important banking news reserve bank of india€¦ · x the reserve bank of india raised the...

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1 Important Banking News 1

2 Important Financial News 20

Important Banking News

Reserve Bank of India Reserve Bank of India to issue new Rs 10 note in chocolate brown colour:

India‘s central bank will soon issue a new Rs 10 note in chocolate brown colour.The Reserve

Bank of India (RBI) has already printed 1 billion pieces of the new note. Further, the new note

will bear the picture of Konark Sun Temple.

Size 63*123

Design in Reverse side Konark Sun Temple.

Colour chocolate brown colour

Lines There is no lines in Rs. 10 Note

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RBI Ordered Banks to Recalibrate ATMs With Rs.200:

Indian apex bank RBI orders all the banks to recalibrate ATM to install new Rs.200 for the

more circulation of the denomination. RBI introduced New Rs.200 Note in 25th August 2017

Image on Backside Sanchi Stupa

Dimensions 66 X 146 mm²

Colour bright yellow

RBI Increases Currency Derivative Trade Limit to USD 100 Million:

The Reserve Bank of India raised the exposure limit under Exchange Traded Currency Derivatives (ETCD)

trading for residents and foreign portfolio investors (FPIs) to USD 100 million across all currency pairs

involving the Indian rupee.

Separate limit of Interest Rate Futures (IRFs) for Foreign Portfolio Investors:

The Reserve Bank of India has eased position limit in interest rate futures (IRFs) for foreign portfolio

investors (FPIs). The banking regulator has allowed a limit of Rs. 5,000 crore for FPIs to go long in IRFs

RBI’S review on Currency Distribution & Exchange Scheme (CDES):

The RBI has been providing several incentives to banks, from time to time for installation of various

machines by them to encourage technology absorption in their currency operations for improved customer

service.

RBI’S review on Currency Distribution & Exchange Scheme (CDES):

The RBI has been providing several incentives to banks, from time to time for installation of various

machines by them to encourage technology absorption in their currency operations for improved customer

service.

RBI Lifts Per-Borrower Loan Capitalization for MSMEs:

In view of the increasing importance of the services sector and to encourage banks to lend more to this

sector, the Reserve Bank of India has decided to do away with the per borrower loan limits to Micro/Small

and Medium Enterprises (Services) for classification under priority sector lending.

RBI To Conduct Additional Repo Operations to Provide Liquidity Support To Banks:

According to the Reserve Bank of India it will conduct additional variable rate repo operations for longer

tenors up to 31 days every Tuesday in the month of March 2018 for Rs 25,000 crore each to provide

additional liquidity support to banks.

RBI Cancels Letters of Undertaking (LoUs) and Letters of Comfort (LoCs) for Trade Credits:

The Reserve Bank of India has scrapped quasi bank guarantee instruments such as the Letter of

Undertaking and Letter of Comfort that blew a Rs. 14,000 crore hole in the books of Punjab National Bank

as the regulator attempts to plug a loophole and improve banks‘ due diligence in trade credit.

RBI decides to set up Data Sciences Lab:

Reserve Bank of India has decided to set up Data Sciences Lab to improve its forecasting, surveillance and

early warning detection abilities which will aid policy formulation. The unit is likely to become operational

by December this year

RBI switches back to GDP model from GVA model to measure economy:

The Reserve Bank of India (RBI) has decided to use Gross Domestic Product (GDP) instead of Gross

Value Added (GVA) to measure economic activity in India.

RBI tightens reporting norms for Liberalised Remittance Scheme:

Reserve Bank of India (RBI) issued a notification aimed at tightening reporting norms for the Liberalised








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Remittance Scheme (LRS).

RBI allows FPIs to buy T-bills:

The Reserve Bank of India (RBI) has allowed foreign portfolio investors (FPIs) to invest in treasury bills

issued by the central government.

RBI announced Rs.10,000 crore bond purchases:

Reserve Bank of India (RBI) announced that, it will buy Rs 10,000 crore of government bonds through

open market operation (OMO).

RBI tweaks norms for setting up of IFSC Banking Units:

The Reserve Bank of India (RBI) modified norms for setting up International Financial Services Centres

(IFSC) Banking Units (IBUs) by banks in IFSCs. The parent bank will be required to provide and maintain

at all times a minimum capital of USD 20 million or equivalent in any foreign currency to its IBU.

RBI has directed private sector lender Dhanlaxmi Bank to keep the appointment of a non-independent

director:

The Reserve Bank of India (RBI) has directed private sector lender Dhanlaxmi Bank to keep the

appointment of a non-independent director in abeyance till further orders. ―It is hereby informed that

Reserve Bank of India vide letter dated May 16, 2018, has advised the bank that the proposal for the

appointment of Arun Rao M. G. as a non-independent director.

RBI tweaks norms to boost affordable housing lending:

The Reserve Bank of India (RBI) has increased the eligibility limit for a loan to classify as priority sector

lending in a bid to boost affordable housing. For metropolitan areas, loan limits have been raised from Rs

28 lakh to Rs 35 lakh and for other areas, it has been increased from Rs.20 lakh to Rs.25 lakh, provided the

overall cost of the home does not exceed Rs.45 lakh and Rs.30 lakh respectively.

New Information Repository to be set up by RBI

The Reserve Bank of India (RBI) will set up a Public Credit Registry (PCR) as a repository of information

regarding loan information of individuals and corporate borrowers. The decision has been taken as per the

recommendations of Y.M. Deosthalee committee set up by the central bank.

Reserve Bank aims to tighten working capital loan norms:

The Reserve Bank of India (RBI) has proposed a minimum 40% loan component for working capital

funding of Rs.150 crore and above to bring in greater credit discipline and improve monetary transmission.

Reserve Bank eases norms for FPIs to invest in debt:

FPIs are allowed to invest in various debt market instruments such as government bonds, treasury bills,

state development loans and corporate bonds, but with certain limits and restrictions. The RBI increased the

FPIs cap on investment in government securities to 30% of the outstanding stock of that security, from the

20% earlier.

Centre kick starts merger of RRBs

The government has decided to start the consolidation process of Regional Rural Banks (RRB) after a gap

of six years and bring down the number of such entities to 38 from 56 now. In a communication to the

chiefs of public sector banks, which are the sponsors of the RRBs, the finance ministry asked them to

amalgamate the RRBs within a State.

RBI tells banks to upgrade software at ATMs by June 2019 or face penalty:








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With banks failing to upgrade software in automated teller machines (ATM) despite repeated reminders, the

Reserve Bank of India (RBI) has now directed the banks to complete the process in a phased manner latest

by June 2019.

RBI revises upwards housing loan limits under priority sector

The housing loan limits for eligibility under priority sector lending will be revised to Rs 35 lakh in

metropolitan centres Rs 28 lakh earlier (with population of ten lakh and above), and to Rs 25 lakh from Rs

20 lakh earlier in other centres, provided the overall cost of the dwelling unit in the metropolitan centre and

at other centres does not exceed Rs 45 lakh and Rs 30 lakh, respectively.

RBI tweaks norms to boost affordable housing lending:

The Reserve Bank of India (RBI) has increased the eligibility limit for a loan to classify as priority sector

lending in a bid to boost affordable housing. For metropolitan areas, loan limits have been raised from Rs

28 lakh to Rs 35 lakh and for other areas, it has been increased from Rs.20 lakh to Rs.25 lakh, provided the

overall cost of the home does not exceed Rs.45 lakh and Rs.30 lakh respectively.

New Information Repository to be set up by RBI

The Reserve Bank of India (RBI) will set up a Public Credit Registry (PCR) as a repository of information

regarding loan information of individuals and corporate borrowers. The decision has been taken as per the

recommendations of Y.M. Deosthalee committee set up by the central bank.

RBI Amends Gold Monetisation Scheme To Make It More Attractive:

RBI has made changes in the Gold Monetisation Scheme (GMS) to make it more attractive. The revamping

of the scheme is aimed at enabling people to open a hassle-free gold deposit account.

The short-term deposits should be treated as bank's on-balance sheet liability. These deposits will be made

with the designated banks for a short period of 1-3 years (with a facility of rollover). Deposits can also be

allowed for broken periods (e.g. 1 year 3 months; 2 years 4 months 5 days; etc.).

Reserve Bank aims to tighten working capital loan norms:

The Reserve Bank of India (RBI) has proposed a minimum 40% loan component for working capital

funding of Rs.150 crore and above to bring in greater credit discipline and improve monetary transmission.

Reserve Bank eases norms for FPIs to invest in debt:

FPIs are allowed to invest in various debt market instruments such as government bonds, treasury bills,

state development loans and corporate bonds, but with certain limits and restrictions. The RBI increased the

FPIs cap on investment in government securities to 30% of the outstanding stock of that security, from the

20% earlier.

Centre kick starts merger of RRBs

The government has decided to start the consolidation process of Regional Rural Banks (RRB) after a gap

of six years and bring down the number of such entities to 38 from 56 now. In a communication to the

chiefs of public sector banks, which are the sponsors of the RRBs, the finance ministry asked them to

amalgamate the RRBs within a State.

RBI tells banks to upgrade software at ATMs by June 2019 or face penalty:

With banks failing to upgrade software in automated teller machines (ATM) despite repeated reminders, the

Reserve Bank of India (RBI) has now directed the banks to complete the process in a phased manner latest

by June 2019.








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RBI revises upwards housing loan limits under priority sector

The housing loan limits for eligibility under priority sector lending will be revised to Rs 35 lakh in

metropolitan centres Rs 28 lakh earlier (with population of ten lakh and above), and to Rs 25 lakh from Rs

20 lakh earlier in other centres, provided the overall cost of the dwelling unit in the metropolitan centre and

at other centres does not exceed Rs 45 lakh and Rs 30 lakh, respectively.

RBI issued license to Bank of China to operate in India

The decision was based on the commitment made by Prime Minister Narendra Modi to the Chinese

President XiJinping, during the Shanghai Cooperation Organization (SCO) Summit in Qingdao, China.

Reserve Bank makes it compulsory to incorporate purchaser’s name on the face of payment

instrumentalities to prevent money laundering:

In order to address the concerns arising out of the anonymity and to prevent money laundering, the Reserve

Bank has now made it compulsory to incorporate the purchaser‘s name on the face of demand draft, pay

order, banker‘s cheques and other instruments. The RBI issued a notification in Mumbai yesterday to this

effect to the banks. This directive will come into effect from 15th of September this year

RBI gets global praise for communication strategy

The RBI has come in for effusive praise by the global banking authority, the Bank for International

Settlements (BIS), for its effective communications strategy. The RBI has been applauded by the BIS,

which calls itself ‗a bank for central banks‘, for effectively using a targeted communication strategy for

reaching out to the right audience in ―short and simplified‖ language.

Reserve Bank of India considers Cryptocurrency dealings as illegal transactions

The Reserve Bank of India (RBI) said to the Supreme Court (SC) that dealings in cryptocurrency like

Bitcoins would encourage illegal transactions. RBI has already issued a circular prohibiting the use of these

virtual currencies. Earlier RBI has instructed banks and other financial institutions to freeze the bank

accounts of those individuals and companies dealing in the illegal trade of virtual currencies.

SBI

RBI slaps Rs 40 lakh penalty on SBI for flouting fake note norms:

The Reserve Bank of India has imposed a monetary penalty of Rs 40 lakh on State Bank of India for non-

compliance of its directions on detection and impounding of counterfeit notes.

SBI Tie-up with IMGC to offer mortgage guarantee for non-salaried and self-employed home loan

customers:

India's largest lender SBI and India Mortgage Guarantee Corporation (IMGC) signed a pact to offer

mortgage guarantee scheme for prospective non-salaried and self-employed home loan customers.

Cheque books of six banks that merged with SBI to be invalid

India's largest lender SBI has reminded its customers that cheque books of six banks that merged with it

will become invalid after March 31.

State Bank of India to soon set up blockchain-based exchange for bad debts:

State Bank of India will soon have a blockchain-based exchange for bad debts along with other banks, asset

reconstruction companies and investors on the same infrastructure.

SBI to invest Rs 80 bn in hydropower project of Nepal

India‘s largest bank, State Bank of India (SBI) will be investing a total of Rs 80 billion in the 900 megawatt

(MW) Arun III hydropower project of Nepal.

SBI Launches UK Subsidiary With 225 Mn Pounds Capital:








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The SBI has announced the launch of its UK subsidiary, SBI (UK) Limited, with an initial capital

commitment of 225 million pounds from its parent entity.

SBI To Invest Rs 80 Bn In Hydropower Project Of Nepal:

The State Bank of India will be investing a total of Rs 80 billion in the Arun III hydropower project of

Nepal, which has 900 megawatts (MW) electricity production capacities.

SBI India's most trusted bank:

The TRA Brand Trust Report 2018 said the State Bank of India was the most trusted bank (both public and

private sector) in the country. ICICI Bank topped the chart among the private ones.

GAIL signs Rs 2,000-cr loan agreement with SBI:

GAIL (India) Limited and State Bank of India have signed a Rupee Term Loan Agreement of Rs 2,000

crores for a door to door tenure of 15 years.A statement from the company said that the purpose of the loan

is for general capital expenditure of GAIL, mainly in the gas pipeline projects, in the forthcoming years.

SBI consolidates advertising account with Rediffusion-Y&R:

State Bank of India has consolidated its advertising account for the first time, with the entire business going

to WPP‘s Rediffusion-Y&R.

Arijit Basu Appointed SBI's New Managing Director

The government appointed Arjit Basu as Managing Director of the country's largest lender State Bank of

India (SBI). He will fill the position that fell vacant following the elevation of Rajnish Kumar as the

chairman.

SBI in process to shut 9 foreign offices as part of rationalisation

State Bank of India (SBI) has closed six foreign branches and is in the process of closing down another

nine branches as part of rationalisation of overseas operations, said Managing Director (Retail & Digital

Banking) Praveen Kumar Gupta.

MoU On Defence Salary Package Signed Between Indian Army And SBI

An MoU was signed between the Indian Army and State Bank of India on the Defence Salary Package. The

signing-in ceremony was chaired by the Director-General (MP&PS), Lt Gen SK Saini in Mumbai.

SBI and Nabard tie-up for credit in Telangana:

State Bank of India and National Bank for Agriculture and Rural Development have joined hands to

provide collateral-free credit through Joint Liability Groups in Telangana.

The two signed an MoU, along with seven NGOs from Nizamabad, Medak and Warangal districts, for the

promotion and credit linkage of 2,000 JLGs during the current year. The agreement was signed by

Swaminathan J, CGM, SBI, and P Radhakrishnan, CGM, Nabard.

SBI will organise ‘kisan melas’ across Karnataka on July 18.

State Bank of India (SBI) will organise ‗kisan melas‘ at 875 rural and semi-urban branches spread across

Karnataka on July 18.

It is an initiative of the bank to connect with farmers and resolve their grievances. The bank, which has

close to 1.50 crore farmers as customers, plans to connect with at least 10 lakh farmers through this mega

exercise, press release said.

As part of the mela, the bank also plans to offer Kisan Credit Cards (KCC) to farmers. The bank will also

make farmers aware of the benefits of timely renewal of KCC account and usage of KCC Rupay Card for

transactional convenience.








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Rajya Sabha passes the State Banks Repeal & Amendment Bill, 2017

The Rajya Sabha has passed the State Banks (Repeal and Amendment) Bill,2017 . The House

adopted the amendment moved by the government regarding the bill. The Bill seeks to repeal the

State Bank of India (Subsidiary Banks) Act, 1959, the State Bank of Hyderabad Act, 1956 and

further to amend the State Bank of India Act, 1955.

Under it, the five associates banks that were merged are State Bank of Bikaner and Jaipur, State

Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore.

The merger of these banks have already been effective from 1st April, 2017 .

ASIAN DEVELOPMENT BANK

ADB has agreed in principle to give an aid of 1,700 crore rupees to Uttarakhand:

The Asian Development Bank (ADB) has agreed in principle to give an aid of 1,700 crore rupees to

Uttarakhand for infrastructure development and creation of sewerage treatment facilities in urban areas.

HDFC

HDFC Bank Signs MoU with Government E-Marketplace:

Private sector lender HDFC Bank signed an agreement with the Government e-Marketplace (GeM) under

which the bank will facilitate a host of services to the public procurement portal for Central and state

government organizations.

HDFC Bank Launches IRA 2.0:

HDFC Bank launched IRA 2.0, its interactive humanoid at the Koramangala Branch in Bengaluru.

HDFC Bank increases lending rate by 10 bps

HDFC Bank, the second largest private sector lender of the country, increased its marginal cost of fund-

based lending rate (MCLR) by 10 basis points (bps) across various loan tenures. As a result, its one-year

MCLR is now at 8.4%.

HDFC Bank wins Cabinet nod to raise Rs24,000 crore via FDI:

The Union Cabinet on Wednesday approved a proposal to grant private-sector lender HDFC Bank

permission to raise additional capital of up to Rs.24,000 crore through foreign direct investment.

HDFC, 5th Biggest Consumer Financial Services Company Worldwide: Forbes

Housing finance major HDFC has been ranked as the 5th biggest public company globally in the ‗consumer

financial services category‘ on a list compiled by Forbes magazine. HDFC‘s rank has moved up from 7th

place last year. American Express has topped this category, while Indiabulls Housing Finance is the only

other Indian company (at 13th place) on the list.

HDFC Bank most valuable bank in the emerging market outside China

There are four lenders from India that now rank among the world's 500 most valuable companies. HDFC

Bank is followed by its housing finance cousin Housing Development Finance Corporation (HDFC), Kotak

Mahindra Bank and State Bank of India.

HDFC Bank most valuable bank in the emerging market outside China

There are four lenders from India that now rank among the world's 500 most valuable companies. HDFC

Bank is followed by its housing finance cousin Housing Development Finance Corporation (HDFC), Kotak

Mahindra Bank and State Bank of India.

HDFC securities launched MF transactions on Facebook messenger through Arya

HDFC securities announced launch of Mutual Funds transactional capabilities

on Facebook Messenger through their virtual assistant, Arya.








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NTPC signs Rs. 1,500 crore loan agreement with HDFC Bank

The loan has a door-to-door tenure of 15 years and will be utilized to partly finance capital expenditure of

NTPC (National Thermal Power Corporation Limited), which is India's biggest power producer.

INDUSIND BANK

IndusInd Bank And Ripple Tie-Up For Cross-Border Remittances:

IndusInd Bank announced its partnership with Ripple (the enterprise blockchain solution for Global

Payments) to facilitate payments into and out of India.

IndusInd Bank Gets RBI Nod To Acquire IL&FS Arm:

Private sector lender IndusInd Bank has received RBI's approval to buy the securities services arm of

IL&FS.

IndusInd Bank gets RBI nod for setting up arm for BFIL merger:

The RBI has allowed IndusInd Bank to incorporate a wholly-owned subsidiary for the amalgamation of

micro-lender Bharat Financial Inclusion (BFIL) with the bank.

LAKSHMI VILAS BANK

Lakshmi Vilas Bank, Fisdom team up for digital NPS:

Bengaluru-based start-up Fisdom and Lakshmi Vilas Bank have entered into a partnership to

enable investments in the National Pension Scheme (NPS) in a completely digital and

paperless manner.

ICICI BANK

ICICI Bank Launches Online Overdraft Facility ‘InstaOD’ For MSME Customers:

ICICI Bank has launched instant overdraft ‗InstaOD‘ facility for MSME (Micro, Small and Medium

Enterprises) customers in a completely online and paperless manner. Customers can get overdraft facility

up to Rs 15 lakh for a year anytime, anywhere using the bank‘s Internet and mobile banking app.

RBI imposes Rs.59 crore penalty on ICICI Bank:

The RBI has penalized India's third-largest lender ICICI Bank with Rs.58.9 crore for failing to comply with

held-to-maturity (HTM) guidelines

ICICI loses Rs12,000cr in value amid probe into Videocon loan

ICICI Bank lost as much as Rs.12,000 crore in market value on Monday after the CBI initiated a

preliminary enquiry into the bank's loan to Videocon.

ICICI Bank 1st to get Swift’s new cross-border payment service:

Global financial messaging cooperative, SWIFT (Society for World Interbank Financial

Telecommunication System platform) announced that ICICI Bank has become its first Indian client to go

live with an improved cross-border payments service.

ICICI Bank, HDFC Bank repository participants for NERL:

National E-Repository Limited (NERL), a group company of National Commodity and Derivatives

Exchange Limited (NCDEX), has empanelled ICICI Bank and HDFC Bank as repository participants.

CRISIL reaffirms rating on ICICI Bank at ‘AAA/Stable’:

Credit rating agency CRISIL has reaffirmed its ratings on ICICI Bank‘s debt instruments – Upper Tier-II

Bonds aggregating 8,495 crore, Tier-I Perpetual Bonds aggregating 518 crore, and Bonds/Debentures

aggregating 629 crore – at ‗AAA/Stable‘.

ICICI Bank launches digital form for opening current accounts:

Private sector lender ICICI Bank has introduced a 'digital form' which will help open current accounts in a








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few hours.

ICICI Bank names Radhakrishnan Nair as Independent Director:

ICICI Bank board has appointed Radhakrishnan Nair as an additional (independent) director of the bank for

five years.

ICICI Bank sets aside Rs 100 Crore for investing in startups:

ICICI Bank is taking the digital route for growth, by partnering and investing in financial technology

companies, as well as, setting up an innovation lab and a team to conceive digital solutions.

MARG ERP Ltd partners with ICICI Bank:

Marg ERP limited, a leading Inventory and Accounting software solution company has partnered with

ICICI Bank to offer an integrated payments platform to Micro, Small and Medium Enterprise (MSME)

customers, using MARG‘s accounting software.

ICICI Bank names Sandeep Bakhshi as COO:

The ICICI bank has appointed chief executive of its life insurance arm Sandeep Bakhshi as whole-time

director and Chief Operating Officer to run the bank during her absence.

YES BANK

YES Bank to launch water-security programme:

YES Bank is all set to roll out a capacity building project with farmers in Haryana and Rajasthan under its

‗Livelihood and Water Security‘ CSR initiative.

YES Bank launches Agenda 25x25 to for budding women entrepreneurs:

YES Bank and YES Global Institute have announced the launch of Agenda 25x25 which pledges to create

a synergetic startup environment for budding women entrepreneurs in India, ensuring that by 2025 at least

25 per cent of all Entrepreneurs in India are Women.

Yes Bank empanelled as 'Settlement Bank' for NSE:

Yes Bank has received approval from National Stock Exchange to be empanelled as 'Settlement Bank' for

National Securities Clearing Corporation (NSCCL), a wholly owned subsidiary of NSE.

Rana Kapoor re-appointed MD & CEO for Yes Bank

Yes Bank shareholders have approved the re-appointment of Rana Kapoor as the bank‘s chief executive

officer and managing director for a period of three years.

Yes Bank gets SEBI nod for custodian of securities business

Yes Bank has received approval from market regulator Securities and Exchange Board of India (Sebi) for

acting as custodian of securities. Custodian of securities is a licence granted by Sebi to eligible entities

allowing them to offer custodial services to financial market participants including foreign institutional

investors (FIIs) and foreign portfolio investors (FPIs).

YES Bank ties up with Kerala Start-up Mission

The Kerala Start-up Mission and YES Bank are joining hands to provide a host of corporate and

commercial banking services focused on start-ups in the state. The Start-up Mission is the nodal agency

of the Kerala government, aimed at development of entrepreneurship and incubation activities in the

state.

YES Bank gets SEBI nod to launch mutual fund business:

Private lender YES Bank said that it has received final regulatory approval from the Securities & Exchange

Board of India (SEBI) to start mutual fund business.








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WORLD BANK

World Bank approves $55mn for Bangladesh project:

World Bank has approved $55 million to expand the use of clean renewable energy in rural areas of

Bangladesh that do not have access to grid electricity.

World Bank loan for Biopharma Mission:

The government has secured a loan of about Rs1,600 crore from the World Bank to develop new vaccines,

medical devices and medicines. The money will be disbursed over five years and is part of the Department

of Biotechnology-led National Biopharma Mission.

India Signs Loan Agreement With World Bank For US$ 125 Million:

A Loan Agreement for IBRD credit of US$ 125 (equivalent) for the ―Innovate in India for Inclusiveness

Project‖ was signed with the World Bank in New Delhi. The closing date of Innovate in India for

Inclusiveness project is 30 June, 2023.

Government enters agreement with World Bank on biotech:

The government has entered into a legal agreement with the World Bank for a flexible financing

arrangement to accelerate research towards early development for biopharmaceuticals. A Statement issued

by the government said the mission has been approved at a cost of 250 million dollars for five years with 50

per cent funding through the World Bank Loan.

India inks $200 mn loan from WB for nutrition mission(POSHAN Abhiyaan):

India on Monday signed an agreement with the World Bank for a $200 million loan for implementing the

National Nutrition Mission across (POSHAN Abhiyaan) 315 districts of the country. Approved by the

Union Cabinet last year, the mission aims at reaching 10 crore beneficiaries, mainly children upto the age

of six years, pregnant women and lactating mothers and adolescent girls.

World Bank nod for Rs.6,000 cr. groundwater recharge plan:

To address concerns about depleting groundwater reserves in India, the government has joined hands with

the World Bank to execute a Rs.6,000-crore scheme called the Atal Bhujal Yojana (ABHY).

India And World Bank Signs $500 Million Additional Financing For PMGSY:

The Government of India and the World Bank signed a $500 million loan agreement to provide additional

financing for the Pradhan Mantri Gram Sadak Yojana (PMGSY) Rural Roads Project, implemented by

Ministry of Rural Development, Government. of India, which will build 7,000 km of climate resilient

roads, out of which 3,500 km will be constructed using green technologies.

NABARD

NABARD to expand its long-term lending to Rs 80,000 crore in FY19:

NABARD (National Bank for Agriculture and Rural Development) announced that, it has aimed to raise its

long-term on-lending or refinance portfolio to nearly Rs 80,000 crore in the current fiscal year in a move to

improve rural economy.

Government raises NABARD’s authorised capital to Rs 300 billion to aid rural economy:

The government has raised the authorised capital of NABARD (National Bank for Agriculture and Rural

Development) by 6 times to Rs 300 billion, aimed to increase its lending to the rural economy, as a part of

the initiative to double farmers‘ income by 2022.

NABARD Approves Rs 14,690 Cr Funding To Rajasthan:

National Bank for Agriculture and Rural Development (NABARD) has extended total credit support of Rs

14,690 crore to Rajasthan for 2017-18.








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NABARD launches first ever centre for climate change in South East Asia at Lucknow

Lucknow, Jul 20(UNI) National Bank for Agriculture and Rural Development( NABARD) has launched

the Centre for Climate Change, the first of its kind in South East Asia, in Lucknow for accelerating

concerted climate action by various stakeholders in government, private, financial and non -government

sectors.

Nabard award for Repco Micro Finance

Repco Micro Finance Ltd, a non-banking finance company promoted by Repco Bank, received Nabard

2018 award for its service to self-help group (SHG) linkage in Tamil Nadu for the fiscal year 2017-18.

PAYMENTS BANKS

Fino Payments Bank to deploy MPoS devices across 10,000 banking points:

Fino Payments Bank has said it plans to deploy multi-utility Android-based mPoS (mobile point-of-sale)

devices across 10,000 banking points in the country in a phased manner.

RBI slaps Rs.5 Cr fine on Airtel Payments Bank over KYC norms:

The RBI has imposed a penalty of Rs.5 crore on Airtel Payments Bank for breaching Know Your Customer

(KYC) norms.

Jio Payments Bank Limited Commences Operations

Jio Payments Bank Limited has commenced operations as a payments bank. The Reserve Bank has issued a

licence to the bank under Section 22 (1) of the Banking Regulation Act, 1949 to carry on the business of

payments bank in India.

Jio, Sodexo join hands to accelerate digital transformation:

Jio, Sodexo join hands to accelerate digital transformationJio, Sodexo join hands to accelerate digital

transformation

Paytm Payments Bank claims to have 100M KYC-compliant wallets:

Paytm set up offline centres and a team of agents to collect documents from customers for the KYC

process; the 100M milestone includes full and minimum KYC customers.

Paytm Bank to fan out 1 lakh ‘mobile bankers’ across India in a year:

The Paytm Payments Bank, India‘s first bank providing zero balance accounts and zero charges on digital

transactions, plans to train and fan out one lakh banking business correspondents, including women, in a

year across India‘s Tier-I and II towns, villages and remote areas.

Fino Payments Bank Launched Digital Suite:

Fino Payments Bank launched a suite of digital products that can be accessed online and through mobile

phones with the focus to build the transaction platform. Fino had launched its mobile banking app BPay in

2017.

RBI lifts ban on Airtel Payments Bank to enrol new customers:

Sunil Bharti Mittal-owned Airtel Payments Bank stated it has received approval from the Reserve Bank of

India (RBI) for enrolling new customers.

Oxigen Announces A Strategic Partnership With Fincare Small Finance Bank

At an event, Oxigen and Fincare Small Finance Bank signed an agreement to roll out the Branchless

Banking services, using Oxigen's flagship Point of Sale device called the Oxigen Micro ATM Super PoS.

The event graced by Brand Ambassador Grand Master Viswanathan Anand.

SMALL FINANCE BANK

Jana Small Finance Bank started its operations:








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Jana Small Finance Bank (formerly Janalakshmi Financial Services, India's leading micro-finance

company), announced the commencement of its banking operations.

Equitas Bank ties up with CSK, launches Yellow Army Savings Account:

Equitas Small Finance Bank has launched a new ‗Yellow Army Savings Account‘ to increase its customer

base through its association with the Chennai Super Kings (CSK), The yellow army savings account will

offer an interest rate of six per cent per annum for balance below Rs10 lakh and 6.5 per cent per annum for

balance above Rs.10 lakh.

AU Bank bets on ‘Kamao’ app to ramp up biz:

Jaipur-headquartered AU Small Finance Bank wants to ramp up its business via crowd-sourcing —

involving not only employees but also customers and non-customers — with the help of a mobile-based

app called ‗Kamao‘ (earn).

OTHER BANKING NEWS

Catholic Syrian Bank Ltd and Celebrus Capital Ltd signs For Online Trading Services:

Catholic Syrian Bank Ltd and Celebrus Capital Ltd have announced a new partnership to offer CSB‘s

customers online trading and Demat services.

AIIB approves $1.5 billion in loans to India for infrastructure projects:

China-based Asian Infrastructure Investment Bank (AIIB) has approved $1.5 billion in loans to India for

infrastructure-related projects in 2018.

DCB Unveils ‘DCB Remits’:

DCB Bank said it has introduced a remittance service ‗DCB Remit‘ that will allow a resident Indian having

a bank account in India to remit or send money online, globally.

KVGB rolls out loan scheme ‘Vikas She Plus’ for women entrepreneurs

Karnataka Vikas Grameena Bank (KVGB) has launched ‗Vikas She Plus‘, a loan scheme for women to

take up new ventures or for expanding/modifying the existing enterprises. This scheme provides loan up to

a maximum of Rs 2 lakh with a repayment period of 60 months.

IBBI Signs MoU With Reserve Bank Of India

Under the MoU, the RBI and the IBBI will work in partnership for the effective implementation of the

Insolvency and Bankruptcy Code, 2016 and its allied rules and regulations.

Muthoot Finance Ties Up With Global IME Bank

Muthoot Finance, the flagship company of Muthoot Group has tied up with Global IME Bank to expand its

money remittance services between Indo Nepal Corridor. Muthoot Finance is the only NBFC to extend the

money transfer services from India to Nepal.

Axis Bank announces new representative office in Sharjah

Axis Bank on Sunday opened a representative office in Sharjah, to better serve its customers in the emirate

and to expand its retail offerings to customers in the neighboring northern emirates.

Swiggy Partners with ICICI Bank

Online Food ordering and delivery platform Swiggy has partnered with ICICI Bank to roll out two digital

solutions to facilitate the transfer of funds for its delivery partners.

Allahabad Bank gets nod to amalgamate subsidiary with itself:

Allahabad Bank has received approval from the Ministry of Corporate Affairs for merger of its fully-owned

subsidiary All Bank Finance with itself.

SWIFT expands GPI Tracker System to help Banks:








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The over Rs 13,000 crore fraud which has been unearthed at Punjab National Bank (PNB) was a case of

misuse of non-linkage of bank‘s core-banking system (CBS) with SWIFT messaging system as a few PNB

officials, in connivance with diamond jeweller Nirav Modi and his uncle Mehul Choksi of Gitanjali Gems,

bypassed the reporting of global transactions to bank‘s CBS.

Bandhan Bank becomes India’s 8th most valued bank:

Bandhan Bank, has become the 8th most valued bank in India leaving behind Bank of Baroda and Punjab

National Bank. Meanwhile, HDFC Bank continues to be the most valued bank in India with a market

capitalisation.

Exim Bank Extends $500 Million Loan Facility To 15-Nation Group In South Africa:

The Export-Import Bank, Exim Bank announced that it will provide a USD 500 million credit facility to

Economic Community of West African States (ECOWAS) to fund various development projects in

western-south Africa.

SEBI Allows Physical Settlement Of Stock Derivatives

The stock market regulator Securities & Exchange Board of India (SEBI) has allowed physical settlement

of both stock options and stock futures. At present only cash settlement of derivatives is allowed.

UCO Bank to merge branches in Hong Kong as it realigns overseas operations:

Following the Reserve Bank of India (RBI)'s ban on letters of undertaking (LoU), Kolkata-based UCO

Bank is planning to merge its two branches in Hong Kong.

Long Term Capital Gains Tax To Come Into Effect From 01st April:

Several Budget proposals, including the reintroduction of the tax on long-term capital gains (LTCG)

exceeding Rs 1 lakh from the sale of shares, will kick in from 01st April 2018, the beginning of the

2018-19 financial year.

Rivigo ties up with IDFC, YES Bank, for truck loans:

Rivigo, a homegrown logistics start-up that owns as well as acts as an aggregator of trucks, is tying up with

YES Bank, IDFC and 10 other financial institutions to make cheaper funds available to truck owners and

operators on its platform.

SIDBI Foundation Day- Launches 'Samridhi- Virtual Assistant' & ' Bankability Kit':

SIDBI (Small Industries Development Bank of India) celebrated its foundation day (2nd April 1990) as the

day of Sampark (connect), Sanwad (interaction), Suraksha (security) and Sampreshan (disseminate).

Chairman SIDBI also launched 'Samridhi- the virtual assistant' on banks revamped universal loan portal

www.udyamimitra.in.

Softbank Signs $930 Million Deal to Set Up Solar Venture In India:

Softbank has signed a $930-million deal with China's energy conglomerate Golden Concord (GCL) to

produce and sell solar equipment in India.

Indian Bank launches PFMS & also launched ‘Bharat QR’, a mobile payment collection:

Indian Bank has introduced Public Financial Management System (PFMS) and has launched ‗Bharat QR‘

facility. Indian Bank, Managing Director and CEO, Kishor Kharat launched these initiatives in Chennai.

Indian Overseas Bank launches IoT-based customer service app:

As part of its ‗Customer First‘ initiative, Indian Overseas Bank (IOB) has launched three ‗Internet of

Things‘ (IoT)-based customer service initiatives on a pilot basis at one of its branch in Chennai, Tamil

Nadu.

India, World Bank sign US$ 420 million project agreement to benefit farmers in Maharashtra:








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Government of India, Government of Maharashtra and the World Bank signed a US$ 420 million project to

benefit Small and Marginal farmers in the Marathwada and Vidarbha regions of Maharashtra.

J&K Bank launches special financing scheme ‘Add on Working Capital GST’ for industrial units:

Jammu & Kashmir (J&K) Bank has launched ‗Add on Working Capital GST‘, a special financing scheme

to help the state industry cope with the delay in reimbursement of Goods and Services Tax (GST) under

special tax relief.

AIIB decides to invest $140M to improve Rural Connectivity in India:

The Board of Directors of the Asian Infrastructure Investment Bank (AIIB) have approved USD $ 140-

Million loan to improve the rural road connectivity and management for residents in Madhya Pradesh,

India, at a Meeting held recently in Beijing, China.

Chandra Shekhar Ghosh re-appointed as MD & CEO of Bandhan Bank:

Chandra Shekhar Ghosh has been re-appointed as managing director and CEO of Bandhan Bank for a three

year term from 10thJuly 2018. Former deputy governor at Reserve Bank of India (RBI), Harun Rasid Khan,

has joined Bandhan Bank board.

SIDBI ties up with CSC to promote MSEs in 115 districts:

Small Industries Development Bank of India (SIDBI) has tied up with Common Service Centre (CSC) to

run micro enterprises promotion programme (MEPP) in 115 aspirational districts across India.

Reliance Jio raises Rs 3250 crore from Japanese banks to fund capital expenditure:

Reliance Jio has signed an agreement to raise nearly Rs 3,250 crore as samurai term loan from Japan-based

banks. Reliance Jio Infocomm Limited said that, it had signed approximately JPY 53.5 billion samurai term

loan with 7 year bullet maturity.

Kotak Mahindra Bank Overcomes SBI to become India’s 2nd largest bank by market capitalization:

Kotak Mahindra Bank led by Asia‘s richest banker Uday Kotak became India‘s second-largest bank by

market capitalisation surpassing India‘s largest bank by asset State Bank of India to grab the spot.

Bhuj Mercantile Co operative Bank bags Banco Award:

Kutch-based Bhuj Mercantile Cooperative Bank has bagged the prestigious Banco Award for best

performing cooperative bank.

Standard Chartered ties up with Zoho:

Standard Chartered Bank has announced an alliance with Zoho, a software products company, to offer

solutions to enhance corporate banking experience. The bank‘s business account holders can now pay their

suppliers and automate reconciliation right from Zoho Books, Zoho‘s cloud accounting software.

PFRDA makes sharing of bank a/c, mobile number mandatory for NPS subscribers:

Pension fund regulator PFRDA has made bank account details and mobile number mandatory for

subscribers of national pension scheme (NPS).

SEBI disposes of charges against Karur Vysya Bank:

Markets regulator SEBI disposed of the charges against private player Karur Vysya Bank as it did not find

any violation of shareholding disclosure norms.

Axis Bank appoints global leadership advisory firm Egon Zehnder to hunt for MD and CEO:

Private sector lender Axis Bank said it has appointed global leadership advisory firm Egon Zehnder to

appoint a new Managing Director and CEO for the bank. The move follows Shikha Sharma, the current

Managing Director and CEO of the bank, deciding to step down from the post after December 31 this year.

India highest recipient of remittances in 2017:








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India retained the top position as recipient of remittances with its diaspora sending about USD 69 billion

back home last year, the World Bank said.

Bank of India ties up with NeSL:

Bank of India has entered into an agreement with National e-Governance Services Ltd (NeSL) for availing

NeSL‘s Information Utility (IU) service to expedite the Corporate Insolvency Resolution Process.

Government to acquire RBI’s stake in National Housing Bank

The government will soon acquire the stake of Reserve Bank of India in housing finance regulator National

Housing Bank (NHB).

Uday Kotak redesignated as MD & CEO of Kotak Mahindra Bank:

The board of directors of Kotak Mahindra Bank has redesignated Uday Kotak as Managing Director and

Chief Executive Officer with effect from 1st May 2018.

Kotak Mahindra Bank also informed that Shankar Acharya, part-time Chairman, will retire on 19th July

2018.

Prakash Apte has been appointed as part-time Chairman of the Bank in place of Shankar Acharya.

Bandhan Bank CEO takes CII (ER) office:

Chandra Sekhar Ghosh, Managing Director and CEO of Bandhan Bank, has taken over as the Deputy

Chairman of CII Eastern Region (ER). This was announced at the CII Eastern Regional Council Meeting

on May 1.

RBI bars Dena Bank from lending, hiring:

The Reserve Bank of India (RBI) has barred State-run lender Dena Bank from extending fresh credit in

view of deteriorating financial health due to mounting non-performing assets (NPAs). In addition, the

lender has also been barred from recruiting staff.

This initiative is aimed at improving farmers‘ access to finance, ensuring effective use of digital banking

resources, and imparting good agricultural practices.

Vijaya Bank tags Reliance Naval as NPA:

State-run Vijaya Bank has classified the Anil Ambani group-led Reliance Naval and Engineering, whose

auditors had recently expressed doubts about the company‘s ability to continue as a ―going concern‖, as

non-performing asset from the March quarter.

RBI bars Allahabad Bank from giving fresh loans:

The Reserve Bank of India (RBI) has barred state-run Allahabad Bank from extending fresh loans, under

it‘s prompt corrective action (PCA) framework, after the lender fell short of minimum capital adequacy

ratio (CAR) requirement.

The bank‘s CAR was 8.69% as on March 31, 2018 against the regulatory minimum requirement of 9%.

Allahabad Bank CEO divested of powers:

State-run lender Allahabad Bank has decided to relieve its managing director and chief executive officer

Usha Ananthasubramanian of her powers after she was named in the first information report filed by the

Central Bureau of Investigation in the Rs.13,800-crore Nirav Modi scam that defrauded Punjab National

Bank (PNB).

CSC, SIDBI ink pact for financial support to village level entrepreneurs:

Small Industries Development Bank of India (SIDBI) will provide financial support to village level

entrepreneurs who operate the Common Service Centres (CSC) that act as access points for delivery of

electronic services.








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Bank unions threaten 2-day nation-wide strike from May 30:

Employees of public sector banks have threatened to go on two-day nation-wide strike from May 30 against

"a meagre" 2 per cent hike offered by the management body, Indian Banks' Association (IBA).

4 NBFCs surrender their Certificate of Registration to RBI:

The following NBFCs have surrendered the Certificate of Registration granted to them by the Reserve

Bank of India. The Reserve Bank of India, in exercise of powers conferred on it under Section 45-IA (6) of

the Reserve Bank of India Act, 1934, has therefore cancelled their Certificate of Registration.

M/s Silver Trading and Services Limited, M/s Lotus Udyog Limited, M/s Kothari Safe Deposits Limited

and M/s Angel Finvest Private Limited are the 4 NBFCs

IDFC Bank had received the RBI’s approval for merger of Capital First:

IDFC Bank said it had received the RBI‘s approval for merger of Capital First, Capital First Home Finance

and Capital First Securities with the company.

Corporation Bank bags Best Expectation Management (Mid Cap)’ award for 2017-18:

Corporation Bank has bagged an award instituted by Investor Relations Society India. The bank was chosen

for ‗Investor Relations Awards 2018‘ under the category ‗Best Expectation Management (Mid Cap)‘ for

2017-18.

Canara Bank fined in UK for anti-money laundering breaches :

Britain's markets regulator has fined the UK division of India's Canara Bank blocked it from accepting new

deposits for around five months for systemic anti-money laundering (AML) failures.

Sunil Mehta will be heading the ARC panel for stressed assets :

The finance ministry has set up a committee to examine the possibility of setting up an asset reconstruction

company or an asset management company to fast track resolution of stressed assets. Punjab National

Bank‘s non executive chairman Sunil Mehta will be heading the panel.

Mobile banking: Paytm tops volumes, Axis value:

At 17.2%, Axis Bank commands the largest value share of mobile banking transactions but it‘s Paytm that

tops volumes with 22%. However, Paytm‘s value share is a meager 0.25%, according to State Bank of

India‘s (SBI) annual report for 2017-18 which has put out Reserve Bank of India‘s data for January 2018.

Oriental Bank of Commerce awarded for Atal Pension Yojana

Oriental Bank of Commerce has been awarded as the best public sector bank for Atal Pension Yojana for

the year 2017-18. MoS for Finance Shiv Pratap Shukla presented the awarded to Mukesh Kumar Jain, MD

and CEO of the bank.

SBI MD B Sriram took charge as the CEO and MD of IDBI Bank for 3 months

He has been appointed in place of Mahesh Kumar Jain who was recently made the Deputy Governor of

RBI. Sriram currently manages SBI's corporate banking division, which has a loan book exceeding Rs10

lakh crore.

AIIB to invest $200 mn in infra fund

The Asian Infrastructure Investment Bank (AIIB) will pump $200 million into the National Investment &

Infrastructure Fund (NIIF). The funding was announced by economic affairs secretary Subash Chandra

Garg ahead of the third AIIB annual meeting which will be attended by Prime Minister Narendra Modi

EXIM Bank extends USD 10 million loan facility to Seychelles

The Export-Import Bank of India(Exim Bank) announced that it has extended USD 10 million worth of line

of credit (LOC) to Seychelles for healthcare and procurement of goods and projects. It is the first tranche of








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the $50 million sanctioned by the Exim Bank to the country. With this agreement for $10 million, Exim

Bank has extended two LOCs to Seychelles, taking the total value to $28 million.

IRDA approves LIC-IDBI Bank deal

The Board of Insurance Regulatory and Development Authority (IRDA) has approved Life Insurance

Corporation‘s (LIC) proposal to the acquisition of up to 51% stake in state-run lender IDBI Bank.

India will get Black Money Data from Swiss Bank by 2019

As part of a bilateral treaty signed between the India and Switzerland, India would start getting data on

deposits made by Indians this year in Swiss Banks from 2019.

Banks Board Bureau recommends MDs from SBI for appointment as CEOs in other PSBs

The Banks Board Bureau (BBB) on Saturday recommended managing directors from State Bank of India

(SBI) for appointment as managing directors and CEOs in other public sector banks (PSBs).

IIFL is India's No. 1 investment bank for Fiscal Year 2017 to 2018

As per Prime Database Investment Bankers League table for FY 2017-18, IIFL is India's top investment

bank for equity issuances by private sector companies.

IndiaFirst Life Insurance Company Limited has announced its tie-up with Oxigen

IndiaFirst Life Insurance Company Limited has announced its tie-up with Oxigen Services India Pvt. Ltd.

ICICI Bank's Mortgage Portfolio Crosses Rs1.5-Trillion

ICICI Bank has announced that its mortgage loan portfolio crossed the Rs 1.5-trillion milestone, making it

the largest private player in the segment, and the lender is targeting to grow it to Rs 2 trillion by FY20.

Finance Ministry Keeps small savings schemes Interest Rates Unchanged For July-September Quarter

The Finance Ministry has kept the interest rates on small savings schemes, including NSC and PPF,

unchanged for the July-September quarter.

Government taps RBI to track all financial transactions:

In a move aimed at widening the crackdown on black money and following the money trail flowing in and

out of thousands of shell companies, the Centre is planning to set up an information technology (IT)-based

mechanism to keep a tab on all non-cash, financial transactions in the country.

RBI cancels licence of Alwar Urban Co-operative Bank:

The Reserve Bank of India (RBI) said the licence of Alwar Urban Co-operative Bank in Alwar, Rajasthan

has been cancelled as it is not in a position to pay its depositors in full as and when their claims accrue,

among other reasons.

India joins European Bank for Reconstruction and Development

India on Wednesday formally joined the European Bank for Reconstruction and Development (EBRD),

becoming the London-based multilateral lender's 69th member.

The membership will help Indian companies undertake joint investments in regions in which the EBRD

operates. EBRD, whose core operations pertain to the private sector, has worked with Indian companies

including Tata group and Jindal group.

T Latha Appointed New MD & CEO Of Dhanlaxmi Bank

Dhanlaxmi Bank Limited has appointed T Latha as the Managing Director & CEO. She has taken over

from G Sreeram, who has retired from the office on completion of his tenure.

RBI plans to issue new Rs. 100 notes in Lavender colour








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RBI will issue new Rs.100 notes in a smaller size than previous version and with Lavender colour as the

base. This note will reportedly feature the picture of Rani-Ki-Vav (the Queen's Stepwell), which is in

Gujarat's Patan, is a UNESCO World Heritage Site.

Rs 11,336 cr capital infusion in 5 PSU Banks approved by Finance Ministry

The Finance Ministry has approved capital infusion of Rs 11,336 crore in 5 public sector banks Punjab

National Bank (PNB), Andhra Bank , Corporation Bank, Indian Overseas Bank and Allahabad Bank.

Bank name Infusion (in Cr.

Rs.)

Punjab National Bank 2816

Corporation Bank 2555

Indian Overseas Bank 2157

Andhra Bank 2019

Allahabad Bank 1790

Federal Bank gets RBI nod to enter Bahrain, Kuwait, Singapore

Federal Bank has obtained the regulatory nod from RBI (Reserve Bank of India) to open offices in Bahrain,

Kuwait and Singapore.

Federal Bank does not have any plans to increase its presence in India. It will focus on the digital

alternatives to reach out to more customers.

Federal bank will focus more on the unsecured lending segment, where it stands at Rs 380 crore currently.

Government slashes minimum yearly deposit for Sukanya Samriddhi account to Rs 250

Under the Sukanya Samriddhi Yojana ,the government has cut the minimum annual deposit requirement for

accounts to Rs 250 from Rs 1,000 earlier.It will enable more number of people to take advantage of the girl

child savings scheme.

Banks and Financial institutions in India signed Pact on Bad Loan Resolution Framework

22 public sector banks (including India Post Payments Bank), 19 private sector banks, 32 foreign

banks and financial institutions like LIC, HUDCO, PFC and REC signed the Inter-Creditor Agreement

(ICA) framework, which is part of project 'Sashakt', to take concerted efforts towards resolving dud loans

under Rs. 500 crore.

This Project is proposed by a committee headed by Sunil Mehta (non-executive chairman of PNB). The

new framework is applicable to accounts with exposures of over Rs.2,000 crore where lenders must

implement the resolution plan within 180 days.

Lok Sabha passes Negotiable Instruments (Amendment) Bill, 2017

Lok Sabha has passed Negotiable Instruments (Amendment) Bill, 2017 to reduce the number of cheque

dishonour cases pending in courts. The bill amends Negotiable Instruments Act, 1881 to primarily address

issues of dishonor of cheques and deal with unnecessary delay in disposal of such cases.

Interim compensation: The Bill inserts new Section 143 A in parent Act to allow court trying offence

related to cheque bouncing to direct drawer (person who writes cheque) to pay interim compensation to

complainant. This compensation may be paid under certain circumstances, including where drawer pleads

not guilty of accusation. It will not exceed 20% of cheque amount and will be paid by drawer within 60

days of trial court‘s order to pay such compensation.

Deposit in case of appeal: The Bill inserts another new Section 148-A in the parent act specifying that if

drawer convicted in cheque bouncing case files appeal, appellate court may direct him to deposit minimum








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of 20% of fine or compensation awarded by trial court during conviction. This amount will be in addition to

any interim compensation paid by drawer during earlier trial proceedings.

Returning interim compensation: In case drawer is acquitted during trial or by appellate court, then court

will direct complainant to return interim compensation (or deposit in case of an appeal case), along with

interest. This amount will be repaid within 60 days of court‘s order.

Important Financial & Economy Affairs

ORGANISATION GDP RATE

2018-19 2019-20

RBI 7.4

IMF 7.3 7.5

Fitch 7.3 7.5

Moody 7.6 7.5

World Bank 7.3 7.5

ADB 7.3 7.6

HSBC 7 7.6

UN 7.6

India Ratings and Research (Ind-Ra) 7.1

CRISIL 7.6

9.9% Growth In Last year Foreign Exchange Earnings:

The growth rate in FEEs in rupee terms in January 2018 over January 2017 was 9.9%, compared to the

growth of 18.0% in January 2017 over January 2016.

Centre Approves Rs 2900 Crore To Make Cities Safer For Women:

Women and Child Development Ministry has approved projects worth over Rs 2,900 crore under the

Nirbhaya fund for eight major cities to make them safer for women. These cities are Delhi, Mumbai,

Kolkata, Chennai, Bengaluru, Hyderabad, Ahmadabad and Lucknow.

SanDisk unveils world's fastest 400 GB MicroSD card:

SanDisk has unveiled the world's fastest MicroSD card called Extreme UHS-I MicroSDXC with 400 GB of

storage.

Flipkart invests Rs.414 crore in fashion retailer Myntra:

Flipkart's Singapore-based subsidiary FK Myntra Holdings has invested Rs.414 crore in fashion

marketplace Myntra Design.

Government sanctions Rs.1000 crore for research innovation programme:

The government has sanctioned Rs.1,000 crore for the phase two of the Impacting Research Innovation and

Technology (IMPRINT) India programme, Union Minister Prakash Javadekar said.

Paytm Received SEBI nod as registered Investment Adviser

Financial services platform Paytm today said its wholly-owned subsidiary, Paytm Money, has received

approval of market regulator SEBI to become a registered Investment Advisor.

TCS ranked as the fastest growing IT services brand in 2018:

Leading global IT services organisation, Tata Consultancy Services was named as the fastest growing IT

services brand in the world in an assessment done by leading brand valuation firm, Brand Finance.

CSO projects the growth of GDP to be 6.6 per cent in 2017-18








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As per the Second Advance estimates released by Central Statistics Office (CSO) the growth of Gross

Domestic Product (GDP) is estimated to be 6.6 per cent in 2017-18, which is same as the annual average

GDP growth rate during last 30 years, starting from 1987-88 to 2016-17.

Vistra Announces Acquisition of Global Expandia in Indonesia

Vistra, one of the world's leading corporate service providers of international incorporations, trust,

fiduciary, private office, international expansion and fund administration services, has acquired Global

Expandia, a Jakarta based firm providing market entry and other related services to foreign-owned investors

operating in Indonesia.

Airtel to raise Rs.16,500 crore to refinance debt:

India's largest telecom operator Bharti Airtel received board approval to raise up to Rs.16,500 crore for

refinancing debt and for paying spectrum liabilities.

Digital transactions in India may hit $1 trillion annually by 2025:

By 2025, digital transactions in India could be worth $1 trillion annually, according to a report by ACI

Worldwide and AGS Transact Technologies. The user base for digital transactions is currently about 90

million, but could triple to 300 million by 2020.

BHEL Secures Order worth Rs 736 Crore from NPCIL:

The public sector Bharat Heavy Electricals Limited (BHEL) has secured significant orders worth 736

crores Rs. after competitive bidding, for supplying Steam Generators for the Nuclear Power Corporation of

India Limited (NPCIL).

SEBI Raises Currency Derivative Trade Limit To $100 Million:

Capital markets regulator SEBI raised the exposure limit under exchange-traded currency derivatives

trading for residents and FPIs to USD 100 million across all currency pairs involving the Indian rupee.

UN Issues $951 Million Appeal For Rohingya Refugees:

The United Nations has issued an appeal for 951 million Dollars to meet the needs of nearly 900,000

Rohingya refugees in Bangladesh.

GIC Re to Operate from Lloyd’s in London:

General Insurance Corporation is going to start operations at the Lloyd‘s London office in April 2018

thereby increasing its share of international business. This will also facilitate Indian becoming a regional

reinsurance center.

Agricultural credit target for FY 2018-19 up to Rs 11 lakh crore:

The government has fixed the agriculture credit target of 11 lakh crore rupees for the year 2018-19 against

last year‘s target of 10 lakh crore rupees.

New India Assurance launched mediclaim policy named ‘New India Global Mediclaim Policy’:

New India Assurance Company, India‘s largest non-life insurance company, on Tuesday launched a

comprehensive worldwide mediclaim policy named ‗New India Global Mediclaim Policy‘.

SEBI Allows Physical Settlement Of Stock Derivatives

The stock market regulator Securities & Exchange Board of India (SEBI) has allowed physical settlement

of both stock options and stock futures. At present only cash settlement of derivatives is allowed.

Cabinet Approves Rs 4,500 Crore To Boost Development Projects In North-East:

Cabinet has approved Schemes of North Eastern Council (NEC) including the continuation of existing

Schemes. It will boost the development projects in North-East. Four thousand five crore rupees have been

approved for the scheme for three years up to March 2020.








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SEBI doubles investment limit of angel funds to Rs.10 crore

Looking to provide an impetus to early-stage start-ups, markets regulator Securities and Exchange Board of

India (SEBI) on Wednesday decided to double the investment limit by angel funds in venture capital

undertakings to Rs.10 crore.

Cabinet Approves Rs 4,500 Crore To Boost Development Projects In North-East:

Cabinet has approved Schemes of North Eastern Council (NEC) including the continuation of existing

Schemes. It will boost the development projects in North-East. Four thousand five crore rupees have been

approved for the scheme for three years up to March 2020.

Cabinet approves re-structuring of NSDF and NSDC:

The Union Cabinet chaired by Prime Minister Shri Narendra Modi has given its approval for restructuring

of National Skill Development Fund (NSDF) and National Skill Development Corporation (NSDC) to

strengthen governance, implementation and monitoring framework.

Ministry of Finance has approved Government guarantee of Rs. 5000 crore in the IRFC bonds:

Ministry of Finance has approved Government guarantee of Rs. 5000 crore in the current Financial Year for

Indian Railway Finance Corporation (IRFC) bonds to be subscribed by Life Insurance Corporation (LIC).

The guarantee fee for the aforesaid amount has also been waived by Ministry of Finance (MOF).

Parliament passes bill to double tax-free gratuity to Rs.20 Lakhs:

The Parliament has passed The Payment of Gratuity (Amendment) Bill, raising the ceiling for maximum

amount of gratuity to Rs20 lakh from the existing limit of Rs 10 lakh.

Cabinet approves revision of DTAA between India and Qatar

The Union Cabinet has given its approval for revision existing Double Taxation Avoidance Agreement

(DTAA) between India and Qatar.

Cabinet approves inclusion of Parivara and Talawara communities into ST list in Karnataka:

The Union Cabinet has given its in principle approval for inclusion of communities, namely ‗Parivara and

Talawara‘ as synonym of Nayaka at in the list of Scheduled Tribes (STs) of Karnataka.

Cabinet Approves Agreement For Avoidance Of Double Taxation Between India, Iran.

The Union Cabinet, chaired by Prime Minister Narendra Modi on 14th March, 2018 approved an

agreement for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on

income between India and Iran.

Cabinet Clears Setting Up of NFRA To Oversee Auditors:

Union Cabinet has approved the establishment of National Financial Reporting Authority (NFRA).

NFRA will act as an independent regulator for the auditing profession which was one of the key changes

brought in by the Companies Act 2013.

Finance Minister Inaugurates GPF and EPPO Modules on 42nd Civil Accounts Day:

The Union Minister of Finance and Corporate Affairs Shri Arun Jaitley said that there is a certain amount

of sanctity which must remain attached to the Government Accounting System.

Cabinet approves continuation of PMEGP beyond 12th Plan for 3 years:

The Cabinet Committee on Economic Affairs chaired by the Prime Minister Narendra Modi has approved

the continuation of Prime Minister's Employment Generation Programme (PMEGP) beyond 12th Plan for

three years from 2017-18 to 2019-20 with a total outlay of Rs 5,500 crore.

UN launches road safety trust fund USD 51000:








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United Nations (UN) has launched a UN Road Safety Trust Fund to spur action that could save lives and

prevent the loss of opportunity associated with road accidents.The fund has been launched in wake of tragic

road accidents in Canada and India.

E-Way Bill for Inter-State movement of goods comes into force:

With the beginning of the financial year 2018-19, the e-way Bill System for Inter-State movement of goods

comes into force; An E-way Bill will be required for moving goods worth over 50,000 rupees from one

state to another.

IndiaFilings launches online income tax filing services:

IndiaFilings launches online income tax filing services IndiaFilings launches online income tax filing

services

Ola unveils in-trip insurance: Cost starts at Re 1, covers up to Rs 500,000:

Ola has introduced an in-trip insurance programme for all its customers in India starting at just Re 1. This

in-trip insurance will cover for loss of belongings, missed flights, and medical expenses up to Rs 500,000 in

case of an accident.

HCL Technologies acquires C3i Solutions for $60 million:

HCL Technologies has acquired C3i Solutions for USD 60 million, in a move to enhance HCL‘s growth in

life sciences and consumer services.

FPI investment limit in Government Securities hiked:

The FPI investment limit in G-Sec has been hiked from 5 per cent of outstanding stock now to 5.5 per

cent in Financial Year 2018-19 and 6 per cent in Financial Year 2020.

RInfra wins Rs 1,081 crore contract for Kudankulam Nuclear Power Project:

Reliance Infrastructure Ltd (RInfra) said that, it has won a Rs 1,081 crore contract from Nuclear Power

Corporation of India Ltd (NPCIL) for work in two units of the Kudankulam project in Tamil Nadu.

EPFO reverses decision, to allow offline claims of over Rs10L:

The Employees' Provident Fund Organization has decided to accept provident fund withdrawal claims of

over Rs.10 lakh via physical forms, reversing its earlier decision.

TCS first Indian company with $100 billion market capitalisation:

Tata Consultancy Services has touched $100 billion mark in market capitalisation as its share price surged

nearly 7%.

Idea Cellular's proposal seeking 100% FDI under consideration of DIPP:

Idea Cellular Ltd's proposal to allow up to 100 percent foreign direct investment in the company is under

consideration of the Department of Industrial Policy and Promotion (DIPP), an official said.

NSE Launches E-Gsec Platform For Bringing Retail Participation In Government Securities:

National Stock Exchange of India (NSE) has announced the launch of its "e - Gsec" platform for facilitating

the non-competitive bidding in Government of India Dated Securities (G-Sec) and Treasury Bills (T-Bills).

SEBI extends trade timing for derivatives:

The Securities and Exchange Board of India (SEBI) has allowed stock exchanges to extend the trading

session for futures and options (F&O) segment from the current 3.30 p.m. to 11.55 in the night beginning

October 1.

Government mulls 100% FDI in insurance intermediaries:

The government is considering allowing 100 per cent foreign direct investment (FDI) in insurance

intermediaries with a view to give a boost to the sector and attracting more funds.








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The FDI policy, at present, allows 49 per cent foreign investment in the insurance sector, which includes

insurance intermediaries.

Walmart buys 77% stake in Flipkart for $16 billion:

Walmart Inc buying 77 per cent stake in Flipkart for about USD 16 billion (Rs 1.05 lakh crore), its biggest

deal which will give the US retailer access to Indian e-commerce market that is estimated to grow to USD

200 billion within a decade.

Finance Minister clears 3 FDI proposals worth Rs 3,250 crore:

The finance ministry today said it cleared three foreign direct investment (FDI) proposals worth Rs 3,250

crore in April.

Infosys sets up blockchain-based trade finance network with seven banks:

Infosys Ltd. has formed a blockchain-based trade finance network with seven private-sector banks, to

increase security and efficiency in the banking sector while also broadening its product offering.

BSE becomes first Indian stock exchange to get US SEC’s DOSM recognition

BSE Ltd (earlier known as Bombay Stock Exchange) has become the first Indian exchange to be designated

as Designated Offshore Securities Market (DOSM). DOSM status has been given by United States Securities

and Exchange Commission (US-SEC).

India To Achieve 9% Growth Rate By 2022: NITI Aayog:

NITI Aayog vice-chairman Rajiv Kumar exuded confidence that Indian economy will achieve 9% growth

rate on sustained basis by 2022 on the back of reforms like GST, demonetisation and the Insolvency and

Bankruptcy Code (IBC).

MCX launches India’s first copper options contracts:

India‘s largest commodities exchange platform, Multi Commodity Exchange of India Limited (MCX) has

launched the country‘s first copper options contracts

Finance Ministry Ties Up With 40 Companies Under Mudra Scheme:

The Union Finance Ministry has tied up with 40 entities including Flipkart, Swiggy, Patanjali and Amul for

extending loans to small entrepreneurs under the Pradhan Mantri Mudra Yojana (PMMY).

MCX launches India’s first copper options contracts:

India‘s largest commodities exchange platform, Multi Commodity Exchange of India Limited (MCX) has

launched the country‘s first copper options contracts. The option contract will provide physical market

participants additional instrument to hedge their price risk.

Finance Ministry Ties Up With 40 Companies Under Mudra Scheme:

The Union Finance Ministry has tied up with 40 entities including Flipkart, Swiggy, Patanjali and Amul for

extending loans to small entrepreneurs under the Pradhan Mantri Mudra Yojana (PMMY).

EPFO notifies 8.55% interest for 2017-18:

The Central Board of Trustees of the Employment Provident Fund Organisation has notified its field offices

to credit an 8.55% rate of interest on the holdings of subscribers for 2017-18. It is the lowest rate since the

financial year 2012-13. There are around five crore subscribers.

Government reconstitutes FSDC

The Union Government reconstituted Financial Stability and Development Council (FSDC) to include

secretaries from revenue department as well as Ministry of Information Technology (MeitY). It will include

Chairman of the Insolvency and Bankruptcy Board of India (IBBI).

Fiscal deficit for FY18 at 3.5% of GDP:








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India‘s fiscal deficit in the year ended March 2018 came in at 3.53% of gross domestic product, in line with

the revised estimates. For the current fiscal year, the government estimates to trim the deficit to 3.3% of

GDP.

Government puts FY18 growth at 6.7%:

Stronger growth of 7.7% in the fourth quarter GDP estimates for 2017-18, driven in large part by the

manufacturing and construction sectors, led to an upward revision in the GDP growth projection for the full

year to 6.7%.

Cholamandalam to invest Rs. 50 cr in home finance arm:

The board of Cholamandalam Investment and Finance Company Ltd., a part of Murugappa Group, has

decided to invest Rs.50 crore in its wholly owned subsidiary Cholamandalam home Finance Ltd.

Indian Oil Most Profitable PSU For 2nd Straight Year

Indian Oil Corporation has emerged as India's most profitable state-owned company for the second

consecutive year. Indian Oil posted a record profit of Rs21,346 crore in 2017-18, followed by ONGC,

whose profit stood at Rs19,945 crore.

India gives Rs 99 million to Nepal for installing shallow tube wells

India has extended a financial aid of Rs 99 million to Nepal for the construction of 2,700 shallow tube well

irrigation systems in 12 districts of the country's southern Terai region to boost agricultural productivity.

SEBI constitutes Group to review ITP framework:

Market regulator, Securities and Exchange Board of India (SEBI) constituted Group to look into existing

Institutional Trading Platform (ITP) framework and suggest measures to facilitate listing of startups.

Government approves financial assistance of Rs. 5.5 lakh per family

The Union Government approved financial assistance amounting to Rs. 5.5 lakh per family to West

Pakistan Refugees (WPRs). It will benefit 5,764 families of WPRs settled in Jammu and Kashmir. The

scheme comes into effect from Jun 2018.

Muthoot Fincorp, NSDC To Train 10,000 Youth Under PMKVY

Muthoot Fincorp Limited announced its partnership with National Skill Development Corporation to train

over 10,000 youth over the next three years and make them job ready Under PMKVY.

IRDAI Sets Up Panel To Review Norms For Marketing Firms

IRDAI has formed a panel to review the regulations pertaining to insurance marketing firms. The

committee is headed by Suresh Mathur, Executive Director (insurance marketing firms), IRDAI, with nine

more members. It will come up with recommendations before July 31, 2018, according to an order issued

by IRDAI.

18,000 banks branches, post offices have Aadhaar facility now: UIDAI

Less than a year after banks and post offices were asked to set up Aadhaar facility on their premises, as

many as 18,000 centres have come up for enrolment and updation of the biometric ID at such locations,

UIDAI CEO Ajay Bhushan Pandey

SEBI Simplifies Buyback Regulations, Changes IPO Price Band Timeline:

The Securities and Exchange Board (SEBI) has approved amendments to buyback and takeover regulations

and changed the time for announcing the price band of initial public offering (IPO) from 5 to 2

days, according to the chairman of SEBI, Ajay Tyagi.








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CCEA approves capital infusion in ECGC:

The Cabinet Committee on Economic Affairs (CCEA) approved the capital infusion of Rs. 2000 crore for

strengthening of Export Credit Guarantee Corporation (ECGC) to enhance insurance coverage to micro,

small medium enterprises (MSMEs) exports.

HEFA to allot Rs.1lakh crores for education:

The Union Cabinet on Wednesday permitted the Higher Education Funding Agency (HEFA) to mobilize

Rs.1 lakh crore to fund research and academic infrastructure in higher educational institutions by 2022.

Revised guidelines for closure of CPSEs

Department of Public Enterprises (DPE) has revised the guidelines on time bound closure of sick and loss

making Central Public Sector Enterprises (CPSEs)








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