from 7.2 % for FY20. ❖ RBI governor Viral V Acharya has resigned. NS Viswanathan (Deputy Governor) got one-year extension. ❖ RBI observed the Financial Literacy Week on the theme of ‘Farmers’ and how they benefit by being a part of the formal banking system. ❖ IT major TCS will implement RBI's centralised information and management system (CIMS) for seamless data collection and validations at a cost of ₹310.52 crore. ❖ RBI has allowed a one-time restructuring of debt up to ₹ 25 Cr. The restructuring has to be implemented by March 31, 2020. ❖ The 8-member UK Sinha committee suggested the creation of a Distressed Asset Fund with a corpus of ₹ 5000 Crore & Doubling the Collateral free loan limit to ₹ 20 Lakh. ❖ Ministry of MSME established an Export Promotion Cell which sets the target of USD 100 billion of exports from India by 2020. ❖ RBI expert committee recommended a government-sponsored Fund of Funds (FoF) of Rs 10,000 crore to support VC or PE firms investing in the MSME sector. ❖ RBI raised the limit of collateral-free agricultural loans to ₹1.6 lakh from the current ₹1 lakh with a view to help small and marginal farmers. ❖ Indian Banking Association requested banks to waive off the service charges for Kisan Credit Card/crop loans up to a limit of Rs 3 Lakhs. ❖ The government launched the ‘Pradhan Mantri Kisan Samman Nidhi Programme to provide direct income support at the rate of ₹ 6000/yr. ❖ RBI sets up a committee headed by VG Kannan to review ATM charges and fees. ❖ RBI relaxed norms for White Label ATM (WLA) operators & allowed them to buy wholesale cash directly from RBI. ❖ RBI released a vision document, 'Payment and Settlement Systems in India: Vision 2019 - 2021'. ❖ RBI removed charges for payments via Real Time Gross Settlement (RTGS) and National Electronics Funds Transfer (NEFT). ❖ Nandan Nilekani committee has submitted its report on Digital Payments. It recommended the target for additional growth of 10x in three years ❖ NPCI slashed usage fees for small transactions. For UPI transactions up to ₹1,000, the charge has been cut to 10 paise from 25 paise. ❖ RBI doubled the limit for banks to consider ₹2 crore and more as bulk deposits from the earlier ₹1 crore . ❖ The Cabinet approved Rs 6,000 Crore capital infusion for EXIM Bank. ❖ RBI came out with a new policy for overseas borrowings which allows the entities to raise foreign funding up to $750 million. ❖ RBI allows manufacturing companies to raise up to $ 50 million per financial year with a maturity period of 1 year. www.oliveboard.in www.oliveboard.in ❖ RBI mandated banks to disclose divergence when the additional provisioning for NPAs assessed by RBI exceeds 10%. ❖ RBI stated that the lenders must resolve NPA over Rs 2,000 crore within 180 days. ❖ GoI stated that the number of wilful defaulters has risen 60% in the 5 years up to FY19, but over ₹ 7600 Cr has been recovered from these defaulters. ❖ Karnataka Bank has launched the web tool ‘Vasool So-Ft’ for digitalizing the NPA recovery process of the bank. ❖ According to the RBI Report on Trend and Progress of Banking in India, number of complaints registered at banking ombudsman offices has increased to 25%. ❖ RBI launched the ombudsman scheme for digital payments to redress the grievances. It is working from 21 offices of the Banking Ombudsman. ❖ RBI notified that Non-banking financial companies with asset size of more than Rs 5,000 crore should appoint a chief risk officer. ❖ RBI launched the Complaint Management System for lodging complaints against banks & NBFCs. ❖ L&T Infrastructure Finance Company has become first NBFC to get $100 million loan from AIIB. ❖ State Bank of India has introduced a repo rate-linked home loan product. So, the home loan interest rate will work out to 8.40 %. ❖ SBI linked its interest rate on savings bank deposits with a balance above ₹1 lakh & short-term loans to RBI's repo rate. ❖ SBI has launched doorstep banking service for senior citizens over 70 years & differently abled customers. ❖ SBI launched card less ATM withdrawals with YONO Cash. It will be called YONO Cash Point. ❖ SBI and Hitachi Payment Services Pvt Ltd launched their merchant- acquiring joint venture, SBI Payment Services Pvt Ltd (SBIPSPL) in Mumbai. ❖ SBI announced ‘Green Car Loan’ scheme to encourage customers to buy electric vehicles. ❖ PAISALO Digital signed an agreement with SBI to empower the agriculture and MSME segment. ❖ SBI has signed MoU with Bank of China to enhance business synergies between both the banks. ❖ RBI has assigned lead bank responsibility to SBI for 2 new districts (Mulugu & Narayanpet) in Telangana & 1 district (Niwari) in Madhya Pradesh. ❖ SBI and National Investment and Infrastructure Fund (NIIF) inked a MoU to boost the availability of capital for infrastructure projects. ❖ According to the RBI data, the financial transactions done by the debit cards at POS terminals increased by 27% compared to Mar 2018. ❖ BharatPe has launched India’s first UPI BahiKhata (Digital Ledger) for merchants. ❖ Canara Bank has become the 1st public sector bank to shift to EMV chip & PIN for card transactions. www.oliveboard.in www.oliveboard.in ❖ Kotak Bank has become the first bank to levy charges on UPI transactions after its 30 UPI free transactions. ❖ Amazon has launched UPI payments in India partnering with Axis Bank to issue UPI IDs to its customers. ❖ ICICI Bank launched a centre in Bengaluru to provide business solutions to start-ups and MSME sector. ❖ A unit of Edelweiss Financial Services, ‘ECL Finance’ signed an agreement with Bank of Baroda to explore co-lending or co-origination of loans to small businesses. ❖ Maruti Suzuki has signed an MoU with Bank of Baroda to improve credit for its dealers and customers. ❖ ICICI bank has partnered with Fin Credit to provide loans up to ₹ 1 Crore for a tenure of 15 years. ❖ The Survey on Retail Payment Habits of Individuals launched by Reserve Bank of India to capture retail payment habits in 6 cities. ❖ YES bank has bagged the 9th edition of Aegis Graham Bell