Banking & Economy Awareness PDF 2018 (April To June) June Updated by AffairsCloud PDF

Banking & Economy
Awareness 2018
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in General Awarness section.Here we have provided all
recent banking and economy news of April 2018 to June
2018 to break your all competitive exams with your good
mark.
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Banking & Economy Awareness 2018
Banking Awareness 2018 for Competitive Exams
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Contents
Banking & Economy Awareness April 2018..................................................................................................... 3
Banking & Economy Awareness May 2018.................................................................................................... 41
Banking & Economy Awareness June 2018.................................................................................................... 65
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Banking & Economy Awareness April 2018

Allahabad Bank cuts lending rates by 45 bps
On 31st March 2018, Allahabad Bank announced that, it has reduced the base rate and benchmark prime
lending rate (BPLR) by 45 basis points each.
Allahabad Bank cuts lending rates by 45 bps:
i. The Asset Liability Management Committee (ALCO) of Allahabad bank decided to decrease base rate and
BPLR (benchmark prime lending rate) by 45 basis points.
ii. Allahabad Bank has reduced base rate to 9.15 per cent from 9.60 per cent. BPLR has been reduced to
13.40 per cent from 13.85 per cent.
iii. These revised rates will be effective from 2nd April 2018. This move will reduce EMIs for its borrowers.
About Allahabad Bank:
♦ CEO & MD – Usha Ananthasubramanian
♦ Headquarters – Kolkata
PFMS portal processes Rs 71, 633.45 crore transactions on a single day

On 28th March 2018, a record amount of Rs 71, 633.45 crore was digitally transacted through the Public
Financial Management System (PFMS) portal.
PFMS portal processes Rs 71, 633.45 crore transactions on a single day:
i. The total number of transactions through the PFMS portal was 98,19,026 on 28th March 2018. This has
created a record in number of digital transactions processed in a single day.
ii. PFMS is implemented by the Controller General of Accounts, Ministry of Finance. It acts as a platform
for management of funds through tracking of funds and real time reporting of expenditure and receipts through
treasury and bank interface.
iii. It is used by line ministries and departments to monitor the utilisation of funds offered to various
implementing agencies and state governments.
iv. It is also used for Direct Benefit Transfer (DBT) payments under MGNREGA (Mahatma Gandhi National
Rural Employment Guarantee Act) and other notified schemes of the government.
About Union Ministry of Finance:
♦ Cabinet Minister – Arun Jaitley
♦ Ministers of State – Shiv Pratap Shukla, Pon Radhakrishnan
MoU between Indian Army and HDFC Bank

On April 3, 2018, Indian Army and HDFC Bank signed a Memorandum of Understanding (MoU) on the Defence
Salary Package.
Details about Indian Army – HDFC Bank MoU:
i. The first MoU between HDFC Bank and the Indian Army for Defence Salary Package was signed in
2011 and was renewed in March 2015.
ii. The current MoU is tailor made to suit the requirements of serving soldiers, pensioners and families.
iii. As per the terms of the current MoU, in addition to other benefits, the Army personnel having accounts in
HDFC Bank will get free personal accident death cover and free permanent disability cover of Rs 30 lakhs, free
educational cover of upto Rs 1 Lakh per year for four years for education of dependent child in case of
accidental death of defence personnel and 100% processing fees waived for Car Loans and Personal Loans.
Quick Facts about HDFC Bank:
♦ Founded in – 1994
♦ Headquarters – Mumbai, Maharashtra
♦ Current MD – Aditya Puri
♦ Tagline – ‘We Undertand Your World’
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CBDT signs 14 unilateral, 2 bilateral APAs in March

During the month of March 2018, Central Board of Direct Taxes (CBDT) entered into 16 more Advance
Pricing Agreements (APAs), taking the total number of APAs to 219 so far.
Details about APAs signed by CBDT:
i. Out of the 16 APAs signed in March 2018, 14 are unilateral APAs and 2 are bilateral APAs with US and
pertain to sectors like telecom, IT, automobile, pharmaceutical, beverage, banking and insurance.
ii. Out of all APAs entered into by the CBDT till date, 199 are Unilateral APAs and 20 are Bilateral APAs.
iii. In financial year 2017-18, CBDT entered into 67 APAs so far, out of which, 58 are Unilateral and 9 are
Bilateral.
iv. APA provisions were introduced in the Income-tax Act, 1961 in 2012. Objective of APA scheme is to
provide certainty to taxpayers in the domain of transfer pricing by specifying the methods of pricing
and thereby reducing litigation.
Former Yes Bank senior president joins Rubique as COO

On April 3, 2018, Rubique, an online marketplace for loan, credit card and insuranceannounced the
appointment of Ajay Desai as its Chief Operating Officer (COO).
i. Ajay Desai has 20+ years experience in banking sector.
ii. Until recently he was holding the position of Senior President and Chief Financial Inclusion Officer in
Yes Bank.
iii. Rubique has taken Ajay Desai onboard to leverage his exceptional expertise in Small and Medium Enterprise
(SME), financial exclusion and Financial Technology (Fintech).
iv. At Rubique, Ajay Desai will focus on deployment of technology interventions/solutions to address the credit
gap.
Quick Facts about Yes Bank:
♦ Current MD & CEO – Rana Kapoor
♦ Tagline – ‘Experience our Expertise’
SBI Life Insurance appoints Sanjeev Nautiyal as new MD & CEO

On April 3, 2018, SBI Life Insurance Company Limited appointed Sanjeev Nautiyal as its new MD and CEO.
i. Nautiyal started his career with State Bank of India (SBI) in 1985 as a probationary officer.
ii. During the course of this career with SBI, Nautiyal held various important roles and responsibilities in areas
of credit, human resources, and international banking.
iii. Immediately before being appointed as MD & CEO of SBI Life Insurance, he was chief general
manager at SBI’s Ahmedabad circle.
iv. Sanjeev Nautiyal replaces Arijit Basu as MD & CEO of SBI Life Insurance. Arijit Basu will be taking over a
key role in the State Bank of India Group.
Quick Facts about SBI Life Insurance:
♦ Joint Venture between – State Bank of India (SBI) and BNP Paribas Cardif
Jio Payments Bank begins its operations

Jio Payments Bank Limited has commenced operations as a payments bank with effect from April 3, 2018.
About Jio Payments Bank:
i. Jio Payments Bank is a 70:30 joint venture between Mukesh Ambani-led Reliance Industries and the
State Bank of India (SBI).
ii. H. Srikrishnan, who was earlier with HDFC Bank and Yes Bank, has been appointed as MD and CEO of Jio
Payments Bank.
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iii. Payment Bank are special category banks, which have been approved by Reserve Bank of India (RBI) to
promote financial inclusion. It undertakes restricted banking activities. Currently it is permitted to accept
deposits up to Rs. 1 lakh and is not permitted to offer loans.
iv. In November 2016, Airtel Payment Bank became the first entity to commence operations as
Payments Bank.
v. Paytm Payments Bank and Fino Payments Bank commenced operations in 2017.
vi. India Post Payments Bank, which also got a license for a payment bank is yet to start its full-fledged
operations in a formal way.
IndusInd Bank to use WhatsApp for customer service

On April 4, 2018, IndusInd Bank announced that it has launched a pilot WhatsApp enterprise solution to
communicate with its customers.
IndusInd Bank’s Customer Service on WhatsApp:
i. IndusInd Bank’s message service on WhatsApp is being rolled out to customers in phases, wherein customers
can save the official WhatsApp number of the bank and initiate conversation.
ii. There will be a two-way communication with replies to customer messages seeking basic banking services.
iii. The customers of IndusInd Bank will now be able to check balance, obtain mini statement, check reward
points as well as update of Aadhaar through WhatsApp.
IndusInd Bank gets RBI nod to acquire IL&FS arm

IndusInd Bank has received Reserve Bank of India’s (RBI’s) approval to buy IL&FS Securities Services Ltd.
(ISSL), the securities services arm of IL&FS.
IndusInd Bank’s Acquisition of ISSL:
i. In March 2017, IndusInd bank entered into an agreement with Infrastructure Leasing and Financial Services
(IL&FS) to acquire 100 per cent stake in ISSL. IL&FS is the promoter shareholder of IL&FS Securities Services
Ltd (ISSL).
ii. Incorporated in July 2006, ISSL is a capital markets intermediary for professional clearing, depository and
custodial services catering to both retail and institutional clients including over 1000 brokers, Foreign Portfolio
Investors (FPIs) and Foreign Institutional Investors (FIIS).
iii. The deal value has yet not been disclosed.
Quick Facts about IndusInd Bank:
♦ Current CEO – Ramesh Sobti
RBI announces its first bi-monthly monetary policy for the new fiscal year
On April 5, 2018, Reserve Bank of India (RBI) announced First Bi-Monthly Monetary Policy Statement for
financial year 2018-19. This time too, the Policy Repo Rate has been kept unchanged.
Post the First Bi-Monthly Monetary Policy Statement announcement, the policy rates and reserve ratios
are as follows:
Policy Repo Rate 6.00% Unchanged – since 2nd August 2017
Reverse Repo Rate 5.75% Unchanged – since 2nd August 2017
Marginal Standing Facility Rate 6.25% Unchanged – since 2nd August 2017
Bank Rate 6.25% Unchanged – since 2nd August 2017
Cash Reserve Ratio (CRR) 4.00% Unchanged – since 9th February 2013
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Statutory Liquidity Ratio (SLR) 19.50% With Effect from 14th October 2017
Highlights of RBI’s First Bi-Monthly Monetary Policy Statement:

Repo Rate has been kept unchanged at 6.00 per cent. Consequently, the Reverse Repo Rate at 5.75 per
cent, marginal standing facility (MSF) rate and the Bank Rate at 6.25 per cent too remains unchanged.
The six-member RBI Monetary Policy Committee (MPC) voted 5:1 for the decision. Only Dr. Michael
Debabrata Patra voted for a 0.25 percent increase in repo rate.
Projected Consumer Price Index (CPI) inflation for 2018-19 is 4.7-5.1 per cent in first half of 2018-19 (i.e. from
April 2018 – September 2018) and 4.4 per cent in H2 (i.e. from October 2018 – March 2019).
Projected CPI inflation has factored in a sharp moderation in food prices in February-March 2018, volatility in
international crude prices, a normal monsoon, effective supply management by the Government and impact of
an increase in House Rent Allowances (HRA) for central government employees under the 7th Central Pay
Commission.
Gross Domestic Product (GDP) growth is projected to strengthen from 6.6 per cent in 2017-18 to 7.4 per cent in
2018-19.
Upbeat GDP growth projection for 2018-19 is based on visible signs of revival in investment activity and
improvement in Global Demand which shall encourage exports and boost fresh investment.
Next meeting of RBI Monetary Policy Committee is scheduled on 5th and 6th June, 2018.
IndiaFilings launches online income tax filing services

IndiaFilings.com has launched online income tax filing services for salaried individuals.
IndiaFilings launches online income tax filing services:
i. IndiaFilings’ online income tax filing service will help individuals and businesses file their income tax return
using their platform.
ii. All income tax returns like ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 and ITR-7 can be filed online using their
platform directly.
iii. In order to prevent errors made by users while filing tax returns, intelligence and in-built algorithms have
been incorporated in the platform.
iv. Apart from this self-serve platform, IndiaFilings also offers assisted tax return filing services for all class of
taxpayers beginning from Rs.488.
v. The assisted tax return filing service provides a dedicated tax advisor. The tax advisor will advise on tax
savings, tax computation and tax filing.
About IndiaFilings.com:
♦ Established – 2013
♦ Head – Lionel Charles
ICICI Bank 1st to get Swift’s new cross-border payment service

On April 6, 2018, global financial messaging cooperative, SWIFT (Society for World Interbank Financial
Telecommunication System platform) announced that ICICI Bank has become its first Indian client to go live
with an improved cross-border payments service.
ICICI Bank goes live with SWIFT’s gpi Tracker:
i. The improved cross-border payments service which is being referred to is the gpi (Global Payment
Innovation) Tracker, which has been extended to cover all payment instructions sent across the SWIFT
network.
ii. SWIFT’s gpi tracker enables real-time payments tracking across correspondent banksand has a facility
to track the payments instructions across the correspondent banks globally.
iii. At a later stage, SWIFT is also planning to add another feature that has an ability to stop and recall payment
in case of a fraud or when a duplicate payment has been sent erroneously.
Quick Facts about ICICI Bank:
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♦ Current MD & CEO – Chanda Kochhar
♦ Tagline – ‘hum hai na’, ‘khayaal aapka’
Indian Bank launches PFMS & also launched ‘Bharat QR’, a mobile payment collection
Indian Bank has introduced Public Financial Management System (PFMS) and has launched ‘Bharat QR’ facility.
Indian Bank launches PFMS & ‘Bharat QR’:
i. Indian Bank, Managing Director and CEO, Kishor Kharat launched these initiatives in Chennai.
ii. Indian Bank has introduced public financial management system aimed to benefit government agencies for
utilising payment service.
iii. PFMS will help government agencies for processing payments, tracking, monitoring, accounting,
reconciliation.
iv. The facility was being used for NREGA (National Rural Employment Guarantee Act) transactions in Tamil
Nadu and Andhra Pradesh, at present.
v. ‘Bharat QR’ is a mobile payment collection scheme to accept digital payments. Using this scheme, a
merchant will receive Bharat QR sticker. This will enable customers to make payments through the QR facility.
vi.Merchants should place the stickers at the shop. Customers can scan that and pay through any digital
transaction mode.
About Indian Bank:
♦ MD and CEO – Kishor Kharat
♦ Headquarters – Chennai
Indian Overseas Bank launches IoT-based customer service app

As part of its ‘Customer First’ initiative, Indian Overseas Bank (IOB) has launched three ‘Internet of
Things’ (IoT)-based customer service initiatives on a pilot basis at one of its branch in Chennai, Tamil Nadu.
IoT-based initiatives launched by Indian Overseas Bank:
i. First initiative is a sound pressure level meter placed at the branch service counter with a configured
average decibel level. Whenever the sound at this counter crosses the average threshold, the system sends an
alert to the branch manager as well as the designated official at the regional office, on a real-time basis.
ii. Second initiative is to provided a tablet containing a web responsive application to customers visiting the
branch. Visiting customers can submit their feedback through this application which also has ‘Happy’
and ‘Unhappy’ emoticons. The feedback will be monitored by a team of dedicated customer service
representatives.
iii. Third initiative is a ‘Missed Call Feedback’ system wherein customers can give a missed call on the
dedicated mobile numbers in case of grievances.
Quick Facts about IOB:
♦ Headquarters – Chennai, Tamil Nadu
♦ Current MD & CEO – R. Subramania Kumar
♦ Tagline – ‘Good People to Grow With’
India, World Bank sign US$ 420 million project agreement to benefit farmers in Maharashtra
On 6th April 2018, Government of India, Government of Maharashtra and the World Bank signed a US$
420 million project to benefit Small and Marginal farmers in the Marathwada and Vidarbha regions of
Maharashtra.
Maharashtra Project for Climate Resilient Agriculture:
i. This project will help to increase climate resilient practices in agriculture and to make farming a profitable
activity.
ii. This project will benefit more than 7 million people over an area of 3.0 million ha. It will cover 5,142 villages
in the 15 most climate vulnerable districts of the region.
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iii. The $420 million loan provided by the International Bank for Reconstruction and Development
(IBRD) has a grace period of 6 years. Its maturity period is 24 years.
iv. The Agreements for the Maharashtra Project for Climate Resilient Agriculture were signed by Sameer Kumar
Khare, Joint Secretary, Department of Economic Affairs, Ministry of Finance, on behalf of the Indian
government.
v. Bijay Kumar, Additional Chief Secretary, Agriculture Department signed on behalf of Maharashtra
government. Junaid Ahmad, Country Director, World Bank, India, signed on behalf of the World Bank.
vi. This project will be implemented in rural areas that are mainly dependent on rain-fed agriculture.
Some National Parks in Maharashtra:
♦ Sanjay Gandhi National Park
♦ Gugamal National Park
RBI switches back to GDP model from GVA model to measure economy
The Reserve Bank of India (RBI) has decided to use Gross Domestic Product (GDP) instead of Gross
Value Added (GVA) to measure economic activity in India.
RBI switches back to GDP model from GVA model to measure economy:
i.Viral Acharya, deputy governor of RBI said that, this change has been done to confirm with international
practice and for ease of comparison.
ii. Worldwide, the performance of economies is measured in terms of GDP. Multilateral institutions,
international analysts and investors also follow this approach.
iii. GVA gives the picture of the state of economic activity from the producers’ side or the supply side.
GDP provides the picture from the consumers’ side or the demand side.
iv. The Central Statistical Office has been employing GDP as the main tool to measure economic activity since
January 2015.
Tag lines of some banks:
♦ Allahabad Bank – A tradition of trust
♦ Bank of Baroda – India’s International Bank
♦ Bank of India – Relationship beyond Banking
FPI investment limit in Govt Securities hiked

On April 6, 2018, Reserve Bank of India (RBI), in consultation with the Central Government, hiked the foreign
portfolio investors (FPI) investment limit in Central government securities (G-Sec).
FPI investment limit in Govt Securities:
i. The FPI investment limit in G-Sec has been hiked from 5 per cent of outstanding stock now to 5.5 per
cent in Financial Year 2018-19 and 6 per cent in Financial Year 2020.
ii. As per the current situation, 99.31 per cent of the upper FII investment limit in G-Secs, amounting to
Rs.191300 has already been utilised.
iii. As per National Securities Depository Limited (NSDL) data, only Rs.1311 crore investment could be
accommodated to contain total FPI investments in G-Sec within 5 per cent limit.
iv. Athough the hike in limit is lesser than market expectations, it would dampen bond yields in the immediate
term.
SBI to invest Rs 80 bn in hydropower project of Nepal

India’s largest bank, State Bank of India (SBI) will be investing a total of Rs 80 billion in the 900 megawatt
(MW) Arun III hydropower project of Nepal.
i. The contract for constructing this project has been awarded to Sutlej Jal Vikas Nigam (SJVN) and SJVN has
made an agreement with the SBI to acquire the investment as a loan.
ii. Indian Government has already granted approval to SJVN to invest Rs. 92 billion in this project.
iii. This project is targeted to be completed by September 2022. On account of investment, SJVN will take the
charge for 25 years excluding the time for the construction.
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Quick Facts about State Bank of India (SBI):

♦ Renamed in – 1955
♦ Current Chairman – Rajnish Kumar
11 public sector banks placed under RBI’s PCA Framework

11 public sector banks have been placed under the Reserve Bank of India (RBI)’s Prompt Corrective Action
(PCA) framework due to non-performing assets.
11 public sector banks placed under RBI’s PCA Framework:
i. These banks have been placed under RBI’s PCA framework to keep a check on NPAs. Generally, lending
activities of banks under PCA are restricted.
ii. They are also restricted from opening new branches, staff recruitment and increasing the size of their loan
book. They are instructed to disburse loans only to companies whose borrowing is above investment grades.
iii. The 11 public sector banks under RBI’s PCA Framework are:
Allahabad Bank
United Bank of India
Corporation Bank
IDBI Bank
UCO Bank
Bank of India
Central Bank of India
Indian Overseas Bank
Oriental Bank of Commerce
Dena Bank
Bank of Maharashtra
iv. Five more banks are expected to be brought under RBI’s PCA framework. They are:
Andhra Bank
Punjab National Bank
Canara Bank
Union Bank
Punjab & Sind Bank.
v. If more state-owned banks are placed under PCA, it is expected that credit availability for the MSME
(Ministry of Micro, Small & Medium Enterprises) sector will be affected.
vii. It is said that it will take a minimum of 6-9 months for these banks to show noticeable improvement in the
major regulatory indicators, in order to move out of PCA.
Tag lines of few banks:
♦ Canara Bank – Together We Can
♦ Central Bank of India – Central to You Since 1911
♦ Corporation Bank – Prosperity for all
J&K Bank launches special financing scheme for industrial units

Jammu & Kashmir (J&K) Bank has launched ‘Add on Working Capital GST’, a special financing scheme to help
the state industry cope with the delay in reimbursement of Goods and Services Tax (GST) under
special tax relief.
About J&K Bank’s ‘Add on Working Capital GST’ scheme:
i. This scheme was launched by J&K Finance Minister Syed Altaf Bukhari in the presence of Minister for
Industry and Commerce Chander Parkash Ganga.
ii. By ensuring healthy cash flow, this scheme will provide relief to industrial units in J&K that are facing
stressed liquidity position due to Goods and Services Tax regime.
iii. Under this scheme, revolving credit facility will be extended at most competitive rate of 9 per cent and that
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too with minimum documentation.

Quick Facts about J&K Bank:
♦ Headquarters – Srinagar, J&K
♦ Current Chairman & CEO – Parvez Ahmad
♦ Tagline – Serving To Empower
Asian Development Bank Noted that Indian economy will grow by 7.3% in FY’18, 7.6% in FY’19
On 11th April 2018, the Asian Development Bank (ADB) stated that the Indian economy would expand
by 7.3 % in fiscal year (FY) 2018 and 7.6 % in the next fiscal year.
Indian economy will grow by 7.3% in FY’18, 7.6% in FY’19:
i. The Asian Development Bank (ADB) said that, this growth will be facilitated by various growth-oriented
policy measures.
ii.In ADB’s Asian Development Outlook (ADO) 2018 report, it stated that the reduction in growth to 6.6 % in
FY2017 was partially due to demonetization.
iii. Also, issues related to Goods and Services Tax (GST) disturbed operations of small and medium-sized
enterprises (SMEs) and exporters.
iv. ADO stated that, in the upcoming months, growth will improve with the support of various measures like
improving farmers’ purchasing power, higher procurement prices, agriculture market reforms, and
investments in irrigation and logistics.
v. It said that investment revival would continue, but at a modest rate. Also, ADB projected inflation to increase
up to 4.6 % in FY2018 and 5 % percent in FY2019 supported by further strengthening of global commodity
prices and domestic demand.
vi. It said that improved growth in advanced economies will help exports to improve in a healthy rate.
vii. Also, imports are expected to increase due to higher commodity prices and increase in domestic demand.
viii. The current account deficit would widen to 2.2 percent of GDP in FY2018 and 2.4 percent of GDP in
FY2019. It also said that, current account deficit is expected to be financed by capital flows.
About Asian Development Bank (ADB):
♦ President – Takehiko Nakao
♦ Headquarters – Metro Manila, Philippines
NABARD to expand its long-term lending to Rs 80,000 crore in FY19

On 11th April 2018, NABARD (National Bank for Agriculture and Rural Development) announced that, it
has aimed to raise its long-term on-lending or refinance portfolio to nearly Rs 80,000 crore in the
current fiscal year in a move to improve rural economy.
NABARD to expand its long-term lending to Rs 80,000 crore in FY19:
i. NABARD’s on-lending in 2017-18 was Rs 65,000 crore. NABARD earned a surplus of Rs 2,951 crore for the
fiscal year that ended in March 2018.
ii. It has planned to raise Rs 40,000 crore from the bond borrowing. Its borrowing was Rs 33,000 crore in 2017-
18. It has been one of the top three borrowers in the market.
iii. NABARD’s balance sheet grew 17 % to Rs 4.06 lakh crore in the fiscal year that ended in March 2018,
against Rs 3.48 lakh crore in FY17.
iv. Loans and advances increased 15 % to Rs 3.54 lakh crore in the period compared to Rs 3.08 lakh crore in the
same period that ended in March 2017.
v. Its long-term refinance was Rs 1,22,688 crore, up 17 per cent in the fiscal 2018, compared to Rs 1,05,209
crore.
About NABARD:
♦ Chairman – H K Bhanwala
♦ Headquarters – Mumbai
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RBI slaps Rs.3 Crore monetary penalty on IDBI bank

Reserve Bank of India (RBI) has imposed a penalty of Rs. 3 crore on IDBI Bank for non-compliance with
the outlined norms related to reporting of bad loans.
RBI slaps Rs.3 Crore monetary penalty on IDBI bank:
i. RBI said that, the penalty was imposed on account of non-compliance with the directions issued on
Income Recognition and Asset Classification (IRAC) norms.
ii. Notification regarding this stated that, this penalty has been imposed in exercise of powers vested in the RBI
under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949,
taking into account failure of the bank to adhere to the aforesaid directions issued by the RBI.
iii. RBI said that, this action is based on deficiencies in regulatory compliance, and not intended to affect
validity of any transaction or agreement entered into by the bank with its customers.
About IBDI Bank:
♦ MD & CEO – Mahesh Kumar Jain
AIIB decides to invest $140M to improve Rural Connectivity in India

The Board of Directors of the Asian Infrastructure Investment Bank (AIIB) have approved USD $ 140-
Million loan to improve the rural road connectivity and management for residents in Madhya Pradesh, India, at
a Meeting held recently in Beijing, China.
AIIB decides to invest $140M to improve Rural Connectivity in India:
i. Nearly, 1.5 Million rural people of Madhya Pradesh will be benefited from improved livelihoods, education
and mobility offered through this project.
ii. This project is co-financed by the World Bank. It aims to improve the rural road connectivity and
management for residents of nearly 5,640 villages.
iii.Activities planned under this project are:
Upgrading the gravel surfaced roads to a sealed surface standard
Creating additional linkages to villages with potential for high growth
Improving institutional capacity through implementing/upgrading a rural road asset management system and
strengthening design and research and quality assurance capacity of the implementation agency
Developing road safety management capacity with road accident data management system and piloting a
comprehensive road safety program
Supporting design, implementation and management
iv. AIIB Director General of Investment Operations SupeeTeravaninthorn said that this Project will ensure
sustainable and safe last-mile connectivity to small villages and enhance mobility of rural Madhya Pradesh.
v. He added that the project will improve economic development in Madhya Pradesh and enhance the
livelihoods of especially rural women and girls.
Chandra Shekhar Ghosh re-appointed as MD & CEO of Bandhan Bank

Chandra Shekhar Ghosh has been re-appointed as managing director and CEO of Bandhan Bank for a
three year term from 10thJuly 2018.
Chandra Shekhar Ghosh re-appointed as MD & CEO of Bandhan Bank:
i. Chandra Shekhar Ghosh’s re-appointment is subject to regulatory clearances. It was approved by Bandhan
Bank board recently.
ii. Bandhan Bank was listed on 27 March 2018. Mr. Chandra Shekhar Ghosh was appointed to this post in July
2015.
iii. Bandhan Bank had recently announced the resignation of its part-time, non-executive chairman Ashoke
Kumar Lahiri.
Former RBI deputy governor Harun Rasid Khan joins Bandhan Bank board
Former deputy governor at Reserve Bank of India (RBI), Harun Rasid Khan, has joined Bandhan Bank
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board.
Harun Rasid Khan joins Bandhan Bank board:
i. Harun Rasid Khan joined the board of Bandhan Bank two weeks ago. He has replaced PK Saha in Bandhan
Bank board.
ii. He had headed RBI’s vision on payment system. He had handled financial market, foreign exchange, financial
inclusion, etc. in RBI. He served as deputy governor of RBI from 2011 to 2016.
♦ Bank of India – Relationship beyond banking
♦ Bank of Maharashtra – Ek Parivar Ek Bank
♦ Canara Bank – Together we can
2018 Index of Economic Freedom: India leapfrogs 13 places to 130

i. India has ranked 130th out of 180 countries on 2018 Index of Economic Freedom published by the
Heritage Foundation, an American think-tank.
ii. India’s 130th rank on 2018 Index of Economic Freedom marks a jump of 13 spots as compared to
143rd rank in 2017.
2018 Index of Economic Freedom – Top 10:
1 Hong Kong
2 Singapore
3 New Zealand
4 Switzerland
5 Australia
World Bank approves $55mn for Bangladesh project

World Bank has approved $55 million to expand the use of clean renewable energy in rural areas
of Bangladesh that do not have access to grid electricity.
World Bank financing for Bangladesh project:
i. $55 million has been approved as an additional financing to the Second Rural Electrification and
Renewable Energy Development (RERED II) Project.
ii. Renewable Energy Development (RERED II) Project and additional financing will provide access to
electricity and energy efficient cooking stoves to about 10 million people living in villages, shoals and islands in
Bangladesh.
iii. Funds procured through additional financing will be utilised to install 1000 solar irrigation pumps, 30
solar mini-grids and about 4 million improved cooking stoves in rural areas.
iv.30 solar mini-grids will provide about 28000 connections to households and businesses, including small and
medium-sized enterprises.
Quick Facts about Bangladesh:
♦ Capital – Dhaka
♦ Currency – Taka
♦ Current Prime Minister – Sheikh Hasina
♦ Neighbouring Countries – India, Myanmar
SIDBI ties up with CSC to promote MSEs in 115 districts

Small Industries Development Bank of India (SIDBI) has tied up with Common Service Centre (CSC) to
run micro enterprises promotion programme (MEPP) in 115 aspirational districts across India.
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About MEPP and Aspirational Districts:

i. ‘Transformation of Aspirational Districts’ was launched by Prime Minister Narendra Modi in January
2018. Aspirational districts refer to selected 115 backward districts that are lagging on specific development
parameters.
ii. Under this programme, Central Government has undertaken a major policy initiative for rapid
transformation of these districts and senior government officials have been assigned responsibility to
coordinate the efforts of the Centre and states in facilitating development in such districts.
iii. MEPP is geared towards promoting potential rural entrepreneurs by hand-holding them and also
facilitating access to finance for such enterprises from formal banking sector.
iv. So far, 41500 enterprises have got support under this programme, which has generated employment
opportunities for about 1.07 lakh persons, mainly belonging to underprivileged section of the society.
Quick Facts about SIDBI:
♦ Formed in – 1990
♦ Headquarters – Lucknow, Uttar Pradesh
♦ Current Chairman and Managing Director – Mohammad Mustafa
RBI tightens reporting norms for Liberalised Remittance Scheme

On April 12, 2018, Reserve Bank of India (RBI) issued a notification aimed at tightening reporting norms for the
Liberalised Remittance Scheme (LRS).
Liberalised Remittance Scheme (LRS) and Monitoring:
i. Under LRS, all resident Indian individuals, including minors, are allowed to freely remit abroad, up to
USD 250000 per financial year for any permissible current or capital account transaction or a combination of
both.
ii. LRS scheme was introduced on February 4, 2004. At that time the limit was just USD 25000. However it was
revised in a phased manner in line with prevailing macro and micro economic conditions and now stands at
USD 250000 per financial year.
iii. Individuals can avail foreign exchange for this purposes within the limit of USD 250000 only, from
Authorised Dealers/Banks.
iv. However, till now, Authorised Dealers/Banks permitted LRS transactions solely on the declaration
made by the remitter and thus monitoring of adherence to the limit was confined to obtaining such a
declaration without independent verification
v.With a view to improve monitoring and also to ensure adherence to LRS limits, RBI has directed Authorised
Dealers (ADs)/Banks to put in place a daily reporting system listing out all transactions undertaken by
individuals under LRS. These reports will be accessible to all the other ADs.
Quick Facts about Reserve Bank of India (RBI):
♦ Commenced Operations on: 1st April 1935
♦ Headquarters: Mumbai
♦ Current Governor: Mr. Urjit Patel
ICICI Bank, HDFC Bank repository participants for NERL

National E-Repository Limited (NERL), a group company of National Commodity and Derivatives Exchange
Limited (NCDEX), has empanelled ICICI Bank and HDFC Bank as repository participants.
i.As per the agreement, ICICI Bank and HDFC Bank will offer pledge finance against electronic negotiable
warehousing receipts (eNWR) created on NERL’s repository platform for commodities stored in warehouses
registered with Warehousing Development and Regulatory Authority (WDRA).
ii.These empanelment will boost the repository ecosystem and will also be beneficial for stakeholders in
reducing the turn-around time in processing the loans and marking the pledge on the eNWR.
iii.It is to be noted that ICICI Bank itself is one of the promoter shareholder in NERL.
Quick Facts about NERL:
♦ Incorporated in – February 2017
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♦ Location of Registered Office – Mumbai, Maharashtra

♦ Promoter Shareholders – NCDEX, ICICI Bank, State Bank of India and NABARD
India’s forex reserves at record high of $424.864 billion: RBI

According to the weekly data from the Reserve Bank of India (RBI), India’s foreign exchange reserves touched a
life-time high of $424.864 billion in the week to April 6, 2018.
India’s Forex Reserves – Latest Data:
i. As per RBI data, on a week-on-week basis, forex reserves increased by $503.6 million in the week to
April 6, 2018.
ii. In the previous week, forex reserves rose by $1.828 billion to $ 424.366 billion.
iii. The latest surge in forex reserves came solely on the back of increase in foreign currency assets.
iv. Foreign currency assets is a major component of the total forex reserves. For the week to April 6, 2018, it
rose by $657.7 million to $399.776 billion.
v. For the reporting week, Gold reserves decreased by $130.7 million to $21.484 billion while special
drawing rights with the International Monetary Fund (IMF) declined by $10 million to $ 1.534 billion.
PNB launched new products such as pre-approved credit card and UPI solution to mark its
124th foundation day
On 13th April 2018, Punjab National Bank (PNB) launched new products like pre-approved credit card and UPI
solution to mark its 124th foundation day.
PNB launches new schemes to mark 124th foundation day:
i. PNB also announced its UPI partnership with WALNUT, an expense management app, that has features
like bill reminders, bill-split and instant paperless loans.
ii. PNB conducted blood donation camps in 200 blood donation centres in 76 circle offices covering more than
6,500 branches in all states and union territories.
iii. The camp was inaugurated at PNB head office in New Delhi by Sunil Mehta, MD and CEO of PNB
About Punjab National Bank (PNB):
♦ MD & CEO – Sunil Mehta
♦ Headquarters – New Delhi
Government raises NABARD’s authorised capital to Rs 300 billion to aid rural economy
The government has raised the authorised capital of NABARD (National Bank for Agriculture and Rural
Development) by 6 times to Rs 300 billion, aimed to increase its lending to the rural economy, as a part of
the initiative to double farmers’ income by 2022.
Government raises NABARD’s authorised capital to Rs 300 billion to aid rural economy:
i. A notification regarding this was released by the Finance Ministry on 10th April 2018. A bill in this regard was
approved by Parliament at the start of this year.
ii. The increased authorised capital will enable NABARD to perform the commitments it has undertaken,
especially with respect to Long Term Irrigation Fund and on-lending to cooperative banks.
iii. Also, it will help NABARD to expand its business and activities, resulting in promotion of integrated rural
development, prosperity of rural areas and generation of more employment.
About NABARD (National Bank for Agriculture and Rural Development):
♦ Set up – 1982
♦ Chairman – Dr. Harsh Kumar Bhanwala
Indian economy has recovered from impact of demonetisation, GST: World Bank Report
As per World Bank’s bi-annual South Asia Economic Focus report released on April 15, 2018, Indian
economy has recovered from the adverse impacts of demonetisation (in November 2016) and roll out of Goods
and Services Tax (in July 2017).
World Bank’s outlook on Indian Economy:
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i. Owing to recovery from above stated events, Indian economy is projected to grow by 7.3% in 2018 and
7.5% in 2019.
ii. Indian recovery will again make South Asia region, the world’s fastest growing region.
iii. South Asian region as a whole is projected to grow at 6.9% in 2018 and 7.1% in 2019.
iv. However, the report cautioned that despite growth, India was not creating enough jobs. As per the
report, India must create 8.1 million jobs a year to maintain its employment rate.
Quick Facts about World Bank:
♦ Headquarters – Washington D.C., US
♦ Current President – Jim Yong Kim
YES Bank launches YES GST facility for MSMEs

Yes Bank has launched ‘Yes GST’, an OD (over draft) facility for Micro, Small and Medium Enterprises (MSMEs).
Salient Features of Yes Bank’s ‘Yes GST’:
i. ’Yes GST’ enables MSME to avail OD up to Rs 1 crore, based on their annual turnover, backed by Goods and
Services Tax (GST) returns.
ii. This OD facility can be availed by an MSME against mortgage of residential or commercial property.
iii. Thus the essential documents to be provided are GST returns and residential or commercial property
papers. Any additional assessment of balance sheet or bank statements will not be required.
WPI inflation at 2.47 % in March

On 16th April 2018, data from Ministry of Commerce & Industry stated that, India’s annual Wholesale
Price Inflation (WPI) was at 2.47 % in March 2018, a nine-month low, due to a fall in price of vegetables
and other food and beverages.
WPI inflation at 2.47 % in March:
i. The notification said that, the official Wholesale Price Index (WPI) for ‘All Commodities’ for March 2018
increased by 0.2 % to 116.0 (provisional) from 115.8 (provisional) for the previous month.
ii.The annual rate of inflation, based on monthly WPI, was at 2.47 percent (provisional) for March 2018 (over
March, 2017) as compared to 2.48 %(provisional) for the previous month and 5.11 percent during the
corresponding month of the previous year.
iii. The build up inflation rate in the financial year so far was 2.47 percent compared to a build up rate of 5.11
percent in the corresponding period of the previous year.
iv. The index for ‘Food Articles’ group reduced by 0.4 percent to 137.2 from 137.8 for the previous month due
to lower price of egg, gram, tea, coffee, poultry chicken and condiments and spices, etc.
v. But the price of ragi, jowar, peas, moong, betel leaves, wheat, paddy and pork increased.
vi. The index for ‘Non-Food Articles’ group reduced by 0.3 % to 120.2 from 120.6 for the previous month due to
lower price of guar seed, niger seed, floriculture, raw cotton, cottonseed, mustard seed, among others.
vii. But the price of raw silk, mesta and hides, sunflower, soyabean, fodder, raw wool, coir fibre and raw rubber
increased.
viii. The index for ‘Minerals’ group reduced by 2% to 119.7 from 122.2 for the previous month due to lower
price of copper concentrate and phosphorite.
ix. But the price of iron ore, chromite, manganese ore, limestone, zinc concentrate and lead concentrate
increased.
x.The index for ‘Crude Petroleum & Natural Gas’ group reduced by 0.5 % to 80.2 from 80.6 for the previous
month due to lower price of crude petroleum.
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About Ministry of Commerce & Industry:

♦ Minister of Commerce and Industry – Suresh Prabhu
♦ Departments – Department of Commerce & Department of Industrial Policy and Promotion
Bandhan Bank among top 50 most valuable entities

Bandhan Bank has found a place in the list of the top-50 most valuable companies in terms of market
capitalization (m-cap) in India.
Bandhan Bank among top 50 most valuable entities:
i. Bandhan Bank reached 50th position in overall market capitalization ranking with a market capitalization of
Rs 640 billion on 12th April 2018, as per Bombay Stock Exchange (BSE) data.
ii .Bandhan Bank has surpassed Dabur India, Britannia Industries, New India Assurance Company, Tech
Mahindra and Bharti Infrastructure in the last 10 trading sessions.
iii. Tata Consultancy Services Ltd is the most valuable company in India. It is followed by Reliance Industries
Ltd and HDFC Bank Ltd.
About Bandhan Bank:
♦ MD & CEO – Chandra Shekhar Ghosh
♦ Headquarters – Kolkata, West Bengal
World Bank to fund community-led landscapes management in Meghalaya

On 16th April 2018, a loan agreement worth USD 48 million for the “Meghalaya Community – Led
Landscapes Management Project (MCLLMP)” was signed by India and the World Bank, in New Delhi.
Meghalaya Community – Led Landscapes Management Project (MCLLMP):
i. The objective of this project is to enhance community-led landscapes management in selected landscapes in
Meghalaya.
ii. The project has three components:
strengthening knowledge and capacity for natural resource management
community-led landscape planning and implementation
project management and governance
iii. It will help in managing the depleting natural resources like land, water sources, and forests by
strengthening the communities and traditional institutions.
iv. This will increase water for local communities and improve the soil productivity, resulting in increased
incomes and lesser poverty.
v. The International Bank for Reconstruction and Development (IBRD) loan agreement was signed by
Sameer Kumar Khare, Joint Secretary (MI), Department of Economic Affairs on behalf of India. Hisham A Abdo
Kahin, Acting Country Director, World Bank (India) signed it on behalf of the World Bank.
vi. Also, a project agreement was also signed by P. Sampath Kumar, Commissioner and Secretary to the
Government of Meghalaya and CEO, Meghalaya Basin Development Authority (MBDA) and Hisham A Abdo
Kahin, Acting Country Director, World Bank (India).
vi. The closing date for the above project is 30th June 2023.
Some National Parks in Meghalaya:
♦ Nokrek National Park
♦ Balphakram National Park
ICICI Bank on-boards 250+ corporate entities on its blockchain platform

On April 17, 2018, India’s largest private sector bank, ICICI Bank announced that it has on-boarded over 250
corporates on its blockchain platform for domestic and international trade finance.
More information about ICICI Bank’s blockchain platform for domestic and international trade finance:
i. In August 2016, ICICI Bank became the first bank in India to successfully undertake pilot transactions
on its blockchain platform for international trade finance.
ii. Since then, more than 250 Indian corporate, including the leading ones are now undertaking
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domestic/international trade finance transactions on this platform.

iii. ICICI Bank’s blockchain platform digitises the paper-intensive international trade finance process as an
electronic, distributed and unalterable ledger, which is accessible to all the participating entities including
banks.
iv. This is not just more time and cost efficient but also a secure way of undertaking domestic and
international trade transactions.
♦ Tagline – ‘hum hai na’, ‘khayaal aapka’
Government launches first tranche of Sovereign gold bonds for FY19

Government of India has decided to issue Sovereign Gold Bonds 2018-19 – Series-I. These bonds will
be issued by Reserve Bank India (RBI) on behalf of the Government of India.
Details about Sovereign Gold Bonds Scheme 2018-19 – Series – I:
Subscription Date: April 16, 2018 to April 20, 2018. Bond Certificate will be issued on May 4, 2018
Denomination: 1 gm multiples
Issue Price: Rs. 3114 per gram. The issue price is the simple average of closing price of gold of 999 purity
published by the India Bullion and Jewellers Association Limited for the last 3 business days of the week
preceding the subscription period. Discount of Rs. 50 per gm for those who subscribe online and pay through
digital mode.
Tenure: 8 years
Interest Rate: 2.50% per annum, payable every 6 months.
Exit Option: From 5th year onwards, to be exercised on interest payment dates
Minimum Size: 1 gm
Maximum Limit: 4 KG for individual, 4 Kg for HUF and 20 Kg for trusts and similar entities per fiscal (April-
March) notified by the Government from time to time.
Sold By: Banks, Post Offices, Stock Holding Corporation of India (SHCIL), National Stock Exchange (NSE) and
Bombay Stock Exchange (BSE)
About Sovereign Gold Bonds Scheme:
The Sovereign Gold Bonds Scheme was first announced in Union Budget 2015-16. Consequentially, the first
tranche was issued in November 2015.
There were two objectives behind launching Sovereign Gold Bonds. Firstly to reduce the demand of physical
gold and thereby reduce the import bill of the country.
Secondly, the funds deployed in Gold Bonds can be used for developmental projects in the country.
Benefits of Sovereign Gold Bonds:
The investors get stipulated interest on the bonds and can also get the benefit if the price of gold appreciates in
future.
These bonds are highly liquid, just as physical gold. These bonds can even be placed as collaterals while seeking
loan.
Buying Gold bonds eliminates the need for conducting quality check, which is required while buying physical
gold.
For buyers of physical gold, storage and security issues are always a concern. There are no such concerns for
gold bonds as they are issued in paper form and can even be dematerialised.
DARPAN-PLI App launched by Manoj Sinha

On April 17, 2018, Minister of State (Independent Charge) for Communications, Manoj Sinha launched
DARPAN-PLI App, which will help in collection of premium for Postal Life Insurance (PLI) and Rural Postal Life
Insurance (RPLI) policies at Branch Post Offices anywhere in India.
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About DARPAN-PLI App:

i. In context of this news, DARPAN refers to DIGITAL ADVANCEMENT OF RURAL POST OFFICE FOR A NEW
INDIA (DARPAN) Project, a project launched by Department of Posts as a part of its IT Modernisation plan,
aimed at connecting all 1.29 lakh Rural Branch Post Offices in the country, to enable them to do online Postal
and Financial Transactions.
ii. The DARPAN-PLI App will not only help in collection of premium for PLI and RPLI policies at Branch Post
Offices, but will also enable indexing of maturity claims in respect of PLI and RPLI policies at Branch Post Office
itself.
iii. This app is a part of Department of Posts endeavour to go digital which will help in providing better
after-sales service to customers of PLI and RPLI, particularly to those living in rural areas of India.
Kotak Bank goes past SBI to become India’s 2nd most valuable lender
On April 16, 2018, market capitalisation of Kotak Mahindra Bank, for the first time surpassed that of State Bank
of India.
Market Valuation of Kotak Mahindra Bank:
i. Market value of a company’s outstanding shares is referred to as market capitalisation (m-cap). It is
calculated by multiplying the current market value of company’s share with total outstanding shares.
ii. At the end of the trading day on April 16, 2018, Kotak Mahindra Bank’s market capitalisation rose to Rs
2.23 lakh crore compared with SBI’s market cap of Rs 2.22 lakh crore.
iii.On account of this surge, Kotak Mahindra Bank has become the second-most valuable bank in India after
HDFC Bank.
iv. Among all Indian banks, HDFC Bank has the highest market capitalisation of Rs 5.03 lakh crore.
Quick Facts about Kotak Mahindra Bank:
♦ Granted Banking Licence in – 2003
♦ Founder, Executive Vice Chairman and MD – Uday Kotak
♦ Tagline – ‘Let’s make money simple’
1.55 lakh post offices to be empowered as Payments Banks: Manoj Sinha

On 17th April 2018, Communications and Railways Minister Manoj Sinha said that, the government aims
to empower 1.55 lakh post offices after integration with 650 Payments Banks to offer digital services
including financial inclusion.
1.55 lakh post offices to be empowered as Payments Banks:
i. Manoj Sinha has said that, in 5 to 6 months, 1.5 lakh postal offices will operate as Post Payments Banks.
ii. He said that after pilot launch of India Post Payments Bank (IPPB) in Raipur and Ranchi, Payments Banks
will be started in the remaining 648 locations soon.
iii. The Payments Banks will offer direct benefit transfer (DBT) to a large number of people.
iv. India Post Payments Bank (IPPB) launched its pilot services in Raipur and Ranchi in January 2017.
v. In 2015, the Reserve Bank of India (RBI) had approved Payments Banks to 11 entities. It also allowed the
Department of Posts to accept deposits up to Rs 1 lakh per individual or a small business.
vi. He also launched Digital Advancement of Rural Post Office for a New India or Darpan program with a
budget of Rs 1,300 crore, under the IT modernisation initiative to enable digital transactions and online
postal services in 1.29 branch post offices in rural regions of India.
vi. Bharti Airtel offers Machine-to-Machine (M2M) SIM cards for postal department’s modernisation initiative.
IT comapnies like Infosys and TCS are vendor-partner in the postal department’s modernisation drive.
vii. He said that the Postal Life Insurance (PLI) now covers people other than its employees with lesser
premium and more returns. He added that this has helped to gather Rs 6 crore of additional revenue within 4
months of its introduction.
viii.He said that, out of the projected 250 Aadhaar enrolment and updation centres and Post Office Passport
Seva Kendras (POPSK), 178 have become fully functional now.
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ix. He also launched Darpan-PLI app that enables renewal of pension including premium collection and
indexing of maturity of claim.
About India Post Payments Bank (IPPB):
♦ MD & CEO – Suresh Sethi
♦ Headquarters of India Post – New Delhi
NABARD approves Rs 14,690 crore funding to Rajasthan

National Bank for Agriculture and Rural Development (NABARD) has announced that it has extended total
credit support of Rs 14690 crore to Rajasthan during 2017-18.
NABARD’s funding to Rajasthan:
i. Rajasthan has been one of the biggest beneficiaries under the Rural Infrastructure Development Fund
(RIDF) of NABARD.
ii. Under RIDF, NABARD disbursed concessional loan of Rs 1851.29 crore to Rajasthan state government during
2017-18.
iii. Funds sanctioned by NABARD were used for 10 irrigation projects, construction of 1614 roads and two
rural drinking water supply projects in the state.
Quick Facts about NABARD:
♦ Established in – 1982
♦ Current Chairman – Dr. Harsh Kumar Bhanwala
India expected to grow at 7.4% in 2018: IMF

As per latest World Economic Outlook, released by International Monetary Fund (IMF) on April 17, 2018,
Indian economy is projected to grow 7.4% in the current fiscal i.e. FY 2018-19 and accelerate further in FY
2019-20 to 7.8%.
IMF’s outlook on Indian Economy:
i. The report has outlined that in the medium term, there will be a gradual increase in India’s growth rate as
structural reforms raise potential output and Indian will thus consolidate its position as the world’s fastest-
growing major economy.
ii. India’s growth in current and next fiscal will come on back of strong private consumption as well as
fading transitory effects of demonetisation (in November 2016) and roll out of Goods and Services Tax
(in July 2017).
iii. Consumer inflation is projected at 5% for the current as well as next year while the current account deficit is
seen at 2.3% of Gross Domestic Product (GDP) this fiscal and 2.1% next fiscal.
iv. As per IMF, Chinese Economy will slow down from 6.9% in 2017 to 6.6% in 2018 and further to 6.4% in
2019 while Global growth is seen stable at 3.9% over the current and next calendar years.
Quick Facts about International Monetary Fund (IMF):
♦ Current Managing Director – Christine Lagarde
CII projects FY19 GDP growth at 7.3-7.7 percent

On April 12, 2018, Confederation of Indian Industry (CII) stated that India’s gross domestic product (GDP) is
expected to grow at 7.3-7.7 percent during the 2018-19 financial year.
CII’s outlook on Indian Economy:
i. The growth in 2018-19 will come on back of strong demand in the rural economy, including agriculture
and non-farm activities, as well as better global growth climate.
ii. Strong demand in the rural economy will boost investment in industry, which in turn will increase
manufacturing activities.
iii. As per CII, agriculture sector is expected to grow at 2.5-3.5 percent, industrial sector to grow at 7.2-
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7.5 percent and services sector to grow at 8.4-8.7 percent.

iv.Rising oil prices has been identified as a macro challenge. However, improving industrial performance is
expected to compensate for the same.
Quick Facts about CII:
India claims top spot for 2018 growth among major economies: Reuters Poll
According to a Reuters poll of economists, India will reach the top position among the world’s fastest-
growing major economies in 2018, but increasing trade tensions between the United States and China
might hinder that growth.
India claims top spot for 2018 growth among major economies:
i. The recent tit-for-tat import tariffs introduced by the US and China have created concerns about a global
trade war. Otherwise a strong world economy could be developed.
ii. The recent poll was taken on 11th to 18th April 2018. It has predicted that India’s economy will expand
7.4 % in the fiscal year that began in April 2018.
iii. This is in line with the International Monetary Fund’s (IMF) projection. For the next fiscal year, growth is
expected to average 7.5 %, which is lower than the IMF’s forecast of 7.8 %.
iv. The slowdown has been attributed to demonetization introduced in November 2016 and introduction of
goods and services tax (GST) in July 2017. But the impact of these have reduced now.
iv. Increased government spending prior to national elections next year is expected to be inflationary.
v. Inflation is forecast to average 4.7 % in the fiscal year ending in March 2019, and 4.9 % the following
year, according to the poll.
vi. The Reserve Bank of India has been forecast to keep rates on hold until the second half of next year,
according to the poll.
vii. But economists expect a repo rate increase to the quarter ending September next year from a move in the
first three months of 2019.
Some important stadiums in India:
♦ Trivandrum International Stadium – Thiruvananthapuram, Kerala
♦ Jawaharlal Nehru Stadium – Kochi, Kerala
♦ Lal Bahadur Shastri Stadium – Kollam, Kerala
SBI India’s most trusted bank, ICICI tops in private sector: Report
As per Trust Research Advisory’s Brand Trust Report 2018, State Bank of India (SBI) is the most-trusted
bank (among both public and private sector banks) in India.
Brand perception of Major Indian Banks:
i. Among private sector banks, the list was topped by ICICI Bank. However, Brand Trust Report 2018 is
based on a survey that was carried out during November 2017 – January 2018 period and did not take into
account the recent reports of irregularities involving the ICICI Bank.
ii. Although SBI has topped the Banking and Financial Services Institutions (BFSI) super-category , its overall
brand trust index ranking has dropped from 13th in 2017 to 21st this year.
iii. Interestingly, out of the 1000 most trusted brands of India that have featured in Brand Trust Report
2018, 51 brands are from the BFSI as compared to 23 brands in 2017.
RBI directs Mumbai-based bank to restrict withdrawals

Reserve Bank of India (RBI) has placed Mumbai-based City Co-operative Bank under directions, owing to
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which, its customers will not be allowed to withdraw more than Rs. 1000 per deposit account.
Restrictions on City Co-operative Bank:
i. In addition to withdrawal restrictions, City Co-operative Bank would not be able to accept fresh deposits,
disburse loans, make any investment, or borrow funds without RBI approval.
ii. In context of this news, it is important to note that City Co-operative Bank’s net non-performing assets stood
at 8.84 per cent of advances.
iii. However, RBI has clarified that issue of the directions should not be construed as cancellation of banking
licence of City Co-operative Bank and it will continue to undertake banking business with restrictions till its
financial position improves.
AU Bank bets on ‘Kamao’ app to ramp up biz

AU Small Finance Bank has decided to improve its business through crowd-sourcing, involving not only
employees but also customers and non-customers using the mobile app named ‘Kamao’ (earn).
Kamao (earn):
i. AU Small Finance Bank has planned to encourage stakeholders to refer prospective customers, who want to
open deposit accounts or get loans, on the app and win rewards.
ii. The app is currently undergoing beta (field) testing. If an employee, customer or non-customer give leads
(prospective customer’s name, contact details, and banking requirements) they will be rewarded.
iii. The sales team will work on the lead, and if it converts into business, the person who referred the
prospective customer, will get a reward. The status of the lead given will be updated in the app.
iv. In case of employees, the bonus is linked to generation of leads. The the app will be launched in six months.
About AU Small Finance Bank:
♦ Headquarters – Jaipur, Rajasthan
♦ MD & CEO – Sanjay Agarwal
Bhuj Mercantile Coop Bank bags Banco Award for best performing cooperative bank
Bhuj Mercantile Cooperative Bank has won the Banco Award for best performing cooperative bank.
Bhuj Mercantile Cooperative Bank – Banco Award for best performing cooperative bank:
i. Bhuj Mercantile Cooperative Bank received the Banco Award from Telangana Chief Minister K
Chandrashekhar Rao at an award ceremony held recently in Hyderabad.
ii. Bhuj Mercantile Cooperative Bank was selected as the best performing cooperative bank from 1500
cooperative banks in India.
iii. Also, Bhuj Mercantile Cooperative Bank ranked in the top in Gujarat for hi-tech technology
upgradation. It ranks third in the category at National level.
iv. Banco Award is presented every year to the top performing cooperative banks to recognise and encourage
best practices in the cooperative banking sector.
v. The banks for Banco Award were selected based on the bank’s audited accounts for past 3 years, deposit
growth, non-performing assets (NPA), net profit, customer service standards, ratings provided by RBI, staff
training, Core Banking Solution (CBS), use of latest technology, e-com and ATM facilities.
About Bhuj Mercantile Cooperative Bank:
♦ Chairman – Nilaben S Choksi
♦ Established – 1994
The first meeting of the BRICS Finance Ministers and Central Bank Governors
On 19th April 2018, the first meeting of the BRICS Finance Ministers and Central Bank Governors was
held in the sidelines of the IMF/World Bank Spring Meetings in Washington D.C., United States.
The first meeting of the BRICS Finance Ministers and Central Bank Governors:
i. Subhash Chandra Garg , Secretary , Department of Economic Affairs (EA) represented Ministry of
Finance, India, in the meeting.
ii. Major issues discussed in the meeting were related to:
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improving the project pipelines of New Development Bank (NDB) evenly across member countries
expansion of NDB’s membership
proposal of South African Presidency for setting up a working group on illicit financial flows
BRICS Task Force on Public Private Partnership
issues related to BRICS Contingent Reserve Arrangement (CRA)
BRICS Bond Fund
About New Development Bank (NDB):
♦ President – K V Kamath
♦ Headquarters – Shanghai, China
India contributing to global growth in financial inclusion: World Bank report

Global Findex Report, 2017 released by the World Bank has acknowledged that rapid increase
in financial inclusion has taken place in India in recent years.
Increase in Financial Inclusion:
i. As per the report, number of account holders in India rose from 35 percent of the adults in 2011 to 53 percent
in 2014 and 80 percent in 2017.
ii. This growth has been largely attributed to Government’s Jan Dhan Yojana, launched in 2014.
iii. 51.4 crore accounts have been opened globally from 2014 to 2017. During this period 28.17 crore Jan
Dhan Accounts were opened in India, constituting almost 55 percent of the accounts opened globally.
iv. Highlighting the growth of digital payments in India, the report states that 36 percent of account owners
in India are already using their accounts to make or receive digital payments.
India is world’s sixth largest economy: IMF

India has been declared the 6th largest economy in the world with a GDP of 2.6 trillion in 2017, according
to the International Monetary Fund’s World Economic Outlook (WEO) for April 2018.
India is world’s sixth largest economy: IMF:
i. India has replaced France on the 6th position. United States of America, China, Japan, Germany, and the
United Kingdom are ahead of India in the ranking.
ii. India has improved on structural reforms in the recent past, also through GST, which will help eliminate
internal barriers for trade, increase efficiency, and improve tax compliance.
iii. The report has said that, the medium-term growth outlook for India is strong.
iv. It has said that, India’s high public debt and recent failure to achieve the budget’s deficit target require
continued fiscal consolidation into the medium term to further strengthen fiscal policy credibility.
v. IMF said that, the main priorities for reducing constraints on job creation and ensuring that demographic
dividend is not wasted are to ease labour market rigidities, reduce infrastructure bottlenecks, and improve
educational outcomes.
vi. IMF has said that Corporate debt overhang puts a drag on investment in India.
vii. According to the report, the recapitalization plan for major public-sector banks announced in 2017 will help
fill up capital buffers and improve the banking sector’s ability to support growth.
viii. India has improved from 6.7 % in 2017 to 7.8 % in 2018. As per the analyses done by the World
Economic Outlook (WEO), over one year the Indian economy was supported by resurgent net exports and
strong private consumption, respectively, while investment growth reduced.
About International Monetary Fund (IMF):
♦ MD – Christine Lagarde
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ICICI Bank launches digital form for opening current accounts

India’s largest private sector bank ICICI Bank has introduced a ‘digital form’ which will help open current
accounts in a few hours.
ICICI Bank introduces ‘digital form’:
i. Through ‘digital form’, ICICI Bank officials would be able to capture information about the customer and
the business digitally and verify KYC documents in real-time, at the premise of the customer.
ii. Opening account through ‘digital form’ application will provide a faster and smoother account opening
experience to customers by doing away with the hassle of arranging lengthy paper-work like physical
photographs and photocopies of KYC documents of themselves and their firm.
iii. ICICI Bank’s Managing Director and Chief Executive Chanda Kochhar has claimed that this is a first of its
kind service by any bank in India, and will thus help to secure more clients as it enhances the ‘ease of doing
business’.
♦ Tagline – Hum Hai Na, Khayaal Aapka
Yes Bank got RBI’s nod to open two global representative offices
Mid-size private sector bank YES Bank has got approval from the Reserve Bank of India to open two
international representative offices – in London and Singapore.
Yes Bank’s global representative offices:
i. The two global representative offices in London and Singapore will primarily cater to the NRI (non resident
Indian) population and will also provide networking coverage for Yes Bank’s large investor community in these
regions.
ii. Offerings at these offices would include ‘Yes First’ and ‘Yes Private Wealth Management’ programme along
with Non-Resident External/ Non-Resident Ordinary (NRE/NRO) savings accounts and deposits and similar
services.
iii. Yes Bank started creating international presence in 2015, with opening of its first overseas office in
Abu Dhabi, UAE followed by IFSC Banking Unit (IBU) at GIFT City, Gandhinagar.
PM Modi award for Manipur’s Karang – India’s first cashless island of the country
On April 22,2018, Prime Minister Narendra Modi honoured officials for making Manipur’s Karang the first
cashless island of the country, and implementing the Goods and Services Tax (GST) and other priority
initiatives of the Centre.
Karang – first cashless island of the country
i. Karang island, a remote and backward region. It was separated from the Bishnupur district. Incentives
were provided for training towards digital payments and five POS machines were installed on the island.
ii. Self-help groups and youth clubs were roped in for community mobilization and parallel activities were
conducted on the island for Aadhaar enrolment and opening of bank accounts.
iii. An online channel was launched to make people aware about digital payments. Due to this effort, 92 per
cent of the bank accounts were linked with mobile and 70 per cent of them were linked with Aadhaar.
Other honours/awards
i. Modi awarded civil servants for smooth implementation of four priority programmes — Pradhan Mantri
Fasal Bima Yojana, Pradhan Mantri Awas Yojana (Urban and Rural), Deen Dayal Upadhyaya Grameen
23 | P a g e
Kaushalya Yojana, and for promoting digital payments.

ii. Banka district administration in Bihar – for reinventing education using technology.
iii. Assam’s Dhemaji and Telangana’s Karimnagar – best implementation of ‘Deen Dayal Upadhyaya
Grameen Kaushal Yojana’.
iv. Himachal Pradesh’s Kangra and Madhya Pradesh’s Neemuch – implementation of the Pradhan Mantri
Awas Yojana (Gramin) aimed at providing pucca houses with basic amenities to all homeless people.
PNB impounds passports of wilful defaulters

India’s second largest public sector bank, Punjab National Bank (PNB) has stated that Union Ministry of
External Affairs (MEA) has confiscated passports of 150 wilful defaulters based on its complaints
Loan Recovery efforts made by PNB:
i. In addition to impounding the passports, PNB has also lodged 37 FIRs against those who are not repaying
loans.
ii. In March 2018, Union Finance Ministry asked banks to obtain passport details of those who have
borrowed more than Rs 50 crore and ensure swift action in case of fraud in order to prevent them from
fleeing the country.
iii. In wake of Rs 14000-crore fraud by diamond traders Nirav Modi and Mehul Choksi, PNB has become
proactive in recovery of loans to improve its financial position.
iv. The bank has already declared 1084 wilful defaulters and published photos of 260 such defaulters in
newspapers as part of its recovery drive.
v. PNB has claimed to leverage data analytics for loan recovery and risk management, and has also tied up with
a leading credit agency.
Quick Facts about PNB:
♦ Current MD & CEO – Sunil Mehta
♦ Tagline – ‘The name you can bank upon’
IOB inks information utility pact with NeSL

On April 20, 2018, Indian Overseas Bank (IOB) entered into an agreement with National e-Governance
Services Limited (NeSL) for utilizing its Information Utility Services envisaged under the Insolvency and
Bankruptcy Code, 2016.
More Details about IOB-NeSL tie-up:
i. State-owned NeSL is the first Information Utility entity registered with the Insolvency and Bankruptcy
Board of India (IBBI) under the aegis of the Insolvency and Bankruptcy Code, 2016.
ii. Information utility is an information network which procures and stores financial data like borrowings,
default and security interests of various entities. It enables lenders in making decisions on credit transactions.
iii. Owing to this agreement, IOB branches will now be able to provide authenticated information about debts
and defaults, thereby enhancing transparency in maintaining the list of borrowers, debtors, creditors and loan
defaulters.
Quick Facts about IOB:
♦ Headquarters – Chennai, Tamil Nadu
♦ Current MD & CEO – R. Subramania Kumar
♦ Tagline – ‘Good People to Grow With’
RBI makes Aadhaar key to KYC compliance

On April 20, 2018, Reserve Bank of India amended its ‘know your customer’ (KYC) guidelines,
making Aadhaar mandatory for conducting customer due diligence by banks and finance companies.
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RBI updates master direction on KYC (Know Your Customer) norms:

i. As per the circular, for the purpose of doing customer due diligence, all RBI regulated entities must
obtain Aadhaar number, PAN or Form No. 60 from an individual who is eligible for enrolment of
Aadhaar. As every citizen is eligible for Aadhaar, the rule will apply to all Indians.
ii. The mandatory Aadhaar norm will not apply to residents of Jammu and Kashmir, Assam and Meghalaya.
iii. In addition to this, RBI has also done away with sections relating to the use of other “officially valid
documents” by banks and financial institutions for address and identity proof.
iv. However, any change in norms, will be subject to a final decision by the Supreme Court on matters related to
Aadhaar.
India’s growth expected to expand at 7.4 % in 2017-18: RBI Governor Urjit Patel
Reserve Bank of India (RBI) Governor Urjit Patel has stated that India’s Gross Domestic Product (GDP) is
expected to grow at 7.4% in 2018-19.
RBI Governor Urjit Patel’s Outlook on Indian Economy:
i. Mr. Patel gave this statement while addressing the International Monetary Finance Committee in Washington
D.C, US on April 21, 2018.
ii. He stated that global demand has been improving, which should encourage exports and boost fresh
investments in 2018-19.
iii. According to Mr. Urjit Patel, Gross fiscal deficit (GFD) of the Central Government is budgeted at 3.3 per
cent in 2018-19.
iv. He outlined that although GDP growth in 2017-18 moderated to 6.6 percent as compared to 7.1 percent in
2016-17, there was a strong rebound in the second half of 2017-18 on the back of a turnaround in investment
demand.
Deposits in Jan Dhan account cross Rs 80000 crore

According to Union Finance Ministry data, total deposits in Jan Dhan accounts crossed Rs. 80000 crore mark as
on April 11, 2018.
Surge in deposits in Jan Dhan Accounts:
Deposits in Pradhan Mantri Jan-Dhan Yojana (PMJDY) accounts shot up during the demonetisation
period starting from November 8, 2016.
The impact was so phenomenal that deposits in PMJDY accounts touched Rs. 74000 crore mark in the
later part of November 2016 from Rs 45300 in the beginning of November 2016.
Although the deposits dipped for a brief period after that, it started picking up again in a steady manner from
March 2017 and crossed Rs 75000 crore mark in February 2018 and Rs 78000 crore mark in March 2018.
Even the Global Findex Report, 2017 released by the World Bank has acknowledged that rapid increase
in financial inclusion has taken place in India in recent years due to Indian Government’s Jan Dhan
Yojana.
The increase in Jan Dhan deposits was fuelled by increase in number of Jan Dhan account holders, which
stood at 31.45 crore as on April 11, 2018 as compared to 26.5 crore at the beginning of 2017.
Interestingly, 51.4 crore accounts were opened globally from 2014 to 2017. During this period 28.17 crore Jan
Dhan Accounts were opened in India, constituting almost 55 percent of the accounts opened globally.
Paytm Payments Bank registers 100M KYC wallets

On April 23, 2018, Paytm Payments Bank announced that it now has over 100 million KYC wallets.
Paytm’s KYC Campaign:
i. Paytm stated that it was able to accomplish this feat on account of a constant campaigning highlighting
about the benefits of the Know Your Customer (KYC) system.
ii.Besides, it also introduced Paytm KYC centers and ‘Paytm-Ka-ATM’ outlets to offer localised support.
iii.All customers who complete full KYC, get a choice to open a zero-balance account with Paytm Payments
Bank.
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Quick Facts about Paytm:

♦ Headquarters – Noida, Uttar Pradesh
BoI inks pact with NeSL to share data under insolvency rules
On April 23, 2018, Bank of India (BoI) entered into an agreement with National e-Governance Services
Limited (NeSL) for utilizing its Information Utility Services envisaged under the Insolvency and Bankruptcy
Code, 2016.
More Details about BoI-NeSL tie-up:
i. State-owned NeSL is the first Information Utility entity registered with the Insolvency and Bankruptcy
Board of India (IBBI) under the aegis of the Insolvency and Bankruptcy Code, 2016.
ii. Information utility is an information network which procures and stores financial data like borrowings,
default and security interests of various entities. It enables lenders in making decisions on credit transactions.
iii. BoI will now avail NeSL service to expedite corporate insolvency resolution process.
World Bank group approves massive USD 13 billion increase in paid-in capital
On 21st April 2018, the World Bank Group approved USD 13 billion increase in paid-in capital, as part of a
series of internal reforms.
World Bank group approves massive USD 13 billion increase in paid-in capital:
i. The package approved by the Development Committee of the Board of Governors consists of USD 7.5 billion
paid-in capital for International Bank for Reconstruction and Development (IBRD) and USD 5.5 billion
paid-in capital for International Finance Commission (IFC), through both general and selective capital
increases.
ii. It also includes a USD 52.6 billion callable capital increase for the IBRD. The boost in capital will be
supported by various internal measures like operational changes and effectiveness reforms, loan pricing
measures, and other policy steps.
iii. Following this decision, the combined financing arms of the World Bank Group are expected to reach an
average annual capacity of nearly USD 100 billion between fiscal 2019 and fiscal 2030.
About World Bank:
♦ President – Jim Yong Kim
♦ Headquarters – Washington, D.C., U.S
ADB has agreed in principle to give an aid of 1700 crore rupees to Uttarakhand
Asian Development Bank (ADB) has agreed in principle to give an aid of Rs 1700 crore to Uttarakhand for
infrastructure development in its urban areas.
ADB aid to Uttarakhand:
i. Decision in this regard was conveyed to Uttarakhand Chief Minister Trivendra Singh Rawat by the country
director of ADB’s India Regiment Mission Kenichi Yokoyama at a meeting between the two in Dehradun on
April 28, 2018.
ii. Rs 1700 crore procured through ADB aid will be utilised for creation of infrastructural facilities,
sewer treatment plants and water supply facilities in urban areas of Uttarakhand.
iii. Besides, ADB can also initiate a reform programme to economically strengthen municipal corporations of
Uttarakhand which would enable them to efficiently manage the resources at their disposal.
Quick Facts about Asian Development Bank (ADB):
♦ Formation Year – 1966
♦ Headquarters – Manila, Philippines
♦ Current President – Takehiko Nakaho
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Government of India and World Bank Signs Agreement to Improve Rural Road Network in Madhya
Pradesh
On 24th April 2018, Government of India, Government of Madhya Pradesh and World Bank signed a
$210 million loan agreement for the Madhya Pradesh Rural Connectivity Project.
$210 million loan agreement for the Madhya Pradesh Rural Connectivity Project:
i. The Project would enhance the durability, resilience and safety of the gravel surfaced rural roads and
improve the capacity of Madhya Pradesh to manage its rural roads network.
ii. The Project will cover 10,510 km distance of rural roads in Madhya Pradesh that come under the Chief
Minister’s Gram Sadak Yojana (CMGSY) program.
iii. Out of this 10,000 km will be upgraded from existing gravel to bituminous surface roads. 510 km of new
roads will be built to the bituminous surface standard.
iv. This project will carry out surface sealing of roads, embankment pitching, and balancing culverts to prevent
damages caused by extreme flood events.
v. Alternate sealing options for road construction like polymer modified asphalt, asphalt blended with plastic
waste, and multiple surface treatment will be piloted in 20 percent of the length. It will be cost-effective and
also reduce the carbon footprint of the transport sector.
vi. This project will involve women self-help groups (SHG) in the post construction maintenance activity. They
will carry out routine maintenance of off-carriage way parts of the road.
vii. Main carriageway maintenance will be done by the original contractor. A direct maintenance contract will
be formed between the SHG group and MPRRDA (Madhya Pradesh Rural Road Development Authority) for 3-5
years.
viii. The project will implement Road Accident Database Management System (RADMS). Madhya Pradesh
will pilot a comprehensive Road Safety Program (PCRSP) in districts with the most fatal and serious injuries
observed in the past.
About Madhya Pradesh Rural Connectivity Project (MPRCP):
♦ Chief General Manager – Pankaj Jhawar
♦ Project Implementing Agency of MPRCP – Madhya Pradesh Rural Road Development Authority (MPRRDA)
Electoral Bond Scheme 2018: Sale of Electoral Bonds at Authorised Branches of State Bank of India
(SBI)
In the 3rd phase of sale, State Bank of India (SBI) has been authorised to issue and encash Electoral
Bonds through its 11 Authorised Branches with effect from 01.05.2018 to 10.05.2018.
Sale of Electoral Bonds at Authorised Branches of SBI:
i. Government of India notified the Electoral Bond Scheme 2018 as on Gazette Notification No. 20 dated
2nd January 2018.
ii. Electoral Bond Scheme 2018 states that, Electoral Bonds can be purchased by a person, who is a citizen
of India or incorporated or established in India.
iii. A person can buy Electoral Bonds, either singly or jointly with other individuals.
iv. Only the Political Parties registered under Section 29A of the Representation of the People Act, 1951
(43 of 1951) and those that have secured not less than 1 % of the votes polled in the last General Election to
the House of the People or the Legislative Assembly of the State are eligible to receive the Electoral Bonds.
iv. The Electoral Bonds can be encashed by eligible Political Parties only through a Bank account with the
Authorized Bank.
v. Electoral Bonds are valid for fifteen days from the date of issue. If the Electoral Bond is deposited after
expiry, payment will not be made to any payee Political Party.
v. Electoral Bond deposited by an eligible Political Party in its account will be credited on the same day.
About State Bank of India (SBI):
♦ Chairman – Rajnish Kumar
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India – World Bank sign $125 million agreement for “Innovate in India for Inclusiveness Project”
On April 24, 2018, India signed a loan agreement with World Bank for IBRD credit of $125million for the
“Innovate in India for Inclusiveness Project”. International Bank for Reconstruction and Development (IBRD) is
a member institution of World Bank Group.
More information about “Innovate in India for Inclusiveness Project”:
i. Objective of “Innovate in India for Inclusiveness Project” is to encourage indigenous innovation,
facilitate local product development and accelerate commercialization process in the sphere of
affordable and innovative healthcare products.
ii. The project would support public, private and the academic institutions to overcome the key market failures
by bridging critical skill and infrastructure gaps and thereby nurture an innovative biopharmaceutical and
medical devices industry in India.
iii. Term of IBRD $125 million credit will be 19 years with a grace period of 5 years.
Rs 10012 cr aid given to UP in 2017-18: NABARD

National Bank for Agriculture and Rural Development (NABARD) has stated that it has provided an assistance
of Rs 10012 crore to Uttar Pradesh (UP) during 2017-18.
NABARD’s funding to Uttar Pradesh:
i. The funds were provided to facilitate overall development in the state with special focus on agricultural
credit.
ii. Our of the above stated amount, Rs 8450 crore released to commercial banks, Regional Rural Banks
and Cooperative Banks for providing short and long term finance support to agriculture, allied and off farm
sectors across the state.
iii. Besides, NABARD’s initiatives in Uttar Pradesh during 2017-18 also focused on infrastructure development
through dedicated funds, women empowerment through Self Help Groups, strengthening of rural financial
institutions and micro-finance.
iv. For 2018-19, NABARD’s priorities in Uttar Pradesh will be digital transformation of rural financial
institution (RFIs) and rural enterprises, crop residue management in western UP, development plans
for Bundelkhand region and setting up irrigation infrastructure.
Quick Facts about NABARD:
♦ Established in – 1982
♦ Current Chairman – Dr. Harsh Kumar Bhanwala
NSE launches e – Gsec platform for bringing retail participation in Govt. Securities
On April 24, 2018, The National Stock Exchange (NSE) announced the launch of its e-Gsec platform which will
allow retail investors to invest in government securities.
Salient features of NSE’s e-Gsec platform:
i. Government issues securities in order to borrow money from the market.
ii. Government Securities are offered to investors through competitive and non-competitive auctions.
iii. Auction is held by Reserve Bank of India (RBI) on weekly basis, wherein large investors viz. banks,
primary dealers, financial institutions, mutual funds, insurance companies participate in the competitive
auctions by placing bids directly with Reserve Bank of India (RBI).
iv. In the weekly auctions, 5 per cent of the notified amount is allotted for eligible investors under the
scheme for non-competitive bidding facility.
v. Through NSE’s e-Gsec platform, the retail investors will now be able to participate in the next weekly auction
which is scheduled on April 26, 2018.
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vi. Allowing retail participation in G-Sec auctions through stock exchanges was first announced in Union budget
2016-17.
Quick Facts about NSE:
♦ Began Operations in – 1994
♦ Located in – Mumbai, Maharashtra
♦ Current Managing Director and CEO – Vikram Limaye
India’s average GDP growth to rise to 7.8 pc in first half of this year: Report
According to the Japanese financial services major Nomura, India’s average Gross Domestic Product (GDP)
growth is expected to rise to 7.8 per cent in the first half of 2018.
Outlook of Indian Economy – Nomura:
i. As per Nomura, GDP growth of 7.8 per cent in first half of 2018 will come on back of increase in
investments as well as consumption demand.
ii. However, rising oil prices, tighter financial conditions and a likely slowdown in investment activity ahead of
the elections have been identified as factors that may lead to moderation in growth for the second half.
iii. On account of these factors, growth for Q4-2018 is forecasted at 6.9 per cent.
iv. Further, Nomura has cautioned that rising oil prices may have a direct bearing on Consumer Price Index
(CPI) inflation, wherein every USD 10/bbl rise in oil prices will spike the CPI inflation by 30-40 bps and
would worsen the current account balance by 0.4 percentage points.
Quick Facts about Nomura Group:
♦ Headquarters – Tokyo, Japan
Govt. of India and World Bank sign legal agreement on National Biopharma Mission
On April 24, 2018, Government of India signed a Legal Agreement with World Bank for flexible financing
arrangements for National Biopharma Mission (NBM).
About NBM and Legal Agreement with World Bank:
i. National Biopharmaceutical Mission is the first ever Industry-Academia mission to accelerate
biopharmaceutical development in India. This programme has been named Innovate in India (i3).
ii. It is a $250 million dollar initiative that includes a $125 million loan from the World Bank.
iii. Objective of this programme is to make India a hub for design and development of novel, affordable and
effective biopharmaceutical products.
iv. The thrust areas for the mission are vaccine development, biotherapeutics, diagnostics and development of
medical devices.
v. The mission will be implemented by Biotechnology Industry Research Assistance Council (BIRAC), a
Public Sector Undertaking of Department of Biotechnology, Union Ministry of Science & Technology.
vi. On April 24, 2018, a Legal Agreement for flexible financing arrangements for this NBM was signed between
BIRAC, Department of Economic Affairs under Union Ministry of Finance and International Bank for
Reconstruction and Development (a member institution of World Bank Group).
India’s global trade rises 16% to $767.9 billion in 2017-18

As per data released by Commerce Ministry, India’s global trade in 2017-18 stood at $767.9 billion.
India’s global trade, 2017-18:
i. India’s global trade at $767.9 billion in 2017-18 marks an increase by 16.32 per cent as compared to
$660.2 billion in 2016-17.
ii. Bilateral trade with Latin American Countries (LAC) including Bolivia, Peru, Chile and Brazil has recorded
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healthy growth of 19.63 per cent in 2017-18.

iii. Out of all the above stated LACs, India-Bolivia bilateral trade grew phenomenally at 205 per cent from
$253 million in 2016-17 to $772.44 million in 2017-18.
Quick Facts about Bolivia:
♦ Capitals – La Paz, Sucre
♦ Currency – Boliviano
♦ Current President – Evo Morales
IISL launches Nifty equity savings index

India Index Services & Products Limited (IISL), index services subsidiary of National Stock Exchange of India
has introduced Nifty Equity Savings Index, which can serve as a benchmark for equity savings funds offered by
various mutual fund houses.
Salient Feature of Nifty Equity Savings Index:
i. This index captures the performance of a portfolio having exposure to equity, equity arbitrage and
debt instruments.
ii. Components and Weightage: Nifty 50 Total Return Index – 35%, Equity arbitrage (long position in Nifty 50
Total Return Index and equivalent short position in Nifty 50 Futures Index) – 30%, Nifty Short Duration Debt
Index – 30%, Nifty 1D Rate Index – 5%.
iii. The base date of Nifty Equity Savings Index is April 1, 2005 and value is 1000. It will be calculated on end-of-
day (EOD) basis.
Quick Facts about IISL:
♦ Owned by – National Stock Exchange of India
RBI liberalises ECB norms; more access to cheaper funds

Ob 27th April 2018, Reserve Bank of India (RBI) liberalised External Commercial Borrowings (ECB) Policy by
including more sectors in the window, with an aim to enable cheaper access of overseas funds.
RBI liberalises ECB norms:
i. RBI notified that, it has decided to increase the ECB Liability to Equity Ratio for ECB raised from direct
foreign equity holder under the automatic route to 7:1.
ii. This ratio will not be applicable if total of all ECBs raised by an entity is up to USD 5 million or equivalent.
iii. In order to harmonise the extant provisions of Foreign Currency and Rupee ECBs and Rupee Denominated
Bonds, it has been decided to set a uniform all-in-cost ceiling of 450 basis points over the benchmark rate.
iv. The benchmark rate will be 6 month USD LIBOR (or applicable benchmark for respective currency) for
Track I and Track II. It will be existing yield of the Government of India securities of corresponding maturity for
Track III (Rupee ECBs) and RDBs.
v. It has been decided to allow Housing Finance Companies and port trust to avail ECBs under all tracks.
vi. These entities should have a board approved risk management policy. They should maintain their ECB
exposure hedged 100 per cent at all times for ECBs raised.
vi. Investment raised through ECBs should be avoided to be put in real estate or purchase of land except for
affordable housing, construction and development of SEZ and industrial parks/integrated townships.
vii. Also ECB fund should not be invested in share market and equity investment. On-lending to entities for the
above activities is also restricted, according to law.
♦ ICICI Bank – Hum Hai Na, Khyal Apka.
♦ IDBI Bank – Banking For All, “Aao Sochein Bada”
♦ Indian Bank – Your Tech- Friendly Bank
30 | P a g e
Fitch retains India’s sovereign rating at ‘BBB-‘ with ‘stable’ outlook

Global credit ratings agency, Fitch ratings has retained India’s sovereign rating at BBB- with a stable outlook on
account of its assessment that upside and downside risks to ratings remains evenly balanced.
Fitch retains India’s sovereign rating:
i. As per Fitch’s assessment, positive factors such as strong medium-term growth outlook for Indian
economy and favourable external balances are countered by weak fiscal management and sub-par
structural factors, including governance standards and a difficult business environment.
ii. In context of this news, it is important to note that a rating upgrade reflects positive outlook for the country
and makes it an attractive destination for investors.
iii. Fitch has retained ‘BBB-‘ with stable outlook for India since August 2006. However, it changed the outlook
to negative in 2012 and then again to stable in 2013.
Quick Facts about Fitch Ratings:
♦ Headquarters – New York, US
♦ Current President and CEO – Paul Taylor
Paytm introduces ‘Tap Card’ offline payments solution

One97 Communications Limited, the owner of Paytm, announced the launch of Paytm Tap Card, its offline
payments solution to provide easy payments solutions for non-internet customers.
Tap Card:
i. The Tap Card utilises Near Field Communication (NFC) technology to enable safe and convenient digital
payments, totally offline at Paytm-issued, NFC PoS terminals, within a second.
ii. In order to make payments, users can add money from their Paytm account by scanning the QR code on the
Tap Card and by authenticating it at any add value machines (AVM).
iii. This will be a solution that also addresses network-related issues at the consumers’ or merchants’ side.
iv. Paytm is tying up with events, educational institutes and corporates in the first phase to ensure quick digital
payments using the Tap card.
v. User has to simply tap the card at a merchant outlet to pay. This lets the user to pay through Paytm even
when they are not carrying their phones.
About Paytm:
♦ CEO – Vijay Shekhar Sharma
♦ Parent – One97 Communications Ltd.
India GDP likely to grow 7.5 pc in FY19: Deutsche Bank

As per a report by Deutsche Bank, Indian economy is likely to register Gross Domestic Product
(GDP) growth of 7.5 per cent in financial year 2018-19.
Outlook of Indian Economy – Deutsche Bank:
i. Deutsche Bank’s 7.5 per cent growth forecast for 2018-19, marks an improvement as compared to the likely
6.7 per cent growth in 2017-18.
ii. Positive factors leading to higher growth: Improvement in capacity utilisation which should expedite private
sector capex recovery, uptick in GST collections due to implementation of e-way bill, bad loans resolution plan
and Government’s focus on infrastructure investment.
iii. However, higher global oil prices, anticipated rate hike cycle from the RBI and negative impact of the
banking sector frauds on credit may pose a challenge to higher growth trajectory.
Quick Facts about Deutsche Bank:
♦ Headquarters – Frankfurt, Germany
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HDFC Bank unveils IRA 2.0

HDFC Bank has launched IRA 2.0, the second version of its interactive humanoid at the Koramangala branch
in Bengaluru, Karnataka.
More Details about HDFC Bank’s IRA 2.0:
i. IRA 2.0 has been developed by HDFC Bank in collaboration with Invento Makerspaces and Senseforth
Technologies.
ii. Through voice based navigation, IRA will interact with customers, answer bank-related queries,
frequently asked questions and will guide them inside the branch.
iii. The first version of IRA, which was launched in January 2017 at HDFC Bank’s Kamala Mills Branch in
Mumbai and is currently stationed at its Palarivattom branch in Kochi, Kerala.
iv. HDFC Bank has also launched its virtual assistant ‘EVA’ (Electronic Virtual Assistant)on Amazon Alexa
and Google Assistant which allows customers to procure basic bank account related information through voice
chat from the comfort of their homes, without having to pick up a phone, tablet or laptop.
v.Information that can be procured through HDFC Bank’s ‘EVA’: Information about bank’s product features,
interest rates, fee and charges, credit card reward points/payment date/expiry date, branches address, IFSC,
process to block/unblock cards and what to do if one forgets pin.
Quick Facts about HDFC Bank:
♦ Current MD – Aditya Puri
♦ Tagline – ‘We Understand Your World’
Economic growth likely to hit 7.5 pc in FY19: Niti VC Rajiv Kumar

As per Niti Aayog Vice Chairman Rajiv Kumar, Indian economy is expected to grow by at least 7.5 per cent in
2018-19.
Outlook of Indian Economy – Rajiv Kumar:
i. Mr. Rajiv Kumar believes that India’s economic growth in 2018-19 will come on back of improvement in
investment cycle and capacity utilisation.
ii. He added that overall economic environment has become extremely positive, Foreign Direct Investment
(FDI) inflow in India is increasing and capacity utilisation has risen to 74 %.
iii. Mr. Rajiv Kumar has recommended that Indian Government should now focus on consolidating reforms that
have been initiated in past four years.
Govt. collects Rs 7.41 trillion from GST

As per data provided by Union Finance Ministry, Government has collected Rs 7.41 trillion in taxes in the first
year of the Goods and Services Tax (GST) ending March 31, 2018.
GST collection figure:
i. Rs. 7.41 trillion collection includes Rs 1.19 trillion of Central Goods and Services Tax (CGST), Rs 1.72
trillion of State Goods and Services Tax (SGST), Rs 3.66 trillion of Integrated Goods and Services Tax
(IGST) and Rs 620.21 billion of cess for first eight months and Rs 240 billion addition for March 2018.
ii. Tax collected under GST regime is split 50:50 between the Centre (CGST) and the states (SGST) while tax on
inter-state movement of goods as well as imports is Integrated-GST (IGST), that accrues to the Centre.
iii. Besides, cess levied over/above these taxes on sin and luxury goods is used to compensate revenue shortfall
faced by states on account of implementation of GST.
Quick Facts about GST:
♦ Rolled out on – July 1, 2017
♦ Type – Indirect Tax
♦ Tax Slabs – 5%, 12%, 18% 28%
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SBI rejigs portfolio of top brass

India’s largest bank, State Bank of India (SBI) has reshuffled the roles of its top management.
New roles of SBI Top Management:
i. Padmaja Chunduru, who was in charge of digital banking and new businesses will now be in charge of
SBI’s global treasury operations while C Venkat Nageswar, who was in charge of global treasury operations
will be the new MD & CEO of SBI Capital Markets.
ii. PN Prasad, who was heading mid corporate group will be the chief risk officer while DA Tambe will be the
new chief information officer.
iii. Among other important reassignments, Arijit Basu, who was earlier heading SBI Life, will now head
corporate accounts group while Sanjeev Nautiyal has been appointed as CEO of SBI Life.
Uday Kotak redesignated as MD & CEO of Kotak Mahindra Bank

The board of directors of Kotak Mahindra Bank has redesignated Uday Kotak as Managing Director and
Chief Executive Officer with effect from 1st May 2018.
Uday Kotak redesignated as MD & CEO of Kotak Mahindra Bank:
i. Earlier, Uday Kotak was executive Vice Chairman and Managing Director. He was the only official among
private banks to have a Vice Chairman designation. All other private banks have MD & CEO designation.
ii. Kotak Mahindra Bank also informed that Shankar Acharya, part-time Chairman, will retire on 19th July
2018.
iii. Prakash Apte has been appointed as part-time Chairman of the Bank in place of Shankar Acharya.
Prakash Apte’s term is till 31stDecember 2020.
♦ Andhra bank – Where India banks
♦ Bank of India – Relationship beyond banking
♦ Bank of Baroda – India’s International bank
JICA signs agreement with Centre to provide loan of Rs 500 crore

Japan International Cooperation Agency (JICA) and Indian Government have signed an agreement to
provide a loan of 8,082 million Japanese Yen (Rs 500 crore) for installation of intelligent transport
systems in Chennai.
JICA signs agreement with Centre to provide loan of Rs 500 crore:
i. As per the agreement, the project is aimed to develop an efficient traffic system in Chennai Metropolitan area
by installing Intelligent Transport Systems to reduce traffic congestion and increase economic growth.
ii. Once the project is completed, queues at main intersections in Chennai will be reduced.
iii. Official Development Assistance (ODA) is provided at an interest rate of 1.5 per cent for the project activities
and 0.01 per cent for consulting service. The repayment period is 30 years.
iv. The Official Development Assistance loan agreement was signed by Ambassador of India to Japan, Sujan R
Chinoy and JICA, Senior Vice-President, Junichi Yamada at the likura House of the Ministry of Foreign
Affairs, Tokyo.
v. Executing agency of the project is Chennai Smart City Ltd. The project will be executed on the existing
road network in Chennai.
About Japan International Cooperation Agency (JICA):
♦ JICA President - Shinichi Kitaoka
♦ JICA India Office, Chief Representative - Takema Sakamoto
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French bank Societe Generale is exiting Central and Eastern Europe and has announced it will close
offices in Bulgaria
Societe Generale is withdrawing its business from Central and Eastern Europe and has announced that it will
close offices in Bulgaria.
Societe Generale is exiting Central and Eastern Europe:
i. Societe Generale has decided to focus on other parts of their business and quit from their business in Central
and Eastern Europe.
ii. The bank in Bulgaria is sold in a package with five other divisions in Albania, Macedonia, Montenegro, Serbia
and Moldova.
About Societe Generale:
♦ CEO - Frederic Oudea
♦ Founded – 1864
United Bank of India launches United eCollect

United Bank of India has launched "United e-Collect", a digital platform that enables online payment and
fee collection services for the bank.
About United Bank of India’s United eCollect:
i. United eCollect has been launched in collaboration with Worldline, a European entity considered a
leader in financial payments and transactional services industry.
ii. United e-Collect will process online payments through Worldline’s payment gateway and will thus help
United Bank of India to extend the fee collection facility to different educational institutions, government
sectors and corporate houses.
iii. Ashok Kumar Pradhan, Executive Director of United Bank of India is hopeful that “United e-Collect” will
place United Bank of India in a competitive advantageous position vis-a-vis other market Players.
Quick Facts about United Bank of India:
♦ Headquarters – Kolkata, India
♦ Current MD & CEO – Pawan Kumar Bajaj
♦ Tagline – The Bank that begins with ‘U’
ICICI Bank launches social media-based remittance service for NRIs

ICICI Bank has introduced 'Social Pay', a cross-border remittance facility that can be utilised by NRIs to
send money to people in India through social media like WhatsApp and e-mail.
Social Pay:
i. The user should register in Money2India (M2I), ICICI’s app for remittances, to transfer money to a
person in India.
ii. In order to transfer money, users need to generate a secure link from the M2I app and share it with the
beneficiary on their social media profile or email to add the person’s bank details.
iii. This link is valid for 24 hours. It is secured with a 4 digit code set by the sender, which the sender shares
with the beneficiary. The beneficiary validates the passcode before adding the bank details.
iv. The sender then re-verifies and confirms the payment details on the app to finish the transaction.
v. ICICI Bank said that, it is the first in India to launch a cross-border remittances service using social media.
vi. It said that, the transaction is completely safe due to the two-factor authentication process between the bank
and the M2I user.
About ICICI Bank:
♦ MD & CEO - Chanda Kochhar
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RBI Bans Regulated Entities from dealing in Virtual Currencies

Reserve Bank of India (RBI) has announced that any regulated Indian entity such as banks, wallets etc. shall not
deal with or provide services to any individual or business entities for buying or selling of cryptocurrency such
as Bitcoins.
RBI cracks down on Virtual Currencies:
i. Cryptocurrencies including Bitcoin are decentralised digital currencies which are not backed by any
Sovereign Government, Central Bank or monetary authority.
ii. Earlier, RBI had cautioned users, holders and traders of virtual currencies, including Bitcoins, regarding
various risks associated in dealing with such virtual currencies.
iii. As per RBI, crypto currencies and crypto assets raise concerns of consumer protection, market integrity and
money laundering.
iv. RBI has given three months to regulated entities like banks to unwind their positions with the entities
related to cryptocurrencies.
RBI considering possibility of introducing a 'central bank digital currency:
i. RBI is considering introduction of a fiat digital currency which will be issued by RBI itself and would
constitute the liability of the central bank.
ii. RBI has stated that in case if central digital currency is introduced, it will be in circulation in addition to the
paper currency and would help in reducing the cost of printing paper currencies.
iii. An inter-departmental group has been constituted by RBI to study and provide guidance on the
desirability and feasibility to introduce a central bank digital currency.
The Reserve Bank of India (RBI) has deferred adoption of Indian Accounting Standards
On 5th April 2018, the Reserve Bank of India (RBI) deferred the implementation of the Indian
Accounting Standards (Ind AS) by one year since many banks are not yet prepared to adopt the new
accounting system.
The Reserve Bank of India (RBI) has deferred adoption of Indian Accounting Standards:
i. Earlier, the deadline for banks to move to the Ind AS was declared as April 1 2018. The announcement
was made by RBI deputy governor NS Vishwanathan.
ii. He said that the format of the financial statements stated in the Third Schedule of the Banking Regulation Act
is not amenable for reporting financial statements under Ind AS.
iii. He said that, they have requested the government to amend the Schedule and it is under consideration.
iv. He said that, RBI will continue to have the proforma of financial statements from banks to overview the
progress made towards adopting Ind-AS.
Some important museums in Bihar:
♦ Maharaja Lakshmeshwar Singh Museum – Darbhanga
♦ Chandra Shekhar Singh Museum – Jamui
♦ Rajendra Smriti Sangrahalaya (Rajendra Memorial Museum) - Patna
RBI constitutes inter-departmental group to study launching of fiat digital currency

RBI has formed an inter-departmental group to study and offer guidance on the feasibility to introduce a
central bank digital currency.
RBI constitutes inter-departmental group to study launching of fiat digital currency:
i. The inter-departmental group will submit its report by the end of June 2018. Fiat currency is the
currency that a government has declared as legal tender.
ii. This move comes after RBI ordered all entities regulated by it (mainly banks, finance companies and wallets)
not to deal with or provide services to any individual or business entities dealing with virtual currencies.
About Reserve Bank of India (RBI):
♦ Governor - Urjit Patel
♦ Headquarters - Mumbai
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IndusInd-Samsung tie up to facilitate 'tap and pay' credit system

IndusInd Bank has announced that it has tied up with Samsung Electronics to enable its MasterCard and
Visa credit card customers to use 'Samsung Pay'.
IndusInd-Samsung tie up to facilitate 'tap and pay':
i. Now, IndusInd credit card holders can use 'tap and pay' scheme at merchant outlets having Point of
Sale (PoS) terminals through Samsung Smartphones.
ii. Samsung Pay enables customers to simply tap and 'pay on the go' using their registered IndusInd Bank credit
cards.
iii. It functions using patented Magnetic Secure Transmission (MST) technology and Near Field Communication
(NFC).
iv. IndusInd Bank credit card customers with a Samsung smartphone can avail 100 % cashback on their first
three transactions till 30th April 2018.
About IndusInd Bank:
♦ MD & CEO - Romesh Sobti
Bank of Baroda raises benchmark lending rate by 0.1%

Bank of Baroda (BoB) has hiked benchmark lending rate by 10 basis points (0.1 per cent), effective from April
7, 2018.
i. Bank of Baroda (BoB) has raised marginal cost of funds based lending rate (MCLR) by 0.1 per cent to
8.40 per cent for 1-year tenure.
ii. MCLR is the minimum interest rate of a bank, below which it cannot lend. It serves as an internal benchmark
for the bank. Interest rate on corporate and retail loan products is fixed above this rate.
iii. Owing to this hike, interest rates on home and other loans linked to one-year MCLR will become expensive
by 0.1 per cent.
iv. In context of this news, it is important to note that on April 6, 2018, Reserve Bank of India (RBI) issued its
first bi-monthly policy statement for 2018-19, wherein, policy repo rate has been kept unchanged at 6.00%.
Quick Facts about Bank of Baroda:
♦ Headquarters – Vadodara, Gujarat
♦ Current MD & CEO – P. S. Jayakumar
♦ Tagline – ‘India’s International Bank’
Post office savings account customers can soon avail full digital banking service
Post office savings account holders will be able to avail a full-fledged digital banking service from May
2018 since the government has approved linking such accounts with that of India Post Payments Bank
(IPPB).
Post office savings account holders to avail digital banking service from May 2018:
i. The finance ministry has approved linking of savings bank accounts at post offices with IPPB accounts. Hence,
post office account holders can transfer money from their account to any bank account.
ii. Nearly 34 crore post office savings account holders will be able to avail the full-fledged digital banking
service from May 2018.
iii. Out of the 34 crore savings accounts 17 crore are post office savings bank accounts and remaining are those
subscribed monthly income scheme, recurring deposits etc.
iv. This move also leads to creation of India's largest banking network as India Post has planned to link all 1.55
lakh post office branches with the IPPB.
v. India Post has started core banking service. But it provides money transfer service within post office
savings bank (POSB) accounts.
vi. IPPB customers can utilise NEFT, RTGS and other money transfer services. After POSB accounts are linked
with IPPB, customers can use all money transfer service like other banks.
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vii. By May 2018, POSB account customers will be given an option by India Post to avail this facility.
About IPPB (India Post Payments Bank):
♦ Governed by - Reserve Bank of India
♦ MD & CEO - Suresh Sethi
SBI launches UK subsidiary with 225million pounds capital commitment

SBI has launched its UK subsidiary, SBI (UK) Limited, with an initial capital commitment of 225 million
pounds from its parent entity.
SBI (UK) Limited:
i. SBI (State Bank of India) has become the first foreign bank in the UK to ringfence its retail division from its
wholesale business.
ii. SBI UK is SBI’s largest overseas operation. SBI UK came into effect on 1st April 2018.
iii. Now all retail branches of SBI in the UK will come under a new UK-incorporated banking entity. Earlier they
were considered as overseas branches of the Indian entity.
iv. SBI has seven branches in London and five branches each in Manchester, Birmingham, Wolverhampton,
Leicester and Coventry.
v. SBI said that the ringfencing and subsidiarisation of the retail franchise SBI UK offers stability and
reassurance to its UK customers in the middle of uncertainty caused by UK's decision to leave the European
Union.
About State Bank of India (SBI):
♦ SBI Chairman – Rajinish Kumar
♦ Regional Head of SBI UK - Sanjiv Chadha
SBI to collect MSRTC's Rs 15 crore daily earnings from bus depots

On 9th April 2018, Maharashtra State Road Transport Corporation (MSRTC) said that, the State Bank of India
(SBI) will collect MSRTC’s daily earnings directly from 250 bus depots all over Maharashtra.
SBI to collect MSRTC's Rs 15 crore daily earnings from bus depots:
i. Maharashtra Transport Minister Diwakar Raote said that this new collection method will ensure safety and
also save MSRTC Rs 13 crore on a yearly basis in money-transport costs, at the 284th meeting of the MSRTC.
ii. He said that daily earnings from ticket sales and other means at the MSRTC's depots was around Rs 15 crore.
He added that the current practice was to send it to nationalised banks by road.
iv. It was risky since it had security issues. This action has been taken after Rs 15 lakh was robbed recently,
when it was transported from one of MSRTC’s depots in Solapur to a nationalised bank.
Some stadiums in Maharashtra:
♦ DY Patil Stadium – Navi Mumbai
♦ Vidarbha Cricket Association Stadium – Nagpur
♦ Wankhede Stadium – Mumbai
SBI adopts Odisha village for digital payments

Odisha’s Kalinga Nagar branch of State Bank of India (SBI) has adopted a village in Purba Medinipur
district of Odisha to familiarise the villagers with cashless transactions.
SBI adopts Odisha village for digital payments:
i. SBI took the initiative at Bhagabanpur to enable all the villagers to transact digitally.
ii.SBI provided android phones with a USB based fingerprint capture device to shopkeepers to promote digital
transactions.
iii. This will enable persons with their bank accounts linked with aadhaar to put the thumb impression and can
get the money.
Some dams in Odisha:
♦ Hirakud Dam - Mahanadi River
♦ Indravati Dam - Indravati River
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AU Small Finance bank ups savings deposit rate to up to 6.75%

On 10th April 2018, AU Small Finance Bank announced an increase in interest rates on its savings
account deposits to up to 6.75 per cent.
AU Small Finance bank ups savings deposit rate to up to 6.75%:
i. The new rates come to effect on 11th April 2018. The revised rates are as follows:
For savings account balances between Rs 10 lakh to Rs 10 crore, the rate has been raised by 25 basis
points to 6.75 % per annum
For savings account balances between Rs 1 lakh to Rs 10 lakh, the rate has been raised by 50 basis
points to 6.50 % per annum
For savings account balances below Rs 1 lakh, the rate has not been changed and remains at 5 % per
annum
ii. AU Small Finance Bank MD and CEO Sanjay Agrawal, said that, in our deposit book of Rs 7,800 crore, savings
account balances contribute around 23 per cent.
iii. He said that, they wanted to increase this share as it creates a multiplier effect and offers a lot of
opportunities for cross-selling of products. Currently, AU Small Finance banks savings account deposit amount
to nearly Rs 1,800 crore.
About AU Small Finance Bank:
♦ MD & CEO - Mr. Sanjay Agarwal
♦ Headquarters – Jaipur, Rajasthan
Federal Bank ties up with Fortune Wealth to offer PIS services

On 7th April 2018, Federal Bank Ltd partnered with Fortune Wealth Management Company Ltd to offer
Portfolio Investment Scheme (PIS) services to NRIs.
Federal Bank ties up with Fortune Wealth to offer PIS services:
i. Federal Bank Deputy Vice-President and Head- International Banking, Ravi Ranjit, said that, this will enable
non-resident Indian clients to invest in Indian equity markets on repatriable and non-repatriable
basis.
ii. This partnership will also enable NRI investment in India’s equity markets through PIS.
iii. He said that, this will be a customer-friendly and easy mechanism for NRIs to invest in Indian equities
without losing NRI status of their savings.
iv. He said that Federal Bank has more than 40 % of the deposit from NRIs and was handling 15 % of foreign
remittance.
v. He said that, PIS also allowed NRIs to invest in shares of Indian companies, in secondary market for
purchase/sale of shares or convertible debentures through a registered broker on a recognised stock exchange.
About Federal Bank:
♦ MD & CEO - Shyam Srinivasan
♦ Headquarters - Aluva, Kerala
HSBC to use robots to identify money laundering

HSBC has announced that it will deploy robots to help it detect money laundering, fraud and terrorist funding.
i. Deployment of robots is in line with HSBC’s initiative of making use of artificial intelligence to tackle
financial crime more effectively.
ii. HSBC will integrate the AI system Quantexa, developed by a UK-based startup, to screen the data it holds
on customer transactions and match it against publicly available data to identify suspicious activity.
Quick Facts about HSBC:
♦ Incorporated in – 1866
♦ Headquarters – London, UK
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Dimension Data powers 60 digital branches for State Bank of India

India’s largest bank, State Bank of India has enabled 60 digital branches across India through Dimension Data, a
global technology integrator and managed services provider.
More information about SBI’s Digital branches:
i. SBI’s digital branches are known as "sbiINTOUCH" and offers advanced banking services such as instant
loan approvals, access to latest mutual funds, assistance in choosing investment portfolios etc.
ii. This digital solution has currently been enabled in the pilot phase across 21 states and 60 sites.
iii. By enabling digital branches, Dimension Data has helped SBI to create a virtual pool of experts and
specialists in strategic centres across the organisation.
iv.SBI’s users have been provided with an immersive audio and visual experience with the added ability to
print, scan and share the document using touchscreen controls.
v. In addition to seamless service experience for customers, this solution will help SBI to improve sales,
cross-sales and in upselling.
Quick Facts about Dimension Data:
♦ Founded in - 1983
♦ Headquarters – Johannesburg, South Africa
Citibank adds new features for its mobile app

Citibank is introducing new features in its Citi Mobile App for iPhone.
Citibank adds new features for its mobile app:
i. Citibank said that, the new features will be launched in few weeks. The new features will include:
seamless in-app account opening
360-degree view across all financial accounts
spending insights to enhance clients’ financial wellness
ii. Also, the app will provide a first-of-its kind among banks feature that will enable non-Citi clients to set up
a profile and connect their accounts across financial services providers to uitlise the app’s account
aggregation, spending insights and bill management features.
About Citi Bank:
♦ CEO, Citigroup - Michael Corbat
♦ CEO, Citi India - Pramit Jhaveri
Euronet powers new payment system of YES Bank

Euronet India, the provider of electronic payment services has announced that it has partnered
with Yes Bank to modernise the bank's core payment infrastructure.
i. Euronet will assist Yes Bank in switching transactions between end points, driving payment channels and
card management services.
ii. Yes Bank has undertaken a project to modernise its core payment infrastructure with a view to drive the
next level of digital growth and enhance reliability, accessibility and security (RAS) parameters.
iii. As a part of this project, Euronet deployed the entire payment stack in a private cloud, making it a first
of its kind engagement in Asia Pacific.
SEBI slaps Rs 15 lakh fine on Refex Industries' ex-director

On 13th April 2018, SEBI imposed a penalty of Rs 15 lakh on Jagdish T Jain, a former director of Refex
Industries for violating insider trading norms.
SEBI slaps Rs 15 lakh fine on Refex Industries' ex-director:
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i. SEBI has said in its order that, Jagdish T Jain, a former whole time director of Refex Industries, was associated
with the company during the six-month period before trading in the scrip that is on July 1, 2, 8 and 9, 2015.
ii. As Jagdish T Jain was an insider of the company, SEBI said that he was in possession of UPSI (unpublished
price sensitive information) while performing trade in the scrip of the company and has violated PIT
(Prohibition of Insider Trading) Regulations.
iii. SEBI has imposed a penalty of Rs 15 lakh on Jagdish T Jain for this violation. SEBI had conducted an
investigation in the scrip of Refex Industries during the period from July 1 to July 23, 2015.
About SEBI (Securities and Exchange Board of India):
♦ Chairman - Ajay Tyagi
MoU between Indian Army, Axis Bank on Defence salary package

On 13th April 2018, a MoU was signed between the Indian Army and the Axis Bank on the Defence Salary
Package.
MoU between Indian Army, Axis Bank on Defence salary package:
i. The MoU between Indian Army and Axis Bank has been designed to meet the requirements of serving
soldiers, pensioners and their families.
ii. The signing-in ceremony was chaired by the Director-General (MP&PS), Lt Gen SK Saini.
iii.Indian Army expects that this MoU will benefit a large number of serving and retired Army personnel who
have accounts with the Axis bank.
iv. As per this MoU, apart from other benefits, the Army personnel will get free personal accident death
cover and free permanent total disability cover of Rs 30 lakh and a free educational cover of up to Rs 2
Lakh for children between the age of 12 and 20 years.
About Axis Bank:
♦ MD & CEO - Shikha Sharma
Government to soon acquire RBI's stake in National Housing Bank

The government will soon acquire the stake of Reserve Bank of India in housing finance regulator
National Housing Bank (NHB).
Government to soon acquire RBI's stake in National Housing Bank:
i. The transfer of stake will be cash neutral and there will be no cash outgo. RBI holds 100 per cent stake
in the NHB at present.
ii. The Finance Bill 2018 has amended to the National Housing Bank Act, 1987, for transfer of RBI's stake in the
NHB to the government.
iii. The Finance Bill 2018 was passed by Parliament in the Budget session. After obtaining assent from the
President, the Finance Ministry has initiated the stake transfer.
iv. In 2012, the Union Cabinet had approved the proposal for transfer of the RBI stake. But it was not
performed due to some reason.
v. After obtaining ownership of NHB, the government will have more control in the boards of these institutions
and flexibility to give directions to meet its credit objectives for the priority sector.
About National Housing Bank (NHB):
♦ MD & CEO - Sriram Kalyanaraman
♦ Headquarters - New Delhi
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Banking & Economy Awareness May 2018

Eminent economist and former West Bengal Finance Minister Ashok Mitra dead
On 1st May 2018, former Finance minister of West Bengal Ashok Mitra passed away after suffering from
respiratory problems, at a hospital in Kolkata.
Death of Ashok Mitra:
i. Ashok Mitra was 90 years old. He has written a few books. He is an eminent economist. He had written columns
in newspapers on social and economic issues.
ii. He was the Finance minister of West Bengal from 1977 to 1987. He was the Chief Economic Adviser to the
Central Government from 1970 to 1972.
SEBI tightens KYC norms for FPIs

In a bid to curtail money laundering, Securities and Exchange Board of India (SEBI) has unveiled with a detailed
framework for risk based Know Your Client (KYC) documentation of foreign portfolio investors (FPIs).
KYC norms for FPIs:
i. In an FPI structured as a company, a person owning 25 per cent stake would be considered the beneficial owner
(BO). However, if it originates from a high-risk jurisdiction, any person owning 10 per cent stake or more in such
FPI would be considered a BO.
ii. In addition to this, all investors from such jurisdictions would have to comply with the KYC requirement
for category-III FPIs (considered to be High Risk entity).
iii. Besides, SEBI clarified that non-resident Indians (NRIs), overseas citizens of India (OCI) and resident Indians
cannot be beneficial owners of FPIs and can only obtain an FPI licence on condition that they limit their roles to
investment advisors and do not invest their money.
iv. FPIs that do not comply with the new norms have been restricted to take new derivative positions from May
2018.
Core sector growth slows to 4.1% in March 2018

As per data released by Union Commerce and Industry Ministry, Core Sector growth slowed down to 4.1% in
March 2018.
Core Sector Performance in March 2018:
i. Coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity are together
referred to as core industries.
ii. Core sector growth of 4.1% in March 2018 marks a slowdown as compared to 5.4 per cent growth in February
and 5.2 per cent growth in March last year.
iii. Slowdown in March 2018 can be largely attributed to moderation in output of refinery products, fertilisers,
steel and cement.
iv. It is to be noted that the eight core industries constitute 40.27% of the total industrial production in
India.
v. For 2017-18, core sector growth was 4.2 per cent as compared to 4.8 per cent in 2016-17.
Former IAS officer Subhash Chandra Khuntia to head IRDAI

Appointments Committee of the Cabinet (ACC) has approved Subhash Chandra Khuntia’s appointment as
Chairman of Insurance Regulatory and Development Authority of India (IRDAI).
About Subhash Chandra Khuntia:
i. Subhash Chandra Khuntia is 1981-batch Karnataka-cadre Indian Administrative Services (IAS) officer.
ii. He has held positions in Hindustan Petroleum Corporation (HPCL) and Indian Oil Corporation (IOC) and has
also served as Special Secretary and Financial Advisor in the Ministry of Petroleum and Natural Gas.
iii. The post of Chairman of Insurance Regulatory and Development Authority of India (IRDAI) was vacant for
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more than two months after TS Vijayan’s tenure came to an end on February 21, 2018.
Quick Facts about IRDAI:
♦ Headquarters – Hyderabad
ICICI Bank names Radhakrishnan Nair as Independent Director

On 2nd May 2018, ICICI Bank’s board appointed Radhakrishnan Nair as an additional (independent)
director of ICICI bank for five years.
Radhakrishnan Nair – Independent Director of ICICI Bank:
i. ICICI Bank said that, the appointment is subject to approval of shareholders. Radhakrishnan Nair is 63 years old.
ii. He is also an independent director of ICICI Prudential Life Insurance Company, ICICI Prudential Trust and ICICI
Securities Primary Dealership.
iii. Also, ICICI Bank said that, Tushaar Shah, non-executive independent director of ICICI bank will finish his
8 year term and will exit from his position on 3rd May 2018.
About ICICI Bank:
♦ MD & CEO – Mrs. Chanda Kochhar
Cabinet approves new terminal buildings at Guwahati, Chennai and Lucknow airports
On 2nd May 2018, the Cabinet Committee on Economic Affairs (CCEA) approved upgradation and expansion of
airport infrastructure at Lucknow, Chennai and Guwahati airports with a total cost of over Rs 5,000 crore.
New terminal buildings at Guwahati, Chennai and Lucknow airports:
i. Union commerce and industry minister, Suresh Prabhu, said that, Chennai Airport’s new terminal building
will have a capacity of 35 million passengers per year. It will be constructed at a cost of Rs 2467 crore.
ii. The new terminal building of Guwahati Airport will have a capacity of 9 million passengers per year. It will be
built at a cost of Rs 1383 Crore.
iii. The new terminal building of Lucknow Airport will have a capacity of 13.6 million passengers per year. It will
be constructed at a cost of Rs 1232 Crore.
Some important International airports in India:
♦ Hyderabad – Rajiv Gandhi International Airport
♦ Lucknow – Chaudhary Charan Singh International Airport
♦ Varanasi – Lal Bahadur Shastri Airport
Cabinet Committee on Economic Affairs (CCEA) Approvals

On May 2, 2018, Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Narendra Modi
approved following initiatives:
Cabinet approves financial assistance to sugar mills for clearing cane dues of farmers
In a bid to help sugar mills to clear cane dues of farmers, CCEA has given its approval to provide financial
assistance @ of Rs. 5.50 per quintal of cane crushed in sugar season 2017-18 to sugar mills to offset the cost
of cane.
• Financial assistance shall be paid directly to the farmers on behalf of the mills.
• This benefit will be given only to those mills which fulfil the eligibility conditions as decided by the
Government.
• On account of high sugar production vis-à-vis consumption, sugar prices have remained depressed
since the beginning of current sugar season 2017-18.
• Surplus holdings have negatively affected the liquidity position of sugar mills which has in turn
lead to accumulation of cane price dues of farmers.
• Sugar mill dues to farmers currently stands at a staggering Rs.19000 crore.
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• Financial assistance along with other measures will thereby provide relief to farmers.
Cabinet approves renaming and restructuring of Multi-sectoral Development Programme
CCEA has approved the proposal for renaming and restructuring of Multi-sectoral Development Programme
(MsDP) as Pradhan Mantri Jan Vikas Karyakram (PMJVK).
• PMJVK, which has more flexibility as compared to MsDP would provide better socio economic
infrastructure facilities to the minority communities particularly in the field of education, health & skill
development as compared to the present situation.
• Under PMJVK, criteria for identification of Minority Concentration Towns and Clusters of Villages
have been rationalized.
• In addition to restructuring and renaming MsDP, CCEA has also approved its continuation during the
remaining period of 14thFinance Commission at the cost of Rs. 3972 crore.
Cabinet approves continuation of Umbrella Scheme ‘Green Revolution — Krishonnati Yojana’ in

Agriculture Sector
CCEA has given its approval for the Umbrella Scheme, “Green Revolution – Krishonnati Yojana” in agriculture
sector beyond 12th Five Year Plan for the period from 2017-18 to 2019-20.
• “Green Revolution – Krishonnati Yojana” is geared towards developing the agriculture and allied sector in a
holistic and scientific manner to increase the income of farmers by enhancing production, productivity and
helping them to get better returns on produce.
• CCEA has approved its continuation for three financial years, i.e., 2017-18, 2018-19 and 2019-20 at
expenditure of Rs.33269.976 crore.
• 11 schemes that are the constituents of Umbrella Scheme are: Mission for Integrated Development of
Horticulture (MIDH), National Food Security Mission (NFSM), National Mission for Sustainable Agriculture
(NMSA), Submission on Agriculture Extension (SMAE), Sub-Mission on Seeds and Planting Material
(SMSP), Sub-Mission on Agricultural Mechanisation (SMAM), Sub Mission on Plant Protection and Plan
Quarantine (SMPPQ), Integrated Scheme on Agriculture Census, Economics and Statistics (ISACES),
Integrated Scheme on Agricultural Cooperation (ISAC), Integrated Scheme on Agricultural Marketing
(ISAM), National e-Governance Plan (NeGP-A).
27th GST council meeting discusses change in GST rate for digital transactions
27th meeting of the Goods and Services Tax (GST), chaired by Finance Minister Arun Jaitley was held on May 4,
2018.
Issues discusses at 27th GST council meeting:
i. With a view to incentivise promotion of digital payments, a proposal of a concession of 2% in GST rate on
B2C supplies (for which payment is made through cheque or digital mode, subject to a ceiling of Rs. 100
per transaction) was discussed.
ii. A Group of Ministers from State Governments will be setup to look into this proposal and make
recommendations, before the next GST Council meeting.
iii. It was discussed to impose a sugar cess of maximum Rs 3 on each kg sold by sugar companies, over and
above the 5% GST charged on sugar. This move is expected to raise Rs 1540 crore which can be paid to cane
farmers on behalf of mills.
iv. A Group of Ministers from State Governments will be setup to look into this proposal as well and make
recommendations within two weeks.
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FDI Confidence Index 2018: India ranks 11th

India has ranked 11th on the Foreign Direct Investment (FDI) Confidence Index 2018 released by global
consultancy firm A T Kearney.
Highlights of FDI Confidence Index 2018:
i. India’s 11th rank on FDI Confidence Index 2018 marks a drop of three places as compared to 8th rank in
2017.
ii. The report outlined that Indian Government’s demonetisation move in November 2016 and roll out of Goods
and Services Tax (GST) in July 2017 may have deterred foreign investors for short term.
iii. However, investors based in the Americas and those engaged in industry sector consider India as their
preferred destination on account of Indian Government’s inclination to have closer ties with US and its Make in
India initiative aimed at boosting investment in manufacturing sector.
iv. Besides, the report has acknowledged that decision to abolish Foreign Investment Promotion Board (FIPB) had
a positive impact on India’s attractiveness.
v. During April-December 2017 period, FDI in India grew by a marginal 0.27 per cent to USD 35.95 billion.
vi. US has topped the FDI Confidence Index 2018.
FDI Confidence Index 2018 – Top 5:
1 United States
2 Canada
3 Germany
4 United Kingdom
5 China
Kotak Securities launches Free Intraday Trading facility

Kotak Securities Limited, the stock broking and distribution arm of the Kotak Mahindra Group has launched
‘Free Intraday Trading’, a facility that allows financial market traders to do intra-day trading without paying any
brokerage per trade.
Salient features of Kotak Securities’ ‘Free Intraday Trading’ facility:
i. In financial parlance, intraday trading refers to the activity of buying and selling a security (equity,
currency, commodity) on the same day.
ii. Under Kotak Securities’ ‘Free Intraday Trading’ facility, traders can do intra-day trades across cash, future and
options segments at an annual subscription of Rs.999.
iii. As a value added service, individuals availing ‘Free Intraday Trading’ facility will get free access to Kotak
Securities research and technology platform for the execution of their transactions.
Signing of Legal Agreements between Govt. of India and World Bank on National Biopharma Mission
To develop an innovative biopharmaceutical and medical devices industry in India, Government of India and
the World Bank signed an agreement. The aim is to make India a hub for design and development of novel,
affordable and effective biopharmaceutical products.
i. The agreement has signed at a cost of USD 250 million for five years with 50 per cent funding through the
World Bank Loan.
ii. The agreement for the Project was signed by Sameer Kumar Khare, Joint Secretary, Department of Economic
Affairs, Ministry of Finance, on behalf of the Government of India; Mohd. Aslam, Managing Director, Biotechnology
Industry Research Assistance Council (BIRAC); and Hisham Abdo, Acting Country Director, World Bank India, on
behalf of the World Bank.
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iii. It will also encourage to develop promote industry-academia interface and enable start-ups and small and
medium enterprises to build innovation research capacities for developing affordable healthcare products.
India tops list of fastest growing economies for coming decade: Harvard study
The Centre for International Development at Harvard University Predicted the Fastest growing economies in the
world for the Upcoming Decade.The Growth projections are based on some of the economic Complexity.India
Topped the list with the Projection of 7.9 Per cent which is far high than China (4.9 Per cent),U.S.(3 Per
cent),France (3.5 Per cent).Uganda is in Second Position with predicted growth of 7.5 percent.
Top Fastest Growing Countries are:
1.India(1st Place)
2.Uganda(2nd Place)
3.Tanzania(4th Place)
4.Kenya(10th Place)
Reason Behind India’s Growth:
India Topped the list because it made tremendous growth in Various Sectors Namely,Chemicals,Vehicles & Certain
Electronics Sectors.And the Report also Stated that India ranks the best in Complexity Opportunity
Index(COI),which measures the redeployment of the related products that depends on the Capabilities.
The Countries which has Low growth Prospects:
1.Bangladesh,
2.Venezuela,
3.Angola
The Countries which has fast growth Prospects are:
1.Philippines
2.Vietnam
3.Indonesia
4.Thailand
ADB projects India’s growth at 7.3% in 2018 at the 51st ADB Annual Meeting
51st Asian Development Bank( ADB) Annual Meeting was Presided by ADB President Takehiko Nakao.While
Adressing the Ceremony of the 51st Meeting,Nakao Said that India’s growth is Projected to be 7.3 Percent in Fiscal
Year 2018 & 7.6 Per cent in the next Fiscal,which is far higher than its 6.6 Percent in FiscalYear 2017.
Reason Behind India’s Growth:
ADB’s Chief Economist Yasuyuki Sawada said that the India’s Growth in 2017 is low because the Introduction of
Demonetisation.And he Further Continues that the growth Projection of India is high from the Previous year is
because of the Implementation of GST,Foreign Direct Investment also helps in India’s growth & the Most Important
Factor which boost the growth is the Governments Initiative of Ease of Doing Business.
Growth of Other Countries:
1.China-6.6 Percent
2.Association of Southeast Asian Nations(ASEAN)-5.2 Percent
Secretary, DEA meets president of ADB, Mr. Takehiko Nakao; attends 12th informal meeting of SAARC
finance Ministers
On May 5, 2018 Shri Subhash Chandra Garg, Secretary, Department of Economic Affairs, Ministry of Finance
met President of Asian Development Bank (ADB), Mr. Takehiko Nakao during a tour to Manila to attend the
51st Annual Meeting of Asian Development Bank (ADB).
i. He requested him to support India’s endeavor and to expand ADB’s sovereign and non-sovereign operations in
India by providing financial assistance worth $ 4 billion a year.
ii. Government of India had approved the proposal of ADB to acquire additional resources through INR bonds in
the offshore markets.
iii. He also attended the 12th informal meeting of SAARC Finance Ministers and highlighted the ongoing reforms in
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India .He has highlighted the need for increased private sector operations by ADB in India.
About South Asian Association for Regional Cooperation (SAARC)
The South Asian Association for Regional Cooperation (SAARC) is the regional intergovernmental organization
and geopolitical union of nations in South Asia. Its member states include Afghanistan, Bangladesh, Bhutan, India,
Nepal, the Maldives, Pakistan and Sri Lanka.
♦ Establishment: 8 December 1985
♦ Headquarters: Kathmandu
RBI to banks: Share foreign exchange data with DRI

Reserve Bank of India has directed banks authorised to deal in foreign exchange (Authorised Dealer-I
Banks) to share data with the Directorate of Revenue Intelligence (DRI).
RBI to banks: Share foreign exchange data with DRI:
i. This decision has been made in line with the government making rules (in December 2017) to exercise powers
conferred by the relevant sections of the Customs Act.
ii. This requires a banking company to furnish, electronically, information relating to foreign exchange
transactions made or received by any person to the receiving authority (DRI).
iii. DRI is the top intelligence and investigative agency for issues related to violation of the Customs Act.
iv. As per new rules, in case of inward remittances, the agency can seek information relating to a remittee’s name,
address, permanent account number (PAN), Goods and Service Tax Identification Number (GSTIN), Aadhaar
number, bank account number and Indian Financial System Code (IFSC), remitter’s details like name, address, and
SWIFT-BIC (Society for Worldwide Interbank Financial Telecommunication – Bank Identifier Code).
v. In the case of outward remittances, the agency can seek information relating to a remitter’s name, address, PAN,
GSTIN, Aadhaar number, bank account number and IFSC and the remittee’s details like name, address, and SWIFT-
BIC.
About Directorate of Revenue Intelligence (DRI):
♦ Director General – Debi Prasad Dash
RBI announced Rs.10,000 crore bond purchases

On 4th May 2018, Reserve Bank of India (RBI) announced that, it will buy Rs 10,000 crore of government bonds
through open market operation (OMO).
RBI announced Rs.10,000 crore bond purchases:
i. RBI made this decision after failing to sell all the debt it had offered to bidders. It was the third consecutive week
when the RBI couldn’t sell everything on offer which lead to a spike in bond yields.
ii. RBI said that, the decision is based on an assessment of prevailing liquidity conditions and also of the durable
liquidity needs going forward.
iii. This will infuse more liquidity into the system against the backdrop of persistently high bond yields.
iv. The 10-year government bond yield increased to 7.75 percent from 7.74 percent before the auction result was
announced. It had ended at 7.73 percent on 3rd May 2018.
v. Eligible participants should submit their offers in electronic format on the Reserve Bank of India Core Banking
Solution (E-Kuber) system on17 May 2018.
vi. RBI said in a notification that, it will buy 8.12 percent 2020 bond, 6.84 percent 2022 bond, 7.72 percent 2025
bond, 6.79 percent 2027 bond, and 8.24 percent 2033 bond through open market operation on 17th May 2018.
♦ Axis Bank – Badhti Ka naam Zindagi
♦ Yes Bank – Experience our Expertise
♦ HSBC – The world’s local bank
46 | P a g e
Growth in bank deposits falls to five-decade low

Bank deposit growth fell to a five-decade low in fiscal year ended March 2018 but attractive of other savings
methods such as mutual funds and insurance reduced banking competitiveness.
i. A total deposit of ₹114 lakh crore was reported in the last fiscal .The data showed that cumulative deposits in
the banking system grew a mere 6.7% in 2017-18, the lowest since fiscal 1963.
ii. During November-December 2016, banks received Rs 15.28 lakh crore as people deposited highdenomination
currency notes that were withdrawn from circulation. As a result, aggregate deposits in the fiscal ended March
2017 grew 15.8% to Rs 108 lakh crore. This pace of growth has now come down by 6.7% with deposits
aggregating Rs 114 lakh crore.
iii. Total mutual fund assets under management have increased 22% to Rs 21.36 lakh crore in March 2018 from Rs
17.55 lakh crore in March 2017.
India signs 200 million US Dollar Loan Deal with World Bank for National Nutrition Mission (POSHAN
Abhiyaan) for 315 districts across all states/UTs
On 7th May 2018, Government of India signed a loan deal worth $ 200 million with the World Bank for the
National Nutrition Mission (POSHAN Abhiyaan).
India signs 200 million US Dollar Loan Deal with World Bank for National Nutrition Mission (POSHAN
Abhiyaan):
i. This loan will help India to reach its goal of reducing stunting in children of the age 0-6 years from 38.4% to 25%
by 2022.
ii. The POSHAN (PM’s Overarching Scheme for Holistic Nourishment) Abhiyaan was launched by Prime
Minister on 8th March 2018 at Jhunjhunu, Rajasthan.
iii. POSHAN Abhiyaan’s main objective is gradual increase of the interventions supported by the World Bank
assisted Integrated Child Development Services (ICDS) Systems Strengthening and Nutrition Improvement Project
(ISSNIP) to all districts in India for a 3-year period.
iv. This loan will support the first phase scale up to 315 districts and union territories (UTs) in India.
v. The coverage and quality of ICDS nutrition services for pregnant and lactating women and children under 3
years of age will be improved.
vi. The project will comprise investments in improving the skills and capacities of ICDS staff and community
nutrition workers, developing mechanisms of community mobilization and behavior change communication,
improving systems of citizen engagement and grievance redress and setting up mobile technology based tools for
better monitoring and management of services for enhanced reach to beneficiaries during the critical 1,000 day
window for nutrition impact.
vii. The project will also ensure convergence of all nutrition related schemes and offer performance based
incentives to states and community nutrition and health workers, with focus on results.
Fifteenth Finance Commission constitutes an Advisory Council

Fifteenth Finance Commission has constituted an Advisory Council to advise and assist the commission.
Role and Members of Advisory Council:
i. One of the functions of advisory council will be to advise the Commission on any relevant issue or subject
related to the Terms of Reference (ToR) of the Commission.
ii. It will also assist in the preparation of any paper or research study which would enhance the Commission’s
understanding on the issues listed out in ToR.
iii. In addition to these, the council will also be responsible for broadening the Commission’s ambit and
understanding to seek best national and international practices on matters pertaining to fiscal devolution.
iv. Members of Advisory Council: Arvind Virmani – President of Forum for Strategic Initiatives, Surjit S. Bhalla –
Part-time Member of Economic Advisory Council to Prime Minister and Sr. Indian Analyst for the Observatory
Group and Chairman of Oxus Research and Investments, Sanjeev Gupta – Ex-Deputy Director (Fiscal Affairs
Department) of International Monetary Fund (IMF), Pinaki Chakraborty – Professor at National Institute of Public
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Finance and Policy (NIPFP), Sajjid Chinoy – Chief India Economist at JP Morgan and Neelkanth Mishra – Managing
Director and the Credit Suisse India Economist and Strategist.
India fastest growing economy at 7.4 per cent in 2018: IMF

As per International Monetary Fund’s (IMF’s) Asia and Pacific Regional Economic Outlook report released on May
8, 2018, India will be the fastest growing major economy in 2018, clocking a growth rate of 7.4 per cent.
Outlook of Indian Economy, IMF:
i. As per IMF, Indian economy is recovering from after effects of demonetisation in November 2016 and roll
out of Goods and Services Tax (GST) in July 2017.
ii. IMF reiterated that medium-term prospects for Indian economy remains positive and growth rate is expected to
rise to 7.8 per cent in 2019.
iii. Consumer Price Indexinflation is projected to be five per cent in 2018 and 2019.
iv. On account of increased inflation pressure, IMF is of the view that monetary policy should maintain a tightening
bias
Quick Facts about International Monetary Fund (IMF):
♦ Current Managing Director – Christine Lagarde
Indian tea industry records highest ever production, export in FY18

On 8th May 2018, the Indian tea industry reached the highest ever production of 1,325.05 million kg and
export of 256.57 million kg during the financial year 2017-18.
Indian tea industry records highest ever production, export in FY18:
i. The total tea production in 2017-18 increased by 74.56 million kg or 5.96 % compared to 2016-17. In 2016-17,
India produced 1,250.49 million kg of tea.
ii. The total quantity of tea exports during 2017-18 fiscal increased by 28.94 million kg or 12.71 % compared to
2016-17. The tea exports were 227.63 million kg in 2016-17.
iii. The foreign exchange obtained from tea exports was $785.92 million in 2017-18. It is an increase of $95.19
million or 13.78 % over 2016-17.
iv. In rupee terms, the total value of the exports was Rs 5,064.88 crore in 2017-18. The value realisation has
increased by Rs 432.38 crore or 9.33 % over 2016-17.
v. The growth in exports is mainly attributed to 5 countries:
• Egypt (7.49 million kg)

• Iran 6.95 million kg)
• Pakistan (4.96 million kg)
• China (2.91 million kg)
• Russia (2.89 million kg)
About Tea Board India:

♦ Chairman – P. K. Bezboruah
♦ Functions under – Ministry of Commerce & Industry
YES Bank to launch water-security programme

YES Bank is to launch a capacity building project with farmers in Haryana and Rajasthan under its
‘Livelihood and Water Security’ CSR (Corporate social responsibility) initiative.
YES Bank to launch water-security programme:
i. The main focus of the programme is sustainable agricultural practices and digital literacy.
ii. It aims to improve farmers’ access to finance, offer effective use of digital banking resources, and good
agricultural practices.
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iii. The programme will be launched during the current year in Haryana and Rajasthan.
iv. Initially it will be launched in 15 districts (eight districts in Haryana and seven in Rajasthan).
v. It will benefit 10,900 farmers. Digital methodology will be used to train farmers.
About YES Bank:
♦ MD & CEO – Rana Kapoor
India’s growth will accelerate to 7.3 pct: Fitch

As per Credit rating agency Fitch, Indian economy is projected to grow at 7.3 percent in current fiscal i.e. 2018-19
and 7.5 percent in next fiscal.
Outlook of Indian Economy – Fitch:
i. The above projection has been made in Fitch’s second-quarter Sovereign Credit Overview for Asia
Pacific region.
ii. Fitch has outlined that India’s economic growth is likely to accelerate as money supply has recovered to its pre-
demonetisation level (pre-November 2016) and disruptions related to the rollout of the Goods and Services Tax
(GST), in July 2017 have diminished.
iii. Besides, implementation and continued broadening of the government’s structural-reform agenda will
lead to a gradual improvement in country’s business environment.
Quick Facts about Fitch Ratings:
♦ Headquarters – New York, US
♦ Current President and CEO – Paul Taylor
India Inc Invests over $4 bn in South Africa

According to a report titled ‘Indian Industry’s Inclusive Footprint in South Africa – Doing Business, Doing
Good’, released by the Confederation of Indian Industry (CII) and PricewaterhouseCoopers (PwC), 140
Indian companies have invested close to $4 billion in South Africa, creating nearly 18000 direct employment
opportunities.
Investment of Indian Companies in South Africa:
i. Investment of Indian companies in South Africa is mainly in healthcare and pharmaceuticals, Information
Technology (IT), automobile industry and finance sectors.
ii. Major Indian companies that have invested in South Africa are Wipro, Cipla, Coal India, HCL Technologies, Tata
Motors, Mahindra & Mahindra and Zomato.
iii. It is noteworthy that investment of Indian companies in South Africa is not just limited to tapping business
opportunities but also comprise Corporate Social Responsibility (CSR) and skill development initiatives aimed at
empowering local people.
Quick Facts about South Africa:
♦ Capital – Pretoria (Executive), Bloemfontein (Judicial), Cape Town (Legislative)
♦ Currency – South African rand
♦ Current President – Cyril Ramaphosa
♦ Neighbouring Countries – Namibia, Botswana, Zimbabwe, Mozambique, Swaziland, Lesotho (encircling)
Par panel to look into black money and performance of public sector banks
i. On 10th May 2018, a parliamentary panel of 30 membersestimate Committeealso known as Continuous
Economy committee has been constituted by the speaker of parliament . Veteran BJP leader Mr.MuraliManohar
Joshi has been appointed as the chairman of this committee.
ii. This committee will focus on the black money and the unaccounted money that was legaitimised during the
demonetization period as per RBI’s report. Also it will look into the performance of public sector bank, import
of uranium ,preparedness of Indian armed forces, environment and mining activities, among other things
related to various ministries in the year 2018-2019.
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Key points:
♦ Chairperson of Public Accounts Committee: Mr. MallikarjunKharge.
♦ 24 th Governor of RBI :Mr. Urjit Patel
♦ Speaker of Parliament : Mrs. SumitraMahajan.
Fino Payments Bank launches digital suite

In a bid to expand its footprint in the digital banking and payments space, Fino Payments Bank has launched a
digital services suite.
Fino Payments Bank’s digital services suite:
i. The suite includes BPay app, which was launched in September 2017 for digital transition of customers from
assisted to self-service mode.
ii. In addition to BPay, the suite includes Unified Payment Interface (UPI) , BHIM app,which has proved to be a
game changer in peer-to-peer and merchant payments.
iii. The suite also includes net banking facility, a Digi Savings Account which can be opened online only by
providing Aadhaar number and PAN card and FasTag to make digital payments at national highway toll
plazas.
Quick Facts about Fino Payments Bank:
♦ Incorporated on – April 4, 2017
♦ Registered Office – Mumbai, Maharashtra
♦ Current CEO – Rishi Gupta
RBI restricts Dena Bank from taking fresh credit exposure and Hiring
Dena Bank has announced that Reserve Bank of India has restricted it from taking fresh credit exposure and
recruiting new staff.
Restrictions on Dena Bank:
i. It is to be noted that RBI initiated prompt corrective action against Dena Bank and imposed certain
restrictions in May 2017 owing to high net non performing assets (NPA) and negative Return on Assets.
ii. The fresh restriction has been imposed in wake of deteriorated financial performancefor the 4th quarter
of 2017-18. For fourth quarter ended March 31, 2018, Dena Bank reported a net loss of Rs 1225 crore, which is
much wider than the net loss of Rs 575 crore recorded in the same quarter last year.
iii. In addition to this, for the financial year 2017-18, Dena Bank recorded a net loss of Rs 1924 crore marking a
third consecutive year of net loss.
Quick Facts about Dena Bank:
♦ Current Executive Director – Ramesh Singh
♦ Tagline – Trusted Family Bank
Chinese State-Run Bank Launches India-Dedicated Investment Fund

Industrial and Commercial Bank of China (ICBC) , a state-run Chinese bank has launched ICBC Credit Suisse India
Market Fund, China’s first India-dedicated publicly offered investment fund.
Salient features of ICBC Credit Suisse India Market Fund:
i. The fund will invest in exchange-traded funds listed on more than 20 exchanges in Europe and the US
that are based on the Indian market.
ii. ICBC is pitching this fund to investors stating that Indian market offers the best opportunity for Chinese
investors due to the prospects of double-digit growth.
iii. Interestingly, this fund has been launched within a fortnight after the first ever informal summit between Prime
Minister Narendra Modi and Chinese President Xi Jinping at Wuhan.
Quick Facts about ICBC:
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♦ Headquarters – Beijing, China
WPI inflation jumps to 3.18% in April

As per data released by the Union Ministry of Commerce and Industry, Wholesale Price Index (WPI)-
based inflation stood at 3.18 percent in the month of April 2018.
Wholesale Price Index (WPI)-based inflation, April 2018:
i. WPI for April 2018 at 3.18 percent is higher as compared to 2.47 percent for the previous month.
ii. The rise can be attributed to increment in index of ‘Food Articles’ group which went up by 1.9 percent to
139.8 (provisional) from 137.2 (provisional) for the previous month.
iii. The increment was mainly on account of higher price of tea, fruits and vegetables, pork, paddy and maize.
iv. However, index of Non-Food Articles’ group declined by 0.9 percent to 119.1 (provisional) from 120.2
(provisional) for the previous month due to lower price of raw silk, floriculture, gaur seed and gingelly seed.
v. Other indexes that rose in April 2018 are Crude Petroleum and Natural Gas, Coal, Mineral Oils, Manufacture of
Textiles, Manufacture of Leather and Related Products while index for Manufacture of Tobacco Products group
declined.
RBI puts deposit, lending restrictions on Allahabad Bank

Reserve Bank of India (RBI) has placed additional restrictions on Allahabad Bank, which is under prompt
corrective action (PCA) since January 2018.
Lending restrictions on Allahabad Bank:
i. RBI has debarred Allahabad bank from high-risk lending and has advised to reduce exposure to unrated
and high-risk advances.
ii. Allahabad Bank has also been restricted by RBI from creating non-banking assets and accessing or
renewing wholesale or costly deposits or certificate of deposits.
iii. These actions have been suggested by RBI by considering Allahabad Bank’s Capital to Risk (Weighted) Assets
Ratio (CRAR) and leverage ratio positions.
iv. Allahabad Bank is the second lender (after Dena Bank) among the 11 banks under prompt corrective action
(PCA) that has been restricted by the RBI from lending to risky assets.
Quick Facts about Allahabad Bank:
♦ Headquarters – Kolkata, West Bengal
♦ Current MD & CEO – Usha Ananthasubramanian
♦ Tagline – ‘A Tradition of Trust’
Paytm introduced automatic recurring payments

On May 14, 2018, Paytm introduced ‘My Payments’, an automatic recurring payments feature that lets users of
Paytm app to pay for periodic recurring expenses automatically.
Automatic recurring payments feature of Paytm:
i. This feature is similar to standing instructions for bank accounts, that can be used for high-value payments
for a variety of cases such as house rent, maid/driver’s salary, milk or newspaper vendor payments online.
ii. It is expected that ‘My Payments’ feature will significantly boost bank-to-bank transactions on Paytm.
iii. It is to be noted that Paytm processes about 1 billion transactions every quarter.
Quick Facts about Paytm:
♦ Headquarters – Noida, Uttar Pradesh
YES Bank launches Agenda 25×25 for budding women entrepreneurs in India
Private sector bank, Yes Bank and its think tank YES Global Institute have launched ‘Agenda 25×25’, aimed at
creating a synergetic startup environment for budding women entrepreneurs in India.
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About Yes Bank’s ‘Agenda 25×25’:

i. This initiative was launched at YES Bank – YES Global Institute Annual Startup Conclave hosted in partnership
with NITI Aayog, Invest India, Startup India and Atal Innovation Mission.
ii. ’Agenda 25X25’ is geared towards ensuring that by 2025, at least 25% of all entrepreneurs in India are
women.
iii. A study by YES Bank-YES Global Institute, titled ‘Putting Women First: Building the Start-up Ecosystem Ground
Up’ emphasised on the need to build a 10 Step Developmental Model focused on empowering women innovators,
synergizing collaborations, catalyzing investments and increasing economic opportunities.
ITR-2 launched on e-filing portal; total 3 ITRs available now

On May 15, 2018, Income Tax Department launched the ITR-2, the third income return form for assessment year
2018-19, on the official e-filing portal.
More information about Income Return Forms:
i. ITR-2 is for individuals, Hindu Undivided families (HUFs) and NRIs who have income from any sources
except income from profits and gains of business or profession.
ii. With this, a total of three Income Tax Returns (ITRs) have now been activated by Income Tax Department viz.
ITR-1 (Sahaj), ITR-4 and ITR-2.
iii. ITR-1 is primarily for salaried class of taxpayers with income up to Rs 50 lakh from salary while ITR-4 is for
professionals and self-employed individuals who have opted for the presumptive income scheme.
iv. Four more ITRs will be activated as per Central Board of Direct Taxes (CBDT) notification on April 5, 2018.
Karnataka Bank to sell part of stake in insurance co

Karnataka Bank will sell 8.26 % stake in Universal Sompo General Insurance to Dabur Investment
Corporation and Sompo Japan.
Karnataka Bank will sell 8.26 % stake in Universal Sompo General Insurance:
i. This transaction is waiting for approval from Insurance Regulatory and Development Authority of India
(IRDAI).
ii. After this transaction, Karnataka Bank’s stake in the general insurance company will reduce to 6 percent from
the current 14.26 percent.
iii. Sompo Japan’s stake will increase to 34.61 percent from 28.42 percent and Dabur Investment Corporation’s
stake will increase to 12.81 percent from 10.74 percent.
About Universal Sompo General Insurance:
♦ Type – joint venture between Indian Overseas Bank, Karnataka Bank, Allahabad Bank and Dabur Investment
Corporation
♦ Foreign Partner – Sompo Japan
Inflation to average around 5.1% this fiscal: Report

As per a report by HSBC inflation is set to rise further during Oct 2018 to March 2019 and could average 5.1 per
cent for financial year 2018-19.
Inflation projection – HSBC:
i. This year’s projection of 5.1 per cent is higher as compared to 3.6 per cent last year.
ii. Higher oil prices, a weaker rupee, higher minimum support prices (MSPs) for agricultural commodities
and more currency in circulation have been identified as factors that will fuel higher inflation.
iii. However, the report has outlined that if appropriate actions are taken now, inflation may move lower in 2019-
20, and could even fall back towards the RBI’s 4 per cent target by the second half of 2019-20.
iv. It is to be noted that in April 2018, retail inflation inched up to 4.58 per cent, reversing the declining trend of
past three months, while Wholesale Price Index (WPI) inflation also rose to 3.18
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Smaller towns driving growth for SBI Cards

Smaller towns are driving growth for SBI Cards (a subsidiary of State Bank of India) which has been increasing its
card numbers at a compounded annual growth rate (CAGR) of 40%.
SBI Cards Growth Trajectory:
i. In terms of spending, Cardholders in centres outside the top 10 cities account for 45% of spending.
ii. Primary reason behind this surge is the penetration of mobile-phone internet which accounts for 20% of
spending from smaller towns.
iii. SBI cards, the second-largest credit card issuer after HDFC Bank currently holds 16% market share (in terms of
number of cards) and is the only stand-alone credit card company in India.
BSE becomes first Indian stock exchange to get US SEC’s DOSM recognition
Bombay Stock Exchange (BSE) has become the first Indian exchange to be recognised as a designated offshore
securities market (DOSM) by the U.S. Securities and Exchange Commission (SEC).
i. The DOSM status eases the trades by U.S. investors in India as it allows sale of securities to U.S. investors
through the trading venue of BSE without registration of such securities with the U.S. SEC.
ii. In addition this, DOSM recognition also enhances the attractiveness of Indian Depository Receipts (IDRs)
amongst US investors.
iii. Few exchanges across the world that have the DOSM recognition are London Stock Exchange, Bourse de
Luxembourg, Tokyo Stock Exchange and Toronto Stock Exchange.
Allahabad Bank CEO Usha Ananthasubramanian loses her executive powers

On 17th May, The former CEO of Allahabad Bank Mrs. Usha Ananthasubramanian was moved out of the board and
loses all her executive powers.
i. This is in lieu of Punjab National Bank – Nirav Modi fraud investigation where she was found guilty by the CBI.
ii. She had previously been in the board of PNB two times. Apart from her other officials of PNB namely KV
Brahmaji Rao and Sanjiv Sharan has also been accussed.
ALLAHABAD BANK:
♦ Headquarters : Kolkata.
♦ Tag Line: A Tradition of Trust.
PUNJAB NATIONAL BANK :
♦ Headquarters: New Delhi.
♦ Tag Line: The Name you can bank upon.
RBI tweaks norms for setting up of IFSC Banking Units

Reserve Bank of India (RBI) has modified the norms for setting up International Financial Services Centres (IFSC)
Banking Units (IBUs) by banks.
Modified Norms:
i. As per the new norm, parent bank will be required to provide and maintain at a minimum capital of USD
20 million in its IBU on an ongoing basis.
ii. The modification has been brought in to accommodate suggestions from stakeholders to consider minimum
prescribed regulatory capital at the parent level rather than at the IBU level.
iii. However, parent bank will be required to provide a Letter of Comfort for extending financial assistance, as and
when required, in the form of capital/liquidity support to IBU.
iv. It is to be noted that, government has set up an IFSC in Gujarat (Gujarat International Finance Tec-City, GIFT
in Gandhinagar).
v. These guidelines will be applicable to IBUs set up in GIFT as well as in other IFSCs which may be set up in India
in future.
RBI prescribes 100% net stable funding ratio for banks

Reserve Bank of India (RBI) has released final guidelines prescribing 100 percent net stable funding ratio (NSFR)
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for banks aimed at maintaining adequate liquidity for more resilience.

RBI’s guidelines pertaining to NSFR:
i. NSFR is a long-term liquidity measurement included in the Basel III liquidity standards.
ii. It is defined as the amount of available stable funding (ASF) relative to the amount of required stable funding
(RSF).
iii. A portion of capital and liabilities which has been assessed to be reliable over a year is referred to as ASF, while
RSF is bank’s liquidity position required to honour maturities of the various assets and other off-balance sheet
exposures.
iii. RBI’s 100 per cent NSFR guideline requires banks to fund their activities with more stable sources of funding
on an ongoing basis.
iv. Stronger NSFR promotes resilience of the bank over a longer-term time horizon.RBI notified in a statement
that,’The NSFR would be applicable for Indian banks at the solo (stand-alone) as well as consolidated
level. For foreign banks operating as branches in India, the framework would be applicable on stand-alone basis
(i.e., for Indian operations only).
Indian economy projected to grow 7.6 pc in 2018-19: UN

As per UN World Economic Situation and Prospects (WESP) as of mid-2018, India’s economy is projected to
grow 7.6 per cent in fiscal year 2018-19.
Outlook of Indian Economy – UN Report:
i. Clocking 7.6 per cent growth, India will retain the tag of fastest growing economy in the world.
ii. Gross Domestic Product (GDP) growth in 2018-19 will come on back of robust private consumption,
supportive fiscal stance and benefits from past reforms.
iii. However, sustained recovery in private investment has been identified as a crucial challenge.
iv. As per the report, economic growth in China is likely to moderate to 6.5 per cent in 2018 as compared to 6.9 per
cent in 2017.
v. Owing to strong growth in developed countries and broadly favourable investment conditions, world economic
growth is projected to reach 3.2 per cent both in 2018 and 2019.
About WESP: It is a joint product of the United Nations Department of Economic and Social Affairs (UN/DESA), the
United Nations Conference on Trade and Development (UNCTAD) and the five United Nations regional
commissions.
NABARD Sanctions Solar street lighting system in Arunachal Pradesh

On 18th May,Arunachal Pradesh Chief Minister Pema Khandu launches LED Solar Street Lighting System in 4
Districts.
LED Solar Street Lighting System:
i. Chief Minister of Arunachal Pradesh launches the Scheme by dint of National Bank for Agriculture and Rural
Development (NABARD),which Sanctioned the Scheme Under its Rural Infrastructure Development Fund.
ii.The NABARD has given a total amount of Rs 87.83 lakh for implementing LED Solar Street lighting System in the
State.
iii.The C.M. Pema Khandu Launched the Scheme in four districts of Arunachal Pradesh namely, Tirap, Longding,
Namsai and Tawang in the presence of NABARD Chairman Harsh Kumar Bhanwala.
India sixth wealthiest country with total wealth of USD 8,230 bn

According to AfrAsia Bank Global Wealth Migration Review 2018, India is the sixth wealthiest country in the
world with a total wealth of $8,230 billion.
Highlights of AfrAsia Bank Global Wealth Migration Review 2018:
In the context of this report, “Total wealth” refers to the private wealth (assets viz. property, cash, equities,
business interests, less any liabilities) held by all the individuals living in a particular country.
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• Global Wealth Migration Review provides insights on worldwide wealth and wealth migration trends over
the past 10 years (up to the end of 2017), with projections for the next 10 years.
• India emerged as the “Best Performing Wealth Markets” registering 25% growth in total wealth for
the year 2017.
• The report has projected that India will overtake Germany and the UK to become the 4th largest wealth
market worldwide by 2027, mainly on account of large number of entrepreneurs, robust outlook for
Information Technology, business process outsourcing, good educational system, real estate, healthcare
and media sectors.
• With a total wealth of $62,584 billion, United States of America is the richest nation globally.
• Global wealth rose to USD 215 trillion at the end of 2017, marking a 12% growth as compared to USD
192 trillion at the end of 2016.
• Globally, there are around 15.2 million High-net-worth individuals (HNWIs), each with net assets of $1
million or more.
• As per the report, global wealth will reach $321 trillion by 2027 and Sri Lanka, India, Vietnam, China,
Mauritius are expected to be the fastest growing wealth markets for the next decade.
Top 10 Wealthiest Countries:
Rank Country Total Wealth
1 US $62,584 billion
2 China $24,803 billion
3 Japan $19,522 billion
4 United Kingdom (UK) $9,919 billion
5 Germany $9,660 billion
6 India $8,230 billion
7 Australia $6,142 billion
8 Canada $6,393 billion
9 France $6,649 billion
10 Italy $4,276 billion

Quick Facts about AfrAsia Bank:
♦ Headquarters – Port Louis, Mauritius
Reserve Bank of India slaps 5 cr. fine on South Indian Bank

On 20th May, The central bank Reserve Bank of India slapped a penalty of Rs. 5 crore ($50 million) on South
Indian Bank .
Key Points :
i. This penalty was levied due to non- compliance of Income Recognition and Asset Classification(IRAC) norms,
Know-Your-Customer (KYC) norms and treasury functionand also for deficiencies in its compliance
function and compliance culture.
ii. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section
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47A(1)(c)with Section 46(4)(i) of the Banking Regulation Act, 1949.

South Indian Bank:
♦ Headquarters – Thissur, Kerela
♦ Tagline – Experience Next Generation Banking.
♦ Chairman – Salim Gangadharan.
Aadhaar, PAN mandatory for customs broker licence: Tax Dept

According to the Customs Brokers Licensing Regulations, 2018, notified by the Central Board of Excise and
Customs (CBEC), unique identity number Aadhaar and PAN is mandatory for persons seeking a customs broker
licence.
More information documentation for customs broker licence:
i. Customs broker is a person licensed to act as an agent on behalf of importer/exporter for transaction of
business relating to entry or departure of conveyances or goods at any customs station.
ii. Every year, in April, Directorate General of Performance Management, invites applications for conducting
examination and subsequent grant of licence to act as customs broker.
iii. This licence is issued with a validity for 10 years.
iv. A customs broker is obliged to verify identity of the client and functioning at the declared address by using
authentic documents and reliable information.
World Bank extends $300 mn credit to scale up energy efficiency program

On May 21, 2018, the International Bank for Reconstruction and Development (IBRD ) an arm of World
Bank has extended $300 mn loan to EESL to scale up energy efficiency program.
i. This is a combination of two loans: $220 million (Rs. 1496 crore) and $80million (Rs. 544 crore) for
the India Energy Efficiency Scale up Program.
Objective :
It will help scale up the deployment of energy saving measures in residential and public sectors, strengthen
EESL’s institutional capacity, and enhance itsaccess to commercial financing.
Salient Features of the EESL Program:
i. The Aim is to avoid lifetime greenhouse emissions of 170 million tonnesof CO2 and 10GW of additional
generation capacity.
ii. This would be over 50 percent of the National Mission for Enhanced Energy Efficiency target of 19.6
GWindicated in India’s Nationally Determined Contributions (NDCs) under the Paris Accord.
iii. This will include creating sustainable markets for LED lights, energy efficient ceiling fans, facilitating well-
structured and scalable investments in public street lighting, developing sustainable business models
,super-efficient air conditioning, agricultural water pumping systems and strengthening the institutional
capacity of EESL.
iv. The Program aims to help increase private sector participation in energy efficiency, including through
private sector energy service companies.
v. EESL will deploy 219 million LED bulbs and tube lights, 5.8 million ceiling fans, and 7.2 million street lights,
which will be supplied by private sectormanufacturers and suppliers.
vi. Under “Unnat Jyoti by Affordable LEDs for All (UJALA)”EESL has deployed 30 crore LED buls till now.
World Bank:
Headquarters – Washington D.C., US.
President – Jim Yong Kim.
India’s Q4 GDP Growth Likely At 7.4%: ICRA Report

India’s GDP for January-March 2017-18 has been expected at 7.4 per cent by rating agency ICRA.
India’s Q4 GDP Growth Likely At 7.4%:
i. ICRA expects GDP growth in January-March 2017-18 at 7.4 % due to good rabi crop harvest and corporate
earnings. It was 7.2 per cent in the third quarter.
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ii. The Central Statistics Office (CSO) will release the GDP estimate for the fourth quarter (Q4) of fiscal 2017-18
and provisional annual estimates for the year 2017-18 on 31st May 2018.
BNPM gets green nod to increase bank note paper production

On May 21, 2018, the government’s Bank Note Paper Mill India (BNPM) received environment clearance
(EC) from Environment Ministry to increase production of bank note paper from 12,000 tonnes per annum
(TPA) to 16,000 TPA at its Mysuru unit in Karnataka.
BNPM gets green nod to increase bank note paper production:
i. This environment clearance (EC) is subject to compliance of certain conditions like developing greenbelt in 33 %
of the project area.
ii.BNPM is a joint venture between Bharatiya Reserve Bank Note Mudran (BRBNMPL) and Security Printing
and Minting Corporation of India (SPMCIL).
IDBI Bank Appoints Two Independent Directors On Its Board

On May 21, 2018, IDBI bank approves the appointment of two new independent directors on its board after the
seats became vacant following the resignation of the former directors of the board.
i. Mr. Samaresh Parida and Mr. N Jambunathan were appointed to the board.
ii. Mr. Parida was a former consultant and Mr.Jambunathan was the former Deputy Managing Director of SBI.
iii. The former Directors who resigned were : Mr. Ninad Karpe and Mr. S Ravi. They are alleged to have had a
connection in a Rs.600 crore NPA case filed by CBI.
IDBI Bank:
♦ Headquarters – Mumbai.
♦ Tagline – Aao Sochein Bada. (Lets think Bigger)
♦ Chairman -MS Raghavan.
BRICS Bank plans to launch Americas Regional Office in Brazil

On May 22,2018, BRICS New Development Bank (NDB) plans to launch Americas Regional Office in Brazil.
Key points about the launch:
i. It is done to increase the operational capabilities of NDB in Brazil .
ii. This will help in identification and preparation of bankable projects in Brazil.
iii. Apart from this there is another centre : The African Regional Centre in Johannesburg , South Africa.
NDB:
♦ Headquarters – Shanghai .
♦ Founded by BRICS member – Brazil, Russia, India, China, South Africa in July 2014.
Bank of Baroda locates major operations at GIFT City

On May 22,2018 , Bank of Baroda locates major operations at GIFT city.
Key Points:
i. The bank will now offer its services including retail loan processing, deposit account openingin this Shared
Service Centre (SSC).
ii. It will have a staff strength of 200.
iii. The bank will become one of the largestemployers in the Ahmedabad-Gandhinagar region.
iv. The bank had taken 20,000 sq, ftof office space in GIFT City, making it the first Indian bank to move several
key operations to the smart city.
Bank Of Baroda (BOB):
♦ Headquarters – Vadodara, Gujarat.
BoB, CDSL sign agreement

On May 22,2018, Bank Of Baroda has signed agreement with CDSL Commodity Repository (CCRL) .
Key points about the Agreement :
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i. This agreement is for pledge financeunder the repository ecosystem for registered / accredited warehouses.
ii. The new ecosystem will boost confidence among bankers and other stakeholders like depositors and warehouse
service providers.
iii. This will also provide various features to its stakeholders such as seamless transfer of ownership of
commodity by the depositors, splitting of warehouse receipt by the depositors, real time and ease of access
of information by the banks that will help them reduce their TAT in processing the loans and marking the pledge
on the commodity.
iv. BOB becomes the firstpublic sector bank to become the repository participant.
Central Depository Services (CDSL) :
♦ Headquarters – Mumbai, India.
India to achieve 9 percent growth rate by 2022: Niti Ayog VC

On May 22, 2018 , The Vice Chairman of NITI Aayog Rajiv Kumar said that the Indian economy and business will
grow to a 9% growth rate by 2022.
i. This was possible because of the reforms like GSTand demonetization and the Insolvency and Bankrupty
Code (IBC).
ii. Also encouraging electric vehicleswill aid in the improvement as petrol prices are growing to a USD 80 per
barrel.
iii. The NITI Aayog is working on projects to demonstrate that farmers income can be doubled by 2022.
iv. Indian economy grew by 6.6% in 2017-18 and is expected to grow by 7.5% in 2018-19 fiscal.
About Insolvency and Bankruptcy Code (IBC):
i. It was launched in 2016.
ii. It is a framework by which a single one stop solution to insolvency resolution can be achieved.
iii. The process for insolvency resolution is for individuals , companies and partnership firms.
About GST:
i. Goods and Service tax came into effect from july 1, 2017.
ii. It is an indirect value added tax levied on products and services produced in the country.
iii. It has 5 slabs: 0%, 5%, 12%, 18%, 28%.
NITI Aayog:
♦ Chairman – PM Narendra Modi.
♦ CEO – Amitabh Kant.
HDFC Bank to offer Digital Loans against mutual funds

On May 23,2018, HDFC bank launched Digital Loans against Mutual Funds. This is launched in partnership with
transfer agaent CAMS.
Objective:
To reach out to customers in the tier 2 and 3 markets and bring them into the digital lending fold and reducing
time for the availability of loan through mutual funds .
Salient Features :
i. Customers will be able to leverage their mutual fund portfolio to avail funds for any contingencies or
emergencies without liquidating their investments or stopping their regular investment plans.
ii. The bank has a tie-up with 10 mutual companies against whose policies loans will be given
iii. The ticket size of the loans will range from Rs 1 lakh to Rs 1 crore at an interest rate of 10.5 -11%.
vi.The bank has a mutual fund loan portfolio of Rs 10,000 crore.
About the Digital Loan offer:
Digital Loans against Mutual Fund is an industry first innovation and takes customer convenience, flexibility and
access to greater heights. In emergencies, customers will not be forced to liquidate assets at less than optimal
market conditions. They can instead design their own loan to tide over the cash crunch.
About HDFC:
♦ Founded – 1994
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♦ CEO – Aditya Puri.

♦ TagLine – We understand your World.
India moves one notch up to 44th rank in IMD’s competitiveness rankings
India has moved up one rank and reached the 44th place in terms of competitiveness, in the annual rankings
compiled by International Institute for Management Development (IMD).
India moves one notch up to 44th rank in IMD’s competitiveness rankings:
i. United States has obtained first rank in the list. It is followed by Hong Kong and Singapore in the second and
third place respectively.
ii. The Netherlands and Switzerland also have secured a place in the top five positions.
iii. India has improved one rank from last year and secured 44th position worldwide. It has been ranked
the 12th most competitive economy out of the 14 Asian countries on the list.
iv. The other top 10 countries are: Denmark (6th), the UAE (7th), Norway (8th) and Sweden (9th) and Canada
(10th).
v. China has secured 13th position. The IMD’s competitiveness rankings are published every year since 1989. This
year 63 countries have been ranked. Cyprus and Saudi Arabia have made their first appearance in the list.
About International Institute for Management Development (IMD) World Competitiveness Center:
♦ Director – Arturo Bris
♦ Type – a research group at IMD business school in Switzerland.
Bank credit grows at 12.64%, deposits at 7.61%

On May 24,2018, Reserve Bank of India announced that banks’ credit grew at 12.64% and deposits at 7.61% as
on May 11,2018 data.
Key points:
i. Credit grew by 12.64 percent year-on-year to Rs 85,51,099 crore in the fortnight ending in May 11,
2018 compared to the fortnight ending in May 12, 2017, banks’ advances stood at Rs 75,90,941 crore.
ii. April 27, 2018, bank credit had increased by 12.61 percent to Rs 85,38,570 crore,from Rs. 75,82,391 crore in
the period ended April 28, 2017.
iii. Loans to agriculture and allied activities increased by 3.8 percent in March 2018, against an increase
of 12.4 percent in March 2017.
iv. Advances to industry grew by 0.7 percent in March 2018, compared with a contraction of 1.9 percent
in March 2017.
v. Banks’ deposits grew by 7.61 percent to Rs 1,13,92,165 crore in the fortnight ending in May 11, 2018,
compared with Rs 1,05,86,083 crore in the fortnight ending in May 12, 2017, the data by Reserve Bank of India
(RBI) showed.
RBI:
♦ Current 24th governor : Urjit Patel.
Airtel Payments Bank appoints Anubrata Biswas as MD & CEO

On 24th May 2018, Airtel Payments Bank appointed Anubrata Biswas as its Managing Director and Chief
Executive Officer.
Anubrata Biswas – MD & CEO of Airtel Payments Bank:
i. Anubrata Biswas has succeeded Shashi Arora as MD & CEO of Airtel Payments Bank. Shashi Arora resigned in
December 2017 after the e-KYC controversy.
ii. Earlier, Anubrata Biswas was Joint General Manager and Retail Business Head – South India for ICICI Bank.
Govt appoints non-executive chairpersons at 3 PSBs

On May 24,2018, The Finance Ministry appointed non-executive chairpersons in 3 PSBs.
Key Points:
i. The Banks are : Punjab and Sindh Bank, Dena Bank, Central Bank of India.
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ii. These appointments have been done on recommendations for the Banks Board Bureau (BBB).
iii. The appointments are : Charan Singh as chairperson of Punjab and Sindh Bank, Anjali Bansal as
Chairperson of Dena Bank and Tapan Ray as chairperson of Central Bank of India.
iv. Charan Singh has served at IMF as senior economist and at Reserve Bank of India as director.
v. Anjali Bansal is founder of Spencer Stuart’s India and had worked with McKinsey and Company
vi. Tapan Ray has served as Secretaryin the Ministry of Corporate Affairs.
♦ Dena Bank :
Tagline : Trusted Family Bank .
♦ Punjab & Sindh Bank:
Tagline: Where Service is a way of Life .
♦ Central Bank of India:
Tagline: Central to you since 1911.
SIDBI to extend direct funding facility to village level entrepreneurs in CSCs

On 24th May 2018, CSC SPV and Small Industries Development Bank of India (SIDBI) signed an MoU to offer
financial support to CSCs all over India.
SIDBI to extend direct funding facility to village level entrepreneurs in CSCs:
i. As per the MoU, SIDBI will offer financial support to the Village Level Entrepreneurs (VLEs) of Common Services
Centers, with minimum one year of operation, under the Direct Financing Window of SIDBI.
ii. Through Direct Financing Window, CSC SPV will approve the list of VLEs, within 25 km distance of SIDBI Branch
Offices, who are in need of financial support.
iii. In order to receive the loan, the VLEs should submit their CSC project, with maximum project outlay of Rs. 3.50
lakh and term loan requirement under Rs. 2 lakh per project.
iv. This tie up will also improve financial viability of CSCs by providing additional services in their range of
products.
About Small Industries Development Bank of India (SIDBI):
♦ Chairman & Managing Director – Mohammad Mustafa
♦ Headquarters – Lucknow.
Yes Bank empaneled as ‘Settlement Bank’ by National Stock Exchange

On May 25,2018, India’s Largest stock exchange National Stock Echange (NSE) has given approval to Yes Bank to
be empanelled as‘Settlement Bank’ for National Securities Clearing Corporation (NSCC).Yes Bank is
already empanelled as a ‘Clearing Bank’ for BSE, NCDEX, MCX. Salient Features:
i. It will provide different services to the member viz. Settlement and Clearing, electronic fund
transfer and ‘anywhere’ banking and free of cost fund transfer across all centres of NSE’s members.
ii. NSCCL will be coordinating with YES bank accounts for its risk management and settlement operations that it
does on behalf of NSE.
Yes Bank:
♦ CEO: Rana Kapoor.
♦ Tagline: Experience our Expertise.
ICICI Bank to start an innovation lab for better digital banking experience.
On May 26,2018, the Mumbai Headquartered ICICI bank launched its innovation lab for digital business. This
team is headed by former Chief Technology Officer (CTO) Mr. Rohan Angrish at small business lender Fintech
Capital Float.
Objective of the initiative:
To create technology from scratch and help better digital business.
Salient Features of the Initiative:
i. The innovation fund for this project with partnered concerns is : Rs. 100 crore.
ii. Innovation in areas like : digital small ticket personal loans, ‘one cycle’credit loans (allowing the user to
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retain the money until the next transaction),

iii. The lab will function on a 3 point strategy : ‘Run , Evolve & Imagine’.
iv. As a part of the process the bank has acquired fintech SIgnzywhich will help in online KYC with its blockchain
technology and Fingapy which will allow customers to shop without credit cards using biometrics.
v. It will start its own UPI 2.0with features like e-mandate for increased inter-banking transfers and start a system
of alerting the customers using whatsapp service.
ICICI:
♦ Chairman – Chanda Kochhar
Boards of Max Financial Services and Max Life Insurance announced Sachil Vachani as the new Director
On May 26,2018, The boards of Max Financial Services and Max Life Insurance appointed Mr. Sachil Vachani
as the Director.
Key points
i. He started his career as a banker with Citigroup in London . In 2004 he joined Dixon Technologies as business
head.
ii. He has joined as the representative of owner group to create a powerful real estate brand –Max Estates.
iii. He has successfully worked on sale of 22.5% stake of Max Ventures to New York Life Insurance Company in
2017 and a joint venture of Max ventures with Japans’ Toppan printing company ltd.
15th Finance Commission to visit to Kerela from 28th to 31st May 2018
From May 28- 31st , the 15th Finance Commission wiil be visiting Kerela .
Kerala is the first state in Southern India to be visited by the Commission.
Objective:
To assess the state of finance of Kerela and progress of the state in the socio-economic sector.
Key points:
i. The commission was led by Chairman N.k. Singh.
ii. Kerela is the 10thlargest state that contributes to 4.2% of GDP of the nation. It has the highest per capita
income. The state has a booming service sector.
iii. Emigratioon and Immigration remittances is huge in kerela.
iv. In terms of development indicators like per capita income , poverty ratio, health and education kerela has
better points than national average.
v. social sector spending for the senior age group (>60 years) is of some concern as the life expectancy is
increased.
vi. Kerela’s literacy level is 94%that is highest among all the states.
vii. More discussions are to be made on the developments with the CM , finance department, various political
parties and the rural and urban local self governments and Panchayati Raj institutions .
Kerela :
♦ Capital – Thiruvananthapuram
♦ Chief Minister – Pinarayi Vijayan.
Administrative charges cut to 0.5 pc : EPFO

On May 27,2018, the Employees Provident Fund Organization (EPFO) decided to cut its administrative charges by
0.5% .
Salient Features:
i. This would help around 5,00,000 employers to save around Rs. 9 billionannually from the cut.
ii. This would come into effect from June 1 ,2018.
iii. The Charges has been modified from 0.65 to 0.50 % of the wage paid by the employer.
iv. Earlier EPFO has cuts its administrative charges from 1.10 to 0.85 in 2015, them to 0.65 in 2017.
v. EPFO has accumulated Rs. 38 billionthrough the charges in the last fiscal.
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vi. It has a surplus of Rs.200 billion with an interest income of Rs.16 billion per annum.
vii. The cut in charges won’t effect the EPFO as their subscriber base increases a lot.
viii. Presently it has 500 million subscribers and a corpus of Rs. 10 trillion .
About EPFO:
♦ It is under the Ministry of Labour . Constituted in 1952.
RBI allows Rupee Co-op Bank to continue banking services under restriction till August 31,2018
On May 28,2018, the Central Bank of India, Reserve Bank of India (RBI) has instructed the Rupee Co-op
Bank of Pune to continue its banking services keeping the limitations in mind.
Key points:
i. Restriction were first imposed on February 22 ,2103 to August 2013 and that was extended 8 times till May
2018.
ii. RBI has further extended the restrictions for further 3 months till August 31 2018.
About Rupee Co-op Bank:
It is headquartered in Pune Maharashtra. It has 40 offices / branches across the state.
Sudha Balakrishnan appointed first CFO of Reserve Bank of India

Sudha Balakrishnan has been named the first chief financial officer (CFO) of the Reserve Bank of India
(RBI) effective from 15th May 2018.
Sudha Balakrishnan – first CFO of RBI:
i. Sudha Balakrishnan was the vice-president of National Securities Depository Ltd (NSDL).
ii. She is a chartered accountant. She will be the 12th executive director of the RBI.
iii .Her appointment will be for a period of 3 years initially. This can be extended, subject to an annual review.
India signs Loan Agreement with the World Bank for USD 21.7 Million for Strengthening the Public
Financial Management in Rajasthan Project
On 29th May 2018, an agreement for IBRD Credit of USD 21.7 Million from World Bank for the Strengthening of
Public Financial Management in Rajasthan Project was signed in New Delhi.
India signs Loan Agreement with the World Bank:
i. The agreement was signed by Sameer Kumar Khare, Joint Secretary (FB and ADB), Department of Economic
Affairs, Ministry of Finance on behalf of Indian Government and Mr. Hisham Abdo, Acting Country Director, World
Bank (India) on behalf of the World Bank.
ii. The Implementing Entity Agreement was signed by the Secretary, Finance (Budget) on behalf of Rajasthan
Government, and the Acting Country Director (India) on behalf of the World Bank.
iii. Project size: is nearly USD 31 million. Out of this USD 21.7 million will be funded by the World Bank. Rest of
the amount will be funded-out of the State Budget.
iv. Duration of this project: is 5 years. The objective of this project is to contribute to enhanced Budget
execution, better accountability and improved efficiency in Revenue Administration in Rajasthan.
v. This Project also involves Strengthening of the Public Financial Management Framework, Strengthening of
Expenditure and Revenue Systems, and Project Management and Capacity Building etc.
About World Bank:
♦ Headquarters – Washington, D.C., U.S.
SBI hikes interest rates of Term Deposits

On May 30,2018, State Bank of India hiked its fixed deposit rates for selected tenures.
Key points :
i. The range of hike starts from 0.05 (5bps) to 0.25 (25 basis points ) .
ii. The newest interest rate will come into effect from May 28.
iii. SBI will offer 6.65 % for 1 to 2 year term deposists from 6.4%.
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iv. Term deposits with 2-3 years with fetch 6.65% from 6.60% form earlier.
v. For Senior citizens the term deposits of 1-2 years will be fetching 7.15%from 6.9%.
vi. FDs of 2-3 years will be getting interest rate of 7.15%.
vii. These rates are for the amount less than 1 crore.
viii. For bulk amounts of between 1 crore and 10 crore , 1-2 year deposits will get 7 % and for senior citizens it
is 7.5% . The rates are same for amount greater than 10 crore.
About Interest Rates:
An increase in deposit rates results in higher lending rates as well as the marginal cost lending rate (MCLR) is
linked to the cost of funds.
India’s GDP forecast declined to 7.3% from 7.5%: Moody’s

On May 30,2018, according to Moody’s investor service report India’s GDP forecast has gone down to 7.3% from
7.5% for 2018. This cut is because of higher oil prices .
Key points:
i. The forecast for 2019 is constant at 7.5%.
ii. With higher rural consumption and supported by minimum support price and normal monsoon the economy is
moving forward.
iii. By addressing the repair in impaired assets of banks and corporates through the Insolvency and Bankruptcy
Code the economy will be improving.
iv. The GST may weigh down the growth too.
About Moody’s :
♦ It is an American business and financial services company . Headquartered in New York , US.
ICICI Bank has appointed M D Mallya, former Bank of Baroda boss as an additional independent director of
the bank
On 29th May 2018, the ICICI Bank board appointed former Bank of Baroda (BoB) chief M D Mallya as
an additional (independent) directorfor a period of 5 years.
M D Mallya – additional independent director of ICICI Bank:
i. M D Mallya’s appointment is subject to the approval of shareholders. His appointment comes a month before the
ICICI bank’s chairman M K Sharma completes his term.
ii. Before joining BoB, M D Mallya was the chairman of Bank of Maharashtra. He is 65 years old.
iii. He joined Corporation Bank in August 1976. He also served as executive director of Oriental Bank of Commerce
(OBC). He was also the chairman of the Indian Banks Association.
About Bank of Baroda:
♦ MD & CEO – P. S. Jayakumar
♦ Headquarters – Vadodara, Gujarat.
USD 500 Mn additional financing assistance given to the Indian govt by World Bank for PMGSY Rural Roads
Project
On May 31,2018, Indian Government has signed a loan agreement with the International Bank of
Reconstruction and Development (IBRD) an arm of World Bank , of $500 million.
Key points:
i. This loan has a grace period of 3 years and a maturity period of 10 years.
ii. The loan agreement for the project was signed by Sameer Kumar Khare, joint secretary, Department of
Economic Affairs, Ministry of Finance, on behalf of the government of India and Junaid Ahmad, country
director, World Bank India, on behalf of the World Bank in the presence of Alka Upadhyaya, joint secretary
(RC), Ministry of Rural Development.
iii. The financing would help in bringing new construction technology like green and low carbon design and
climate resilient techniques.
iv. For adequate maintenance of existing 4.6 million km of road networks.
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v. To built infrastructure to support rural economy and communities and households.

vi. Climate vulnerability assessment for identifying the critical locations affected by natural disasters , water
logging, excessive erosion etc.
vii. To improve drainage system, innovative bridges to withstand earthquakes, use of bio-engineering methods ,
improved drainage for areas prone to landslides etc.
viii. The additional financing would help in giving employment opportunities for women in the construction and
maintenance thus filling the gender gap.
About Pradhan Mantri Gram Sadak Yojna (PMGSY):
♦ It will built 7000kms of climate resilient roads out of which 3500 kms would be made with green technologies.
World Bank has supported this scheme since its launch in 2004.
♦ So far World bank has invested $1.8billion in loans for North Indian states– Bihar, Himachal Pradesh,
Jharkhand, Rajasthan , Meghalaya, Uttarakhand and Uttar Pradesh (mainly focusing on the economically
backward side ).
ADB granted financial assistance of $375 mn project for irrigation boost in Madhya Pradesh
On May 31,2018, Asian Development Bank approved $375 million loan in Madhya Pradesh.
Objective:
For a project to improve irrigation in Madhya Pradesh and help increase farmer’s income.
Salient Features:
i. The project will expand irrigation networks and system efficiency.
ii. The total cost of the project is $535.1 million and $160.71 million will be given by the government.
iii. The estimated time of completion of the project is September 2025.
iv. In the first stage , the Kundalia irrigation project will develop 125000 hectare of new , efficient, Climate
resilient irrigation networks.
v. with this project the state will double the irrigated to 2 million hectares land by 2025.
vi. It will help farmers adopt micro-irrigation strategies and overall will help 838,000 people of 419 villages.
Madhya Pradesh:
♦ Capital – Bhopal
♦ Chief Minister – Shivraj Singh Chouhan
♦ UNESCO World Heritage Site – Sanchi , Bhimbekta Rock Shelters, Khajuraho Group of Monuments.
India’s GDP grows at robust 7.7% in Q4 of FY18, full year growth at 6.7%
On May 31,2018, The ministry of Statistics reported that India’s GDP grew at robust 7.7% in Q4 of financial year
2017-18.
Key points:
i. The full year growth is at 6.7%.
ii. It surpassed China’s trajectory of 8%.
iii. The ministry revised the October-December growth from earlier 7.2% to 7.0%.
iv. It can be forcasted that the growth is towards a 7.3% for annual growth.
v. This improvement can be due to improved manufacturing sector and GST.
vi. Manufacturing sector grew a9.1% from a 6.1% earlier .
vii. Inflation is projected to be 4.58 % in april above the RBI’s target of 4%.
Visa risk security award for HDFC Bank

On May 31,2018, HDFC bank has been recognized with the Champion Security Award at the 14th Visa Asia Pacific
Security Summit.
Key points:
i. The bank has won the award in the India & South Asia category and it is its second time winning it .
ii. The Champion Security awards were presented to
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Australia/New Zealand: National Australia Bank Limited

Greater China: National Credit Card Centre, Taiwa
India & South Asia: HDFC Bank Limited
Japan: Mitsubishi UFJ NICOS CO., Ltd
South Korea: Lotte Card Company, Limited
Southeast Asia (2 awards 1.Krungthai Card Limited
2. Bank Mandiri
Best in Asia Pacific: United Overseas Bank (Singapore)
Banking & Economy Awareness June 2018

Income Tax Department issued Revised Income Tax Informants Reward Scheme, 2018 for public
participation in unearthing black money
On June 1,2018, the Income Tax Department issued revised Income Tax Informants Reward Scheme 2018.
Objective:
To increase public participation with the IT department to unearth black money and reduce tax evasion.
Salient Features:
i. This has replaced the reward scheme issued in 2007.
ii. Under this scheme a person upon giving specific information about tax evasionto the Investigation
Directorate of the IT department can be rewarded upto Rs. 50 lakhs.
iii. A reward of upto Rs. 5 crore would be given to people who would provide precise information about
the black money tugged away in the foreign countries by individuals that come under Black
Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.
iv. Foreigners are also eligible for this scheme.
vi. Detailed revised rules of the scheme is available to the public form the IT departments official
website www.incometaxindia.gov.in.
New Benami Transactions Informants Reward Scheme, 2018 launched by the Income Tax Department
A new reward scheme named “Benami Transactions Informants Reward Scheme, 2018” has been introduced by
the Income Tax Department.
Benami Transactions Informants Reward Scheme, 2018:
i. This reward scheme aims to encourage people to provide information about benami transactions and
properties and also income earned on such properties by hidden investors and beneficial owners.
ii. Under the Benami Transactions Informants Reward Scheme, 2018, a person can receive reward up to Rs. 1
crore for offering specific information in prescribed manner to the Joint or Additional Commissioners of
Benami Prohibition Units (BPUs) in Investigation Directorates of Income Tax Department.
iii. The information should be related to benami transactions and properties and proceeds from properties that
are actionable under Benami Property Transactions Act, 1988, as amended by Benami Transactions
(Prohibition) Amendment Act, 2016.
iv. Foreigners are also eligible to receive reward. Identity of persons providing information will not be revealed
and confidentiality will be maintained.
Some important international boundary lines:
♦ Blue Line : Isreal & Lebanon
♦ Purple Line : Israel and Syria
♦ Green Line : Israel and its neighbours (Egypt, Jordan, Lebanon and Syria)
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M-app Cube Wealth launched to transfer money from bank a/cs to MFs
On June 1, 2018, a co-founder of Citrus Mr. Satyen Kothari has launched his new venture of an app that can
sweep funds between bank a/cs and Mutual Funds.
Objective:
So that money doesn’t remain idle in the bank a/cs.
Key Points:
i. The app is called ‘Cube Wealth’.
ii. Cube with Zerodhaand other asset management companies has come up with the solution of fund transfer
services.
iii. Customers can retrieve money to their bank a/cs during emergencies however, this feature is only available
to those whose initial amount of transaction is Rs. 50000.
iv. The platform will provide wealth advisors and will be available from June 5,2018.
v. The app would allow small investors in international investment options which is currently limited
to US and China only.
About Citrus:
♦ Citrus was acquired by PayU in a Rs. 850 crore deal in September 2016.
Government introduces new scheme ‘Seva Bhoj Yojna’ for charitable institutions
On June 1, 2018, The Ministry of Culture launched a new scheme called ‘Seva Bhoj Yojana’.
Obejctive:
To reimburse the central government of CGST and IGST to reduce the financial burden of the religious
institutions who serve neccessities to the public / devotee free of cost without discrimination.
Salient Features:
i. The services include food, Prasad, langar (Community Kitchen).
ii. The charitable institutions include Temples, Gurudwara, Mosque, Church, Dharmik Ashram, Dargah,
Matth, Monasteries who have been existing for at least 5 years before the grant.
iii. They should serve at least 5000 people in a month and is under Societies Registration Act and under
Income Tax Act (under section 10 (23BBA)).
iv. The institutions will be given renewed registration by the Ministry as per evaluation of their performance.
v. the details will be available online for public view and would be permitted to submit their reimbursement
claim during the validation of the registration.
vi. The eligible institutions must be registered with the Darpan Portal.
vii. a committee will be constituted and would examine the applicants within 4 weeks for their viable
registration.
IMF releases $250 mn of Sri Lanka loan, seeks airline shake-up

On June 2,2018, International Monetory Fund (IMF) released its loan of $252 million to the island nation
of Srilanka.
Key points:
i. This loan is a part of a deal of amount $1.5 billion that was to be loaned by the IMF to SriLanka.
ii. The move of price increase of fuel was welcomed. The cooking gas and lamps has doubled.
iii. The gasoline price has been increased by 15 %.
iv. The restructuring of loss making SriLankan Airlines was proposed.
v. It has accumulated loss and debts of over $ 2 billion.
SBI, PNB, ICICI Bank raise lending rates

On June 2,2018, India’s major banks SBI, PNB and ICICI bank raised the lending rate making the loans costlier.
Key points:
i. They increased their benchmark lending rate (MCLR) by 10 basis points or by 0.1 %.
ii. SBI has increased its lending rate by 10 basis points for all tenors upto 3 years.
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iii. The MCLR for overnight and one month tenors is for 7.9% and for the three years tenor is 8.45%.
iv. PNB has raised tenors for 3 and 5 years to 8.55% and 8.7%
v. PNB has also raised the base rate of 9.15% to 9.25%.
vi. ICICI has raised MCLR for 5 year tenors to 8.70% and also changed tenors for three and one year.
vii. Lending rates for three month tenors of ICICI remains unchanged .
viii. HDFC has raised the Retail Prime lending rate (RPLR) by 10 basis points.
ix. Karnataka Bank has raised interest rates on Deposits. Interest on domestic and NRE rupee term deposits for
a period of one year to two years stands revised to 7.25 per cent from 7.10 (for deposits up to Rs 10 crore)
representing a hike of 15 basis points.
x. Home and Auto loans fall under the MCLR.
Financial Literacy Week to begins from June 4 to June 8, RBI sets consumer protection as this years’
theme
On June 3, 2018, The Financial Literacy week begins from June 4 to June 8 2018.
The theme for this years Financial Literacy week has been declared by RBI as : Consumer Protection.
Key points:
i. This event would create awareness among customer of banks about the various financial products and
services available to them and would encourage them to go digital.
ii. It would consist of 4 consumer protection messages like ‘Good Practices for safe digital
banking’ and ‘Know your liability’ focusing on the liability of the customer for safe digital banking where if
the bank is informed within 3 days of unauthorized digital transaction the customer won’t be liable.
iii. Resolution of the complaints would be received within 90 days from the date of receipt of complaint .
iv. Awareness regarding Banking Ombudsman scheme would be emphasized.
v. Bankers, Financial Literacy Counsellors (FLCs) and other stakeholders will participate to create awareness.
India to be shared mobility leader by 2030: Morgan Stanley

On June 3, 2018, the global financial services major Morgan Stanley reported that India would become
a leader in shared mobility by 2030.
Key points:
i. This improvement would be caused by the increasing amount of electric and autonomous vehicles being used.
ii. This would increase the shared miles by 35% to 50% of all miles travelled in India by 2040.
iii. The trend of shared mobility with the vast population and internet services would help replace the public
transport system and individual car ownership by app based taxi services.
iv. In 2017, 10% of a total of 257 million miles have been travelled by shared mobility and this trend would
increase to 35% by 2030.
v. Population of 61 cities is more than 850,000 and 50 cities is more than 1 million. This along with World
Bank’s data 850 million people under 35 age group suggests the trend would rise as they are more comfortable
with emergin technology.
Morgan Stanley:
♦ Headquarters – New York, US.
GAIL India to import 1st Russian LNG shipment from Gazprom

On June 3, 2018, India would import its first ever LNG from Russia on June 4, 2018.
India considered the fourth largest buyer of Liquefied Natural gas.
Key points:
i. GAIL India Ltd. will be importing the LNG from Gazprom at Petronet LNG.
ii. Earlier LNG from US was imported at Dabhol port of Mumbai for the first time.
iii. The supply between GAIL and Gazprom is a 20 year deal of import of 2.5 million tonnes of LNG a year.
iv. The further break up of the 2.5 million tonnes is : 0.5 MT in 2018-19 , 0.75 in 2019-20, and 1.5 MT in
2020-21.
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Commerce Minister Shri Suresh Prabhu attends informal gathering of WTO in Paris
On June 4, 2018, Minister of Commerce and Industry , Mr. Suresh Prabhu attended an informal meeting of
the commerce ministries in World Trade Organisation in Paris.
Key points:
i. There were commerce ministers from 28 member states and Director General of WTO were present.
ii. He stressed the need of political engagement for the trade.
iii. There is a Work Programme in Ecommerce in which India is an active member.
iv. He stressed that working multilaterally with the developing and Least developed countries would help in
boosting trader and addressing the challenges faced by WTO.
v. The Commerce Minister also had meetings with the Australian Minister for Trade, Tourism and
Investment and the EU Trade Commissioner.
World Trade Organisation (WTO):
♦ Headquarters – Gneva, Switzerland.
Rs 5400 crore dispersed for Telangana government’s scheme ‘Rythu Bandhu’: RBI
On June 4, 2018, RBI supplied Rs.5400 crore for the implementation of Telengana Governement’s investment
program ‘Rythu Bandhu’ launched in May 2018.
Key points:
i. Under the scheme the state govt. will give 4000 per hectare for two seasons by cheques .
ii. The Govt. has allotted 12000 crore as the budget in the scheme.
iii. The amount of total Rs.5400 crore was given to the banks and the State Financial Department.
v. A total of 59 lakh cheques has been dispatched by the banks headed by SBI.
vi. For the current season total requirement for the scheme is Rs.5700 crore.
Govt planning another SBI-like 4 bank mega merger

On June 4, 2018, After the success of SBI merger , the government is planning another big merger of 4 banks
: Bank of Baroda, Central Bank , IDBI bank, Oriental Bank.
Key points:
i. These four banks has a combined loss of Rs. 21,646.38 crore in the financial year end of March 31.
ii. The Government is planning to merge and create 4-5 global sized lenders like SBI.
iii. This will create India’s second largest bank after SBI having combined asset of Rs 16.58 trillion .
iv. The share of bad loan has increased . The total quantum of bad loans – loans where corporate borrowers
are not repaying their dues to banks- has crossed Rs 10 lakh crore. This includes the Rs 8.9 lakh crore share of
government owned banks.
In other banking news , under Insolvency and Bankruptcy Code, seven top lenders including SBI, ICICI Bank and
IDBI Bank are said to be in the process of selling outstanding loans totaling a little less than Rs 28,000 crore.
Government appoints experienced banker Mahesh Kumar Jain, MD & CEO of IDBI Bank as Deputy
Governor
On June 4,2018, the MD&CEO of IDBI Bank Mr. Mukesh Kumar Jain has been appointed as fourth RBI Deputy
Governor for a 3 year term.
Key points:
i. He was MD&CEO of IDBI since March 2017 and previously he was CEO of Chennai based Indian Bank.
ii. He will be replacing SS Mundra whose tenure ended in July 2017.
iii. As per RBI Act , there are 4 deputy governors : 2 from within the bank , a commercial banker and an
economist.
iv. The other current Deputy governors are : i. Shri B. P. Kanungo , ii. Dr. Viral V. Acharya , iii. Shri N.S.
Vishwanathan.
RBI:
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♦ Headquarters : Mumbai.
♦ 24th Governor : Dr. Urjit Patel.
Citi Bank first bank to enroll as Payment Initiation Service Provider Under UK’s Open Banking regime.
On June 3, 2018, Citi Bank becomes the first corporate bank to make use of UK’sOpen Banking regime .
Key points:
i. According to the open banking regime the European Banks are required to share customer data with third
party banks upon the customers’ approval.
ii. Citi Bank is the first to enroll as “Payment Initiation Service Provider”.
iii. This would enable it to receive small payments directly from UK’s customer bank accounts without debit or
credit cards.
iv. This initiative will be less time consuming and cheaper compared to other alternatives like PayPal etc.
Citi Bank:
♦ Headquarters: New York, US.
ICAI, SAICA sign pact to facilitate professionals movement

On 4th June 2018, The Institute of Chartered Accountants of India (ICAI) and South African Institute of
Chartered Accountants (SAICA) have signed an agreement to set up a framework for recognizing members
easier and encourage mobility of professionals between both countries, at the SAICA head office in
Johannesburg.
ICAI, SAICA sign pact to facilitate professionals movement:
i. This agreement will help in mutual recognition of each other’s qualification and admit members by a bridging
mechanism between India and South Africa.
ii. As per the agreement, an ICAI member is exempted from appearing in Part I or initial test of competency and
practical training requirements of SAICA.
iii. Also, he/she can become a member of SAICA on completing the assessment of professional competence
(APC) examination.
iv. Also, if an individual ICAI applicant, in good standing, fulfils the competency requirements of SAICA
competency framework, membership of SAICA may be given without the completion of the APC examination.
About Institute of Chartered Accountants of India (ICAI):
♦ President – Naveen N D Gupta
♦ Purpose – regulating the profession of Chartered Accountancy in India
Bharat Financial gets nod for merger with IndusInd Bank from multiple stock exchanges
On June 5, 2018, Micro lender Bharat Financial Inclusion Ltd. gets a no–objection nod for its merger
with IndusInd Bank.
Key points:
i. Bharat Financial (earlier known as SKS Microfinance ) has got the nod from multiple stock exchanges like
NSE and BSE after SEBI’s approval.
ii. This merger was proposed and drafted by the board of directors of both the companies on October 2017.
iii. IndusInd Bank would acquire BFIL through all stock deal.
iv. BFIL caters to the weaker section of society and has is present across 16 states covering 1 lakh villages.
RBI to announce second bi-monthly Monetary Policy of 2018-19 on June 6 2018 in a first ever 3 day
meeting
On June 6, 2018, a 6 member committee headed by RBI governor Urijit Patel will announce second bi-monthly
Monetory Policy of 2018-19 . It is the first time this will be a three day meeting .
Key points:
i. The Monetary Policy Committee would be setting the benchmark interest rate.
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ii. In April, the repo and reverse repo rate was unchanged at 6% and 5.75%.
iii. RBI predicted the GDP to grow by 7.4% for FY19.
Bank of Baroda increases MCLR by 5 basis points , effective from June 7,2018
On June 6, 2018, Bank of Baroda increased its Marginal Cost-Based Lending Rate (MCLR) by 5 basis points.
Key points :
i. This would come into effect from June 7,2018.
ii. The chart shows the effect on the terms loans:
Tenure Earlier (in %) After June 7 ,2018 (in %)
Over night 7.90 7.95
One Month 7.95 8.00
Three Months 8.05 8.10
Six Months 8.25 8.30
One Year 8.40 8.45
iii. Other banks that have recently raised their MCLR rates are : SBI by 10 basis points, Punjab National Bank by
5-10 basis points, Union Bank , ICICI Bank , Kotak Mahindra Bank .
IDFC Bank, Capital First shares gain on RBI nod for merger
On 6th June 2018, IDFC Bank received RBI’s approval for merger of Capital First, Capital First Home
Finance and Capital First Securities with the company.
IDFC Bank, Capital First shares gain on RBI nod for merger:
i. The Reserve Bank of India (RBI) has given its no objection for the voluntary merger of Capital First Ltd,
Capital First Home Finance Ltd and Capital First Securities Ltd with IDFC Bank.
ii. In January 2018, the company said that, its board of directors has approved merger of the three entities with
IDFC Bank.
About IDFC Bank:
♦ MD & CEO – Rajiv B.Lall
♦ Headquarters- Mumbai
World Bank approves Rs. 6,000 crore Atal Bhujal Yojana for ground water conservation in 7 states.
On June 6, 2018, World Bank approved an amount of Rs. 6000 crore for the implementation of Atal Bhujal
Yojana.
Key points:
i. The Atal Bhujal Yojana is under the Ministry of Water Resources , River Development and Ganga
Rejuvination .
ii. This scheme would be implemented from 2018-19 to 2022-23 for a period of 5 years.
iii. This scheme has been recommended by the Expenditure Finance Committee.
About Atal Bhujal Yojana :
i. This scheme aims to improve ground water management through community participation.
ii. Under this scheme , priority is given to areas with critically low ground water level .
iii. The priority areas are : Gujarat, Haryana, Karnataka, Madhya Pradesh, Maharashtra, Rajasthan and
Uttar Pradesh .
iv. They cover 25% over exploited and critical ground water level and have two major types of ground water
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systems : Alluvial and Hard rock aquifers .

v. This would benefit nearly 8350 Gram Panchayats in 78 districts in these states.
vi. Active participation of the communities in various activities such as formation of Water User Associations,
monitoring and disseminating ground water data, water budgeting, preparation and implementation of Gram-
Panchayat wise water security plans and IEC activities related to sustainable ground water management.
World Bank forecasts 7.3 per cent growth in FY19 for India, making it fastest growing economy
On June 6, 2018, World Bank predicts India’s GDP growth to be 7.3% for FY19.
Key points :
i. India is expected to grow by 7.3% in FY19 and 7.5% in FY20.
ii. This was released in World Bank’s ‘Global Economic Prospect’ report.
iii. China is expected to slow down slightly from 6.9 per cent in 2017 to 6.5 per cent in 2018, 6.3 per cent in
2019 and 6.2 per cent in 2020.
iv. South Asia is predicted to grow by 6.9% in 2018 and 7.1% in 2019.
v. Recovery in Bangladesh, Pakistan and Sri Lanka is expected to be accompanied by moderating activity in
Afghanistan, Bhutan and Maldives.
vi. This would make India the ‘Fastest growing country ‘.
RBI eases GST registered MSME repayment norms for 180 days till December 31st 2018
On June 7, 2018 ,RBI announced a relaxation of 180 days for MSMEs who are not classified as ‘Non-
Performing’.
Key points:
i. MSMEs which were standard as on August 31, 2017, shall continue to be classified as standard by banks and
NBFCs if the payments due as on September 1, 2017, and falling due thereafter up to December 31, 2018,
were paid not later than 180 days from their original due date .
ii. Banks and NBFCs have to typically classify a loan as a non-performing asset if the repayment has been
delayed beyond 90 days.
iii. This has been done as a result of the effect of GST on the small and medium enterprises.
iv. After January 2019 the rules will fall back to the normal 90 day regime for the GST registered MSMEs.
World Bank projects Indonesian economy to grow 5.2%

World Bank (WB) has projected that the Indonesian economy will grow 5.20 % this year.
World Bank projects Indonesian economy to grow 5.2%:
i. This projection is more than the Indonesian government’s projection of 5.18 %.
ii. World Bank has said that private consumption and investment would strengthen. World Bank country
director for Indonesia, Rodrigo A Chaves said that, the investment growth is still high, considering the
increasing prices of commodities.
iii. He also said that, the global economy would face a slower growth due to tightening monetary conditions.
About World Bank:
♦ Headquarters – Washington, D.C., U.S.
RBI amends Gold Monetisation Scheme to make it more attractive for short, medium and long tenures
On June 8, 2018, the central bank RBI amended Gold Monetisation Scheme.
Objective :
To enable people to open a hassle free gold deposit account.
Key Points:
i. The scheme was first launched by the government in 2015 to mobilise the idle gold of the household or
institutions to the banks as deposits for a fixed period of time . The interest rate varied from 2.25% to 2.5%.
ii. In the latest amendment , RBI allowed the customers to deposit the gold in a broken time period where
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the short term period of 1-3 years can be broken to 1 year 3 months , 2 years 3 months 15 days etc.
iii.Similarly for Medium Term Period is for 5-7 years and Long Term Period for 12-15 years and can be
broken as well.
iv.The interest rate is calculated as per the number of years and the remaining days .
v.For pre-mature retrieval of Medium and Long term the amount would be in INR while 0.2% in INR would be
deducted as administrative charges upon redemption in the gold form.
vi.Interest for Medium and Long term can be calculated as per the amount of gold in terms of rupees during at
the time of deposit.
Bank of India ups MCLR by 0.10% from Jun 10 for various tenors
On June 8, 2018, After RBI’s decision to raise the repo Rate by 25 basis points and increase of MCLRs by other
public sector banks, Bank Of India has raised its marginal cost lending rate (MCLR) by 10 basis points or
0.10%.
Key points:
i. The following shows the effect for different term loans:
Tenure Increase by (basis points) Latest rate of Interest
Overnight 10 7.90
One – Month 10 8.20
Three months 10 8.30
Six months 10 8.45
One year 10 8.50
ii. This changes would come into effect from June 10, 2018.
iii. The price of stock of Bank of India is Rs.100.15 in BSE up by 1.68%.
FDI in India rises to USD 61.96 bn in 2017-18: DIPP

On June 8, 2018, Mr. Ramesh Abhishek,Secretary, Department of Industrial Policy Promotion announced that
Foreign Direct Investment in India has risen up to $61.96 billion in 2017-18.
i. The FDI inflows were $60 billion in 2016.
ii. FDI has increased by $222.75 billion from $152 billion in 4 years.
iii. According to United Nations Conference on Trade and Development (UNCTAD) the FDI to India has
decreased to $40 billion in 2017 from $44 billion in 2016. And outflows have doubled.
UNCTAD:
♦ Headquarters – Geneva , Switzerland.
EFC approves revised cost estimate of DRIP for Rs. 3466 crore and extends time period for conclusion
till June, 2020
The Expenditure Finance Committee (EFC) has approved revised cost estimate of Dam Rehabilitation &
Improvement Project (DRIP) for Rs. 3466 Crore and has extended time duration for ending this
project till June 2020.
Revised cost estimate of DRIP:
i. A meeting of the Expenditure Finance Committee (EFC) under the Chairpersonship of Secretary, Department
of Expenditure, was conducted recently.
ii. The meeting heard the proposal of Ministry of Water Resources, River Development and Ganga Rejuvenation
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for revised cost estimate of DRIP. DRIP is funded by World Bank.

iii. DRIP is a state sector scheme with central component. It aims to enhance safety and operational
performance of selected dams and institutional strengthening with system wide management approach.
iv. The total original cost of DRIP was Rs. 2100 Crore. State component was Rs. 1968 Crore and Central
Component was Rs. 132 Crore.
v. The EFC approved DRIP in May 2011. Cabinet approval was provided in November 2011.
vi.The Scheme started in April 2012. It was initially planned for six years with conclusion in June 2018.
vii.The participating States/Agencies in the DRIP are: Damodar Valley Corporation, Karnataka, Kerala,
Madhya Pradesh, Odisha, Tamil Nadu, Uttarakhand Jal Vidyut Nigam Limited and Central Water Commission.
Some important projects in India:
♦ Bansagar Project – Son River
♦ Bargi Project – Bargi River
♦ Beas Project – Beas River
Moody’s expects India to meet its fiscal deficit target of 3.3.percent

On June 8, 2018, Credit rating Agency Moody’s predicted India’s fiscal deficit to be 3.3% of GDP for FY 2018-
19.
Key points:
i. The planned expenditure of the govt has been suggested to be cut back .
ii. Government is likely to reduce excise duty on petroleum and diesel products if the price of global crude
continues to remain high.
iii. Budgetary cost of the new minimum support price formula for agricultural products and extra subsidies on
LPG and kerosene could put additional pressure on expenditure.
iv. Fiscal Responsibility and Budget Management (FRBM) Act to enhance its existing fiscal policy
framework and strengthen policy credibility.
v. There is concern over the drop in foreign institutional investment, but predicted healthy FDI, external
commercial borrowings and NRI deposit inflows in financial year 2019.
vi. Rise in India’s foreign exchange reserves and increase in its merchandise import bill points to a healthier
fiscal environment as compared to 2017.
Sarita Nayyar appointed to Managing Board: WEF

On June 8, 2018, World Economic Forum (WEF) has appointed Sarita Nayyar as a member to its Managing
board.
i. She is presently working with WEF as Chief Operating Officer (COO) .
ii. She joined WEF in 2007 and have been holding various directorships including responsibility for
engagement with the consumer industries, MD and COO of WEF LLC and Deputy Head of Industries.
iii. She would overlook the international expansion with upcoming centres in India and Japan.
World Economic Forum:
♦ Headquarters – Cologny , Switzerland.
Syndicate, OBC, Bank of India raise rate by up to 0.15%

On June 9, 2018, Following RBI’s decision to raise the repo rate to 25 basis points, the following banks have
raised their MCLR rates as well.
ORIENTAL BANK OF COMMERCE:
i. The bank has raised its MCLRs by 10 to 15 basis points for various tenors.
Tenure Raised by (in basis points) Increased % of interest
Over night 8.30%
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One month 15 8.35%
Three Months 10 8.40%
Six Months 15 8.60%
One year 15 8.65%
ii. These changes would come into effect from June 11,2018.
SYNDICATE BANK:
i. The bank has raised its MCLR by 5 basis points or by 0.05%
Increased by (in basis

Tenure Increased % of Interest
points)
One Year 5 8.55%
ii. The Bank has kept MCLR unchanged for other tenors.
iii. This would come into effect from June 10, 2018.
BANK OF INDIA:
i. The bank has raised its MCLRs by 10 basis points.
Tenure Increase by (basis points) Latest rate of Interest
Overnight 10 7.90
One – Month 10 8.20
Three months 10 8.30
Six months 10 8.45
One year 10 8.50
ii. This would come to effect by June 10, 2018.
Yes Bank launches deposit scheme with an eye to raise Rs 1,000 crore
On June 5, 2018, Yes Bank has launched a first of a kind new deposit scheme to fetch Rs. 1000crore from the
scheme. It is the first of many green retail products to be launched by the bank
i. This scheme is called ‘Green Future : Deposit”.It is launched to support the ‘Green Good Deeds’ campaign
that was recently launched by the Government of India.
ii. This would provide a peak interest of 7.5% and has a tenure of 18 months 8 days to 18 months 18 days.
iii. For senior citizens it would provide 8% interest .
iv. It has also launched a pilot project for recycled dry waste generated at facilities and has recycled close to 9.5
tonne of dry waste, resulting in 27.35 MT of carbon footprint reduction every quarter.
Yes Bank:
♦ MD & CEO: Mr. Rana Kapoor.
♦ Tagline: Experience our Expertise.
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Bandhan Bank appoints former RBI deputy governor H R Khan as chairman

On June 9, 2018, Bandhan Bank appointed former RBI deputy governer Harun Rashid Khan as non-
executive part time chairman.
i. Mr.Khan’s appointment will be for a period of 3 years with effect from June 5, 2018 or till the expiry of his
term as an independent director whi chever is earlier.
ii. Khan will be the independent director of the bank at a remuneration of Rs 24 lakh per annum subject to RBI
and other approvals.
iii. Khan retired as the deputy governor of RBI in July 2016 after nearly 38 years of service.
iv. The Bank also appointed Pravir Kumar Vohra as an Additional Director (Category being Independent,
Non – Executive) of the Bank for a period of three years with effect from June 5, 2018.
Karur Vysya Bank ties up with Aditya Birla Health

On June 5, 2018, Private sector bank Karur Vysya Bank announced its tie up with Aditya Birla Health
Objective:
To provide insurance services to customers.
Key points:
i. It has already partnered with Birla Sunlife Insurance for the same.
ii. ABHICL will be able to access millions of customers of KVB, especially in the Tier I, II and IIIcentres.
Karur Vysya Bank :
♦ Headquarters: Karur , Tamil Nadu.
♦ National Parks of Tamil Nadu : Mudumalai National Park, Anamalai National Park, Guindy National Park.
UIDAI excludes Airtel Payments Bank from using full e-KYC via Aadhaar
On June 09, 2018, Airtel Payments Bank has been denied permission to use the UIDAI’s e-KYC facility due to
wrong doing from the bank’s part.
i.As per RBI’s report the Bank has used the e-KYC facility to provide LPG subsidies to its customers without
permission.
ii.UIDAI revoked a suspension on the use of e-KYC facility
iii.This would hamper bank’s competition and in achieving new customers and to provide facilities to its
existing 10 million customers.
iv.They can carry out limited KYCs based on virtual IDs rolled out by the UIDAI.
Airtel:
CEO: Gopal Vittal.
UIDAI:
♦ Under Ministry of Electronics and Information Technology.
♦ Chairman: J. Satyanarayana.
♦ CEO: Dr. Ajay Bhushan Pandey.
Industry expects close to 8% GDP growth over next two years: CII
On June 10, 2018, According to a report by Confederation of Indian Industries (CII) a growth close
to 8% GDP in next 2 years is expected.
i. Rs 50,000 crore worth of investments have been made.
ii. Fiscal prudence, able macroeconomic management, and strong reforms would be the reasons for the growth.
iii. Good performance across sectors such as automotives, white goods, steel, cement, and capital goods.
iv. Manufacturing of smartphone components is set to go up, indicating upward local value-addition.
v. In the manufacturing sector, although input costs are rising , the overall demand is healthy.
CII:
♦ President: Shobana Kamineni.
♦ Headquarters: New Delhi.
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SVC Cooperative Bank awarded National Payments Excellence Award by NPCI

On June 8, 2018, SVC Co-operative Bank has received the National Payments Excellence
Award2017 by National Payments Corporation of India (NPCI).
i. It is the highest recognition in the banking industry for exceptional performance in payments system.
ii. This is for their outstanding performance in NFS ATM Network and CTS .
iii. This effort will help in upgrading from the cheque system to UPI system and inclusion in the digital
umbrella.
SVC cooperative Bank :
MD & CEO:AjitVenugopalan.
NPCI:
♦ Chairman :BiswamohanMahapatra.
RBI to raise $30-35 bn via NRI bonds to support rupee: Report

One June 11, 2018, On the backdrop of rising oil prices and shortfall in FPI inflows to the country the RBI is
expected to raise $30-35 billion via NRI bonds to raise the rupee .
i. FPI has been slowed down amidst political volatility and with listing of Chinese forms in global benchmark
indices.
ii. China market could list a $100 billion in 2019 .
iii. RBI would release a fourth tranche of NRI bonds
iv. RBI will issue NRI bonds if the global oil prices persist at USD 70/bbl.
v. NRI bonds are forex deposits raised from non-resident Indians at attractive rates for 3-5 years, with some
lock-in and an implicit RBI guarantee.
vi. RBI is expected to follow an asymmetrical policy of buying forex when the USD weakens and defending
Rs66/USD when it strengthens.
vii. The rupee has been falling against the US dollar, the Indian currency is seen at Rs 69.75/USD by December.
The rupee is currently hovering around Rs 67/USD.
RBI:
♦ Headquarters: Mumbai.
♦ 24th Governor: Dr.Urjit Patel
Government may launch Rs 500 crore credit enhancement fund in July

On June 11, 2018, The government is likely to launch a Rs 500-crore credit enhancement fund next month to
facilitate infrastructure investments by insurance and pension funds
Key points:
i. Thiswill help in upgrading credit ratings of bonds issued by infrastructure companies and facilitate
investment from investors like pension and insurance funds.
ii. The initial corpus of the fund, to be sponsored by IIFCL (India Infrastructure Finance Company), will
be Rs 500 crore, and it will operate as a non-banking finance company.
iii. IIFCL will hold a 22.5 per cent stake in the NBFC, while the Asian Infrastructure Investment Bank
(AIIB) has offered to pick up a 10 per cent stake,SBI, Bank of Baroda and LIC will also have stakes in the firm.
iv. World Bank had evinced interest to pump-in Rs 5,000 crore for the fund initially, but the government
declined it.
World Bank :
♦ President: Jim Yong Kim
♦ Headquarters: Washington DC , US.
S Ramesh is appointed as Chairman of CBIC

S Ramesh has been appointed as the Chairman of Central Board of Indirect Taxes and Customs (CBIC).
S Ramesh – Chairman of CBIC:
i. The Appointments Committee of Cabinet (ACC) has cleared the appointment of S Ramesh as the next
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Chairman of CBIC.
ii. He has been a member of Central Board of Indirect Taxes and Customs (CBIC). He will replace Mrs Vanaja N.
Sarna, who will be retiring in the end of June 2018.
About Central Board of Indirect Taxes and Customs (CBIC):
♦ Part of – Department of Revenue
♦ Functions under – Ministry of Finance
♦ Purpose – formulation of policy concerning levy and collection of Customs & Central Excise duties and Service
Tax, prevention of smuggling and administration of matters relating to Customs, Central Excise, Service Tax and
Narcotics to the extent under CBEC’s purview
Mobile banking rank by SBI’s Annual Report: Paytm tops by Volume and Axis Bank tops by value
On June 12, 2018, According to SBI’s annual report for 2017-18, Axis bank has the highest value share of
mobile banking transactions by 17.2%.
i. Paytm tops the chart by volumes with 22% and by value it is 0.25%.
ii. ICICI has 17.1% share by value and 9.7% by volume.
iii. SBI has 19.5% by volume in January 2018 compared to 25% at the end of March 2019.
iv. By value share SBI has 16.8% from 44.4% in 2017.
v. Mobile-banking usage itself has seen a steep jump, with volumes soaring a steep 91 per cent to 1,871 million
in FY18 from 977 million in FY17.
Paytm:
♦ Founded: 2010.
♦ Founder :Vijay Shekhar Sharma.
Axis Bank:
♦ CEO: Shikha Sharma.
India to bring together a group of 8-10 countries in WTO to create a conducive atmosphere in WTO
India is working to bring together a group of 8-10 member countries of the WTO to develop an agenda to create
a conducive atmosphere in Geneva for smooth functioning of WTO (World Trade Organisation).
Group of 8-10 member countries of the WTO:
i. This will be an informal group within the World Trade Organisation (WTO). It might include countries like
Brazil, China, South Africa, China, Indonesia and Columbia.
ii. The main focus is to develop a proper structured agenda that will be acceptable to all countries to reduce the
tension prevailing among the WTO member countries.
iii.The commerce ministry will discuss the issue internally and will work on the structure.
iv. This move will be beneficial since trade tensions have heightened after the US levied high customs duties on
some steel and aluminum products.
v. If trade wars begin, countries will restrict imports through tariff and non-tax related barriers. Increase in
customs duties on a product will make that product less competitive in the importing country.
vi. Talks held in Argentina in December 2017 collapsed. Following this, India organised a mini-ministerial
meeting of 45 WTO members in New Delhi on March 19-20, 2018.
vii. The talks at the WTO’s 11th Ministerial Conference collapsed after the US went back on its commitment to
develop a permanent solution to the public food stockholding issue.
OPIC gives $5 mn loan to Grameen Impact via IndusInd Bank to support MSMEs
On June 13,2018, Overseas Private Investment Corporation (OPIC) under the US government gives $5
million or Rs.33.5 crore to Grameen Impact Investments to support domestic small and medium
enterprises.
Key points:
i. This loan comes via IndusInd Bank through an agreement.
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ii. Grameen Impact is supported by Gramin Capital India including many leading impact investors like Acumen.
iii. India has rapidly become a global leader in impact investing, with over USD 5 billion of investments in this
space.
About Grameen Impact:
Grameen Impact Investing is to finance social enterprises and innovative microfinance to improve livelihoods
of the people of rural areas.
About Overseas Private Investment Corporation (OPIC):
♦ The Overseas Private Investment Corporation (OPIC) is the United States government’s development
finance institution. It mobilizes private capital to help solve critical development challenges and, in doing so,
advances the foreign policy of the United States and national security objectives.
♦ Headquarters: Washington D.C.
NSE launches ‘Tri-Party Repo Market platform’ to facilitate repo in corporate debt securities
On June 13, 2018, National Stock Exchange (NSE) has launched a ‘Tri-party Repo Market Platform’ for
repurchase of corporate debt security.
Key points:
i. It is a repo contract where a third entity, apart from the borrower and lender, called tri-party agent acts as an
intermediary to facilitate services like collateral selection, payment and settlement, custody and management
during the life of the transaction.
ii. Itprovides opportunity to borrow against the securities and provides short-term liquidity to participants.
iii.This wouldincrease demand for corporate bonds and may provide a boost to much needed liquidity in the
corporate bond market
iv. Under corporate bond repo a firm or a bank pledges corporate bonds with another company or lender to
garner funds. The entity, who makes pledges, agrees to repurchase the bonds at a specified price.
v. Axis Bank Ltd and ICICI Securities Primary Dealership are the first few members who have participated
on the platform.
vi. National Stock Exchange (NSE) will offer basket repo for 1 day to 7 days.
vii. It would facilitate borrowing and lending of funds against various baskets of corporate debt securities and
the baskets would include corporate bonds, certificate of deposits and commercial papers.
viii. NSE would act as tri-party agent and offer an online web based, anonymous, order matching and
multilateral trading platform
ix. Settlement of repo transactions shall be guaranteed by NSCCL .
x. The tri-party repo market platform is available to entities permitted by the RBI and who are members of
NSE’s debt segment.
About corporate debt securities:
Debt security refers to a debt instrument, such as a government bond, corporate bond, certificate of deposit
(CD), municipal bond or preferred stock, that can be bought or sold between two parties and has basic terms
defined, such as notional amount (amount borrowed), interest rate, and maturity and renewal date.
SEBI constitutes Expert panel for rules to attract direct listing of Indian firms abroad
On June 13, 2018, Securities Exchange Board of India (SEBI) has set up a panel to make listings of startups
attractive.
Key Points:
i. The listings currently exist in Institutional Trading Platform (ITP) Framework.
ii. The expert Panel would submit the report to SEBI within a period of one month.
iii. The ITP has facilitated listing of new age companies in sectors like e-commerce, data analytics, bio-
technology and other startups.
iv. Members of the group include representatives from the Indian Software Product Industry Round Table
(iSPIRT), The Indus Entrepreneurs (TIE), the Indian Private Equity and Venture Capital Association (IVCA), law
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firms, merchant bankers, and stock exchanges.

v. SEBI board approved doubling the investment limit by angel funds in venture capital undertakings to Rs 10
crore to drive the startups.
About Angel Funds:
Angel funds, a sub-category of Alternative Investment Funds (AIFs), encourage entrepreneurship by financing
small startups at a stage when they find it difficult to obtain capital from traditional sources of finance such as
banks and financial institutions.
Yes Bank reappoints Rana Kapoor as MD &CEO

On 12th June 2018, shareholders of Yes Bank approved the reappointment of Rana Kapoor as MD & CEO of Yes
bank for a further period of 3 years with effect from 1st September 2018.
Rana Kapoor – reappointed as MD & CEO:
i. Rana Kapoor’s reappointment is subject to final approval by the RBI. The following appointments were also
made in the meeting: Subhash Chander Kalia as non-executive non-independent director and also approved
the re-appointment of Ajai Kumar as Non-Executive Non-Independent Director.Rentala
Chandrashekhar and Pratima Sheory as independent directors for a period of 5 years.
ii. Also a proposal to borrow or raise funds up to Rs 30,000 crore in Indian or foreign currency was approved.
iii. A special resolution was passed in this regard, increasing the total borrowing limit of the bank to Rs 1.1 lakh
crore.
iv. The meeting was chaired by Ashok Chawla, non-executive chairman of the bank. It was attended by all nine
directors on board.
About Yes Bank:
♦ Tag line – Experience our Expertise
Former financial services secretary DK Mittal joins Arohan Financial Services as chairman
On 13th June 2018, former financial services secretary DK Mittal assumed office as the chairman of Arohan
Financial Services.
DK Mittal – chairman of Arohan Financial Services:
i. Arohan Financial Services is a microfinance company. It is planning to publicly list its shares in 2018.
ii. DK Mittal is an Indian Administrative Service officer of 1977 batch of Uttar Pradesh cadre. He will be
the independent chairman to Arohan’s board.
iii. Arohan Financial Services is a part of the Aavishkaar-Intellecap Group. It is the seventh largest MFI
(microfinance institutions) in terms of outstanding loans at the end of 2017.
About Arohan Financial Services:
♦ Headquarters – Kolkata
♦ Chief Financial Officer – Milind Nare
HDFC ranked 5th in ‘consumer financial services category’ ; Reliance Industries the only company from
India to rank under top-100: Forbes
On June 14,2018, HDFC has been ranked as the 5th biggest public company globally in the ‘consumer financial
services category’ compiled by Forbes in its 16thannual Forbes Global 2000 list.
Data from FactSet Research systems has been taken to screen for the biggest public companies in four
metric: sales, profits, assets and market value.
Key points:
Ranking as per ‘Consumer Financial Category’:
i.HDFC has ranked 5thin the category. It previously ranked 7thin 2017 compilation.
ii.American Express tops the chart on this category.
iii. Indiabulls Housing Finance is the only other Indian company (at 13th place) on the same category.
Ranking as per Overall List:
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i.A total of 58 Indian companies on the overall list of 2,000 firms from across the world.
ii.In the overall list China’s ICBC topped and HDFC (parent company of HDFC Bank)
ranked 321st from 404th from previous year where as HDFC bank ranked 202nd .
iii.Reliance Industries at 83rd place is the only from India in the top-100 .
iv.Ranking of other Indian companies are :Tata Motors at 385 , TCS at 404, L&T at 471st , SBI at 489th.
v.Other non-Indian companies and their ranks are : Capital One Financial at the 159 place, followed by Visa
(164), Orix (254), PayPal (337), Synchrony Financial (340), Discover Financial Services (356) and Mastercard
(367) .
Collectively, the companies on this list account for USD 39.1 trillion in sales, USD 3.2 trillion in profit, USD 189
trillion in assets and USD 56.8 trillion in market value.
Ranking of Indian Companies as per the Forbes list :
Company Name Overall ranking in Forbes
Reliance Industries (only Indian firm under

83rd
100)
HDFC 321st
Tata Motors 385th
TCS 404th
L&T 471st
SBI 489th
The Forbes top2000 companies list (OVERALL): https://www.forbes.com/global2000/list/#tab:overall

Forbes:
Editor-in-chief: Steve Forbes.
Headquarters: New York, US.
Fitch predicts India’s growth forecast to 7.4% for FY’19 and 7.5% for FY20
On June 14, 2018, The Indian GDP has been predicted to grow by 7.4% in FY19 by Fitch.
Key points:
i. The Rupee has been among the worst performers in Asian currency.
ii. The higher oil prices as reason for financial risk.
iii. It has earlier predicted GDP growth by 7.3% for FY 2018-19 and For FY20 it is 7.5%.
iv. It forecasted that oil prices will remain at $70 / barre l up from $54.9 a barrel with an expected drop
to $65/ barrel for 2019.
v. It projected retail inflation to be five per cent by the end of 2018.
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vi. Predicted the global growth forecast at 3.3 per cent in 2018 and 3.2 per cent for 2019.
expansion will be on-track or slightly better in the world’s two largest economies the US and China.
About India’s GDP :
The Indian economy grew at 6.7 per cent in 2017-18. In the fourth quarter (January-March) the GDP grew at
7.7 per cent.
Fitch:
Headquarters: New York City, US.
CEO: Paul Taylor.
Andhra Bank raises MCLR by 0.05% for various tenors after RBI’s Monetary Policy
On June 15, 2018, Andhra Bank increased its MCLR by 5 basis points or 0.05% for various tenors.
i.The changes are in the following table:
Tenor Increased rate in %
Overnight 8
One Month 8.05
Three Months 8.25
Six Months 8.40
One Year 8.55
ii. This is after RBI’s bimonthly monetary Policy was released and it increased the repo rate by 0.25%.
iii. SBI, ICICI Bank and HDFC Bank Bank of India, Oriental Bank of Commerce, Syndicate Bank,
KarurVysya Bank and Indian Bank are few of the other banks who have raised their MCLR as well.
Andhra Bank:
♦ Headquarters: Hyderabad.
♦ Tagline: Much more to do with You in focus
HDFC Bank gets nod to raise up to Rs 15.5k cr via QIP additional Rs. 8500 crore infused by Parent
company HDFC
On June 15, 2018, The government of India approved HDFC Bank to raise additional share capital of up to a
maximum of Rs 24,000 crore through Qualified Institutional Placement (QIP).
Key points:
i. The approval includes an Rs 8,500-crore infusion from parent Housing Development Finance Corp
(HDFC)
ii. Thiswill allow it to maintain its 25.6% current shareholding, potentially leaving about Rs 15,500 crore to be
raised from the market.
iii. It is the country’s largest sell of share.
iv. The QIP record is Rs 15,000 crore raised by State Bank of India (SBI) in June 2017.
v. This would raise additional share capital of up to a maximum of Rs 24,000 crore, including premium, over
and above the previous approved limit of Rs 10,000 crore so that the foreign share holding doesn’t exceed 74%.
vi. Foreign banks including Bank ofAmerica-Merrill Lynch, Credit Suisse, JPMorgan Chase, UBS Securities,
Morgan Stanley, Goldman Sachs and Nomura Holdings are participating in the QIP .
vii. This share sale will be the first since HDFC Bank raised Rs 10,000 crore through a combination of QIP and
American Depository Receipts (ADRs) in February 2015.
About Qualified Institutional Placement (QIP):
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Qualified Institutional Placement (QIP) is a way for listed companies to raise capital, without having to submit
legal paperwork to market regulators. It is mostly used in India and other southeast Asian countries.
Axis Bank and ICICI bank rating degrades : Fitch

On June 15, 2018, Global ratings agency Fitch today said ICICI Bank and Axis Bank have inequalities in their
risk control mechanisms and has revised down its outlook on the latter to negative on sour assets worries.
Key points:
i. It downgraded ICICI Bank’s ‘support rating’ to ‘3’, from ‘2’, its support rating floor to ‘BB+’, from ‘BBB-’ .But
the agency has affirmed the issuer default ratings and viability ratings of ICICI Bank and Axis Bank at ‘BBB-’ and
‘BBB-’.
ii. ICICI Banks governance is under investigation.
iii. Axis Bank’s rating degraded to negative from stable, pointing to the high proportion of NPAs.
Axis Bank:
Headquarters: Mumbai
Fitch:
Headquarters: New York City, US
ICICI Bank:
Headquarters: Mumbai
Japan’s SoftBank to invest $60 bn to $100 bn in India’s solar power generation goal of 2022
On June 15, 2018, Japan’s Softbank Group Corp has decided to invest $60 bn – $100 bn in India’s solar power
generation.
Key Points:
i. The investment would be made through a fund backed by Saudi Arabia’s government .
ii. Saudi Arabia is the largest investor in SoftBank’s Vision Fund, which raised over $93 billionlast year.
iii. In 2015 SoftBank decided to invest $20 billion in Indian solar projects in a joint venture with India’s
Bharti Enterprises and Taiwan’s Foxconn. It had a goal of generating 20 gigawatts(GW) of energy.
iv. In April,2018 SoftBank teamed up with China’s GCLSystem Integration Technology Co Ltd on
a $930 million Indian solar energy venture.
About India’s renewable energy goal:
In 2015, India announced an ambitious goal of to increasing renewable power capacity
to 175 gigawatts (GW) by 2022, with 100 GW of solar, 60 GW of wind, 10 GW of bio energy and 5 GW of
small hydro.
SoftBank Group:
Headquarters : Minato, Tokyo, Japan.
PhonePe partners with Ola to enable riders to book rides using PhonePe’s payment platform
On 15th June 2018, PhonePe announced that, it has partnered with cab aggregator Ola, to enable riders to book
rides using PhonePe’s payment platform.
PhonePe partners with Ola:

i. PhonePe is owned by Flipkart. PhonePe has also added ‘Auto-pay’ feature that enables users to make
payments easily.
ii. Users can switch off ‘Auto-pay’ instructions at any time. PhonePe has said that, these moves will help
businesses to reach out with their services to a highly growing base of more than 100 million PhonePe users.
iii. PhonePe is also adding partners in the travel, hospitality, ticketing and food sectors to its micro-app
platform.
About PhonePe: ♦ CEO – Sameer Nigam
♦ CTO – Rahul Chari
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Karnataka Bank has unveiled a novel card variant ‘KBL Deposit Only Card’ for hassle free cash deposit.
On June 16, 2018, Karnataka Bank introduced a novel card variant called ‘KBL Deposit Only Card’.
i. This card is meant for Bank’s Current/Overdraft customers.
ii. This would ensure hassle free cash deposit transactions at Bank’s 24×7 e-Lobby Services.
iii. By using this card customers can perform cash deposit transactions even with higher deposit limit at Bank’s
Bunch Note Acceptor (BNA) / Cash Recycler kiosks.
Karnataka Bank :
♦ Headquarters: Mangalore
♦ Tagline : Your Family bank across India.
ICICI Bank & Marg ERP’s maiden tie up to provide integrated payments platform to MSMEs
On June 16, 2018, Marg ERP limited, a leading Enterprise Resource Planning (ERP) company for the first time
has partnered with ICICI Bank, India’s largest private sector bank to offer an integrated payments platform
to Micro, Small and Medium Enterprise (MSME) customers, using Marg’s accounting software.
Objective:
To promote ‘Connected Banking’.
Key points:
i. MSMEs are no longer required to toggle between a banking platform and an ERP software to undertake their
business transactions.
ii. It would allow them to seamlessly connect their banking and accounting, which was once available only for
large companies with large IT and infrastructure budgets.
iii. This would also enable ICICI Bank’s current account holders to securely connect their bank account with the
Marg ERP software and make digital transactions.
iv. It will also help businesses to initiate vendor & salary payments via RTGS, NEFT or IMPS directly from this
platform, apply for working capital loans as well as schedule future dated payments.
ICICI Bank:
♦ CEO: Chanda Kochhar.
♦ Tagline: Hum hain na!
World Bank,Pakistan ink agreements of $565 mn in power, water sectors for NTDC project and Sindh
irrigation project
On June 16, 2018, Pakistan and the World Bank inked agreements worth $565 million to help build and
support the projects in power and water sectors.
Out of the total grant of $565 million, $425 million is meant for the NTDC and $140 million is for the Sindh
government.
Key points:
Grant of $425 mn for NTDC:
i. The total cost of NTDC’s project would be $536.33 mn out of which the NTDC would provide $111.33 mn.
ii. Rest of the $425 mn will be provided by World Bank for the National Transmission Modernisation
(Phase-I) project which is designed to increase the capacity and reliability of selected segments of the national
transmission system and for NTDC.
Grant of $140 mn for Sindh Barrages:
i. The total cost of the project is $152.2 million for Sindh Barrages Improvement Project which is aimed at
improving the reliability and safety of Guddu Barrage and strengthening the Sindh Irrigation Department‘s
capacity .
ii. The World Bank will provide $140mn and the rest amount of $12.2 mn is given by Sindh Government.
World Bank :
♦ Headquarters: Washington DC, US.
♦ Presidetnt: Jim Yong Kim.
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ICICI Venture sells 30% in KIMS to General Atlantic for Rs 850 crore
ICICI Venture has sold its 30% stake in hospital chain Krishna Institute of Medical Sciences (KIMS) to
General Atlantic for Rs 850 crore.
ICICI Venture sells 30% in KIMS to General Atlantic for Rs 850 crore:
i. ICICI Venture is India’s largest private equity fund. Krishna Institute of Medical Sciences is based in
Hyderabad.
ii. The stake sale to General Atlantic values KIMS at around Rs 2,700 crore. It valued at Rs 850 crore in 2014.
iii. ICICI Venture had invested about Rs 220 crore in 2014 in KIMS. It was expecting to exit through a public
offer in 2018. KIMS received the SEBI (Securities and Exchange Board of India) approval for a public offer.
About ICICI Venture:
♦ Chairman – Mr. Sridar Iyengar
♦ Type – a specialist alternative assets manager
US surpasses India as top greenfield FDI investment destination globally ; China tops in the Asia-Pacific
Region : FDI Report 2018
On June 17, 2018, According to the FDI Report 2018 compiled by FDI Intelligence, a division of The
Financial Times Ltd. , US has surpassed India as the top destination to attract Greenfield FDI investment.
Key points:
i. In 2017, the US reclaimed the spot from India, recording USD 87.4 billion of announced Foreign Direct
Investment (FDI). The number of projects for the US was 1,627.
ii. India has been the top destination for 2015 and 2016 but the number of investments has fallen by 21% for
2017.
Rankings for other countries:
i. In the Asia and Pacific region, China was on top in terms of FDI in total number of new projects and capital
investment, followed by India, as per the FDI report.
ii. China received foreign capital investment of USD 50.8 billion in 2017 in greenfield projects, compared to
India’s USD 25.1 billion.
iii. The number of projects received by China was 681 projects as against 637 in case of India.
Globally in 2017, greenfield FDI weakened with the number of FDI projects declining by 1.1 per cent to 13,200.
Capital investment decreased 15.2 per cent to USD 662.6 billion alongside a 9.4 per cent decline in job creation
to 1.83 million
About green projects in India
National Mission for a Green India or the commonly called Green India Mission (GIM), is one of the eight
Missions outlined under India’s action plan for addressing the challenge of climate change -the National
Action Plan on Climate Change (NAPCC). GIM, launched in February 2014, is aimed at protecting, restoring and
enhancing India’s diminishing forest cover and responding to climate change by a combination of adaptation
and mitigation measures.
India has trade deficit with 10 out of 16 Regional Comprehensive Economic Partnership members
On June 17, 2018, According to the data of Commerce Ministry , India had trade deficit with as many
as 10 member countries out of 16 of the Regional Comprehensive Economic Partnership (RCEP)nations.
Key points:
i. These RCEP bloc nations include : China, South Korea and Australia.
ii. The trade gap with China, Korea, Indonesia and Australia has increased to USD 63.12 billion; USD 11.96
billion; USD 12.47 billion and USD 10.16 billion in 2017-18. It was USD 51.11 billion, USD 8.34 billion, USD 9.94
billion and USD 8.19 billion respectively in the previous financial year, 2016-17 .
iii. It’s same with regard to Japan, Thailand and New Zealand.
iv. However, the trade gap has dipped with the remaining three nations – Lao, Brunei, Malaysia — in 2017-18.
v. India would get market access in services and investment opportunities.
About Trade Deficit:
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♦ It is the difference between imports and exports. With free trade agreements this would increase
♦ India’s foothold but also impact the domestic manufacturers. But as the strength of the domestic
manufacturing is weak, India would not be able to take advantage of such free trade agreements.
About RCEP Nations:
i. It consists of 10 Asean group members (Brunei, Cambodia, Indonesia, Malaysia, Myanmar, Singapore,
Thailand, the Philippines, Laos and Vietnam) and their six FTA partners – India, China, Japan, South
Korea, Australia and New Zealand.
ii. India already has a free trade pact with Association of South East Asian Nations (ASEAN), Japan and South
Korea. It is also negotiating a similar agreement with Australia and New Zealand but has no such plans for
China.
Insurance regulator IRDAI has formed a 10 member committee to review regulations governing the
Insurance Marketing Firms (IMF).
On June 17, 2018, The Insurance Regulating body IRDAI has formed a 10 member committee to review
regulations of the Insurance marketing Firms (IMF).
Key points:
i. It will be a 10 member panel that would be revising the IRDAI( Registration of Insurance Marketing Firms)
regulations 2015.
ii. The Committee consists of: K.G.P.L. Ramadevi, GM (IMF) of IRDAI; Sourabh Bhanot, senior VP of Aviva Life
Insurance; Siddharth Pradhan, GM of New India Assurance; Amit Rathi, Senior VP of Max Life Insurance; Deepti
Rastogi, senior VP of Apollo Munich Health Insurance; Rakesh Kumar, ED of LIC; Girish Joshi, ED and ISP of
iKuber Financial Services IMF Pvt Ltd.; and Rajinder Singh, MD of JK Insurance Marketing Pvt. Ltd. IRDAI’s AM-
IMF Priya Kumari would be the member secretary.
iii. It would recommend measures to strengthen the distributing channel by including products under the
jurisdiction of other financial sector regulators.
iv. The committee is expected to deliver their recommendations by July 31,2018.
v. This would be applicable to the firms that serve as distribution channels for insurers and had been approved
of area wise registration in the 2015 amendment.
vi. This would help the distribution channels to spread to every strata of society to provide insurance coverage.
About IRDAI:
♦ Headquarters: Hyderabad.
♦ Chairman : Subhash Chandra Khuntia
WhatsApp Introduced payments service in India

On June 17, 2018, WhatsApp payment service has been in beta testing and almost one million people are
testing the feature. This is being implemented with the help of NPCI and multiple banks.
Key points:
i. It has tied up with banks to facilitate financial transactions via Unified Payments Interface (UPI).
ii. The Reserve Bank of India has mandated all payment system operators to ensure that data related to
payments is stored only in India giving firms six months to comply with it.
iii. The compliance would be monitored by NPCI.
iv. It has been stated that sensitive user data such as the last 6 digits of a debit card and UPI PIN is not stored at
all.
RBI eases norms for FPIs to invest in debt securities and corporate bonds
On June 18, 2018, The Reserve Bank has eased investment norms for foreign portfolio investors (FPIs) in debt,
especially into individual large corporates .
Objective:
It can help attract more overseas flows and thereby help elevate the recent fall in the rupee and also lift the
recent fall in demand for corporate bonds.
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The modified norms are:

For Government Securities:
i. The RBI increased the FPIs cap on investment in government security to 30 per cent of the outstanding stock
of that security, from 20 per cent earlier.
ii. FPIs were allowed to invest in government bonds with a minimum residual maturity of three years.
iii. FPIs are permitted to invest in Government securities (G-secs), including treasury bills, and SDLs without
any minimum residual maturity requirement, subject to the condition that short-term investments(
Investments with maturity of one year) by an FPI under either category shall not exceed 20 per cent of the total
investment of that FPI in that category.
iv. FPIs were permitted to invest in government securities till the limit utilisation reaches 90 per cent, after
which the auction mechanism was triggered for allocation of the remaining limit.
For Corporate Bonds:
i. FPIs are permitted to invest with a minimum maturity of three years.
ii. FPIs to invest in corporate bonds with minimum residual maturity of above one year.
iii. Short-term investments in corporate bonds by an FPI shall not exceed 20 per cent of the total investment of
that FPI in corporate bonds which will be applicable on an end-of-day basis.
iv. RBI said short-term investments by an FPI may exceed 20 per cent of total investments, only if the short-
term investments consist entirely of investments made on or before April 27, 2018, and not made after April
27, 2018.
v. The RBI also said investment by any FPI, including investments by related FPIs, should not exceed 50 per
cent of any issue of a corporate bond.
vi. No FPI shall have an exposure of more than 20 per cent of its corporate bond portfolio to a single corporate.
FPI:
Foreign portfolio investment (FPI) consists of securities and other financial assets passively held by foreign
investors. It does not provide the investor with direct ownership of financial assets and is relatively liquid
depending on the volatility of the market. Foreign portfolio investment differs from foreign direct
investment (FDI), in which a domestic company runs a foreign firm, because although FDI allows a company to
maintain better control over the firm held abroad, it may face more difficulty selling the firm at a
premium price in the future.
About Government Securities and Corporate Bonds:
A government security is a bond or other type of debt obligation that is issued by a government with a
promise of repayment upon the security’s maturity date.Government securities are usually considered low-
risk investments because they are backed by the taxing power of a government.
RBI alters ‘relative’ definition under Companies Act 2013 to check outward remittances
On June 19, 2018, Under the ‘maintenance of close relative’ category of the Liberalised Remittance Scheme
(LRS), the Reserve Bank of India (RBI) has narrowed the definition of relatives to check the flow of funds.
Key Points:
i. This is only applicable to immediate relatives such as parents, spouses, children and their spouses.
ii. This has been brought about by defining ‘relatives’ under the Companies Act, 2013
iii. The central bank has made furnishing of PAN mandatory for such transactions.
iv. RBI has introduced a system for daily reporting of individual transactions under the LRS by banks.
v. This enables banks to view remittances already made by an individual during the fiscal, thus improving
monitoring and ensuring compliance.
Liberalised Remittance Scheme :
Effective 1 June 2015, under the Liberalised Remittance Scheme made available by the Reserve Bank of India,
(hereinafter referred to as the Scheme/LRS) resident individuals are allowed to remit up to USD250,000 per
financial year (April-March) for any permitted current or capital account transactions
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World Bank approves $700 mn to Bangladesh government’s 4th primary education programme
On June 19, 2018, The World Bank has approved $700 million loan to Bangladesh achieve its education for
all vision by improving the primary education sector.
About the education for all programme of Bangladesh:
i. It is the government’s Fourth Primary Education Development Program (PEDP4).
ii. It is the : The Quality Learning for All Program (QLEAP) will cover more than 18 million children
studying in pre-primary level to grade 5.
iii. The project will build about 95,000 classrooms, teachers’ rooms, and multipurpose rooms.
iv. It will also build 80,000 Water, Sanitation and Hygiene (WASH) blocks and 15,000 safe water sources.
v. This will provide recruitment to about 100,000 teachers.
vi. As a result of the implementation, almost every child steps into a classroom and eight out of 10 children
completes primary education.
Bangladesh:
♦ Capital: Dhaka.
♦ Prime Minister: Sheikh Hasina.
Yes Bank gets Sebi nod for custodian of securities business enhancing its market offerings
On June 19, 2018,Yes Bank has received approval from market regulator Securities and Exchange Board of
India (Sebi) for acting as custodian of securities.
Key points:
i. This would enable the bank to play a larger role in channelising domestic and foreign investments into
Indian financial market and would enhance bank’s current capital market offerings.
ii. The bank has taken advantage of its global reach through its international banking team, IFSC banking
unit in GIFT City and its representative office in Abu Dhabi as a part of its strategy.
iii. It would be opening representative offices in London and Singapore as per recent approval from the
Reserve Bank of India.
About Custodian of Securities:
Custodian of securities is a licence granted by Sebi to eligible entities allowing them to offer custodial services
to financial market participants including foreign institutional investors (FIIs) and foreign portfolio investors
(FPIs).
Second tranche of Bharat-22 ETF for raising Rs.6000 crore

On June 19, 2018, The second tranche of Bharat-22 ETF (exchange traded fund) opened for fresh subscription
on June 19, 2018.
i. The government aims to raise Rs 6,000 crore from this round. There is also a green shoe option of Rs 2,400
crore, subject to government approval.
About Bharat 22 index:
i. On November 14, 2017, the government launched the BHARAT-22 exchange traded fund (ETF), which is
managed by ICICI Prudential Mutual Fund. It’s a part of the government’s disinvestment programme.
ii. ETFs are essentially index funds that are listed and traded on stocks exchanges just like regular shares.
iii. Bharat 22 comprises 22 stocks including those of central public sector enterprises, PSU banks and holdings
under the Specified Undertaking of Unit Trust of India.
iv. Bharat 22 is a welldiversified ETF spanning six sectors — basic materials (4.4%), energy (17.5%),
finance (20.3%), industrials (22.6%), FMCG (15.2%) and utilities (20%).
v. The ETF is aimed at helping speed up the government’s disinvestment programme.
Government panel selects 22 out of 43 general managers for ED post at PSU Banks, four from PNB
On June 19, 2018, in the first set of selection of senior bank officials, the Banks Board Bureau (BBB) has
recommended 22 candidates out of 43 from 11 different banks for the executive director positions for state-
run banks.
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Key points:
i.Panel is headed by : Mr. Bhanu Pratap Sharma.
ii. The other member of the new BBB panel includes Vedika Bhandarkar, former managing director
(investment banking) at Credit Suisse India; P Pradeep Kumar, former managing director at State Bank of
India; and Pradip P Shah, founder managing director at Crisil.
The appointments are as follows:
Bank Name No. of GMs selected Name of the GMs
Punjab National Bank 4 Manas R Biswal, Gopal Gusain,

Vivek Jha & Alok Shrivastava
Vijaya Bank 3 Vijay Dubey, A Manimekhalai

and Ajay K Khurana.
Bank of India 2 Ajay Kumar Azad and Dinesh

Kumar Garg.
Union Bank 2 PR Rajagopal & Shenoy Vittal
Canara Bank 2 Hemant Tamta and Ajit Kumar

Das.
Allahabad Bank 2 Sanjay Aggarwal and Shanti

Lal Jain.
Dena Bank 2 Vikramaditya S Khichi and

Usha Ravi.
Syndicate Bank 2 Atul Kumar and K Srinivasa

Rao
United Bank of India 1 Sanjay Kumar
Corporation Bank 1 K Ramchandran
Central Bank of India 1 Ajay Vyas

iv. But no one has been selected from Bank of Baroda, IDBI Bank and Indian bank.
About BBB:
♦ Banks Board Bureau (BBB) is an autonomous body of the Government of India tasked to improve the
governance of Public Sector Banks, recommend selection of chiefs of government owned banks and financial
institutions and to help banks in developing strategies and capital raising plans.
♦ Chairman: Bhanu Pratap Sharma.
ICICI Bank appoints Sandeep Bakhshi as COO

On 19th June 2018, Sandeep Bakhshi took charge as Chief Operating Officer (COO) of ICICI Bank the bank
announced that, CEO Chanda Kochhar will be on leave till the completion of internal enquiry against her
regarding the Videocon loan issue.
Sandeep Bakhshi – COO of ICICI Bank:
i. Sandeep Bakhshi was the MD and CEO of ICICI Prudential Life Insurance. Chanda Kochhar, the managing
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director (MD) & chief executive officer (CEO) of ICICI Bank will be on leave, till the enquiry ends.
ii. The changes have been made following the allegations in transactions between Videocon Industries, Chanda
Kochhar and her husband Deepak Kochhar’s company NuPower Renewables.
iii. All executive directors on the board of ICICI Bank and the executive management will report to Sandeep
Bakhshi. Sandeep Bakhshi will report to Chanda Kochhar, who will continue as MD & CEO.
RBI revises priority sector lending norms for promoting PMAY

On June 20, 2018, With a view to promote the Priority Sector Lending guidelines for housing loans with the
Affordable Housing Scheme, the RBI has changed the eligilibity conditions of the priority sector lending .
i. For economically Weaker Sections and Low Income Groups the eligibility has been changed as follows:
Previous eligibility Changed eligibility
From 28 lakh (for metropolitan cities) To 35 lakh
From 20 lakh ( for other centres) To 25 lakh
ii. These changes are valid till the overall cost doesn’t exceed Rs. 45 lakh for metropolitan and Rs. 30 lakh for
other centres.
iii. The Existing limit of family income of Rs. 2 lakh per annum has been changed to to Rs 3 lakh per annum for
economically weaker group and Rs . 6 lakh for low income groups.
Pradhan Mantri Awas Yojana :
Pradhan Mantri Awas Yojana (PMAY) is an initiative by Government of India in which affordable housing will
be provided to the urban poor with a target of building 20 million affordable houses by 31 March 2022.It has
two components: Pradhan Mantri Awas Yojana (Urban) (PMAY-U) for the urban poor and Pradhan Mantri
Awaas Yojana (Gramin)(PMAY-G and also PMAY-R) for the rural poor.The slogan is “Housing for All’.
AU Small Finance Bank to raise Rs1,000 crore from Temasek to fuel growth
On June 20, 2018, AU Small Finance Bank announced that it has received shareholders approval to raise Rs
1,000 crore from Singapore-based investment firm Temasek.
Key points:
i. AU Bank’s shareholders include IFC, Warburg Pincus, Chrys Capital and Kedaara Capital.
ii.This would be its first largest primary capital infusion in the bank since its last raise in 2011-12.
Growth of AU :
AU Bank had expanded its branch network to over 500 touch points including 306 bank branches, 97 asset
centers, 89 BC outlets, 23 offices and 292 ATMs.
10,000 bank branches & 8000 post offices have enrolled to Aadhaar facility : UIDAI
On June 20, 2018, UIDAI CEO Ajay Bhushan Pandey said that 18,000 centres have come up for enrolment and
updation of the biometric ID.
i. They are called the ‘Bank Aadhaar Kendras’.
ii. It was after the private as well as public sector banks had to set up Aadhaar facility in at least one out
of 10 branches a year ago.
iii. 10,000 branches of private and public sector banks have set up Aadhaar enrolment and updation
centres and 8,000 such centres have come up in post offices out of 13,000.
iv. Overall, about 26,000 centres are slated to come up at banks and post offices.
UIDAI:
Headquarters: New Delhi.
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India hikes import duty on 29 US products

On June 21, 2018,The finance ministry announced that India has hiked customs duty on several goods,
including Bengal gram, lentils and artemia, imported from the US.
i. The move was against the duty hike by the US on certain steel and aluminium products which had tariff
implication of $241 million on India.
Key points:
i. About the hiked up products:
Products Increased rate
Chickpeas and Bengal gram 60%
Lentils 30%
Boric Acid and binders 7.5%
Domestic reagents 10%
Artemia ( a kind of shrimp) 15%
ii. The other products on which duties have been hiked include certain kind of nuts, iron and steel products,
apples, pears, flat rolled products of stainless steel, other alloy steel, tube and pipe fittings, and screws, bolts
and rivets.
iii. India has excluded motorbikes above 800 cc. now additional customs duties have been imposed
on 29 items.
iv. The import duty hike would be effective from August 4 2018.
SBI MD B.Sriram appointed MD & CEO of IDBI Bank

On 21st June 2018, State Bank of India’s Managing Director B Sriram was appointed as the MD and CEO of IDBI
Bank for a temporary term of 3 months.
B.Sriram – MD & CEO of IDBI Bank:

i. B.Sriram has been appointed in place of incumbent Mahesh Kumar Jain. Mahesh Kumar Jain was made
Deputy Governor of the Reserve Bank of India (RBI) recently.
ii. B.Sriram has been the MD (Corporate and Global Banking) in SBI from July 2014. He was Managing Director
of State Bank of Bikaner and Jaipur. He joined State Bank of India in 1981 as a Probationary Officer.
About IDBI Bank:
♦ Tag line – Banking For All, “Aao Sochein Bada”
HDFC Bank featured in BrandZ ranking

On June 22, 2018, HDFC Bank, has featured at 60th rank in the BrandZ Top 100 Most Valuable Global
Brands ranking.
i. The brand value of HDFC Bank at $20.9 billion, up 22%
ii. Google and Appleretained the number 1 and 2 spots in the rankings, followed by Amazon, which moved
into the #3 position ahead of Microsoft.
About other rankings by BrandZ:
i.The report has also ranked India as 2 in the ‘Best Mover Countries’ ranking after UAE. Singapore was 3rd in
the list.
ii.According to BrandZ’s “Cars top ten, 2018” , Toyota is ranked 1st followed by Mercedes-
Benz (2) and BMW (3) and Maruti Suzuki made its debut on the top 10 list at number 9.
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About BrandZ:
♦ BrandZ Top 100 Most Valuable Global Brands ranking is carried out by WPP’s marketing and brand
consultancy Kantar Millward Brown since last 13 years.
♦ This ranking, list the countries, which have potential to add more brands in the ‘Top 100’ in coming years.
Nor Shamsiah appointed new Bank Negara Governor

Datuk Nor Shamsiah Mohd Yunus will be appointed as the Bank Negara Malaysia (BNM) governor for a term
of five years from July 1, 2018 till June 30, 2023.
i. She will be appointed as the Bank Negara Malaysia (BNM) governor for a term of five years from July 1,
2018 till June 30, 2023.
ii. She will replace Tan Sri Muhammad Ibrahim who resigned on June 15 2018.
Arijit Basu to be new Managing Director of State Bank of India

On June 23,2018 The appointments committee of the cabinet has appointed Arijit Basu as the new Managing
Director of State Bank of India till October 31, 2020. He served as managing director of SBI Life Insurance . As
per the SBI Act, the bank can have four managing directors.
i. He graduates in Economics and a Master of Arts in History, Basu started his career with State Bank of India in
1983 as a probationary officer.
ii. He has held several key positions in various circles of SBI including the bank’s office at Tokyo.
P S Jayakumar, chief executive of Bank of Baroda (BoB), could become the successor of Axis Bank
On June 23, 2018, the appointments committee of the Axis bank had hired a committee headed by Egon
Zhender to identify a new CEO afterShikha Sharma and that is considered to be PS Jayakumar, the Chief
Executive of Bank of Baroda (BoB).
i. He is a former Citibanker and the first lateral recruit into the top position at a public-sector bank.
ii. He joined BoB on October 2015 and was heading VBHC Value Homes prior to taking charge of the lender.
iii. The other candidates considered are deputy MD V Srinivasan and executive director Rajiv Anand .
iv.The decision would be finalized by September 2018.
Other appointees by the governement:
Rakesh Sharma, former CEO of private lender Lakshmi Vilas Bank, was appointed to head Bengaluru-based
Canara Bank.
Mahesh Kumar Jain takes charge as the fourth RBI Deputy Governor
On 22nd June 2018, Mahesh Kumar Jain took charge as the fourth Deputy Governor of the Reserve Bank of
India (RBI).
Mahesh Kumar Jain – fourth RBI Deputy Governor:

i. Mahesh Kumar Jain was the MD & CEO of IDBI Bank before being appointed as Deputy Governor of RBI.
ii. The government has appointed him as the Deputy Governor of the RBI for a term of three years. He succeeds
SS Mundra who retired in August 2017.
iii. Deputy Governor N.S. Vishwanathan was looking over the banking supervision department after S.S.
Mundra retired.
iv. Usually, the supervisory department is handled by the Deputy Governor who has been a commercial banker.
v. As Deputy Governor of RBI, Mahesh Kumar Jain will handle the Department of Banking Supervision,
Department of Co-operative Banking Supervision, Department of Non-Banking Supervision, Central Security
Cell, Department of Corporate Services including Document Management System, Rajbhasha Department,
Consumer Education and Protection Department, Financial Inclusion and Development Department and
Premises Department.
About IDBI Bank:♦ MD & CEO – B Sriram
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India is the largest borrower from Asian Infrastructure Investment Bank with borrowed grants worth
$4.4billion
On June 25, 2018, In the 3rd annual meeting of AIIB Secretary of Department of Economic Affairs Shri Subhash
Chndra Garg announced that India is the largest borrower from Asian Infrastructure Investment Bank.
i. India has a total project portfolios of US$4.4 Billion.
About 3rd annual meeting of AIIB:
i. It is being held in Mumbai on June 25-26 2018.
ii. The third Annual Meeting of the bank focuses on infrastructure, with the theme of innovation and
collaboration.
iii. The Annual Meeting will see participation from 86 members and member states .
iv. AIIB has intended to invest in projects outside Asia . So far it has invested in solar projects in Egypt.
v. While 75% of the capital is from Asia, several non-Asian regions like Europe, North America, some East
African and Latin American countries have also joined the bank as members.
vi. Among other dicsussions the proposal to have an independent credit rating agency for the BRICS nations is
on track and will be discussed at a meeting in Johannesburg in July 2018.
About AIIB:
♦ The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank with a mission to
improve social and economic outcomes in Asia and beyond.
♦ Headquarter: Beijing
♦ Commenced its operation: January 2016
♦ Total Members : 86
AIIB to invest $200 million into an NIIF fund of funds for infrastructure projects
On June 25, 2018, The Asian Infrastructure Investment Bank (AIIB) is likely to invest USD 200 million in a
fund of funds set up by India to take interest in infra projects.
Key Points:
i. Out of the $200 million, $100 million would be given now and the rest $100 million later.
ii. This investment is for the NIIF ( National Investments & Infrastructure Fund).
iii. There will be a leverage of 10-12 times on the original investment, which can result in up to USD 2.4
billion flowing into infrastructure projects.
About the NIIF:
i.National Investment and Infrastructure Fund (NIIF) is a fund created by the Government of India for
enhancing infrastructure financing in the country.
• This is different from the National Investment Fund.

• NIIF was proposed to be set up as a Trust, to raise debt to invest in the equity of infrastructure finance
companies such as Indian Rail Finance Corporation (IRFC) and National Housing Bank (NHB)
ii. The projected corpus of the NIIF is USD 6 billion .

iii. Other investment partners of NIIF is : the Abu Dhabi Investment Authority that has invested USD 250
million.
About AIIB’s investments in India:
i. The 2016-incorporated AIIB has approved USD 4.4 billion investments in the country, including USD 1.2
billion.
ii. The bank has a pipeline of USD 1.9 billion in six projects in projects in the transport, energy, water and waste
management areas in the country.
iii. India’s proposal to AIIB to fund USD 475 million for the Mumbai Urban Transport Project- III has been
approved.
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BSE to launch new platform to list startups next month

On June 25, 2018, BSE to launch platform to make stock market listing attractive for startups. It will be
launched at its SME (small and medium enterprise) segment.
Key points:
Benefits of the Platform:
i. It will facilitate the listing of companies in sectors like IT, ITES, bio-technology and life sciences, 3D
printing, space technology and e-commerce.
ii. It will aid in listing of companies from hi-tech defence, drones, nano technologies, artificial intelligence,
big data, virtual reality, e-gaming, robotics, genetic engineering, among other sectors.
Eligibility of the company:
i. A company needs to have a pre-issue paid up equity share capital of a minimum of Rs 1 crore.
ii. It should be in existence for a minimum period of three years on the date of filing the draft prospectus with
BSE.
iii. It should have a positive net worth.
iv. The firm seeking to list on the platform should not have been referred to National Company Law Tribunal
(NCLT) under Insolvency and Bankruptcy Code.
Insolvency and Bankruptcy Code 2016 (IBC):
An Act to consolidate and amend the laws relating to reorganization and insolvency resolution of corporate
persons, partnership firms and individuals in a time bound manner for maximisation of value of assets of such
persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders
including alteration in the order of priority of payment of Government dues and to establish an Insolvency and
Bankruptcy Board of India
Credit Rating Model: Government testing big data system to aid banks assess credit risks
On June 25, 2018, Ministry of Electronics and Information Technology (MeitY) has announced that it is
testing a new credit rating model for assisting the banks especially rural and cooperative banks to tackle the
issue of NPAs.
Key Points:
i. The MeitY sponsored project includes Reserve Bank of India (RBI), Bangalore-based IT firm Processware
System and two cooperative banks as partners.
ii. This project will help in assessing credit risk and probability of fraud using big data analysis.
iii. It will help banks quantify risks associated with retail loans such as personal loans, gold loans and vehicle
loans.
iv. This is beign done with the help of a statistical and machine learning algorithm model to calculate the
probability of default.
Minister of Meity: Ravi Shankar Prasad.
Minister of State for Meity: Mr.Alphons Kannanthanam.
Establishment of independent Board of Management for urban co-operative banks for daily up keeping
of business: RBI
On June 26, 2018, RBI has proposed to set up a board of management for the urban co-operative banks. The
guidelines have been recommended by committee headed by former deputy governor of RBI R Gandhi.
Objective:
The objective of the board is to oversee daily business operations
Key Points:
i. The board should have well qualified members who do not have any business relation with the bank.
ii. Regulatory approvals such as expansion of area of operation and opening of new branches may be allowed
only for UCBs that have made such a provision in their law.
iii. The board of management may be appointed by the board of directors whose term end at the same time as
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the board of directors.

iv. RBI shall have powers to remove any member of BoM and/ or the CEO if the person is found to be not
meeting the eligibility criteria prescribed by RBI.
v. Board of directors would be responsible for the general direction and control of a UCB.
About the eligibility criteria of the BOM:
At least half the members of the board should have specialized qualification in finance, economics, law or IT.
Responsibilities of the BOM:
Key responsibilities of BoM will include credit management, risk management and liquidity management.
Bajaj Finance overtakes Axis Bank in market cap : BSE Data

On June 22,2018, Bajaj Finance overtook Axis Bank in market capitalization ranking according to BSE. It was a
surge of 3% .
i.The m-cap of Bajaj Finance was of Rs 1,345.85 billion
ii.Bajaj Finance has outperformed the market by surging 33% as compared to 4% rise in the S&P BSE Sensex.
iii.Bajaj Finance stood at number 6th position in overall market-cap ranking.
iv.Other companies it surpassed was : Power Grid Corporation, Asian Paints, Bharat Petroleum
Corporation, UltraTech Cement, Vedanta, HCL Technologies, Tata Motors, Hindustan Zinc, Sun
Pharmaceutical Industries and Wipro during the period.
v.It had a net profit of Rs 7.21 billion in March quarter (Q4FY18).
About Axis Bank’s performance:
i.M-Cap of Axis Bank was Rs. 1,340.18 billion.
ii.It has underperformed the market by falling 8% during the period of 2018.
iii.Axis Bank was down 5%, after the bank reported its first net loss of Rs 21.8 billion for Q4FY18.
The Overall Ranking of the Top 10 Companies in the list is as follows:
Company M-Cap (in crore) Rank as per M-Cap
HDFC Bank 541,955 1
HDFC 319,655 2
Kotak Mahindra Bank 251,646 3
State Bank of India 243,864 4
ICICI Bank 193,467 5
Bajaj Finance 134,952 6
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Axis Bank 134,725 7
IndusInd Bank 117,343 8
Bajaj Finserv 98,404 9
HDFC Standard Life Insurance 94,892 10
S Ramesh appointed chairman of CBIC

S Ramesh has been appointed the chairman of the Central Board of Indirect Taxes and Customs (CBIC).
S Ramesh – chairman of CBIC:

i. S Ramesh will replace Vanaja N Sarna. Vanaja N Sarna will superannuates on 30th June 2018.
ii. S Ramesh is a 1981 batch officer of the Indian Revenue Service (Customs and Central Excise). He is currently
a member in the board of CBIC.
iii. He has been made the chairman of CBIC with the status of special secretary to the central government.
iv. Raj Kumar Barthwa, a Senior IRS (Customs and Central Excise) officer, has been named as new member in
the CBIC in place of S Ramesh.
About Central Board of Indirect Taxes and Customs (CBIC):
♦ Functions under – Finance Ministry
♦ Maximum members – 6
Exim Bank of India extends $10 mn loan facility to Seychelles for healthcare
On June 27, 2018, The Export-Import Bank of India (Exim Bank) announced that it has extended $10
million worth of line of credit (LOC) toSeychelles.
Objective:
This is for healthcare and procurement of goods and projects.
Key Points:
i. It is the first tranche of the $50 million sanctioned by the Exim Bank to the country.
ii. With this agreement for $10 million, Exim Bank, till date, has extended two LOCs to Seychelles, taking the
total value to $28 million.
Other LOCs of EXIM Bank:
i. Exim bank earlier had extended two LOCs aggregating $31 million to the Republic of Suriname for
upgradation of transmission line network and maintenance of Chetak helicopters there (during the President’s
visit in Suriname on June 21,2018)
ii. Exim Bank has 233 LOCs in place at present, covering 62 countries in Africa, Asia, Latin America and the CIS,
with credit commitments of around $22.86 billion, available for financing exports from India.
About EXIM Bank:
♦ Headquarters: Mumbai .
♦ Founded : 1982.
♦ CEO: Shri Yaduvendra Mathur.
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Anant Barua is new SEBI whole-time member

Anant Barua has been appointed the new whole-time member of the Securities and Exchange Board of India
(SEBI).
Anant Barua – new SEBI whole-time member:
i. Anant Barua is currently the executive director in SEBI. He has been appointed as whole-time member of
SEBI for 3 years.
ii. His pay is as admissible to additional secretary to the central government or a consolidated salary of Rs 4
lakh per month.
iii. He became the executive director of SEBI in May 2010. Earlier, he was legal adviser, Legal Affairs
Department (LAD), SEBI. He started working with LAD from 1992.
About Securities and Exchange Board of India (SEBI):
♦ Chairman – Ajay Tyagi
B Sriram resigns as SBI MD amid IDBI stake sale buzz

SBI managing director B Sriram has resigned as SBI MD after his appointment as chief executive of IDBI Bank.
Resignation of B Sriram:
i. B Sriram was appointed as managing director and CEO of IDBI Bank for a temporary period of 3 months,
recently.
ii. He has submitted his resignation from the board of SBI. His resignation has been forwarded to Appointments
Committee of the Cabinet (ACC). ACC will take the final decision on this.
iii. B Sriram assumed charge as MD and CEO of IDBI Bank on 22nd June 2018 after M K Jain left the bank to
serve as Deputy Governor of RBI.
iv. LIC is trying to enter the banking sector by acquiring majority stake in IDBI Bank. IDBI Bank would become
a private sector bank if the government’s share reduces below 50%.
v. B Sriram has been the MD (Corporate and Global Banking) in SBI since July 2014. He has served as Managing
Director of State Bank of Bikaner and Jaipur.
About Life Insurance Corporation of India:
♦ Chairman – V K Sharma
♦ Corporate Office – Mumbai
Madhav Kalyan, CEO and MD, JPMorgan Chase Bank in India, to become the head of corporate banking
in South and South East Asia
JPMorgan has promoted Madhav Kalyan, CEO and MD, JPMorgan Chase Bank in India, as the head of
corporate banking in South and South East Asia.
Madhav Kalyan – head of corporate banking in South and South East Asia:
i. Madhav Kalyan will hold this position in addition to his existing responsibilities as head of corporate banking
in India.
ii. JPMorgan’s corporate banking heads in Malaysia, Thailand, the Philippines, Indonesia, Vietnam, Bangladesh
and Sri Lanka will report to Madhav Kalyan.
iii. JP Morgan has promoted P D Singh as the head of the team, which serves local corporate clients.
iv. Rohit Khatri will head the MNC (Multinational) clients’ division. Guhaprasath Rajagopal will head treasury
services.
v. Brijen Puri, the managing director and head of currency and emerging markets, India, has been moved to
Singapore with additional responsibilities of other markets of South East Asian countries.
Mumbai based Swadhaar FinServe has been acquired by RBL Bank

On June 28, 2018, Private sector lender RBL Bank has fully acquired Mumbai-based financial product
distribution firm Swadhaar FinServe Pvt Ltd from their earlier holding of 60.48%.
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i. RBL has purchased 35.94 per cent from Accion International and 3.58 per cent from promoters and
others.
ii. After the acquirement , RBL Bank’s share was up 0.17 per cent to Rs 545.60 on BSE.
About Swadhaar Finserve:
i. It started operations as a non-banking finance company in 2008 and subsequently converted into a NBFC-
MFI
ii. It became a business correspondent for RBL Bank in 2014 and transferred its micro credit portfolio to the
bank.
iii. It then surrendered the NBFC license in 2015.
iv. It holds responsibility for sourcing clients, evaluating credit worthiness and monitoring repayments for RBL,
leveraging the bank’s balance sheet and infrastructure.
Ratnakar Bank Limiter (RBL Bank):
♦ Headquarters: Mumbai
♦ MD & CEO: Vishwavir Ahuja.
♦ Founded : August 1943
ICICI Bank appoints ex-IAS G C Chaturvedi as non-executive chairman

On 29th June 2018, ICICI Bank said that, it has appointed Girish Chandra Chaturvedi as the company’s non-
executive chairman.
ICICI Bank appoints G C Chaturvedi as non-executive chairman:

i. G C Chaturvedi is a former petroleum secretary. Incumbent non-executive chairman M K Sharma’s term ends
on 30th June 2018.
ii. G C Chaturvedi’s appointment is effective from 1st July 2018 for a period of 3 years. His appointment is
subject to the approval of shareholders.
ICICI Bank appoints Walker Chandiok & Co as auditors

On 28th June 2018, ICICI Bank said that, it has appointed Walker Chandiok & Co as statutory auditors of the
bank.
ICICI Bank appoints Walker Chandiok & Co as auditors:
i. B S R & Co LLP, Chartered Accountants, the statutory auditors of ICICI bank for the last 4 consecutive years
will retire at the conclusion of the 24th Annual General Meeting on completion of maximum period of 4
consecutive years as per RBI guidelines.
ii. ICICI board approved the appointment of Walker Chandiok & Co LLP as statutory auditors for the year
ending 31 March 2019, at a board meeting held on 27th June 2018.
iii. Walker Chandiok & Co LLP will hold office from the conclusion of the 24th annual general meeting to the
conclusion of the 25th annual general meeting.
iv. This appointment has been approved by RBI. It is subject to the approval of shareholders.
Global Restructuring Review’s award for “most improved jurisdiction” goes to India for improved
insolvency and restructuring regime
On June 29, 2018, The Insolvency and Bankruptcy Board of India (IBBI) announced that India has
won Global Restructuring Review’s “most improved jurisdiction” award.
i. This award is to honour the jurisdiction which improved its restructuring and insolvency regime the most
over the last year.
ii. In 2017, India lost the title to Singapore.
About the award:
“Most improved jurisdiction” is one of the nine categories in which GRR presents the award, which were
introduced in 2017.
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MCX launches ‘Cotton Mission’ for Maharashtra farmers

On June 30, 2018, The Multi Commodity Exchange of India LTd. (MCX) signed a MoU with
the Maharashtra government to create a value chain with final market linkages for thousands of cotton
farmers in Vidarbha.
i. The agreement for the ‘Cotton Mission’ was signed by MCX MD and CEO Mrugank
Paranjape and Additional Chief Secretary-Agriculture and Marketing Bijay Kumar in the presence of Chief
Minister Devendra Fadnavis.
ii. Partners of the MCX in this project are: Agriculture department, Farmer Producer Organisations. They will
connect to MCX’s organised market network for capacity building.
iii. Under this mission, MCX already has accredited warehouses in Yavatmal and Jalna and plans to provide
delivery facilities in three or more new locations.
iv. Special emphasis will be given to farmers’ training, education and awareness so that they can plan and
produce quality and marketable crops.
v. This would support the farmers’ in their upliftment and contribute to doubling their incomes by 2022.
About doubling farmers income by 2022.
i. Government is committed to doubling farmer’s income by 2022 as stated by the Union Minister of Agriculture
and Farmers’ Welfare Shri Radha Mohan Singh while addressing the concluding ceremony of All India Farmers’
Fair and Agro-Industrial Exhibition in Govind Ballabh Pant University of Agriculture & Technology, Pantnagar
on February 27,2018.
ii. The Government has increased the budgetary allocation of Agriculture and Farmer Welfare Ministry in the
budget 2018-19 to Rs 58,080 cr from51,576 cr in 2017-18.
iii. To achieve this ambitious objective, the government is encouraging to adopt the ‘multi-dimensional seven-
point’ strategy suggested by Hon’ble Prime Minister, which includes-
• Emphasis on irrigation along with end to end solution on creation of resources for ‘More crop per drop’
• ‘Provision of quality seeds and nutrients according to the soil quality of each farm.
• Large investments in warehouses and cold chains to prevent Post-harvest losses.
• Promotion of value addition through food processing.
• Implementation of National Agricultural Markets and e-platforms (e-NAM) to eliminate shortcomings of
all the 585 centers.
• To mitigate the risk, introduction of crop insurance scheme at a lower cost.
• Promotion of allied activities such as Dairy-Animal husbandry, Poultry, Bee-keeping, Medh Per Ped,
Horticulture, and Fisheries.
RBI to set up Public Credit Registry to curb bad loans and maintain database of defaulters
On June 7, 2018, RBI has announced the formation of Public Credit Registry based on the recommendation of
a committee headed by Y. M. Deosthalee submitted in April 2018.
Objective:
To maintain database of defaulters and to curb bad loans.
Key points:
i. It would be an information repository containing all the details of the loans by the individual and corporate
borrowers.
ii. It would help banks differentiate between good and bad loans thereby providing attractive interest rates to
the borrowers of good loans and highest interest to the bad loans.
iii. For addressing the challenges of the bad loans, the corporate borrowers of bad loans would be prohibited to
take further loans from different banking institutions.
iv. The registry should also have data regarding the External commercial borrowings, market borrowings and
any liabilities to assess the debt of the borrower.
v. It would also have a database of willful defaulters and have links with the data from the Export Credit
Guarantee Corp. of India, GST network etc.
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vi. The privacy of the data would be protected and would only be available to the concerned banks on a demand
basis.
vii. It would be set up as a separate non-profit entity.
Banks hike lending rates after RBI’s bi-monthly Monetary Policy release
On June 7, 2018, RBI on its bimonthly monetary policy has raised the interest rate by 25 basis points or 0.25%.
Thus the Repo rate (the rate at which the Central Bank lends to other Banks) has been raised to 6.25%.
Key points:
i. This in turn increased the lending rate of several banks in EMIs and loans for auto, home and business loans.
ii. Earlier banks like SBI, ICICI, Kotak Mahindra , HDFC , PNB have raised their interest rates by an average
of 10 basis points before the RBI bi monthly policy.
iii. After the announcement of the RBI, other banks have also increased their MCLR. They are:
Indian Bank and Karur Vyasa Bank by 10 basis points, Bank of Maharashtra will increase as well.
iv.The retail inflation has been predicted to be 4.8-4.9% in the first half and 4.7% for the second half.
v. GDP prediction has been made for 7.4% in FY2019.
vi. This has been done in lieu of the retail inflation especially food inflation and to steady it to the targeted
4% for financial stability.
Canara Bank fined in UK for anti-money laundering breaches
On June 6, 2018, Market Regulator of UK, The Financial Conduct Authority (FCA) has fined The UK arm of
Indian public sector bank Canara Bank896,000 pounds or $1.2million for systematic Anti-Money
Laundering failures.
i. The FCA has blocked it from accepting new deposits for around five months.
ii. This was done after warnings were imposed since 2012 .
Canara Bank :
Headquarters: Bengaluru
CEO: Rakesh Sharma
Tagline: Together we can.
Co-operative banks could become small finance lenders

On June 6, 2018, RBI has given approval to the Urban Co-operative banks to act as small finance banks.
i. This decision has been taken to given larger and freer access to the market for the Co-operative banks as they
are local in nature.
ii. This move was recommended by the High Powered Committee on Urban Cooperative Banks
(UCB) chaired by Mr. R. Gandhi.
iii. This would enable voluntary conversion of large Multi -State UCBs into Joint Stock Companies and other
UCBs which meet certain criteria into Small Finance Banks (SFBs)
SBI invests Rs 35 bn a year as it reaches out digitally to 420 mn customers

On June 9, 2018, SBI invested Rs. 35 billion a year for digital collaboration with Google for its 420
million customers.
i. Tez, a platform for fund transfers to bank, with UPI enabled banks, using UPI's platform has been launched
by Google with SBI.
ii. Other digital project of SBI include : Transformation of 100 selected villages into digital centres.
iii. To encourage migration of citizens to Any Time Channels through digital channels like PoS, ATMs, Micro
ATMs, Mobile Banking, Internet Banking, etc.
iv. Launch of YONO app first in many respect globally has 6.5 million downloads already in last six months of
operations. Featuring banking, e-commerce and financial superstore experience on a single platform.
v. Also subsidiary financial products offerings such as SBI Cards, SBI Caps, SBI Mutual Funds, SBI General and
SBI Life are also integrated into the YONO app.
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World Bank Pension Trust invests in GNFC stock of Gujarat Government

On June 10, 2018, World Bank Pension Trust has recently invested in the Gujarat Narmada Valley
Fertilizers and Chemicals (GNFC) and has purchased a large chunk of GNFC’s equity.
GNFC is promoted and supported by the Gujarat Government.
Objective:
To provide long term stable income to their pensioners .
Key points:
i. Since the trust is for the pensioners of World Bank they have invested in fixed income securities.
ii. GNFC has topped the D&B’s rankings among all the Gujarat government owned companies.
iii. GNFC is ranked at 129th position, jumping 83 places, compared to last year's 212th rank. Of all these
17 chemical companies, GNFC is the third best chemical company of India.
World Bank:
President: Jim Yong Kim
Headquarters: Washington DC, US.
CEO: Kristalina Georgiana.
Public sector banks post Rs 870 bn net loss in FY 18, PNB tops the list
On June 10, 2018, 19 public sector banks suffered a cumulative loss of Rs. 873.57 billion. Punjab National
Bank (PNB) ranks at the top of the list with a net loss of Rs. 122.83 bn.
Key points:
i. Out of the 21 PSBs only Vijaya Bank and Indian Bank gained profits of Rs.7.27
bn and Rs.12.58bn respectively .
ii. In 2016-17 , all of the 21 banks gained a profit of Rs.4.73 bn.
iii. PNB was followed by IDBI Bank, whose net loss widened to Rs 82.37 bn in March 2018 from Rs 51.58 bn in
2017.
iv. SBI's net loss in 2017-18 stood at Rs 65.47 bn as against a net profit of Rs 104.84 bn in 2016-17.
v. The NPA & scams and frauds are considered the main factor for the losses in the banking sector which stood
at Rs 8.31 trillion as of December 2017.
vi. This pushed 11 banks, out of 21 state-owned banks, under the Prompt Corrective Action (PCA) framework
of the Reserve Bank.
vii. Interim Finance Minister Piyush Goyal has announced setting up of a committee to give recommendations
in two weeks on formation of an Asset Reconstruction Company for faster resolution of stressed accounts.
Taglines of Banks :
State Bank of India: The Nation Banks on Us.
Punjab National Bank : The bank you can bank upon.
IDBI Bank: Banking for All
Vijaya Bank: A Friend you can bank on.
Indian Bank:Your Tech Friendly Bank.
AIBEA urges RBI to revoke lending restrictions on Dena Bank

On June 11, 2018, The All India Bank Employees Association (AIBEA) requested RBI governor Dr. Urjit Patel
to revoke lending restrictions imposed on Dena Bank by the Central Bank.
i. The restrictions are a result of the growing NPAs for which Dena Bank was inducted into the Prompt
Corrective Action (PCA )framework.
ii. According to the PCA framework Dena Bank is restricted to give fresh credits and conducting hiring .
iii. The gross NPAs or bad loans rose to Rs 16,361.44 crore from Rs 12,618.73 crore. Net NPAs were also up at
11.95 per cent (Rs 7,838.78 crore) from 10.66 per cent (Rs 7,735.12 crore).
iv.Besides Dena Bank, other lenders in the RBI's watchlist are Allahabad Bank, United Bank of
India, Corporation Bank, IDBI Bank, UCO Bank, Bank of India, Central Bank of India, Indian Overseas Bank,
Oriental Bank of Commerce and Bank of Maharashtra.
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DenaBank:
♦ Headquarters : Mumbai.
♦ CEO: Shri Ashwani Kumar.
♦ Tagline : Trusted Family Bank.
Reserve Bank of India to tighten norms for working capital limits for borrowers worth Rs. 150 crore
and above
On June 12, 2018, RBI has tightened the norms to improve monetary transmission by proposing a minimum
of 40% loan amount for the working capital of large lending borrowers having funding of Rs.150 crore and
above.
i. The loan component would come into effect from October 2018 and would be increased to 60% from April
2019.
ii. The tenure of the loan would be a minimum of 7 days.
iii.The loan component will have a repayment schedule.
iv. The capital is paid mostly in cash credit / overdraft etc.
National Parks:
Jim Corbett National Park (Uttarakhand)
Kaziranga National Park (Assam)
Ranthambore National Park (Rajasthan)
Bandhavgarh National Park (Madhya Pradesh)
PNB board to consider ESOP scheme of up to 100 million equity shares after Allahabad and United Bank
of India
On June 13, 2018, Punjab National Bank (PNB) has announced that it is considering Employee Stock
Purchase (ESOP) scheme.
Key points:
i. This would retaining its talent and incentivizing staff by issuing up to 100 million equity shares.
ii. Allahabad Bank and United Bank earlier in December had announced to offer their employee stock option
scheme.
iii. Both the banks will offer 50 million ordinary shares to their staff.
iv. The proceeds from share sale will be used to raise the badly needed core capital of the bank .
v. United Bank has also initiated process to make employees stakeholders by way of issuing employee stock
option (ESOP).
Fitch cuts SBI, Bank of Baroda viability ratings

Fitch, a Ratings agency, has reduced viability ratings of State Bank of India and Bank of
Baroda to ‘bb+’ and ‘bb’respectively, as per its release on 13th June 2018.
Fitch cuts SBI, Bank of Baroda viability ratings:
i. Fitch has stated that, the banks had a weakened risk profile because of poor asset quality and the
vulnerability of their capital buffers to moderate shocks.
ii. Fitch said that, 11 banks reported common equity Tier 1 ratios that were short of the 8% requirement for
Basel III’s final phase of capital migration.
iii. Fitch has a ‘negative’ sector outlook on Indian banks. It said that, internal capital generation is expected to
remain weak. But still many state banks should be able to recover from losses in FY19.
iv.It said that sector NPL ratios are near to what it is believed to be full recognition of legacy problems and
provision cover has enhanced.
v.It added that, Indian banks’ solid and resilient funding and liquidity positions stayed intact. When deposit
growth had slowed due to demonetization, depositor confidence stayed high due to state banks’ government
ownership.
About State Bank of India:
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Chairman - Rajnish Kumar

Headquarters – Mumbai
J&K Bank to raise Rs 1,000 cr via bonds under Basel III to boost capital by March 31,2019
On June 15, 2018, Jammu & Kashmir Bank will raise up to Rs 1,000 crore by issuing bonds in one or more
tranches.
Key points:
i.They are Basel III compliant tier II bondsface value of Rs 10 lakh each aggregating up to Rs1,000 crore in
one or multiple tranches .
ii.These capital regulations would be fully implemented by March 31, 2019.
iii.The Basel III capital regulations were implemented in India with effect from April 1, 2013. Banks have to
comply with the regulatory limits and minima as prescribed under Basel III capital regulations, on an ongoing
basis.
About Basel III Norms:
Basel III (or the Third Basel Accord or Basel Standards) is a global, voluntary regulatory framework on bank
capital adequacy, stress testing, and market liquidity risk.
KVB, Max Bupa tie up for providing easy two step health insurance solutions
On June 16, 2018, Karur Vysya Bank tied up with Max Bupa for easy two step health insurance solution.
Key points:
i. This MOU would give the customers of the bank access to health related insurance products with the help of
KVB’s simplified technology like Max Bupa AnyTimeHealth (ATH) and SARAL.
ii. Max Bupa’s unique Any Time Health Machine, an intelligent kiosk that will screen the health status of the
clients and give an automated health assessment and issue customized health insurance options
instantaneously.
iii . And with the help of Core banking facility it would be possible to do so within a few minutes.
Karur Vyasa Bank
♦ Headquarters: Karur, Tamil Nadu.
♦ Tagline: Smart Way to Bank .
South Indian Bank plans raising Rs 520 cr via capital equity and securities
On June 16, 2018, Private sector South Indian Bank plans to raise up to Rs 520 crore through a mix of equity
and debt instruments to meet its business needs.
Key points:
i.Out of Rs.520 crore , Rs 20 crore will be raised through equity capital and Rs 500 crore will be mopped up
through bonds.
ii.This would include borrowing/raising funds in Indian/foreign currency.
iii.Earlier the bank had raised Rs 490 crore by way of issuance of bonds till March 31, 2018 after approval
from shareholders.
A banking company requires adequate capital not only to meet the needs of growing business, but also to meet
the applicable regulatory requirements. As business grows, capital requires to be strengthened.
South Indian Bank:
♦ Headquarters: Thrissur.
♦ Tagline : Experience Next Generation Banking.
UK's CYBG Bank Buys Virgin Money For 1.7 Bn Pounds

On June 19, 2018, Britain's Clydesdale Yorkshire Banking Group said it had bought Richard
Branson's Virgin Money for 1.7 billion pounds.
i. It is an all-shares deal, worth the equivalent of USD 2.3 billion or 1.9 billion euros where Virgin Money will
be taken over over the next threeyears.
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ii. CYBG investors will hold a majority 62 per cent stake with Virgin Money shareholders the rest.
iii. The new group, offering retail services like home loans, savings accounts and credit cards, brings together
two so-called "challenger" or smaller banks with a combined customer base of 6.1 million people.
India the 69th member to join European Bank for Reconstruction and Development
On June 19, 2018, India has been welcomed as the newest member of the European Bank for Reconstruction
and Development (EBRD). India would be its 69th member .
i. The EBRD would be holding an inaugural conference in India’s honour.
ii. This conference would have a theme of : ‘Mobilising private sector finance in the EBRD region and how
Indian companies can benefit'scheduled to be held in Mumbai.
iii. It would be organized by The Federation of Indian Chambers of Commerce and Industry
(FICCI) partnered event is backed by the Export-Import Bank of India (EXIM).
iv. The advantage of membership is that Indian companies and the Indian government immediately get free
access to all of EBRD's knowledge - political, commercial, market and economic knowledge.
v. It would also highlight the opportunities of the Indian private sector.
About EBRD:
London-headquartered EBRD is a multilateral development bank set up in 1991 after the fall of the Berlin
Wall to promote private and entrepreneurial initiative in emerging Europe. It aims to make its countries more
competitive, better governed, greener, more inclusive, more resilient and more integrated.
Draft on cross-border insolvency: Banks to get access to overseas assets of firms undergoing resolution
On June 22, 2018, to strengthen the Insolvency and Bankruptcy Code, the government released a draft on cross-
border insolvency that would help banks access overseas assets of a company undergoing resolution.
Key points:
i. It will be according to the UNCITRAL (United Nations Commission on International Trade Laws) model
on dealing with cross-border insolvency.
ii. According to the law , the central government after entering into agreement with other countries and bring
overseas asset of a domestic corporate debtor into consideration.
iii. Due to the inadequacy of two Sections –234 and 235 of IBC , of having only the government the access to the
information now due to the law it can be accessed by banks as well.
iv. Initially the cross border insolvency framework will apply only to corporate debtors, it can be extended to
cases of personal insolvency resolution as well.
About UNCITRAL (United Nations Commission on International Trade Laws) model:
The UNCITRAL Model Law on Cross-Border Insolvency, 1997 (“Model Law”) has emerged as the most widely
accepted legal framework to deal with cross-border insolvency issues while ensuring the least intrusion into
the country’s domestic insolvency law.
The Model Law has been adopted by 44 States till date, including Singapore, UK, and US.
Axis Bank, IndusInd Bank and RBL Bank have raised their cumulative microloan cap
On June 22, 2018, Microfinance Institutions Network (MFIN) & Microfinance lenders including private banks
such as Axis Bank, IndusInd Bank and RBL Bank have raised their cumulative microloan cap per borrower
by 33 percent to Rs.80000 up from Rs 60000 under the joint liability group model.
Objective:
This would help borrowers grow their businesses and cover inflation of recent years.
Key points:
i. The microfinance industry’s total loan portfolio grew 27% in FY18 to Rs 1.37 lakh crore while industrial
credit rose just about 1%.
ii. The lenders are expecting growth to further rise to about 50%.
iii. This change has been prompted by strong demand in rural India and rise in self-employment amid poor
industrial demand.
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About MFIN:
♦ MFIN has 48 members from NBFC-MFIs segment while banks like Axis, IndusInd, IDFC, RBL and YES are
listed as associates.
♦ Small finance banks also follow the Mutually Agreed Code of Conduct (MACC) which is designed for all
lenders in the microfinance industry. Out of 10 small finance banks, six including AU Small Finance Bank, ESAF
and Ujjivan are associates.
DBS on track to launch local subsidiary in Oct

On June 26, 2018, DBS Bank, Singapore’s largest lender by assets, expects to become the first foreign lender
to open a local unit in India byOctober 2018 after RBI’s approval.
i. This would fold all its 12 branches into a newly registered subsidiary called DBS Bank India Ltd.
ii. It plans to expand to at least 50 branches and 70 banking outlets, challenging the likes of Standard
Chartered, Citibank and HSBC.
iii. DBS along and another lender, State Bank of Mauritius (SBM) had applied to start a new subsidiary in the
country in 2015.
DBS Bank:
♦ Headquarters: Singapore.
♦ Chairperson: Peter Seah Lim Huat.
♦ CEO: Pyush Gupta.
Capital infusion of Rs 7,000 crore has been sought by Allahabad Bank from government
On June 27, 2018, Allahabad Bank has sought Rs 7,000 crore from the government, which is 78% of its annual
capital requirement for infusion.
Key Points:
i. The Bank neds a capital infusion of Rs 9000 crore of which Rs. 7000 crore has been sought out from
the government and the remaining Rs. 2000 crore will be raised through qualified institutional
placement and other instruments.
ii. Currently the government holds a share of 65% in the bank.
Background:
i. The lender has been under RBI’s PCA (Prompt Corrective Action ) Framework from January and has high NPA
ratio and negative return on assets (ROA).
ii. Its gross non-performing assets ratio was 15.96% at the end of March, while net NPA ratio was 8.04%. ROA
was a negative 5.77%.
iii. It has as many as 94 NPA accounts involving Rs 12,000 crore to National Company Law Tribunal under
Bankruptcy Code. These accounts accounted for nearly 45% bank's gross non-performing assets.
iv. Therefore, in order to recover close to Rs 5,500 crore from its stressed assets it aims to raise Rs 3,000 crore
from resolution of cases under Insolvency and Bankruptcy Code, close to Rs 500 crore from sale to asset
reconstruction companies and another Rs 2,000 crore through other recovery options.
v. It has already recovered close to Rs 1,300 crore in the first quarter from Bhushan Steel and Electrosteel.
Allahabad Bank:
♦ It is the oldest joint stock bank in India.
♦ Headquarters: Kolkata
♦ Founded: 1865
♦ Tagline: A tradition of Trust.
SVC Bank implements Digital Hexa

On June 22, 2018, cooperative bank SVC Bank announced that it has implemented Digital Hexa.
i.It is a system to offer digitized customer services and facilitation.
104 | P a g e
ii.Customers will now be able to avail digital services including debit cards, net banking, IMPS, NEFT/RTGS,
mobile app and UPI.
Shamrao Vithal Co-op.(SVC) bank:
Headquarters: Mumbai.
Founded: 1906.
Managing Director: Ajit E. Venugopalan.
HDFC AMC gets Sebi’s nod for IPO

On June 28, 2018, the country's largest mutual fund firm HDFC Asset Management Company has
received SEBI’s nod for Initial Public Offering (IPO).
i.The proposed IPO offers up to 2.54 crore equity shares of the fund house through an offer for sale of 85.92
lakh shares by HDFC and up to 1.68 crore shares by Standard Life.
ii.The offer comprises a net offer to public of up to 2.21 crore equity shares, a reservation of up to 3.20 lakh
shares for purchase by eligible HDFC AMC employees.
iii.Nomura Financial Advisory and Securities (India), Kotak Mahindra Capital, Axis Capital, BofA Merrill Lynch,
Citigroup Global Markets India, CLSA India, HDFC Bank, ICICI Securities, IIFL Holdings, JM Financial, JP Morgan
India, Morgan Stanley India are the book running lead managers to the issue.
Other Sanctions by SEBI:
i.Apart from HDFC AMC, Sebi has so far this month given clearance to six other companies - Genius
Consultants, Varroc Engineering, CreditAccess Grameen, Sandhya Marines, Atria Convergence
Technologies and Nekkanti Sea Foods-- to launch IPOs.
ii.In all, 27 firms have been given the go-ahead for initial share-sale this year.
About HDFC AMC:
HDFC AMC operates as a joint venture between Housing Development Finance Corporation
(HDFC) and Standard Life Investments.
It has a total asset under management of more than Rs 3 lakh crore at the end of March, may become the
second AMC to hit the markets after Reliance Nippon Life AMC.
Good Luck with Your Exams!!!

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