last 6 months banking, finance & economy current affairs

Last 6 Months Banking, Finance & Economy Current Affairs

(Aug 2021 to Jan 2022)

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S. No Topics Page No

1. Aug 2021 – Banking, Finance & Economy Current Affairs 02

2. Sep 2021 – Banking, Finance & Economy Current Affairs 42

3. Oct 2021 – Banking, Finance & Economy Current Affairs 79

4. Nov 2021 – Banking, Finance & Economy Current Affairs 144

5. Dec 2021 – Banking, Finance & Economy Current Affairs 174

6. Jan 2022 – Banking, Finance & Economy Current Affairs 180

August 2021 – Banking, Finance & Economy Current Affairs

Banking & Finance

Policy Rates New

Repo rate 4%

Reverse Repo Rate 3.35%

Bank Rate 4.25%

Cash Reserve Ratio 4%

Statuatory Liquidity Ratio 18%

Marginal Standing Facility 4.25%

UPI sets new record in July month

• Unified Payments Interface (UPI), the flagship payments platform of the National Payments

Corporation of India (NPCI), made a record in volume and value of transactions in July as digital

payments rise in the pandemic.






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• UPI processed a record 3.24 billion transactions in July, up 15.7 per cent from June when it

processed 2.8 billion transactions. In value terms, in July, the platform processed transactions

worth Rs 6.06 trillion, up 10.76 per cent from June.

About e-RUPI:

• e-RUPI is a cashless and contactless platform for digital payments.

• The instrument acts as an e-voucher which is based on a QR code or SMS string, delivered to the

mobile phones of recipients.

• It has been developed by the National Payments Corporation of India on its UPI platform, in

collaboration with the Department of Financial Services, Ministry of Health & Family Welfare and

National Health Authority.

PhonePe unveiled UPI-based AutoPay functionality for mutual fund SIP investments

• PhonePe, India’s largest digital payments company, announced the launch of UPI based

AutoPay functionality for it’s mutual fund investment offerings that will allow its customers to

set up their Mutual Fund SIPs in just a few seconds.

• This makes PhonePe the first digital investment platform to introduce this feature in the country.

• With UPI Autopay, PhonePe customers can set up their SIPs in just 3 steps: Select Fund, Input

Monthly SIP Investment amount, and authenticate with UPI PIN making it a first of its kind

experience for millions of users across India.

• It also furthers PhonePe’s vision to continually enhance the end-to-end customer experience

while catering to their needs in building the investment portfolio of their choice.

• The SIP through UPI AutoPay option is available for all existing and new investors on the

PhonePe app.






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‘Fish Andhra’ brand: Bank of Baroda supports Andhra Pradesh state government in setting up

100 aqua hubs

• The State Department of Fisheries designed a novel scheme under the brand name “Fish

Andhra” by establishing aqua hubs in line with Pradhana Mantri Mathsya Sampadha Yojana

(PMMSY), a central government scheme.

• The Bank of Baroda is supporting the implementation of the project.

• Commissioner (Fisheries) K Kanna Babu and Bank of Baroda, Vijayawada region, deputy general

manager Ch Raja Sekhar stated a well-structured design and a Memorandum of Understanding

(MoU) have been devised for implementation of the Fish Andhra Project through the Bank of

Baroda as a sole banker across AP.

• Under the project, 100 aqua hubs would be set up and around 14,000 outlets of different sizes

and nature would be set up across the State.

• The concept involves the setting up of a hub and spokes model.

• Each aqua hub constitutes 140 beneficiaries and the project cost is Rs 5.50 crore.

SBI initiates ‘SIM Binding’ feature for YONO

• To safeguard the interest of its customers, Country’s largest Lender State Bank of India (SBI)

has launched a new and enhanced security feature – ‘SIM Binding’ in YONO and YONO Lite

app.

• The new version of these platforms will protect customers from various digital frauds.

• With the SIM Binding feature, YONO and YONO Lite will work only on those devices which have

the SIM Card of mobile numbers registered with the Bank.

• To get access to the new version of YONO and YONO Lite, users will have to update their

mobile app and complete the one-time registration process on these Apps.

• The registration process verifies the SIM of the Registered Mobile Number (RMN) with the

bank in order to complete the registration.

• Customers will have to ensure that they register with the device which has the SIM of the

registered contact number.






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LIC Cards Services and IDBI Bank jointly launch RuPay credit cards Lumine, Eclat

• LIC Cards Services Limited (LIC-CSL) has partnered with IDBI Bank to launch 'Lumine'

Platinum Credit Card and 'Eclat' Select Credit Card on the RuPay platform.

• The cards will initially be available to LIC policyholders, agents, as well as employees of the

corporation and its subsidiaries.

• Aim is to enhance the value of digital transactions by providing a variety of benefits/cards

thereby saving time and cost of transactions for both buyer and recipient.

• LIC CSL has a vision to be the top Brand in Cards and Digital Payments, catering to all

segments with geographical spread across the Country”.

• The cards will offer a wide range of benefits to users.

• Lumine and Eclat cardholders will have a credit limit that suits their lifestyles.

• The cardholders will earn 3 'delight' points on every spend of Rs 100 via the Lumine card and

4 points on the Eclat card.

• The cards also offer special benefits of 2x reward points while paying renewal insurance

premium of LIC.

Govt may get defers sale of two PSU banks to next year

• The Narendra Modi-led Union government’s attempts to sell two public sector banks may

get deferred to the financial year as no approval has been taken from Parliament for making

changes in laws required to initiate the deals.

• The finance ministry is yet to work out the modalities to seek approval from lawmakers for the

sale, leaving little time for the process to be completed this year.

• In February this year, Finance Minister Nirmala Sitharaman had stated the government will

seek buyers for two state-run banks by March 2022.

• She made the statement while presenting the Budget for the current financial year.

• In June, government think-tank Niti Aayog had submitted a list of public sector banks that are

to be privatized in the current fiscal year to the Core Group of Secretaries on Disinvestment.






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RBI’s New Rules on Interchange Fee and make available 24/7 Bulk Clearing Facility Functional

• The Reserve Bank of India's new directions on raising interchange fee and making available

the facility of bulk clearing round the clock have become effective on Aug 01.

• The RBI in June raised the interchange fee for financial transactions from Rs 15 to Rs 17, while

for non-financial transactions the increase was from Rs 5 to Rs 6.

• These new rates have become applicable from August 1, 2021, as per the RBI's direction.

• An interchange fee is a fee charged by banks to the merchant who processes a credit card or

debit card payment.

• Besides, National Automated Clearing House (NACH) has been made available on all days of

the week, effective August 1, 2021.

GyanDhan gets NBFC licence from RBI

• GyanDhan, India’s first education financing platform stated it has received an NBFC license

from the Reserve Bank of India and it aims to disburse Rs 650 crore worth of education loans

in FY22.

• Out of this, Rs 50 crore will be for domestic short-term courses offered by various ed-tech players

and coaching institutes.

• The Delhi-based, digital-first company has already partnered companies including Great

learning and various IAS institutions to offer interest-free education loans to prospective students

wanting to pursue short-term courses.

• “Till now, we have disbursed more than Rs1000 crore in total.

• The NBFC license will allow us to design new loan solutions that meet the customers’ needs.

HDFC Bank introduces ‘Dukandar Overdraft Scheme’

• India’s largest private lender HDFC Bank launched an overdraft facility for small retailers in

partnership with the government’s e-governance services delivery arm CSC SPV that enables

government schemes and services through common service centres (CSCs).






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• The ‘Dukandar Overdraft Scheme’ by HDFC Bank is aimed at helping shopkeepers and

merchants ease their cash crunch.

• Retailers operating for a minimum of three years are eligible for the scheme by providing a six

months bank statement from any bank.

• HDFC Bank will approve an overdraft limit from a minimum of Rs 50,000 to a maximum of Rs

10 lakhs.

• Importantly, HDFC Bank won’t seek collateral security, business financials, and income tax

returns from retailers who apply for the scheme.

GoI cuts Mudra loans target to Rs 3 trillion in FY22

• The government has cut the loans disbursement target under the PM Mudra Yojana (PMMY)

to Rs 3 lakh crore for the current financial year as against Rs 3.21 lakh crore sanctioned in

FY21.

• Under the scheme, credit up to Rs 10 lakh is provided by banks and non-banking financial

companies to small and new businesses.

• The government has sanctioned loans of Rs 15.5 lakh crore under PMMY since its inception

in April 2015.

• Till March 31, 2021, the Government had sanctioned 29.55 crore loans under the scheme.

• Of this more than 6.8 crore loans worth Rs 5.2 lakh crores have been given to new entrepreneurs.

• For FY22, loans worth Rs 3,804 crore have been sanctioned by 13 public sector banks (PSBs) as

of June 25.

• The government has also guaranteed loans worth Rs 3,918 crore to the hospitality, sports,

leisure, travel and tourism industry under the Emergency Credit Line Guarantee Scheme (ECLGS)

as of July 2, 2021.

RBI imposes penalty of Rs 50.35 lakh on Janalaxmi Co-operative Bank

• Reserve Bank of India has imposed a penalty of Rs 50.35 lakh on Janalaxmi Co-operative

Bank, Nashik for non-compliance with certain regulatory requirements.






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• The penalty on Janalaxmi Co-operative Bank has been imposed for non-compliance with

directions issued by RBI on 'Placement of Deposits with Other Banks by Primary (Urban) Co-

operative Banks' and 'Membership of Credit Information Companies (CICs)'.

• A statutory inspection conducted by RBI with reference to the bank's financial position as on

March 31, 2019 and the inspection report pertaining thereto, and examination of all related

correspondence revealed non-compliance with the directions.

• RBI has also imposed a penalty of Rs 3 lakh on the Noida Commercial Co-operative Bank,

Ghaziabad.

RBI Authorised IndusInd Bank to act as an ‘Agency Bank’

• IndusInd Bank stated it has been empanelled by the Reserve Bank of India (RBI) to act as an

'Agency Bank' to facilitate transactions related to government businesses.

• It will strengthen the bank's presence within the government domain.

• The announcement comes close on the heels of a recent RBI guideline that authorises scheduled

private sector banks as agency banks of the regulator for the conduct of government business.

• With this, IndusInd Bank joins ranks with few other private banks of the country to carry out

general banking business on behalf of the central and state government, while also offering

customers - the convenience of undertaking routine financial transactions through its banking

platform.

Suryoday Small Finance Bank launches ‘Health and Wellness Savings Account’

• Suryoday Small Finance Bank (SSFB) has launched “Suryoday Health and Wellness Savings

Account”, a premium savings account product, to ensure that customers’ wealth not only grows

but they and their families are also taken care of on the health front in the backdrop of the COVID-

19 pandemic.

Benefits:






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• Besides offering an attractive interest rate, the new savings account also offers three benefits

for a family of four (self, spouse and two children) — top-up health insurance of Rs 25

lakhs, annual healthcare package and on-call emergency ambulance medical care Services.

• Top-up health insurance and healthcare packages are free of charge for one year after opening

the account.

• Free Ambulance service up to a distance of 20 Kms will be available at 102 locations across

the country till March-end 2022.

• A resident individual (18 years to 65 years) can open the “Suryoday Health and Wellness Savings

Account” either singly or jointly.

• The criteria for opening the “Suryoday Health and Wellness Savings Account” include

maintenance of average monthly balance of Rs 3 lakhs and being eligible as per the key health

declaration form.

CCI approves Carlyle-led deal with PNB Housing Finance

• The Competition Commission of India (CCI) has approved Carlyle Group's proposed Rs 4000

crore investment in PNB Housing Finance.

• PNB Housing Finance making it the majority shareholder, even as the Securities Appellate

Tribunal is yet to give its judgement on the matter.

• The share price of PNB Housing zoomed to hit the 5% upper circuit at Rs 720.45.

• The CCI received a notice relating to acquisition of equity stake in PNB Housing Finance by Pluto

Investments, a group company of Carlyle, and Salisbury Investments, under Green Channel.

• “Notice received under the Green Channel is deemed to be approved under regulation 5A of

the Competition Commission of India”.

ICICI Prudential Life make tie up with NPCI for UPI Autopay

• ICICI Prudential Life Insurance has partnered with the government payments corporation -

National Payments Corporation of India or NPCI to provide the Unified Payments Interface

(UPI) AUTOPAY facility to customers.






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• The initiative will allow customers to buy insurance policies and make premium payments

digitally, from their homes - a facility that assumes relevance amid the COVID-19 pandemic.

RBI imposes Rs 6 lakh penalty on Hewlett-Packard Financial Services, Bengaluru

• The RBI has imposed a penalty of Rs 6 lakh on Hewlett-Packard Financial Services (India)

Private Ltd, Bengaluru for non-compliance with certain directions issued by it.

• RBI mentioned the statutory inspection of the company, with reference to its financial position

as on March 31, 2019, revealed non-compliance with the statutory directions on submission of

credit information to CRILC and submission of credit data to credit information companies

(CICs).

• The penalty, RBI informed, is based on deficiencies in regulatory compliance and is not intended

to pronounce upon the validity of any transaction or agreement entered into by the company with

its customers.

VBIC unveiled Indian Customs Compliance Portal (CIP)

• The Central Board for Indirect Taxes & Customs (CBIC) launched the Indian Customs

Compliance Information Portal (CIP) at www.cip.icegate.gov.in/CIP for providing free access to

information on all Customs procedures and regulatory compliance for nearly 12,000 Customs

Tariff Items.

Axis Bank reached one million customers on WhatsApp banking

• WhatsApp banking Private sector lender Axis Bank has crossed the milestone of over one

million customers on its WhatsApp banking channel with a total request count of 6 million till

now.

• “This simple and convenient form of banking has seen a great adoption amongst customers

with an average daily active user count of more than 13,000, while the average monthly active

user count goes up to 0.2 million”.

About the service:






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• Axis Bank launched WhatsApp banking Axis Bank had launched banking services on WhatsApp

in January 2021 and has since witnessed robust organic growth in its customer base for

WhatsApp banking After signing up for the service, customers can inquire and get details of

products across savings account, credit and debit cards, deposits and personal loans.

• Non-financial service requests can also be initiated, such as locating ATMs or getting updates

on third-party deals available on credit and debit cards.

SBI General insurance partners with SahiPay

• To increase non-life insurance penetration in the rural market, SBI General Insurance will tap

customers of fintech player SahiPay, which provides digital and financial services in the semi-

urban and rural parts of the country.

• SBI General Insurance announced a partnership with Manipal Business Solutions, the

promoter of SahiPay.

• Through this partnership, SBI General will provide a bouquet of non-life insurance solutions to

SahiPay customers.

• Pushan Mahapatra, President - Strategic Investments & Head - Open Market stated the tie-up

is a right fit to support the company's endeavour to maximise its reach to rural segments.

• SBI General is continuously strengthening its distribution footprints in the country, and this tie-

up is a step in that direction.

RBI Keeps Repo Rate Unchanged at 4% - August 2021

• The Monetary Policy Committee (MPC) met on 4th, 5th and 6th August 2021.

• Based on an assessment of the evolving domestic and global macroeconomic and financial

conditions and the outlook, the MPC voted unanimously to keep the policy repo rate unchanged

at 4 percent.

• The MPC also decided on a 5 to 1 majority to continue with the accommodative stance as

long as necessary to revive and sustain growth on a durable basis and continue to mitigate the






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impact of COVID-19 on the economy, while ensuring that inflation remains within the target, going

forward.

• The marginal standing facility (MSF) rate and the bank rate remain unchanged at 4.25 per

cent.

• The reverse repo rate also remains unchanged at 3.35 per cent.

SEBI nods payments banks to act as investment bankers

• To provide easy access to investors to participate in public and rights issues by using various

payment avenues, markets regulator Sebi allowed payments banks to carry out the activities

of investment bankers.

• Non-scheduled payments banks, which have prior approval from the Reserve Bank of India (RBI),

will be eligible to act as a banker to an issue (BTI).

• This is subject to fulfillment of the conditions stipulated in the BTI rules.

• Further, payments banks registered as a BTI will also be permitted to act as self-certified

syndicate banks, subject to the fulfillment of the criteria laid down by the Sebi in this regard

from time to time.

• 'The blocking/movement of funds from the investor to issuer shall only be made through the

savings account of the investor held with the payments bank’.

• The regulator amended the Bankers to an Issue rules, thereby permitting such other banking

company, as may be specified by the Sebi, from time to time, to carry out the activities of

Bankers to an Issue (BTI), in addition to the scheduled banks.

DBS Bank ‘Most Innovative in Digital Banking’ globally by ‘The Banker’

• DBS has been honoured as the global winner for Most Innovative in Digital Banking by

Financial Times publication, The Banker, in its 2021 Innovation in Digital Banking Awards.

• The bank was also recognised as the Asia-Pacific winner, and won in the Cyber Security

category for its Secure Access and Remote Working Solution.






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• The Banker’s Innovation in Digital Banking Awards recognise the most innovative banks across

the world for their digital banking initiatives, strategy, and overall commitment to digital

transformation.

• These awards, now in their second year, are the evolution of The Banker’s Technology Projects

of the Year Awards.

• “DBS’ digital capability was tested to the core by Covid, and it not only stepped up but turned the

Central Bank of India co-lending partnership with Dhanvarsha Finvest

• Central Bank of India has entered into a strategic Co-lending Partnership with Dhanvarsha

Finvest (DFL) to offer loans against gold ornaments under priority sector to MSME borrowers

at competitive rates.

• The participation by both the entities in this co-lending arrangement will result in greater

expansion of portfolio by Central Bank of India & Dhanvarsha Finvest.

• Under this arrangement, Dhanvarsha Finvest will originate and process loans against gold

ornaments as per jointly formulated credit parameters & eligibility criteria and Central Bank of

India will take into its book 80% of the Gold Loans under mutually agreed terms.

• DFL will service the loan account throughout the life cycle of the loan.

About partnership:

• This Co-lending arrangement is expected to help both the entities to offer convenient

experience & customer delight to their customers as well as help expand their reach across India.

• Central Bank of India is a commercial bank.

• The bankas segments include Treasury Operations, Corporate/Wholesale Banking, Retail

Banking and other Banking business.

SIDBI launches ‘Digital Prayaas’ app

• In order to facilitate loans to aspiring entrepreneurs from the bottom of the pyramid, many of

whom are new to the bank (NTB), Small Industries Development Bank of India, the principal

financial institution engaged in the promotion, financing and development of Micro, Small and






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Medium Enterprises (MSMEs) has launched the programme ‘Digital Prayaas’ an App based

end to end digital lending tool platform resulting in loan sanction accorded by the end of the

day.

• Further, to cater to the aspiring youths in the urban area, SIDBI has also tied up with a major

aggregator viz., BigBasket, to on board its delivery partners across the country and provide loans

at an affordable interest rate for purchase of environment friendly e-Bikes and e-Vans.

About the App:

• The Digital Prayaas App is set to digitize the Know-Your-Customer (KYC) process and the

process of e-signing and e-stamping of various documents.

• The on boarding of borrowers including e-KYC and Sanction based on the credit score and

analytics based on the algorithms shall get done on an end-to-end basis digitally.

Union Bank provide Rs 30 crore loans to support MSMEs

• Amid the pandemic, as many businesses were forced to shut down, Union Bank of India is

providing various financial schemes to micro, small and medium enterprises to provide

support so they can re-establish themselves.

• The bank has given immense support to industries and businesses by sanctioning substantial

Covid-19 relief loans.

• It will discuss The present situation of the various businesses in the district including rice mills,

spinning mills, weaving mills, cold storages, oil mills, stone crushing units of MSMEs.

About UBI:

• Union Bank of India is an Indian government-owned bank under the ownership of Ministry of

Finance with 120+ million customers and a total business of US$106 billion.

• Headquarters: Mumbai

• CEO: Rajkiran Rai G.






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RBI to levy penalty Rs 10,000 per ATM on ATMs that run out of cash from October 1

• The Reserve Bank of India (RBI) has asked banks and white label automated teller machine

(ATM) operators to put in place a robust system that will allow them to monitor the availability

of cash in ATMs and ensure timely replenishment to avoid cash-out situations.

• The central bank has introduced a 'scheme of penalty for non-replenishment of ATMs',

effective October 1, 2021, wherein banks and white label ATM operators will be penalised, in the

event of cash-outs beyond the permissible time limit.

About the penalty:

• According to the scheme, a penalty of Rs 10,000 per ATM will be levied in the event of a cash-

out situation for more than 10 hours in a month.

• “In the case of white label ATMs, the penalty would be charged to the bank which is meeting

the cash requirement of that particular white label ATM.

• The bank, may, at its discretion, recover the penalty from the white label ATM operator”.

RBI increases limit for collateral free loans to SHG to Rs 20 lakhs

• The Reserve Bank of India notified the enhancement of collateral free loans to self-help

groups (SHGs) from Rs 10 lakh to Rs 20 lakh under Deendayal Antyodaya Yojana - National

Rural Livelihoods Mission (DAY-NRLM).

• The DAY-NRLM is the flagship programme of Government of India for promoting poverty

reduction through building strong institutions of the poor, particularly women, and enabling these

institutions to access a range of financial services and livelihoods.

About the loan:

• DAY-NRLM adopts a demand driven approach, enabling the states to formulate their own

state-specific poverty reduction action plans.

• For loans to SHGs up to Rs 10 lakh, no collateral and no margin will be charged.

• Also, no lien should be marked against savings bank account of SHGs and no deposits should

be insisted upon while sanctioning loans.






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Finance Ministry reported over 5.82 crore Jan Dhan accounts inoperative

• The Finance Ministry informed the Rajya Sabha that over 5.82 crore Jan Dhan (PMJDY)

accounts are inoperative.

• This is 14 per cent of the total number of accounts.

• It means at least one out of 10 Jan Dhan accounts is inoperative.

• According to guidelines issued by the Reserve Bank of India, “a savings as well as current

account should be treated as inoperative/dormant if there are no transactions in the

account for over a period of two years.”

• For the purpose of classifying an account as ‘inoperative’ both types of transactions i.e. debit as

well as credit, induced at the instance of customers as well as third party, should be considered.

• This is key as these accounts are also used for payment under welfare schemes, food grain

procurement mechanism or even rural employment guarantee programmes.

IndusInd Bank plans to provide supported para-athletes qualify for upcoming Paralympic Games

• The 21 para-athletes who are part of the IndusInd Bank’s ‘Para Champions Programme’ will

represent the country at the 2020 Summer Paralympic Games to be held in Tokyo between 24

August and 5 September.

• The programme was launched in 2015, in partnership with the GoSports Foundation with an

objective to support para-athletes across various sports disciplines.

• Overall, the Bank helps 43 para-athletes underneath its ‘Para Champions’ Programme, in

collaboration with GoSports Foundation throughout 7 disciplines from 14 States by serving to

them fulfil their vitamin, health and conditioning, medical assist in addition to home and

worldwide coaching necessities.

RBI imposes Rs 1 crore penalty to Cooperatieve Rabobank UA

• Reserve Bank of India (RBI) informed it has imposed a penalty of Rs 1 crore on Cooperatieve

Rabobank U.A. for deficiencies in regulatory compliances.






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• The penalty has been imposed for contravention of certain provisions of the Banking Regulation

Act, 1949 and directions related to 'transfer to reserve funds'.

• RBI said it conducted a statutory Inspection for Supervisory Evaluation (ISE) of the bank with

reference to the bank's financial position as on March 31, 2020.

• Examination of the risk assessment report pertaining to the same, revealed contravention of the

provisions of the Banking Regulation Act and the directions issued by RBI.

Deutsche Bank to set up IFSC Banking Unit at GIFT City

• Deutsche Bank, a leading German bank with strong European roots and a global network

spread across 59 countries, has received approval from the GIFT SEZ Authority to set up an IFSC

banking unit at India’s first International Financial Services Centre (IFSC) at GIFT City,

Gujarat.

• Deutsche Bank is among the largest international banks in India, having set up its first branch

in the country in Mumbai more than 40 years ago.

• With over INR19,000 crore of capital deployed in its India branch operations and a presence

across all major business centres, Deutsche Bank is a trusted partner and advisor to its

customers and clients, offering a whole range of services across Corporate Banking, Investment

Banking and its International Private Bank.

• The Deutsche Bank Group currently employs more than 18,000 people across its various entities

in the country.

RBI cancels license of Raigad based Karnala Nagari Sahakari Bank

• The Reserve Bank has canceled the license of Raigad based Karnala Nagari Sahakari Bank

Limited in Maharashtra.

• The license was cancelled due to the insufficient capital and earning prospects and its

continuance would have adversely affected depositors.

• According to the data submitted by the bank, 95% of the depositors will receive full amounts of

their deposits from Deposit Insurance and Credit Guarantee Corporation (DICGC)






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• On liquidation, every depositor would be entitled to receive deposit insurance claim amount of

his/her deposits up to a monetary ceiling of Five lakh rupees.

Indian Navy, IDFC FIRST bank bring ‘Honour FIRST’ banking solutions

• The Indian Navy has inked a Memorandum of Understanding (MoU) with the Infrastructure

Development Finance Company (IDFC) FIRST Bank to initiate ‘Honour FIRST’, a premium

banking solution for serving personnel and veterans of the Indian Navy.

• The MoU for Honour FIRST was signed at the Naval Headquarters in New Delhi between

Commodore Neeraj Malhotra, Commodore – Pay and Allowances, Indian Navy and IDFC FIRST

Bank’s senior officials.

• Designed especially keeping in mind the needs of the Armed Forces and its veterans, the Honour

FIRST Defence Account is supported by a dedicated team of defence veterans.

KVG Bank unveiled FRUITS portal

• The Dharwad-headquartered Karnataka Vikas Grameena Bank (KVGB), in association with the

Karnataka government, has launched ‘Farmer Registration and Unified Beneficiary

Information System’ (FRUITS) portal.

• Inaugurating the portal in Dharwad, Niraj Kumar Verma, Chief General Manager of Nabard,

stated the FRUITS portal is the first of its kind in the country where in the land and other details

of all the farmers in the State are being captured.

• In this latest initiative by the Karnataka government, all the farmers will be registered and

given a FRUITS ID (FID) number.

• Using this number, the financial and lending institutions can access the land details of farmers

as well as their borrowings and take a quick decision on lending to them depending on their

requirements.

• Appreciating KVGB for accepting the FRUITS pilot project, he hoped that all financial

institutions will be on boarded to the portal soon so as to have a single data source of farmers.






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HDFC Bank gave approval to issue of AT1 bonds

• HDFC Bank stated the bank plans to raise capital by additional tier- I (AT1) bonds in the

overseas market to fund its business growth.

• The bank is expected to raise up to USD 1 billion from these dollars denominated bonds.

• “Bank informed that the bank had approved the issuing of debt instruments in the form of the

notes, subject to market conditions”.

• An offering memorandum (OM) has been prepared and shall be made available to the

prospective investors in relation to the contemplated issue of notes.

• The notes will not be offered or sold in India under the applicable laws, including the Companies

Act, 2013, as amended from time to time.

HDFC introduces ‘Green & Sustainable’ fixed deposit

• The country’s largest mortgage lender, HDFC Ltd, launched a “green and sustainable”

deposits programme for retail clients, funds from which will be used to finance sustainable

housing credit solutions and services.

• HDFC Ltd stated individuals can earn interest at 6.55 per cent on their deposits, whose period

can range from 3-10 years.

• Also, senior citizens will be eligible for an additional 0.25 per cent per annum on their deposits

of up to Rs 2 crore.

• Further, an additional interest rate of 0.1 per cent per annum will be applicable on these

deposits up to Rs 50 lakh if the deposits are made through the company’s online platform.

• Typically, HDFC Ltd offers 6.65 per cent interest rates on normal deposits.

• So, people who want to opt for “green and sustainable” deposits will get 10 basis points lower in

terms of return on deposits, which translates to Rs 100 on a deposit of Rs 1 lakh.

RBI introduces the Financial Inclusion Index

• The Reserve Bank of India has created a composite Financial Inclusion Index (FI-Index) to

capture the extent of financial inclusion across the country.






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• The announcement regarding the creation of the Financial Inclusion Index was made in the first

Bi-monthly Monetary Policy Statement for 2021-2022 on April 7.

• The annual FI-Index for the period ending March 2021 is 53.9 against 43.4 for the period ending

March 2017.

About FI-Index:

• The FI-Index will be published annually in July every year.

• The FI-Index has been conceptualized as a comprehensive index, incorporating details of

banking, investments, insurance, postal as well as the pension sector, in consultation with

government and respective sectoral regulators.

Kotak Mahindra Bank partners with Creditas Solutions

• To deliver a superior repayment experience for customers and increase efficiencies, Kotak

Mahindra Bank (KMBL) announced that it has deployed a secure, Do It Yourself (DIY) Digital

Repayment Platform for missed loan repayments, in a tie-up with Creditas Solutions.

• Powered by Artificial Intelligence (AI) and Machine Learning (ML), the 'Neo Collections'

platform delivers a personalised and non-intrusive experience thereby enabling customers to

manage their dues seamlessly on their own through an intuitive repayment platform.

• Using data analytics to target the right customer segments, the 'Neo Collections' platform

creates hyper-personalised scenarios to connect with each customer.

• The platform analyses both historical as well as live customer interaction data, deploying

sophisticated behavioural models to create individual customer-level personas that take into

account the unique preferences of each customer, including their preferred communication mode,

the best time to contact them and the language of their choice.

RBI to launches ‘Regulatory GAAR’ for round tripping

• Some of the largest Indian companies, startups and multinationals with an India presence have

put their outbound investment, fundraising and restructuring plans on hold as the Reserve Bank

of India (RBI) looks to introduce fresh regulations around “round tripping.”






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• The central bank is looking to tweak the existing regulations and has come up with draft rules

around round tripping.

• As the Reserve Bank of India (RBI) hopes to introduce new regulations on “round tripping”,

some of the largest Indian companies, startups and multinational companies with branches in

India have presence their outbound investment, fundraising and restructuring plans.

• The central bank is seeking to adjust existing regulations.

• RBI to put in place a “PRISM” to strengthen compliance by lenders

SBI Life Insurance introduces New Age Protection Plan 'eShield Next'

• 'eShield Next' is a non-participating, non-linked, life insurance pure risk premium product.

• State Bank of India (SBI) Life Insurance recently announced the launch of 'SBI Life eShield Next'

- a new age-term insurance policy, which raises or 'levels up' the protection coverage with the

life milestones of the insured.

About the plan:

• The policy is a non-participating, non-linked, life insurance pure risk premium product, which

allows customers to reap benefits by ‘levelling up' the required insurance protection.

• The process is done through an increase in sum assured linked to the significant ‘level-up'

milestones in one's life, such as marriage, becoming a parent, or purchasing property (new house

etc).

• The new age protection plan 'eShield Next' with its ‘level-up' feature, offers three plan options

suited for customer's personalisation.

• 'SBI Life eShield Next' also offers a range of flexibilities.

• It gives the choice of premium payment term, such as - pay once, pay regularly, or for a limited

period.

• The limited period could range from five years to 25 years and also includes the option to pay

for a period of ‘policy term minus five years'.

• It also offers an option of life cover up to 100 years or 85 years.






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RBI came out with revised instructions for banks on locker management

• The Reserve Bank came out with revised guidelines for the hiring of lockers under which the

liability of banks will be limited to 100 times its annual rent in case of fire, theft, building

collapse or frauds by bank employees.

• As per the revised guidelines, which shall come into effect from January 1, 2022, banks will be

required to incorporate a clause in the locker agreement prohibiting the hirer from keeping

anything illegal or hazardous in lockers.

• The RBI stated it has reviewed the 'Deposit Locker/Safe Custody Article Facility provided by

the banks' after taking into consideration various developments in the area of banking and

technology, nature of consumer grievances and also the feedback received from banks and Indian

Banks' Association (IBA).

• The review also takes into account, the principles enumerated by the Supreme Court in

'Amitabha Dasgupta vs United Bank of India'.

• The revised instructions will be applicable to both new and existing safe deposit lockers and

the safe custody of articles facility with the banks.

NPCI partners with Mashreq Bank to unveil UPI in the UAE

• NPCI's global arm NPCI International Payments Ltd (NIPL) has partnered with UAE-based

Mashreq Bank to provide its mobile-based real-time payment system UPI in the gulf nation.

• This strategic partnership will be a significant game-changer in the digital payment ecosystem in

the UAE.

• With this tie-up, more than 2 million (20 lakh) Indians travelling to the UAE are expected to

benefit from Unified Payments Interface (UPI) enabled mobile applications to pay for their

purchases in a shop or merchant establishment across the country.

• Developed by National Payments Corporation of India, UPI facilitates inter-bank transactions.

• The tie-up is very timely with growing appetite for mobile-based payments and the bank has

witnessed 20 per cent month-on-month growth in pick-up rate.






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• The implementation of UPI also opens a whole new world of opportunities for enterprises in the

UAE and allows them to compete with much larger retailers.

• The partnership with Mashreq Bank will enable consumers from India to transact seamlessly

using NPCI's world-renowned UPI platform and deliver a seamless user experience.

RBI to launch PRISM platform

• The Reserve Financial institution of India (RBI) is putting in a Platform for Regulated Entities

for Built-in Supervision and Monitoring (PRISM), a web-based end-to-end workflow

automation system, to strengthen compliance by supervised entities (SEs).

• This comes within the backdrop of steady engagement and extra frequent opinions of threat

profiles and supervisory assessments being envisaged for supervised entities, together with

banks and non-banking monetary firms.

• With the rising depth and attain of the Reserve Financial institution’s supervisory operate, the

main target of its new strategy to ‘steady supervision’ is on early identification of dangers and

conduct of supervisory actions, in response to an article in RBI’s newest month-to-month bulletin.

• That is aimed toward serving to supervised entities to strengthen their inside defences and

resilience and bringing deal with root trigger evaluation (RCA).

Paytm and HDFC Bank enter into strategic partnership to deliver financial solutions across India

• Paytm and HDFC Bank announced a strategic partnership to deliver financial solutions across

India.

• The giants will launch products across digital payments, lending and POS solutions.

• The combined network of both the companies is expected to have a wide reach.

• “The fusion of HDFC Bank’s network, products and credit appraisal capabilities and Patym’s

technological platform will accelerate digital transformation in semi-urban and rural India while

bringing more people into formal banking channels”.






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• Through this partnership Paytm and HDFC Bank will build comprehensive solutions across

payment gateways, POS machines, credit products such as Paytm Postpaid, Eazy EMI, Flexi Pay,

and more.

• In the first leg, the companies will roll out a payment gateway and POS solutions for Indian

merchant partners.

ADB sign $500 million loan to india to expand Metro Rail Network in Bengaluru

• The Government of India and the Asian Development Bank (ADB) signed a $500 million loan

to expand the metro rail network in Bengaluru with construction of two new metro lines totaling

56 km in length.

• “The new metro lines will further strengthen safe, affordable and green mobility in Bangalore,

having positive impact on enhancing quality of life, sustainable growth in urban habitat and

livelihood opportunities".

Honda Cars ties up with Canara Bank

• The new finance schemes will be offered across the model range of Honda cars

• Honda has been partnering with multiple banks to offer these schemes across the country

• Honda Cars India (HCIL) has rolled out a host of finance schemes for its customers in

collaboration with Canara Bank.

• The partnership facilitates customers to avail financing options and car loans from Canara Bank

on the purchase of the Amaze, City, Jazz, and WR-V.

• As a part of the partnership, the finance schemes will include concession in rate of interest to

women buyers, maximum loan quantum; up to 90 per cent of the total value of the car inclusive

of registration, life tax, and accessories, as well as the maximum repayment period of up to 84

months.

• Honda has been partnering with multiple banks to offer these schemes across the country with

a focus on semi-urban to rural regions.






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PayPal to allow UK users buy, hold and sell crypto currency

• PayPal is to allow users in the UK to buy, hold and sell crypto currencies through the payment

platform for the first time.

• The firm stated it would allow customers to choose from four types of cryptocurrency – bitcoin,

ethereum, litecoin and bitcoin cash – and that the service would be available via the PayPal

app and its website.

• A crypto tab will be added to the platform, showing real-time currency prices as well as offering

educational content to help answer common questions and learn more about crypto currencies,

including the potential risks.

• The payment company hoped that the move to embrace the currency would help improve

knowledge and understanding of it.

• Crypto currencies remain controversial because of their lack of regulation and volatile value

fluctuations, and some critics have raised concerns about the anonymity offered to users as part

of transactions, arguing the currencies are used by cybercriminals to hide their activities.

HDFC Bank now divests over 2% stake in CDSL for Rs 222.71 crore

• HDFC Bank has divested more than 2 per cent stake in Central Depository Services (India)

Ltd (CDSL) in tranches during June-August this year, garnering nearly Rs 223 crore from the

sale.

• HDFC Bank sold 23,11,000 equity shares of face value of Rs 10 each fully paid up held by the

bank in CDSL through the secondary market route on the NSE.

• The divestment of 2.21 per cent stake in Central Depository Services (India) Ltd took place

over a period from June 22 to August 24, 2021.

• The bank sold 20, 36,000 shares (1.95 per cent) of CDSL at an average price of Rs 937.46 per

piece on June 22. On August 23, it sold 2, 13,481 shares at Rs 1,168.94 apiece and on August 24,

it sold 61,519 shares for Rs 1,119.31 apiece.

• The shares were sold for a cash consideration of Rs 222.71 crore.

• CDSL provides depository services to market participants.






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• It has three operating services: depository, data entry and record keeping of KYC documents of

capital market investors, and repository.

Finance Minister Nirmala Sitharaman reviews performance of PSBs and launches EASE 4.0

• Union finance and corporate affairs minister Nirmala Sitharaman reviewed the performance

of 12 public sector banks in an annual review meeting held in Mumbai.

• She unveiled the Enhanced Access and Service Excellence (EASE) 3.0 report and gave EASE

3.0 awards to best performing PSB’s.

• Sitharaman handed over EASE 3.0 awards to Canara Bank, Punjab National Bank, Indian

Bank, Union Bank of India, Bank of Baroda and State Bank of India for their achievements in

clean and smart banking.

• She also launched EASE 4.0 on the occasion.

• EASE is a common reform agenda for PSBs aimed at institutionalizing clean and smart

banking.

• Ms. Sitharaman stated that collectively all public sector banks have done well.

• She has requested all the banks to work in collaboration with state governments.

RBI now extends card payment tokenisation facility to laptops, wearable devices

• The Reserve Bank of India has extended the scope of permitted devices for undertaking

tokenised card transactions to include consumer devices such as laptops, desktops, wearables

(wrist watches, bands, etc.), and Internet of Things (IoT) devices.

• RBI provided reference to its circular DPSS on Tokenisation - Card transactions, permitting

authorised card networks to offer card tokenisation services to any token requestor, subject to

the conditions listed therein.

• The facility was available only for mobile phones and tablets of interested card holders.

• There has been an uptake in the volume of tokenised card transactions during the recent months.






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RBI includes PM SVANidhi Scheme beneficiaries under PIDF Scheme in tier 1 and 2 centers

• The Reserve Bank extended the scheme for encouraging deployment of Point of Sale (PoS)

infrastructure to street vendors covered under the PM SVANidhi programme in tier 1 and 2

centres.

• The Payments Infrastructure Development Fund (PIDF) scheme, with a corpus of Rs 345

crore, envisages creating 30 lakh new touch points every year for digital payments in tier-3 to

tier-6 centres.

• The scheme, operationalized in January this year, has now been extended to select street

vendors in tier 1 and 2 centres.

• Launched in June 2020, the PM Street Vendor's AatmaNirbhar Nidhi (PM SVANidhi) scheme

is aimed at helping street vendors impacted by the coronavirus pandemic to resume their

livelihood activities.

• It facilitates collateral-free working capital loans of up to Rs 10,000 of one-year tenure to

approximately 50 lakh street vendors.

DBS Bank India to enter credit card business this year

• DBS Bank India Limited (DBIL), the wholly-owned subsidiary of DBS Bank of Singapore, is

preparing to enter the country’s credit card market this year in a bid to grow the high-margin

unsecured loan portfolio.

• The lender plans to cash in on the consumer credit that is likely to peak this festive season as

second wave ebbs and economic activity gathers momentum.

• “DBS Bank already issues debit cards to digibank customers.

• Now, we have outlined a strategy for expansion into credit cards.

• By the end of 2021, DBS plans to launch a co-branded credit card along with Bajaj Finance

and subsequently come with our proprietary card over a period of 2-3 quarters,” Prashant Joshi,

Managing Director and Head - National Distribution.






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PhonePe gets in-principle grant as an account aggregator from RBI

• Walmart-backed digital payments firm PhonePe’s subsidiary, PhonePe Account Aggregator

Pvt Ltd, has got an in-principle approval from the Reserve Bank of India (RBI) to operate as an

account aggregator.

• With the license, PhonePe can now launch its account aggregator platform that will enable the

free and instant exchange of financial data between financial information users (FIUs) and

financial information providers (FIPs) with due consent from customers, thus helping Indian

consumers avail financial services in a faster, cheaper and more convenient manner.

• Account aggregators are responsible for providing services based on the explicit consent of

individual clients, which includes the transfer, but not storing, of a client’s data.

Karnataka Bank introduces KBL FASTag for seamless toll deduction

• Karnataka Bank launched KBL FASTag for seamless movement of vehicles at toll plazas by

facilitating automatic deduction of the toll amount.

• Karnataka Bank launched its KBL FASTag, a pre-loaded payment instrument to facilitate

seamless movement of vehicles at the toll plazas across India, in association with NPCI and

Worldline, the FASTag processor.

• "The FASTag facilitates the users with the ease and convenience during transit through the toll

plaza by saving time, fuel and money".

• Customers can procure FASTag through the bank's website or by approaching the nearby

branch.

RBI increases limit under Indo-Nepal Remittance Facility to Rs 2 lakh

• The Reserve Bank hiked the ceiling on remittances per transaction from India to Nepal to Rs.2

lakh from Rs.50, 000, a move that will help facilitate retirement and pension-related payments

to ex-servicemen settled in the neighbouring country.

• Besides, the central bank has removed the cap of 12 remittances in a year per remitter.






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• "As hitherto, banks shall accept remittances by way of cash from walk-in customers or non-

customers.

• The ceiling of Rs 50,000 per remittance with a maximum of 12 remittances in a year shall,

however, continue to apply for such remittances".

• While increasing the ceiling, RBI has also advised banks to put in place suitable velocity checks

and other risk mitigation procedures.

• "The enhancements are also expected to facilitate payments relating to retirement, pension,

etc., to our ex-servicemen who have settled/ relocated in Nepal".

RBI increases the incentive for distribution of coins over the counter by banks to Rs 65

• The Reserve Bank of India (RBI) has increased incentives for banks for the distribution of coins

to the general public to Rs 65 per bag with effect from September 1.

• Currently, the incentive is Rs 25 per bag.

• An additional incentive of Rs 10 per bag would be paid for coin distribution in rural and semi-

urban areas on the submission of a auditor certificate to this effect.

• The distribution of coins shall also be verified by RBI Regional Offices during inspection of

currency chest or incognito visit to branches among others.

• RBI mentioned that with a view to meet the coin requirements of bulk customers (requirement

of more than 1 bag in a single transaction), banks are advised to provide coins to such customers

purely for business transactions.

• The banks may also endeavour to provide such services as part of their Board approved policy on

'Door Step Banking' services.

LIC introduces ANANDA mobile app for Agents/Intermediaries

• Life Insurance Corporation of India (LIC) has introduced a new mobile application for its

agents and intermediaries to facilitate the on boarding of prospective customers.






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• The mobile application is the latest dimension of the Atma Nirbhar Agents New Business

Digital Application or ANANDA, the paperless solution for new business processes,that the

insurance company had introduced last year.

• The new app was launched by Chairperson M.R. Kumar in the presence of managing directors

and other senior officials of LIC.

• LIC stated that the app was a digital tool to get new customers on board using a paperless

process.

RuPay introduced #FollowPaymentDistancing campaign to promote and encourage contactless

payments

• RuPay has launched a strategic campaign to promote contactless payments, National

Payments Corporation of India (NPCI).

• The campaign titled #FollowPaymentDistancing asks consumers to start ‘payment distancing’

and switch to contactless digital payments with RuPay Contactless Cards.

• While it emphasises ‘payment distancing’ is a key measure, the campaign also captures all

safety norms for social distancing.

• RuPay Contactless cards show the synergy between technology and innovation with multiple

unique features.

• The campaign tries to persuade people to pay safely and timely from a distance.

• #FollowPaymentDistancing is running on social media platforms and digital channels.

• The campaign features multiple digital films that revolve around the idea of payment distancing

with RuPay Contactless, portrayed in different everyday situations.

• It wants to communicate to the audience, both merchants.

PhonePe bags direct broking licence from IRDAI

• Leading digital payments and financial services fintech PhonePe received an insurance

broking license from Insurance Regulatory and Development Authority of India (IRDAI).






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• Last year, PhonePe entered the insurtech sector with a limited insurance 'corporate agent'

license.

• This confined the fintech company to partner with only three insurance companies per

category i.e. health, life and general.

• This 'direct broking' license that PhonePe received will allow it to distribute insurance products

from all insurance companies across India.

• It can now offer personalised product recommendations to its customer base as well.

• The company stated that it can now offer a diverse portfolio of insurance products for Indian

consumers.

IDBI Bank now to divest its entire 19.18% stake in ARCIL

• IDBI Bank stated its board has okayed a proposal to divest its entire stake of over 19 per cent

in ARCIL.

• The decision was taken at a meeting of the board of directors.

• The board has approved the proposal for sale of IDBI Bank's entire holding of 6,23,23,800 fully

paid-up equity shares constituting 19.18 per cent of the total equity share capital of Asset

Reconstruction Company (India) Ltd (ARCIL).

• In June this year, IDBI Bank had invited bids from interested parties for the takeover of its stake

in the asset reconstruction company.

• Incorporated in 2002, ARCIL is owned by SBI, IDBI, ICICI and PNB, besides strategic foreign

investors such as Avenue Indian Resurgence Pte Ltd.

• Since its inception, ARCIL has resolved over Rs 78,000 crore worth of non-performing assets

acquired from domestic banks and financial institutions.

Business & Economy

Modi govt’s fiscal deficit attains 18.2% of annual target

• The central government's fiscal deficit stood at Rs 2.74 lakh crore or 18.2 percent of the full

year's Budget estimate at the end of June.






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• The fiscal deficit at the end of June 2020 was 83.2 percent of the Budget Estimates (BE) of

2020-21.

• In absolute terms, the fiscal deficit was at Rs 2,74,245 crore at the end of June.

• For the current financial year, the government expects the fiscal deficit at 6.8 percent of GDP

or Rs 15,06,812 crore.

• The fiscal deficit or the gap between expenditure and revenue for 2020-21 was 9.3 per cent of

the Gross Domestic Product (GDP), better than the 9.5 per cent projected in the revised estimates

in the Budget in February.

GST Collections reached Rs.1.16 Lakh Crore in July 2021

• The Goods and Service Tax (GST) collections for the month of July 2021 registered an increase

of 33 percent compared to the collections of Rs 87,422 crore in the month of July in 2020.

• The numbers indicated the economic activity picking up in the last month with states gradually

easing lockdowns after the second wave of the coronavirus pandemic.

• In June, GST collections registered the lowest amount in 10 months as Rs 92,849 tax received

for selling activity in May 2021.

• June 2021 was the first time that GST collections were below the Rs 1 lakh crore in the last

8 months.

• Of the gross GST revenue collected in July 2021, which is the combined central and state GST

collection, Rs 22,197 crore was central GST while state GST amounted to Rs 28,541 crore.

• Rs 57,864 crore was Integrated GST (which includes Rs 27,900 crore from imports) and Rs 7,790

crore (includes Rs 815 crore on imports) collected as cess, the Ministry revealed.

IMF approves historic $650 bln allocation of Special Drawing Rights

• The Board of Governors of the IMF has approved a general allocation of Special Drawing

Rights (SDRs) equivalent to US$650 billion (about SDR 456 billion) on August 2, 2021, to

boost global liquidity.






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• “This is a historic decision – the largest SDR allocation in the history of the IMF and a shot in

the arm for the global economy at a time of unprecedented crisis.

• The SDR allocation will benefit all members, address the long-term global need for reserves,

build confidence, and foster the resilience and stability of the global economy.

• IMF Managing Director Kristalina Georgieva stated ``It will particularly help our most

vulnerable countries struggling to cope with the impact of the COVID-19 crisis,”.

• The general allocation of SDRs will become effective on August 23, 2021.

• The newly created SDRs will be credited to IMF member countries in proportion to their

existing quotas in the Fund.

World Bank grants project to make India’s existing dams safe

• The Indian government, the Central Water Commission, representatives from 10 participating

states, and the World Bank signed a $250 million project for long-term dam safety programme

and improving the safety and performance of existing dams across various states.

• The Second Dam Rehabilitation and Improvement Project (DRIP-2) will strengthen dam safety

by building dam safety guidelines, bringing in global experience, and introducing innovative

technologies.

• Another major innovation envisaged under the project, that is likely to transform dam safety

management, is the introduction of a risk-based approach to dam asset management that will

help to effectively allocate financial resources towards priority dam safety needs.

• The project will be implemented in approximately 120 dams across Chhattisgarh, Gujarat,

Kerala, Madhya Pradesh, Maharashtra, Manipur, Meghalaya, Odisha, Rajasthan, and Tamil

Nadu, and at the national level through the CWC.

• Other states or agencies may be added to the project during project implementation.

In India J&J’s single dose COVID-19 vaccine approved for emergency use

• India approved US major Johnson & Johnson’s (J&J) single dose Covid-19 vaccine for

emergency use.






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• The country now has five approved Covid vaccines.

• J&J did not divulge details of when the vaccine will be available in India and what kind of initial

volumes can be expected.

• “India expands its vaccine basket! Johnson and Johnson’s single-dose COVID-19 vaccine is

given approval for Emergency Use in India. Now India has 5 EUA vaccines.”

Kakori Train Conspiracy now renamed to Kakori Train Action

• The Uttar Pradesh government has renamed a landmark freedom movement event as Kakori

Train Action while paying tributes to the revolutionaries who were hanged for robbing a train at

Kakori to buy weapons in 1925.

• The new name was used in official communications to refer to the event, usually described as

the ‘Kakori train robbery’ or the ‘Kakori train conspiracy’.

• UP Chief Minister Yogi Adityanath and Governor Anandiben Patel attended a programme held

on the anniversary of the event at Kakori-based Kakori Shaheed Smarak on the outskirts of

Lucknow.

• Family members of the freedom fighters were honoured on this occasion, and an art exhibition

was also held.

• A government official stated it was derogatory to describe the robbery that was a part of the

freedom movement as “conspiracy”.

India’s food Grain production estimated to rise 3.74% - 308.65 million tonnes in the crop year

2020-21 (July-June)

• The Agriculture Ministry announces In the crop year 2020-21, India’s foodgrain production is

projected to rise by 3.74 per cent to a new record of 308.65 million tonnes.

• Record production is estimated in rice, wheat, maize, pulses and oilseeds.

• It is the fourth advance estimate for the crop year 2020-21.

• As per the data, Estimated Production of

1. Rice - 122.27 MT in 2020-21






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2. Wheat - 109.52 MT in 2020-21

3. Pulses - 25.72 MT in 2020-21

4. Oilseeds - 36.10 MT in 2020-21

5. Sugarcane - 399.25 MT in 2020-21

6. Cotton - 35.38 million bales ( declined from 36.07 million bales )

7. Jute/mesta - 9.56 million bales

Note :

• During the 2019-20 crop year (July-June), the country’s foodgrain production (including wheat,

rice, pulses and coarse cereals) stood at a record 297.5 million tonnes.

• Agriculture Minister : Narendra Singh Tomar

APEDA in collaboration with HPMC exports five varieties of apples to Bahrain

• APEDA collaboration with Himachal Pradesh Horticultural Produce Marketing and Processing

Corporation Ltd (HPMC) exported five unique varieties of apples

1. Royal Delicious,

2. Dark Baron Gala,

3. Scarlet Spur,

4. Red Velox

5. Golden Delicious to Bahrain.

Purpose :

• To promote agricultural and processed food products exports to newer destinations.

• The five unique varieties of apples have been sourced from the farmers of Himachal Pradesh

and exported by APEDA registered DM Enterprises.

• The apples will be showcased at the apple promotion programme organized by leading retailer –

Al Jajira group

• It is commencing from 15th August, also marking the 75th year of India’s independence

celebration.






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Prime Minister Narendra Modi initiates automobile scrappage policy

• Prime Minister Narendra Modi launched the Vehicle Scrappage Policy while virtually

addressing the Gujarat Investor Summit.

• PM Modi stated the policy will help phase out unfit and polluting vehicles in an environment-

friendly manner during the video address.

• He informed vehicles will not just be scrapped by their age but also if they are found to be unfit

in automated testing.

About the policy:

• "The launch of Vehicle Scrappage Policy is a significant milestone in India’s development

journey.

• Vehicle scrapping will help phase out unfit and polluting vehicles in an environment-friendly

manner.

• Aim is to create a viable circular economy and bring value for all stakeholders while being

environmentally responsible".

Bharat Petroleum introduces door-to-door delivery of ‘High-Speed Diesel’

• Bharat Petroleum Corporation Limited has launched door-to-door delivery of 'High-Speed

Diesel' to meet the growing demand.

• Celebrating the 'spirit of nationalism', the company on the eve of Independence Day also

dedicated 15 mobile browsers and 9 jerry can facilities in different corners of the Eastern Region.

• The initiative of door-to-door delivery through mobile dispensers has resulted in commissioning

of 1588 FuelKarts and 129 FuelEnts within a span of about two years across the industry.

CII made announcement of RoDTEP rates by Govt

• Confederation of Indian Industry, CII has welcomed the announcement of Remission of Duties

and Taxes on Export Products-RoDTEP rates by the Government.

• The trade association stated the move will help traders to take advantage of global tailwinds.






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• The decision will help exporters to factor in the rates while finalizing new orders and create a

level playing field for them in the international market.

• The scheme will support India’s mission to achieve 400 billion dollars in exports.

About CII:

• The Confederation of Indian Industry is a non-governmental trade association and advocacy

group headquartered in New Delhi, India, founded in 1895.

• CII engages business, political, academic, and other leaders of society to shape global, regional,

and industry agendas.

• It is a membership-based organization.

• President: T. V. Narendran

• Purpose: Policy advocacy

Wholesale price-based inflation lessen for 2nd straight month to 11.16% in July

• The Office of the Economic Adviser, Department for Promotion of Industry and Internal Trade

(DPIIT) released index numbers of wholesale prices in India (Base Year: 2011-12) for the

month of July, 2021.

• It noted that annual rate of inflation is 11.16% (Provisional) for the month of July, 2021 (over

July, 2020) as compared to (-0.25%) in July, 2020.

• The high rate of inflation in July 2021 is primarily due to low base effect and rise in prices of

crude petroleum & natural gas; mineral oils; manufactured products like basic metals; food

products; textiles; chemicals and chemical products etc as compared the corresponding month

of the previous year.

• Primary articles group index increased by (1.05%) to 153.4 (provisional) in July, 2021 from 151.8

(provisional) for the month of June, 2021. Prices of Crude Petroleum & Natural Gas (7.91%), Non-

food Articles (2.35%) and Food Articles (0.69%) increased in July, 2021 as compared to June,

2021. Prices of Minerals (-8.11%) declined in July, 2021 as compared to June, 2021.

• Fuel & power group index increased by (0.53%) to 114.3 (provisional) in July, 2021 from 113.7

(provisional) for the month of June, 2021.






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• Prices of Mineral Oils (5.41%) increased in July, 2021 as compared to June, 2021.

• Prices of Electricity (-11.61%) declined in July, 2021 as compared to June, 2021. Prices of coal

remain unchanged.

TCS becomes 2nd Indian company to cross m-cap of Rs 13 lakh crore

• Seventeen years after it sold its stock for the first time in a relatively late public debut, Tata

Consultancy Services crossed the Rs 13-lakh-crore mark in market value, becoming only the

second in the country to do so after Reliance Industries.

• The latest climb by India’s software bellwether after a relatively tepid run endorses emerging

bullish views that the company stands to enhance its dominance in an environment where global

clients are increasingly embarking on multi-year transformational projects with implications

across revenue streams.

• “A strong order book and a robust deal pipeline have led to strong structural growth, which will

drive growth further”.

• “Moreover, the company is gaining market share from small and big players.

• It will consistently expand an abundance of native capabilities, opening up new opportunities for

technology-driven differentiation.”

China state firms started to invest in TikTok sibling, Weibo chat app

• China appears to be taking greater control of ByteDance, the Chinese company that owns

global video app TikTok, and Weibo, China’s version of Twitter.

• State-backed firms took stakes in Chinese subsidiaries of the two companies this April and last

year.

• Beijing has been clamping down on its technology sector with investigations and new rules.

• Its newly reported involvement with ByteDance raised concerns in the U.S. about the effect on

TikTok, which has millions of U.S. users.






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Ind-Ra predicts GDP growth projection to 9.4% in FY22

• India Ratings and Research (Ind-Ra) has revised GDP growth rate to 9.4 per cent for FY22

from its earlier estimate of 9.6 per cent.

• The agency stated that its earlier estimates were based on India’s vaccination progress.

• It had stated that if India is able to vaccinate everyone over 18 years of age by December 31,

then the GDP growth would touch 9.6 per cent.

• “Going by the pace of vaccination, it is now almost certain that India will not be able to vaccinate

its entire adult population by 31 December 2021”.

• The agency estimated that 5.2 million doses need to be administered daily from August 18

onwards to fully vaccinate more than 88 per cent of the adult population as well as administer

single doses to the rest by March 31.

India’s foreign exchange reserves decrease by USD 2.099 billion

• The forex kitty had increased by USD 889 million to a lifetime high of USD 621.464 billion in

the previous reporting week.

• Foreign currency assets (FCAs), a major component of the overall reserves, decreased by USD

1.358 billion to USD 576.374 billion in the reporting week.

• Expressed in dollar terms, the foreign currency assets include the effect of appreciation or

depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

• Value of the gold reserves declined for the second consecutive week, dropping USD 720 million

to USD 36.336 billion, the data showed.

• The special drawing rights (SDRs) with the International Monetary Fund (IMF) dipped by USD

7 million to USD 1.544 billion.

• The country's reserve position with the IMF also fell by USD 14 million to USD 5.111 billion.

CCI (Competition Commission of India) imposes penalty of Rs 200 crore on Maruti Suzuki

• The Competition Commission of India (CCI) imposed a penalty of Rs.200 crore on Maruti

Suzuki India Limited (MSIL) for indulging in anti-competitive conduct.






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• The ministry of corporate affairs stated that MSIL implemented a discount control policy in

passenger vehicle segment through Resale Price Maintenance.

• "CCI found that MSIL had an agreement with its dealers whereby the dealers were restrained

from offering discounts to the customers beyond those prescribed by MSIL.

• MSIL had a ‘Discount Control Policy’ in place for its dealers whereby the dealers were

discouraged from giving extra discounts, freebies, etc. to the consumers beyond what were

permitted by MSIL".

• The CCI probe also found out that MSIL appointed mystery shopping agencies who used to pose

as customers to find out if any additional discounts were being offered.

Infosys shares hit $100 billion m-cap, fourth Indian firm to reach milestone

• Infosys shares hit a record high and helped it enter the 'Big Four' club.

• Reliance Industries, Tata Consultancy Services and HDFC Bank is the other firms with a

market capitalisation of $100 billion or above.

• The shares of Information Technology major Infosys hit a record high during intraday trading,

which helped the company cross $100 billion in market capitalisation.

• Infosys is the fourth Indian company to achieve this milestone.

• The Sensex too rose above 100 points tracking gains in Infosys, Tata Steel and Reliance

Industries amid a positive trend in global equities.

• Reliance Industries (m-cap of $140 billion), Tata Consultancy Services (m-cap $115 billion) and

HDFC Bank (m-cap $100.1 billion) are the other Indian firms in the club with Infosys.

• The shares of Infosys reached Rs.1,755.60 apiece on the Bombay Stock Exchange (BSE), which

pushed the company's m-cap to Rs.7.44 trillion or $100 billion.

BharatPe introduces P2P lending app ‘12% Club’

• BharatPe has entered peer-to-peer (P2P) lending with its product '12% club', which will allow

consumers to not only earn 12 per cent interest on the funds they invest but also borrow at an

interest rate of 12 per cent.






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• The fintech company has partnered with central bank approved non-banking finance

companies to offer this product to consumers and is aiming to achieve an investment asset

under management (AUM) of $100 million and a lending AUM of $50 million by March 2022.

• Consumers on the '12% Club' app can invest their savings anytime by choosing to lend money

through BharatPe’s partner P2P NBFCs.

• Additionally, consumers can avail of collateral-free loans of upto Rs 10 lakhs on the '12%

Club' app for a tenure of three months, as per their convenience.

• There are no processing charges or pre-payment charges on the consumer loans.

Yahoo shuts down its news sites in India

• Yahoo has shut down its news websites in India due to the new foreign direct investment rules

that limit foreign ownership of digital content platforms in the country.

• These include Yahoo News, Yahoo Cricket, Yahoo Finance, Entertainment and MAKERS India.

• This, however, will not affect Yahoo Mail and Search in India.

• As of August 26th, 2021, Yahoo India will no longer be publishing content.

• Your Yahoo Account, Mail and Search experiences will not be affected in any way and will

operate as usual.

SEBI banned Kotak Mahindra AMC from launching FMP for 6 months

• The Securities and Exchange Board of India (Sebi) has banned Kotak Mahindra Asset

Management Company from launching fixed maturity plan (FMP) schemes for six months.

• The action came as Kotak AMC delayed payment of full proceeds to investors of six FMP

schemes run by the AMC.

• Sebi has also imposed a penalty of Rs 50 lakh on the mutual fund, which is to be paid within

45 days.

• It has also asked the AMC to refund part of the investment management and advisory fees

collected from unitholders of six FMP schemes with 15 per cent interest per annum, to be

calculated from the date of FMP maturity to the date of actual payment.






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Amazon India introduces Karigar Mela in partnership with Tribes India

• Amazon India introduced the launch of Karigar Mela in partnership with Tribes India, whereby

the e-commerce platform will characteristic a devoted storefront for conventional tribal and

native Indian handicrafts.

• As a part of the initiative, prospects will be capable to entry and store from a number of over 1.2

lakh distinctive conventional tribal and native Indian handicrafts and handloom choices.

• Among the distinctive artwork types that might be out there in merchandise listed for buy as a

part of Karigar Mela embrace Bidri, Dhokra, Ikkat, Patachitra, blue artwork pottery, and so on.

• As a part of the Karigar Mela initiative, Karigar sellers will even profit from a 100% Promoting

on Amazon (SoA) charge waiver for 2 weeks from August 30-September 12.

• The long-term partnership of Tribal Cooperative Advertising and marketing Improvement

Federation of India (TRIFED) and Amazon helps improve visibility for native merchandise by

bringing the choices to the forefront.

Sep 2021 – Banking, Finance & Economy Current Affairs

SBI launches a floating ATM on Dal Lake in J&K’s Srinagar • The State Bank of India (SBI) has opened a floating ATM on Dal Lake in Jammu and Kashmir's

Srinagar for the convenience of locals and tourists.

• The floating ATM was inaugurated on August 16 by SBI Chairman Dinesh Khare.

• The bank stated that the ATM, besides fulfilling a long-standing need, will add attraction to the

charm of Srinagar.

• "SBI opened an ATM on a Houseboat at #DalLake, Srinagar for the convenience of locals and

tourists.

• It was inauguratedbytheChairman, SBI, on August 16.

• The floating ATM in the popular Dal Lake fulfils a long-standing need and will be an added

attraction to the charm of Srinagar".






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Axis Bank ties up with BharatPe for PoS business of Bharat Pe named BharatSwipe

• Private sector lender Axis Bank has tied up with BharatPe to expand its merchant acquiring

business in the country.

• Axis Bank will be the acquiring bank for BharatPe’s point of sale (PoS) business, BharatSwipe,

and will provide acceptance of credit and debit cards for merchants associated with BharatPe.

• With over 600,000 PoS terminals spread across the entire country, Axis Bank is the third largest

PoS acquiring bank in the payments acceptance business and processed around Rs 19,000 crore

worth of volumes in a month.

• On the other hand, BharatPe’s PoS machine BharatSwipe has an installed base of 100,000

across 16 cities, processing around Rs 1,400 crore per month.

• BharatPe clocked an annualised transaction value of $2billion on PoS terminals at the end of

FY21.

• The company has set a target of $6 billion in transaction processed value (TPV) by FY22.

Google Pay users can take FD benefits of Equitas SFB without a bank account

• Google Pay users can take the benefits of fixed deposit rates offered by Equitas Small Finance

Bank by booking FD on the payments platform without opening a bank account.

• The bank stated it has been offering this initiativebyconnectingAPIsbuiltbyfintech

infrastructure roviderSetu for Equitas Bank.

• In an industry-first, consumers can through the Google Pay app book high-interest rate FDs fully

digitally, without needing to open a savings account with Equitas Bank on its spot integrated with

the Google Pay platform.

• The lender informed that customers can earn returns of up to 6.35 per cent for an FD of one

year, substantially higher than many other savings options.

• As an RBI scheduled commercial bank, deposits in Equitas are covered by a deposit guarantee

of up to Rs 5 lakh per depositor.

• To book an FD on Google Pay, the user will have to search for the Equitas Bank spot under the

'Business and bills' segment.

PhonePe now launches Pulse to offer data, insights on digital payments






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• Fintech major PhonePe launched ''Pulse'', a new website that will provide data, insights and

trends on digital payments on its platform.

• The company has also launched the Pulse Report, an in-depth study on the evolution of digital

payments over the past five years.

• PhonePe Pulse website showcases more than 2,000 crore transactions by consumers on an

interactive map of India.

• The insights on the website and in the report have been drawn from two key sources, the entirety

of PhonePe''s transaction data combined with merchant and customer interviews.

• With over 45 per cent market share, PhonePe's data is representative of the country's digital

payment habits.

• 394.13 crore PhonePe transactions (across UPI, cards and wallets) were clocked in the June

quarter, with total payment value at Rs 7.47 lakh crore.

• The average transaction value during the second quarter was Rs 1,897.

RBI to set up five-member panel on NUE licenses

• The Reserve Bank of India (RBI) has set up a five-member committee to review applications

and give recommendations on new umbrella entity (NUE) licences.

• The five-member committee will be chaired by RBI chief general manager P Vasudevan.

• The New Umbrella Entities will set up their own payment infrastructure to compete with the

National Payments Corp. of India (NPCI).

• New umbrella entities are for-profit entities that will be set up to manage payments in the retail

space. These private entities can offer a range of retail payment services, including setting up

of ATMs, point of sale terminals, Aadhaar-based payments, remittance services and develop

newer payment methods.

RBI imposes Rs 25 lakh penalty on Axis Bank for flouting KYC norms

• The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 25 lakh on private

lender Axis Bank for non-compliance.

• The penalty was announced by the central bank on September 1.






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• The RBI stated the fine was imposed for non-compliance with certain provisions of directions

issue by it in Reserve Bank of India — KYC Direction, 2016.

• “The penalty has been imposed in exercise of powers vested in RBI under provisions of section

47A (1) (c) read with section 46(4) (i) of the Banking Regulation Act, 1949 (the Act)”.

• “This action is based on the deficiencies in regulatory compliance and is not intended to

pronounce upon the validity of any transaction or agreement entered into by the bank with its

customers”.

Federal Bank introduces credit card in association with Visa

• Federal Bank launched its credit card in association with Visa.

• The bank is also on course to launch variants of the Rupay credit card in association with the

National Payments Corporation of India (NPCI).

• The card, which comes in three variants, is packaged with a range of offers, and is currently being

offered to existing customers of the bank.

• Shyam Srinivasan, MD & CEO of the bank, stated, “Our credit card is completely digital with a

3-click application approach which would make the card instantly available for use on

FedMobile, our mobile banking application.

Account Aggregators set up new framework to access, share financial data

• Account aggregators are a set of non-banking financial companies, which work as technology

intermediaries between companies seeking financial data of customers (financial information

users) and those holding that data (financial information providers).

• FIPs and FIUs include banks, non-bank lenders, insurance companies and mutual funds, who

require financial information and documents from customer.

• Account aggregators, that promise to consolidate all your financial data in one place, allowing

you to access services with a few clicks at a time, are closer to becoming a reality.

• At least four banks, including HDFC Bank Ltd., ICICI Bank Ltd., Axis Bank Ltd. and IndusInd

Bank Ltd., have started testing account aggregators services for a select set of customers,

before they open up these platforms to everyone.






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• These banks have allowed access to over a few thousand users as part of the beta testing

phase.

Ola Electric ties up with banks and financial institutions for loans to customers

• Ola Electric has tied up with leading banks and financial institutions, including HDFC Bank,

ICICI Bank, Kotak Mahindra Prime and TATA Capital, for providing loans to customers for its

S1 electric scooter that will be available for purchase from September 8.

• The company, which had last month launched the Ola S1 electric scooter in two variants -- S1

and S1 Pro -- at prices Rs 99,999 and Rs 1,29,999, respectively (ex-showroom including FAME

II subsidy and excluding state subsidies).

• The banks and financial institutions that Ola Electric hastied upinclude Bank of Baroda, Axis

Bank, HDFC Bank, ICICI Bank, IDFC First Bank, IndusInd Bank, AU Small Finance Bank, Jana

Small Finance Bank, Kotak Mahindra Prime, TATA Capital and YES Bank.

SBM Bank partners with OneCard to jointly launch mobile-based credit card

• SBM Bank has partnered with fintech player OneCard to launch a mobile-based credit card.

• With this partnership, the bank stated it aims to cater to the tech-savvy populace who have

embraced digital as a natural way of life.

• OneCard will leverage Visa's technology and global acceptance in this co-branded credit card

offering through an app.

• "This partnership is in sync with our smart banking mission to build products that meet specific

consumer need gaps and provide innovative solutions through state-of-the-art platforms".

• The mobile-first, credit card is a significant step towards acknowledging and celebrating the

expanding digital ecosystem of the country.

HDFC Bank signs pact with National Small Industries Corporation

• HDFC Bank has signed a pact with the National Small Industries Corporation (NSIC) for

providingcredit support to the micro, small and medium enterprise (MSME) sector.

• Under this, the country's largest private sector bank will also provide MSMEs with a set of

specially-tailored schemes to enhance their competitiveness.






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• "HDFC Bank has signed a memorandum of understanding with National Small Industries

Corporation to offer credit support to MSMEs across the country".

• The bank branches will extend support to the MSME projects in the areas they are located and

to other important industrial sectors across the country.

India Post Payments Bank tie up with LIC Housing to sell home loans

• India Post Payments Bank (IPPB) has joined hands with LIC Housing Finance for selling

housing finance products of the latter to its 4.5 crore customers.

• Through its robust and extensive network of 650 branches and more than 136,000 banking access

points, IPPB will make LIC Housing Finance Ltd's (LICHFL) home loan products accessible to its

customer’s pan-India.

• Under the strategic partnership, credit underwriting, processing, and disbursement for all home

loans will be handled by LICHFL, while IPPB will source the loans.

• IPPB already distributes general and life insurance products through partnerships with

insurance companies. Credit products are natural extension for the customers at the last mile.

Bank of India tie-up with MAS Financial Services for co-lending

• State-owned Bank of India (BOI) stated it has entered into a co-lending arrangement with MAS

Financial Services for MSME loans.

• The tie-up comes on the occasion of the bank's 116th Foundation Day.

• Co-lending was introduced by the RBI to increase the credit flow to the unserved and

underserved sector by utilising the nimble-footed NBFC coverage to the informal sector.

• BOI will leverage the reach of NBFC to build an MSME portfolio.

• Celebrating Foundation Day across all its 10 national banking group (NBG) offices, 59 zonal

offices, 5,084 domestic and 23 overseas branches, and 5,323 ATMs, Das expressed gratitude to

all the stakeholders.

Bank of Baroda ranked first in the MeitY Digital Payment Scorecard for 2020-21

• Bank of Baroda announced that the bank has Ranked #1 with a total of 86% marks on the

scorecard issued by Ministry of Electronics and Information Technology (MeitY) for the month of

February and March 2021.






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• The scorecard ranks 44 banks (Public Sector Banks, Private Banks, Foreign Banks, Payments

Banks, Small Finance Banks) on various parameters on the digital business.

• This overall rating was based on multiple factors where the Bank scored above average.

These factors consist of the following:

• Exceptional growth of digital payment transactions achievement (129% of 137 Cr. Digital

transactions target)

• Achievement of 6 times the target for merchant acquiring in Rural geography target (16,100)

• Achievement of 124% merchant acquiring in North-Eastern States target (6,900)

• Reduction in average % of Technical Declines of UPI from 0.59% in FY 2019-20 to 0.29% in FY

2020-21.

• The decline ratio is the 2nd lowest amongst all large banks.

• Reduction in average % of Technical Declines of Aadhaar Enabled Payment Systems activation

from 0.39% in FY 2019-20 to 0.12% in FY 2020-21.

Karnataka Bank unveiled POS device ‘WisePOSGo’ for merchant customers

• WisePOSGo – a POS device (Point of Sales swiping machine) that processes business payments,

was launched by Karnataka Bank in collaboration with Mswipe Technologies Pvt Ltd., for the

Bank’s merchant customers.

• “This is yet another product in line with our vision of becoming the ‘Digital Bank of Future’.

• This compact, light weight and user friendly device will be a game changer and transform the

digital payment ecosystem associated with POS machines.

About the device:

• This device is an all-in-one swiping machine loaded with advanced features like contactless

payment, mobile phone, QR Code, Pay by link, Magstripe, barcode scanner,5 – megapixel camera

etc, The device will support 4G, WiFi, Bluetooth and micro – USB and can connect through

Facebook, YouTube and WhatsApp also.

Bank of Baroda’s unveiled digital platform ‘bob World’

• State-owned Bank of Baroda announced the launch of its digital banking platform 'bob World',

aimed at providing all banking services under one roof.






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• The lender aims to provide an all-inclusive and seamless virtual banking experience,

encompassing all digital banking services less than one roof for the convenience of customers.

• bob World' will offer a wide gamut of banking products and services, to be rolled out in phases,

under four key pillars -- Save, Invest, Borrow and Shop.

• The pilot of bob World began on August 23, and the application (app) is already being used by

more than 50 lakh users.

RBI neglects lending curbs on UCO Bank

• The central bank uses the PCA framework to rein in banks that have breached certain regulatory

thresholds in bad loans and capital adequacy.

• PCA entails curbs on high-risk lending, setting aside more money on provisions and restrictions

on management salary.

• UCO Bank, RBI stated, has provided a written commitment that it would comply with the norms

of minimum regulatory capital, net non-performing asset (NPA) and leverage ratio on an ongoing

basis.

• The Kolkata-based lender has also apprised RBI about the structural and systemic improvements

it has put in place to help in continuing to meet these commitments.

RBI nods tokenization in Card-on-File services

• In a move aimed to allow seamless recurring payments, Reserve Bank of India (RBI) has expanded

the tokenisation facility from earlier device-based tokenisation framework to card-on-file

tokenisation (CoFT) services as well, with the explicit consent of the customer.

• It may be pointed out that the RBI has set a December-2021 deadline to prohibit payments

aggregators, merchants and service providers like Amazon and Netflix from storing customer card

details in their servers.

• Currently, checkout is faster as customers are not required to refill their card details for monthly

subscriptions. But it won't be like that any longer.

• The objective of the RBI's diktat is to create a better security framework for digital transactions.

• In the past, there have been instances of unauthorised use of customer data, theft, and misuse.






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NPCI introduces RuPay credit card stack, ‘nFiNi’ to enable fintechs to co-create bank sponsored

credit cards

• Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payments and financial services

technology solutions, has entered into a first-of-its-kind collaboration with National Payments

Corporation of India (NPCI), which leads the retail payments and settlement infrastructure in

India with breakthrough products like Unified Payments Interface (UPI), Bharat Bill Payment

System, and RuPay, to enable the launch of ‘nFiNi’, a ready stack of services that fintechs and

banks can use to issue RuPay credit cards.

• nFiNi will power RuPay cards by offering access to services through the NPCI network and

FirstVisionTM from Fiserv, a microservices-based platform-as-a-service with a set of APIs

that supports orchestration of the digital user experience, enables push alerts for in-app, mobile

messaging app and SMS notifications, simplified integration options, and instant digital card

provisioning, allowing customers to transact immediately after being approved for a card.

ICICI Lombard General Insurance ceases to be subsidiary of ICICI Bank post merger with Bharti AXA

• ICICI Bank stated ICICI Lombard General Insurance has ceased to be its subsidiary, as

shareholding of the bank has come down to 48 per cent after the merger of Bharti AXA with the

insurer.

• ICICI Lombard General Insurance Company (ICICI Lombard) had on September 8, 2021, allotted

equity shares of the company to the eligible shareholders of Bharti AXA General Insurance

Company (Bharti AXA).

• The scheme of arrangement between Bharti AXA and ICICI Lombard came into effect on

September 8, 2021.

• Bharti AXA was a joint venture between Bharti Enterprises (51 per cent) and French insurer AXA

(49 per cent).

• With the merger of Bharti AXA with ICICI Lombard, both the former owners of Bharti AXA have

exited the non-life insurance business.






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Paytm Money introduces wealth and investment advisory marketplace on its platform

• Digital payments and financial firm Paytm announced that its wholly-owned subsidiary,

Paytm Money, is launching a wealth and investment advisory marketplace on its platform to offer

curated advisory services and products to retail investors.

• Paytm Money has partnered with start-up WealthDesk to offer investment portfolios called

'WealthBaskets' as the first step to build up the advisory ecosystem.

South Indian Bank unveiled SIB-OneCard credit card

• South Indian Bank has launched the SIB - OneCard Credit Card.

• A premium metal card, the SIB - OneCard has a unique app-based onboarding process, which is

in line with the Bank's vision of digital transformation.

• The internationally valid credit card on the Visa Signature platform can be fully controlled

through the powerful OneCard App.

Visa and Innoviti develop stored value debit card for payments without connectivity

• Debit card owners will soon be able to request a Visa card from the bank, which can store up

to 2,000 rupees on the chip itself, allowing them to trade without a connection.

• A proof of concept for prepaid cards for offline payments has already been established by Visa

in partnership with payment solution company Innoviti.

• The PoC was carried out in partnership with YesBank and Axis Bank. Prepaid cards are different

from prepaid cards that are approved in the network cloud.

• The Reserve Bank of India has asked banks to devise offline digital transaction solutions that

allow transactions to continue in the event of an inadequate communication infrastructure or

network failure.

• Digital payments are heavily dependent on mobile networks, and outages can lead to serious

transaction failures in the region.

• As debit cards are so pervasive throughout India, offline payments using Visa cards are expected

to facilitate the transition from cash to digital payments.

RBI declared Opening of Third Cohort under the Regulatory Sandbox- Theme ‘MSME Lending’






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• The Reserve Bank stated six entities have completed the test phase in the 'First Cohort' under

the Regulatory Sandbox scheme with retail payments as theme and their products are found

viable for adoption by the regulated entities.

• Their products mainly deal with offline digital payments, prepaid cards, contactless payment and

voice-based UPI.

• Regulatory sandbox usually refers to live testing of new products or services in a controlled/test

regulatory environment for which regulators may (or may not) permit certain relaxations for the

limited purpose of the testing.

• The entities whose products have been found meeting the norms set by the RBI in the First

Cohort are Nucleus Software Exports (PaySe), Tap Smart Data Information Services (Citycash),

Natural Support Consultancy Services (IND-e-Cash), Naffa Innovations (ToneTag), Ubona

Technologies (BHIM Voice) and Eroute Technologies (offline payment using SIM).

India and Singapore jointly to link their Fast Payment Systems – Unified Payments Interface and

PayNow

• The Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS) announced

a project to link their respective fast payment systems.

• The linked interface is expected to be operationalized by July, 2022.

• While India uses Unified Payments Interface (UPI) as a fast payment method, Singapore uses

the PayNow system.

• The RBI stated that UPI-PayNow linkage will enable users of each system to make instant, low-

cost fund transfers on a reciprocal basis without a need to get onboarded onto the other payment

system.

UPI and PayNow systems:

• UPI is India's mobile based, 'fast payment' system that facilitates customers to make round the

clock payments instantly using a Virtual Payment Address (VPA) created by the customer.

• This eliminates the risk of sharing bank account details by the remitter.

• UPI supports both Person to Person (P2P) and Person to Merchant (P2M) payments as also it

enables a user to send or receive money.






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• CEO: Piyush Gupta

PPBL Enabled India’s 1st FASTag-based Metro Parking Facility in Partnership with DMRC

• Paytm Payments Bank Ltd (PPBL) enables India’s first FASTag based metro parking facility

in partnership with the Delhi Metro Rail Corporation (DMRC).

• PPBL, will facilitate the processing of all FASTag based transactions for cars with valid

FASTag stickers at Kashmere Gate Metro Station.

• PPBL has also enabled a UPI based payment solution for 2 wheelers, that enters the parking

facility.

• Paytm Payments Bank became the first bank in the country to achieve the milestone of

issuing one crore FASTags in June.

• According to NPCI, over 3.47 crore FASTags were issued by all banks together till the end of

June 2021.

• DMRC partnered with the National Payments Corporation of India (NPCI) to launch a 100%

digital parking plaza with the National Electronic Toll Collection (NETC) FASTag

contactless parking solution at Kashmere Gate metro station, Delhi.

DBS partners with SWIFT for real-time cross-border Payment Tracking

• DBS in partnership with Society for Worldwide Interbank Financial Telecommunications

(SWIFT) Global Payments Innovation(gpi) has launched real-time online tracking for cross-

border collections for businesses in India benefitting around 4,000 corporate and small

business clients.

• DBS was the first bank in Asia to launch outbound payments with end-to-end tracking with

SWIFT gpi.

• DBS has become the first bank in India and Asia-Pacific to offer this service to its clients.

• DBS gpi helps in improving accuracy for intraday credit line needs and provides benefits in

supporting credit control.

• It brings transparency and visibility and improves receivables forecasting and overall cash

position.






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• This service is available by default and free of charge for all corporate customers via DBS

IDEAL- DBS’ online corporate banking portal.

HSBC initiates UniTransact to simplify cross-border transactions

• HSBC India has launched a digital proposition aimed at simplifying cross-border transactions.

• Called HSBC UniTransact, it aims to provide seamless integration of all aspects of transaction

banking while minimising manual intervention through the transaction journey.

• It provides a range of benefits, including a comprehensive dashboard, real-time status

throughout the life-cycle of all the cross border transactions, online discrepancy resolution,

efficient management of documentation, alerts and notifications and seamless execution.

• “The launch of HSBC UniTransact is aimed at unifying all the processes and interactions for

our clients in any cross border transaction journey.

• From reducing the number of touch points they need to go through, to providing them end-to-

end visibility of each transaction, we are confident that UniTransact will create a truly unique

world class user experience for our clients”.

Euromoney roped DBS as ‘World’s Best Bank’ & ‘World’s Best Digital Bank’ for 2021

• DBS has been named the world'sbest bank by UK-based financial publication Euromoney,

making it the fourth consecutive year it has gained the accolade from a financial publication.

• The Singapore-headquartered bank was also named the world's best digital bank, making it the

first time a bank worldwide has held both titles concurrently.

• DBS received its first global best bank accolade from New-York based publication Global

Finance in 2018, and was also named Global Bank of the Year by Financial Times publication The

Banker in the same year.

• In 2019, Euromoney also named DBS the World's Best Bank, and in 2020, Global Finance

named it the Best Bank in the World.

Recent news:

• Earlier in 2021, DBS was also named the global winner in The Banker's Innovation in Digital

Banking Awards.

World Bank Group Discontinues Doing Business Report  on country investment climates






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• The World Bank Group has decided to discontinue publication of its Doing Businessreport on

country investment climates following allegations of irregularities.

• The decision was taken after a probe of data irregularities allegedly due to pressure by some top

bank officials to boost China's ranking in 2017 came to light.

• Observing that the trust in the research of the World Bank Group is vital, it stated, World Bank

Group research informs the actions of policymakers, helps countries make better-informed

decisions, and allows stakeholders to measure economic and social improvements more

accurately. 

• As per the ''Doing Business'' 2020 report, India had jumped 14 places to the 63rd position on

the ease of doing business ranking.

• India has improved its rank by 79 positions in five years (2014-19).

HDFC Bank ties up with Paytm to offer co-branded credit cards in October 2021

• HDFC Bank will work with Paytm to offer co-branded credit cards on the Visa platform to

businesspersons, millennials and others.

• This tie-up will see the lender leverage its position as the leading credit card-issuer and its

expertise in superior customer engagement to offer services to Paytm’s large customer base of

330 million, thus enabling a deeper penetration in Tier II and III cities, accelerating the adoption

of digital payments.

• The credit cards will be launched in October during the festive season to tap into the high

consumer demand for credit cards, equated monthly installments (EMIs), and buy now pay later

(BNPL) options and the full suite of products will be offered by the end of December 2021.

BoB, BPCL jointly launched international co-branded debit card

• Bank of Baroda (BoB) and Bharat Petroleum Corporation Limited (BPCL) have launched an

international co-branded RuPay NCMC Platinum contactless debit card.

• “This personalised RuPay platinum international debit card comes with various benefits including

5 per cent cashback up to Rs.50 on the first 2 transactionsat BPCL outlets.

• “The customers will alsoreceive 0.75 per cent cashbackincentiveon fuel transactions up to

maximum Rs.45 per transaction at over 19,000 plus BPCL outlets across India”.






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• Further, the co-branded debit cardholders can withdraw up to Rs.50,000 at ATMs, shop for a

maximum of Rs.1 lakh from e-commerce portals, and physical outlets using PoS machines.

• Additionally, cardholders can access RuPay concierge services, domestic airport lounges along

with an accidental insurance worth Rs.2 lakh”.

• The BoB BPCL RuPay co-branded debit card is powered with the “National Common Mobility

Card (NCMC)” feature that enables contactless transactions across all the public transport

systems in the country such as metros, buses, cabs suburban railways, toll, parking, and topping-

up FASTags and also for retail purchases.

RBI Imposed Rs 5 lakh Fine on Kuppam Co-operative Town Bank over Regulatory Violation

• The Reserve Bank of India (RBI) has imposed a fine of Rs 5 lakh on Kuppam Cooperative

Town Bank, Chittor, Andhra Pradesh, over the violation of provisions of the directions

issued by RBI in the Master Circular on Income Recognition, Asset Classification, and

Provisioning and Master Circular on Board of Directors for urban co-operative banks.

• The penalty was imposed in the exercise of power vested in RBI under the provisions of Section

47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking Regulation Act, 1949.

• The RBI imposed a Rs 2.44 lakh fine on Spice Money Limited for non-compliance of provisions

of the RBI’s master direction on issuance and operation of prepaid payment instruments (PPIs)

in India.

• The penalty was imposed in the exercise of the power vested in RBI under the provisions of

Section 30 of the Payment & Settlement Systems Act 2007.

Federal Bank and OneCard make partnership for mobile-first credit card

• Federal Bank announced a tie-upwithOneCard for a mobile-first credit card that targets the

country’s young, tech-savvy population.

• It will target young working professionals aged 23-35, primarily representing the millennials and

Gen Z.

• The bank is betting on the retail portfolio and anticipates a peak in consumer credit this festive

season on the back of an economic revival.






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Government forms India Debt Resolution Company Ltd (IDRCL) for managing bad loans

• After setting up the National Asset Reconstruction Company (NARCL), the public sector banks

(PSBs) have created a step-down asset management company named India Debt Resolution

Company (IDRCL) with a capital of Rs 50 crore along with three first directors -- Narayan

Keelveedhi Seshadri, Arvind Sadashiv Mokashi, and Anilraj Chellan.

• PSBs will own 49 per cent of IDRCL, tasked with the resolution and restructuring of bad loans

bought by the NARCL.

• Mokashi is a three-decade SBI veteran with extensive experience in banking.

• Seshadri, a chartered accountant, has worked with names like Arthur Anderson and KPMG.

• He has been on the board of several companies as an independent director.

• There are plans to attract professionals in the management of affairs of the IDRCL but there is

also a possibility of both public and private sector banks dispatching their professionals on

deputation to take care of their interests.

• The past experience of private ARCs shows that the IDRCL has to attract turnaround

professionals and experts to revive the assets.

Utkarsh Small Finance Bank begins its operations in Kerala

• Utkarsh Small Finance Bank Limited has announced the inauguration of its first branch in

Kerala at Kochi.

• The bank has 600 branches in 201 districts spread across 18 states and 2 Union Territories.

• Govind Singh, MD & CEO, Utkarsh SFBL, stated, “The city has numerous factors that contribute

towards the growth of commerce and trade, and we are in a position to provide banking and

financial services to various categories of business and more.

• The bank is in a position to provide an array of financial products and services to its

customers, including savings and current accounts, fixed deposits and recurring deposits along

with various loan products such as housing loans, business loans and loan against property.

• YES Bank partners with Visa for Credit Cards

• Yes Bank has joined hands with Visa to offer a suite of credit cards to its customers.






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• It consists of nine credit card variants on the Visa platform covering all segments viz. consumer

cards, business cards, and corporate cards across YES First, YES Premia and YES Prosperity.

RBI announces WMA Limit for Central Government for (October 2021 to March 2022) at Rs. 50,000

crore

• The Reserve Bank Of India (RBI) has decided, in consultation with the Government of India, that

the limit for Ways and Means Advances (WMA) for the second half of the financial year 2021-

22 (October 2021 to March 2022) be fixed at Rs 50000 crore.

• The Reserve Bank may trigger fresh floatation of market loans when the Government of India

utilises 75 per cent of the WMA limit.

• The Reserve Bank retains the flexibility to revise the limit at any time, in consultation with the

Government of India, taking into consideration the prevailing circumstances.

Suryoday SFB to discontinue its ATMs from October 1

• Suryoday Small Finance Bank has decided to discontinue its ATMs from October 1.

• “Due to operational reasons, Suryoday Bank ATMs will be discontinued with effect from October

1, 2021”.

• Customers can use their Suryoday Bank debit cards at ATMs of any other banks to withdraw

cash.

• For other banking services, customers can use Internet and Mobile Banking services.

• Suryoday SFB has become the first lender to discontinue ATM services.

ICICI Bank provide OD Facility to Sellers Registered on Amazon India

• ICICI Bank has announced that it has partnered with Amazon India to offer overdraft (OD)

facility upto Rs 25 lakh to individual sellers and small businesses registered on the e-

commerce company’s online marketplace, instantaneously and digitally.

• Driven by API integration, the partnership enables sellers to avail an OD from the Bank in a

process, from application to sanction to disbursement, that is digital.

• Customers of other banks can avail the facility from ICICI Bank, if they are registered as sellers

with amazon.in.






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• ICICI Bank has developed this new facility that functions on the back of an industry-first

scorecard to evaluate credit worthiness of sellers based on their financial profile including Credit

Bureau scores.

• It empowers small businesses and individual sellers who are ‘new-to-credit’ and ‘existing

MSME borrowers’ to unlock the value of their digital transactions and get access to instant

credit.

HPCL partnership with ICICI Bank for Fuel Payments through FASTags

• As an initiative towards the Digital India movement and to make monetary transactions

seamless, Hindustan Petroleum Corporation Limited (HPCL) has collaborated with ICICI bank

to introduce FASTagtransactions at all its 19,000 retail outlets across India.

• Customers will now be able to use ICICI bank FASTag to pay for fuel, LPG and lubricants.

• ‘This alliance is expected to ensure a quick, hassle-free and contactless digital

paymentexperience for customers.

• “The collaboration of ICICI Bank and HPCL further strengthens digital payments for FASTag.

• Such initiatives not only bolster Government of India’s Digital India campaign but also enhance

customer experience for easy payments at HPCL retail outlets”.

• This facility is now available for all customers through HP Pay App.

• With this endeavour, HPCL has become the first Oil Marketing Company to integrate payment

systems with FASTag.

• Earlier, to make digital payments easy, HPCL had enabled fleet customers payment through

HPCL DriveTrack Plus terminal, with IDFC Bank FASTag.

RBI fixes minimum ticket size to issuance of securitisation notes at Rs.1 crore

• Reserve Bank of India (RBI) has issued separate master directions on transfer of loan

exposures and securitisation of standard assets.

• These master directions came after considering public comments on draft rules issued on June

8, 2020.

• RBI stated that while complicated and opaque securitisation structures could be undesirable

with the perspective of financial stability, prudentially structured securitisation transactions






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can be an important facilitator in a well-functioning financial market as it improves risk

distribution and liquidity of lenders in originating fresh loan exposures.

RBI nods lenders to sell fraud loans to Asset Reconstruction Companies

• The Reserve Bank of India allowed loan exposures classified asfraud to be transferred to Asset

Reconstruction Companies (ARCs).

• This comes in the wake of banks reporting fraudsaggregating Rs.3.95-lakh crore between FY19

and FY21.

• Stressed loans, which are in default for more than 60 days or classified as non-performing assets

(NPA), can be transferred to ARCs.

• This shall include loan exposures classified as fraud as on the date of transfer.

• Issuing the guidelines for transfer of loan exposure, including stressed loans, the central bank

stated the transfer of such loans to an ARC, however, does not absolve the transferor from

fixing the staff accountability as required under the extant instructions on frauds.

• Until now, when an account is declared fraud, banks had to set aside 100 per cent of the

outstanding loan as provision.

• Under the new rules, banks can hope to recover a part of the loan.

• For ARCs, this will allow them to buy debt cheaper than regular loan accounts.

DFC and USAID Announce $55 million Credit Guarantee Programme to Address Economic Impact

of COVID-19 in India

• United States (US) International Development Finance Corporation (DFC) in collaboration with

United States Agency for International Development (USAID) jointly announced an 8-year

sponsor project programme with a credit guarantee of USD 55 million (~ Rs 400 crores) named

‘India Covid Response Programme for Agriculture Transition’ to address the economic

impact of COVID-19 in India.

• This initiative will offer customized financial solutions to entities interested in adopting climate-

smart and green solutions.

• Objective is to improve the linkages and increase the income of farmers while having a

positive environmental impact.






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Bank Deposits Grew by 11.9% in FY21 due to Higher CASA growth: RBI

• As per the Reserve Bank of India’s (RBI) publication of ‘Deposits with Scheduled Commercial

Banks – March 2021’, Scheduled Commercial Banks (SCBs) deposits in FY21 grew by 11.9

percent year-on-year compared to 8.8 percent in FY20 due to high growth in theCurrent

Account and Savings Account (CASA) deposits.

• The share of CASA deposits in FY21 increased to 43.7 percent in March 2021, compared to

41.7 percent in FY20.

• Private Sector Banks: The share of private sector banks in total bank deposits in FY21

increased to 30.5 percent from 29.5 percent in FY20.

• In FY21, the Bank deposits of non-financial corporations increased by 18.8 percent and

their share in total deposits also increased to 16.2 percent.

• Deposits of Metropolitan bank branches (which accounts for over half of total deposits)

increased to 59.6 percent in FY21 compared with 43.2 percent in FY20.

IndusInd Bank Acquired 4.79% Stake in McLeod Russel India

• The IndusInd Bank has acquired a 4.79% stake in debt-laden McLeod Russel India

Limited(MRIL) by involving pledged shares for recovery of its dues.

• The bank, in accordance with the invocation of the pledge of shares, acquired 5000000 equity

shares of MRIL.

• MRIL, the leading bulk tea manufacturer in India, is a flagship company of the BM Khaitan

group.

RBL Bank &Mastercard Launched #UseBefikar, New Campaign for Seamless Payment

Experience

• RBL Bank launched ‘#UseBefikar’, a new campaign with Mastercard to provide shopping

offers and rewards for the existing cardholders.

• With the #UseBefikar campaign, the RBL bank’s Mastercard holders can avail of exclusive

offers with assured safety and security.






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Features of the campaign:

• The campaign is running through a series of videos that aims to resonate with the cardholders

at the start of the festive season.

• The videos will be amplified through social media and online promotions.

• The campaign features celebrities like Riteish Deshmukh, Mirabai Chanu and Vikrant

Massey.

• The campaign highlights the card’s offering for everyone, focusing on various categories like

health and fitness, e-commerce, online bill payments and food delivery.

RBI imposes 2 cr penalty on RBL Bank

• The Reserve Bank imposed a penalty of Rs 2 crore on private lender RBL Bank for

deficiencies in regulatory compliances and non-compliance of the provisions of the Banking

Regulation Act.

• Following supervisory evaluation of the RBL Bank, the Reserve Bank raised issues relating

to contravention of certain regulatory directions and non-compliance with the provisions of

the Banking Regulation Act concerning opening of five savings accounts in the name of a

cooperative bank and composition of the board of directors.

• The RBI later issued a notice to the bank advising it to show cause as to why penalty should

not be imposed for contravention of and non-compliance with the provisions of its directions

and provisions of the Banking Regulation Act.

NPCI partners with YES Bank to launch RuPay ‘On-the-Go’ payment solution

• The National Payments Corporation of India (NPCI) has partnered withYES Bank to launch

contactless payments solutions --- RuPay On-the-Go.

• This was launched in association with fintech infrastructure partner, Neokred, and

manufacturing partner- Seshaasai at the Global Fintech Festival 2021.

• “RuPay On-the-Go will allow customers to make small and large value transactions from the

accessories they wear every day.






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• This innovative wearable payment solution would redefine the contactless payments space

by eliminating the need to carry a physical card and enabling instantaneous payments with a

simple ‘Tap, pay, go’ mechanism”.

AU Small Finance Bank signs pact with NABARD

• Private sector AU Small Finance Bank signed a pact with the National Bank for Rural and

Development (NABARD)to boost ongoing rural development initiatives in Rajasthan.

• The Memorandum of Understanding (MoU) was signed in the presence of NABARD

Chairman G R Chintala, Jaideep Srivastava, Chief General Manager, Rajasthan, and Sanjay

Agarwal, Managing Director, AU Small Finance Bank.

• The memorandum envisages a joint initiativeto benefit farmers, Farmer Producer

Organisations (FPOs), Self Help Groups (SHGs), rural artisans, agri-entrepreneurs, and agri-

startups in the State.

• “This MoU between NABARD and AU Bank will provide institutional credit support to the

ongoing development schemes in the State, which will lead to further prosperity in the rural

areas.

Federal Bank join hands with NPCI for RuPay credit card

• Federal Bank has partnered with the National Payments Corporation of India (NPCI) to launch

the 'Federal Bank RuPay Signet Contactless Credit Card'.

• The card "comes with the lowest Annual Percentage Rate (APR) starting from just 5.88% per

annum."

• "The cardholders will gain access to a wide variety of offers and deals across categories including

travel, food and dining, shopping, sports, entertainment, lifestyle and much more.

• With a range of exciting offers, the card is presently offered to existing customers of the bank.

• Some of other offers included Amazon Gift vouchers, reward points, Buy One Get One (BOGO)

free offer at INOX, complimentary membership programs, complimentary Swiggy vouchers,

complimentary lounge access at Domestic and International airports and more.

Vistara join hands with IndusInd Bank to launch co-branded credit card






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• Full-service carrier Vistara has partnered with IndusInd Bank to launch co-branded credit card

Club Vistara IndusInd Bank Explorer.

• The credit card will offer various benefits such as a complimentary business class ticket,

membership of the airline's frequent flyer programme and lounge access.

• Other benefits include rescheduling fee waiver on direct booking of Vistara flights, luxury gift

vouchers, complimentary movie tickets and dining vouchers, complimentary personal air accident

cover, zero currency mark-up on international spends as well as a waiver on fuel surcharge at

any petrol pump, among others.

• The all-new card provides the cardholders with a complimentary 'Gold' class membership to

Club Vistara (CV), under which they can earn points on every flight and can even redeem their

earned CV points to avail flights.

• Founder: S. P. Hinduja

Asiamoney 2021 Poll: HDFC Bank bags most outstanding company in India

• HDFC Bank Ltd. has been voted ‘Overall Most Outstanding Company in India,’ in a poll conducted

by reputed publication Asiamoney.

• The poll, known as Asia's Outstanding Companies Poll, is designed to acknowledge listed

companies that have excelled in areas such as financial performance, management team

excellence, investor relations, and CSR initiatives.

• HDFC Bank received the most votes among listed companies in India, leading to the bank being

awarded the ‘Overall Most Outstanding Company’ in India.

• This is in addition to the bank being voted ‘Most Outstanding Company in India – Banking

Sector,’ a recognition the bank is humbled to have been honoured with for the 4th consecutive

year, since the inception of the poll in 2018.

RBI announces new rules for securitisation of standard assets, loan transfers

• The Reserve Bank of India (RBI) issued a separate master direction on the transfer of loan

exposures and securitisation of standard assets.

• The directions came after taking into account the public comments on draft rules which were

issued on June 8 last year.






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• The RBI stated that it has been observing the complicated and opaque securitisation

structures which could be undesirable from the point of view of financial stability.

“Prudentially structured securitisation transactions can be an important facilitator in a well-

functioning financial market in that it improves risk distribution and liquidity of lenders in

originating fresh loan exposures”.

Tamilnad Mercantile Bank opened e-Lobby at Tirumala

• Tamilnad Mercantile Bank (TMB) launched an e-Lobby at Tirumalafor the pilgrims.

• The manned e-Lobby near to the Tirumala Balaji Bus Stand was inaugurated by AV Dharma

Reddy, Additional Executive Officer Tirumala Tirupati Devasthanam (TTD).

• The 24X7 e-Lobby houses an ATM machine, cash deposit machine, passbook printing facility,

cheque deposit kiosk and an information kiosk, all under one roof.

• With this TMB has 51 e-Lobby across India.

• TMB’s Tirupathi branch also handed over loan sanction letters to a few beneficiaries.

• The bank also handed over subscription to Venkateswara Bhakthi Channel run by TTD during the

function.

SEBI levied Rs 1 lakh fine on Employee of Titan for disclosure lapses

• Securities and Exchange Board of India (SEBI), the regulatory body for securities and

commodity market, has levied a monetary penalty of Rs 1 lakh on Chandan Gupta, an

employee of Titan Company Limited for disclosure lapses, in violating the insider trading

norms.

• He transacted in the firm’s securities on two occasions in the calendar quarter ending on

September 30, 2018.

• The total value traded was more than Rs 10 lakh.

UNDP, HDFC and Greater Noida Authority Signed a pact for Dry Waste Management Facility in

Noida






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• The United Nations Development Programme (UNDP), HDFC Bank and the Greater Noida

Industrial Development Authority (GNIDA) signed an agreement to provide facilities to

manage up to 300 metric tonnes of dry waste in Noida, Uttar Pradesh.

• HDFC Bank is providing financial assistance of Rs 3 crore in setting up of Material

RecoveryFacility (MRF) in Greater Noida.

• The waste management programme is aligned with ‘’Swachh Bharat Mission’’ (Clean India

Mission), Solid Waste Management Rules 2016 and Plastic Waste Management

(Amendment) Rules 2018.

• Plastic waste management programme of UNDP will bring a sustainable Infrastructure to

dispose waste material and reuse it for different purposes.

• The Paris Agreement sets out a global framework to avoid dangerous climate change by limiting

global warming to well below 2°C and pursuing efforts to limit it to 1.5°C.

• This initiative will enhance India’s efforts to become a low- carbon economy and achieve Paris

Agreement targets.

IndusInd Bank & Escorts Ltd Partnered to Offer Finance to Farmers

• IndusInd Bank has signed a Memorandum of Understanding (MoU) with Escorts Limited

(Escorts Agri Machinery) to offer financial services to farmers and to make its range of

tractors and farm equipment more accessible.

• The financial services will be provided in the form of loans or Agri finance solutions.

• This partnership will encourage the farmers to invest in modern farm machinery to increase

their farm productivity and income.

• Escorts aims to provide a transparent and quick mechanism for farmers to purchase its Agri

based products like tractors.

Punjab & Sind Bank ties up with Indiabulls; PNB to sell its 23% stake from CHOICE






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• Punjab & Sind Bank (PSB) signed a co-lending alliance with Indiabulls Commercial Credit

andIndiabulls Housing Finance Limited (IHFL) for MSME (Micro, Small & Medium

Enterprises) and Priority Sector Housing Loans.

• PNB is all set to sell its entire stake (23%) in its Canara HSBC OBC Life Insurance

(CHOICE).

• PNB is the promoter after the amalgamation of Oriental Bank of Commerce (OBC) and

United Bank of India (UBI) in it in April 2020.

• Prior to this amalgamation, OBC held a 23% stake in CHOICE.

RBI-MAS to link UPI and PayNow

• On September 14, 2021, in order to ease cross-border payments between India and Singapore

the Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS) are all set for

linkage project under which their respective fast payment systems viz. Unified Payments

Interface (UPI) and PayNow will be linked by July 2022.

RBI imposes Rs 1 Lakh penalty on Kosamba Mercantile Cooperative Bank

• The apex bank has imposed a monetary penalty of Rs 1 Lakh on the Kosamba Mercantile Co-

operative Bank Ltd. located in Kosamba district of Surat, Gujarat after exercising its power

under the provisions of section 47 A (1) (c) read with sections 46 (4) (i) and 56 of the Banking

Regulation Act, 1949.

Business& Economy

Moody’s projects India’s GDP growth forecast to 9.6% for CY2021

• Moody's Investors Service slashed India's growth projection to 9.6 per cent for 2021 calendar

year, from its earlier estimate of 13.9 per cent, and stated faster vaccination progress will be

paramount in restricting economic losses to June quarter






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• In its report titled 'Macroeconomics India: Economic shocks from second COVID wave will not

be as severe as last year's', Moody's stated high-frequency economic indicators show that the

second wave of COVID-19 infections hit India's economy in April and May.

• With states now easing restrictions, economic activity in May is likely to signify the trough.

• "The virus resurgence adds uncertainty to India's growth forecast for 2021; however, it is likely

that the economic damage will remain restricted to the April-June quarter.

• We currently expect India's real GDP to grow at 9.6 per cent in 2021 and 7 per cent in 2022".

Morgan Stanley estimates India GDP growth estimate at 10.5% for FY22

• Morgan Stanley maintained its estimate of India GDP growth at 10.5 per cent for FY2022

versus the general consensus of 9.2 per cent.

• GDP growth is expected to move into on a positive territory two-year CAGR basis from QE

September.

• Morgan Stanley, key risks to watch are the pace of vaccination (any slowdown could increase

risks) and the trend in Covid-19 cases -- potential re-acceleration, threat from new variants and

restrictions on activity.

• GDP grew 20.1 per cent year-on-year in the quarter ending June.

• On a two-year CAGR basis, real GDP contracted 4.7 per cent in QE June versus plus 2.3 per cent

in QE March.

India’s economic growth to 20.1% in first quarter on low base

• India's Gross Domestic Product (GDP) grew 20.1% in the April-June quarter of this financial

year (FY22), due to a low base during the same quarter last year.

• In the same quarter last year, GDP had contracted by 24.4% due to the first lockdown being

imposed last year during the April-June period.

• Last quarter (January-March of FY21),India's GDP grew at 1.6%.

• “GDP at Constant (2011-12) Prices in Q1 of 2021-22 is estimated at Rs.32.38 lakh crore, as

against Rs.26.95 lakh crore in Q1 of 2020-21, showing a growth of 20.1% as compared to a

contraction of 24.4% in Q1 2020-21".

GST collections in August at cross over Rs 1.12 lakh crore






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• GST revenue remained above Rs 1 trillion-mark for the second straight month in August at

over Rs 1.12 trillion, 30 percent higher than the collection in the year-ago period.

• "The gross GST revenue collected in the month of August 2021 is Rs 1,12,020 crore of which

Central GST is Rs 20,522 crore, State GST is Rs 26,605 crore, Integrated GST is Rs 56,247 crore

(including Rs 26,884 crore collected on import of goods) and Cess is Rs 8,646 crore (including Rs

646 crore collected on import of goods)".

• The mop up in August is, however, lower than Rs 1.16 trillion collected in July 2021.

IMF enhances India’s quota of Special Drawing Rights (SDR)

• The International Monetary Fund (IMF) has sharply increased its allocation of Special Drawing

Rights (SDR) to India, in line with the country's existing quota in the fund.

• SDR is an alternate reserve currency floated by the IMF, which the member countries can freely

exchange between themselves instead of relying on currency of any one particular country.

• IMF has increasedIndia's SDR quota to 12.57 billion, which is equivalent to $17.86 billion at

the latest exchange rate, on August 23.

Amazon india introduces kisan store

• AmazonIndia launched the Kisan (Farmer) Store, aligning with Government of India’s vision of

empowering farmers and leveraging technology to transform the farming sector.

• The store was launched by ShriNarendra Singh Tomar, Hon’ble Minister of Agriculture & Farmers

Welfare.

• With this launch, farmers across the country will have availability of agriculture inputs like

seeds, farm tools & accessories, plant protection, nutrition and many other agricultural products

at competitive prices, with the added convenience of delivery at their doorstep.

• Farmers can choose to shop on Amazon.in using any of the five Indian languages including

Hindi, Telugu, Kannada, Tamil, and Malayalam.

• Farmers can also visit any one of the 50,000+ Amazon Easy stores across the country and avail

assisted shopping facility.

HPCL unveiled non-fuel retail store ‘Happy Shop’ in Mumbai






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• Hindustan Petroleum Corporation Ltd. unveiled its branded store “Happy Shop” In Mumbai,

marking its foray into non-fuel retailing.

• Located at the company-owned retail outlet at the upmarket Nepean Sea Road near Malabar

Hills, this is the company’s latest offering at its “Club HP” retail outlet.

• The store will provide home utility products including food, toiletries, healthcare products,

bakery products, groceries, medicines and more.

India Today Group initiates Good News Today

• The India Today Group has launched Good News Today (GNT), India’s first and only good news

channel that recognise that the news doesn't just have to be shocking, sensational and stressful.

• Good News Today follows the motto of Acchi Khabar, Sacchi Khabar -- true stories that foster

goodwill and enrich the lives of audiences.

• Even in the negative news stories, there are numerous constructive stories of humanity but they,

however, get lost.

• It is only when we focus on what is constructive that we can move the needle of progress forward.

• GNT invites a sharp focus on solutions, and celebrates the narratives of the glass half full.

Zerodha gets approval from Sebi to start mutual fund business

• India’s largest broking firmZerodha has received in-principle approval to set up an asset

management company (AMC) company.

• With this, the discount brokerage joins entities like Samco Securities and Bajaj Finserv to get

market regulator Sebi’s nod for a mutual fund (MF).

• Bajaj Finserv received in-principle approval from Sebi to set up the shop in the Rs 35-trillion

Mutual Fund (MF) industry.

• The Indian MF industry has seen a huge rise in assets, as well as participation from investors,

attracting more into the money managing business.

• In the past few months, the Indian MF industry has seen new players like NJ India and Samco

Securities setting up shop.

Flipkart introduces 'Flipkart Boost' for digital-first consumer brands






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• Walmart-owned Flipkart launched 'Flipkart Boost', a new programme aimed at helping digital-

first consumer brands to grow their business.

• Through a service fee model, Flipkart Boost will provide end-to-end support covering planning,

advertising, cataloguing, logistics, quality control and mentoring to emerging 'Made in India'

brands.

• The Flipkart Boost programme will shortlist brands based on a set of pre-decided objective

criteria, which includes their growth potential, sustainable revenue run rate, focus on quality,

commitment to building a long-lasting brand, strong product mix and customer orientation.

S&P Global Ratings forecasts India’s GDP for FY22 at 9.50%; FY23 at 7.00%,

• S&P Global Ratings cut India's growth forecast for FY22 to 9.5 per cent from 11 per cent earlier.

• The agency also warned of risk to the outlook from further waves of COVID-19.

• S&P stated that the severe second wave that led to local lockdowns in April and May sharply

contacted economic activity.

• "We forecast growth of 9.5 per cent this fiscal year from our March forecast of 11 per cent".

• S&P stated that permanent damage to private and public sector balance sheets will constrain

growth over the next couple of years.

• For the next fiscal ending March 31, 2023, the agency projected India's growth at 7.8 per cent.

• "Further pandemic waves are a risk to the outlook given that only about 15 per cent of the

population has received at least one vaccine dose so far, although vaccine supplies are expected

to ramp up".

Paytm Money Partnered with WealthDesk to Launch ‘WealthBaskets’

• Paytm’s wholly-owned subsidiary, Paytm Money, is planning to launch a wealth and

investment advisory marketplace on its platform to offer curated advisory services and products

to retail investors.

• Paytm Money has partnered with start-up WealthDesk to offer investment portfolios called

‘WealthBaskets’ as the first step to build up the advisory network.






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• A ‘WealthBasket’ is a custom portfolio of stocks and exchange traded fund created by

Securities and Exchange Board of India (SEBI)-Registered investment professionals and

users will be able to invest in several Wealthbasket.

RBI enhances scope of tokenization to CoFT to ensure security of card data

• In order to ensure security of transaction card data, the Reserve Bank of India (RBI) extended

the scope of tokenization from device-based tokenization to card-on-file tokenization (CoFT)

services.

• This enhancement will block merchants from storing actual card data while online transactions.

• RBI had issued the directive under Section 10 (2) read with Section 18 of Payment and

Settlement Systems Act, 2007 (Act 51 of 2007).

Amazon Pay ties up with Kuvera to offer wealth management service for the first time

• Amazon Pay, a wholly owned subsidiary of Amazon in partnership with Kuvera, Investment

platform will provide wealth management services to its 50 million customers across India.

• It is the first ever wealth management tie-up for amazon across the world.

• Kuvera will offer its services, products and technology knowledge to Amazon Pay users in

order to facilitate investments into Mutual funds, Fixed deposits.

• Note: Google with Indian fintech startup Setu has recently announced that it will allow its

Indian Customers to open fixed deposits through its digital payments’ app Google Pay.

Govt Enhanced the Scope of TMA Scheme for Agri Exports Including Dairy

• The Government of India has enhanced the scope of the Transport and Marketing Assistance

(TMA) for specified agriculture products schemes by including dairy products under its

purview and increasing the rates of assistance.

• The rates of assistance have been increased by 50% for exports by sea and 100%through the

air.

• The revised TMA for specified agriculture products scheme for exports is effected on or after

1st April 2021 to 31st March 2022.

• The existing scheme will remain in operation for exports effects up to March 31, 2021.






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TCS declared largest women recruitment drive 'Rebegin project'

• India’s largest information technology (IT) services player Tata Consultancy Services (TCS)

has announced one of its largest recruitment drives for hiring women.

• The TCS 'Rebegin' project is aimed at experienced and aspiring women who wish to jump-start

their professional journey and make 'The Big Move'.

• Rebegin is a TCS Careers initiative intended to benefit women professionals who have taken a

career sabbatical due to family or other pressing commitments to help them reassimilate into

the corporate culture.

• Overlooked yet capable candidates will now have the opportunity to apply for TCS open

requirements.

Apple co-founder Steve Wozniak launches space start-up Privateer

• Tech giants like Amazon and Virgin Galactic have already reached space and are in a race to

start their commercial flights to space.

• It seems that space travel is very promising after looking at other giants trying to create their

own private space company.

• Apple co-founder, Steve Wozniak and Ripcord Inc. founder Alex Fielding recently joined this

race by announcing their new company, Privateer.

• The founders behind this company claim that it has been created with the aim that helps to

"keep space safe and accessible for all humankind.

• "The makers have not revealed much about the details of their upcoming venture and are

supposed to release more about it during the 2021 AMOS Tech Conference in Maui, Hawaii.

• The post also had a small teaser showing off the company’s aims to make space travel possible

for mankind.

• Nothing more has been released about this recent announcement but the community has been

filled up with leaks and rumours about Steve Wozniak’s upcoming venture.

ICRA projects GDP growth of India to 9.00% in FY 2022

• Ratings agency ICRA revised up its 2021-22 real GDP growth estimate for India to 9 per cent

from the earlier 8.5 per cent.






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• A ramp-up in COVID-19 vaccination, healthy advance estimates of kharif (summer) crop and

faster government spending were the factors which led to the revision.

• It can be noted that after the 7.3 per cent contraction in 2020-21, there were expectations of a

higher growth number in 2021-22.

• However, the second wave of COVID-19 infections early into the fiscal year, which spread even

in the hinterland, made analysts more circumspect.

• The RBI expects the economy to grow at 9.5 per cent.

Infosys unveiled digital commerce platform Equinox

• IT services major Infosys formally launched its 'Equinox' suite of solutions to help enterprises

transform their online and in-store functions and deliver personalised omni channel commerce

experiences for B2B and B2C buyers.

• Infosys Equinox is a suite of digital commerce and digital marketingcapabilities that can help

any company rapidly transform its online and in-store experiences for a digitally native world.

Ford became the latest US car manufacturer to exit India

• Ford Motor Co. will stop making cars in India and record roughly $2 billion in restructuring

charges, scaling back significantly in a country that past management saw becoming one of its

three biggest markets.

• Ford will shut down both of its plants in the country, becoming the latest automaker to exit the

market.

• The US automaker will wind down an assembly plant in Gujarat by the fourth quarter, as well as

vehicle and engine manufacturing plants in Chennai by the second quarter of next year.

Power Finance Corporation - India’s first-ever Euro Green Bond

• Power Finance Corporation (PFC), a non-banking financial company (NBFC) under the power

ministry.

• It has issued its maiden 300-million-euro seven-year Euro Bond issuance on 13 September, 2021.

• “This issuance demonstrates our commitment for achieving India’s renewable energy goals.

• This bond issuance would help PFC in diversifying its currency book as well as the investor

base”.






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• The pricing of 1.841 per cent achieved was the lowest yield locked in by an Indian Issuer in the

Euro markets.

Tata Steel commissioned India’s first plant to capture CO2 from blast furnace gas

• Tata Steel commissioned a 5-tonne per day (TPD) carbon capture plant at its Jamshedpur

Works, making it the country's first steel company to adopt such a carbon capture technology

that extracts CO2 directlyfrom the blast furnace gas.

• Tata Steel will reuse the captured CO2 on site to promote circular carbon economy.

• This carbon capture and utilisation (CCU) facility uses amine-based technology and makes the

captured carbon available for onsite reuse.

• The depleted CO2 gas is sent back to the gas network with increased calorific value.

• This project has been executed with technological support from Carbon Clean, a global leader in

low-cost CO2 capture technology.

• The CCU plant was inaugurated by T.V. Narendran, CEO and MD, Tata Steel, in the presence of

company officials and other dignitaries.

NITI Aayog Partners with Byju’s to educate children in 112 aspirational districts

• Byju's and NITI Aayog have partnered together to provide free access to tech-driven learning

programmes to children from India's 112 aspirational districts.

• Aspirational district represent India’s most developmentally challenged districts in terms of

access to health and nutrition; education; agriculture and water resources; basic infrastructure;

and financial inclusion and skill development.

• Under the project, a dedicated working group will focus on creating knowledge, innovation, and

strategy support system.

• It will also actively monitor and evaluate programme implementation to enable efficacy and

ensure better scope of delivery.

NPCI partners with Liquid Group

• NPCI International Payments Limited, the NPCI’s international arm of National Payments

Corporation of India, announced that it has partnered with Singapore-based Liquid Group to

enableUPI QR-based payments acceptance in 10 North and Southeast Asian markets.






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• The partnership between NIPL and Liquid Group will enable BHIM app users to make UPI QR-

based payments at over 2 million merchants progressively across North Asia and Southeast Asia

from early 2022.

• Unified Payments Interface (UPI) is an instant real-time payment (RTP) system, allowing users

to transfer money on a real-time basis, across multiple bank accounts without revealing details

of one’s bank account to the other party.

• UPI is amongst the most successful RTP systems globally, providing simplicity, safety, and

security in person to person (P2P) and person to merchant (P2M) transactions.

• In 2020, UPI enabled commerce worth USD 457 Billion, which is equivalent to approximately

15% of India’s GDP.

IRCTC introduces an airport-style executive lounge at New Delhi railway station

• IRCTC has started a brand new executive lounge at the New Delhi Railway Station.

• The facility that has been set up on the first floor of platform number one of the station would

be operational round the clock providing the passengers with recliners, entertainment rooms,

massage chairs, multi-cuisine buffet, wash-n-change facilities, business centre and even

massage chairs.

• People can avail the mentioned facilities, business centre and even massage chairs.

• People can avail the mentioned facilities at a nominal price of Rs 150 plus taxes for the first

hour with an additional Rs 99 for every added hour.

Power Finance Corp set to become India’s 11th Maharatna CPSE

• Power Finance Corp. Ltd (PFC) is set to become the 11th Maharatna central public sector

enterprise (CPSE), with an inter-ministerial committee clearing the Navratna last week for this,

stated two people aware of the development.

• This comes against the backdrop of the government using power sector lenders such as PFC and

REC Ltd to instil financial discipline at state-owned electricity distribution companies

(discoms).

• The Maharatna dispensation was ushered in by the Union government for mega CPSEs to

become global giants.






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ADB projects growth forecast during current fiscal to 10%

• ADB (Asian Development Bank) has lowered its forecast for the current fiscal (ending March

2022) to 10 per cent from 11 per cent while raising the estimate to 7.5 per cent from 7 per

cent for the next fiscal (ending March 2023).

• This is second announcement lowering the growth forecast within 24 hours.

• Organisation for Economic Co-operation and Development (OECD) cut its projection of India’s

economic growth by 0.2 percentage points to 9.7 per cent for the current financial year.

• Still, this along with ADB’s forecast is tad better than S&P’s RBI’s estimate of 9.5 per cent.

Tata Capital introduces ‘Loan Against Mutual Funds’ Scheme

• Tata Capital, the flagship financial services company of the Tata Group, has announced the

launch of ‘Loan Against Mutual Funds’ (LAMF), an industry first end-to-end digital offering.

• Customers can avail quick and hassle-free loans ranging from Rs 5 lakh and Rs 2 crores.

• Tata Capital’s digital loan offering is provided against a wide range of equity and debt schemes

across mutual funds.

• Customers can avail the loan amount by marking a lien on the mutual fund units which are

managed by various asset management companies.

• Backed by technology and analytics, LAMF is a personalized product to meet the diverse fund

requirements of the customer.

• The loan amount is customized based on the value of the units in the mutual fund folio and

tenure.

KMBL make partnership with IISc will set up AI-ML Centre in Bengaluru

• The Indian Institute of Science (IISC) Bangalore announced a partnership with Kotak

Mahindra Bank to set up a state-of-the-art Artificial Intelligence & Machine Learning (AI-ML)

Centre at the IISc campus here.

• Spread across approximately 1,40,000 square feet, the Kotak-IISc AI-ML Centre will offer

Bachelor’s, Master’s and short-term courses in areas such as artificial intelligence, machine

learning, deep learning, fintech, reinforcement learning, image processing and computer vision.






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• The Centre, established under KMBL’s CSR projecton Education & Livelihood, will also

promote research and innovation in AI and ML and develop the talent pool from across the

country to provide cutting-edge solutions to meet the industry’s emerging and future

requirements.

UK report - India will become 3rd largest importer by 2050

• India could become the world’s third-largest importer by 2050, according to a report released

by the UK’s Department of International Trade.

• With a 5.9 per cent share of global imports by 2050, the country will become the third-largest

importer, following China and the United States.

• At present, India occupies the eighth spot on the list of the largest importing countries with a 2.8

per cent share.

• As per the Global Trade Outlook report, the country’s position on the list will jump to the fourth

position by 2030 with a 3.9 per cent share.

OECD predicts India’s economic growth forecast at 9.7% for FY22 & 7.9% for FY23

• The Organisation for Economic Co-operation and Development (OECD) cut its projection of

India's economic growth by 0.2 percentage points to 9.7 per cent for the current financial

year.

• The economy was projected by the grouping of advanced nations to grow by 7.9 per cent next

financial year, 0.3 percentage point slower than pegged by it earlier.

• If the projections come out to be correct, India's economy would be the fastest growing large

economy in both these years.

• It would be followed by China at 8.5 per cent in 2021 and Spain at 6.6 per cent in 2022.

• China is pegged to be slowing down to 5.8 per cent in the next calendar year.

Zee Entertainment signs merger deal with Sony Pictures Networks India Private Limited

• On September 22, ZEE Entertainment Enterprises Limited (ZEEL) signed a merger deal with

Sony Pictures Networks India Private Limited.

• Zee Entertainment will hold 47.07 percent stake, while Sony India will hold a majority stake of

52.93 per cent in the merged company.






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• Puneet Goenka will continue to provide services to the merged company as MD and CEO for a

period of 5 years.

• After the deal, promoters of Sony will have the right to appoint the majority of directors to the

merged company.

• The merged entity will be a publicly listed company.

NASSCOM: Cryptotech industry can create $184B of economic value in India

• The Indian cryptotech market has the potential to create an economic value addition of $184

billion by 2030 in the form of investments and cost savings, states a report titled-Crypto Industry

in India.

• The report by the National Association of Software and Services Companies (NASSCOM), in

association with an Indian crypto exchange WazirX, stated that the Indian crypto market could

generate over eight lakh jobs by 2030.

Oct 2021 – Banking, Finance & Economy Current Affairs

GST collection for September crosses ₹1.17 lakh crore

• The gross GST revenue collected in the month of September was 1,17,010 crore rupees, which

included CGST component of 20,578 crore, SGST 26,767 crore and IGST component of 60,911

crore rupees.

• The revenue for September was 23 per cent higher than the GST revenues in the same month

last year. During the month, revenue from import of goods was 30 per cent higher

• The revenue from domestic transactions including import of services was 20 per cent higher

than the revenue from these sources during the same month last year.

• The average monthly gross GST collection for the second quarter of the current year amounted

to 1.15 lakh crore rupees, which was five per cent higher than the average monthly collection of

1.10 lakh crore rupees in the first quarter of the year.

CRISIL Credit ratio has improved in H1 FY22

• India Inc seems to be shrugging off the impact of the Covid-19 pandemic with credit ratings

agencies reporting improvement in credit ratio and corporate credit profile.






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• Crisil Ratings credit ratio increased further in the first half of fiscal 2022, with 488

upgrades and 165 downgrades, reflecting a sharp and sustained recovery in demand despite

the intense second wave of Covid-19 infections.

• This was the second consecutive rise in the credit ratio, at 2.96 times. It had risen to 1.33

times in the second half of last fiscal from 0.54 time in the previous half

World Bank to extend $150 million to Chennai’s Sustainable Urban Services Programme

• The World Bank will give $150 million loan to support the Government of Tamil Nadu’s

Chennai City Partnership: Sustainable Urban Services Programme, which seeks to help

strengthen institutions, improve the financial health of service agencies, and drive significant

improvements in the quality of four key urban services — water supply and sewerage, mobility,

health, and solid waste management.

• It will help Tamil Nadu Government, Greater Chennai Corporation (GCC), and key service

agencies adopt new approaches to service delivery and bring a renewed focus on results for

citizens

About World Bank:

• Headquarters: Washington, D.C., United States

• President: David Malpass

• Founded: July 1944, United States

IFSCA constitutes expert panel on sustainable finance

• Gift city regulator International Financial Services Centres Authority (IFSCA) has constituted

an Expert Committee to recommend an approach towards development of a Sustainable

Finance Hub and provide a road map for the same.

• Expert committee will be chaired by CK Mishra, former Secretary to Government of India,

Ministry of Environment, Forest and Climate Change

• The committee has been tasked to study the current regulatory practices in sustainable finance

across major international financial jurisdictions and recommend a robust framework to develop

a world-class sustainable finance hub at IFSCA






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About IFSCA:

• The International Financial Services Centres Authority (IFSCA) was established on April 27,

2020 under the International Financial Services Centres Authority Act, 2019.

• It is headquartered at GIFT City, Gandhinagar in Gujarat.

UPI records 365 crore transactions worth Rs.6.54-lakh cr in September:

• Digital payments continued to register robust growth in September amidst the festival season

and normalisation of economic activities.

• The Unified Payments Interface (UPI) registered 365 crore transactions worth Rs.6.54-lakh

crore in September, as per data released by the National Payments Corporation of India

• The UPI platform had clocked 355 crore transactions amounting to Rs.6.39-lakh crore in

August.

• This was the third consecutive month where UPI transactions remained well above the 300-

crore mark.

• Immediate Payment Service (IMPS) also registered a rise in transactions and processed

38.44 crore payments of Rs.3.24-lakh crore in September. As many as 37.79 crore transactions

amounting to Rs.3.18-lakh crore took place through IMPS

About UPI:

• Unified Payments Interface is an instant real-time payment system developed by National

Payments Corporation of India facilitating inter-bank peer-to-peer and person-to-merchant

transactions.

• Owner: National Payments Corporation of India

• Introduced: 11 April 2016

About IMPS:

• Immediate Payment Service is an instant payment inter-bank electronic funds transfer system

in India. IMPS offers an inter-bank electronic fund transfer service through mobile phones.






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• The service is available 24x7 throughout the year including bank holidays. NEFT was also made

available 24x7 from December 2019

• Owner: National Payments Corporation of India

• Founded: 22 November 2010

RBI takes Indian Overseas Bank out of Prompt Corrective Action framework

• The Reserve Bank of India (RBI) removed Indian Overseas Bank (IOB) from the Prompt

Corrective Action Framework (PCAF) as the performance of bank is compliant with the

PCA parameters.

• This decision has been taken during the performance review of Indian Overseas Bank by the

Board for Financial Supervision.

• With this, IOB committed to comply with the norms of Minimum Regulatory Capital, Net

NPA (non-performing assets) and leverage ratio on an ongoing basis.

Background:

• The RBI had put IOB under the PCAF in October 2015 due to high NPAs and negative Return

on Assets (RoA).

• IOB was barred from increasing risk-weighted assets.

About PCAF:

• The PCAF was introduced in 200 under which RBI imposes certain business restrictions on

banks with weak financial metrics due to poor asset quality, or vulnerable due to loss of

profitability.

About Reserve Bank of India (RBI):

• Establishment– 1st April 1935

• Headquarters– Mumbai, Maharashtra

• Governor– Shaktikanta Das






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• Deputy Governors – Mahesh Kumar Jain, Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi

Sankar

SEBI Board Approved List of Key Amendments, Initiatives

• The board of Securities and Exchange Board of India (SEBI) under its board meeting issued

frameworks for Gold Exchange, social stock exchange, delisting framework, and superior

voting rights shares and approved some amendments

About Securities and Exchange Board of India (SEBI):

• Establishment – On April 12, 1992, in accordance with the SEBI Act, 1992.

• Headquarters – Mumbai, Maharashtra

• Chairman – Ajay Tyagi

Stellapps, Airtel Payments Bank partner for Cashless Fund Transfer to Small Dairy Farmers

• Dairy-tech startup Stellapps and Airtel Payments Bank have joined hands to enable cashless

payment transfers to small dairy farmers.

Need of this partnership:

• Farmers have been facing a challenge of long travel to the nearest ATM (Automatic Teller

Machine) or bank branch for withdrawing cash.

• Now under this partnership, stellapps milk collection centers will act as banking points which

will enable farmers to open a bank account, withdraw and deposit cash, earn interest on

savings, access Aadhaar enabled payments, get government pension schemes, and make bill

payments.

• This project will be initiated in Uttar Pradesh (Varanasi & Kanpur) and Madhya Pradesh

(Gwalior).






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• These centres will be powered by mooPay (Stellapps fintech platform) with access to

ecosystem partnerships to assist in farm improvement, animal healthcare, and nutrition

services.

About Airtel Payments Bank:

• Managing Director & CEO– Anubrata Biswas

• Headquarter– New Delhi, Delhi

About Stellapps:

• It has been closely working with dairies and their milk collection centers to facilitate direct

payments to the bank account of the dairy farmers through mooPay.

The Monetary Policy Committee (MPC) is expected to keep key rates unchanged:

• The Monetary Policy Committee (MPC) assessment of the evolving domestic and global

macro-economic and financial conditions and the outlook, the MPC voted unanimously to keep

the policy repo rate unchanged at 4 per cent

• Amidst softening retail inflation, the Monetary Policy Committee is expected to keep key

rates unchanged and maintain its accommodative stance to help sustain the growth

momentum. Some experts believe that there could be steps announced to calibrate excess

liquidity.

• Retail inflation, as measured by the Consumer Price Index, eased to a four-month low of 5.3

per cent in August with moderation in food prices

• The MPC, chaired by RBI Governor Shaktikanta Das, is set to meet between October 6 and

8 for the next bi-monthly review.

• The Reserve Bank had last cut the repo rate by 40 basis points in May 2020 but has since then

maintained status quo on rates.

NTPC gained nearly 3% on ₹15,000 crore asset monetisation plan by 2024






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• Shares of public sector power giant NTPC gained nearly 3 per cent during the morning trade

on reports of the company’s plans to raise ₹15,000 crore by 2024 through the listing of its

three units: NTPC Renewable Energy, North Eastern Electric Power Corp (NEEPCO) and NTPC

Vidyut Vyapar Nigam.

• NTPC is planning to sell shares in NTPC Renewable Energy within a year. Meanwhile, it is

planning initial public offerings of Neepco and NTPC NVVN by March 2024

• The NTPC Renewable Energy’s target will be to have a minimum of 10 gigawatts of

generation capacity by the time.

About NTPC:

• NTPC Limited, formerly known as National Thermal Power Corporation Limited, is an Indian

statutory corporation. It engaged in generation of electricity and allied activities. It is a statutory

corporation incorporated under the Companies Act 1956 and is under the jurisdiction of

Ministry of Power, Government of India.

• Founded: 1975

• Headquarters: New Delhi, India

AU SFB, NABARD collaborates to boost rural development in Rajasthan

• Private sector AU Small Finance Bank (SFB) signed a pact with the National Bank for

Rural and Development (NABARD) to boost ongoing rural development initiatives in

Rajasthan.

Objective

• The initiatives will benefit farmers, Farmer Producer Organisations (FPOs), Self Help Groups

(SHGs), rural artisans, agri-entrepreneurs, and agri-startups in the State.

• The partnership helps to improve the rural prosperity of the state by various ongoing initiatives

and lending facilities.

• This lending facilities would enhance the agriculture and rural development in the state.






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About NABARD

• It stands for National Bank for Rural and Development

• Chairman: Dr G R Chintala

• Founded In – 1982

• Headquarters: Mumbai, Maharashtra

About AU Small Finance Bank

• Managing director & CEO: Sanjay Agarwal

• Headquarters: Jaipur, Rajasthan

AIIB Grants USD 356.67 mn Loans for Chennai Metro; India Becomes Largest Beneficiary of AIIB

• The Asian Infrastructure Investment Bank (AIIB) will provide loan assistance of USD 356.67

million (~Rs.2.65 lakh Crore) for the expansion of Chennai Metro Rail system, Tamil Nadu

(TN), India.

• With this Investment, AIIB has invested a total of USD 6.7 billion making India its largest

beneficiary.

Chennai Metro Rail Project:

• AIIB will invest in the phase 2 of the project that involves construction of a new corridor in

Chennai’s Metro Network.

• The project is aligned with AIIB’s mandate to support high-quality and sustainable

infrastructure.

• It will promote integrated economic and transport sector growth in Chennai.

• It will also reduce greenhouse gas (GHG) emissions which further led to reducing carbon

footprint






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• The metro project will span from Lighthouse in the east to Poonamallee Bypass in the west

to ensure seamless multimodal transport across Chennai by providing integrated access to

suburban rail, bus stations and the city’s main airport.

• The station will be equipped with rooftop solar panels, which promotes green economic

growth in the city.

• The project also integrates climate change resilience features to reduce its vulnerability to

climate-related events.

About Asian Infrastructure Investment Bank (AIIB)

• Headquarters- Beijing, China

• Member – 103 members ( 2021)

• Commenced Operation- 2016

• President- Jin Liqun

YES Bank loan increases 3.6% and deposits rise 30%

• YES Bank released 3.6 per cent increase in its loans and advances, to Rs 1.72 lakh crore

from Rs 1.66 lakh.

• The bank’s deposits also grew by 30.1 per cent to Rs 1.76 lakh crore at the end of the second

quarter this fiscal, as against Rs 1.35 lakh crore a year ago. CASA deposits increased by 54.3

per cent on an annual basis to Rs 52,029 crore

• The bank’s credit-to-deposit ratio was 97.9 per cent as against 122.9 per cent. The liquidity

coverage ratio was 113.1 per cent at the end of the second quarter this fiscal, versus 107.3 per

cent.

WTO upgrades global trade growth forecast to 10.8% in 2021, 4.7% in 2022

• The WTO has upgraded its forecast for global merchandise trade volume growth to 10.8

per cent in 2021 and 4.7 per cent in 2022 from the previous predictions of 8 per cent and 4.7

per cent respectively.






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• The biggest downside risks come from the pandemic itself as only 2.2 per cent of people in

low-income countries have received at least one dose of a Covid-19 vaccine

• India’s goods exports in April–September 2021 were at $197.11 billion, an increase of 56.92

per cent over exports in the same period last year, and an increase of 23.84 per cent

• If all projections, both on trade and economic growth, are met, in the final quarter of 2022,

Asia’s merchandise imports will be 14.2 per cent higher than earlier

Fino Payments Bank gets Sebi nod to float IPO

• Markets regulator Sebi has given its nod for the initial public offering of Fino Payments Bank,

which is looking to raise around Rs 1,300 crore.

• Besides, Kerala-based Popular Vehicles and Services Ltd has received approval from the

watchdog for an Initial Public Offering (IPO).

• The observation letter for Fino Payments Bank IPO was issued, while that for the share sale

of Popular Vehicles and Services was issued

• Fino Payments Bank's IPO includes a fresh issue of equity shares worth Rs 300 crore and an

Offer For Sale (OFS) of 15,602,999 equity shares by promoter Fino Paytech.

• The IPO is estimated to be worth Rs 1,300 crore.

About Fino Payments Bank

• H.Q: Mumbai

• Tagline: Qadar Apki mehnat ki

• CEO: Rishi Gupta

• Founded: 2006

Srei Infrastructure Finance hits 5% lower circuit as RBI supersedes company board:

• Shares of Srei Infrastructure Finance were locked in the lower circuit filter of 5 per cent at

Rs 8.17 after the Reserve Bank of India (RBI) superseded the board of the company, which

will be taken for insolvency proceedings owing to governance concern and payment defaults






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• The stock of the non-banking finance company (NBFC) has slipped 56 per cent from its 52-

week high level of Rs 18.39 touched on June 23, 2021.

• The Reserve Bank has superseded the Board of Directors of SREI Infrastructure Finance

Limited (SIFL) and SREI Equipment Finance Limited (SEFL), owing to governance concerns and

defaults by the aforesaid companies in meeting their various payment obligations.

• The Reserve Bank also intends to shortly initiate the process of resolution of the above

two NBFCs under the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings

of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019 and

would also apply to the NCLT for appointing the Administrator as the Insolvency Resolution

Professional.

Acuite Ratings Became 1st Indian CRA to Join UN Supported ESG Initiatives

• Acuite Ratings & Research associated with the Principles for Responsible Investment (PRI), a

United Nations (UN)- backed initiative that deals with ESG (Environmental Social

Governance) credit risk.

• Acuite became the 1st Indian credit rating agency (CRA) to sign an UN-supported initiative

for the integration of ESG factors with credit risk and rating criteria.

• ESG is supported by over 170 investors (with nearly US$ 40 trillion in collective assets

under management) and 27 CRAs over the world.

• Fitch, Moody’s, S&P Global, and Kroll Bond are among others, which are existing signatories

of PRI.

• In January 2021, Acuite set up subsidiary ‘ESG Risk Assessments & Insights’ to make

assessments for investors and corporates.

About Acuite Ratings & Research:

• It is a service credit rating agency with registration from SEBI (Securities And Exchange Board

of India) and the accreditation from Reserve bank of India (RBI).







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• Group CEO & Executive Director – Sankar Chakraborti

IDBI Bank signs Co-Lending Agreement with U GRO Capital

• U GRO Capital has signed a co-lending agreement with the IDBI (Industrial Development

Bank of India) Bank to provide credit support to MSMEs (Micro Small Medium Enterprises)

at affordable interest rates.

• The agreement will provide digital support of U GRO Capital’s platform driven by a Data

Tripod– which consist of GST (Good and Services tax), banking and bureau.

About IDBI Bank (Industrial Development Bank of India)

• MD & CEO– Rakesh Sharma


• Established– 1964

About U GRO Capital :

• Established– 1993


• Executive Chairman and Managing Director- Shachindra Nath

Moody’s upgrades India’s rating outlook to ‘Stable’ from ‘Negative’

• With the economy showing improvement, global ratings firm Moody’s Investor Services has

changed India’s sovereign rating outlook to ‘Stable’ from ‘Negative’ even as it retained the

sovereign rating at ‘Baa3’.

• Baa3’ is the lowest investment grade rating. Obligations related to this rating are subject

to moderate credit risk.

• They are considered medium grade and as such may possess certain speculative

characteristics. A ‘Stable’ outlook indicates a low likelihood of a rating change over the

medium term.






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• The rating agency acknowledged that an economic recovery is underway. It expects the real

GDP this fiscal to exceed the FY20 level with a growth rate of 9.3 per cent. For 2022-23, its

forecast is 7.9 per cent

• Moody’s expects real GDP growth to average around 6 per cent over the medium term,

reflecting a rebound in activity to levels at potential as conditions normalise

SBI and Indian Navy Launched NAV-eCash Card

• Indian Navy and State Bank of India (SBI) launched SBI’s NAV-eCash Card onboard India’s

largest Naval Aircraft Carrier INS (Indian Naval Ship) Vikramaditya.

• C S Setty, Managing Director (Retail & Digital Banking), SBI and Vice Admiral R Harikumar, Flag

Officer Commanding-in-Chief, Western Naval Command have participated in the launch.

• The infrastructure at naval ships inhibits traditional payment solutions as there will be no

connection in the high seas.

• The NAV-eCash card has dual-chip technology that will facilitate both online and offline

transactions.

• It will overcome the difficulties faced by navy personnel onboard in handling physical cash

during deployment of the ship at high seas.

• SBI also plans to introduce the same card in other naval ships and various defence

establishments for creating a secured, convenient and sustainable payment ecosystem.

About State Bank of India (SBI):

• Establishment – 1st July 1955


• Chairman – Dinesh Kumar Khara

• Tagline – The Banker to Every Indian

Seychelles’ Tax Inspectors Without Borders (TIWB) programme launched in partnership with

India

• On Oct 04, 2021, Tax Inspectors Without Borders (TIWB), a joint initiative of the United

Nations Development Programme (UNDP) and the Organisation for Economic Cooperation

and Development (OECD), launched its programme in Seychelles.






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• India has been selected as the partner administration for this programme & The country will

provide its tax experts to support the initiative.

• The focus of the 12-month program will be on transfer pricing matters of the tourism and

financial services sectors.

Aim :

• To aid Seychelles in strengthening its tax administration by transferring technical know-how

and skills to its tax auditors through sharing of best audit practices.

• This is the sixth TIWB program in which India has supported by providing tax experts.

Bank Of Baroda cuts home loan rate by 25 bps

• Bank of Baroda (BoB) has announced a 25 basis points reduction in its home loan interest

rates, with the minimum rate now starting at 6.50 per cent against 6.75 percent earlier.

• This special rate, which is effective from October 7, 2021, till December 31, 2021, is available

for customers applying for fresh loans and those seeking loan transfer or refinancing their

existing loans.

• It has reduced the home loan interest rate with the onset of festive season and to make home

buying more affordable for customers.

• Nil processing fee on home loan was already on offer and has been extended till

December-end 2021

About BOB:

• H.Q: Vadodara

• Tagline: India’s International Bank

• CEO: Sanjiv Chadha

SBI extends partnership with TCS for another 5 years

• Tata Consultancy Services (TCS) has announced that its long-standing partnership with

State Bank of India (SBI), India’s largest bank, has been extended for another five years as

the bank embarks on its next leg of growth based on the three pillars of technology, resilience

and people.






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• The extended partnership builds on a two-decades-long relationship between the two partners,

that began with the implementation of the TCS BaNCS core banking solution in 2001, the

largest such transformational program of that era.

• As part of the new contract, TCS will continue to maintain and enhance SBI’s application

estate around core banking, trade finance, financial reporting, and financial inclusion with

new features and functionality.

• This will support the bank’s ability to launch newer offerings and respond to business and

regulatory changes.

• TCS is helping build Bharat Craft – an omnichannel, online B2B e-commerce platform

which would serve as a marketplace for MSMEs, jointly driven by SBI and the Government

of India.

• TCS collaborated with SBI to plan and execute the simultaneous merger of five associate

banks and Bharatiya Mahila Bank.

About SBI:


• Tagline: With You all the way, Pure Banking Nothing Else, The Nation Ban on us, The Banker to

Every Indian

• CEO: Dinesh Kumar Khara

ESAF SFB Launched Current account ‘Supreme’ for NRIs

• ESAF Small Finance Bank (SFB) has launched ‘Supreme’, a Current account for Non-

Resident Indians (NRIs).

• The service for NRI’s will be available at 277 branches across Kerala out of the total 550

branches pan India.

• The bank provides an enhanced ATM cash withdrawal limit of Rs 50,000/day, a Point of Sale

(POS) transaction limit of Rs 80,000/day and an e-commerce transaction limit of Rs

20,000/day in India.

• It has over 17,940 Non-Resident Savings Bank accounts from 121 countries globally and

began offering NRIs savings bank in June 2018 and current accounts in May 2021.






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• As of March 31, 2021, the bank’s deposits from NRIs were about Rs 2019.15 crore

representing 22.44 percent of the bank’s total deposits.

About Small Finance Bank:

• They are established as public limited companies in the private sector under the Companies

Act, 2013 and governed by the provisions of RBI Act, 1934 and Banking Regulation Act, 1949

• There are totally 11 SFBs in India. Shivalik SFB Limited is the recently added SFB, it became

the 1st urban cooperative bank (UCB) to be converted into SFB in 2020.

About ESAF Small Finance Bank:

• Commenced Operation -2017

• Headquarters – Thrissur, Kerala

• MD & CEO – Kadambelil Paul Thomas

RBI Superseded Boards of Srei Firms to Start Bankruptcy Proceedings

• The Reserve Bank of India (RBI) superseded the Board of Directors of two Non-Banking

Finance Companies (NBFCs) viz, Srei Infrastructure Finance Limited (SIFL) and Srei

Equipment Finance Limited (SEFL), due to governance issues and defaults in meeting

their various payment obligations.

• RBI has appointed the former chief general manager of Bank of Baroda (BoB), Rajneesh

Sharma as an administrator of SIFL and SEFL.

• The superseding of the board of directors was done by RBI through the exercise of powers

conferred under Section 45-IE (1) of the RBI Act, 1934.

• To assist Sharma, RBI has appointed a 3-member advisory committee of R.

Subramaniakumar, T.T. Srinivasaraghavan, and Farokh N. Subedar.

• RBI also intends to shortly start the process of resolution of the two NBFCs under the

Insolvency and Bankruptcy Rules, 2019.

IREDA inks pact with NEEPCO to assist to develop renewable projects

• Indian Renewable Energy Development Agency (IREDA) entered into a memorandum of

understanding (MoU) with North Eastern Electric Power Corporation (NEEPCO) to assist

in developing renewable projects and raising funds.






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• The MoU was signed by IREDA CMD Pradip Kumar Das and NEEPCO CMD Vinod Kumar Singh.

Objective of the collaboration

• IREDA will take up techno-financial due diligence of renewable energy and energy efficiency

and conservation projects for NEEPCO.

• It will also assist NEEPCO in developing an action plan to create and acquire renewable

energy projects for the next five years

• The deal helps in achieving the government’s target of reducing carbon emission to 33 per

cent by 2030.

• IREDA and NEEPCO will work together to promote further progress on renewable energy

development and to address climate change.

Note:

• Earlier, IREDA has signed MoUs with SJVN, NHPC and TANGEDCO.

Additional information

• IREDA and NEEPCO are under the Ministry of New & Renewable Energy and Ministry of Power,

respectively.

About IREDA

• Founded- 1987

• Chairman and Managing Director-Pradip Kumar Das

• Headquarters-New Delhi

About NEEPCO

• It stands for North Eastern Electric Power Corporation Limited

• Chairman and Managing Director-Vinod Kumar Singh

• Headquarters-Shillong, Meghalaya

• Founded- 1976

Centre has released Rs 40,000 crore loans to the states for GST shortfall






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• The Centre has released Rs 40,000 crore to states and UTs to compensate for the shortfall

in GST revenues, taking the total amount released as loan so far this fiscal year to Rs 1.15

lakh crore.

• The ministry of finance has released an amount of Rs 40,000 crore to states and UTs with

legislature under the back-to-back loan facility to meet the shortfall in GST Compensation.

• During the meeting of the GST council, which was held on May 28, the government had decided

to borrow ₹ 1.59 lakh crore in the current fiscal to release to states on a back-to-back basis

to help them meet their GST shortfall.

• The amount of ₹ 1.59 lakh crore is over and above the compensation in excess of ₹ 1 lakh

crore which is to be released to states during 2021-22 and is based on cess collections.

RBI keeps accommodative stance with unchanged key lending rates for eighth consecutive time

• The Monetary Policy Committee of the Reserve Bank of India has maintained a status quo

on interest rates for the eighth consecutive time and retained the monetary stance as

accommodative.

• Repo rate remains unchanged at four per cent while reverse repo rate is maintained at 3.35

per cent.

• Repo rate is the rate at which the Central Bank lends short-term money to banks

• The RBI has also maintained FY-22 GDP growth target at 9.5 per cent.

• The Central Bank sees Q2 FY-22 GDP growth at 7.9 per cent compared to 7.3 per cent

earlier.

• That growth impulses were strengthening and inflation trajectory may be shifting downwards in

contrast to initial expectations.

Coal Crunch in India

• India’s thermal power plants are facing a severe coal shortage, with coal stocks having

come down to an average of four days of fuel across an increasing number of thermal stations.






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• Economy recovering from the Covid-19 pandemic coupled with supply issues have led to the

current coal shortage.

• Increase in demand leading the share of thermal power in India’s power mix increasing to

66.4% from 61.9% in 2019.

About Coal:

• The coal which we are using today was formed millions of years ago

• Coal is referred to as Buried Sunshine.

• The leading coal producers of the world include China, US, Australia, Indonesia, India.

• The coal producing areas of India include Raniganj, Jharia, Dhanbad and Bokaro in

Jharkhand.

World Bank Retained India’s GDP Growth Forecast for FY22 at 8.3%

• As per the report, the Indian economy is South Asia’s largest economy, and its growth in

FY22 is expected to be aided by an increase in public investment and incentives to boost

manufacturing.

• World Bank released its report on South Asia Economic Focus titled ‘Shifting Gears:

Digitization and Services-Led Development’ and has unchanged India’s GDP growth

forecast for FY22 to 8.3 percent from its earlier estimate in June 2021.

About World Bank:

The World Bank Group consists of 5 organizations:

• The International Bank for Reconstruction and Development (IBRD)

• The International Development Association (IDA) (Together, IBRD and IDA make up the World

Bank)

• The International Finance Corporation (IFC)

• The Multilateral Investment Guarantee Agency (MIGA)

• The International Centre for Settlement of Investment Disputes (ICSID)

RBI Approved BSE Tech to Set up, Operate TReDS






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• BSE Technologies Private Limited (BSE Tech), the wholly-owned subsidiary of BSE, has

received an in-principle approval from the Reserve Bank of India (RBI) for setting up and

operating the Trade Receivables Discounting System (TReDS) under the Payments and

Settlement Systems Act, 2007.

About TReDS:

• It is an electronic platform for facilitating the financing/invoice discounting of trade receivables

of Micro, Small and Medium Enterprises (MSMEs) through multiple financiers from corporates

and other buyers, including Government Departments and Public Sector Undertakings (PSUs).

• The TReDS platform will bring all the participants together for facilitating uploading, accepting,

discounting, trading, and settlement of the invoices/bills of MSMEs.

• Participants: TReDS platform involves three participants viz, Sellers – Only MSMEs; Buyers –

Corporates, Government Departments, PSUs and any other entity; Financiers– Banks, NBFCs

(Non-Banking Finance Companies), and other financial institutions as permitted by RBI.

• Eligibility: Entities that wish to set up and operate the TReDS need to have a minimum paid-up

equity capital of Rs 25 crore.

• By obtaining the approval, the BSE Tech will have the capability to provide an option to

MSME to manage their working capital more efficiently through the TReDS platform.

Addl.Info:

• Ordnance Factory Board (OFB), an industrial organisation, functioning under the

Department of Defence Production of Ministry of Defence, Government of India (GoI), is

the 1st government entity to adopt TreDS.

About Bombay Stock Exchange (BSE):

• Chairman – Justice Vikramajit Sen

• MD & CEO – Ashishkumar Chauhan

• Establishment – 1875


Visa Launched India’s 1st CoF Tokenization Service for Merchants






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• Global payments technology firm, Visa in partnership with Juspay launched India’s 1st Card-

on-File tokenization (CoFT) services for e-commerce players such as Grofers, BigBasket,

and MakeMyTrip.

• The CoFT service will provide a safe, secure and seamless environment for digital payments.

• It was launched in line with Reserve Bank of India’s (RBI) recently issued CoFT guidelines

which mandated replacing actual card data with encrypted digital tokens.

About Tokenization:

• Tokenization refers to the process of replacing the card’s actual sensitive information like

card number, expiration date, security code with a unique alternate code called the ‘token’

to improve the safety and security of the payment system.

Addl.Info:

• In September 2021, RBI extended the scope of tokenization from device-based tokenization

to card-on-file tokenization (CoFT) services.

• It permitted card issuers also to act as token service providers (TSP) (Earlier card networks

were only allowed to act as TSPs).

• The facility of tokenization could be offered by the TSPs only for the cards issued by / affiliated

to them.

• Note:TSP – It is an entity that tokenizes the actual card details and de-tokenizes them

whenever required.

About Visa:

• Chairman and CEO – Alfred F. Kelly, Jr.


• Headquarters – California, United States

NABARD Sanctioned Rs 303 Crore to Odisha for 24 Bridge Construction






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• The National Bank for Agriculture and Rural Development (NABARD) sanctioned assistance of

Rs 303 crore under the Rural Infrastructure Development Fund (RIDF) to the Government

of Odisha for the construction of 24 bridges in the state.

• The rural infrastructure projects will improve connectivity for 24.13 lakh people in 823

villages across 13 districts of the state.

• The assistance was provided based on the priority fixed by Odisha for developing rural

infrastructure for drinking water supply, irrigation, and connectivity.

• The bridge construction will support the rural economy by improving the livelihoods of people.

• So far, NABARD has sanctioned around Rs 1,796 crore under the RIDF 2021-22.

About RIDF:

• It was set up by the Government of India in 1995-96 for providing low-cost finance support

to State Governments and State-owned Corporations for developing critical infrastructure in

the agriculture & allied sector, the social sector and rural connectivity.

• It is maintained by NABARD.

About National Bank for Agriculture and Rural Development (NABARD):


• Chairman – Govinda Rajulu Chintala

• Establishment – 12 July 1982

• NABARD was established on the recommendations of the B.Sivaraman Committee (by Act

61, 1981 of Parliament) to implement the NABARD Act 1981.

SEBI Revised – Norms of MFs on RFQ; REITs, InvITs Regulations on Exit Option

• As per the recommendation of the Mutual Fund Advisory Committee (MFAC), the Securities

and Exchange Board of India (SEBI) has revised the norms pertaining to minimum

percentages of monthly trades to be carried out by mutual funds (MFs) on the Request for

Quote (RFQ) platform of stock exchanges.

• SEBI has directed MF to undertake (on monthly basis) at least 25 percent of their total

secondary market trades by value in corporate bonds and 10 percent of their total






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secondary market trades by value in Commercial papers by placing/seeking quotes

through one-to-many mode on the RFQ platform of stock exchanges.

SEBI Modified REITs, InvITs Regulations on Exit Options:

• SEBI has also modified REITs (Real Estate Investment Trusts) and InvITs (Infrastructure

Investment Trusts) regulations with respect to exit options for dissenting unit holders in

various scenarios, including acquisition and change in sponsors.

• Under different cases, the exit option price would be enhanced by an amount equal to a

sum determined at the rate of 10 per cent per annum for the period between the first

notice date and the second notice date.


• Chairman – Ajay Tyagi

• Establishment – On April 12, 1992, in accordance with the SEBI Act, 1992.


Federal Bank Tie-up with CredAvenue for Securitisation platform

• Federal Bank has partnered with CredAvenue for Portfolio management of their

Securitization Book and implemented CredPool, an institutional debt platform of

CredAvenue.

• Through the technology platform of CredAvenue, Federal bank could digitally monitor their

asset-backed securities (ABS) and mortgage-backed securities (MBS) pool assets

efficiently.

• Through the partnership, the bank has automated the end-to-end processes for direct

assignments of retail portfolios.

• The platform helps banks and Non-Banking Financial Companies (NBFC’s) to meet existing

and new regulatory guidelines pertaining to securitisation and direct assignment.

• CredAvenue provides customized solutions based on each bank/lender’s requirements for

their portfolio management.






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About Federal Bank:

• Headquarters – Aluva, Kerala

• MD & CEO – Shyam Srinivasan

• Tagline – Your Perfect Banking Partner

• Establishment – April 23, 1931 (as Travancore Federal Bank Limited), changed to The Federal

Bank Limited on December 2, 1949

RBI hikes IMPS daily transaction limit to ₹5 lakh

• The Reserve Bank of India has announced a proposal to increase the per-transaction limit for

the Immediate Payment Service (IMPS) from ₹2 lakh to ₹5 lakh for channels other than SMS

and IVRS.

• This will lead to further increase in digital payments and will provide an additional facility to

customers for making digital payments beyond ₹2 lakh.

• The per-transaction limit for SMS and IVRS (interactive voice response) channels is ₹5,000.

• UPI records 365 crore transactions worth ₹6.54-lakh cr in September

• It will help large corporates and MSMEs bring in greater flexibility and obvious cost efficiency

by eliminating manual efforts and errors accompanying these processes.

RBI empanelled Dhanlaxmi Bank as Agency Bank

• Thrissur-based Dhanlaxmi Bank has been empanelled as ‘Agency Bank’ by the Reserve

Bank of India to undertake general banking businesses of Central and State governments

on behalf of the RBI.

• Dhanlaxmi Bank entered into agreement with the RBI at the Department of Government and

Bank Accounts (DGBA), Reserve Bank of India, Mumbai.

• It is now authorized to undertake transactions related to government businesses such as

revenue receipts and payments on behalf of the Central and State governments, pension

payments in respect of Central and State governments, works related to small savings






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schemes (SSS), collection of stamp duty through physical mode or e-mode, and any other

item of work specifically devised by the RBI as eligible for agency commission.

About Dhanlaxmi Bank:

• Headquarters: Thrissur

• Tagline: Tann. Mann. Dhan.

• MD and CEO: J K Shivan

RBI extends three-year SLTRO facility to SFBs

• The Reserve Bank of India has extended the three-year special long-term repo operations

(SLTRO) facility for Small Finance Banks by two months till December-end 2021.

• This facility, which is available at the repo rate of 4 per cent, aggregating ₹10,000 crore was

announced by the central bank in May 2021 to help SFBs provide last mile credit to

individuals and small businesses.

• Liquidity drawn from this facility has to be deployed by SFBs for fresh lending of up to ₹10 lakh

per borrower.

• Recognising the persisting uneven impact of the pandemic on small business units, micro and

small industries, and other unorganised sector entities, it has been decided to extend this

facility till December 31, 2021.

Bank credit to grow at 7.5- 8.0 percent for FY’22: CARE Ratings

• The outlook for bank credit growth is expected to be in the range of 7.5 per cent to 8.0 per

cent for FY22 on the back of a low base effect, economic expansion, extended Emergency

Credit (ECLGS) support, and retail credit push

• The medium-term prospects look promising with diminished corporate stress and

increased provisioning levels across banks. Retail loan segment is expected to do well as

compared with industry and service segments.

• To attract borrowers several banks have slashed the home loan interest rates as a special

offer in the festive season.






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• State Bank of India, Bank of Baroda and Kotak Mahindra Bank have reduced their home loan

rates by 45 bps, 25 bps, and 15 bps, respectively

• Similarly, foreign banks have also started to pitch for home loans at lower interest rates. HSBC

India reduced home loan interest rates by 10 bps to 6.45 per cent.

Bank of Maharashtra has launched the digital lending platform for retail loans

• Bank of Maharashtra (BoM) has launched a Digital Lending Platform which will enable its

current and prospective customers to avail home and car loans through a paperless process

at the convenience of their place and time of choice.

• The platform provides ‘in-principle approval’ for home loans and car loans instantly on

filling in the required information digitally without human intervention,

• Customers can avail the digital lending facility by visiting the bank’s website. The bank

underscored that the platform is capable of validating KYC, CIBIL and financial

information of the loan applicant and provide ‘in-principle approval’ in a hassle-free

manner.

• The Bank has taken several measures to strengthen its digitisation process internally,

thereby facilitating delivery of hassle-free services.

About Bank of Maharashtra:

• Headquarters: Pune

• Tagline: Ek Parivaar, Ek Bank (One Family One Bank)

• CEO: A. S. Rajeev

• Founded: 16 September 1935

Fitch Ratings Revised India’s FY22 GDP growth Estimate to 8.7% from 10%; FICCI Raised India’s

GDP Growth in FY22 to 9.1% from 9%

• Fitch Ratings, an American credit rating agency, in its latest ‘APAC (Asia-Pacific) Sovereign

Credit Overview 4Q21’ has reduced India’s GDP (Gross Domestic Product) growth forecast

for FY22 to 8.7 percent from 10 percent.






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• It has increased the growth forecast for FY23 to 10 percent from an earlier estimation of

8.5 percent.

• It expects the APAC growth to recover to 6.3 percent in 2021 and 5.3 percent in 2022 from

0.8 percent contraction in 2020.

• It has also retained the India’s BBB-/Negative sovereign rating due to a sharp drop in public

finances due to the COVID-19 pandemic.

PNB Launched ‘6S Campaign’ Under Customer Outreach Programme

• Punjab National Bank (PNB) launched the “6S Campaign” under customer outreach

programme to offer financial services at a concessional rate during festival season.

• The campaign encapsulates various schemes such as Swabhiman, Samruddhi, Sampark and

Shikhar, Sankalp and Swagat.

• Objective is to create awareness about the development of financial services in India.

• To accelerate the credit growth to improve the penetration of social security schemes and

drive digital banking.

Addl.Info:

Features of “6S Campaign”:

• Under the Swabhimaan, the bank aims to promote the financial inclusion agenda through

deepening the penetration of 3 social security schemes pertaining to the insurance and pension

sector.

• The 3 schemes are Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti

Yojana, and Atal Pension Yojana.

• Through the Samruddhi scheme, PNB aims to drive credit outreach for the agricultural sector.

• This will cover all the agricultural credit products like KCC, gold loans and investment

credit.

• Under Shikhar, Sankalp and Swagat schemes, the bank has planned special rates of

interest to drive credit offtake in the retail and MSME Sector.

• The bank has also identified focused products and customer segments for targeted outreach in

line with the strategic agenda of PNB.






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• To ensure access to affordable credit for MSMEs in India, PNB has also deepened the

concessions for various selected products in line with the “One District- One Product policy”.

About Punjab National Bank (PNB):

• Founded on– 19th May 1894

• MD & CEO– S. S. Mallikarjuna Rao

• Headquarters– New Delhi, Delhi

• Tagline– the name you can bank upon

• Nationalized on– 19th July, 1969

SBI Extends Partnership with TCS for another 5 years

• State Bank of India (SBI) extended its partnership with Tata Consultancy Services (TCS)

for another five years.

• Under this partnership, SBI uses TCS BaNCS for which TCS maintain and enhance SBI’s

application for core banking, trade finance, financial reporting, and financial inclusion.

• TCS BaNCS was launched in 2001.

Other SBI-TCS collaborations:

• TCS is helping build Bharat Craft– an omnichannel, online B2B (Business to Business) e-

commerce platform which would serve as a marketplace for MSMEs (Micro, Small &

Medium Enterprises), jointly driven by SBI and the Government of India.

• Prior to that, TCS collaborated with SBI to plan and execute the merger of SBI’s five

associate banks and Bharatiya Mahila Bank.

About Tata Consultancy Services (TCS):

• Chief Executive Officer and Managing Director (CMD)– Rajesh Gopinathan

• Headquarter– Mumbai, Maharashtra

Axis Bank unveils open APIs to help customers use integrated services

• Axis Bank has launched open APIs (Application Programming Interface) to facilitate its

retail and corporate customers/ partners to use banking services integrated across partner

platforms.






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• The API Banking portal has a suite of API products covering 200 plus retail APIs across cards,

deposits, accounts, loans, 51 corporate APIs across payments, trade, collections, bill

payments as well as cross-cutting APIs

• Further, the APIs will allow Axis Bank’s banking solutions to get embedded via direct

integration with the customers’ digital systems, without the need for a net banking interface.

• Sameer Shetty, President and Head – Digital Business & Transformation, Axis Bank, has

announced these latest API banking offerings, look forward to collaborate and co-create

with partners, to offer an enhanced user experience and simplify their day-to-day operations

Around 1.26 bn people at High Ecological Risks: 2nd ETR 2021 by IEP

• The 2nd edition of ‘Ecological Threat Report (ETR) 2021: Understanding ecological threats,

resilience and peace’ was released by the Institute of Economics and Peace (IEP).

• As per it, around 1.26 billion people across 30 countries are suffering from both extreme

ecological risk and low levels of resilience.

• The 11 countries with the worst ETR score are Afghanistan, Niger, Madagascar, Malawi,

Rwanda, Burundi, Guatemala, Mozambique, Pakistan, Angola and Yemen.

• By 2050 the global demand for food is expected to increase by 50%.

About Institute for Economics and Peace (IEP):

• Founder & Executive Chairman– Steve Killelea

• Headquarters– Sydney, Australia

Shivalik Small Finance Bank partners with Go Digit Insurance

• Shivalik Small Finance Bank announced a strategic partnership with Bengaluru-based

insurtech company, Go Digit General Insurance, to provide an array of instant, easy-to-

understand insurance products through the bank’s network of branches across India.

• This will include health insurance plans, motor insurance, and home and shop insurance.

• This partnership will enable over 4.5 lakh customers of Shivalik Small Finance Bank to

instantly access and purchase from Digit’s list of offerings, through paperless processes, in

real time.






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• This partnership with Shivalik Small Finance Bank comes at a time when we are looking to

expand our reach to newer markets with an aim to aid insurance penetration.

• The bank has a strong foothold in the northern states of the country and this association will

help the bank’s customers in getting insured from a partner that believes in simplicity,

transparency and hassle-free settlement of claims

AUM of NBFCs to rise 18–20% y-o-y this fiscal: Crisil Ratings

• Assets under management (AUM) of non-banking financial companies (NBFCs), which

primarily offer loans against gold, are expected to rise 18–20 per cent to ₹1.3 lakh crore this

fiscal against ₹1.1 lakh crore in FY21, according to Crisil Ratings.

• The credit rating agency analysed this growth would be despite a contraction in the first

quarter, when pandemic-driven lockdown measures hindered branch operations and kept

potential borrowers away.

• The agency has demand for gold loans from micro enterprises and individuals — to fund

working capital and personal requirements, respectively — has increased with a pick-up in

economic activity and the onset of the festive season, which coincides with the easing of

lockdown restrictions by several States.

• With leverage being low and pre-provision profitability remaining strong, Crisil Ratings

expects the overall credit profile of gold-loan NBFCs to remain stable.

RBI grants banking licence to Unity Small Finance Bank

• The Reserve Bank of India has granted a banking licence to Unity Small Finance Bank Ltd

(USFBL), which was established jointly by the Centrum Financial Services Ltd (CFSL) and

Resilient Innovations Private Limited (BharatPe), to carry on a SFB business in India.

• RBI had accorded “in-principle” approval to CFSL, a wholly owned subsidiary of Centrum

Capital, on June 18 to set up a small finance bank (SFB).

• The grant of banking licence to USFBL sets the stage for RBI to place in the public domain a

draft scheme of amalgamation of PMC Bank with the SFB.






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• It is the first time ever that two partners are uniting equally to build a bank. The proposed

business model is one of collaboration and open architecture, uniting all its stakeholders to

deliver a seamless digital experience

• Centrum’s MSME and micro-finance businesses will be merged into USFBL.

IMF retains India’s growth forecast for FY22 at 9.5%

• The International Monetary Fund (IMF) has retained India’s GDP at 9.5 per cent for the

current fiscal i.e 2021-22 while cutting forecasts for the global economy by 5.9 per cent for the

year 2021.

• The Indian economy recorded growth of 7.3 per cent during FY 2020-21.

• World Economic Outlook: Recovery During a Pandemic Health Concerns, Supply

Disruptions, and Price Pressures’, the report also maintained growth outlook for next fiscal

(2022-23) at 8.5 per cent.

• Earlier, in July, the Fund had cut the growth forecast for the current fiscal by 300 basis points

but raised the projection for next fiscal by 160 basis points.

• IMF’s projection for the current fiscal is similar to RBI’s and S&P growth projection of 9.5 per

cent. However, it is higher than Fitch’s estimate of 8.7 per cent and World Bank’s estimate

of 8.3 per cent.

• Various other agencies have projected growth rate of 8.2- 9.5 per cent except Asian

Development Bank which expects a double digit growth rate (10 per cent) for the current

fiscal. OECD projection is also at the higher side with 9.7 per cent.

RBI Granted Licence to Centrum-BharatPe’s United SFB; become 12th SFB of India

• The Reserve Bank of India (RBI) issued the ‘Small Finance Bank’ (SFB) licence to Centrum-

BharatPe’s ‘Unity Small Finance Bank Ltd (USFBL)’ to carry on an SFB business in India.

• USFBL is a consortium that was established jointly by Centrum Financial Services Ltd

(CFSL), a subsidiary of Centrum Capital Limited (CCL), and Resilient Innovations Private

Limited (BharatPe).

• With the establishment of USFBL, the number of SFBs in India was increased to 12.






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• Former State Bank of India (SBI) chairman Rajnish Kumar was appointed as the chairman of

the BharatPe board.

Note

• RBI Imposed Monetary Penalty of Rs 30 lakh on Janata Sahakari Bank Ltd, Pune, Maharashtra

for non-compliance with certain directions issued by RBI.


• Governor – Shaktikanta Das

• Establishment – 1st April 1935


• Deputy Governors – Mahesh Kumar Jain, Michael Debabrata Patra, and M Rajeshwar Rao, T.

Rabi Sankar

PhonePe Tie-up with NBBL Launched Recurring Payment Link – ClickPay

• The digital payment platform PhonePe has partnered with National Payments Corporation of

India’s (NPCI) Bharat BillPay Ltd (NBBL) and launched a unique payment link named

‘ClickPay’ to enable customers to make recurring online bill payments.

Features of ClickPay:

• Two-step process: The recurring payment link which will be sent by the biller (on clicking the

link) will lead the customer directly to the payment page for paying the bill amount instantly.

• This feature will facilitate the customers as it will overcome the need for remembering the

unique identifiers and account details associated with making bill payments.

• It will also reduce the errors that are occurring due to manual inputs during bill payments.

• Using PhonePe the users could send and receive money, recharge mobile, data cards, pay

at stores, make utility payments, make investments, buy gold, etc.

• Note – In April 2021, the National Payments Corporation of India (NPCI) formed its wholly-

owned subsidiary NBBL to offer recurring payment services and transferred all its Bharat

Bill Payment System (BBPS) transaction mandates to it.






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About PhonePe:

• CEO – Sameer Nigam

• It was acquired by Flipkart acquires in 2016


• Headquarters – Bengaluru, Karnataka

PayPal signs MoU with IIFT to launch India Digital Trade Facilitation Forum

• Digital payments firm PayPal signed a Memorandum of Understanding (MoU) with the

Indian Institute of Foreign Trade (IIFT) to increase the knowledge base of Indian micro,

small & medium enterprises (MSMEs).

• It will be done through the launch of India Digital Trade Facilitation Forum (IDTFF) for

MSMEs.

What will IDTFF do

• IDTFF will educate, guide, and raise awareness amongst MSMEs about marketing, scaling,

digitalization and exports through masterclasses.

• This will help them to expand their consumer base and reach a global audience.

• Virtual webinars will also be hosted with industry experts, traders and policymakers on

ongoing challenges.

About PayPal:

• President and CEO– Dan Schulman

• Headquarters– California, United States

Saraswat Bank partners with Axis Securities to Integrate Banking with Investments

• Saraswat Cooperative Bank Ltd. (Saraswat Bank) has partnered with Axis Securities to offer

its customers investing services through a 3-in-1 account.

• The facility will integrate savings bank account maintained by the co-operative bank with

the demat and trading account offered by Axis Securities, which is a subsidiary of Axis

Bank.






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Objective:

• To make investments simple and accessible to all.

• This facility will make it easier for customers to transfer funds quickly, reduce paperwork

and most importantly, provide a comprehensive platform to invest in various investment

instruments like equities, derivatives, currency, commodities, MF, IPO, etc.,

About Axis Securities Limited

• Chief Executive Officer and Managing Director– B. Gopkumar

About Saraswat Bank:

• Chairman– Gautam E Thakur

• Saraswat Bank is the largest Urban Co-operative Bank in India.

• Founded– 14 September 1918

SBI, UBI, PNB & Indian Bank picked up stakes in NARCL

• The State Bank of India (SBI), Union Bank of India (UBI), Punjab National Bank (PNB) and

Indian Bank have picked up more than 12% stake each in the proposed bad bank National

Asset Reconstruction Company Ltd (NARCL).

Details of acquisition:

• The SBI and UBI have picked up a 13.27% stake each which represents a cumulative 3.88

crore shares in NARCL.

• The PNB has picked up a 12.06% stake which is around 1.8 crore shares in NARCL.

• The Indian Bank has picked up around a 13.27% stake, subscribing 1.98 crore equity

shares for a cash consideration of Rs 19.80 crore.

Note:

• The acquisition is expected to be completed by March 2022.

• The lenders have subscribed to the equity shares of NARCL at Rs 10 per share.






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About NARCL:

• NARCL will take over the bad assets of banks in its own account for a speedy resolution of

troubled loans.

• 51% stakes of NARCL will be owned by the PSBs and the rest will be owned by private-

sector lenders

Indian Bank and Fisdom Joined Hands for Digital Wealth Management Products

• Indian Bank made a tie up with a fintech company Fisdom for its mobile banking app to

manage the new digital wealth management products.

• Fisdom offers financial products, such as mutual funds, insurance and National Pension

Scheme (NPS) on its platform.

• Indian Bank is the seventh-largest public sector bank in India, following the merger with

Allahabad Bank.

• This partnership makes the customers to invest in pension funds and digital gold and even

file income tax returns online.

IOB Joined with TN Govt’s IFHRMS

• Indian Overseas Bank is now integrated with TN Govt’s IFHRMS (Integrated Finance

Human Resource Management System) portal designed for collection of all treasury

receipts.

• With this, Indian Overseas Bank is now authorized to collect all the receipts of Tamil Nadu

Government under IFHRMS portal through both offline and online.

• IFHRMS portal is developed to improve operational efficiency by integrating Human

Resources and Financial services.

• Indian Overseas Bank has also joined Pension Fund Regulatory and Development

Authority (PFRDA) in promoting pension and retirement planning.

PNB Housing shelves ₹ 4,000-cr share sale plan to Carlyle Group, other investors






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• PNB Housing Finance Limited (PNBHFL) has called off its proposed ₹ 4,000 crore share

sale plan to Carlyle Group and other marquee investors including General Atlantic and Ares

SSG, citing protracted delays and uncertainty over regulatory approvals required for the

preferential issue.

• PNBHFL decided not to proceed with the proposed preferential issue and therefore will now

evaluate other alternatives to raise capital.

• Under the proposed deal, Pluto Investments, an affiliated entity of Carlyle Asia Partners IV

and Carlyle Asia Partners had agreed to invest upto ₹ 3,185 crore through a preferential

allotment of equity shares and warrants, at a price of ₹ 390 per share.

• The Competition Commission of India had in early August approved (deemed approval

under green channel) the Carlyle Group led ₹ 4,000 crore equity investment transaction in

PNBHFL even as SAT was then yet to pronounce its verdict on the valuation controversy

Kerala Bank seeks RBI nod to collect NRI deposits

• Kerala Bank has sought the permission of the Reserve Bank of India to collect deposits from

NRI’s, eyeing the ₹1,50,000,000 crore NRI deposits credited to various commercial and PSU

and private sector banks in the State.

• V N Vasavan, the State Cooperation Minister,a major share of this NRI deposit amount is

being utilised for disbursing loans to big corporates outside the State and in speculative

businesses in stock markets.

• Kerala Bank is aiming to utilise these NRI deposits for developing the basic infrastructure

of the State.

• The bank will provide an opportunity for non-resident Keralites to be part of the development of

the State and to intervene in its economy

Bank of India announced the rates cut on home loan, vehicle loan interest rates

• Bank of India (BoI) has announced a 35 basis points (bps) reduction in home loan interest

rate and a 50 bps reduction in vehicle loan interest rate.






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• The new interest rates are effective from October 18, 2021 till December 31, 2021.

• Following the reduction, home loan interest rates will start at 6.50 per cent against the current

rate of 6.85 per cent and vehicle loan interest rates will start at 6.85 per cent against 7.35 per

cent. One basis point is equal to one-hundredth of a percentage point.

• This special rate, which is part of the festive offer, is available for customers applying for fresh

loans and also for those seeking transfer of loans, the public sector bank said in a statement.

• Processing charges have also been waived for both home and vehicle loans till December-end

2021.

Vested Finance Partnered with SBM Bank to Facilitate Forex Transfer

• Vested Finance, a platform for investing in foreign stocks for Indians has partnered with

SBM Bank, the Indian subsidiary of State Bank of Mauritius and launched a new solution

named ‘Vested Direct’ for facilitating forex transfers at low costs.

• Using Vested Direct Investors could open a free-of-cost, no-minimum-balance savings

account with SBM Bank funds.

About Vested Finance:

• Headquarters – San Francisco, California, USA

• CEO – Viram Shah

ADB Expanded 2019–2030 Climate Finance Ambition to $100 Billion

• Asian Development Bank (ADB) increased its ambition to deliver climate financing to its

Developing Member Countries (DMCs) from 2019–2030 by $20 billion to $100 billion.

• Objective is to support DMCs that are facing challenges under COVID-19 and the climate crisis.

Background:






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• In 2018, ADB committed to making its own climate financing of around $80 billion by 2030

and also to ensure at least 75 percent of the total number of its operations support climate

action.

• The current announcement increased this financing commitment.

• ADB forecasts the overall climate financing from its own resources in 2019–2021 to reach

about $17 billion.

About Asian Development Bank (ADB):

• Establishment– 1966

• Headquarters– Manila, Philippines

• President – Masatsugu Asakawa

• Managing Director General– Woochong Um

• Members– 68 members (49 – Asia & Pacific, 19 – outside)

RBI imposes penalty of 1 crore on SBI, 1.95 crore on Standard Chartered Bank

• The Reserve Bank of India has imposed a monetary penalty of one crore rupees on the State

Bank of India and 1.95 crore rupees on Standard Chartered Bank.

• In different notifications issued from Mumbai by RBI, State Bank has been penalised for

violating norms related to delay in reporting of fraud while Standard Chartered Bank has

been penalised for violating norms related to customer protection and cyber security

framework.

• It added that Standard Chartered Bank had shown deficiencies while crediting back the

amount involved in unauthorised electronic transactions, not reporting cyber security

incidents within the prescribed time period, authorising the direct sales agents to conduct KYC

verification and failure to ensure integrity and quality of data submitted in ‘Central Repository

of Information on Large Credits.






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• RBI, the action is based on the deficiencies in regulatory compliance and is not intended to

pronounce upon the validity of any transaction or agreement entered by the bank with its

customers.

About SBI:


• Tagline: With You all the way, Pure Banking Nothing Else, The Nation Ban on us, The Banker to

Every Indian

• CEO: Dinesh Kumar Khara

NABARD and Government has signed a Trust deed to promote farmer produce organisations

• The National Bank for Agriculture and Rural Development (Nabard) had a ₹ 1,000-crore

dedicated fund for providing credit guarantees to 10,000 farmer produce organisations

(FPOs) will be housed in “Credit Guarantee Fund Trust for FPOs” (CGFTFPO) under the

trusteeship of NABSanrakshan Trustee Private Limited (NTPL).

• The Trust has been registered at Mumbai and signed by officials of Ministry of Agriculture and

Farmers Welfare, Government of India and NABSanrakshan, Nabard said in a statement. NTPL

is a wholly-owned subsidiary of Nabard.

• It is expected that the credit guarantee offered through the Trust will enhance the credit

worthiness of FPOs besides facilitating cost-effective production and productivity leading

to higher net income to farmers who are members of FPOs

• According to the Ministry of Agriculture & Farmers Welfare, FPOs are to be developed in

produce clusters, wherein agricultural and horticultural produces are grown / cultivated for

leveraging economies of scale and improving market access for members

About NABARD:

• Founded: 12 July 1982







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• Agency executive: Harsh Kumar Bhanwala (Chairperson)

RBI Withdrew all Restrictions Imposed on Hindu Cooperative Bank; Authorised KVB to Collect

Direct Taxes

• The Reserve Bank of India (RBI) in the exercise of power under sub-section (2) of Section 35 A

read with Section 56 of the Banking Regulation Act, 1949, RBI withdrew all restrictions

imposed on Hindu Cooperative Bank Limited, Pathankot, Punjab.

Addl.Info:

• RBI had issued ‘Directions to stipulate certain restrictions on Hindu Cooperative Bank Ltd’

in the exercise of powers vested under sub-section (1) Section 35 A read with Section 56 of the

Banking Regulation Act, 1949.

• The directions were modified from time to time and were last extended up to October 24, 2021.

Note:

• RBI imposed a monetary penalty of Rs 1 lakh on KurlaNagarikSahakari (KNS) Bank Ltd.,

Mumbai, Maharashtra, for contravention of certain norms related to the Depositor Education

and Awareness Fund Scheme, 2014.

About KarurVysya Bank (KVB):

• Tagline – Smart Way to Bank

• MD & CEO – B. Ramesh Babu


• Headquarters – Karur, Tamil Nadu

BSE Signs MoU With Business Leadership League To Help SMEs

• The BSE (Formerly Bombay Stock Exchange) signed a Memorandum of Understanding

(MoU) with the Business Leadership League (BLL).






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• This will help the aspiring SMEs (Small Medium Enterprises) to align and strategize about

their innovative solutions and to get prepared for listing on BSE SME Platform.

• Objective is to provide benefit to SMEs by education and knowledge to function efficiently.

About Business Leadership League (BLL):

• Founder & Chief Executive Officer-Swetapadma Mohanty

• Headquarters- Navi Mumbai, Maharashtra

About BSE SME and Startups:

• Head- Ajay Thakur

• Deputy General Manager– Anand Chari


SEBI Formed 4-Member Advisory Committee on Settlement Orders Chaired by Vijay C Daga

• The Securities and Exchange Board of India (SEBI) constituted a 4-member advisory

committee on settlement orders and compounding of offences.

• The advisory committee will be chaired by Vijay C Daga, retired judge of the High Court of

Bombay.

• The other members of the panel include PK Malhotra, the former law secretary in the Ministry

of Law & Justice, PR Ramesh, ex-Chairman of Deloitte Haskins & Sells LLP and DN Raval,

Partner at Raval&Raval Associates.

• The committee will work as per the SEBI (Settlement Proceedings) Regulations, 2018.

• Note: The provisions of the Settlement Proceedings regulation will not apply in the case of

proceedings pending before the Tribunal or any court.



• Headquarter– Mumbai, Maharashtra






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• Chairman– Ajay Tyagi

Google Payment India reports ₹14.8 crore revenue in FY 21

• Google Payment India Private Limited reported its revenues for the financial year 2020-21 as

₹14.8 crore.

• The company further reported a net profit of ₹1.4 crore during the same fiscal. This is a 210 per

cent increase from the last financial year.

• The company’s total expenses for the fiscal were reported as ₹12.8 crore. The company’s

assets stood at ₹118.9 crore for FY21 compared to ₹85 crore same time last year whereas its

liabilities stood at ₹109 crore for the fiscal compared to ₹75 crore same time last year

• The payments company’s net worth stood at ₹12 crore for FY21 compared to ₹10 crore at

the same time last year.

• Its return on equity for the fiscal grew by 11.70 per cent for the fiscal.

ICICI Prudential Life Insurance reported 47% rise in Q2 net profit

• ICICI Prudential Life Insurance reported a 46.6 per cent jump in its net profit for the second

quarter of the fiscal, aided by robust growth in premium income.

• For the quarter-ended September 30, 2021, the private sector life insurer posted a net profit

of ₹444.57 crore as against a net profit of ₹303.22 crore in the same period last fiscal.

• Net premium income increased by 8.33 per cent to ₹9,286.53 crore in the second quarter of the

fiscal from ₹8,572.19 crore a year ago.

• Net income from investments surged by 70.4 per cent on a year-on-year basis to ₹13,545.83

crore in the July-September 2021 quarter.

PhonePe transactions grows 33.6% between July and September

• During July to September 2021, PhonePe saw 33.6 per cent growth in transactions from the

previous quarter at 526.5 crore, while the value of transactions grew 23.3 per cent to

₹9,21,674 crore.

• According to the Q3 (July-September) 2021 data released on PhonePe Pulse — an

interactive website with digital payment data, insights and trends in India — money transfers






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with UPI and merchant payments clocked 221 crore and 231 crore transactions,

respectively.

• Further, offline merchant payments grew faster than online, 65 per cent higher than the

previous quarter, marking a period of recovery after the second wave of the pandemic and the

rapid reopening of stores.

• Digital transactions grew 80% in last 250 days reported by Razorpay.

Utkarsh Small Finance Bank has inaugurated its first branch at Chennai in Tamil Nadu

• Utkarsh Small Finance Bank Limited has announced the inauguration of its first branch in

the city of Chennai and in the state of Tamil Nadu.

• The Bank today has 601 branches in 202 districts spread across 19 states and 2 Union

Territories in the country.

• The residents of Ashok Nagar, Chennai can now avail the Bank's products and services, which

includes savings bank account, current account, fixed deposits, recurring deposits, housing

loans, business loans and loan against property amongst other facilities.

• The launch of this branch is aligned with the Bank's strategy to extend its reach to offer

various financial services across the country.

About Utkarsh Small Finance Bank:

• Headquarters: Varanasi

• Tagline: Apki Umeed ka Khata

• MD and CEO: Govind Singh

Vodafone-Idea Joined Hands With L&T For Testing 5G Based Smart City Solutions

• Vodafone Idea Limited (VIL), a Telecom operator and Larsen and Toubro (L&T), an Indian

Multinational conglomerate company have joined hands for a pilot project to test 5G-based

smart city solutions.

• Internet of Things (IoT) and 5G network IoT is the network of physical objects or devices

(things) that are embedded with sensors, software and other technologies to exchange and

transfer data over the internet.






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• IoT is transforming the way businesses operate by reinventing processes, operations, customer

experiences and developing newer business models and revenue opportunities IoT is crucial to

the roll-out of 5G as it will enable connecting billions of devices under the service.

Tata AIG launches ‘RPAS Insurance’ & appoints ‘TropoGo’ as its Distribution partner

• Tata AIG General Insurance Co. Ltd. launched a ‘Remotely Piloted Aircraft System (RPAS)’

Insurance for drone owners & operators.

• It also announced TropoGo, a deep tech startup on the drone ecosystem, as its distribution

partner for the RPAS insurance scheme.

RPAS Insurance:

• Tata AIG has launched the RPAS Insurance after satisfying the recommendations made by

IRDAI’s Working Group on RPAS Insurance, and other valuable inputs from the Drone

Federation of India (DFI).

• RPAS Insurance Products cover both Hull and Third-Party Liability risks on Drones, optional

coverage for Beyond Visual Line of Sight (BVLOS)operations, night flying, data loss

liability, etc.

• India’s Ministry of Civil Aviation targets over Rs 5,000 crore investments in the drone

manufacturing industry and an annual sales turnover of over Rs 900 crore by FY24.

• It also targets to make India a drone hub by 2030.

Addl.Info:

• India has made relaxations to the rules for owning and operating drones along with inclusion of

drones in Production Linked Incentive (PLI) Scheme

About Tata AIG General Insurance Company:

• MD & CEO – Neelesh Garg

• Founded – 2001


About TropoGo:

• Founder – Sandipan Sen

• Headquarter – Bangalore, Karnataka






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IndiaFirst Life Introduces ‘Saral Bachat Bima’ Insurance Plan

• IndiaFirst Life Insurance Company Limited (IndiaFirst Life) ,a joint venture of Bank of

Baroda and Union Bank of India introduced ‘’IndiaFirst Life Saral Bachat Bima Plan’’.

• It is a savings and protection cover plan for the entire family.

About IndiaFirst Life Insurance Company Limited (IndiaFirst Life)

• MD & Chief Executive Officer(CEO): R. M. Vishakha


• Founded: 16 November 2009

NSE Tie-up with Chainflux and Launched Blockchain Platform ‘NOSE-Shine’ for Gold Bullion

• National Stock Exchange of India (NSE) in collaboration with Chainflux has launched a

blockchain platform for gold bullion named ‘NSE-Shine’.

• The platform was inaugurated by the Securities and Exchange Board of India (SEBI)’s Executive

Director, VS Sundaresan.

• The platform will provide a data framework for bullion bar integrity for settlement of Gold

derivatives contracts.

• Indian Bullion and Jewellers’ Association (IBJA) and the India Gold Policy Centre (IGPC) at the

Indian Institute of Management – Ahmedabad (IIM-A) have worked along with the NSE and

Chainflux to develop NSE-Shine.

About National Stock Exchange of India (NSE):

• MD & CEO – Vikram Limaye



RBI rule on recurring payments: Small businesses, start-ups feeling the heat

• Small businesses and start-ups running on a subscription model are losing out on users

and timely payments due to the Reserve Bank of India’s new rule on recurring payments.

• For instance, the non-profit digital rights advocacy group, Internet Freedom Foundation (IFF),

which runs on a monthly donorship model, lost nearly 70 per cent of its existing membership

base of close to 423.






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• Under the new rules, banks are required to inform customers in advance about recurring

payments due, and transactions would be carried following a nod from the customer. So, the

transaction will not be automatic, but will be done after authentication from the customer.

• RBI’s new payment rule has resulted in major disruptions for businesses – an avoidable one

that has put Indian start-ups at a disadvantage. For an entrepreneur, continuity in business is

absolutely critical.

• The manner in which the policy was implemented has wreaked havoc and has put Indian

companies in a precarious position.

RBI imposes ₹1 crore penalty on Paytm Payments Bank

• The Reserve Bank has imposed a penalty of ₹1 crore on Paytm Payments Bank Limited

(PPBL) and ₹27.78 lakh on Western Union Financial Services for non-compliance with

certain directions.

• The RBI on examination of PPBL's application for issue of final Certificate of Authorisation

(CoA), it was observed that it had submitted information which did not reflect the factual

position.

• As this was an offence of the nature referred to in Section 26 (2) of the Payment and

Settlement Systems Act, 2007, a notice was issued to PPBL.

• After reviewing the written responses and oral submissions made during the personal hearing,

the RBI determined that the aforementioned charge was substantiated and warranted the

imposition of a monetary penalty.

• Thereafter, the central bank by an order on October 1 imposed a monetary penalty of Rs 1

crore on PPBL.

About Paytm:

• Paytm is an Indian multinational technology company that specializes in digital payment

system, e-commerce and finance.

• CEO: Vijay Shekhar Sharma

• Founder: Vijay Shekhar Sharma






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• Founded: 2010, Noida

IMF Reduced India’s Potential GDP Forecast by 25 bps to 6%

• In its ‘2021 Article IV consultations with India’ report, International Monetary Fund (IMF)

has reduced India’s potential GDP (Gross Domestic Product) growth forecast in the

medium term by 25 basis points (bps) to 6 percent from 6.25 percent due to the impact of

COVID-19 on investments and labour markets.

Addl.Info:

• Potential growth is the rate of growth that an economy can sustain over the medium term

without generating excess inflation.

About IMF’s Article IV Consultation:

• Every year IMF will hold bilateral discussions with members under Article IV of the IMF’s

Articles of Agreement.

• A team will visit the country and collects economic and financial information, and discusses

with officials the country’s economic developments and policies. This year’s discussions were

virtual.

About International Monetary Fund (IMF):


• Headquarters – Washington, D.C., United States

• Member Countries – 190

• MD – Kristalina Georgieva

Dvara E-Dairy & Jana SFB tie-up to Finance Small and Medium Dairy Farmers

• Agri-fintech firm Dvara E-Dairy Solutions Private Limited has entered into a collaboration with

Jana Small Finance Bank (Jana SFB) to service small dairy farmers by empowering small

and medium dairy farmers with financial and cattle management solutions using digital

technologies.






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Addl.Info:

• Through Jana SFB’s extensive branch network in rural and agricultural regions across

India, Dvara E-Dairy intends to expand the credit and underwriting process for cattle loans.

• The Dvara E-Dairy’s digital identity (ID) tag Surabhi e-Tag will provide accurate cattle

identification based on the muzzle identity.

• The Surabhi Score based on digital assessment, complements the underwriting of cattle loans

based on dairy activities and customised cattle management recommendations.

• This helps dairy farmers to improve their livelihood and achieve household financial goals.

About Jana Small Finance Bank (Jana SFB)

• Chief Executive Officer and Managing Director– Ajay Kanwal

• Headquarters– Bengaluru, Karnataka

• Founded– 2008

About Dvara E-Dairy Solutions

• Founder and CEO-Ravi KA


• Headquarters – Chennai, Tamil Nadu

NABSanrakshan signs Trust Deed for Rs 1000cr Credit Guarantee Fund Trust for FPOs

• NABSanrakshan Trustee Private Limited (NTPL), a subsidiary of NABARD (National Bank

for Agriculture and Rural Development) signed a trust deed for Credit Guarantee Fund Trust for

Farmer Producer Organisations (CGFTFPO).

• This led to the setting up of a dedicated credit guarantee fund of Rs 1, 000 crore for 10,000

FPOs. The trust is registered at Mumbai (Maharashtra) and signed by officials of the Minister

of Agriculture & Farmers Welfare (MoA&FW) and NTPL.

CCI Approved Acquisition of HGS’ healthcare BPO services by Betaine BV & GCAPH by

Starnmeer B.V






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• The Competition Commission of India (CCI) has approved the acquisition of worldwide

healthcare business process outsourcing (BPO) services of Hinduja Global Solutions

Ltd(HGS) along with certain assets, contracts and employees by Betaine B.V.

CCI Approved Acquisition of GCAPH by Starnmeer:

• CCI has also approved the acquisition of Global Content Alpha Partners Holdco Pte. Ltd.

(GCAPH) by Starnmeer B.V. (Starnmeer) under Section 31(1) of the Competition Act, 2002.m

The proposed combination under Sections 5(a) of the Competition Act, 2002, concerns the

acquisition of up to the entire issued share capital of GCAPH from its existing shareholders.

About Starnmeer B.V. (Starnmeer):

• Starnmeer B.V. is owned and controlled by funds comprising the Baring Asia Private Equity

Fund VII, a fund affiliated with BPEA.

About GCAPH:

• GCAPH is involved in the provision of services within the IT & ITeS sector (particularly in BPO)

and assists the customers involved in the communications, media and service sectors and

education sector.

• In India, GCAPH is present through its subsidiaries: LearningMate Solutions Pvt Ltd; SPI

Technologies India Pvt Ltd.; Scope e-Knowledge Center Pvt Ltd; and Scientific Publishing

Services Pvt Ltd.

Govt to issue 4 tranches of Sovereign Gold Bonds from October 2021 to March 2022

• Centre in consultation with RBI has decided to issue four tranches of Sovereign Gold Bonds

from October 2021 to March 2022.

• As the statement of RBI, Subscription for the next tranche can be done between 25th

October to 29th October.

• The Bonds will be sold through Scheduled Commercial banks, designated post offices, and

Stock exchanges.






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• Bonds will be restricted for sale to resident individuals, HUFs, Trusts, Universities and

Charitable Institutions.

• It will be denominated in multiples of gram of gold with a basic unit of 1 gram and Minimum

permissible investment will be 1 gram of gold.

Addl.Info:

• Price of Bond will be fixed on the basis of simple average of closing price of gold of 999 purity,

published by the India Bullion and Jewellers Association Limited for the last 3 working

days of the week preceding the subscription period.

• Discount of ₹50 per gram will be given for those who will subscribe it online and pay

through digital mode.

SEBI asks investment advisors to refrain from dealing in digital gold

• Capital markets regulator Sebi has asked investment advisers to refrain from dealing in

digital gold, which is an unregulated product.

• This came after Sebi noted that some registered investment advisers are engaged in

unregulated activity by providing a platform for buying, selling or dealing in unregulated

products including digital gold.

• SEBI further said any dealing in unregulated activities by investment advisers may entail action

under the Sebi Act and regulations framed thereunder.

• In August, the National Stock Exchange (NSE) had directed its members, including

stockbrokers, to discontinue the sale of digital gold on their platforms by September 10.

• The direction came after the capital markets regulator noted that certain members are

providing a platform to their clients for buying and selling digital gold.

CBDT issues refunds of over Rs 92,961 crore to taxpayers in FY22 so far

• Central Board of Direct Taxes, CBDT has issued refunds of over 92 thousand 961 crore

rupees to more than 63 lakh 23 thousand taxpayers between 1st of April to 18th of October

this year






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• The refunds of 23 thousand 26 crore rupees have been issued in over 61 lakh 53 thousand

cases and Corporate Tax refunds of 69 thousand 934 crore rupees have been issued in over

one lakh 69 thousand cases.

Addl.Info:

• Income Tax Department has refunded 62 thousand and 361 crore rupees to more than 20 lakh

taxpayers during Covid-19 lockdown days

• Central Board of Direct Taxes has issued tax refunds at a speed of 76 cases per minute from

8th April to 30th June.

• Income tax refunds amounting to over 23 thousand and 453 crore rupees have been issued in

more than 19.07 lakh cases and corporate tax refunds amounting to over 38 thousand 908 crore

rupees have been issued in more than 1.36 lakh cases to taxpayers during this period.

• Refunds of this magnitude and numbers have been issued completely electronically and have

been directly deposited into the bank accounts of the taxpayers.

Oil remains near multi-year highs as energy supply crunch continues

• Oil futures now rose and were near multi-year highs as an energy supply crunch continued

across the globe.

• Falling temperatures in China revived concerns over whether the world's biggest energy

consumer can meet domestic heating needs.

• In intra-day trade, Brent crude was trading around 84 dollars and 30 cents per barrel while

WTI crude prices were at 82 dollars and 20 cents per barrel.

Rs 814 cr received in dividend tranches from 5 CPSEs: DIPAM Secy

• Secretary of Department of Investment and Public Asset Management (DIPAM) Tuhin

Kanta Pandey has said that dividend tranches of about 296 crore rupees have been received

from Power Finance Corporation Limited (PFC) and 233 crore rupees from Housing and

Urban Development Corporation (HUDCO).

• OIL has paid about 92 crore rupees, KIOCL 99 crore rupees and Satluj Jal Vidyut Nigam

SJVN 94 crore rupees as dividend tranches to Government of India.

RBI caps IPO funding by NBFCs at ₹1 crore per borrower






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• Non-banking finance companies (NBFC) cannot lend more than Rs 1 crore to investors

seeking to buy stocks in initial share sales from April 1,2022, tightening capital adequacy

and provisioning rules for last-mile lenders to reduce risks to the broader financial system.

• The Reserve Bank of India has announced a scale-based regulation of non-banking finance

companies, which include a ceiling on IPO funding per borrower as well as changes in the

minimum net owned fund, classification of non-performing assets, and capital requirements.

• The RBI set a framework for NBFCs, dividing them in four distinct categories, to bring

regulatory parity with bank regulations. These are Base Layer, Middle Layer, Upper Layer

and Top Layer.

• NBFCs marked as investment and credit firms, micro finance institutions and factoring

companies will have to raise net owned funds - the sum total of equity capital and free reserves

- to ₹10 crore by March-end, 2027, from the existing ₹2-5 crore.

CBDT issues Rs 92,961 cr refunds to 63.23 lakh taxpayers

• The Central Board of Direct Taxes (CBDT) has issued income tax refunds worth more than Rs

92,961 crore to over 63.23 lakh taxpayers from April 1 to October 18. While IT refunds worth Rs

23,026 crore have been issued in 61.53 lakh cases, corporate tax refunds worth Rs 69, 934

crore have been issued in 1.69 lakh cases. These also include 32.49 lakh refunds of AY 2021-22

worth Rs 2,498.18 crore.

• CBDT issues refunds of over Rs 92,961 crore to more than 63.23 lakh taxpayers from April 1,

2021 to October 18, 2021.

• Income tax refunds of Rs 23,026 crore have been issued in 61, 53,231 cases and corporate tax

refunds of Rs 69,934 crore have been issued in 1,69,355 cases.

• Meanwhile, the direct taxes watchdog had issued refunds worth over Rs 74,158 crore to

more than 45.25 lakh taxpayers from April 1 to September 20.

• IT refunds of Rs 18.873 crore have been issued in 43.68 lakh cases whereas corporate tax

refunds worth Rs 55,285 crore have been issued in 1.55 lakh cases. This included 17.45 lakh

refunds of AY2021-22 amounting to Rs 1,350.4 crore.






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Govt to issue 4 tranches of Sovereign Gold Bonds from October 2021 to March 2022

• Centre in consultation with RBI has decided to issue four tranches of Sovereign Gold

Bonds from October 2021 to March 2022. Subscription for the next tranche can be done

between 25th to 29th October.

• The Bonds will be sold through Scheduled Commercial banks, designated post offices, and

Stock exchanges. Bonds will be restricted for sale to resident individuals, HUFs, Trusts,

Universities and Charitable Institutions.

• It will be denominated in multiples of gram of gold with a basic unit of 1 gram and Minimum

permissible investment will be 1 gram of gold.

• Price of Bond will be fixed on the basis of simple average of closing price of gold of 999 purity,

published by the India Bullion and Jewellers Association Limited for the last 3 working days

of the week preceding the subscription period.

• Discount of ₹50 per gram will be given for those who will subscribe it online and pay through

digital mode.

India and ADB has signed a project readiness financing loan to support urban mobility in

Mizoram

• The Centre and the Asian Development Bank has signed a 4.5-million-dollar project

readiness financing PRF loan to support project preparation and design activities to improve

urban mobility in Aizawl, the capital city of the northeastern state of Mizoram.

• Additional Secretary, Department of Economic Affairs, in the Ministry of Finance Rajat Kumar

Mishra signed for the Government of India, while Country Director of ADB’s India Resident

Mission Takeo Konishi signed for ADB.

• Urban mobility in Aizawl, the center of Mizoram’s administrative and service industry is

severely constrained due to rapid and unplanned urbanization.

• This results in traffic congestion on narrow road widths and adversely impacts road safety,

efficiency in the movement of people and goods and environmental sustainability.






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• The ensuing project, being developed through the PRF, seeks to resolve the city’s transport

problems by adopting sustainable urban mobility solutions.

About ADB:

• Headquarters: Mandaluyong, Philippines

• President: Masatsugu Asakawa

• Founded: 19 December 1966

• Membership: 68 countries

RBI has decided to allow FPIs to invest in debt securities issued by REITs, InvITs

• The Reserve Bank of India has decided to allow Foreign Portfolio Investors (FPIs) to invest

in debt securities issued by Real Estate Investment Trusts (REITs) and Infrastructure

Investment Trusts (InvITs).

• The move is expected to provide much-needed patient capital and liquidity to the new asset

class.

• Finance Minister Nirmala Sitharaman, in the Union Budget, 2019, had allowed FPIs to invest

in REITs and InvITs, but the enabling was yet to take place.

• The Central Bank has now amended the Foreign Exchange Management (Debt Instrument)

Regulations, 2021 to allow such investments.

Centre ties up $251-m ADB loan for Chennai flood protection project

• The Asian Development Bank and the Central government has signed a $251-million loan

for climate-resilient, integrated urban flood protection and management in the Chennai–

Kosasthalaiyar basin to strengthen the resilience of Chennai city to floods.

• Ministry of Finance’s Department of Economic Affairs Additional Secretary Rajat Kumar Mishra

and ADB Country Director for India Takeo Konishi signed the agreement for the Integrated

Urban Flood Management for the Chennai–Kosasthalaiyar River Basin Project.

• Chennai’s rapid urbanisation has encroached on the city’s natural landscape, reducing water

retention capacity, which makes the city vulnerable to widespread flooding.






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• The project will involve construction of 588 km of new stormwater drains, rehabilitate or

replace 175 km of stormwater drains, improve 11 km stretches in the Ambattur, Ariyallur,

Kadappakkam, and Korattur channels to enhance water-carrying capacity, and upgrade a

stormwater pumping station and construct a new one.

• It will also construct 23,000 catchpits in roadside drains to recharge the groundwater aquifer

and rehabilitate four disaster relief camps.

ICICI Lombard has launched BeFit – cashless OPD and wellness combination to customers

• ICICI Lombard has launched BeFit, a service provided through its ILTakeCare app that gives

customers benefits of complete OPD services that is, doctor consultation, pharmacy,

diagnostics services, etc.on a cashless basis.

• The solution empowers customers to benefit from a host of wellness services. As good health

and immunity gain importance, this comprehensive solution will come in handy now more

than ever

• ICICI Lombard’s BeFit benefit along with the standard health insurance policy will provide

the policyholder with 360-degree support that they require

• this comprehensive offering “provides a digitally enabled health ecosystem, which is integrated

to bring more than 11,000 doctors across cities".

FGII Entered Into Bancassurance Partnership With Bank of India

• Future Generali India Insurance(FGII) Company Limited, a private sector general insurer, has

entered into a bancassurance partnership with the Bank of India(BoI) to increase the

reach of its insurance products.

• Under this partnership, FGII will offer its wide range of best in class and innovative

insurance solutions to the customers of 5084 Branches of BoI across 28 states and 8 Union

Territories.

Addl.Info:

• To date, the FGII has partnered with around 15 public and private banks to enhance its

distribution across India.

Bancassurance:






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• Bancassurance is an arrangement between a bank and an insurance company that allows

the insurance company to sell its products through the bank’s infrastructure to the

customers of the bank.

• This partnership arrangement can be profitable for both companies.

About Future Generali India Insurance Company Limited:

• FGII is a joint venture of Future Group and Generali Group which are involved in retail and

insurance business, respectively.

• MD & CEO– Anup Rau

• Incorporated in September 2007


About Bank of India(BoI):

• MD & CEO– Atanu Kumar Das


• Tagline– Relationship beyond banking

• Founded on 7th September 1906

• Nationalised in July 1969

India Post Payments Bank and HDFC Ltd partner to offer home loans

• India Post Payments Bank (IPPB) and HDFC has entered into a strategic alliance to offer

home loans to nearly 4.7 crore customers of the payments bank.

• Leveraging its country-wide network of 650 branches and over 1,36,000 banking access points

(Post offices), IPPB aims to make HDFC’s home loan products and its expertise available to

its customers across India.

• A Memorandum of Understanding (MoU) on the strategic alliance was signed between

IPPB and HDFC Ltd.

• The partnership aims to facilitate HDFC’s home loans to customers, especially in unbanked and

underserved areas with many of them having little or no access to finance, to fulfill their dream

of owning a home.






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• IPPB will offer housing loans through nearly 190,000 banking service providers (Postmen and

Gramin Dak Sevaks)

SBI General Insurance ties up with Google Pay for health insurance

• SBI General Insurance has collaborated with Google Pay to provide its General Health

Insurance and government-based Arogya Sanjeevani to be purchased through the

application.

• The insurance policies can be purchased on Google Pay Spot, which is a visual code akin to the

QR code that can be installed on physical locations.

• The Spot acts as a virtual kiosk of sorts for handling SBI based insurance transactions.

• The pandemic has boosted the usage of digital platforms for various needs and at their

expectations from financial solutions have also matured.

• This collaboration is yet another endeavour to address this growing need for health insurance

India, ADB has signed 100 million US dollar loan for agribusiness development in Maharashtra

• Government of India and Asian Development Bank, ADB has signed a 100 million US dollar

loan to promote an agribusiness network to boost farm incomes and reduce food losses in

the State of Maharashtra.

• The agreement for the Maharashtra Agribusiness Network Project was signed by an Additional

Secretary in the Ministry of Finance Rajat Kumar Mishra and the Country Director of ADB’s

India Resident Mission Takeo Konishi.

• Mishra stated that the project supports agribusiness development in Maharashtra with holistic

support to on-farm improvement in productivity, up-gradation of post-harvest facilities, and

establishing efficient marketing structures.

• The project will help small and marginal farmers in the State improve their post-harvest

and marketing capacity, reduce food losses, and increase incomes through access to finance,

capacity building, and horticulture value chain infrastructure development.

About ADB:

• Headquarters: Mandaluyong, Philippines

• President: Masatsugu Asakawa






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• Founded: 19 December 1966

• Membership: 68 countries

India, ADB sign 251- million- dollar loan for integrated urban flood management in Chennai

• The Government of India and the Asian Development Bank has signed a 251 -million-dollar

loan for climate-resilient, integrated urban flood protection and management in the Chennai-

Kosasthalaiyar basin to strengthen resilience of Chennai city to floods.

• The agreement was signed between, Rajat Kumar Mishra, Additional Secretary, Department

of Economic Affairs and Takeo Konishi, Country Director of Asian Development Bank’s India

Resident Mission.

• The project interventions will help reduce the vulnerability of Chennai-Kosasthalaiyar basin

residents to frequent floods.

• The building disaster-resilient infrastructure will help communities cope with intensifying

rainfall, a higher sea level rise, and a storm surge caused by cyclones and protect lives,

economy and the environment.

Government, Tata Sons signed Rs 18000cr Share Purchase Agreement for Air India

• The Central Government signed a Share Purchase Agreement (SPA) with Tata Sons for sale

(strategic disinvestment) of national carrier Air India for Rs 18,000 crore.

• The information for the same was provided by Department of Investment and Public Asset

Management (DIPAM) Secretary Tuhin Kanta Pandey.

• The SPA was signed by Air India Director – Finance Vinod Hejmadi; and Civil Aviation Ministry

Joint Secretary Satyendra Mishra and Suprakash Mukhopadhyay.

ICICI Lombard launches BeFit – Cashless OPD & Wellness Services to Customers

• ICICI Lombard General Insurance has launched a solution named ‘BeFit’ to provide benefits of

OPD (Outpatient Department) services to its customers in a cashless manner.






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• The OPD services include doctor consultation, pharmacy and diagnostics services, and

physiotherapy sessions.

• BeFit was serviced by ICICI Lombard’s ILTakeCare app.

About ICICI Lombard General Insurance:

• Chief Executive Officer: Bhargav Dasgupta


• Founded: 2001

IndiGo Tie-up with KMB to Launch Co-Branded Credit Card ‘Ka-ching’

• IndiGo and Kotak Mahindra Bank (KMB) entered into a strategic partnership for the launch of

a co-branded credit card named ‘Ka-ching’.

Features of Ka-ching:

• The credit card was launched under IndiGo’s 6E Rewards programme and linked with it to

enable the members to earn rewards by using the card on IndiGo and other merchants.

• The co-branded card will be available in 2 variants such as 6E Rewards and 6E Rewards XL

by offering exclusive travel benefits for domestic and international travel.

• The card was scheduled to be launched in November 2021 and with the card, the customers

could access some special benefits on IndiGo.

• As the card is linked with the 6E Rewards Programme, the cardholders could earn additional

6E Rewards on shopping, transport, medical bill spending, utilities, fuel, etc.

About Kotak Mahindra Bank (KMB):



• MD & CEO – Uday Kotak

• Tagline – Let’s make money simple






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About IndiGo:

• As of August 2021, IndiGo is India’s largest passenger airline with a market share of 57 percent.


• Headquarters – Gurugram, Haryana

• Whole Time Director and CEO – Ronojoy Dutta

SAIPL and SBI together Provides Financial Support to Dairy farmers in Maharashtra

• Sunfresh Agro Industries Private Limited (SAIPL) in Maharashtra operating under Global

dairy major Lactalis partnered with State Bank of India (SBI) to extend financial support to

the dairy farmers in the state.

• The loan from SBI helps the farmers to buy cattle that would produce higher quality milk,

improve storage and supply-chain.

• The company is in the market with brand Parbhat for milk and indegenous products

About State Bank of India

• Founded – July 1, 1955

• Chairperson – Dinesh Kumar Khara

• Headquarters – Mumbai

About Maharashtra

• Chief Minister – Uddhav Thackery

• Governor – Bhagat Singh Koshyari

• Tiger Reserves – Bor Tiger Reserve, Tadoba-Andhari, Navegaon – Nagzira

Govt, ADB sign US$100mn Loan Pact to Promote Agribusiness in Maharashtra

• The Government of India (GoI) and Asian Development Bank (ADB) inked US$100 million

loan agreement for Maharashtra Agribusiness Network (MAGNET) Project.






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• The project envisages promoting agribusiness network to boost farm incomes and reduce food

losses in the State of Maharashtra.

• ADB will provide a $500,000 technical assistance (TA) grant from its Technical Assistance

Special Fund and $2 million from the Japan Fund for Poverty Reduction on a grant basis to

improve market linkages for FPOs (Farmer Producer Organizations).

Signatories:

• India– Rajat Kumar Mishra, additional Secretary in the Ministry of Finance

• ADB– Takeo Konishi, Country Director of ADB’s India Resident Mission

Addl.Info:

• The ADB loan will provide financing opportunities for FPOs and value chain operators

(VCOs) through grants.

• It also provides financial intermediation loans to support 300 subprojects.

• The TA will establish crop-based centers of excellence networks, promote innovative

technologies in agribusiness, and support capacity building of the MAGNET Society and the

Maharashtra State Agriculture Marketing Board (MSAMB).

RBI has imposed ₹56-lakh penalty on Nainital Bank

• The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹56 lakh on The Nainital

Bank Ltd (NBL), Uttarakhand, for non-compliance with its directions relating to divergence

in non-performing asset (NPA) accounts as well as asset classification and provisioning,

and classification and reporting of frauds.

• This penalty has been imposed in exercise of powers vested in RBI under the provisions of the

Banking Regulation Act, 1949

• It has emphasised that this action is based on the deficiencies in regulatory compliance and is

not intended to pronounce upon the validity of any transaction or agreement entered into by the

bank with its customers.

Yes Bank has launched co-branded card with BankBazaar






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• Yes Bank has announced the launch of co-branded credit card FinBooster in partnership with

BankBazaar.com

• It aims to empower customers to not only keep a track of their credit worthiness but also

improve their score basis review of factors impacting their credit score through an intuitive

CreditStrong app subscription (credit fitness report), complimentary for the Cardholder for

the first year

• The most recent edition of the BankBazaar Aspiration Index revealed that while close to 90

per cent people knew what credit score was, less than 70 per cent could accurately point

out the impact of their financial habits on their credit scores.

• Finbooster in partnership with BankBazaar is another step in our endeavour to enhance

customer experience while strengthening our Credit Cards portfolio.

• Designed to promote credit health, the card empowers customers to boost their credit

worthiness while continuing to earn rewards points through everyday spends across brands

and merchants.

Business & Economy

AIIB approves USD 356.67 million loan for expansion of Chennai Metro Rail System:

• The Asian Infrastructure Investment Bank (AIIB) has approved a USD 356.67 million loan to

the Government of India to support the expansion of the Chennai metro rail system.

• The project involves the construction of a new corridor in Chennai’s metro network as part of

Chennai Metro Rail Phase 2.

• It will span from Lighthouse in the east to Poonamalee Bypass in the west to ensure seamless

multimodal transport across Chennai by providing integrated access to suburban rail, bus

stations and the city’s main airport.

• In addition, the project will address traffic bottlenecks and reduce greenhouse gas emissions by

increasing public urban transport options

About AIIB:

• Headquarters: Beijing, China






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• Membership: 103 Members

PM Modi shares his remarks at launch of India Pavilion at Dubai Expo 2020 through video

conferencing:

• Prime Minister Narendra Modi has invited global investors to invest in India and be a part

of India's growth story. Sharing his remarks at the launch of India Pavilion at Dubai Expo 2020

through video conferencing.

• The main theme of Expo is Connecting Minds, Creating the Future. the spirit of this theme is

also seen in India's efforts as we move ahead to create a New India.

• This expo is also testimony to the resilience of mankind against the once in a century

pandemic.

• Referring to the theme of India's pavilion Openness, Opportunity and Growth, the Prime

Minister stressed that today’s India is one of the most open countries in the world, open to

learning, open to perspectives, open to innovation and open to investment.

• India's economic growth is powered by a combination of legacy industries and start-ups. India's

pavilion will showcase the best of India across these multiple areas.

• Mr Modi called the Expo historic and it is the first one to be held in the Middle East, Africa

and South Asia region.

• The Expo will go a long way in further building our deep and historical relations with UAE, and

with Dubai.

Govt receives about Rs. 1,426 crore from Coal India Limited as dividend in FY21

• The government has received over Rs 2,800 crore as dividend from Coal India and ONGC

fiscal year (FY) 2021

• Government of India has respectively received about Rs 1426 cr from Coal India Ltd and Rs

1406 crore from ONGC as dividend in this FY recently

• As per the Department of Investment and Public Asset Management (DIPAM) website, so

far in the current financial year (April-March), the government has received Rs 4,576 crore

as dividend from CPSEs.






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• Besides, Rs 9,110 crore has been mobilised through disinvestment in various Central Public

Sector Enterprises (CPSEs) so far this fiscal.

Coal Ministry has launched auction of 40 new coal mines

• The Ministry of Coal has launched next round of auction process for 40 new coal mines for

sale of coal.

• Union Minister of Coal and Mines Pralhad Joshi will be the chief guest of the launch event.

• Since the Ministry has entered into a rolling auction mechanism, the coal mines rolled over from

the previous tranche will also be on offer.

• Ministry of Coal under the leadership of Prime Minister Narendra Modi is on a continuous

journey to reform the coal sector and unlock value for the nation’s economy.

• The success of these auctions will help in further strengthening the vision of an Aatmanirbhar

Bharat as it will help reduce India’s coal imports and ensure energy security.

Finance Ministry has released monthly installment of PDRD Grant of Rs 9,871 crore to states

• The Finance Ministry has released the 7th monthly installment of Post Devolution Revenue

Deficit (PDRD) Grant of 9,871 crore rupees to the states.

• With the release of this installment, a total amount of 69,097 crore rupees has been released

to states as PDRD in the current financial year.

• The grants are released as per the recommendations of the Fifteenth Finance Commission in

monthly installments to meet the gap in revenue accounts of the states post devolution.

• The Commission has recommended PDRD grants to 17 States during 2021-22. The states

include Andhra Pradesh, Assam, Haryana, Karnataka, Kerala, Manipur, Mizoram, Nagaland,

Punjab, Rajasthan, Tamil Nadu, Tripura, Uttarakhand and West Bengal.

• The eligibility of states to receive this grant was decided by the Commission based on the gap

between assessment of revenue and expenditure of the State.

• The Commission recommended a total Post Devolution Revenue Deficit Grant of over 1.18

lakh crore to the states in the financial year 2021-22. Out of this, an amount of 69,097 crore

rupees has been released so far.






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JNPT records over 40% growth in container traffic in 1st half of current financial year

• Jawaharlal Nehru Port Trust (JNPT) has recorded over 40 percent growth in container traffic

in first half of the current financial year as compared to the corresponding period last year.

• It has handled over 27 lakh TEUs during first half of the current financial year. Mentioning

about the recently flagging off of the Dwarf container train services from JNPT, Chairman,

JNPT Sanjay Sethi, the Port has been undertaking various measures to ensure the port is at

par with technologically advanced global ports.

India is committed to achieve over 40% cumulative electric power installed capacity from non-

fossil-fuel energy resources by 2030: Power Ministry

• India is committed to achieve more than 40 percent cumulative electric power installed

capacity from non-fossil-fuel energy resources by 2030.

• Government has identified new areas to achieve higher levels of penetration of Renewable

energy by proposing certain Amendments to Energy Conservation Act, 2001.

• The objective of this amendment is to enhance demand for renewable energy at the end-use

sectors such as Industry, buildings and transport

• There will be provision to incentivise efforts on using clean energy sources by means of carbon

saving certificate.

• The proposed amendments will facilitate development of Carbon market in India and prescribe

minimum consumption of renewable energy either as direct consumption or indirect use

through grid. This will also help in reduction of fossil fuel- based energy consumption and

carbon emission to the atmosphere.






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Nov 2021 – Banking, Finance & Economy Current Affairs

Banking & Finance

Indian Bank reports Rs.266.73 crore worth of fraud to RBI

• Public sector lender Indian Bank has reported Rs 266.73 crore worth of fraud to the Reserve

Bank of India (RBI)

• The bank has reported three non-performing accouM nts as fraudulent.

• It detailed the Non-Performing Accounts (NPAs) as that have been declared as fraud and

reported to RBI as per regulatory requirements

• The nature of fraud for all three accounts has been specified as "Diversion of funds”

• The lender has declared M P Border Checkpost Development Co Ltd as fraud with an

outstanding of Rs.166.89 crore, Pune Sholapur Road Development with the amount involved

totaling Rs 72.76 crore and M/s SONAC with an amount of Rs 27.08 crore

ADB has approved $250 million loan for India's industrial corridor development

• The Asian Development Bank (ADB) has approved a $250 million loan to support the

Government of India’s National Industrial Corridor Development Program (NICDP).

• This is the first subprogram of the $500 million loan to develop 11 industrial corridors

spanning 17 states.

• India’s NICDP aims to develop world-class industrial nodes that are supported by efficient

urban agglomerations and multimodal connectivity, including international gateways like

ports and airports and inclusive, climate-resilient, and sustainable infrastructure. The national

program also seeks strong institutional and regulatory frameworks.

• The first subprogram loan will help government initiatives strengthen institutional

framework and capacity development for industrial corridor planning, improve project

readiness, facilitate ease of doing business, and thereby create opportunities for domestic

and foreign investors.






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• India recently upgraded its Industrial Park Rating System (IPRS) to boost industrial

infrastructure competitiveness and support policies to enable industrialization across the

country.

Govt has approved 8.5% interest rate on EPF for FY21

• The finance ministry has approved an 8.5% return on employees’ provident fund (EPF)

deposits for 2020-21, a move that will impact over 6.4 crore subscribers.

• The rate was the same for 2019-20. The labour ministry will now notify the interest rate before

the EPFO starts crediting the same into individual accounts.

• The entire exercise may take a maximum of 30 days to complete from the date the rate is

notified

• EPF is one fixed-income instrument that is completely tax-free under the exempt-exempt-

exempt (EEE) regime, along with PPF and the Sukanya Samriddhi Account.

Facebook Inc rebranded as “Meta”

• As part of a major rebrand, Facebook Inc has changed its corporate name to Meta (Meta

Platforms, Inc.), in an effort to include its virtual reality vision for the future.

• Facebook CEO Mark Zuckerberg, unveiled his plans to build “Metaverse”, an online world

where people can game, work and communicate in a virtual environment.

• The word “Meta” comes from the Greek word meaning “Beyond”.

• The company has also unveiled its new sign, a blue infinity shape, at its headquarters in Menlo

Park, California.

• The new sign replaces its thumbs-up “Like” logo.

Rebranding:

• The branding ‘Facebook’ will be removed from Whatsapp, Instagram, Oculus, Workplace,

Portal, Novi and other places.

• The names of the social media platforms like Facebook, Instagram, Messenger and Whatsapp,

which are now under meta are not changed.

Metaverse:






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• Metaverse is a set of virtual spaces which will allow the user to create and explore with others

who are not in the same physical space.

• The term ‘Metaverse’ was first coined in the 1992 novel Snow Crash by Neal Stephenson.

About Meta Platforms, Inc.:

• Meta Platforms, Inc. was formerly known as Facebook, Inc.(launched in February 2004) until

October 28, 2021.

• Founder, Chairman & CEO– Mark Zuckerberg

• Headquarters– Menlo Park, California, United States of America

PayU launches ‘PayU Token Hub’ – a Unique Tokenization Solution

• Pay U, India’s leading online payments solutions provider, launched a unique tokenization

solution service called ‘PayU Token Hub’.

• Pay U launched this service with the compliance of RBI’s latest guidelines on online card

data storage and also allows issuing banks to generate their own tokens (original data will

be in string of characters/symbols).

About PayU

• CEO of PayU India – Anirban Mukherjee

• CEO, PayU Global – Laurent Le Moal.

Max Life Insurance became 1st Life Insurer to Join AA System

• Max Life Insurance Co. Ltd became the 1st life insurer to join the Account Aggregator (AA)

framework, which was introduced by the Reserve Bank of India (RBI) in September 2021.

• Max Life is joining the AA network as a Financial Information User (FIU), for which it has

collaborated with a Non-Banking Finance Company (NBFC) FinVu, which is also an AA, and

Finarkein, a data analytics company.

• Objective is to access the customer’s financial information in a seamless and secure manner

from the AA ecosystem and reduce the timelines for policy issuance.

Account Aggregator (AA)






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• AA is a data access fiduciary, which will be used for the exchange of financial information

from FIPs to Financial Information Users (FIUs) in a safe manner with due customer

consent.

• AA network will not store/read the customers data in turn it will act as a pipeline between FIPs

and FIUs.

Note

• In September 2021, 8 banks have joined the AA Network as financial information providers

(FIPs).

About Max Life Insurance Co. Ltd:

• Headquarters – Gurugram, Haryana

• MD & CEO – Prashant Tripathy

KMB, NPCI Partnered to Launch Rupay Credit Cards ‘Veer’ for Armed Forces

• Kotak Mahindra Bank (KMB) has partnered with the National Payments Corporation of India

(NPCI) to launch Kotak credit cards on the RuPay network named ‘Veer’ for Indian armed

forces i.e the Army, Navy, and Air Force personnel.

• The launch of Veer credit card for the armed forces marks Kotak’s 1st credit card under the

RuPay network.

• 2 Variants: The credit card is available in two variants such as – Kotak RuPay Veer Platinum

and Kotak RuPay Veer Select.

• The credit cards are designed to fulfil the needs of the armed forces, who have dedicated

themselves to the service of the nation.

• The contactless cards have a zero joining fee and provide multiple benefits such as fuel, and

railway surcharge waivers, including a safe, rewarding, and contactless shopping experience for

the armed forces personnel and their families.

About Kotak Mahindra Bank (KMB):

• Establishment – 2003 (Kotak Mahindra Finance Ltd. became India’s 1st non-banking finance

company to be converted into a commercial bank KMB.







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• MD & CEO – Uday Kotak

• Tagline – Let’s make money simple

About National Payments Corporation of India (NPCI):

• It is an organisation for operating retail payments and settlement systems in India.

• It is an initiative of the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under

the provisions of the Payment and Settlement Systems Act, 2007 for creating a robust Payment

& Settlement Infrastructure in India.



• MD & CEO -Dilip Asbe

SBI launches video call life certificate submission facility for pensioners:

• The State Bank of India (SBI) has launched a video life certificate service for pensioners.

• This new facility, launched, will allow pensioners to submit their life certificates via video

from their homes. As per the press release from SBI, this facility is available for pensioners

(other than family pensioners).

• Thus, a spouse of the pensioner receiving a pension from the government will not be able to

use this facility. As per SBI, the process of video life certificate is paperless and free of cost

• It is important for pensioners and family pensioners to submit their life certificates before

November 30 every year to avoid their pensions getting suspended. If the life certificate is not

submitted by the pensioner, then he/she will stop receiving his/her pension.

ICICI Lombard ties up with Vega Helmets:

• ICICI Lombard General Insurance has partnered with Vega to offer personal accident

insurance cover on every online purchase of Vega helmet.

• The personal accident insurance policy will provide individuals with the benefit of accidental

death with sum insured of ₹1 lakh. The cover is applicable on a worldwide basis

• ICICI Lombard has always been a stout supporter of road safety and has undertaken several

activities under our ‘Ride to Safety’ initiative which aims at creating awareness about safety






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rules. Taking the spirit ahead, this tie-up takes us one step closer to ensuring an individual’s

personal security

PhonePe launches tokenisation solution:

• PhonePe launched PhonePe SafeCard, a tokenization solution for online debit and credit

card transactions.

• This solution will enable both PhonePe users and merchant partners to continue

experiencing the convenience of saved card transactions with increased security, and in

compliance with the new RBI guidelines. This solution supports all major card networks such as

Mastercard, Rupay and Visa.

• Tokenization provides users an added layer of security by converting sensitive cardholder

data to a string of randomly generated numbers known as a token.

• All a customer has to do is to provide a one-time consent via OTP and undertake a transaction

to tokenize their debit and/or credit card for the first time.

• This feature will enable users to utilise saved card details for seamless transactions across the

PhonePe ecosystem.

About PhonePe:

• Founded: December 2015

• CEO: Sameer Nigam

• Headquarters location: Bengaluru

RBI Eased Current Account Rules for Bank Exposures Less than Rs 5 crore

• On account of the feedback received from the Indian Banks’ Association (IBA), the Reserve

Bank of India (RBI) has eased the Current Account (CA) rules for bank exposures less than Rs 5

crore and allowed borrowers to open CAs, Cash Credit (CC) and OverDraft (OD) from the

banking system under certain provisions.

About OverDraft(OD):

• It is a credit facility that will be provided by banks to allow customers to use or withdraw money

from their savings or current account even when there is no balance or minimum balance up to

the approved limit.






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• OD will work like an approved loan but the banks will charge interest only on the utilized

amount for the time when it is used.

ADB Approved USD 250 Million Loan to Support India’s NICDP

• The Asian Development Bank (ADB) approved the 250 million USD (~Rs 1873 crore) loan to

support the National Industrial Corridor Development Program (NICDP) of India.

• This is the first subprogram of the programmatic USD 500 million loan to develop 11 industrial

corridors across 17 states.

• This loan is in line with India’s reform agenda to strengthen industrial infrastructure and

support to enhance the competitiveness of India’s manufacturing sector, increase the share of

manufacturing in the Gross Domestic Products (GDP) and generate a high level of formal

employment.

• This first subprogram loan will create opportunities for domestic and foreign investors by

providing support to the government initiatives to strengthen the institutional framework and

capacity development for industrial corridor planning, improve project readiness, and facilitate

ease of doing business.

About National Industrial Corridor Development Program (NICDP):

• NICDP aims to develop world-class industrial nodes, supported by urban agglomerations and

multimodal connectivity, international gateways like ports and airports and inclusive, climate-

resilient, and sustainable infrastructure.

• The NICDP also desires to achieve strong institutional and regulatory frameworks.

Industrial Park Rating System (IPRS):

• The Industrial Park Rating System (IPRS) has been upgraded to boost the industrial

infrastructure competitiveness and support policies to enable industrialisation across India.

• As a part of NICDP, it is also developing guidelines for green corridor framework and climate-

resilient infrastructure with a focus on enhancing skills of the female labour.

About Asian Development Bank (ADB):

• President– Masatsugu Asakawa

• Managing Director General– Woochong Um






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• Establishment in 1966

• Members– 68 members(49 are from within Asia & the Pacific and 19 outside)

• Headquarters– Metro Manila, Philippines

RBI publishes ‘Statement of Commitment to Support Greening India’s Financial System

• The Reserve Bank of India (RBI) recently published its ‘Statement of Commitment to

Support Greening India’s Financial System - NGFS.

• To benefit from the membership of NGFS by learning from and contributing to global efforts on

Green Finance, RBI has joined the Central Banks and Supervisors Network for Greening the

Financial System (NGFS) as a Member on April 23, 2021.

• In this regard, on the occasion of the 2021 United Nations Climate Change Conference

(COP26), NGFS has reiterated its willingness to contribute to the global response required to

meet the objectives of the Paris Agreement, and, to that end, NGFS will expand and

strengthen the collective efforts towards greening the financial system.

RBI to organise its first global hackathon with theme 'smarter digital payments'

• Reserve Bank of India has announced its first global hackathon 'HARBINGER 2021 -

Innovation for Transformation' with the theme 'smarter digital payments'. Registration for

the hackathon starts from November 15.

• For the Hackathon, RBI invites participants to identify and develop solutions that have the

potential to make digital payments accessible to the under-served, enhance the ease of

payments and user experience, while strengthening the security of digital payments and

promoting customer protection.

• Ideas have also been sought for innovative, easy-to-use, non-mobile digital payment

solutions for converting small-ticket cash transactions to digital mode; alternative mechanism

for digital payments; and social media analysis monitoring tool for detection of digital payment

fraud and disruption.

RBI imposes curbs on Babaji Date Mahila Sahakari Bank; caps withdrawals at Rs 5,000






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• The RBI has imposed several restrictions on Maharashtra-based Babaji Date Mahila

Sahakari Bank, including capping withdrawals at 5,000 rupees for customers, amid

deterioration in the lender’s financial position.

• The restrictions will remain in force for six months. According to Reserve Bank, Babaji Date

Mahila Sahakari Bank, Yavatmal, should not, without prior approval of RBI in writing, grant or

renew any loans and advances, make any investment, and incur any liability.

• The liability part includes borrowing of funds and acceptance of fresh deposits.

• Without RBI’s nod, the cooperative bank cannot also disburse or agree to disburse any

payment, enter into any compromise or arrangement and sell, transfer or otherwise dispose of

any of its properties or assets.

Junio ties up with RuPay for debit card for pre-teens, teenagers

• Children-focussed fintech, Junio, has launched a smart multipurpose card for pre-teens and

teenagers on the RuPay platform.

• The Junio RuPay Card is designed for kids and can function as a debit card for both their

online and offline purchases

• Kids and parents can sign up on the Junio app, and use virtual Junio smart cards with zero

annual charges. In addition, children can enjoy up to seven per cent cashback and other

reward benefits on Junio payments.

• The newly launched Junio Smart Card powered by RuPay will allow youngsters to make online

and offline payments with ease. They have already seen increased acceptance of the card

across the merchant network given the robustness of the RuPay platform

IBM has launched client innovation centre in Mysuru

• IBM has announced that it had launched a client innovation centre (CIC) in Mysuru,

Karnataka.

• The CIC initiative aims at supporting the rapid, high-tech driven economic growth in tier 2 and

3 regions while providing comprehensive hybrid cloud and AI technology consulting

capabilities.






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• The CIC specialises in design, software engineering and analytics and it had facilitated the

launch as part of its ‘spoke-shore strategy’ to attract companies to set up operations in cities

‘Beyond Bengaluru

• The IBM CIC will play a key role in the digital transformation of the IT-ecosystem throughout

the city and create new employment opportunities to foster the next wave of technology

innovation

Tata Motors has signed a 5-year MoU with Equitas SFB:

• Tata Motors has signed a five-year Memorandum of Understanding (MoU) with Equitas

SFB, to bring financial solutions to its customers.

• These benefits will be applicable across the Tata Motors small commercial vehicle (SCV) range.

Tata Motors will leverage Equitas SFB’s network across the country, spanning 861

branches and 550+ CV customer touchpoints, to make these solutions accessible for

customers

• Equitas SFB, one of India’s leading small finance banks, to make the extensive range of

vehicles available to a larger set of customers, with easy financing and flexible repayment

options.

• With an extensive 3 million customer database and sustained years of expertise in the

sector, Equitas SFB will helps to extend the beneficial offerings to CV customers across the

nation

About Equitas Small Finance Bank:

• Headquarters: Chennai

• Tagline: It’s Fun Banking

• MD & CEO: Vasudevan Pathangi Narasimhan

Bandhan Bank appointed as “Agency Bank” of RBI to Conduct Govt. Business

• In November 2021, the Reserve Bank of India (RBI) appointed Bandhan Bank, a scheduled

private bank, as an “Agency Bank” for undertaking government business.






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• Bandhan Bank will now be authorised to handle transactions related to GST (Goods &

Services Tax), VAT (Value Added Tax) & other functions on behalf of Central & State

governments.

• Note: In May 2021, RBI issued guidelines to authorise scheduled private sector banks as

‘agency banks’ to conduct government business.

About Bandhan Bank:

• Bandhan Bank was established in 2015, prior to which it functioned as an NGO since 2001.

• MD & CEO- Chandra Shekhar Ghosh

• Headquarters – Kolkata, West Bengal


• Governor -Shaktikanta Das (25th Governor)

• Headquarters- Mumbai, Maharashtra

• Founded– 1 April 1935

PM has launched the schemes for retail participation in govt securities

• Prime Minister Narendra Modi has launched two customer-centric initiatives of the RBI with

a view to provide opportunities to retail investors to participate in the government

securities market and contribute towards nation-building.

• The two initiatives of RBI -- retail direct scheme and integrated ombudsman scheme --

will also promote financial inclusion

• The retail direct scheme, would provide access to small investors to earn assured returns by

investing in securities and it will also help the government to garner funds for nation-building.

• On the Reserve Bank-Integrated Ombudsman Scheme (RB-IOS)- it is aimed at further

improving the grievance redress mechanism for resolving customer complaints against

entities regulated by the central bank.

• The RBI Retail Direct Scheme is aimed at enhancing access to the government securities

market for retail investors. It offers retail investors a new avenue for directly investing in the

securities issued by the centre and the state governments.






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• This scheme (RB-IOS) will do away with the jurisdictional limitations as well as limited grounds

for complaints. RBI will provide a single reference point for the customers to submit

documents, track status of complaints filed and provide feedback.

• The schemes are administered through 22 offices of RBI Ombudsman (ORBIOs). Complaints

that do not fall within the ambit of the Ombudsman mechanism are handled by the Consumer

Education and Protection Cells (CEPCs) functioning at 30 regional offices of RBI.

RBI has removed the restrictions on Diners Club International Limited

• The Reserve Bank of India has removed restrictions, with immediate effect, imposed on

Diners Club International regarding on-boarding of fresh domestic customers onto its card

network.

• RBI restricted Diners Club International Ltd. from onboarding new domestic customers onto

its card network from May 1, 2021, due to non-compliance with RBI on the storage of Payment

System Data.

• The central bank had banned the US-based company from onboarding new domestic

customers onto its card network for violating data storage norms.

• Earlier, RBI has banned – American Express, the 7th largest credit card issuer in India (on

23rd April 2021), and Mastercard, the 2nd largest credit card issuer in India (in July 2021)

from enrolling new customers. RBI has not yet lifted its ban.

ABOUT RBI:

• Founded: April 1, 1935;

• Headquarters: Mumbai, Maharashtra;

• Governor: Shaktikanta Das;

• Deputy Governors: Mahesh Kumar Jain, Michael Debabrata Patra, M Rajeshwar Rao, T Rabi

Sankar.

UBS projects India’s GDP growth forecast at 9.5% for FY22






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● The Swiss brokerage firm, UBS Securities has revised India’s real GDP growth projection for

2021-22 to 9.5 percent from 8.5 percent estimated earlier.

● For 2021-22 (FY22) = 9.5%

● For 2022-23 (FY23) = 7.7%

● For 2023-24 (FY24) = 60%

Paytm Money has launched AI-powered ‘Voice Trading’

● Paytm Money, a wholly-owned subsidiary of Paytm, launched Voice Trading that allows

users to place a trade or get information about stocks via single voice command.

● The service has been launched in line with Paytm Money’s efforts to offer next-gen and AI

driven tech to elevate user experience.

● Paytm Money’s R&D team leveraged its experience in disruptive tech to specifically solve

this problem with Voice Trading. The voice trading feature enables a single voice command,

with the use of Neural Networks and Natural Language Processing (NLP) to allow instant

processing.

● With the advent of 5G, smart devices and a hyper-connected world, the way we live and

transact will change, voice- based transactions will slowly become mainstream and this is the

first step to embrace the power of Video/Audio

● With a mobile-first and interconnected world of devices and the much awaited launch of 5G,

the Voice Trading feature enables users to skip the usual 5 to 6 step process of trade in a

dynamic environment with simple voice commands

About Paytm:

● CEO: Vijay Shekhar Sharma

● Founder: Vijay Shekhar Sharma

● Founded: August 2010, Noida

● Headquarters: B-121, Sector 5, Noida, Uttar Pradesh, India

HDFC Bank has launched the second edition of “Mooh Band Rakho” campaign






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● HDFC Bank Ltd has launched the second edition of its “Mooh Band Rakho” campaign to

raise awareness on fraud prevention in support of International Fraud Awareness Week 2021

(November 14-20, 2021).

● HDFC Bank aims to increase awareness of its customers on all types of frauds and the

importance of keeping your mouth shut to ensure their prevention and taking a pledge and not

share confidential banking information with anyone.

● HDFC Bank will organise 2,000 workshops in the next four months under this campaign.

About HDFC:

● Headquarters: Mumbai, Maharashtra;

● MD and CEO: Sashidhar Jagdishan;

● Tagline: We understand your world.

SIDBI, Google tie-up for loan programme targeted at micro enterprises

● Small Industries Development Bank of India (SIDBI) has entered into a collaboration with

Google for having a social impact lending programme, entailing financial assistance up to

Rs.1 crore at competitive interest rates targeted at micro- enterprises.

● To reinvigorate micro-enterprises affected due to Covid-19 with the collaborate corpus of

Rs.110 crore.

● The collaboration envisages a loan programme targeted at micro enterprises (having turnover

up to ₹5 crore), with loan sizes ranging between Rs.25 lakh to Rs.1 crore, being implemented

by SIDBI, which is an All India Financial Institution (AIFI) engaged in the promotion,

financing and development of Micro, Small and Medium Enterprises (MSMEs)

● The AIFI emphasised that the major focus under the programme will be on enterprises run by

women entrepreneurs, with suitable interest rate concession also envisaged for such

enterprises

SBI, Tata Steel arm tie up to promote football

● State Bank of India (SBI) has entered into a strategic partnership with Jamshedpur

Football Club (JFC), a fully owned Tata Steel subsidiary, to promote football in the country.






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● With this partnership, SBI will be one of the principal sponsors of the JFC, India’s largest bank

● There have been rapid strides in Indian football over the past decade, especially with the

advent of the Indian Super League.

● With the agreement coming into existence, the JFC match jersey will now feature the SBI logo.

On anonymity that the partnership agreement is a multicrore deal done for the upcoming

season (2021-22) but in all likelihood the partnership will go beyond the upcoming season.

About SBI:

● Chairperson: Dinesh Kumar Khara

● Founded: 1 July 1955

● Headquarters: Mumbai

India received $87 billion in remittances in 2021; US is the top source

● India received $87 billion in remittances in 2021, and the United States was the biggest

source, accounting for over 20 percent of these funds, the World Bank.

● Flows to India (the world's largest recipient of remittances) are expected to reach $87 billion, a

gain of 4.6 per cent with the severity of Covid-19 caseloads and deaths during the second

quarter playing a prominent role in drawing altruistic flows to the country

● India is followed by China, Mexico, the Philippines, and Egypt. In India, remittances are

projected to grow three per cent in 2022 to $89.6 billion, reflecting a drop in overall migrant

stock, as a large proportion of returnees from the Arab countries await return

AIIB approves USD 150 M loan to India for implementation of Sustainable Urban services

program for Chennai Metropolitan Area

● The Asian Infrastructure Investment Bank (AIIB) has approved a 150 million USD loan to

the Government of India for the implementation of the Sustainable Urban services program for

Chennai Metropolitan Area (CMA).

● India is the largest beneficiary of AIIB and the bank has so far approved 29 projects for India

worth 6.8 billion USD.






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● AIIB will soon approve a 500 million USD project for COVID-19 vaccination in India. Dr.

Pandian hailed the leadership of Prime Minister Narendra Modi for India’s infrastructure push.

● The Chennai Metropolitan Area project will cover the core urban services, including water

resource management, water supply and sewerage, urban mobility, solid waste management,

and public health. It looks at operationalising CUMTA to coordinate diff modes of transport.

About AIIB:

● Headquarters: Beijing, China

● Membership: 104 Members

● Formation: 16 January 2016

RBI has authorized RBL Bank to collect direct taxes

● Private sector lender RBL Bank has been authorized by the Reserve Bank of India to collect

direct taxes on behalf of the Central Board of Direct Taxes.

● After technical integration, RBL Banks corporate and individual customers will be able to pay

their direct taxes through RBL Banks mobile banking or net banking platforms as well as

through the branch banking network, resulting in ease and convenience for customers.

About RBL:

● Headquarters: Maharashtra

● Tagline: Apno ka Bank

● MD & CEO: Vishwavir Ahuja

Economic Advisory Council to PM projects growth rate of 7% to 7.5% in 2022-23

● The Economic Advisory Council to the Prime Minister (EAC-PM) has projected a real rate of

growth of 7 to 7.5 per cent and a nominal rate of growth of more than 11 per cent in 2022-

23.

● Members of the EAC-PM has expressed optimism about real and nominal growth prospects in

2022-23 in a meeting held in New Delhi.






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Members felt that contact intensive sectors and construction should recover in 2022-23 and once

capacity utilization improves, private investments should also recover.

HDFC Bank has launched a micro-credit facility for the street vendors

● HDFC Bank launched a micro-credit facility for the street vendors under PM Street vendor’s

Atma Nirbhar Nidhi (PM SVANidhi), with common service centres.

● PM SVANidhi provides a collateral-free affordable loan of Rs 10,000 along with an interest

subsidy of 7 percent. It was launched by the Ministry of Housing and Urban Affairs on June

01, 2020 to provide affordable working capital loans to street vendors to continue their

livelihoods that have been affected due to lockdown.

● HDFC Bank facilitates the PM SVANidhi for its Village-Level Entrepreneurs on the digital

Sewa portal where vendors can complete the entire process via online method.

● HDFC Bank capitalizes for facilitating small ticket loans of Rs 10,000 for vendors along with

VLEs to identify the opportunities for other products & maximize their incentives.

About HDFC:

● CEO & MD – Sashidhar Jagdishan

● Founded – 1994

● Headquarters – Mumbai, Maharashtra

● Tagline – We Understand Your World

Mswipe announced the partnership agreement with OneCard

● Mswipe has announced a partnership agreement with OneCard, a mobile-first credit card

company.

● It will provide no-cost or low-cost EMIs to its retail customers while purchasing at Mswipe

Point of Sale terminals

● OneCard through its ‘OneCard App’ is providing its card users both offline and online

transactions, other services such as paying the bill, locking the card, domestic and

international transactions






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● The users of OneCloud are now able to access no or low interest EMIs while availing mid and

high value purchases at retail outlets of Mswipe terminals.

● The ‘Pay Later offering’ is provided by Mswipe. It will reduce the check-out process by

reducing the time taken to complete the process.

About Mswipe:

● MD: Manish Patel.

● Founded– 2011.

● Headquarters– Mumbai.

About OneCard:

● CEO- Anurag Sinha.

● Headquarters- Pune.

BOB Financial Solutions Limited has partnered with NPCI to launch BoB Credit Cards on the

RuPay platform:

• BOB Financial Solutions Limited (BFSL), a Non-Banking Financial Company, a wholly-owned

subsidiary of Bank of Baroda, has partnered with National Payments Corporation of India

(NPCI) to launch BoB Credit Cards (in two variants of Easy and Premier) on the RuPay

platform.

• Both variants of Credit Cards were launched on the JCB International network to support

global acceptance.

• The cards had various benefits such as 5X Reward Points on select merchant categories, fuel

surcharge waiver, pre- and post-purchase EMI offers up to 3 complimentary add-on credit

cards for family members enabled by both BFSL and NPCI.

• The Premier Credit Card offers a personal accidental death insurance cover of up to Rs 50

lakhs.






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• BFSL and NPCI have utilized First Vision TM from Fiserv, a core card processing platform for

cards and transaction management, with a set of APIs (Application Programming Interfaces)

and microservices for seamless digital enablement.

About BFSL:



• MD & CEO – Shailendra Singh

The Network International, signed MoU with NIPL to facilitate UPI transactions in the UAE

• The Network International, a digital commerce company based in Dubai, signed a

Memorandum of Understanding with NPCI International Payments Ltd (NIPL), the international

arm of National Payment Corporation of India to facilitate UPI transactions in the UAE.

• The agreement will benefit Indians, who are visiting UAE by allowing seamless payments

through UPI app. Note– In 2020, UPI facilitated transactions in India accounts around USD

457 billion, which is equivalent to approximately 15% of India’s GDP.

• The proposed implementation of UPI mobile payment solutions on Network International’s

merchant network in the UAE is expected to commence in the first quarter of 2022.

About NIPL:

• CEO- Ritesh Shukla

• Founded– April 3, 2020

India & World Bank sign loan agreement to improve quality of learning for over 50 lakh students

across Andhra Pradesh

• The Government of India, Government of Andhra Pradesh and the World Bank signed the legal

agreements for $250 million for a project which aims to improve quality of learning for over 50

lakh students in the state of Andhra Pradesh.






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• Students from all grades and stages of school education will benefit from the project. The

beneficiaries are about 40 lakh students (between the age of six and fourteen) in over 45,000

government schools, and over 10 lakh children (between the age of three and six) enrolled in

Anganwadis (Integrated Child Development Centers), and about 1,90,000 teachers, and more

than 50,000 Anganwadi workers.

IDFC FIRST Bank has partnered with Hindustan Petroleum Corporation Ltd (HPCL) for fuel

payments using FASTags

• IDFC FIRST Bank partnered Hindustan Petroleum Corporation Ltd (HPCL) enabling bank’s

FASTag customers to facilitate fuel payments of passenger vehicles at HPCL’s retail outlets

using the bank’s FASTags via HP PAY app.

• This tie-up will benefit about five million customers by making transit-related payments

simpler.

• The agreement for the same was signed in Mumbai at an event attended by the senior

management of HPCL and IDFC FIRST Bank.

• IDFC FIRST Bank’s FASTags can be bought, recharged and replaced by passenger vehicle

users at select HPCL retail outlets.

About IDFC FIRST Bank:

• Establishment: 2018

• MD & CEO: V. Vaidyanathan


SBI Research upgrades India's GDP growth estimate for financial year 2022

• SBI Research has upgraded India's GDP growth projection for financial year 2022 to the range

of 9.3%-9.6% from its earlier estimates of 8.5%-9%.

• The revised GDP estimate of SBI Research is in-line with RBI's projection of 9.5% GDP

growth for the current fiscal year.






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• The projection comes as the country recorded only 11% increase in Covid-19 cases during

the July-September quarter of 2021, second-lowest among the top 15 most affected countries

India & World Bank has signed a loan agreement to improve quality of learning for over 50 lakh

students across Andhra Pradesh

• The Government of India, Government of Andhra Pradesh and the World Bank on has

signed the legal agreements for $250 million for a project which aims to improve quality of

learning for over 50 lakh students in the state of Andhra Pradesh.

• The beneficiaries are about 40 lakh students (between the age of six and fourteen) in over

45,000 government schools, and over 10 lakh children (between the age of three and six)

enrolled in Anganwadis (Integrated Child Development Centers), and about 1,90,000 teachers,

and more than 50,000 Anganwadi workers.

• The Supporting Andhra's Learning Transformation Project will encourage professional

development of teachers; provide remedial learning courses for children impacted by the

COVID-19 pandemic; and pay special attention to students from marginalized groups,

including children with special needs, scheduled tribes, and girls.

• The Department of Economic Affairs, Ministry of Finance, stated that “Providing universal

access to quality education is central to India's economic and social development.

• The agreement was signed by Shri Rajat Kumar Mishra, Additional Secretary, Department of

Economic Affairs, Ministry of Finance on behalf of the Government of India; Mr Budithi

Rajsekhar, Principal Secretary, Department School Education on behalf of the Government of

Andhra Pradesh; and Mr Junaid Ahmad, Country Director, India on behalf of the World

Bank.

ICICI Bank launches online platform ‘Trade Emerge’ for exporters and importers

• ICICI Bank has announced the launch of an online platform, ‘Trade Emerge’, to offer

comprehensive digital banking as well as value-added services to exporters and importers

across India.






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• The first-of-its-kind initiative makes cross border trade hassle-free, expeditious and

convenient, as it offers an array of services in one place, which eliminates the need for

companies to coordinate with multiple touchpoints.

• The list of banking services includes current / saving account offerings, comprehensive

trade services (Letter of Credit / Bank Guarantee / Trade Credit etc.), digital solutions like

Corporate Internet Banking and Trade Online, state-of-the-art foreign exchange solutions,

payment & collection solutions and credit cards.

About ICICI:

• MD & CEO: Sandeep Bakhshi;

• Headquarters: Mumbai, Maharashtra;

• Tagline: Hum Hai Na, Khayal Apka.

India, ADB sign $300 million loan to improve primary health care in India

• The Government of India and the Asian Development Bank (ADB) has signed a $300

million loan to strengthen and improve access to comprehensive primary health care in

urban areas of 13 states that will benefit over 256 million urban dwellers including 51

million from slum areas.

• Mr. Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs in the

Ministry of Finance, signed for the Government of India the agreement for Strengthening

Comprehensive Primary Health Care and pandemic preparedness in Urban Areas Program

while Mr. Takeo Konishi, Country Director of ADB’s India Resident Mission, signed for

ADB.

• The programme will be implemented in urban areas across 13 states: Andhra Pradesh,

Assam, Chhattisgarh, Gujarat, Haryana, Jharkhand, Karnataka, Madhya Pradesh,

Maharashtra, Rajasthan, Tamil Nadu, Telangana, and West Bengal.

• Beside the pandemic response, interventions through the program promote increased

utilization of urban HWCs with provision of comprehensive primary health care packages






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including noncommunicable diseases and community outreach services such as

awareness raising activities on health care options, particularly for women

• The programme is supported by a $2 million technical assistance grant from ADB’s Japan

Fund for Poverty Reduction to provide support for programme implementation and

coordination, capacity building, innovation, knowledge sharing and application of scalable

best practices across the healthcare system.

ADB approves USD 1.5 bn loan to India for purchasing COVID-19 vaccines

• The Asian Development Bank has approved a USD 1.5 billion (around Rs 11,185 crore) loan

to India for COVID-19 vaccine procurement.

• The Asian Infrastructure Investment Bank (AIIB) is expected to co-finance an additional

USD 500 million for the project.

ESAF Bank has launched electric vehicle loan scheme ‘Go green’

• The Thrissur-based ESAF Small Finance Bank Limited has announced the latest “ESAF Go

Green” range of electric vehicle loan schemes. The launch coincides with COP26.

• “ESAF Go green” loans validate ESAF Small Finance Bank’s social business strategy seeking a

triple bottom line impact; people; planet; and prosperity.

• These products will help the customers discover the eco-friendly electric vehicles at low-

interest rate, zero foreclosure charges, minimal processing fee and zero documentation charges

• The government and local bodies have introduced concessions and incentives to increase the

use of electric vehicles which are beneficial to consumers and the environment.

• The government had also given special consideration in the budget to promote the use of

electric vehicles. ESAF Small Finance Bank caters to more than 46 lakhs customers through its

550 banking outlets across 21 States and two UTs.

Yes Bank has collaborated with Amazon Pay and AWS to offer UPI payment services






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• Yes Bank has announced its collaboration with Amazon Pay and Amazon Web Services

(AWS) to offer customers an instant real-time payment system through a UPI transaction

facility.

• The integration enables Amazon Pay to issue UPI IDs with the @yapl handle, allowing

customers to make secure, fast, and convenient payments.

• Based on a multi-bank model, this collaboration allows Yes Bank to acquire merchants

through the Amazon Pay platform, further extending the lender’s presence in the UPI

merchant business segment.

• With AWS, the bank will have more flexibility to scale with the exponential growth in UPI

volumes driven by high customer demand.

RBI has announced the higher cap on promoter stake in private banks at 26% after 15 years:

• Reserve Bank of India had formed an Internal Working Group (IWG) in June 2020, to review

the extant guidelines on ownership and corporate structure for Indian private sector banks.

• The IWG had 5 members with Shrimohan Yadav as the convenor. The Internal Working

Group (IWG) had made 33 recommendations to RBI.

• Now RBI has accepted 21 recommendations out of these 33.

• The initial lock-in requirements will continue as minimum 40 per cent of the paid-up voting

equity share capital of the bank for first five years.

• The cap on promoters’ stake in long run of 15 years has been raised from 15 percent

(earlier) to 26 percent of the paid-up voting equity share capital of the bank.

• For Universal Banks: The initial paid-up voting equity share capital/ net worth required to set

up a new universal bank has been increased to Rs 1000 crore (from present Rs 500 crores).

• For SFBs: The initial paid-up voting equity share capital/ net worth required to set up a new

SFB, has been increased to Rs 300 crores (from present Rs 200 crores).

• For UCBs transiting to SFBs: The initial paid-up voting equity share capital/ net worth has

been increased to Rs 150 crores (from present Rs 100 crores) which has to be increased to Rs

300 crores in five years (from present Rs 200 crores).

About RBI:






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• The Reserve Bank of India is India's central bank and regulatory body under the jurisdiction of

Ministry of Finance, Government of India.


• Founded: 1 April 1935, Kolkata

• Governor: Shaktikanta Das

Paytm Payments Bank rolls out ‘Paytm Transit card’:

• Paytm Payments Bank (PPBL) has rolled out a ‘Paytm Transit Card’, aiming to equip

millions of Indians with one physical card for all their everyday needs from travel in metro,

railways, State-owned bus services, toll & parking charges to payments at offline

merchant stores, online shopping and more.

• The first phase of rollout is being launched in collaboration with Hyderabad Metro Rail,

Ahmedabad Metro and the Delhi Airport Express Line.

• The card linked to the Paytm Wallet can be used for all transactions of a user from travel in

metros, buses and trains, to pay toll and parking charges, payment at offline and online stores

to withdrawal of cash from ATMs.

• Paytm Transit Card is the firm’s second product in the mass transit category after the

success of PPBL FASTags.

About Paytm:

• CEO: Vijay Shekhar Sharma

• Founder: Vijay Shekhar Sharma

• Founded: August 2010

• Headquarters: Noida, Uttar Pradesh

Business & Economy

Microsoft stock becomes world's most valuable






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• Microsoft's stock becomes world's most valuable after it's share rose as much as 1.1% to hit

a market value of 2.46 trillion Dollars blowing past Apple.

• The drop in Apple Inc.’s shares have propelled Microsoft Corp. to the position of the world’s

largest listed company by market capitalization.

• Apple fell as much as 3.9% to 146.65 Dollar after reporting fourth-quarter revenue that came

in below the average analyst estimate, which gave the iPhone maker a market value of 2.41

trillion Dollar.

About Microsoft:

• CEO: Satya Nadella

• Founded: 4 April 1975, Albuquerque, New Mexico, United States

• Headquarters: Redmond, Washington, United States

• Chairperson: John W. Thompson

Facebook has launched a new localised business hub to help SMBs in India

• Facebook has launched the ‘Grow Your Business Hub’ at the Grow Your Business summit,

to help micro, small, and medium businesses to find relevant information, tools, and

resources curated to cater to their business goals based on their growth journey.

• The social media giant is also looking at creating customised programmes depending on the

stage of growth of the business providing them with relevant training and digital enablement.

• Globally, more than 200 million businesses, mostly small businesses use Meta’s tools to

connect with customers through its various apps including WhatsApp, Facebook and

Instagram.

• A significant share of this comes from India. For instance, there are more than 15 million

WhatsApp for Business app users in India.

• ‘Grow Your Business Hub’, the inaugural edition of the summit also saw the launch of

‘Grow Your Business Playbook’ that is aimed to inspire and equip early-stage businesses to

start their journeys on Meta’s apps.






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• The Playbook is Facebook India’s first published book on everything small businesses need to

know from starting a business page, creating content on the page, to the first steps they need

to take to start advertising.

• In August, Facebook launched the ‘Small Business Loans Initiative’ partnering with fintech

player Indifi to enable 5-minute business loans at 17-20 per cent annual interest rate.

Facebook will continue to work with small business advertisers through third-party lenders.

India Post Payments Bank has tie-up with Bajaj Allianz for distribution of non-life insurance

• India Post Payments Bank has entered into a tie-up with Bajaj Allianz Life Insurance

Company to enable customers, particularly from weaker sections and living in unbanked and

underserved areas, to become financially secure and empowered.

• Department of Posts and Bajaj Allianz Life Insurance Company announced a strategic

partnership for offering term and annuity products to customers. These products will be

provided through the Bank’s extensive network of 650 branches and over one lakh 36

thousand banking access points.

• Bajaj Allianz Life Smart Protect Goal and Bajaj Allianz Life Guaranteed Pension Goal are the

term and annuity products, which will be offered as per this strategic alliance.

• Both the products will be available to customers in addition to the Department of Posts'

existing Postal Life Insurance and Rural Postal Life Insurance products.

Oil companies to set up 22 thousand EV charging stations across country on mission mode

• Oil companies of India will set up 22 thousand Electric Vehicle (EV) charging stations on a

mission mode in prominent cities and along national highways across the country.

• Petroleum and Natural Gas Minister Hardeep Puri, Indian Oil Corporation will set up ten

thousand stations. It has already installed 439 EV charging stations and plans to install 2000

charging stations in its retail outlet network over the next one year.

• Another 1000 EV Charging Stations will be set up by Bharat Petroleum within the next one

year and 7000 overall. It has already set up 52 stations. HPCL which has already installed 382

EV stations so far will set up 1000 stations in the next one year and 5000 overall.






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• This is in line with Prime Minister Narendra Modi's announcement in Glasgow to reduce

carbon intensity of the economy by 45 percent by 2030.

RBI projects CPI inflation at 5.3% for 2021-22

• India’s retail inflation rate, measured by the Consumer Price Index or CPI, rose mildly in

October to 4.48% year-on-year from 4.35% in September due to an uptick in food prices.

• The inflation was 7.61% in October last year. For the fourth month in a row, CPI has been

below the Reserve Bank of India’s six percent margin.

• The RBI has projected the CPI inflation at 5.3 per cent for 2021-22.

• According to the Ministry of Statistics and Programme Implementation, MoSPI data, inflation in

the food basket rose to 0.85 percent in October, compared to 0.68 percent in the preceding

month

IIP grows by 3.1% in September

• Country's Index of Industrial Production, or IIP, grew 3.1% in September. In August,

Industrial production had jumped 11.9 percent.

• IIP has maintained significant growth from March 2021 onwards, aided by a continuing low

base effect last year. Among the major sectors, the mining index in September gained 8.6%

while the manufacturing Index rose 2.7%. Basic Metal Index advanced 5.4%. Electricity Index

inched up 0.9%

• The mining output during September grew by 8.6%, whereas the manufacturing sector

jumped 2.7%.

• The electricity generation in September was up 0.9%. Industrial production has been rising for

the past few months primarily due to the low base of last year, however, the latest print

indicates its effect is ebbing.

• During April-August this year, the IIP grew 28.6% against a 25% contraction in the same

period last year.






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• Industrial production has been hit due to the coronavirus pandemic since March last year when

it had contracted 18.7 percent.

Google has announced the 7th edition of its Google for India event 2021

• Google has announced the 7th edition of its Google for India event 2021 held virtually.

• The event emphasizes making the internet safer for a billion Indians and empowering the

country to become a leading digital economy

• Google has announced a global-first feature in India that will let users hear search results out

loud, the feature will enable people to hear by simply asking Google Assistant to read out the

search results.

• Google announced its support of voice-assisted bookings for vaccinations on the COWIN

platform with the help of the Google Assistant.

• Google Search was now enabled to show results in more Indian local languages, especially

when a user searches in their language, instead of showing results in English on top.

• Google has added the My Shop feature to Google Pay. The tool will be available to merchants

using Google Pay for Business app to help them ‘digitise’ their journey.

• Google partnered with non-profit Armaan for Mitra program in partnership to help benefit

women who are pregnant and very often lack access to basic healthcare.

• The company announced strengthening of the Google Career Certificate program to help

more people acquire new digital skills.

Rating agency Moody’s has projected India's GDP growth at 9.3 percent in 2022

• Rating agency Moody’s has projected that the economic growth in India will rebound strongly.

• In its latest report, Moody’s Investors Service pegged the country's GDP growth at 9.3 percent

in 2022 financial year and 7.9 percent in 2023.

• India has steady progress in Covid vaccination will support a sustained recovery in India’s

economic activity.






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• Moody's, consumer demand, spending, and manufacturing activity are recovering following

the easing of pandemic restrictions.

• It also improved vaccination coverage has led to stabilization in consumer confidence.

Goldman Sachs has Projected India’s GDP growth in financial year 2021- 22 (FY22) at 8.5

percent

• Goldman Sachs has Projected India’s GDP growth in financial year 2021- 22 (FY22) at 8.5

percent, and increased the rate of GDP growth in FY23 to 9.8 percent.

• The GDP had contracted by 7.3 percent (-7.3%) in FY21, whereas the Reserve Bank of India

(RBI) expects a 9.5 percent growth in FY22.

• Goldman Sachs expects the headline consumer price inflation to rise to 5.8 percent in 2022

from 5.2 percent in 2021.

• As per Goldman Sachs forecasted, the RBI to begin its policy normalisation, and expected

cumulative rate hikes of 0.75 percent in 2022.

RBI has imposed ₹1 crore penalty on SBI

• The Reserve Bank of India has imposed a monetary penalty of ₹1 crore on the State Bank of

India (SBI) for contravention of a provision in the Banking Regulation (BR) Act, 1949, relating

to the extent of shares a Bank can hold in borrower companies.

• The central bank announced that, this action is based on deficiencies in regulatory compliance

and is not intended to pronounce upon the validity of any transaction or agreement entered

into by the State Bank of India with its customers.

• RBI’s statutory inspections for supervisory evaluation (ISE) of SBI with reference to its financial

positions as on March 31, 2018, and March 31, 2019, and the examination of the risk assessment

reports, inspection report and all related correspondence pertaining to the same, revealed

contravention of sub-section (2) of section 19 of the BR Act.

• RBI came to the conclusion that the charge of contravention of the aforesaid provisions of the

Act was substantiated and warranted imposition of monetary penalty on the bank to the extent

of contravention of the aforesaid provisions of the Act.






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About SBI:

• Chairperson: Dinesh Kumar Khara

• Founded: 1 July 1955


Dec 2021 – Banking, Finance & Economy Current Affairs

Banking & Finance

• The Reserve Bank of India ➔appointed P.N. Raghunath, General Manager, Reserve Bank of

India, ➔ Additional Director on the board of Ujjivan Small Finance Bank ➔two years.

• Agriwise Finserv Limited, an agri-focussed NBFC, ➔a co-lending agreement with Central Bank

of India ➔agri-loan disbursal.

• The Reserve Bank of India (RBI) ➔imposed a monetary penalty of Rs.1 crore on Union Bank of

India (UBI) ➔non-compliance with certain provisions of its directions relating to fraud

classification and reporting and sale of stressed assets.

• Regional Rural Banks (RRBs) ➔playing an important role in➔agricultural credit, particularly to

Small and Marginal Farmers (SF/MF) and weaker sections of the society.

• The Reserve Bank of India (RBI) ➔three-member Advisory Committee ➔Administrator of

Reliance Capital.

• Max Life Insurance Company Ltd ➔ ‘Buy Now – Pay at Approval’ ➔term insurance purchases

for customers to include more modes of online transactions.

• India's Gross domestic product, GDP, grows at 8.4 per cent ➔second quarter of the current

fiscal logged fastest growth among major economies in the world.

• The Asian Development Bank (ADB) and the central government ➔ signed a $ 250 million loan

➔National Industrial Corridor Development Program (NICDP) ➔to boost the country’s

manufacturing competitiveness and generate high level employment.






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• State Bank of India (SBI) ➔master agreement with Adani Capital for co-lending ➔to farmers

for purchase of tractor and farm implements, to increase efficiency in farm operations and

productivity of crops.

• DBS ➔India’s FY23 growth forecast upwards to 7 percent year-on-year from 6 per cent earlier.

• Paytm ➔memorandum of understanding (MoU) ➔ the Directorate of General Training (DGT) in

the Ministry of Skill Development and Entrepreneurship ➔train 6,000 individuals over a period

of three years in the rapidly growing fintech industry.

• State Bank of India (SBI) ➔listed its USD 650-million green bonds ➔the India International

Exchange (India INX) and the Luxembourg Stock Exchange (LuxSE).

• Yes Bank ➔partnered➔ National Payments Corporation of India (NPCI) ➔offer RuPay branded

credit cards to its customers on the indigenously developed payment platform

• Karnataka Bank Ltd ➔memorandum of understanding ➔Toyota Kirloskar Motor Pvt Ltd (TKM)

to introduce financing options for its customers to purchase Toyota vehicles.

• Karnataka Vikas Grameena Bank (KVGB), a regional rural bank headquartered in Dharwad,

➔memorandum of understanding (MoU) ➔Liberty General Insurance for selling general

insurance products through 629 branches of KVGB.

• ICICI Bank ➔Flipkart to offer an instant and digital overdraft (OD) facility of up to Rs.25 lakh to

individual sellers and businesses registered on the e-commerce platform.

• State Bank of India (SBI) ➔ a memorandum of understanding (MoU) ➔Kendriya Sainik Board

to support and educate the children of war veterans, ex-servicemen, and war widows.

• RBI announces bi-monthly Monetary Policy; Key policy rates remain unchanged

Policy Repo Rate 4.00%

Reverse Repo Rate 3.35%

Marginal Standing Facility Rate 4.25%

Bank Rate 4.25%

CRR 4.00%






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• Fitch Ratings ➔by 30 basis points (100 basis points mean 1 percentage point) to 8.4 per cent.

• Federal Bank ➔partnered with Star Health and Allied Insurance Co Ltd ➔corporate agent to

provide health insurance products to the lender’s 8.9 million customers spread over 1,291

banking outlets across the country.

• Life Insurance Corporation of India (LIC) ➔received approval from the Reserve Bank of India

(RBI) to ➔in IndusInd Bank to up to 9.99 per cent of the total issued ➔paid-up capital of the

private sector lender.

• Karnataka Bank ➔conferred with two DigiDhan awards ➔by the Union Ministry of Electronics

and Information Technology (MeitY).

• Reliance Ind, Tata Consultancy, HDFC Bank ➔most valuable companies: Burgundy Private

Hurun India

• Bank of Baroda (BoB) ➔ memorandum of understanding (MoU) ➔Centrum Housing Finance

(CHFL) for sourcing and financing housing loan borrowers under co-lending model.

• Paytm Payments Bank Limited (PPBL), an associate entity of Paytm, ➔Scheduled Bank status

➔Reserve Bank of India (RBI) ➔and has been included in the Second Schedule to the Reserve

Bank of India Act, 1934.

• The Life Insurance Corporation of India ➔launched a new non-linked, non-participating,

individual savings life insurance plan. Called Dhan Rekha, ➔offers special premium rates for

female lives.

• India Post Payments Bank (IPPB) and NPCI Bharat BillPay ➔partnered to facilitate cash-based

assisted bill payments ➔doorstep of customers.

• India’s fintech industry ➔raised a cumulative funding of $27.6 billion ➔expected to be valued

at over $150 billion by 2025, Amitabh Kant, CEO, NITI Aayog.

SLR 18.00%

Base Rate 7.30% - 8.80%

MCLR (Overnight) 6.50% - 7.00%

Savings Deposit Rate 2.70% - 3.00%

Term Deposit Rate > 1 Year 4.90% - 5.50%






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• The Reserve Bank of India (RBI) ➔a prompt corrective action (PCA) framework ➔from October

1, 2022for troubled non-banking finance companies to restore their financial health.

• IndiGo, a leading carrier, and Kotak Mahindra Bank (KMBL), a leading private sector lender

➔launched the travel credit card ‘Ka-ching’.

• Debt-laden Vodafone Idea ➔paid Rs.1,500 crore to IDFC First Bank ➔Rs.110 crore interest.

• Pine Labs, a merchant commerce platform, ➔partnered with AU Small Finance Bank, the

country’s largest small finance bank.

• Scheduled payments banks and scheduled small finance banks ➔will be eligible to conduct

Government agency business, ➔according to the Reserve Bank of India (RBI).

• SBI ➔Memorandum of Understanding (MoU) with the Indian Army ➔to offer benefits to all

serving as well as retired Army Personnel ➔their families through its Defence Salary Package

(DSP) Scheme.

• Tata Motors ➔Bandhan Bank ➔ to sign a retail finance MoU, offering finance options to all its

passenger vehicle customers.

• Axis Bank ➔Swift ➔to provide digital banking solution

• Home First Finance Company India Ltd (HomeFirst) h ➔entered into a strategic co-lending

➔with Union Bank of India (UBI) to offer home loans to customers.

• Digital payments platform PhonePe ➔announced ➔tokenised cards on all three major payment

networks - Visa, Mastercard and Rupay.

• ICICI Prudential Life Insurance (IPRULIFE) ➔become the first Indian insurance company ➔sign

the United Nations-supported Principles for Responsible Investment (UNPRI), ➔demonstrating

its commitment towards the environment, social and governance (ESG) issues.

• IFSCA ➔up committee for creating a Framework ➔for transfer of stressed loans from domestic

lenders to permitted financial institutions in IFSC

• National Payments Corporation of India (NPCI) ➔joined hands with brands and aggregators

➔bigbasket, Goibibo, MakeMyTrip, JioPay, Juspay, Paytm, and PhonePe ➔introduce a

tokenisation facility supported by the recently launched NPCI Tokenisation System (NTS).






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• The Government of India and the Asian Development Bank (ADB) ➔signed a $112 million loan

to set up a skill university in Assam ➔will strengthen industry-aligned and flexible skills

education and training system in the state.

• The Government of India and the Asian Development Bank (ADB) ➔signed a $350 million

policy-➔loan to improve access to urban services in India

• The Government of India and Asian Development Bank (ADB) ➔signed a $150 million loan

➔provide access to inclusive, resilient, and sustainable housing for the urban poor in the state

of Tamil Nadu.

• The Bellari-headquartered Karnataka Gramin Bank (KGB), sponsored by Canara Bank, ➔signed

a memorandum of understanding (MoU) ➔Care Health Insurance Ltd to market health

insurance products for customers of the bank across 22 districts of Karnataka.

• Mastercard and Google ➔announced the rollout of tokenisation for Google Pay users

transacting through Mastercard credit and debit cards.

• Paytm Payments Bank, an associate entity of Paytm, and Nasdaq-listed MoneyGram, a global

leader ➔in digital P2P payments, ➔entered into a partnership to enable MoneyGram ➔globally

to send money in real-time to a Paytm Wallet user in India.

• IndusInd Bank ➔ National Payments Corporation of India (NPCI) ➔offering real-time cross-

border remittances to India using UPI IDs for its Money Transfer Operator (MTO) partners.

• HDFC Life Insurance Company ➔bancassurance tie-up ➔with South Indian Bank (SIB).

● The Reserve Bank of India (RBI) ➔extended the card-on-file (CoF) tokenisation deadline by six

months to June 30, 2022, in view of various representations received from industry bodies. The

earlier deadline was December 31, 2021.

● India Post Payments Bank (IPPB) and HDFC Bank ➔memorandum of understanding ➔offering

latter’s various banking products and services to customers of the payments bank in semi-

urban and rural areas, focussing on unbanked and underserved segments.

● IndusInd Bank ➔launch of ‘Green Fixed Deposits’, ➔the deposit proceeds will be used to

finance projects and firms supporting the United Nations Sustainable Development Goals

(SDGs).






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● The Indian economy ➔to maintain real GDP growth of 9 per cent each in FY2022 and FY2023,

➔the uncertainty ignited by the Omicron variant of Covid-19, according to ICRA.

● The National Payments Corporation of India (NPCI), State Bank of India (SBI), and Department

of e-Governance, government of Karnataka ➔partnered for enabling and implementing e-RUPI,

➔a cashless and contactless payment solution for students under the State’s scholarship

programme

● Central Bank of India (CBoI) ➔announced its partnership with the National Payments

Corporation of India (NPCI) ➔launch ‘RuPay Business Platinum Debit Card’ for

firms/corporates.

● The Reserve Bank of India (RBI) ➔extended the validity of its directions for the scam-hit

Punjab and Maharashtra Cooperative (PMC) Bank ➔January 1, 2022 to March 31, 2022, but it

will be subject to review.

● The RBI’s half-yearly stress ➔indicate that Gross Non-Performing Asset ➔climb from 8.1

percent to 9.5 percent by September 2022

● Aarati Krishnan, ➔a member of the Securities & Exchange Board of India’s Advisory Committee

on Mutual Funds.

● The Reserve Bank of India (RBI) ➔extended the relaxation it provided for operation of customer

accounts of regulated entities ➔periodic updation of KYC (know your customer) is due and

pending as on date, from December 31, 2021, till March 31, 2022.

Business & Economy

• Bajaj Finserv, one of the largest financial conglomerates in India, ➔kicked off the second phase

of ‘Savdhaan Rahein. Safe Rahein’. a public awareness campaign ➔on Life Insurance Frauds.

• Organisation for Economic Co-operation and Development (OECD) ➔decreased India’s growth

forecast to 9.4% for FY22 from 9.7% estimated in September 2021.

• Prime Minister Narendra Modi has the first 2 Plus 2 dialogues between defence and foreign

ministers ➔took place earlier, starts a new mechanism to improve behavioural cooperation.






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• Minister of State for Commerce and Industry Anupriya Patel, India’s pharmaceutical exports

➔to Pakistan have increased from 129.32 million US dollars in 2016-17 to 152.32 million dollars

in 2020-21.

• Secretary, Department of Investment and Public Asset Management Tuhin Kanta Pandey, the

government ➔received about 19 crore rupees from Cotton Corporation of India Ltd and 59 crore

rupees from KIOCL as dividend tranches.

• Wholesale price inflation, WPI, rose to 12-year high of 14.23 percent in the month of November.

• The country's Index of Industrial Production (IIP), ➔ grew 3.2 percent in October.

• Retail inflation based on Consumer Price Index, CPI, ➔risen to a three-month high of 4.91 percent

in November this year.

• India ➔registered the highest ever annual Foreign Direct Investment (FDI) ➔inflow of 81.97

billion dollar in 2020-21.

• The Government of India (GoI) and European Investment Bank (EIB) ➔signed a Finance

Contract ➔first tranche loan of Euro 250 million for Agra Metro Rail Project.

• The Reserve Bank of India ➔imposed a monetary penalty of Rs.30 Lakh on MUFG Bank Ltd

➔non-compliance with its directions on ‘Loans and Advances – Statutory and Other

Restrictions’.

January 2022 – Banking, Finance & Economy Current Affairs

Banking & Finance Bank of Maharashtra launches WhatsApp Banking service:

• Bank of Maharashtra (BoM) has launched WhatsApp banking service for its customers as

well as non-customers.

• The Pune-headquartered public sector bank will offer services such as balance inquiry, mini

statement, cheque status inquiry, cheque book request, locate branch/ ATM, opt-in, opt-out,

contact us information on WhatsApp.

• The WhatsApp banking service is available on both Android and iOS based mobile phones.






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• the WhatsApp banking service can be activated by a user by saving the Bank’s WhatsApp

number (7066036640) in their phone and sending a ‘hi’ message on this number.

• A message with Menu will appear as a response and a user can start performing Banking

operations instantly using the menu.

About BOM:

• Headquarters: Pune

• CEO: A. S. Rajeev


LIC, GIC Re and New India systemically important insurers: IRDAI

• Insurance regulator Irdai announced that the state-owned LIC, GIC Re and New India

continue to be identified as Domestic Systemically Important Insurers (D-SIIs) for 2021-22.

• D-SIIs refer to insurers of such size, market importance and domestic and global inter

connectedness, whose distress or failure would cause significant dislocation in the domestic

financial system.

• LIC, GIC Re and New India continue to be identified as Domestic Systemically Important

Insurers (D-SIIs), as in the 2020-21 list of D-SIIs," Insurance Regulatory and Development

Authority of India (Irdai).

• Life Insurance Corporation of India; General Insurance Corporation of India; and New India

Assurance Co. Ltd, are on the list of D-SIIs for the year 2021-22.

About IRDAI:

• Founded: 1999

• Headquarters: Hyderabad

• Chairperson: Subhash Chandra Khuntia

About LIC:

• Chairperson: M R Kumar







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IDFC, holding firm to merge with IDFC FIRST Bank:

• IDFC FIRST Bank its board of directors, in-principle, favours the merger with itself of IDFC Ltd

and IDFC Financial Holding Company Ltd (Promoter Group).

• This merger is subject to the approval of the board of directors, shareholders, creditors, of the

respective entities as also statutory and regulatory nod, IDFC First Bank .

• The bank’s board has constituted and authorised a ‘Capital Raise and Corporate

Restructuring Committee’ to work on the terms of the proposed merger including finalising the

scheme, valuation, and hiring advisors.

• The boards of IDFC and IDFC FHCL, at their respective meetings, considered and noted the

letter received from IDFC FIRST Bank regarding the merger and decided to give “in principle”

approval for the proposed merger.

SBI to acquire 9.95% stake in GIFT-IFSC-based Clearing Corp:

• State Bank of India announced that it will acquire up to 9.95 per cent stake in India

International Clearing Corporation (IFSC) Ltd subject to maximum investment of ₹34.03

crore.

• The Clearing Corporation is a GIFT City (Gandhinagar, Gujarat) based Market Infrastructure

Institution (MII).

• The Corporation is the first international clearing corporation to be set up at Gujarat

International Finance Tec-City (GIFT) International Financial Services Centre (IFSC).

• India’s largest bank said the requisite approvals required for the acquisition have been received

from the Reserve Bank of India (in July 2021) and IFSC Authority (in July 2021).

• Per the filing, initial subscription is estimated to be completed by March 31, 2022.

• Thereafter, the Clearing Corporation may call up the residual commitment from SBI in

accordance with the transaction documents and applicable law.

RBI unveils framework to enable small value digital payments in offline mode:






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• The Reserve Bank of India (RBI) has issued a framework to enable small value digital

payments in offline mode using any channel or instrument such as cards, wallets and mobile

devices.

• An offline digital payment means a transaction which does not require internet or telecom

connectivity.

• Under this new framework, which is applicable with immediate effect, offline payments can

be made in face-to-face (proximity) mode only.

• Payment instruments will be enabled for offline transactions by Authorised Payment System

Operators and Participants (Banks and Non-banks) based on explicit consent of the customer.

• Offline transactions using cards will be allowed without a requirement to switch on the

contactless transaction channel.

NPCI Bharat BillPay introduces Unified Presentment Management System for recurring bill payments:

• NPCI Bharat BillPay (NBBL), the wholly-owned subsidiary of National Payments Corporation

of India, has introduced ‘Unified Presentment Management System’ (UPMS) for recurring bill

payments.

• UPMS will enable the customers to set up standing instructions from any channel and for any

mode on their recurring bill payments.

• The bills will be automatically fetched from the billers and presented to customers for their

action, in terms of auto-debit and bill payment management.

NHB’s ₹150 cr refinance exposure to PMC Bank may get preferential treatment:

• National Housing Bank’s ₹150 crore refinance exposure to the scam-hit Punjab and Maharashtra Co-

operative (PMC) Bank may get preferential treatment vis-a-vis other institutional creditors having

uninsured deposits with the bank.

• The ₹150 crore refinance that NHB has given to PMC Bank against its individual home loans will get

transferred to Unity Small Finance Bank (the transferee bank into which PMC Bank will get amalgamated).

• However, NHB may not earn any interest on the refinance amount for the entire period that PMC Bank

has been under RBI Directions till the appointed date.






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• As per Section 16(B)(2) of the NHB Act, where any accommodation has been granted by NHB to a

borrowing institution, all securities held, or which may be held, by such borrowing institution on account

of any transaction in respect of which such accommodation has been granted, shall be held by such

institution in trust for NHB.

Indian economy to grow at 8.3 percent during current financial year and 8.7 percent in next fiscal: World

Bank

● World Bank: Indian economy is expected to grow at 8.3 percent in the current financial year.

● It has upgraded India's GDP growth for the next fiscal to 8.7 percent, reflecting higher

investment from the private sector and in infrastructure, and dividends from ongoing reforms.

● In its latest Global Economic Prospects, World Bank, the growth outlook will also be supported

by ongoing structural reforms, a better-than-expected financial sector recovery, and

measures to resolve financial sector challenges despite ongoing risks.

● Global economic growth will dip to 4.1 percent in current financial year and 3.2 percent in the

next fiscal.

MobiKwik launches ‘ClickPay’ in collaboration with NPCI Bharat BillPay Ltd:

● MobiKwik has launched ‘ClickPay’ in collaboration with NPCI Bharat BillPay Ltd (NBBL)

whereby its customers can pay recurring online bills such as mobile, gas, water, electricity,

DTH, insurance, and loan EMIs with ease by eliminating the need to remember individual bill

details and due dates.

● ClickPay is a two-step payment feature wherein the billers generate a unique payment link

within the bill-pay message, allowing customers to make payments directly on the payment

page.

● MobiKwik is one of the largest Mobile Wallet and Buy Now Pay Later (BNPL) Fintech

companies in India.

● NBBL is the wholly-owned subsidiary of National Payments Corporation of India.

Cholamandalam launches three new business verticals for consumer & SME loans:






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• Murugappa Group’s Cholamandalam Investment and Finance Company has created three

new business divisions to drive the next wave of growth – Consumer & Small Enterprise Loan

(CSEL), Secured Business & Personal Loan (SBPL) and SME Loan (SME).

• While consolidating the company’s position as a leading player in the vehicle finance, loan

against property, and housing finance businesses, the company has also launched these

three new business divisions

• CSEL business will focus on three areas – personal & professional loans (PPL), micro &

small enterprise loans and strategic digital partnerships.

Click here to read more;

Federal Bank, Equirus Wealth launch exclusive USD Fixed Maturity Fund:

● Federal Bank, in association with Equirus Wealth, has launched a “US Dollar offshore fund”

exclusively for their customers.

● This is in collaboration with SCUBE Capital, a Singapore-based global fund management

company.

● Both NRI and Resident customers of Federal Bank will be able to invest in this fund.

● The fund offers a portfolio return (IRR) guidance of around $6.50 per cent per annum with a

fund tenor of three years from the date of fund closure with an option to extend by one year.

● The Portfolio is managed by a highly skilled team with a cumulative experience of over 70 years

in managing investments of over $50 billion

Ind-Ra estimates GDP growth at 7.6 per cent:

• India Ratings & Research (Ind-Ra) expects Gross Domestic Products (GDP) to grow by 7.6

per cent in the fiscal year 2022-23 (FY23)

• After a gap of two years, the growth will be meaningful,” Sunil Kumar Sinha, Principal

Economist with Ind-Ra

• Now, all eyes will be on the Economic Survey, which is scheduled to be tabled in the Parliament

on January 31 and that will give the government’s estimate for FY23.





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• The government expects GDP growth in the current fiscal to be 9.2 per cent.

• According to Ind-Ra, though the real GDP in FY23 will be 9.1 per cent higher than the FY20

(pre-Covid level) GDP level.

• However, the size of the Indian economy in FY23 will be 10.2 per cent lower than the FY23

GDP trend value.

SEBI launches Saa₹thi mobile app on investor education:

● Securities and Exchange Board of India (SEBI) has launched Saa₹thi, a mobile app on

investor education.

● The new app aims to empower investors with accurate knowledge about the securities

market.

● The app will cater largely to individual investors, who have recently entered the markets and

carry out trading via their mobile phones

● The app will be popular among young investors in the times to come and it will be helpful in

easily accessing all the relevant information like the basic concepts of Securities Market,

KYC Process, trading and settlement, mutual funds, recent market developments, investor

grievances redressal mechanism, etc.

● It is currently available in Hindi and English.

● The Android and iOS versions of the App can be downloaded from Play Store and App Store

respectively.

India Post Payments Bank's customer base crosses 5 crore mark:

• India Post Payments Bank, IPPB, has crossed the five-crore customer mark in just 3 years

of commencement of its operations to become one of the fastest growing digital payments bank

in the country.

• It has opened up these five crore accounts in digital and paperless mode through its one lakh

36 thousand Post Offices.

• Out of these post offices, one lakh 20 thousand are in rural areas.






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• About one lakh 47 thousand doorstep banking service providers helped in opening up of

these accounts.

• With this, IPPB has achieved the world’s largest digital financial literacy programme by

building a financially aware and empowered customer-base, leveraging the strength of two

lakh 80 thousand Post Office employees.

• IPPB has further stated that it has taken digital banking to the grassroots levels through

Interoperable Payments and Settlement Systems of NPCI, RBI and UIDAI offering services in

over 13 languages.

RBI: Digital payments up 39.6% in Sept 2021:

● The RBI’s Digital Payment Index, which shows the deepening of payments through digital

modes in India, rose by 39.64 per cent to 304.06 in September 2021 against 217.74 in the

year-ago month.

● Constructed with March 2018 as the base period — DPI score for March 2018 is set at 100 —

the RBI-DPI was 173.49 in September 2019.

● Digital payments increased after Covid hit the nation in March 2020 and the government and

the Reserve Bank of India (RBI) announced several measures to boost digital payments.

● The RBI-DPI comprises five broad parameters that enable measurement of deepening and

penetration of digital payments in the country over different time periods, viz. payment

enablers, payment infrastructure—demand-side factors (10 per cent), payment

infrastructure—supply-side factors (15 per cent), payment performance (45 per cent) and

consumer centricity (5 per cent).

● These parameters have sub-parameters which, in turn, consist of various measurable

indicators.

Spices Board launches first online portal for exports






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● Union Minister of State for Commerce and Industry Som Parkash launched Spice Xchange India',

spicexchangeindia.com the country's first virtual platform for spice exports at a hybrid event held in

Kochi, Kerala.

● The spicexchangeindia.com is a 3D virtual platform aimed at connecting India's spice exporters with

buyers from around the world beyond the constraints of time, space, and language.

● The portal uses AI-based technology to connect relevant spice buyers with Indian spice exporters.

● The buyers and sellers can access the database to find the potential customers on this platform.

● The portal works as an extended office enabling the subscribers to conduct virtual meetings with their

customers.

● It will help in creating greater new business opportunities for the spice sector with the help of

technology”.

● It will facilitate ease of doing business and is a giant leap in strengthening export transactions of spices

from India.

Note :

• India exports 225 different spices and spice products to more than 180 countries.

About Spices Board of India :

• Founded: 1987

• Headquarters: Kochi, kerala, India

• Chairman : Shri. A G Thankappan

• Regional Laboratories at Mumbai, Chennai, Delhi, Tuticorin, Kandla and Guntur.

• The Spices Board was constituted in 1987 under the Spices Board Act 1986.

About Ministry of Commerce and Industry :

● Union Minister : Piyush Goyal

● Minister of State : Anupriya Patel, Som Parkash

India pays $29.9 million in UN regular budget assessments for 2022:

• India has paid USD 29.9 million in UN regular budget assessments for the year 2022.





https://www.google.com/search?rlz=1C1CHBD_enIN936IN936&sxsrf=AOaemvKzgp2rT5vcm11WkgIt63yJvSC3ew:1642998581777&q=spices+board+of+india+founded&stick=H4sIAAAAAAAAAOPgE-LUz9U3SDFOzkjSUs1OttLPL0pPzMusSizJzM9D4Vil5ZfmpaSmLGKVLS7ITE4tVkjKTyxKUchPU8jMS8lMVIDKAwBCcHGVVAAAAA&sa=X&ved=2ahUKEwjI4NTWxsn1AhVsSmwGHUT8BI8Q6BMoAHoECCgQAg

https://www.google.com/search?rlz=1C1CHBD_enIN936IN936&sxsrf=AOaemvKzgp2rT5vcm11WkgIt63yJvSC3ew:1642998581777&q=spices+board+of+india+headquarters&sa=X&ved=2ahUKEwjI4NTWxsn1AhVsSmwGHUT8BI8Q6BMoAHoECCkQAg

https://www.google.com/search?rlz=1C1CHBD_enIN936IN936&sxsrf=AOaemvKzgp2rT5vcm11WkgIt63yJvSC3ew:1642998581777&q=Kochi,+kerala,+India&stick=H4sIAAAAAAAAAONgVuLUz9U3SKrMsMhaxCrinZ-ckamjkJ1alJiTqKPgmZeSmQgA1zw44SQAAAA&sa=X&ved=2ahUKEwjI4NTWxsn1AhVsSmwGHUT8BI8QmxMoAXoECCkQAw

https://en.wikipedia.org/w/index.php?title=Shri._A_G_Thankappan&action=edit&redlink=1

https://en.wikipedia.org/wiki/Mumbai

https://en.wikipedia.org/wiki/Chennai

https://en.wikipedia.org/wiki/Delhi

https://en.wikipedia.org/wiki/Tuticorin

https://en.wikipedia.org/wiki/Kandla

https://en.wikipedia.org/wiki/Guntur

https://www.google.com/search?rlz=1C1CHBD_enIN936IN936&sxsrf=AOaemvJn_22qREG6ziBBgrP_KSFhBKipRQ:1642999428222&q=Piyush+Goyal&stick=H4sIAAAAAAAAAOPgE-LSz9U3MCpMMTYpVwKzU9KLzAzTtfSyk6300_PLUovyclPzSpCY8YnpqXnJlVb5aWmZyanxGfk5KalFi1h5AjIrS4szFNzzKxNzdrAyAgCUsHvBXAAAAA&sa=X&ved=2ahUKEwi12aPqycn1AhWETmwGHc6bD4YQmxMoAnoECCQQBA

https://en.wikipedia.org/wiki/Anupriya_Patel

https://en.wikipedia.org/wiki/Som_Parkash


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• India joins the 2022 Honour Roll of 24 Member States out of 193 that have paid their @UN

Regular Budget Assessments in full, India's Permanent Mission to the UN.

• As of January 21, 2022, 24 Member States have paid their regular budget assessments in full.

• India is currently a non-permanent member of the 15-nation Security Council and its two-year

term will end on December 31, 2022.

SBI withdraws controversial circular on recruitment of pregnant women candidates:

• State Bank of India, the country’s largest commercial bank, withdrew the controversial

circular that barred women candidates who are over three months pregnant from taking up

jobs in the bank.

• In view of the public sentiments, SBI has decided to keep the revised instructions regarding

recruitment of pregnant women candidates in abeyance and continue with the existing

instruction in the matter.

• SBI has always been proactive towards the care and empowerment of its women employees

who now constitute around 25 per cent of its workforce.

Business & Economy Interest rates on Small Savings Schemes kept unchanged for fourth quarter of FY22:

• The interest rates on various Small Savings Schemes have been kept unchanged for the fourth

quarter of this financial year.

• The rates of interest on Small Savings Schemes from 1st January to 31st March, 2022, will

remain unchanged.

Compound annual growth rate of digital transaction gone up by 50%:

• Government has stated that the compound annual growth rate of digital transaction has gone

up by fifty per cent.






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• Electronics and Information Technology Ministry, the number of digital transactions has

increased from one thousand 85 crore rupees in 2016-17 to five thousand 554 crore in 2020-

21.

• Recognizing the importance of a cashless economy, the government announced setting up of

Digi Dhan Mission with a target of two thousand 500 crore digital payment transactions

during the Financial Year 2017-18 through Unified Payment Interface, Unstructured

Supplementary Service Data, Aadhaar Pay, Immediate Payment Service and Debit cards.

• As a result of coordinated efforts of all stakeholders, the number of digital transactions has

increased manifolds as of now.

• In the last financial year, the mission was given a target of five thousand 500 crore digital

payment transactions, which it has surpassed achieving five thousand 554 crore transactions.

Fino Payments Bank gets RBI nod to start international remittance business:

• Fino Payments Bank has received the Reserve Bank of India’s approval for commencing

international remittance business under the Money Transfer Service Scheme (MTSS).

• The Bank will be undertaking inward cross-border money transfer activities in association with

an overseas principal, the details of which are being worked out.

• It also has plans to commence outward remittance services soon.

ICICI Prudential Mutual Fund launches Auto ETF:

● NFO will be open for five days from January 5-10. The offering aims to provide returns that

closely correspond to the total return of the benchmark Nifty Auto index.

● However, this is one industry which boasts of much higher return on capital employed (RoCE)

and cash generation compared with other sectors, attributable to good margins and higher

asset turnover.

Govt approves 19th tranche of electoral bonds

• Ahead of assembly elections in five states, the government approved the issuance of the 19th tranche

of electoral bonds, which will be open for sale from January 1 to 10, 2022.






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• State Bank of India (SBI), in the XIX Phase of sale, has been authorised to issue and encash Electoral

Bonds through its 29 Authorized Branches.

• The 29 specified SBI branches are in cities, such as Lucknow, Shimla, Dehradun, Kolkata, Guwahati,

Chennai, Thiruvananthapuram, Patna, New Delhi, Chandigarh, Srinagar, Gandhinagar, Bhopal, Raipur,

and Mumbai.

About Electoral bonds :

● Electoral bonds have been pitched as an alternative to cash donations made to political parties as part

of efforts to bring transparency in political funding.

● The bonds do not have a maximum limit and are issued in the multiples of Rs 1,000, Rs 10,000, Rs 1

lakh and 1 crore.

● It can be purchased by a person who is a citizen of India or entities incorporated or established in India.

● Only the political parties registered under Section 29A of the Representation of the People Act, 1951 (43

of 1951) and which secured not less than 1 percent of the votes polled in the last general elections to

the House of the People or the Legislative Assembly of the state, shall be eligible to receive the electoral

bonds.

● An electoral bond will be valid for 15 days from the date of issue.

● The bond deposited by any eligible political party into its account would be credited on the same day.

● The bonds were first issued in 2018.

● The sale of the first batch of electoral bonds took place from March 1-10, 2018.

The 18th tranche of the bond sale took place from September 1 to September 10, 2021

ICICI Bank facilitates payment of customs duty online:

• Private sector lender ICICI Bank has announced the launch of a facility for payment of

customs duty online.

• The facility is available for both retail and corporate customers.

• Corporate customers can pay customs duty through the bank’s Corporate Internet Banking

(CIB) and mobile banking app InstaBIZ, while retail customers can do so through the bank’s

retail internet banking platform

SBI, ICICI, HDFC Bank remain as Domestic Systemically Important Banks: RBI:






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● The Reserve Bank of India (RBI) announced that the State Bank of India (SBI), ICICI Bank

and HDFC Bank continue to be identified as Domestic Systemically Important Banks (D-

SIBs), under the same bucketing structure as in the 2020 list of D-SIBs.

● RBI places D-SIBs in appropriate buckets depending upon their Systemic Importance Scores

(SISs).

● The central bank’s current update on D-SIBs is based on the data collected from banks as on

March 31, 2021. Based on the bucket in which a D-SIB is placed.

● Under RBI’s ‘Framework for dealing with D-SIBs’, SBI is placed in the third bucket, whereby it is

required to maintain Additional Common Equity Tier 1 (CET1) at 0.60 per cent of its Risk

Weighted Assets (RWAs).

● ICICI Bank and HDFC Bank are placed in the first bucket, whereby they are required to maintain

Additional CET1 at 0.20 per cent of their RWAs.

SBI enhances IMPS transaction limit to ₹5 lakh:

• State Bank of India (SBI) has enhanced the limit on Immediate Payment Service (IMPS)

transactions from ₹2lakh to ₹5 lakh with nil charges on transactions via digital channels –

internet banking/mobile banking, including YONO.

• The enhancement in the IMPS limit comes in the wake of the Reserve Bank of India’s

announcement on October 8, 2021, that the per transaction limit for IMPS transactions would

be increased from ₹2 lakh to ₹5 lakh for channels other than SMS and IVRS.

• While there are no charges for IMPS transactions up to ₹1,000 at branches, the bank is

currently charging ₹2 plus GST for transactions above ₹1,000 and up to ₹10,000, ₹4 plus GST

for transactions above ₹10,000 and up to ₹1 lakh, and ₹12 plus GST or transactions above ₹1

lakh and up to ₹2 lakh.

• With effect from February 1, 2022, SBI will introduce a new slab – ₹2 lakh and up to ₹5 lakh –

for IMPS transactions at branches and it will charge ₹20 plus GST.

• The bank said the service charges on IMPS are in line with the service charges on NEFT/RTGS

transactions.






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SBI invests $20 m in payments solution provider Pine Labs:

● State Bank of India, the country’s largest commercial bank, has taken its next major step in its

ongoing digital transformation journey with an investment of $20 million in Pine Labs, an

IPO-bound start-up focused on payments and is emerging as a leading merchant commerce

platform.

● This investment is in sync with the government’s recent push to PSBs to partner and align with

new age fintechs as part of the development of digital ecosystem in the country.

Airtel Payments Bank receives scheduled bank status from RBI:

● Airtel Payments Bank has been categorised as scheduled bank by the Reserve Bank of

India (RBI), paving the way for it to pitch for government business.

● With this, Airtel Payments bank can now pitch for government-issued Requests for Proposals

(RFP) and primary auctions and undertake both Central and State Government business

besides participating in government-operated welfare schemes.

● Airtel Payments Bank has a base of 115 million users.

● The bank turned profitable in the quarter ended September’21.

● It offers a diverse suite of digital solutions through the Airtel Thanks app and a retail network

of over 500,000 neighbourhood banking points.

RBI cancels CoA of Muthoot Vehicle, Asset Finance, and Eko India Financial Services for non-compliance

with regulatory requirements:

● Reserve Bank of India (RBI) has cancelled the authorisation certificates of Muthoot Vehicle

and Asset Finance Ltd and Eko India Financial Services Private Ltd for non-compliance with

regulatory requirements.

● Both the Payment System Operators (PSOs) had authorisation for the issuance and operation

of prepaid payment instruments.

● The RBI, following the cancellation of the Certificate of Authorisation (CoA), these

companies cannot transact the business of issuance and operation of prepaid payment

instruments.






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● However, it added that customers or merchants having a valid claim, if any, on these companies

as PSOs, can approach them for settlement of their claims within three years from the date of

cancellation.

KVG Bank joins hands with Mecwin Tech to finance solar pump-sets for farmers:

• Karnataka Vikas Grameena Bank (KVGB), the Dharwad-headquartered regional rural bank,

and the Bengaluru-based Mecwin Technologies Ltd, which is involved in the manufacture and

supply of solar-powered pump-sets for farmers, signed a memorandum of understanding

(MoU) to introduce farmer-friendly solar-powered pump-sets using bank finance.

• The MoU will benefit farmers since Mecwin Technologies Ltd is specialised in the

production and management of solar irrigation pump-sets.

• Apart from this, the bank has the largest branch network in rural areas

• KVGB, which was the first bank to introduce solar loan schemes, has been in the forefront

in financing solar lights and sustainable energy solutions to underserved households and

businesses in association with SELCO for the last 25 years.

Indias Gross Domestic Product estimates to rise 9.2 per cent in current fiscal:

• India’s Gross Domestic Product (GDP) is estimated to rise 9.2 per cent in the current fiscal

as compared to a contraction of 7.3 per cent in the financial year 2020-21.

• This was stated by the Statistics and Programme Implementation Ministry in its First Advance

Estimates of National Income for the financial year 2021-22.

• It has also been stated that real GDP or GDP at Constant Prices in the current fiscal year is

estimated at 147.54 lakh crore rupees as against the Provisional Estimate of GDP for the

year 2020-21 of 135.13 lakh crore rupees.

Second Advance Estimates of National Income for the year 2021-22 and quarterly GDP estimate for

the quarter October-December, 2021 will be released next month.

HDFC Bank adjudged Best Private Bank in India at the Global Private Banking Awards 2021:






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• HDFC Bank has been adjudged Best Private Bank in India at the Global Private Banking

Awards 2021, organized by Professional Wealth Management (PWM).

• the world's leading global business publication - Professional Wealth Management (PWM)

specializes in analyzing the growth strategies of private banks and the regional financial centers

in which they operate.

• HDFC Bank Private Banking, part of India's largest privately-owned bank, provides customers

with a product suite across all asset classes for "optimal asset allocation" depending on clients'

risk profiles and goals.

About HDFC:

● CEO: Sashidhar Jagdishan

● Headquarters: Mumbai

● Founded: August 1994.

RBI authorises South Indian Bank to collect direct, indirect taxes:

● The Reserve Bank of India has authorised South Indian Bank to collect direct and indirect

taxes on behalf of the Central Board of Direct Taxes (CBDT) and the Central Board of Indirect

Taxes & Customs (CBIC).

● The Kerala based bank signed an MoU with the CBDT and CBIC for collection of various

taxes.

● The bank was earlier appointed as the Agency Bank of the RBI.

● Customers of the bank will soon be able to pay their direct and indirect taxes through its digital

channels such as SIBerNet Internet Banking and SIB Mirror+ Mobile Banking, as well as

through its branches.

Paytm Payments Bank becomes most preferred UPI beneficiary bank:

• Paytm Payments Bank Ltd (PPBL), an associate entity of Paytm, has become the first

beneficiary bank in the country to achieve the landmark of over 926 million UPI transactions

in a single month.






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• This has cemented its position as the largest and fastest growing UPI beneficiary bank in

India.

• Beneficiary banks are the banks of the account holder who is receiving money.

• This highlights customer preference to receive money in their Paytm Payments Bank account to

further use it for everyday payments or for savings.

ICICI Prudential AMC joins hands with US-based First Trust Advisors:

• ICICI Prudential Asset Management Company has entered into a collaboration with the US-

based First Trust Advisors, which is into actively-managed exchange-traded funds, to

launch a slew of global fund of funds.

• Under the agreement, ICICI Prudential AMC will first launch a strategic metal and energy equity

fund of funds, which will invest in an offshore fund managed by First Trust Advisors.

Punjab & Sind Bank cuts MCLR by 5-10 bps:

● Punjab & Sind Bank, a public sector bank, has slashed the Marginal Cost Based Lending Rate

(MCLR) by 5 to 10 basis points (bps) across the short-term loans.

● The new rates will be effective from January 16, 2022

● While the One year MCLR stands at 7.45 per cent with effect from January 16, 2022,

● One Month, Three Month and 6 Month MCLR rates have witnessed the rate cuts.

● Further, the existing Base Rate and BPLR kept unchanged.

IPO-bound Snapdeal ties up with BOB Financial to launch Rupay Credit Card:

● IPO-bound Snapdeal, a value commerce platform, has joined hands with BOB Financial and

NPCI to launch a co-branded contactless RuPay credit card.

● This co-branded credit card, which will be offered on the Rupay platform, aims to popularise the

adoption and usage of credit cards among the growing number of online buyers from India’s

smaller cities and towns.

● As a Bharat-focused e-commerce company, Snapdeal receives more than 86 per cent of its

orders from outside metro cities, with more than 72 per cent of its orders coming from buyers






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living in Tier 2+ cities and towns, each with a population of less than 1 million (referred to as

Bharat).

● Snapdeal’s core target audience are value-seeking, middle-income, price-conscious buyers who

predominantly live in the smaller cities of India.

ICRA revises AUM growth outlook for FY22 for retail NBFCs to 5-7 per cent

• ICRA has revised the assets under management (AUM) growth outlook of retail non-banking finance

companies for the current fiscal to 5-7 per cent from 8-10 per cent in view of the muted first-half

performance.

• The rating agency cautioned that the growth outlook would be exposed to the downside risk in case of

significant disruptions caused by the new wave of Omicron infections in Q4 (January-March) FY2022.

• At present, while the infections rates remain high, the operational disruptions have been quite

limited.

• Measures taken by the regulator to strengthen the structural, regulatory and supervisory framework for

the sector, especially the tighter non-performing advances (NPA) recognition/upgradation norms,

could lead to an increased focus on internal controls, which can, in turn also impact the sectoral growth.

Indian economy to grow at 8.3 percent during current financial year and 8.7 percent in next fiscal: World

Bank

● World Bank: Indian economy is expected to grow at 8.3 percent in the current financial year.

● It has upgraded India's GDP growth for the next fiscal to 8.7 percent, reflecting higher

investment from the private sector and in infrastructure, and dividends from ongoing reforms.

● In its latest Global Economic Prospects, World Bank, the growth outlook will also be supported

by ongoing structural reforms, a better-than-expected financial sector recovery, and

measures to resolve financial sector challenges despite ongoing risks.

● Global economic growth will dip to 4.1 percent in current financial year and 3.2 percent in the

next fiscal.

Microsoft to buy gaming giant Activision Blizzard for $69 bn:






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● Microsoft has announced a landmark $69 billion deal to buy US gaming giant Activision

Blizzard, betting big on the prospects of the video game market by scooping up the scandal-hit

"Call of Duty" maker.

● Acquiring the troubled but highly successful Activision will make Microsoft the third-largest

gaming company by revenue, behind Tencent and Sony, Microsoft, a major shift in the

booming gaming world.

● If the deal is confirmed, it will be the largest acquisition in the industry, far ahead of Take-

Two's $12.7 billion purchase of Zynga has announced.

PM Modi tops list of most popular world leaders with 71 percent rating

● Prime Minister Narendra Modi has topped the list of most popular world leaders according to the

global rating survey released by the Morning Consult Political Intelligence.

● The survey showed PM Modi occupying the pole position with an approval rating of 71 percent.

● Mexico President Andrés Manuel López Obrador came second with 66 percent approval rating while

Italian Prime Minister Mario Draghi held the third position with 60 percent approval.

● On the list of the 13 world leaders, US president Joe Biden is ranked at number six with a 43 per cent

rating. Biden is followed by Canadian President Justin Trudeau also at 43 per cent and Australian Prime

Minister Scott Morrison at 41 per cent.

● According to Morning Consult Political Intelligence, the latest approval ratings released by the website

are based on the data collected from January 13-19, 2022.

● The approval ratings of the world leaders are based on a seven-day moving average of the adult

residents in each country, with the sample sizes varying by the country.

Most popular leader in the world 2022:

Country Leaders

India Narendra Modi - 71%






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Mexico López Obrador - 66%

Italy Mario Draghi- 60%

Japan Fumio Kishida - 48%

Germany Olaf Scholz - 44%

United States Joe Biden - 43%

Canada Justin Trudeau - 43%

Australia Scott Morrison - 41%

Spain Pedro Sánchez - 40%

South Korea Moon Jae-in - 38%

Brazil Jair Bolsonaro - 37%

France Emmanuel Macron -

34%

UK Boris Johnson - 26%

Note :

• In 2021, Prime Minister Modi had topped the list of the most popular world leaders.






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• In May 2020, the website had given the highest rating to PM Modi with an approval of 84%, however, in

May 2021, his rating had dipped to 63%.

Fullerton India and Paytm tie up to provide lending products:

● Fullerton India and One97 Communications, which owns Paytm, have partnered to provide

lending products to merchant partners and consumers.

● With the partnership, the two will leverage data-driven insights and wide reach to bring credit

to new-to-credit users.

● The programme will offer Paytm Postpaid or buy-now-pay-later to consumers on the Paytm

platform while utilising Fullerton’s risk assessment capabilities and scale

● Fullerton India and Paytm will further expand their product offerings to include instant personal

loans

HDFC Cap announces initial close of $1.88 b of affordable housing fund:

• HDFC Capital has achieved the initial closure of its third fund focussed on affordable housing,

the HDFC Capital Affordable Real Estate Fund – 3 (H-CARE-3).

• The fund will provide long-term funding across the lifecycle of affordable and mid-income

housing projects, including early-stage funding.

• H-CARE 3 will also invest in technology companies such as construction technology, fintech

and cleantech that are engaged in the affordable housing ecosystem.

• HDFC Capital is a wholly owned subsidiary of HDFC Ltd. “H-CARE 3 is one the largest funds

raised to invest in the residential real estate sector in India, with investors committing over $

1.22 billion towards the first close, which combined with potential reinvestments by the fund,

creates an estimated total fund corpus of $1.88 billion.

West Bengal Gets $125 Million to Help Citizens Access Social Protection Services:

• The World Bank’s Executive Board of Director has approved a $125 million loan to the

Government of West Bengal to support the state’s efforts to help poor and vulnerable groups

access social protection services.






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• The COVID-19 pandemic has highlighted the need to focus on building capabilities of state

governments to deliver inclusive and equitable social protection in times of crisis.

• India’s eastern state of West Bengal runs more than 400 programs that provide social

assistance, care services, and jobs.

• Most of these services are offered through an umbrella platform called Jai Bangla.

Government notifies PMC Bank’s merger with USFB:

• All the branches of the scam-hit Punjab and Maharashtra Co-operative (PMC) Bank will

function as branches of Unity Small Finance Bank (USFB) with effect from January 25, 2022,

according to the Reserve Bank of India (RBI).

• This follows the Government of India sanctioning and notifying the Scheme for the

amalgamation of PMC Bank with USFB.

• The appointed date for the amalgamation is January 25, 2022.

• PMC Bank’s retail depositors with deposits of more than Rs 5 lakh, however, will be

disappointed with the provisions of the Scheme.

IMF cuts India’s GDP growth estimate to 9 per cent in FY22:

• International Monetary Fund (IMF) lowered India’s GDP (Gross Domestic Product) growth

rate by 50 basis points to 9 per cent in Fiscal Year 2021-22 (FY22).

• In October, it has maintained the estimated rate of 9.5 per cent during the current fiscal.

• 100 basis points mean one percentage point

• The revision in growth estimate has been made public at a time, when Government is getting

ready to present Union Budget for FY 23 and Economic Survey for FY 22.

• The survey is expected to give revise growth estimate for current fiscal and first estimate for

fiscal. Survey will be tabled in the Parliament on January 31 while budget will be on February

1.

Karnataka Bank introduces mobile banking facility for NRIs:

• Karnataka Bank Ltd has launched a mobile banking facility for its NRI customers through the

existing mobile banking application - ‘KBL MobilePlus’.






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• According to the bank, NRI customers can access a whole range of banking facilities with this

facility.

• These include fund transfer, bill payments, credit card payments, deposit opening and closing,

and account statement.

• The bank is extremely pleased to roll out NRI mobile banking facility and Kannada Language

user interface in the bank’s mobile banking application ‘KBL MobilePlus’.

IMGC and Muthoot Homefin enter into tie-up for offering mortgage guarantee-backed home

loans:

• India Mortgage Guarantee Corporation (IMGC) has announced its partnership with Muthoot

Homefin (India) Limited (MHIL) to offer mortgage guarantee-backed home loan products to

MHIL’s home loan customers in the affordable housing segment.

• With increased demand for affordable and mid-income housing, Muthoot Homefin aims to

leverage mortgage guarantee as a risk mitigation tool.

• The tie-up with IMGC will help Muthoot Homefin deepen its penetration in existing markets

across its 108 branches/ locations, thereby enabling home ownership in the affordable housing

segment,

Remove MAT for troubled firms under resolution:

• A company admitted by the National Company Law Tribunal (NCLT) for resolution should be

exempt from Minimum Alternate Tax untill it sees a turnaround.

• This, and Goods and Services Tax (GST) concessions are among the expectations of asset

reconstruction companies (ARCs) from the upcoming Union Budget, according to Raj Kumar

Bansal, MD and CEO, Edelweiss ARC.

• Bansal, who oversees assets under management aggregating about ₹43,000 crore, also

wanted the Reserve Bank of India (RBI) to allow banks to provide credit lines to ARCs and

expand the definition of qualified buyers — those who can invest in security receipts — to

include high-networth individuals (HNIs), corporates and non-banking financial companies

(NBFCs).

ToneTag and Elocity partner to bring sound-based payment technology for EV sector:






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• ToneTag and EV charging solution firm Elocity have partnered to bring sound-based

technology to solve payment processing challenges for the electric vehicle sector.

• EV drivers with any mobile phone can now pay easily at Elocity HIEVTM and ToneTag-

enabled EV charging stations, irrespective of their location or network availability.

• EV charging stations in India at present don’t accept cash, which makes it difficult for people

who do not own smartphones or are in areas of low internet connectivity from recharging their

EVs.

• ToneTag has completed over 52 million consumer transactions and expects this partnership

to help in speeding up EV adoption.

Crypto industry’s revised self-regulation norms to include NFT, tighten customer protection

rules:

• The cryptocurrency industry in India, which has been working on revising self-regulation

rules, will include non-fungible token (NFT) start-ups under the purview.

• The ongoing work on code of conduct guidelines is also expected to expand on bringing uniform

consumer protection safeguards, taxation and advertising rules

• The existing ‘Code of Conduct’ guidelines for the cryptocurrency industry, drafted by The

Blockchain and Crypto Assets Council ( BACC), is being revised to take into account

concerns around the lack of proper regulatory oversight on crypto transactions.

• BACC, which is part of the Internet and Mobile Association of India (IAMAI), had recently

sought inputs from the industry to determine the revised code.

• Most of the top cryptocurrency exchanges in the country including WazirX, CoinDCX, Unocoin

and CoinSwitch Kuber among others are members of this body.

IBBI cancels registration of insolvency professional:

• Insolvency regulator IBBI has cancelled registration of Vimal Kumar Grover as an

insolvency professional (IP) for violation of various provisions of the Insolvency and

Bankruptcy Code (IBC).






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• It has also debarred him from seeking fresh registration as an IP or providing any service under

the IBC for a period of one year from December 29.

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