Вы находитесь на странице: 1из 39
Current Affairs Sectionwise PDF 2019 Banking & Economy (Jan-Apr) Contents 2019 Banking & Economy –

Current Affairs Sectionwise PDF

2019 Banking & Economy (Jan-Apr)

Contents

2019

Banking & Economy – JANUARY

2

2019

Banking & Economy – FEBRUARY

12

2019

Banking & Economy – MARCH

18

2019

Banking & Economy – APRIL

27

AffairsCloud Recommends Oliveboard Mock Test

Current Affairs Sectionwise PDF 2019 Banking & Economy – JANUARY RBI in News 18 th

Current Affairs Sectionwise PDF

2019 Banking & Economy – JANUARY

RBI in News

18 th edition of India’s Fiscal Stability Report was released by RBI

On December 31, 2018, the central bank of India, Reserve Bank of India (RBI) released 18th Fiscal Stability Report of India. This report has been prepared by the Sub-Committee of the Financial Stability and Development Council (FSDC) on the risks to financial stability, the

strength of the financial system and the development and regulation of the financial sector.For a detailed read, refer the link given: Click Here. One-time relief to MSMEs allowed by restructuring debt up to Rs 25 crore by 31 st March 2020:

RBI

On January 2, 2019, Reserve Bank allowed a one-time restructuring of existing debt of up to 25 crore rupees to micro, small and medium enterprises (MSMEs) which are facing cash crunch in the wake of demonetisation and GST implementation.The restructuring has to be implemented by 31st of March 2020. RBI Forms Expert Panel On MSMEs under Ex-SEBI Chief UK Sinha

On 2 nd January 2019, the Reserve Bank set up an expert committee under former SEBI

chairman U K Sinha to suggest long-term solutions for the economic and financial sustainability of the MSME sector.The eight-member committee will also examine the factors affecting the timely and adequate availability of finance to the sector. RBI limits customer liability in fraudulent PPI transactions

On 4 th January 2019, the Reserve Bank of India (RBI) issued a notification for all authorised non-bank Prepaid Payment Instrument (PPI) Issuers in order to limit the liability of Customers in unauthorised electronic payment transactions in Prepaid Payment Instruments (PPIs) comprising mobile wallets, prepaid payments cards, and paper vouchers such as Sodexo. Nepal’s central bank asked RBI to declare new Indian currency notes legal in a written plea

On January 6, 2019, the Nepal Rastra Bank (NRB), Nepal’s central monetary authority, wrote to the Reserve Bank of India (RBI) to legalize Indian currency notes of denominations higher than Rs 100 in Nepal. RBI set up 5-member panel under Nandan Nilekani to boost digital payments

On January 8, 2019, the Reserve Bank of India constituted a 5-member high-level committee under Aadhaar architect Nandan Nilekani to suggest measures to strengthen the safety and security of digital payments in the country. IndiaMoneyMart Receives NBFC -P2P Certification from RBI

Reserve Bank of India (RBI) has granted NBFC – P2P (Non-Banking Financial Company – Peer to Peer) Certificate to IndiaMoneyMart and this certification will enable IndiaMoneyMart to expand operations and target loan disbursals worth INR 100 Crore by the end of financial year

2018-19.

RBI allows ‘tokenisation’ for more secure card transactions

On 08 th January 2019, the Reserve Bank of India has allowed tokenization of debit, credit and prepaid card transactions to enhance the safety of the digital payments ecosystem in the country. Gold Monetisation Scheme 2015 met with a few changes

On January 9, 2019, Reserve Bank of India (RBI) made a few changes in the Gold Monetisation Scheme (GMS) 2015. According to the changes, it included charitable institutions and the central government under the ambit of the scheme.It also allowed joint deposits of two or

2 | Page Copyright 2019 @ AffairsCloud.Com

Current Affairs Sectionwise PDF more eligible depositors in which deposit in such cases shall be

Current Affairs Sectionwise PDF

more eligible depositors in which deposit in such cases shall be credited to the joint deposit account. RBI-Govt to jointly relax PCA norms for some better-off lenders

On January 14, 2019, the finance ministry and the Reserve Bank of India will work towards

the prompt corrective action (PCA) framework for stressed banks.This would only be availed by those lenders that have shown considerable improvement in addressing bad loans. RBI injected 10,000 crore rupees into the system through the purchase of government securities

On January 16, 2019, the Reserve Bank of India announced that it will inject 10,000 crore rupees into the system to increase liquidity through open market operations (OMOs). RBI eased norms for external commercial borrowings by launching new Framework

On January 16, 2019, RBI announced the New External Commercial Borrowings (ECB) Framework to promote ease of doing business.According to the announcement, a few changes has been made. For more information: Click Here RBI fined Bank of Maharashtra with 1 Crore

On January 16, 2019,Reserve Bank of India (RBI),imposed a Rs 1-crore penalty on state- owned Bank of Maharashtra (BoM) for non-compliance of Know Your Customer (KYC)guidelines and fraud-classification norms.

RBI Initiates Industrial Outlook Survey (IOS) and Services and infrastructure Outlook Survey (SIOS)

On 21 st January 2019, The Reserve Bank of India has initiated two quarterly surveys named as Industrial Outlook Survey (IOS) and Services and Infrastructure Outlook Survey (SIOS) to examine the Indian Manufacturing, services and infrastructure sector and business situation for the quarter January-March 2019.

Loans issued by banks/others

Loan issued by

Received by

Amount

Points to be noted

Reserve bank of India

Sri lanka

USD 400

To boost the nation’s reserve.RBI has agreed to issue the fund under the SAARC(South Asian Association for Regional Cooperation) SWAP facility system.

million

Agreements/MoU’s Signed

Allahabad Bank, SBI Life join hand for bancassurance partnership

On 31 st December 2018, a ‘bancassurance’ pact was signed between State-owned Allahabad

Bank and SBI Life Insurance to sell the policies of the insurer from over 3,238 branches of the Allahabad Bank.The agreement is considered as one of the largest Bancassurance partnerships in the country. Bancassurance pact was signed between Syndicate Bank and SBI Life Insurance

On January 2, 2019, Syndicate Bank and SBI Life Insurance signed a bancassurance pact aiming to offer a comprehensive financial planning solution to its customers. UBI, Srei Equipment Finance enter pact for MSME sector finance

The United Bank of India (UBI) and Srei Equipment Finance have entered into an agreement for financing the Micro, Small and Medium enterprises (MSME) and agriculture sector.Under the agreement UBI plans to leverage the co-lending model to offer credit at blended interest rate of 11-12 per cent.

Current Affairs Sectionwise PDF Indian Army and PNB singed MOU for updated salary packages •

Current Affairs Sectionwise PDF

Indian Army and PNB singed MOU for updated salary packages

On January 8, 2019, Indian Army and Punjab National Bank (PNB) signed a Memorandum of Understanding (MoU) on the Defence Salary Package. Government of India and JICA signs Loan Agreements in New Delhi

On 18 th January 2019, Dr. C.S.Mohapatra, Additional Secretary, Department of Economic affairs, Government of India and Mr. Katsuo Matsumoto, Chief Representative, Japan International Cooperation Agency (JICA) signed the Loan Agreement under Japan’s Official Development Assistance Loan Program in New Delhi.

Other Important Banking & Finance News

Paytm Payments Bank to add new customers after 6 months

On January 1, 2019, Reserve Bank of India granted permission to Paytm Payment Bank to add new customers after it initially barred Paytm from opening bank accounts in June 2018. Govt infuses nearly Rs 11,000 cr capital in public sector banks

On 31 st December 2018, The government has infused 10,882 crore rupees in four public sector banks, including UCO Bank and Syndicate Bank.State-run lender UCO bank, formerly United Commercial Bank, announced that Government of India has infused Rs 3074 crore of capital into it by the way of preferential allotment. Complaints with bank ombudsman surge 25% in FY18

On December 31, 2018, 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% owing to increased awareness and poor internal redressal mechanisms of banks. For a detailed read, refer: Click Here. Bharti AXA Life uses WhatsApp to deliver policy, renewal premium

On 02nd January 2019, private sector insurer Bharti AXA Life Insurance started delivering policies and renewal premium receipt to customers via instant messaging platform WhatsApp as a part of its alternative service option to the policy holders.

HDFC MF surpassed ICICI Prudential MF to become largest AMC in India

On January 3, 2019, as per the latest data of Association of Mutual funds in India (AMFI), HDFC Mutual Fund has surpassed ICICI Prudential MF to become the country’s largest asset management company (AMC) after a gap of over two years. Cyber frauds in Indian banking sector hiked over 50% in FY18; it is one-third of the overall amount of frauds in India

On December 28, 2018, according to the Reserve Bank of India’s Report on Trend and Progress of Banking in India 2017-18, India witnessed a jump of 159 per cent to almost Rs.110 crore, from Rs.42.3 crore in 2017-18. This would address cybersecurity complaints from all regulated entities including Prepaid Payment Instruments (PPIs) and mobile banking interfaces.

ICICI Bank, Small Business FinCredit joined hands to provide loans worth Rs. 1 crore to MSMEs for 15-year tenure

On January 4, 2019, ICICI Bank, in a first-of-its-kind programme, signed a Memorandum of Understanding (MoU) with Small Business FinCredit India Pvt. Ltd. (SBFC), a systemically important Non-Banking Finance Company for entrepreneurs, to jointly provide credit worth up to Rs 1 crore to MSMEs for a tenure of 15 years. Regional Rural Banks-Punjab Gramin Bank, Malwa Gramin Bank and Sutlej Gramin Bank amalgamated into a single Bank

With the effect from 1 st January 2019, the three Regional Rural Banks (RRBs) – Punjab Gramin

Current Affairs Sectionwise PDF Bank, Malwa Gramin Bank and Sutlej Gramin Bank has been amalgamated

Current Affairs Sectionwise PDF

Bank, Malwa Gramin Bank and Sutlej Gramin Bank has been amalgamated into a single RRB by the Government. Government Revises Interest Rate on Time Deposit Small Savings Scheme

The Ministry of Finance, Government of India has revised the interest rates on select Time Deposit Small Saving Scheme for the quarter ending on 31 st March 2019. The Interest rates on one-year time deposit is hiked from 6.9% to 7% whereas the interest rate on three-year time deposit has been changed from 7.2% to 7%. IRDAI slapped a penalty of Rs 5 lakh on United India Insurance Co

On January 4, 2019, the Insurance Regulatory and Development Authority of India (IRDAI) slapped a penalty of Rs 5 lakh on United India Insurance Co for violating norms regarding settlement of motor claims. Jana Small Finance Bank Launches Current Account with Unique Auto-Sweep Facility

On 8 th January 2019, the private sector Jana Small Finance Bank has launched a new Current Account with Auto-Sweep facility that will enable bank’s existing and potential new customers to auto sweep-in and sweep-out the idle funds in the current account to Sweep Fixed Deposit and earn high interest. CAG report on the Fiscal Responsibility and Budget Management

On 8 th January 2019, The Comptroller and Auditor General of India (CAG) released a report on the “Fiscal Responsibility and Budget Management (FRBM)” reveals that the government should frame a policy on off- budget financing and sources of such funding in view of its fiscal implication. NABARD through its venture capital entity Nabventures Ltd will provide early stage capital to agriculture and rural enterprises

On January 8, 2019, Nabventures Ltd, the venture capital entity incorporated by NABARD under the Companies Act, will launch its maiden early stage capital fund offer to agriculture and rural enterprises.It would also promote various enterprises to create more sustainable employment. Fresh CLSS Subsidy of Rs 175.56 cr from NHB given

On January 8, 2019, National Housing Bank (NHB) gave fresh subsidy worth Rs 175.56 crore under Credit Linked Subsidy Scheme (CLSS) to housing finance company, Aadhar Housing finance. This will reduce their monthly payable instalments. IRCTC tied up with Bharti AXA General insurance company to offer free travel insurance for air travellers

On 9 th January 2019,IRCTC tied up with Bharti AXA General insurance company to provide free travel insurance to the air travellers. This insurance is applicable to only those who book ticket in the official website of air ticketing irctc,IRCTC Air – air.irctc.co.in.

Iran’s Pasargad Bank received RBI’s nod to open its branch in Mumbai

On January 8, 2019, the Union Road Minister Nitin Gadkari, on successful meeting with Iran’s Minister of Foreign Affairs Mohammad Javad Zarif, announced that Reserve Bank of India (RBI) has approved Iran’s Pasargad Bank to open branches in Mumbai for easing trade related transactions. Rs 3 crore penalty slapped on Citibank India

On January 11, 2019, the Reserve Bank of India (RBI), under the relevant provisions of the Banking Regulation Act, 1949, imposed a penalty of Rs 3 crore on Citibank India for non- compliance in criteria for directors of the bank.

Current Affairs Sectionwise PDF IDFC Bank re-named IDFC First Bank: Registrar of Companies, Chennai On

Current Affairs Sectionwise PDF

IDFC Bank re-named IDFC First Bank: Registrar of Companies, Chennai

On January 13, 2019, private sector lender IDFC Bank changed its name to IDFC First Bank Ltd owing to the merge of the bank with Non-Banking Finance Company (NBFC) Capital First on December 2018. The change was effective from January 12, 2019 by virtue of ‘Certificate of Incorporation pursuant to change of name‘ issued by the Registrar of Companies, Chennai. Sovereign gold bonds on sale at Rs 3,214 a gram during Jan 14-18,2019

On 12th January 2019, ministry of finance announced that a new series of sovereign gold bonds will be available at Rs 3,214 per gram from 14th January to 18 th January 2019.

A discount of Rs 50 per gram will be given to the Investors who apply online for the Sovereign Gold Bond Scheme 2018-19 – Series V. PSU banks to bring down govt equity to 52%

On January 16, 2019, Finance Ministry asked the public sector banks to bring down the

government’s equity to at least 52 per cent in the first phase to align with the best corporate practices. Banks led by SBI agreed to finance Nagpur-Mumbai Samruddhi Corridor

On January 17, 2019, the Maharashtra Chief Minister’s Office in Mumbai announced that SBI

along with others banks agreed to provide finance for Nagpur-Mumbai ‘Samruddhi Corridor’ expressway project.Among the consortium of banks, SBI will be providing the highest amount which is Rs. 8,500 crore. HDFC Standard Life Insurance renamed

On January 16, 2019, HDFC Standard Life Insurance renamed itself to HDFC Life Insurance.

Group insolvency: UK Sinha-headed working group to suggest suitable framework

Former Chairman of Securities and Exchange Board of India (SEBI), U.K. Sinha will head an 11- member working group constituted by the Insolvency and Bankruptcy board of India (IBBI) to study the concept of ‘Group Insolvency’ and suggest a suitable framework. Nepal ‘s Central bank announces to ban the use of Indian rupee notes above 100

On January 20, 2019,Nepal’s central bank has banned the use of Indian currency notes of Rs 2,000, Rs 500 and Rs 200 denominations, a move that could affect Indian tourists visiting the Himalayan nation where Indian currency is widely used. IBBI organised Insolvency and Bankruptcy Awareness Programme at Gujarat

On January 19, 2019,The Insolvency and Bankruptcy Board of India(IBBI) organised an Insolvency and Bankruptcy Awareness Programme at Vadodara, Gujarat. Anushree Jindal launches maiden biz venture Svamaan Financial Services

Anushree Jindal, daughter-in-law of JSW Group Chairman Sajjan Jindal has launched her maiden business venture –Svamaan Financial Services, a microfinance company with Rs. 10 Crore “Personal Family Money” as seed capital and RBI approved the application of Svamaan Financial Services as an RBI Registered Non-Banking Financial Company – Micro Finance Institution (NBFC – MFI). Health research money increased by Rs 147 crore in India

On January 23,2019, G-Finder a project tracked on global investments into research and development (R&D) for neglected diseases by Indian Council of Medical Research was (ICMR) increased by Rs 147 crore. India attained 4 th position,US become the largest funder,on research and development.

Current Affairs Sectionwise PDF IRDAI sets panel headed by Praveen Kutumbe to identify systematically important

Current Affairs Sectionwise PDF

IRDAI sets panel headed by Praveen Kutumbe to identify systematically important insurers

A panel is all set by Insurance Regulatory Development Authority of India (IRDAI) headed by Praveen Kutumbe,to identify domestically systematically important insurers (SIIs) and an augmented regulatory framework is logically established in this regard. SBI Card & Etihad Guest tie-up to launch premium card for international travel

On 24th January 2019,SBI Card, the country’s second largest credit card issuer and Etihad

Guest, the loyalty programme of Etihad Airways have weld their hand together for a specific visa credit card to come into play for members and Indian travellers. The card will be available in two variants, Etihad Guest SBI Card and Etihad Guest SBI Premier Card. IndiaFirst Life Insurance buys stake in CSC e-Governance services

On 28 th January 2019 Life insurance firm IndiaFirst buys 9% stake in CSC e-Governance services India Limited. This stake purchase demonstrates bringing personal risk protection to all sections of the society in the four year association with Common Services Centre (CSC). UAE, Saudi Central banks launch common digital currency called ‘Aber’

On 26th January 2019, Central banks of UAE and Saudi Arabia launched common digital currency called ‘Aber ‘. UAE central bank will establish an additional means for the central financial transfer systems of the two countries and enable bankers to directly deal with each other.It was announced during their Executive Committee’s First Meeting,which held in Abu Dhabi. India to grow by 7.5% in 2019; Settled GST, credit flows had a positive effect

On December 31, 2018, in its report titled ‘Growth Outlook for 2019’, Confederation of Indian Industry (CII) stated that India will remain the fastest growing major economy with GDP growth estimated to be 7.5% in FY19. France introduced GAFA tax on global internet,technology firms

From 1 st January 2019, France introduced a new “GAFA tax” named after the large internet and technology companies Google, Apple, Facebook and Amazon to ensure the global giants pay a fair share of taxes on their massive businesses in Europe. Minimum Support Price for 17 new items of Minor Forest Produce introduced on recommendations of Pricing Cell, TRIFED ; Ministry of Tribal Affairs

On December 27, 2018, the Government introduced the Minimum Support Price (MSP) for 17 items of Minor Forest Produce (MFP) items after revising 23 items.These changes have been done under the recommendations of the MFP Pricing Cell constituted by the Tribal Cooperative Marketing Development Federation of India Ltd. (TRIFED). Govt may impose anti-dumping duty on Chinese synthetic rubber

The Ministry of Commerce and Industry, Government of India, is mulling to impose anti- dumping duty for 18 months on a Chinese synthetic rubber ‘fluoroelastomers’ used in automobile and other industries in order to minimize the impact of dumped imports. India cuts duty on refined, crude palm oil from ASEAN to 40 and 45 percent respectively

On December 31, 2018, the ministry of finance announced that the government has cut import duties on crude and refined palm oil from Southeast Asian countries or ASEAN countries.This move was taken under the India-ASEAN Free Trade Agreement and Malaysia under the India- Malaysia Comprehensive Economic Cooperation Agreement (IMCECA). India will not impose anti-dumping duty on coated paper imported from China, EU, US

On January 3, 2019, after the conclusion of its anti-dumping probe, the Directorate General of Trade Remedies (DGTR), under Commerce Ministry suggested that India will not impose anti- dumping duty on coated paper from China, European Union and the US.The probe conducted by the DGTR.

7 | Page Copyright 2019 @ AffairsCloud.Com

Current Affairs Sectionwise PDF Defence industries received Rs 1.21 cr FDI during 2014-18: Commerce Min

Current Affairs Sectionwise PDF

Defence industries received Rs 1.21 cr FDI during 2014-18: Commerce Min

On January 2, 2019, Minister of State for Commerce and Industry C R Chaudhary announced that India’s defence sector received Rs 1.21 crore (Rs 12,146,180 ) foreign direct investment during 2014-18. First LNG import terminal of IOC commissioned in Ennore, Tamil Nadu

On January 2, 2019, Indian Oil Corp (IOC), the nation’s biggest oil firm, announced commission

of its first Rs 5,151-crore worth Liquefied Natural Gas (LNG) import terminal in Ennore, Tamil Nadu. 7 Oil PSUs signed to set up centre of excellence

On January 2, 2019, IIT Bombay and 7 public sector oil companies inked a memorandum of understanding (MoU) for setting up Centre of Excellence in Oil, Gas and Energy. SEBI allows custodial services in commodity market, paves way for MF entry

On 1 st January 2019, Securities and Exchange Board of India (SEBI), the market regulator has allowed custodial services in the commodity derivatives market enabling participation of institutional investors, including mutual funds, in the segment. Govt exempts rupee payments for Iran oil from taxes

On January 2, 2019, the finance ministry in it’s notification exempted rupee payments to the National Iranian Oil Company (NIOC) that it gets from Indian refiners, from a withholding tax. Vijay Mallya first person to be named ‘fugitive economic offender’, under ED’s plea

On January 4, 2019, Vijay Mallya became the first person to be declared a ‘fugitive economic offender’ under Section 12 of the Fugitive Economic Offenders’ Act, 2018 by a special Prevention of Money Laundering Act (PMLA) Court in Mumbai. SoftBank renames early venture arm with focus on Asia

On 2 nd January 2019, SoftBank Ventures Korea, the early-stage investment vehicle of Japanese internet conglomerate SoftBank Group, has renamed itself SoftBank Ventures Asia and will focus on finding artificial intelligence-related startups globally, with an emphasis on Asia. GST panel headed by Dy. CM of Bihar approved Kerala levying 1% calamity cess for 2 yrs

On January 7, 2019, the Group of States’ Finance Ministers (GoFM) led by Deputy Chief Minister of Bihar, Sushil Kumar Modi approved levy of 1%‘calamity cess’ by Kerala for a period of two years to fund rehabilitation work in the state of Kerala. It will recommend the same to the GST council meeting which will be held in January 10, 2019.

AAI banned single-use plastic items at 16 out of 34 airports in the first phase of the implementation

On January 7, 2019, Airport Authority of India (AAI) banned single-use plastic items at 16 airports. The first batch of 16 airports was selected on the basis of third-party assessment carried out by Quality Council of India.Furthermore, Quality Council of India will assess/check the implementation of the ban of single-use plastic items at 34 airports handling 10 lakh passengers per annum. NHAI collaborate with Oil Marketing Companies for issuance of FASTags

On 7th january 2019, Indian Highways Management Company Ltd. (IHMCL), a company promoted by NHAI, has signed MOUs with state-run Oil Marketing Companies (IOCL, BPC, and HPC). It will ensure availability of FASTags at petroleum outlets across India. New national policy for domestic workers being drafted, about 40 lakh to benefit

On January 7, 2019, labour minister Santosh Gangwar announced that the ministry of labour & employment will formulate a National Policy on Domestic Workers to give recognition to them

Current Affairs Sectionwise PDF and to make them eligible for minimum wages, social security and

Current Affairs Sectionwise PDF

and to make them eligible for minimum wages, social security and safe working conditions. This has been worked on by the ministry for over past three years.

Business & Economy News

India’s GDP expected to grow at 7.3% in 2018-19

On 9 th January 2019, World Bank projected India’ GDP, expected to grow at 7.3% in the fiscal year 2018-19, and 7.5% in the following two years. The Bank said India will continue to be the

fastest growing major economy in the world. In India, the growth has accelerated, driven by an upswing in consumption, and investment growth has firmed as the effects of temporary factors wane, the World Bank said in its latest report. India is set to become world’s third largest consumer market after US and China in 2030

On 9 th January 2019, a report by World Economic Forum today said that India is set to become the world’s third largest consumer market behind only USA and China by 2030.The report titled “Future of Consumption in Fast- Growth Consumer Market- India” also noted growth of the middle class will lift nearly 25 million household out of poverty. India’s GDP set to eclipse US’ by 2030

On 08 th January 2019, Standard Chartered released its long term forcast which states that India will surpass the U.S to become the world’s second largest economy

by 2030 while China will be at First Position.China will become the largest economy by 2020. I&B Ministry Hikes Advertisment Rates For Print Media By 25%

On 8 th January 2019,Ministry of informaion and broadcasting decided to increase the advertisment rates by 25% to the small and medium sized newspaper agencies.This new price is valid upto three years. Trishna Gas Project of ONGC in Trishna Wildlife Sanctuary approved by National Wildlife Board

On January 12, 2019, the National Wildlife Board after receiving recommendations from the state Wildlife Board, approved extraction of natural gas from Trishna Wildlife Sanctuary by state-owned ONGC Tripura Asset.Under the project, 10-12 gas bearing wells had been

discovered by ONGC Tripura Asset. Consumer retail inflation fell 18-month-low to 2.19% in December 2018

On January 14, 2019, according to an official release by Central Statistics Office (CSO), citing cooling food and fuel prices as the reasons, it stated that wholesale and retail inflation reduced to a multi month low with CPI falling to an 18-month low in December,2018. India’s headline inflation rate based on the consumer price index (combined) reduced to an 18-month low of 2.19% in December, down from 2.33% in November, 2018. India to buy $5 billion oil, gas from US & spend $18 billion in defence

On 16th January 2019, India has decided to purchase $5 billion worth of oil and gas from the US per annum and $18 billion worth for defence equipment. India-US bilateral trade has increased from $119 billion to $140 billion in past two years. SEBI issues draft norms for commodity indices

On 16th January 2019, Securities and Exchange Board of India (SEBI) issued drafts norm for commodity indices allowing trading in commodity-index-based futures.Earlier only individual commodity futures and options on it were allowed. Only contracts that are compliant with certain conditions would be allowed to be part of the indices.

Current Affairs Sectionwise PDF SEBI issued norms for mutual fund investments in derivatives • On

Current Affairs Sectionwise PDF

SEBI issued norms for mutual fund investments in derivatives

On January 16, 2019, Markets regulator SEBI allowed mutual fund schemes (except Index Funds and ETFs) to write call options only under a covered call strategy for constituent stocks of Nifty 50 and Sensex indices. GDP growth likely to be tad higher at 7.5% in FY20: India Ratings and Research

On 17th January 2019, a Fitch group company India ratings and research estimated that India’s GDP growth to be a “tad higher” at 7.5% in financial year 2019-20. Earlier it was 7.2% during fiscal year 2018-19. BHEL and LIBCOIN to Build India’s First Lithium Ion Giga Factory

On 18 th January 2019, Government announced that Bharat Heavy Electricals Limited (BHEL) and Libcoin are in dialogue to form a world class consortium to initially build the

first lithium Ion battery plant in India. The Initial capacity of the plant will be 1GWh and it will be scaled up to 30 GWh in due course. Centre to make Euro 6 mandatory for initial launch from April 1, 2020

On 18 th January 2019 Government has taken decision to make Euro 6 Emission standards necessary for the initial launch of vehicles from 1 April 2020. Union Minister for Transport Nitin Gadkari made the announcement while addressing Symposium of

International Automotive Technology 2019 in Pune. Outbreak Readiness and Business impact released by WEF

The World Economic Forum released “The Outbreak Readiness and Business impact white paper” in collaboration with the Harvard Global Health Institute. As per report, the Pandemics will cause annual economic losses of 0.7 per cent of global GDP. Dell Launches India’s First PolicyHack for Teachers

On January 18 2019, Dell, as a part of its three-city PolicyHack series, hosted an interactive hackathon, where teachers focused on their learning journey in New Delhi. Dell has ALSO partnered with the UNESCO, Mahatma Gandhi Institute of Education for Peace and Sustainable Development (MGIEP) and Ignus. India to knock Down UK In Largest Economy Rankings:PwC

On January 20, 2019,According to British consultancy multinational PwC,India surpassed the UK in the 2019 rankings of world’s largest economies to become the World’s Fifth Largest Economy.GDP growth of India in 2019 is 7.6 per cent whereas 1.6 per cent for the UK, and 1.7 per cent for France.

States’ fiscal deficit to breach target, may go up to 3.2% in FY20: India Ratings

According to a report released by India Rating, India’s fiscal deficit may go up to 3.2 per cent in Financial Year 2020 due to populist schemes like farm loan waivers and other financial support schemes which may be announced before the forthcoming general elections. Bihar State GDP Growth outshines nation’s growth: CRISIL

As per a report published by CRISIL (Credit Rating Information Services of India Limited), Bihar has been ranked the Top State in terms of Gross State Domestic Product (GSDP) by clocking a growth rate of 11.3 per cent in financial year 2017-2018. India 4th Most Attractive Investment Market for Global CEO’s: PwC Survey

On 21st January 2019, India became 4 th most attractive investment market for global CEO’s as per PwC Survey conducted over more than 1300 CEOs in 91 countries. The report was released on the first day of the World Economic Forum (WEF) annual meeting held in Davos, Switzerland.

Current Affairs Sectionwise PDF GST exemption limit doubled to give relief to small businesses •

Current Affairs Sectionwise PDF

GST exemption limit doubled to give relief to small businesses

On 10 th January, Finance Minister Arun Jaitley raised the annual turnover for availing composition scheme to Rs 1.5 crore from Rs 1 crore effective from April 1, 2019 to provide relief to small businesses under Goods and Services (GST) regime. India Manufacturing Barometer 2019 Report: Released by Federation of Indian Chamber of Commerce and Industry (FICCI) in association with PwC

The global consulting firm PwC and industry body Federation of Indian Chambers of Commerce and Industry (FICCI) held a new survey of manufacturers and released a report titled “The India Manufacturing Barometer 2019”.The report projected that India’s economy is expected to grow anywhere between 7.3 – 7.7 per cent.

US launches new innovation initiative at Raisina Dialogue, 2019

On 11th January 2019, the Global Innovation Policy Center (GIPC) of United States Chamber of Commerce launched a new innovation strategy at Raisina Dialogue, 2019 in New Delhi. The Initiative is titled as “Fair Value for Innovation”.Theme:“A World Reorder: New Geometries; Fluid Partnerships; Uncertain Outcomes”. Indian economy may grow 7.4% in FY19, 7.6% in FY20

On 23 rd January 2019, the United Nations released the World Economic Situation and Prospects (WESP) report which projected India’s gross domestic product (GDP) to grow at 7.4 per cent during 2018-19 and improve to 7.6 per cent in the next fiscal. Besides the report

projected that the gross domestic product (GDP) of India in 2020-21 will grow at 7.4 per cent. United Nations released World Economic Situation and Prospects 2019 report

On 21 st January 2019, the United Nations released the World Economic Situation and Prospects 2019 (WESP) report which projected the Global growth to remain at 3.0 per cent in 2019 and 2020. The report was produced by the UN Department of Economic and Social Affairs

(UN/DESA), the UN Conference on Trade and Development

regional economic commissions((ECA), has available in UN/DESA website :

situation-and-prospects-2019. (UNCTAD) and the UN's five (ECE), (ECLAC), (ESCAP) and

(UNCTAD) and the UN's five

(ECE),

(ECLAC),

(ESCAP) and (ESCWA).The full report

BIS in Collaboration with IAF Releases New Standard for Bio-Jet Fuel

On 24 th January 2019, the Bureau of Indian Standards (BIS) in collaboration with Indian Air

Force (IAF) released a new standard for Aviation Turbine Fuels (ATF) which can be used as bio-jet fuel on all military and civilian aircraft. China to become world’s biggest retail market in 2019: Research firms eMarket

On 24th January 2019, Research firm eMarket predicted that China will become world’s biggest retail market in 2019. According to the report, the sale boom is a result of China’s rising incomes and thriving e-commerce. India to grow at 7-7.5% over next few years: PM’s Economic Advisory Council

On 25th January 2019, Economic Advisory Council of Prime Minister (EAC-PM) headed by NITI

Aayog Member Bibek Debroy said in a report that India will continue to grow in the 7 to 7.5 percent range in the next few years despite global and structural challenges. GST on Haj Reduced from to 5%

On January 29, 2019,Union Minister for Minority Affairs Mukhtar Abbas Naqvi annouced that GST on Haj has been reduced from 18% to 5% and this will reduce the airfare spend on Haj pilgrims’ by Rs.113 crore in 2019.

Current Affairs Sectionwise PDF FDI grew 18% in FY18 to Rs. 28.25 lakh crore: RBI

Current Affairs Sectionwise PDF

FDI grew 18% in FY18 to Rs. 28.25 lakh crore: RBI data

On 28 th January 2019, Reserve Bank of India released a data on “Census on Foreign Liabilities and Assets of Indian Direct Investment Companies, 2017-18”which shows that the Foreign Direct Investment (FDI) has been increased by 18 per cent to Rs. 28.25 lakh crore. Anti-dumping duty imposed on Chinese chemical import

On January 27, 2019,The Government imposed an anti-dumping duty on a chemical imports from China,which is used in photography and manufacturing of dyes, for five years to protect domestic producers of the chemical intermediate from cheap shipments .

2019 Banking & Economy – FEBRUARY

RBI in News

RBI Lifted up the restrictions on BoI, Bank of Maharashtra, Oriental Bank of Commerce

The Reserve Bank of India eased out the operational curbs on three banks, Bank of India (BoI),Bank of Maharashtra (BoM) and Oriental Bank of Commerce (OBC) and also allowed them to have a exit from the Prompt Corrective Action ( PCA) framework fully. RBI penalized Rs 1 crore on State Bank of India

Reserve Bank of India has slapped Rs 1 crore penalty on SBI for not monitoring the end use of funds in respect of one of its borrowers, by exercising its powers under Section 47 A of the Banking Regulation Act, 1949. 6th Bi-Monthly Monetary Policy Released By Reserve Bank Of India (RBI)

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 limit on collateral-free agriculture loans is increased to Rs. 1.6 lakh by RBI

RBI has announced to increase the limit on collateral-free agriculture loans to Rs.1.6 lakh from Rs.1 lakh. It will help to boost liquidity particularly among small and marginal farmers in the farming sectors. RBI penalized a total of Rs.5.2 Crore on Axis Bank, UCO Bank and Syndicate Bank for violation of norms

Axis Bank, UCO Bank and Syndicate Bank are penalized with Rs 2.2 crore, Rs 2 crore and Rs 1 crore respectively by RBI Bank for violating the guidelines in regulatory compliance. RBI MSME package to help recast 1 lakh crore loan for 700k accounts

RBI restructuring package for small businesses will help recast Rs 1 lakh crore of loans to 7 lakh MSME s account holders.

RBI Doubles the limit of bulk deposits from Rs. 1 crore to Rs 2 Crore

Reserve Bank of India decided to treat deposits to over Rs.2 crore as "bulk" as they doubled the limit for the same from the earlier Rs.1crore. This move will enhance operational freedom of Banks. It was suggested by National Federation of Urban Cooperative Banks and Credit Societies Limited (NAFCUB). RBI slaps Rs 1.5 crore fine on Allahabad Bank for fraud reporting delay

Allahabad Bank said the Reserve Bank of India (RBI) has imposed a penalty of Rs 1.5 crore on them for not monitoring end use of funds, delay in classification and reporting of fraud and non-adherence with RBI guidelines during restructuring of accounts in respect of one of its borrowers.

Current Affairs Sectionwise PDF Yes Bank cleared of Divergence charges imposed by RBI • The

Current Affairs Sectionwise PDF

Yes Bank cleared of Divergence charges imposed by RBI

The Reserve Bank of India cleared Yes Bank of Divergence charges i.e. disparity in reporting bad loans and provisioning numbers for the year ended March 2018. RBI imposes penalties on Seven Banks for violating various norms

The Reserve Bank of India (RBI) has penalised seven banks for not including public and private sector banks for not complying with various norms. The banks are HDFC Bank, Kotak Mahindra Band, IDBI Bank, Allahabad Bank, Andhra Bank, Indian Overseas bank and Bank of Maharashtra. FPI investment cap on corporate bonds lifted by RBI

Reserve Bank of India lifted the limit on Corporate bonds. RBI withdrew 20% limit on

investment by Foreign Portfolio Investors (FPIs) in corporate bonds of an entity. The move will encourage more foreign investors to invest in corporate bonds in the country. A Penalty of Rs 3.5 crore imposed on PNB, OBC and Bank of India by RBI

The Reserve Bank of India (RBI) imposed monetary penalty on three Public Sector Undertaking (PSU) banks due to deficiencies in regulatory compliance with the directions issued by RBI on monitoring end use of funds, information exchange with other banks and on restructuring of accounts. RBI approved transfer of Rs 28,000 crore as interim dividend to the Government of India

The Reserve Bank of India (RBI) decided to transfer Rs. 28,000 crore as interim dividend to the

Government of India in the current Financial Year (FY) 2018-19, in order to enable the Centre to meet its revised fiscal deficit target of 3.4% of the GDP for FY19.Now, GoI have Rs 68,000 crore as dividend for the 2018-19 fiscal, as Rs 40,000 crore dividend was transferred to govt in August 2018. RBI bundles NBFCs into a single type to offer operational flexibility

Reserve Bank of India (RBI), in accordance with an announcement made during the last bi- monthly policy, decided to create a single category for the NBFCs (non-banking financial companies) by bundling their present three-tier structure. It was also decided that exposures

to all NBFCs, excluding core investment companies, will be risk weighted as per credit ratings. RBI formalised USD 75-billion swap pact with Bank of Japan

The Reserve Bank of India (RBI) and the Bank of Japan formalised the USD 75- billion swap agreement, which would act as a cushion against any sharp swings in the local currency whenever the international financial markets turn volatile. RBI extends KYC deadline for digital wallets by six months

The Reserve Bank of India extended the deadline for prepaid payment instrument (PPI) issuers to complete their Know Your Customer (KYC) norms by six months.

Loans issued by banks/others

Loan issued by

Received by

Amount

Points to be noted

World Bank

Himachal Pradesh,Govern ment of India

$40 million

For bringing clean and reliable drinking water to the citizens of Greater Shimla area

(4 crore

INR)

Agreements/MoU’s Signed

Bank

Signed with

Points to be noted

State Bank of India (SBI)

National Thermal Power Corporation (NTPC)

It was signed by NTPC’s General Manager (Finance), Masood A. Ansari, and Deputy

Current Affairs Sectionwise PDF     General Manager of SBI, Neelabh Sinha worth Rs. 5,000

Current Affairs Sectionwise PDF

   

General Manager of SBI, Neelabh Sinha worth Rs. 5,000 Crore

Bank of Singapore

Edelweiss

In order to form a strategic partnership

Syndicate Bank

Srei Equipment Finance

To provide equipment financing under co-lending arrangement for various equipment categories like construction, mining, material handling, commercial vehicles, medical and farm equipment.

IIFL Home Finance

Maharashtra government

For building affordable houses through credit- linked subsidy scheme (CLSS) under Pradhan Mantri Awas Yojana (PMAY).

Bank of Baroda

Germany’s KfW Development Bank

To refinance solar projects at a cost of 113 million USD. The tie-up is part of an Indo-German Solar Energy Partnership signed in 2015.

Other Important Banking & Finance News

Pallavan Grama Bank and Pandyan Grama Bank merged to form TN Grama Bank

Under the sponsorship of Indian Bank, two regional rural bank – Pallavan Grama Bank and

Pandyan Grama Bank will be amalgamated to form a single RRB i.e. Tamil Nadu Grama Bank in Tamil Nadu. The consolidation will be effective from April 1, 2019. IBA issued advisory to waive off various charges for Kisan Credit Card

Indian Banking Association (IBA) has recommended banks to exempt farmers from processing,

documentation, inspection, ledger folio charge and various service charges for Kisan Credit Card loans upto Rs. 3 Lakhs. Fino Payments Bank and Suryoday Small Finance Bank come together to offer sweep account facility

Fino Payments Bank (FPB) has joined hands with Suryoday Small Finance Bank (SSFB) in order

to initiate sweep account facility, enabling customer to transfer excess amount to SSFB account. Asian Development Bank raised $100 million in international market

The Asian Development Bank raised $100 million from peso-linked bonds in the international

market. It was their maiden issue of Philippine peso. Fiscal Deficit of April-December raised to 112% of FY19 budget target

India’s fiscal deficit has touched 112% of the FY19 Budget target of Rs. 6.24 lakh crore during the period of 9 months from April to December 2018. It is the gap between income and expenditure of the government. Ujjivan Small Finance Bank launches Kisan Suvidha loan product for small and marginal farmers

The ‘Kisan Suvidha loan’ for small and marginal farmers launched by Ujjivan Small Finance Bank. The scheme will attempt to reach the bottom of the pyramid with products and services.

Current Affairs Sectionwise PDF India’s export growth may diminish to 7.3% in FY19 • As

Current Affairs Sectionwise PDF

India’s export growth may diminish to 7.3% in FY19

As per a statement released by Government, India’s export may slow down to 7.3% in 2018-19 from earlier growth rate of 9.8% of 2017-18 due to poor growth of traditional exports like gems and jewellary, marine, farm and engineering. IRDAI imposes Rs 9 lakh fine on United India Insurance

Insurance Regulatory and Development Authority has imposed a fine of Rs 9 lakh on state- owned United India Insurance. It imposed a sum of Rs 5 lakh for violation of regulations and Rs 4 lakh for violations of circular and guidelines on rates and discounts. Centre has revised disclosure limit of Stock investment and Mutual funds

The government has revised an old cap on investment in the stock markets and mutual funds by Government Officials to 6 months of their basic pay. Forex reserves rises USD 2.06 billion

According to RBI’s report,country’s foreign exchange reserves increased by USD 2.063 billion to USD 400.24 billion. The data reveals that country’s reserve position with the IMF also increased by USD 11.2 million to USD 2.654 billion. J P Morgan became First US Bank with Cryptocurrency

JP Morgan rolled out as the first US bank with cryptocurrency. The change in opinion of JP Morgan is the first step in the program of making it more competitive. The currency is designed to be decentralized so that no one has control over transactions being sent over the network. Indianmoney.com Group acquired broking license to enter Insurance Business

Indianmoneyinsurance.com, a subsidiary of the Indianmoney.com Group has acquired a broking license from Insurance Regulatory and Development Authority of India (IRDAI) to enter Insurance Business.

Introductory “Trip Protector” policy launched by HDFC ERGO

The first-of-its kind ‘Trip Protector’ insurance policy was launched by HDFC ERGO General Insurance Company for non-life insurance segment in India.It is the third-largest non-life insurance provider in the private sector in India. Life Insurance Corporation (LIC) launched a new micro insurance plan ‘Micro Bachat’

A new micro insurance plan ‘Micro Bachat’ was launched by the Life Insurance Corporation

(LIC) of India. It provides coverage of up to 2 lakhs and is the first micro-insurance plan to do so. Draft guidelines for standard health product issued by IRDAI

Insurance Regulatory and Development Authority of India(IRDAI) had issued the draft guidelines for Standard Health Product.The Guidelines on Standard Health Product are issued under the provisions of Section 34 (1) (a) of Insurance Act, 1938. Capital Infusion of Rs. 48,239 Crore into 12 State-Run Banks

The Finance Ministry announced a capital infusion of Rs 48,239 crore in 12 public sector banks

(PSBs). This has been done to enable them to meet their regulatory capital requirements and to increase the availability of credit for stronger lenders. EPFO recommended to raise interest rate to 8.65% from 8.55%

Employees’ Provident Fund Organisation (EPFO) has recommended to increase the interest rate on Employees’ Provident Fund for 2018-19 to 8.65% from 8.55% benefitting 6 crore EPFO subscribers. Merger of Vijaya Bank and Dena Bank with BoB (Bank of Baroda) to be effective from April 1

According to a statement by Bank of Baroda, its merger with Vijaya Bank and Dena Bank shall come into force from 1st April 2019. This scheme has been named as ‘Amalgamation of Vijaya Bank and Dena Bank with Bank of Baroda Scheme, 2019’.

15 | Page Copyright 2019 @ AffairsCloud.Com

Current Affairs Sectionwise PDF Zimbabwe Starts Trading New Currency RTGS dollar • Zimbabwe’s central bank

Current Affairs Sectionwise PDF

Zimbabwe Starts Trading New Currency RTGS dollar

Zimbabwe’s central bank announced the discontinuation of its official currency; quasi-currency bond note officially pegged at parity with the U.S. dollar and launched a new currency called RTGS dollars, to resolve a long-term monetary crisis. The currency was launched at an initial rate of 2.5 RTGS dollars per US dollar. Rs 300 crore Women’s Livelihood Bond launched by World Bank, UN and SIDBI

World Bank, United Nations Entity for Gender Equality and the Empowerment of Women (UN Women), and Small Industries Development Bank of India (SIDBI) launched new social impact bonds exclusively for women, called Women’s Livelihood Bonds (WLBs), with an initial corpus of Rs 300 crore to provide funds at an annual interest rate of around 13% to 14% annual interest rate of around 13% to 14%. Corporation bank, Allahabad Bank and Dhanlaxmi bank are out of PCA framework

The Board for Financial Supervision (BFS) of the Reserve Bank of India has removed 2 public sector banks- Corporation Bank and Allahabad Bank and 1 private sector bank – Dhanlaxmi Bank from PCA (Prompt Corrective Action) framework.

Business & Economy News

GROWTH RATE:

Organization

Year

Rate

Central Statistical Office (CSO)

2019

7.2% from earlier estimate of

6.7%.

Finance ministry

2019-20

7.5 per cent

Himachal’s growth rate projected at 7.3% in current financial year

Economic Survey Report for 2018-19 has projected the growth rate in Himachal Pradesh to be around 7.3% for the current financial year, 2018-19, while the per capita income is estimated at Rs 1,76,968. Economic growth was 6.5% in the last fiscal, highest in last 3 years. FMCG sector to clock double digit growth

As per Nielsen study the Fast Moving Consumer Goods (FMCG) industry is likely to grow between 11% and 12% in 2019 which is a little lower than 13.8% in 2018. India gets its 4 Chinook heavy lift helicopters from US

On the lines of Indo-US $2.5 billion deal in 2015, stating the purchase of 22 Apaches and 15 Chinook helicopters for IAF, India received a batch of first four, Boeing Co’s, CH-47F Chinook military helicopters, from US which arrived at the Mundra Port in Gujarat. Government panel recommended reducing GST on under-construction flats from 12% to 5%

Government panel headed by Nitin Patel, recommended lowering GST on under-construction residential properties to 5%. The GST rate for under-construction flats earlier was 12%. NITI Aayog signs SoI with MSDF to document Systematic Transformation in Education

A Statement of Intent (SoI) was signed between the NITI Aayog and the Michael & Susan Dell Foundation (MSDF) to codify, document and share best practices to improve learning outcomes in public school education through systematic reforms, based on their collective experiences of working with various State Governments. India signed a deal with US to procure 72,400 Assault Rifles

The Indian Government has signed a deal with the US under Fast Track Procurement (FTP) to avail the Indian Army with 72,400 new ‘Sig Sauer Assault Rifles’ which will overhaul the army’s inventory of frontline rifles.

Current Affairs Sectionwise PDF Govt lowers import duty on parts and components of electric vehicles

Current Affairs Sectionwise PDF

Govt lowers import duty on parts and components of electric vehicles to 10-15%

The Government reduced the import duty on parts and components of electric vehicles to 10- 15 per cent from 15-30 per cent in order to promote domestic assembling of electric vehicles. The new rates will come into effect from 30th January 2019. NBHC releases kharif crop estimates for the year 2018-19

National Bulk Handling Corporation (NBHC), released Kharif Crop estimation for the year

2018-2019, stating, pulses production projection to be dropped to 9.10 million tonnes. INSTEX: Iran Trade Promotion Plan

In order to save Iran from the US (United States) sanctions, Project INSTEX (Instrument in Support of Trade Exercises) was launched by the governments of United Kingdom, France and Germany. New set of E-commerce Policy rules comes into effect

The new E-commerce Policy has comes into effect which was notified in December 2018 by

Department for Promotion of Industry and Internal Trade (DPIIT) headed by the ministry of Commerce and Industry. Government raised Rs.10000 crore from Bharat-22 ETF offering

Government of India gets Rs.10000 crore from Bharat-22 Exchange Traded Fund (ETF) by additional offering. The government has absorbed approximately Rs.46000 crore by way of

disinvestment with the successful offering of Bharat-22 ETF. Centre has increased Minimum Selling Price of Sugar by Rs 2/kg

Worried over mounting sugarcane arrears, summing up to nearly Rs 20,000 crore at the end of January, the government on 14th February 2019 increased the minimum selling price of sugar by Rs 2 per kg, from Rs 29 to Rs 31 to facilitate millers in timely payment of dues of the sugarcane growers. NPA under Mudra Yojana stands at Rs 7,277 crore

The Parliament was informed by the government that loans by PSBs (Public Sector Banks) amounting to Rs 7,277.31crore under Pradhan Mantri Mudra Yojana (PMMY) had turned into

non-performing assets(NPAs) by the end of March 2018. India boosts Customs Duty to 200% on goods imported from Pakistan

India, with immediate effect has boosted the Customs Duty on all the goods imported from Pakistan to 200%,has followed day after India repealed Most Famous Nation (MFN) status from Pakistan. A deal of USD 1.5 billion signed by IOC to buy US crude oil

Indian Oil Corporation (IOC), has signed its very first annual deal to buy U.S. crude oil, paying USD 1.5 billion for 60,000 barrels a day beginning April 2019 to March 2020 to diversify its crude sources. FDI reduced by 7% to USD 33.49 bn during Apr-Dec 2018-19

According to the Ministry of Commerce and Industry, Foreign direct investment (FDI) into India fell by 7% to USD 33.49 billion during April-December in the current fiscal as Foreign Fund Inflows during this period stood at USD 35.94 billion. HAL places order with Thales for 2.75-inch rocket launchers to equip Indian armed forces

HAL (Hindustan Aeronautics Limited) has signed a contract with Thales, a French aerospace and defence company for supplying “135 2.75-inch (70-mm) rocket launchers, to improve the tactical capabilities of the Indian armed forces. Government released draft e-commerce policy

Department for Promotion of Industry and Internal Trade (DPIIT) released a new 41-page "Draft National e-Commerce Policy-India’s Data for India’s Development" that provides setting

17 | Page Copyright 2019 @ AffairsCloud.Com

Current Affairs Sectionwise PDF up a legal and technological framework for restrictions on cross-border data

Current Affairs Sectionwise PDF

up a legal and technological framework for restrictions on cross-border data flow.

Iran buys Indian raw sugar for the first time in five years

For the first time in 5 years, Indian traders will export raw sugar to Iran. It’ll be exported in March and April. The delivery is happening after so many years owing to Iran’s struggles to secure food supplies due to sanctions imposed by the United States. Government relaxes Angel Tax norms for start-ups

Under the IT Act, Section 56 (2) (viib) money invested by angels in a company is treated as income from other sources. Exemption under Section 56 (2) (viib) for startup recognized by the DPIIT is as follows:

Investments by listed companies with a net worth of Rs 100 crore or turnover of Rs 250 crore will be exempted up to Rs 25 crore.

Investments of up to Rs 25 crore in eligible startups by Non-Residents, and Alternate Investment Funds – Category I will also be exempt under Section 56 (2) (viib) of the Income Tax Act.

2019 Banking & Economy – MARCH

RBI in News

RBI notifies 2% interest subsidy through “Interest subvention scheme” for short-term crop loans

The Reserve Bank of India notified a 2% interest subvention or Subsidy for short-term crop loans upto Rs.3 lakhs for farmers at an interest rate of 7% during 2018-19 and 2019-20. For those farmers who are repaying loans promptly will get an additional 2% interest subvention under the scheme. RBI relax rules for White – label ATM providers

The Reserve Bank of India has eased business guidelines for white label ATMs by allowing companies that manage these machines to source cash directly from the central bank. RBI allowed White Label ATM Operators (WLAO) to offer bill payment and deposit services depending on the technical feasibility of the device as determined by NPCI. Norms for trade credit relaxed by RBI

RBI announced the modified revised framework for Trade Credit Policy. The norms for imports

of capital and non-capital goods were relaxed by the Reserve Bank of India (RBI), by raising the trade credit limit to $150 million under the automatic route. Fresh Liquidity Infusion Through Forex Swaps announced by RBI

The Reserve Bank of India (RBI) has decided to use a new tool for the first time to enhance liquidity in the system using which it will buy $5 billion from the banks in a swap deal that is capable of injecting around Rs. 35,000 crores into the system. IDBI Bank categorized as Private Sector Lender by RBI

The Reserve Bank of India categorized IDBI Bank as a Private Sector Bank following Life Insurance Corporation of India (LIC) has acquired acquiring 51 per cent of the total paid-up equity share capital of the bank. RBI: No dilution on February 12 circular over stressed assets

Reserve Bank of India maintained that there is no dilution in its stand regarding February 12 circular on stressed assets recognition and resolution. The circular directed lenders to refer any loan account more than Rs 2,000 crore under the Insolvency and Bankruptcy Code (IBC) if

Current Affairs Sectionwise PDF the loan amount is not resolved within 180 days of default.

Current Affairs Sectionwise PDF

the loan amount is not resolved within 180 days of default. Also it underscored IBC’s status as the cornerstone of the bad loan resolution framework, scrapping all previous mechanisms. RBI issues guidelines to prevent market abuse

The Reserve Bank of India has declared some guidelines to stop misuse of price-sensitive

information by the participants in markets for financial instruments. market participants indulging in any such activity are liable to be denied access to markets in one or more instruments for a period that may not exceed one month at a time. SBI, ICICI and HDFC named as Systemically Important Banks by RBI

Reserve Bank of India named State Bank of India, ICICI Bank and HDFC Bank as Domestic

Systemically Important Banks (D-SIBs). The banks which are too big to fail are named by the RBI. These banks are required to set aside more capital for their continued operation as per the norms by April 1. A new Ways and Means limits for the state governments has been fixed by Reserve Bank of India

Reserve Bank of India proposed to replace the previous expenditure-based system with a rule- based approach in fixing new Ways and Means limits for the state governments and set up a panel to recommend the parameters of the new system. RBI limits HDFC to hold more than 9.9% stake in Bandhan Bank

The Reserve Bank of India (RBI) has prohibited India’s largest mortgage lender HDFC from owning more than the regulatory limit in Bandhan Bank. HDFC can hold 9.9% in the bank which is the maximum a non-banking finance company can own in a private bank. Implementation of Indian Accounting Standards deferred by RBI

Reserve Bank of India postponed the implementation of the Indian Accounting Standards (Ind AS) by banks until further notice for the reason of requisite legislative amendments, which are still under consideration of the government. Ind-AS are the norms which are required to be implemented for Scheduled Commercial Banks (SCBs), excluding Regional Rural Banks (RRBs). RBI slaps Rs 2 crore penalty on PNB for violation of SWIFT norms

The Reserve Bank of India slapped Rs.2 crore as penalty for non-compliance of regulatory directions regarding SWIFT operations in Punjab National Bank. The misuse of SWIFT messaging software has lead to the massive Rs.14000 Cr fraud in the PNB which attracted the penalty. RBI got a huge response for its rupee-dollar swap auction to ease liquidity

Reserve Bank of India received a huge response for introducing a $5-billion swap facility for the banks to facilitate permanent liquidity support. Banks offered $16.31 billion at the auction against the notified amount of $5 billion for the rupee-dollar swaps and out of this $16.31 billion received via 240 offers by market participants, the RBI accepted $5.02 billion via 89 offers.

Loans issued by banks/others

Loan issued by

Received by

Amount

Points to be noted

Asian Infrastructure Investment Bank (AIIB)

Government of

USD 455

For financing the Andhra Pradesh Rural Roads Project, which will connect 3,300 habitations with a population of more than 250, and benefit around 2 million people in New Delhi.

India

million

Asian Development Bank (ADB)

Government of

USD 926

To operationalize two lines for the Mumbai Metro Rail System and is the Single Largest Infrastructure Project Loan in ADB history.

India

Million

Current Affairs Sectionwise PDF   Government of USD 26 The loan provided is additional financing

Current Affairs Sectionwise PDF

 

Government of

USD 26

The loan provided is additional financing under the ongoing loan of USD 51 million under Assam Urban Infrastructure Investment Program (AUIIP).

India

Million

Avaada Energy

USD50

The investment will be done through ADB’s Ordinary Capital Resources and Leading Asia’s Private Infrastructure Fund (LEAP), a funding arm of Japan International Cooperation Agency (JICA) administered by ADB.

Private Limited

million

(AEPL)

World Bank

Chhattisgarh state government

$25.2 Million

To provide support to reforms for expenditure management.

Government of

$96 Million

To provide financial support to Uttarakhand for adopting post-disaster recovery plans.

Uttarakhand

13 states in India (Assam, Bihar, Chhattisgarh, Jharkhand, Gujarat, Maharashtra, Madhya Pradesh, Orissa, Rajasthan, Uttar Pradesh, West Bengal, Karnataka and Tamil Nadu)

$250 million

To provide a boost to rural income and support to the National Rural Economic Transformation Project (NRETP)

Andhra Pradesh

Rs. 2200

For implementation of the AP Health Systems Strengthening Project (APHSSP).

crores

($328-

 

million)

Government of

$137 million

For the Additional Financing of the Dam Rehabilitation and Improvement Project (DRIP). The project involves more than 220 selected large dams in Karnataka, Kerala, Madhya Pradesh, Odisha, Tamil Nadu and Uttarakhand.

India

Export-Import Bank of India (Exim Bank)

Democratic Republic of the Congo

USD 83.11

For financing three solar power projects in the central African country. It aims to provide support for financing three solar photovoltaic power projects with a total capacity of 35 megawatts in the three provinces — Karawa, Mbandaka, and Lusambo.

million

 

(approx

 

Rs.5,72,08,7

6,850)

Government of India

Nepal

35.5 million

For the construction of an educational campus to boost the learning environment of the students. It was made under the Development Partnership Programme which is administered by the Development Administration Partnership division of the Ministry of External Affairs.

Nepalese

rupees

Agreements/MoU’s Signed

Bank

Signed with

Points to be noted

IDBI Bank

Life Insurance Corporation of India (LIC)

As part of the agreement, IDBI Bank will become the preferred bank for LIC premium payments.

ICICI Lombard

AnyTimeLoan.in (ATL)

To provide insurance cover for its lenders and borrowers.

Life Insurance Corporation Housing Finance Ltd (LICHFL)

India Mortgage Guarantee Corporation (IMGC)

To offer home buyers enhanced loan eligibility and easy loans

Current Affairs Sectionwise PDF CRIF Highmark CreditVidya– data analytics firm The collaborated-entity aims

Current Affairs Sectionwise PDF

CRIF Highmark

CreditVidya– data analytics firm

The collaborated-entity aims combine the past data of the customer with additional data from the other digital sources to prepare a credit report on the basis of which lenders can decide whom to lend.

United Bank of India

HDFC Life

To provide the facilities of life insurance products to its customers through HDFC Life.

AU Small Finance Bank Ltd.

Acko General Insurance Ltd.

To provide customized insurance products to its customers.

Insolvency and Bankruptcy Board of India (IBBI)

International Finance Corporation (IFC)

IFC is a member of the World Bank Group. The cooperation agreement provides a technical assistance by IFC to IBBI until 30th June; 2021.

ICICI Lombard

MobiKwik

To provide cyber insurance cover of Rs. 50000. It aims to provide protection against unauthorised and fraudulent transactions online across debit/credit cards, bank accounts and mobile wallets.

Insolvency and Bankruptcy Board of India (IBBI)

Securities and Exchange Board of India (SEBI)

For 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.

State Bank of India (SBI)

Bank of China (BoC)

To boost business opportunities.

Other Important Banking & Finance News

PNB ranks highest in implementation of ‘Reforms agenda’

According to BCG-IBA Report on EASE (Enhanced Access and Service Excellence) Reforms index released by Union Minister of Finance & Corporate Affairs, Punjab National Bank (PNB) which is fraud hit bank, secured the top spot among all public sector banks in the implementation of ‘Reforms agenda’. Commemorative notes to be released to mark Gandhi’s 150th birth anniversary

A UAE based company will release 12 bank notes of zero value which is the first ever limited edition commemorative series to mark the 150th birth anniversary of Mahatma Gandhi. Dubai based Indian artist Akbar Saheb has designed these special notes. DCB Bank launches Open Banking Platform for next generation banking solutions

As part of efforts towards creating a collaborative ecosystem with enterprises, fintechs and app developers, and enhancing customer-service delivery, DCB (Development Credit Bank) announced the launch of its Open Banking Platform. India’s first policy to protect bank locker launched by IFFCO Tokio General Insurance

IFFCO Tokio General Insurance launched ‘bank locker protector policy’, the first stand-alone bank locker cover offered by any insurance company with a plan to protect the contents of a bank locker such as jewelry, title documents, and other valuables.

PSBloansin59minutes.com becomes largest fintech lending platform

PSBloansin59minutes.com has become the largest fintech online lending platform, as quoted by a report from Credit Suisse. The portal was launched in November 2018 by Prime Minister

21 | Page Copyright 2019 @ AffairsCloud.Com

Current Affairs Sectionwise PDF Narendra Modi. It provides loans amounting up to Rs 1 crore

Current Affairs Sectionwise PDF

Narendra Modi. It provides loans amounting up to Rs 1 crore to micro, small and medium enterprises (MSMEs) in just 59 minutes. IDBI Bank gets a nod by government to handle import and export transactions with Iran

The government has given a nod to the IDBI Bank to handle import and export transactions

with Iran. This has been done to boost the trade between India and Iran amidst US sanctions on Iran. Iran is the third largest supplier of oil to India, after Iraq and Saudi Arabia. National Housing Bank proposes stricter regulations for Housing Finance Companies

National Housing Bank (NHB), a mortgage sector regulator and a fully owned subsidiary of the

Reserve Bank of India (RBI) has decided to impose stricter regulations on the Housing Finance Companies (HFCs) to prevent them from falling prey to liquidity and credit risks. One of the regulations is increasing the capital adequacy ratio (CAR) of these companies from 12%to 15%, in a phased manner by 31st March 2022. SBI and Hitachi Payment Services launched SBIPSPL to establish digital payments platform in India

State Bank of India (SBI) and Hitachi Payment Services Pvt Ltd, a wholly-owned subsidiary of Hitachi Ltd, launched their merchant-acquiring joint venture, SBI Payment Services Pvt Ltd (SBIPSPL), for establishing a digital payments platform for India and other countries in the region, in Mumbai. Korea Exim Bank extends loan worth Rs. 4,100 crores for Vizag Metro

The Export-Import Bank of Korea (KEXIM) proposed to provide a soft loan worth Rs.4,100 crore for the Visakhapatnam (Vizag) metro rail project. The State government had sent a proposal to Central government for asking KEXIM Bank to provide loan at 8-10% rate of

interest. No firm decision has been taken on this yet. SBI links savings account, short-term loan interest rates to RBI repo rate

State Bank of India (SBI) became the first bank to link its interest rate on savings account with balance above Rs. 1 lakh and short-term loans to the repo rate of the Reserve Bank of India. This shall be effective from 1st May 2019.This means that savings account interest rates and interest rate on a few loans will change as and when the regulator changes its repo rate. Loans worth Rs. 689 crores sanctioned by Punjab National Bank to 1,600 MSMEs via

psbloansin59minutes.com

The Punjab National Bank (PNB) has sanctioned loans amounting to Rs. 689 crore, to over 1,600 Micro, Small and Medium Enterprises (MSMEs) via the psbloansin59minutes.com portal. Under the Pradhan Mantri Mudra Yojana, the bank has sanctioned loan to over 17.16 lakh accounts with total amount of Rs. 21,019 crores from the starting of the scheme till December

31, 2018. Marshall Islands’ digital currency “SOV” to be released in 2019

The Marshall Islands is planning to release a digital currency called “SOV” (Sovereign) in 2019, however, the launch date of the currency has not been decided. Neema, an Israel-based company, is partnering with the Marshall Islands government to develop the digital currency. Rise in Banks’ reliance on bulk deposits predicted by India Ratings and Research

India Ratings and Research (Ind-Ra) predicted that the dependence of Scheduled commercial banks on bulk deposits shall witness an increase if credit growth is higher than deposit growth. The system level credit growth of 12.9% year-on-year continues to be greater than 9.3% deposit growth and thus banks are keen on harnessing more deposits.

Current Affairs Sectionwise PDF Bank of Baroda becomes one of the first PSBs to launch

Current Affairs Sectionwise PDF

Bank of Baroda becomes one of the first PSBs to launch creche/day-care facility for employees’ children

Bank of Baroda has become one of the first public sector banks to launch a crèche/child day-

care facility for children of its employees. The day-care facility has been launched at its Mumbai corporate office in Bandra Kurla Complex. 114th Foundation Day celebrated by Corporation Bank

Corporation Bank celebrated its 114th Foundation Day at various centres of the bank across the nation and undertook 114 Corporate Social Responsibility (CSR) activities to mark the day. Corp Ease, which is a mobile banking app in 10regional languages, was launched by CEO P.V Bharathi.

HDFC becomes the third Indian company to achieve a market value of more than Rs.6 trillion

HDFC Bank became the third Indian company after Reliance Industries (Rs. 8.52 trillion) and TCS (Rs. 7.49 trillion) to achieve a market value of Rs. 6 trillion, owing to a sudden upsurge in its share prices. A new 50p ‘black hole’ coin in honour of Stephen Hawking’s work unveiled by Royal Mint

The Royal Mint has honoured Stephen Hawking’s legacy by issuing a new 50 pence piece. The

coin has drawn its inspiration from Hawking’s work on black holes discussed in his bestselling book- A Brief History of Time. Russia releases coin commemorating annexation of Crimea

A new coin that features the Crimea or Kerch Strait Bridge has been released by Russia’s central bank, to mark Crimea’s reunification with Russia. Two million new five ruble (about $0.08, €0.07) coins were pressed which depict an outline of the peninsula which was annexed by Russia in 2014. India provides financial support of USD 250 million to Nepal for reconstruction of infrastructures after earthquake

India has provided a financial support worth USD 250 million to Nepal, to reconstruct infrastructure in fields of housing, education, health and cultural heritage, which had been ruined by the earthquake that took place on April 2015. The decision of providing grant was a part of an agreement signed between Indian Embassy in Kathmandu and the Central Building Research Institute (CBRI), Rourkee. Bank of India raises Rs. 660 crores via sale of shares to employees

Bank of India (BoI) declared that it has raised an amount of Rs 660.80 crore by issuing shares to employees under Employee Share Purchase Scheme (ESPS). 6,25,52,188 shares worth Rs 10 each were issued by the bank to its eligible employees. Small finance banks may clip at 30%, needs Rs. 6,000 crore capital by FY23: ICRA

A report by ICRA (formerly known as Investment Information and Credit Rating Agency of India Limited) has stated that Small finance banks (SFBS) are expected to witness a growth rate of 25-30% over the medium-term if they arrange an additional external capital in the range of Rs 4,000-6,000 crore till FY23. Doorstep Banking for Senior Citizens, Differently-Abled And Infirm Persons introduced by SBI

The State Bank of India has initiated a new ‘doorstep banking’ service for senior citizens, differently-abled and infirm account holders as well as visually impaired customers. Cost for availing these services would be Rs 100 for each financial transaction and Rs 60 for each non- financial transaction.

ICRA states that fresh NPAs will moderate in FY 2020 Current Affairs Sectionwise PDF •

ICRA states that fresh NPAs will moderate in FY 2020

Current Affairs Sectionwise PDF

According to ICRA, fresh NPAs in the banking sector are expected to come down 1.9-2.4 % in FY’20 from 3.7% in FY 19, owing to a dedicated NPA recovery mechanism and write offs by banks. Public sector banks (PSBs) will earn profit after 4 continuous years of losses.

Karur Vysya Bank raises Rs 487 crore through private placement of Tier II bonds

Karur Vysya Bank announced that it has raised Rs 487 crore through Basel-III compliant bonds for funding its growth plans. The decision was taken in the Capital Raising Committee of the board. Aviva Life Insurance launches special mentorship programme ‘Wings’

Aviva Life Insurance announced the launch of ‘Wings’, a specially designed mentorship

program to empower the female workforce. Wings program is an initiative of the SHE division of Aviva Life Insurance for mentoring all the women employees in Aviva. ICICI Prudential Bharat Consumption Scheme was launched by ICICI Prudential Mutual Fund

ICICI Prudential Mutual Fund launched ICICI Prudential Bharat Consumption Scheme to get advantage from the Indian consumption market, which is considered as one of the fastest growing consumption markets globally. Nifty India Consumption Index is the benchmark for the Scheme. It will be managed by Rajat Chandak, Dharmesh Kakkad. Bank of Baroda inked MoU with 6 firms to develop “Baroda Kisan”

Bank of Baroda has signed memorandum of understanding (MoU) with six firms namely

Skymet Weather Services, Weather Risk Management Services, BigHaat, Agrostar India, EM3 Agri Services and Poorti Agri Services to develop “Baroda Kisan”. It will provide solutions for all major agricultural requirements through its holistic approach. Govt decides to infuse Rs 5042 Cr into Bank Of Baroda ahead of the merger

The government has decided to infuse a capital of 5,042 crore rupees into state-owned Bank of Baroda ahead of its merger with two other public sector lenders Dena Bank and Vijaya Bank, which would be effective from 1st April 2019. According to the Scheme of Amalgamation, shareholders of Vijaya Bank and Dena Bank will get 402 equity shares and 110 equity shares of BoB respectively for every 1,000 shares held. India’s CAD widens to 2.5% of GDP in 3rd Quarter

Current account deficit (CAD) of India has widened to 2.5% of GDP in the 3rd quarter of the

current fiscal year primarily on account of a higher trade deficit though the foreign exchange reserves which continued to soar. Manappuram Finance withdrew a release which had issued earlier regarding securing debt funding from NABARD

Manappuram Finance, a Non-banking finance company withdrew a release which had issued earlier regarding securing Rs 695 crore debt funding from NABARD. The release titled 'Manappuram Finance secures Rs 695 crore debt funding from NABARD' is being "retracted with immediate effect due to factual inaccuracies in statement as well as transaction. The interest rate on small-saving schemes are kept unchanged by the Government

The interest rates on small-saving schemes including Public Provident Fund (PPF) and National Savings Certificate (NSC) have been kept unchanged by the Government for the April- June quarter of the financial year 2019-20. The interest rate PPF and NSC will continue at 8 percent, while the interest rate of Kisan Vikas Patra (KVP) will be at 7.7 percent as against 7.3% earlier and mature in 112 months.

Current Affairs Sectionwise PDF Average base rate to be charged by NBFC and MFI is

Current Affairs Sectionwise PDF

Average base rate to be charged by NBFC and MFI is set at 9.21% by RBI

Reserve Bank of India set the average base rate to be charged from borrowers by Non- Banking Financial Companies (NBFC) and Micro Finance institutions (MFI) at9.21% for the first quarter (April to June).

Business & Economy News

GROWTH RATE:

Organization

Year

Rate

Moody

In 2019 and 2020

7.3 per cent

Central Statistics Office (CSO)

2018-19

Revised to 7% from 7.2%

Fitch rating in its Global Economic Outlook

FY19-20

6.8%. FY21 -7.1%

India’s Unemployment Rate shot up to 7.2% in Feb’19: CMIE

The unemployment rate in India rose to 7.2% in February 2019, the highest since September 2016, and up from 5.9% in February 2018, according to data compiled by the Centre for Monitoring Indian Economy (CMIE). OECD cuts global growth forecast over trade

The Organisation for Economic Co-Operation & Development (OECD) has cut the growth forecasts for the global economy to 3.3% in 2019 and 3.4% in 2020, owing to trade disputes and uncertainty over Brexit that would largely affect the world commerce and businesses. Import of Solid Plastic Waste banned by India

The government has put a complete ban on import of solid plastic waste/scrap into the country after amending the Hazardous Waste (Management & Trans-boundary Movement) Rules on March 1. Import of plastic was earlier partly banned as it was prohibited in special economic zones (SEZ) but allowed by Export-Oriented units (EOUs) who would obtain it from other

countries in the form of post-recycling resources. Govt increased the income tax exemption for gratuity from Rs 10 lakh to Rs 20 lakh

Union Labour Ministry decided to double the income tax exemption to Rs.20 lakh from the existing Rs.10 lakh for gratuity. The enhancement of gratuity under section 10 (10) (iii) of the Income Tax Act, 1961 to Rs.20 lakh will benefit employees who are not covered under the Payment of Gratuity Act, 1972 and the employees of Public Sector Undertakings (PSUs). CII released ‘Suggested Election Manifesto’ for political parties

Confederation of Indian Industry (CII) released a ‘Suggested Election Manifesto for political parties to achieve an average growth rate of 8% per annum in the next 5 years. The industry grouping has called for compressing Goods and Services Tax (GST) rate slabs to 2% or 3% and lowering corporate income tax to 18% with no exemptions to make Indian tax rates globally competitive. India’s Data Usage forecasted to rise at 73% CAGR by 2022

According to the Assocham – PwC Study,India’s data consumption is expected to grow at a Compounded Annual Growth Rate (CAGR) of about 72.6% by 2022. In 2013 the average monthly spend on voice services was Rs.214 compared to Rs.173 spend on data which became Rs.124 on voice and Rs.225 on data in 2016.

Current Affairs Sectionwise PDF Total liabilities of govt mounted to Rs 83.40 lakh crore in

Current Affairs Sectionwise PDF

Total liabilities of govt mounted to Rs 83.40 lakh crore in Q3

According to Finance Ministry Report during the period October to December 2018, the total liabilities of the government increased to Rs.83.40 lakh crore from 82.03 lakh crore in the previous quarter of the current fiscal.

Saudi Arabia became the world’s largest importer of weapons, the position held by India for a decade: SIPRI

India lost its position as the world’s largest importer of weapons, which it held for over a decade, with Saudi Arabia topping the global share of arms imports between 2014 and 2018, as per the data published by the Stockholm International Peace Research Institute (Sipri), the leading Stockholm-based think tank that measures weapons imports over five-year periods.

India sets ‘aspirational’ target for engineering exports by 2025

According to an EEPC India-Deloitte strategy paper, India can achieve a three-fold “aspirational” increase in its engineering export to reach USD 200 billion by 2025, if concerted efforts are made by the government and Industry to develop a conducive ecosystem, and ensuring inputs at competitive prices. First TIR shipment from Afghanistan arrived in India via Chabahar Port

The first shipment under the United Nations ‘Transports Internationaux Routiers’ (TIR) convention arrived in India from Afghanistan through Iran’s Chabahar Port. India had joined the TIR Convention (the United Nations Customs Convention on International Transport of Goods under cover of TIR Carnets) on June 15, 2017. Microsoft launched Project ‘Sangam’ to boost India’s Swachh Bharat Mission

Microsoft has announced that it has partnered with The Ministry of Housing and Urban Affairs (MoHUA) to promote its Project ‘Sangam’ which is developed to accelerate Swachh Bharat

Mission (SBM) in India. It is one of the world’s largest Cleanliness Programme. Project Sangam is a cloud-hosted, mobile-first community learning platform. India posts highest growth in patent applications in WIPO during 2018

India registered the highest growth of 27% among countries in patent applications in 2018

with the World Intellectual Property Organization (WIPO). India filed 2013 international patent applications during the year. The list has been topped by United States. SpiceJet get IATA membership becoming first Indian low-cost carrier to receive

SpiceJet received the International Air Transport Association (IATA) membership, becoming the first among the Indian low-cost carriers. The membership will be helpful for SpiceJet for its expansion plans by to have code shares and agreements with other carriers. Integral Coach Factory of Chennai became the world’s largest rail coach manufacturer

Indian Railways Integral Coach Factory (ICF) has surpassed the top Chinese manufacturers after creating a 40% record increase in its production. With this, Indian Railway’s oldest and premier coach manufacturing unit becomes the single largest rail coach manufacturer in the world. Government clears proposal to buy 10 lakh hand grenades for Indian Army

Union Defence Minister cleared the proposal to purchase 10 lakh hand grenades for Indian Army under ‘Make in India’ programme. It costs around Rs. 500 crores which will replace the existing HE-36 grenades manufactured by the Ordnance Factory Board (OFB). Government outreached divestment target of Rs 80,000 crore for 2018-19

Government outreached its disinvestment target of Rs 80,000 crore for the current financial year (2018-19) by Rs 5,000 crore. The disinvestment target has been fixed at Rs 90,000 crore for the next financial year (i.e. FY 2020).

Current Affairs Sectionwise PDF Adani Port becomes the first Indian port operator to achieve a

Current Affairs Sectionwise PDF

Adani Port becomes the first Indian port operator to achieve a new record of handling 200 million tonnes (MT) cargo movement

Adani Port and Special Economic Zone (APSEZ), a part of Gautam Adani-led Adani Group becomes the first Indian port operator to achieve a new record of handle 200 million tonnes (MT) cargo movement in 2018-19. It has set an aim to double growth up to 400 MT by 2025. Commerce Ministry unveils Blockchain-based app for Coffee farmers

The commerce ministry has unveiled a blockchain-based coffee e-marketplace which will facilitate farmers to integrate with markets to get aware of fair prices for the commodity. GRSE becomes 1st Indian Shipyard to deliver 100 Warships

Garden Reach Shipbuilders & Engineers Limited has delivered its 100th Warship which is a Landing Craft Utility, L-56, to the Indian Navy. This has made GRSE the first Indian Shipyard to make and deliver 100 warships to the Indian Navy, Indian Coast Guard and Mauritius Coast Guard. Laurus Labs signed pact with Global Fund to supply ARV drugs

Pharma Laurus Labs of Hyderabad has signed an agreement with Global Fund, an organization working towards ending AIDS, tuberculosis and malaria as epidemics, for a period of three- and-a-half years.

2019 Banking & Economy – APRIL

RBI in News

RBI makes NPA divergence rule easier for banks

The RBI brought leniency in its rule on 1st April, 2019 by asking banks to disclose bad loan

divergences in their financial statements on the condition if divergence exceeds 10% of profit prior to provision and contingencies. RBI Sets WMA Limit For Government At Rs 75000 Crore For The First Half Of The FY 2019-20

The Reserve Bank of India has set the limits for Ways and Means Advances (WMA) to Rs. 75000 crore for the first half of the financial year 2019-20. As and when the government of India utilises 75% of the WMA limit, the central bank would activate fresh floatation of market loans. The rate of interest issued on the Ways and Means Advances (WMA) will be Repo Rate while the overdraft will exceed the Repo Rate by flat 2%. First Bi-monthly Monetary Policy Statement for 2019-20-RBI cuts repo rate by 25 basis points

Reserve Bank of India’s six-member monetary policy committee chaired by RBI Governor Shaktikanta Das released its 1st Bi-Monthly Monetary Policy for 2019-20. RBI has reduced 0.25

basis points in the Policy Rates under liquidity adjustment facility (LAF) with immediate effect. The Change in Policy rates are as follows:

Repo Rate

6.00 %

Reverse Repo Rate

5.75 %

Marginal Standing Facility Rate

6.25 %

Bank Rate

6.25 %

RBI alters LCR norms to enhance cash position of banks

RBI has altered the LCR (Liquidity Coverage Ratio) norms to offer an additional 2% window to lenders. The central bank has brought in this alteration in order to improve the cash position of banks by harmonising liquidity requirements and giving away extra money to lenders.

Current Affairs Sectionwise PDF Reserve Bank of India gave some guidelines for banks to set

Current Affairs Sectionwise PDF

Reserve Bank of India gave some guidelines for banks to set up new currency chests

The Reserve Bank of India gave some guidelines for banks to set up new currency chests, including a minimum area of 1,500 square feet for strong room and should have a processing capacity of 6.6 lakh pieces of banknotes per day. The guidelines are based upon the recommendations of the "Committee on Currency Movement" (CCM) chaired by DK Mohanty, which was constituted by RBI in 2016. RBI grants 12 years to LIC for reducing stake in IDBI Bank

Life Insurance Corporation (LIC), the largest insurance company in India, got 12 years from RBI for cut down stake in IDBI Bank. LIC is the lender’s major shareholder, and it has a 51 per cent stake in the Bank. After 12 years LIC has to decrease stake in IDBI Bank by 10 per cent to 40 per cent. RBI Permitted Reinsurance Brokers to Open Foreign Currency Accounts

The Reserve Bank of India sanctioned reinsurance brokers to initiate non-interest bearing foreign currency accounts with banks for undertaking transactions. The Insurance Regulatory and Development Authority of India (IRDA) had issued notification and following this he RBI declared Foreign Exchange Management (Foreign Currency Accounts by a resident person in India) Regulations, 2015 – Opening of Foreign Currency Accounts by Re-insurance and Composite Insurance brokers. The RBI issued Rs. 50 denomination banknotes in Mahatma Gandhi (New) Series bearing the Governor’s signature

The Reserve Bank of India (RBI) issued Rs. 50 denomination banknotes in Mahatma Gandhi (New) Series that bore Shri Shaktikanta Das’ (Governor of RBI) signature. The design of these notes is exactly similar to the ‘Rs 50 banknotes’ in Mahatma Gandhi (New) Series.

RBI becomes the first APAC (Asia-Pacific) central bank to begin interest rate easing cycle

The Fitch ratings notified that the RBI becomes the first central bank in the Asia-Pacific region (APAC) to begin an interest rate easing cycle floated by benign food inflation and easier global financial condition. In the 4 months of 2019, the RBI has cut policy interest rates 2 times by 0.25% each to one-year low of 6%.This is the 1st back-to-back rate cut since the MPC was formed in 2016. RBI gives HDFC’s proposal for holding 9.9% stake in Bandhan Bank

The RBI has granted approval to HDFC Ltd for holding up to 9.9% stake in Bandhan Bank

following the Gruh Finance deal. Gruh Finance is the housing finance arm of HDFC Ltd and was taken over in January by Bandhan Bank in a share-swap deal. RBI divests entire stake in NHB and NABARD to the central government

On the recommendations of the second Narasimham Committee report and the discussion paper by RBI titled “Harmonizing the Role and Operations of Development Financial

Institutions and Banks” stated that RBI has divested its entire stake in National Housing Bank (NHB) and National Bank for Agriculture and Rural Development (NABARD) to the central government for Rs 1,450 crore and Rs 20 crore respectively. Now the central government holds a 100 percent stake in both these financial institutions. Fintech Start-Ups Allowed to Test Regulatory Sandbox: RBI

Recently, Reserve Bank of India (RBI) released a 14 page draft document named "Enabling Framework for Regulatory Sandbox" in which RBI proposes that Fintech start-ups can set up regulatory sandbox or live-testing of innovative products and services in segments such as digital KYC, retail payments and data analytics among others in the financial sector. The

Current Affairs Sectionwise PDF concept of Regulatory Sandbox (RS) was proposed by a committee headed

Current Affairs Sectionwise PDF

concept of Regulatory Sandbox (RS) was proposed by a committee headed by RBI Executive Director Sudarshan Sen.

RBI (Reserve Bank of India) gives approval for e-mandates to facilitate Internet Banking, Debit Cards

The National Payments Corporation of India (NPCI) has received approval from the Reserve Bank of India (RBI) to implement e-mandates (electronic mandates) for internet banking and debit cards, which will allow the users to automatically deal with their recurring payments. The limit for each mandate is set at Rs 1 Lakh, and depending on the usage, the organisation will review the limit from time to time.

RBI is going to issue new Rs 20 denomination banknote with greenish-yellow colour

The Reserve Bank of India (RBI) will issue new Rs 20 denomination banknotes having a base colour of greenish -yellow with size of 63 X 129 mm. The first Rs 20 notes were issued in the Mahatma Gandhi Series in August 2001. The new note will have a motif of Ellora caves on the dorsal side. RBI notified that banking ombudsman saw 25% rise in customer complaints in FY18 over FY17

The Reserve Bank of India (RBI) notified that the banking ombudsman received 24.9% more customer complaints in FY18 over FY17, with 21 offices of the banking ombudsman receiving 1,63,590 complaints in 2017-18, thus marking a hike of 24.9% over 2016-2017. Overall, the complaint disposal rate was 96.5% in FY18 and 92% in FY17. RBI extends the previous ombudsman scheme to non-deposit taking NBFCs having asset size of Rs.100 crore or higher

The objective of this was to provide a cost-free and swift complaint-redressal mechanism relating to shortage in the services, concerning loan and other issues by NBFCs under the scheme. Reserve Bank of India (RBI) has proposed strict rules on opening and running of current accounts of corporate borrowers in order to tackle fund diversion.

RBI had notified that the banks with collection accounts will have to transfer funds to the current account and the current accounts could be opened only with the lead bank of a lending association. The rules would be applicable to corporates who have borrowed and used credit facilities of more than Rs 50 crore from the banking system.

Loans issued by banks/others

Loan issued by

Received by

Amount

Points to be noted

Asian Development Bank (ADB)

India

USD 3.88

It is the highest ever loan amount since sovereign operations began in the country in 1986. ADB committed several projects like a USD 100-million loan to Ostro Kutch Wind in Gujarat.

billion

Reserve Bank of India (RBI)’s Exim Bank

Rwanda

266.6$

The funding for the projects has been done in 3 distinct tranches. The names of the projects are as follows:

For supporting agricultural projects

million

 

For the development of Special Economic Zones (SEZs)

For financing road projects in Rwanda.

UNSG

India

USD 38

Till now, the total amount which has to be paid to troops and police-contributing countries (TCCs/PCCs) with respect to active peacekeeping missions was USD 265 million.

million

Agreements/MoU’s Signed Current Affairs Sectionwise PDF Bank Signed with Points to be noted Karnataka Bank

Agreements/MoU’s Signed

Current Affairs Sectionwise PDF

Bank

Signed with

Points to be noted

Karnataka Bank

Bharti Axa Life Insurance Company

To distribute the latter’s life insurance products to provide insurance solutions to the customers of Karnataka Bank

Canara Bank

National Thermal Power Corporation(NPTC)

The Loan facility prolonged at an interest rate linked to 3-Month MCLR of Bank. The lent amount would be utilized to part finance company’s capital expenditure. The tenure for the loan is 15 years.

HDFC Bank

Bombay Stock Exchange (BSE)

To spread more awareness about the benefits of listing startups as well as to strengthen BSE startup platform.

State Bank of India (SBI)

PAISALO Digital Limited

With the profound vision of empowering the ‘Agri’, ‘MSME segment’ and small businesses, PAISALO Digital Limited signed the first co-origination loan agreement (designed at Rs.10,000 to 2 lakh) with State Bank of India (SBI).

Bank of Maharashtra (BoM)

M1Xchange TReDSplatform

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.

Bank of Baroda

Srei Equipment Finance Ltd

To offer joint loans for infrastructure equipment under a new agreement. Sourcing of loans will be facilitated through iQuippo, which is a Kanoria Foundation initiative.

Airtel Payments Bank

Bharti AXA General Insurance

For a two-wheeler insurance product offering which is available on MyAirtel App

Bajaj Allianz General Insurance

Bajaj Allianz Life Insurance

To launch their 1st product titled 'Total Health Secure Goal'. The product is a combination of 2 existing plans, namely, Health Guard policy by Bajaj Allianz General Insurance and iSecure policy by Bajaj Allianz Life Insurance.

Syndicate Bank

BEML (Bharat Earth Movers Limited)

For financing Earth Moving and Construction Equipment which is manufactured by BEML

Aegon Life Insurance

Mobikwik

The insurance product launched is termed as the Aegon Life Group Term Plus Plan.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.

RBL Bank

Wirecard

To promote financial inclusion in India. Also, SoftBank invested EUR 900 million in Wirecard. Wirecard will issue convertible bonds to SoftBank with terms of five years.

Current Affairs Sectionwise PDF Other Important Banking & Finance News Bank of Baroda becomes the

Current Affairs Sectionwise PDF

Other Important Banking & Finance News

Bank of Baroda becomes the 3rd largest bank after its merger with Dena Bank & Vijaya Bank

On April 1, 2019, the merger of Dena Bank and Vijaya Bank into Bank of Baroda has come into effect. With this amalgamation, Bank of Baroda becomes the India’s second largest public sector bank and third largest commercial bank after State Bank of India (SBI) and HDFC Bank. It was India’s first ever three-way merger of banks. Reliance Mutual Fund partnering with Google, becomes the first Indian company to launch voice-based financial transactions

Reliance Nippon Life Asset Management (RNAM) has joined hands with Google to enable the customers of Reliance Mutual Fund to carry out voice-based financial transactions. With this,

RNAM becomes the first company in India, to provide conversational interface. Government infused Rs 205 crore into Bank of Maharashtra

Government infused a capital of Rs. 205 crore into the state owned Bank of Maharashtra in lieu of preferential allotment of shares. In this regard, the bank has issued and allotted its 15,47,16,981 equity shares at an issue price of Rs 13.25 per share to the govt. One97 Communications-owned Paytm Money Gets SEBI Approval for Stock Broking

One97 Communications-owned Paytm Money, the wealth management arm of Paytm, has got approval from the Securities and Exchange Board of India (SEBI) to start offering a stock broking service such as the ability to trade in equities and cash segments, derivatives, and

exchange-traded funds (ETFs) among other exchange-traded products. Kotak Mahindra Bank Becomes The First Lender To Impose Charges On UPI Transactions, Namely, Paytm, Google Pay, PhonePe among others

For Kotak Mahindra Bank’s account holders, the first 30 peer-to-peer UPI fund transfer would be free of cost. Once a person exceeds 30 UPI transactions, he will be charged Rs. 2.50 per transaction for of Rs. 1000 or less. For transfers exceeding Rs. 1000, the bank will charge Rs. 5 plus 18% GST. Read full detail here UPI transaction charges have been reduced by NPCI for promoting the uses

For promoting the adoption of Unified Payments Interface (UPI), the National Payments Corporation of India (NPCI) has reduced the transaction fees up to Rs 1,000 by 60%. For UPI transactions up to Rs.1,000, the charge has been cut to 10 paise from 25 paise, and for transactions above Rs.1,000 has been retained at 50 paise. For the first time, SEBI agrees to create ‘Airport Specific Fund’ worth Rs. 10,000 crore

Under "Category II Alternate Investment Fund" (AIF), for the first time SEBI (Securities and Exchange Board of India) has approved an "airport' specific fund". The name of the fund is "Taking Off To the Future Airport Fund". It can raise a capital amounting to 1.5$bn (Rs. 10,000 crore). The Sponsor and Investment Manager of the fund is based in Chennai and is termed as 'Taking Off To The Future Investment Management LLP'. Emirates Islamic, a bank in Dubai, becomes the world’s first Islamic bank to launch banking via WhatsApp Emirates Islamic bank launched a chat banking facility for its customer via Whatsapp and become the world’s 1st bank in the Islamic banking sector to give such facility. It was supported by Infobip. HDFC AMC claims first position in terms of Assets According to data released by the AMFI (Association of Mutual Funds in India), India’s asset management companies have owned assets under management worth Rs. 24.46 trillion. HDFC Asset Management Co. Ltd has achieved the top position with an average AUM of Rs. 3.42 trillion.

Current Affairs Sectionwise PDF RBL Bank partners with CreditVidya to leverage customer experience • RBL

Current Affairs Sectionwise PDF

RBL Bank partners with CreditVidya to leverage customer experience

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. It had first partnered with CreditVidya in 2018 for instant and automated verification of employment details of salaried card applicants. Govt keeps interest rate unchanged for General Provident Fund at 8% for April-June, 2019-20

For the first quarter of current financial year, the government has stuck to the previous (January-March quarter of 2018-2019) interest rate for (GPF) General Provident Fund,

Contributory Provident Fund (CPF) and other schemes at 8%. According to the new rule, only after the completion of 10 years of service (as against 15 years of service previously), employees can withdraw the fund for selected purposes. A unique proposition to pay electricity bill on EMIs launched by Bajaj Finserv

A unique proposition to pay electricity bill on EMIs has been launched by Bajaj Finserv through

its lending arm Bajaj Finance Ltd. through the campaign of #BijliOnEMI. Customers can avail an

Insta Credit loan in their Bajaj Finserv Wallet to pay their electricity bills on EMI. IDBI Bank launches NRI-Insta Online, A paperless account opening facility for NRIs

IDBI Bank has launched ‘NRI-Insta Online’ account opening process for NRIs residing in Financial Action Task Force (FATF) member countries to open an account in the Bank without visiting the branch or submitting paper documents such as physical documents as well as KYC proofs. This online facility is available in IDBI Bank’s website. A quasi-cryptocurrency called as “Learning Coin,” launched by The World Bank and the International Monetary Fund (IMF)

Two international financial institutions the World Bank and the International Monetary Fund

(IMF) have launched a private blockchain and quasi-crypto currency called as “Learning Coin” for better understanding of blockchain technology and the function of crypto assets. The asset will only be available for use within the IMF and the World Bank. It has no monetary value, means it is not a true cryptocurrency. Cholamandalam MS General Insurance receives ISO 31000:2018 Certification

An insurance giant Cholamandalam MS General Insurance Company Limited has received ISO 31000:2018 certification by TUV India for applying risk management system which conforms to the prescribed standards. ISO 31000:2018 is an international risk management standard developed by International Organisation for Standardization (ISO). Indiabulls General gets preliminary nod to foray into non-life business

Indiabulls General Insurance has receivedR1 approval to its proposed general insurance businessand preliminary toapproval foray into the non-life businessfrom the Insurance Regulatory and Development Authority of India (IRDAI) respectively.

Life and Non-life insurers witness 11% and 13% rise in premium respectively

According to the Insurance Regulatory and Development Authority of India (IRDAI) data, after

a very low growth phase, life and non-life premium income of insurance companies have

registered substantial growth in financial year 2019. Life insurer’s premium income grew 11% in FY19 over 2018 and non-life insurance firms witnessed a 13% rise in their total premium income to Rs 1.70 lakh crore in the financial year ended March 2019. Canara Bank: India’s First Public Sector Bank To Meet RBI’s EMV Mandate

Global provider of real-time electronic payment and banking solutions, ACI Worldwide, notified that India’s public sector bank, Canara Bank has successfully rolled out new functionality that supports EMV (Europay, MasterCard and Visa) card acquiring across its ATM (Automated Teller Machine) network and Aadhaar Authentication, thus becoming the 1st in

32 | Page Copyright 2019 @ AffairsCloud.Com

Current Affairs Sectionwise PDF the market to leverage ACI’s UP Retail Payments solution and the

Current Affairs Sectionwise PDF

the market to leverage ACI’s UP Retail Payments solution and the 1st public sector bank to shift to EMV chip and PIN for card based transactions across the country’s vast ATM network. SBI General launched cyber defence insurance

SBI General Insurance has launched its new product – cyber defence insurance to protect businesses from financial and reputational losses due to cyber attacks. Its Cyber Defense comes with CyRUSS (Cyber Risk Underwriting & Solution Suite) which is a cloud-based tool for Commercial Cyber polices including risk assessment, ongoing risk management, and claim management.

Deposits in Jan Dhan accounts are set to cross Rs 1 lakh crore mark On 21st April 2019, the total deposits in Jan Dhan Account are set to cross Rs 1 lakh crore soon. On 3rd April, the total balance in the Jan Dhan accounts was at Rs 97,665.66 cr. Recently, the government increased the accident insurance cover to Rs 2 lakh from Rs 1 lakh for new accounts opened after 28th August 2018. The Authorised capital of Allahabad Bank raised to Rs. 8000 crore by the government The central government has increased the authorized capital of state-owned Allahabad Bank from Rs. 3,000 crore to Rs. 8,000 crore after consultation with the Reserve Bank of India. Kotak Mahindra Bank becomes the first Destination Bank to launch debit card based e- mandates On NPCI’s E-Mandate API Platform

Kotak Mahindra Bank (Kotak) has launched the first debit card-based authentication solution on NPCI’s (National Payments Corporation of India) e-Mandate (electronic mandate) API (Application Program Interface) platform, thus being the first ever Destination Bank to go live with both Net Banking and Debit Card-based e-mandate authentication.

State Bank of India (SBI) launched India’s first ‘Green Car Loan’ (Electric Vehicle) to encourage customers to buy electric vehicles

On World Earth Day- April 22, 2019 the State Bank of India (SBI) has launched India’s first ‘Green Car Loan’ (Electric Vehicle) to encourage customers to buy electric vehicles. The new

scheme ‘Green Car Loan’ will offer loan at 20 basis points lower than the interest rate on the existing car loan schemes. The scheme comes with the longest repayment period of up to 8 years. Finance Ministry approves EPF interest rate hike to 8.65% for 2018-19

The Department of Financial Services, a wing of the Ministry of Finance, has approved an

Employee’s Provident Fund (EPF) interest rate hike of 10 basis point to 8.65 percent for 2018- 19, as decided by the retirement fund body Employee’s Provident Fund Organisation (EPFO). HDFC Bank and Max Bupa launch AnyTimeHealth machines to distribute health insurance products

Max Bupa, India’s health insurance company collaborated with HDFC Bank, India’s leading

private sector banks, and launched ‘AnyTimeHealth (ATH) machines. The machine is an automated, web-based model that permits customers to avail health assessment, namely, Body Mass Index’, ‘Blood Pressure’, ‘Body Type & Fat percentage’, ‘Muscle percentage’, ‘Bone Mass’, ‘Body Temperature’. Real-Time Voice Banking Platform Launched named FSS Voice Commerce

Financial Software Services (FSS) has launched FSS Voice Commerce which is a real-time voice banking platform to provide customers with personalized banking interactions. It uses machine-learning language processing techniques for analysis and synthesis of language and speech to deliver the service. Canara Bank and its life insurance partner Canara HSBC OBC Life launched ’Webassurance’

Canara Bank and its life insurance partner Canara HSBC Oriental Bank of Commerce Life Insurance launched ’Webassurance’ to enable its customers to purchase life insurance in a

33 | Page Copyright 2019 @ AffairsCloud.Com

Current Affairs Sectionwise PDF convenient and hassle-free way. This Life Insurance is jointly owned by

Current Affairs Sectionwise PDF

convenient and hassle-free way. This Life Insurance is jointly owned by Canara Bank (51 percent) and Oriental Bank of Commerce (23 percent) and HSBC Insurance Holdings (26 percent), the Asian insurance arm of HSBC. SC gave ultimatum to RBI to disclose information under RTI Act

Recently, Supreme Court bench headed by Justice L Nageswara Rao has directed the Reserve Bank of India (RBI) to disclose information related to its annual inspection report of banks

under the Right to Information (RTI) Act until and unless they are exempted under law. The bench has also directed the RBI to review its policy to disclose information relating to banks under RTI. Bharti AXA General Insurance, the 1st company to sell 2-wheeler policies via WhatsApp, by partnering with Wishfin

Bharti AXA General Insurance, the first company in the domestic non-life insurance industry has collaborated with web aggregator, Wishfin Insurance to sell 2-wheeler policies via social WhatsApp named ‘Buy Two-Wheeler Insurance on WhatsApp’. This policy is an instant, effortless and additional customer service option avaiable for the policyholders. Paytm Launches Recurring Payment Options for startups

Noida-based e-commerce payment system and digital wallet company, Paytm launched a new option of recurring payments for its merchants to enable recurring payments. Recently it also started its own subscription business at an annual fee of Rs 750 where consumers pay at regular intervals.

BUSINESS & ECONOMY NEWS

GROWTH RATE:

Organization

Year

Rate

Fitch

2019-20

6.8%. and 7.1% in FY 2020-21.

Asia Development Bank

2019-20

7.2%

World Economic Outlook (WEO) released by International Monetary Fund (IMF)

2019

7.3% . 7.5% in 2020.

World Bank

2019-20

7.5

%.The real GDP growth is

estimated at 7.2 per cent in

FY18/19.

India Ratings and Research

2019-20

7.3

%

Fitch kept India’s rating unchanged at BBB- with Stable outlook

Fitch Rating affirms India’s sovereign rating at the lowest investment grade of BBB-with a stable outlook. The growth rate of India forecasted by Fitch is 6.8% in financial year 2019-20 and 7.1% in FY 2020-21. Since 2006, this is the 13th year in a row that India is getting "BBB" ranking from Fitch. Anti-Dumping Duty has been imposed on the import of Solar Components from four nations

In order to safeguard domestic players against cheap shipments, Department of Revenue, Government of India has imposed anti-dumping duty up to USD 1559 (Rs 1,07,844) per tonne on the import of certain solar cell components (Ethylene Vinyl Acetate Sheet for Solar Module) from China, Malaysia, Saudia Arabia and Thailand for a period of 5 years.

Current Affairs Sectionwise PDF GST Revenue collection for March, 2019 recorded Highest Collection in the

Current Affairs Sectionwise PDF

GST Revenue collection for March, 2019 recorded Highest Collection in the FY 2018-19

Total Gross GST revenue collected in the month of March, 2019 has crossed the Rupees One Lakh Crore mark as it has recorded the collection of Rs.1,06,577 crore of which CGST is Rs. 20,353 crore, SGST is Rs.27,520 crore, IGST is Rs.50,418 crore (including Rs. 23,521crore collected on imports) and Cess is Rs. 8,286 crore (including Rs. 891crore collected on imports). BNP Paribas Cardif sold 5 crore shares in SBI Life Insurance for 2,889 crore

The foreign partner of SBI Life Insurance, BNP Paribas Cardif has sold 5 crore shares of the company for Rs 2,889 crore to increase its public shareholding to 25% of its paid-up equity share capital on or before October 2, 2020. The average price of equity share during the sale was Rs 577.93 per equity share. Micromax Co-founder unveils India’s first AI-enabled e-motorcycle brand

Micromax co-founder Rahul Sharma has announced his incursion into smart mobility with the launching of an AI (Artificial intelligence) enabled electric motorcycle. This launch is expected to hit the roads by June this year. He has set up Revolt Intellicorp Pvt Ltd, headquartered at Gurugram. BSNL has received the In-Flight Connectivity License from the Department of Telecommunications (DoT)

Bharat Sanchar Nigam Limited (BSNL) has received the In-Flight Connectivity license from the Department of Telecommunications (DoT) for enabling in-flight and maritime connectivity

(IFMC) within Indian airspace. BSNL and Inmarsat, which is the satellite partner of BSNL, also operates the GX Aviation service will be able to offer in-flight connectivity to airlines. Indian APA regime steps forward as CBDT signs 18 APAs in March 2019

The Central Board of Direct Taxes (CBDT) has entered into 18 APAs (Advance Pricing

Agreements) inclusive of 03 Bilateral APAs (BAPAs) during the month of March 2019. The total number of APAs entered into by the CBDT in 2018-19 is 52, which is inclusive of 11 BAPAs. As of now, the number of APAs entered into by the CBDT is 271, which includes 31 BAPAs. A new seller-funding programme named "Amazon Wings" was launched by Amazon India

A new seller-funding programme named "Amazon Wings" has been launched by Amazon India in partnership with Mumbai based Ketto, a crowd-funding platform to help the small

businesses and entrepreneurs to raise funds through latter. Also, it launches a dedicated microsite to feature fundraisers initiated by sellers by which they can raise small ticket funds starting from as little as Rs 50,000 NIIF and ROADIS on a joint venture to invest $2 billion in Road Projects

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. ROADIS is the largest European highway concession manager in India with 710 km of highways within its ownership and management. PFS in a joint venture with USICEF finances solar projects in India

PTC India Financial Services (PFS) an Infrastructure finance company has partnered with (USICEF) the US-India Clean Energy Finance to leverage funds for solar projects in India. This innovative venture can contribute to achieve India’s distributed energy target of 40 GW (gigawatt) by 2022. Centre meets Fiscal Deficit of 3.4% in 2018-2019

India has met the revised fiscal deficit target of 3.4% of gross domestic product in fiscal year 2018-2019. Target has been achieved by cuts in state spending and higher borrowings from

Current Affairs Sectionwise PDF small savings funds. Centre has missed the tax collections target by

Current Affairs Sectionwise PDF

small savings funds. Centre has missed the tax collections target by over 1 trillion rupees which includes around 500 billion rupees shortfall in income tax receipts. India’s steel demand to grow by over 7% in FY19, FY20

As per the Indian Steel Association, India’s steel demand is grown by over 7 percent in 2019 and 2020, due to the sectors like construction, capital goods, and railways. The forecast for steel demand growth is 7.1 percent in 2019 and by 7.2 percent in 2020. The consumption of steel in India is likely to cross 100 million tonnes (MT) mark in 2019. RailWire Wi-Fi is live at 1600 railway stations in India

Railtel, neutral telecom infrastructure providers in India, turned 1600 railway stations in India into RailWire WiFi zone. Santacruz railway station in Mumbai is the 1600th station to become a RailWire Wi-Fi zone. RailWire is a retail Broadband initiative of the RailTel. Indian Government clears procurement of 464 Russian tanks under the T-90 Project

The Cabinet Committee of Security has cleared the procurement of 464 Russian tanks from Russia under T-90 project in a deal worth over Rs 13,500 crore. The tanks would be given to the Armoured Corps of the force which will be furthered used by them for deployment along the India-Pakistan border. IMO launches new rules on electronic information exchange

IMO (International Maritime Organisation) has mandated a new rule for national governments to launch electronic information exchange between ships and ports. This mandatory requirement came into effect from April 8, 2019 is part of a package of amendments under the revised Annex to the FAL Convention, adopted in 2016. Google Pay partners with MMTC-PAMP to introduce buying and selling of Gold

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. Through this pact, Google Pay users will be able to buy 99.99 per cent 24-karat gold for any value, which will

be stored on behalf of the user in secure vaults by MMTC-PAMP. Google opens its 1st African Lab in Ghana

Google has launched its first African artificial Intelligence (AI) laboratory in Accra, capital city of Ghana, to tackle Africa’s challenges. The lab will collaborate with researchers in Ghana and across Africa to create the need impact in the country. India turns to net steel importer in Fiscal year 2018-2019

India has became a net importer of steel in the fiscal year 2018-2019 that ended on 31 March for the first time in 3 years, as the 25% import duty on steel products imposed by the US diverted supplementary supplies to India. ETMONEY becomes India’s first comprehensive financial services app to integrate with Unified Payment Interface (UPI)

ETMONEY India’s largest app for financial services has integrated with UPI as a payment method. The reason for this is to double its monthly user base by the end of 2019. This integration will simplify the mutual fund payment for millions of ETMONEY users. Non-Core assets needed to be sold by CPSEs in a notice period of 12 months

The Department of Investment and Public Asset Management (DIPAM) stated guidelines for monetisation of non-core assets of Central Public Sector Enterprises (CPSEs) and immovable enemy properties. An Inter Ministerial Group (IMG) headed by the secretary of DIPAM will identify the non-core assets of the CPSEs. It could identify the assets on the basis of recommendations of the Niti Aayog. The final decision would be taken by the panel chaired by the Finance minister. After the final approval of the assets, the monetisation should be strictly completed within 12 months.

36 | Page Copyright 2019 @ AffairsCloud.Com

Current Affairs Sectionwise PDF D&B report cited Business Sentiments down by 7.7% for Q2 in

Current Affairs Sectionwise PDF

D&B report cited Business Sentiments down by 7.7% for Q2 in 2019

According to Dun & Bradstreet (D&B) report, business sentiments on the country’s financial and macroeconomic conditions continue to decline in the second quarter of 2019 as compared to the second quarter in 2018. D&B Composite Business Optimism Index conclude 78.4 scores during Q2 2019 as compared to 85.0 during Q2 2018, a decline of 7.7% CRISIL board gives nod for transfer of ratings business to new subsidiary

A diversified global analytics company, CRISIL, will transfer its ratings business to its proposed new wholly owned subsidiary. The transfer of rating business through the scheme of arrangement in terms of section 230 to 232 of the Companies Act, 2013, to be approved by the stock exchanges and the national Company Law Tribunal. Asian Tea Alliance launched in China

To boost tea trade,cultural and technical exchanges as well as global promotion of tea,the Asian Tea Alliance (ATA),a union of five tea-growing and consuming countries,was opened in Guizhou,China. The alliance was constituted with Indian Tea Association,Indonesian tea Marketing Association,China tea marketing Association,Sri Lanka Tea Board and tea Association. FAME II scheme has made compulsory for electric vehicles to feature 50% localisation for receiving subsidies

Under the FAME II scheme, the Central Government has made compulsory for Electric Vehicle (EV) manufactures in India to locally source at least 50% components for the provision of receiving subsidies. The conditions under FAME II scheme were decided by the Inter- Ministerial Steering Committee of National Mission for Transformative Mobility headed by Amitabh Kant, (Chief executive Officer) CEO of NITI Aayog. India Post collaborates with TCS to digitalize 1.5 lakh post offices & creating world’s largest EPostal network by deploying largest SAP implementation

Both the companies had struck a deal of over Rs. 1,100 crore in 2013 for an end-to-end IT modernization program. For accomplishing this objective, TCS has over 1.3 lakh DARPAN 1 for remote villages. DARPAN 1 is a hand-held device that the Gramin Dak Sevaks can use to give postal services even without any Internet or network connectivity. Stanford study revealed that Global warming shrank Indian Economy by 31 percent

As per the Stanford study, changes in the earth’s temperature have increased inequalities which resulted in the shrinking of the Indian economy by 31 percent due to global warming. The study published in the journal titled ‘Proceedings of the National Academy of Sciences’. Food regulator FSSAI has extended ban on import milk products from China, until all labs at ports are upgraded to test the toxic chemical Melamine

The government has extended the ban on import of milk and milk products from China (including chocolates, chocolate products, candies, confectionary, food preparations with milk or milk solids as an ingredient). Melamine is an extremely toxic chemical that is used for making plastics and fertilisers. Minimum subscription requirement for REITs and InvITs has reduced by SEBI

Recently, SEBI in his guidelines titled “Guidelines for Determination of Allotment and Trading Lot Size for Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs)” has reduced the minimum subscription requirement as well as defined trading lots for REITs and InvITs. For determining the allotment in an initial offer and follow on public offers, REITs have to offer their units in lots worth at least Rs 50,000 and in case of InvITs, the minimum value of a single lot should be Rs 1 lakh.

Current Affairs Sectionwise PDF India’s Pharmaceuticals export increases 11% to USD 19.2 billion in 2018-19

Current Affairs Sectionwise PDF

India’s Pharmaceuticals export increases 11% to USD 19.2 billion in 2018-19

This is mainly due to increase demand in regions such as North America and Europe. The pharmaceuticals export in 2017-18 was USD 17.3 billion. India is the largest provider of generic medicines globally as 20 percent (in terms of volume) of generic medicines requirement was supplied by India globally. First Indian Platform for Wholesale Cryptocurrency Trading has introduced by BuyUcoin

BuyUcoin, second oldest Cryptocurrency Exchange in India, has introduced a new and unique platform for wholesale cryptocurrency trading. This platform works on ‘free trading model’ which means it charges zero fee on any trade. This wholesale platform also known as OTC

(Over-the-counter) Desk allows users to trade on a large scale with low price fluctuations. DPIIT proposes Startup India Vision 2024 tax sops for new ventures by planning to set up 50,000 new start-ups in India by 2024 and create 20 lakh job opportunities

The Commerce and Industry Ministry has proposed measures such as tax incentives to promote entrepreneurs as part of the ‘Startup India Vision 2024’. The vision document has been prepared by the Department for Promotion of Industry and Internal Trade (DPIIT) which is under the Commerce and Industry Ministry.

Microsoft becomes world’s third company to be worth $1 trillion

Seattle-based tech giant Microsoft has reached a valuation of $1 trillion for the first time after a jump in stock valuation that followed a qualitative-laden third fiscal quarter and has again taken over Apple as the world’s most valuable company. HCL Technologies sets up cybersecurity centre in Texas to enhance business growth

IT services HCL Technologies has set up a CyberSecurity Fusion Centre (CSFC) in Frisco, Texas, US. The main objective of the setting up of the CSFC by HCL Technologies' is to boost business

growth by providing customers with a single point of contact for the business security lifecycle - from detection to repairment. IEPF Authority recovers Rs 1514 Cr of Depositors Money from Kolkata-based Peerless General Finance and Investment Company

The Investor Education and Protection Fund (IEPF) Authority has recovered deposits worth Rs 1,514 crore that was pending with the company for the last 15 years, from Kolkata-based Peerless General Finance and Investment Company. Investor Education and Protection Fund (IEPF) is a statutory body under the Ministry of Corporate Affairs and was established by the central government under Section 125 of Companies Act 2013.

Economist Intelligence Unit set to bring down India’s growth outlook for 2019-20

Economist Intelligence Unit (EIU) in its report said that in 2019-20 India’s economy will grow below its potential due to a generally weaker global economy and structural challenges such as high unemployment. EIU will make a downward revision to its current forecast of 7.2 percent. Govt. forms committee to examine the introduction of e-invoices under GST

The government of India has formed a 13-member committee having representatives from GST Network (GSTN), central and state governments to examine the electronic tax invoice system of various countries like South Korea, Latin America and suggest a model for India. The introduction of electronic invoices (e-invoices) through the Goods and Services Tax (GST) portal which will help the indirect tax system and keep a check on tax evasion. Central Government hikes customs duty on wheat to 40 percent

The Central Board of Indirect Taxes and Customs (CBIC) hiked the basic customs duty (BCD) on wheat to 40% from 30%. The objective is to restrict imports so that domestic prices of wheat do not come under pressure as the country’s wheat production in this season might cross 100 million tonnes.

Current Affairs Sectionwise PDF Indian cyber insurance market grows 40% with 350 cyber insurance policies

Current Affairs Sectionwise PDF

Indian cyber insurance market grows 40% with 350 cyber insurance policies bought in 2018 against 250 in 2017

A report titled 'Cyber Insurance in India- Mitigating Risks amid Changing Regulations and Uncertainties' by Data Security Council of India (DSCI) stated that cyber insurance market is gradually gaining momentum in India as cyber-theft has increased substantially to become one of the most prominent threats to the corporates' operations. The report broadly offers market insights on the stances in cyber insurance.

Good Luck with Your Exams!!!

Suggestions are welcomed; Contact us any time at affairscloud@gmail.com

AffairsCloud Recommends Oliveboard Mock Test

AC Useful Links: