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2020 Banking & Finance

Table of Contents
2020 Banking & Finance – January ................................................................................................................................ 3
2020 Banking & Finance – February ........................................................................................................................... 12
2020 Banking & Finance – March ................................................................................................................................ 20
2020 Banking & Finance – April ................................................................................................................................... 28
2020 Banking & Finance – May .................................................................................................................................... 35
2020 Banking & Finance – June.................................................................................................................................... 40
2020 Banking & Finance – July ..................................................................................................................................... 47
2020 Banking & Finance – August ............................................................................................................................... 54
2020 Banking & Finance – September ......................................................................................................................... 62
2020 Banking & Finance – October.............................................................................................................................. 69
2020 Banking & Finance – November ......................................................................................................................... 76
2020 Banking & Finance – December .......................................................................................................................... 86

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2020 Banking & Finance – January

RBI IN NEWS
CAD slips to 0.9% of GDP in July-Sept 2019 from 2.9 :RBI
According to the report “Developments in India’s Balance of Payments during the Second Quarter (July-
September) of 2019-20” released by the Reserve Bank of India (RBI), India’s current account deficit
(CAD) decreased to 0.9 % of gross domestic product (GDP) or $6.3 billion in July-September 2019
quarter. It was 2.9 % of GDP or $19 billion in the corresponding quarter of 2018-19. The reduction in
CAD is primarily due to low trade deficit of $ 38.1 billion as against the trade deficit at a high of $50
billion in 2018. The Net Foreign direct investment (FDI) stood at $ 7.4 billion in the second quarter of
2019. Read full details here: CAD slips to 0.9% of GDP in July-Sept 2019 from 2.9% :RBI
RBI allows banks to offer round-the-clock forex market operations

Inorder to reduce the rising influence of offshore trading in the currency markets, the Reserve Bank of
India (RBI) has enabled AD (Authorised Dealer) Category-I Bank to offer round-the-clock (24x7)
trading in the Indian rupee to allow Indians to safeguard their foreign exchange (Forex) risks at any
time. Till now, the select banks in India offered Indian customers foreign exchange rates only in inter-
bank market hours from 9 am - 5 pm. The decision has been taken on the lines of the key
recommendations of the Task Force on Offshore Rupee Markets headed by Smt. Usha Thorat.
RBI revises supervisory action framework for Primary (Urban) Co-operative Banks
Inorder to better manage the stressed UCBs, Reserve Bank of India (RBI) has released its final
Supervisory Action Framework (SAF) tightening norms for Primary (Urban) Co-operative Banks
(UCBs). The revised rules include threshold limits for asset quality, profitability and Capital to Risk-
weighted Assets ratio (CRAR). All such actions are taken under section 35A of the Banking Regulation
Act, 1949 (as applicable to co-operative societies). Under the revised rules, UCBs may be placed under
the framework, if it incurs two consecutive years of losses. Read full details here: RBI revises
supervisory action framework for Primary (Urban) Co-operative Banks
Shivalik Mercantile became 1st urban cooperative bank to convert to SFB

Reserve Bank of India (RBI), gave approval to Uttar Pradesh based Shivalik Mercantile Co-operative
Bank Ltd to convert to a small finance bank (SFB). With this, Shivalik Mercantile became the 1st urban
cooperative bank (UCB) to be converted into an SFB since the release of reformed RBI guidelines which
came out 2 years ago. The RBI will grant a licence to Shivalik Mercantile bank for the commencement of
banking business under Section 22 (1) of the Banking Regulation Act, 1949 as an SFB. Read full details
here: Shivalik Mercantile became 1st urban cooperative bank to convert to SFB
India's foreign exchange reserve touches a record level of $457.46 bn: RBI
According to the “ Bulletin Weekly Statistical Supplement – Extract” released by the Reserve Bank of India
(RBI), India’s foreign exchange (Forex) reserves rose by $ 2.520 billion to a record $ 457.468 billion
during the week ended 27 December 2019. The main reason for increase in foreign exchange reserves is
the increase in foreign exchange assets, which is the main component of forex.
 Foreign Currency Assets (FCA): Foreign currency assets rose to $ 424.936 billion.
 Gold Reserve: Country's gold reserves also increased to $ 27.392 billion.
 SDR: India’s special drawing rights (SDR) with the International Monetary Fund (IMF) declined
by $ 2 million to $ 1.441 billion.
 Reserve Position in the IMF: India’s reserve position with the IMF Fund increased to $ 3.7 billion.
RBI curbs functions of Sri Guru Raghavendra Sahakara Bank; withdraw limit set to Rs.35000
Reserve Bank of India’s (RBI) Chief General Manager Yogesh Dayal has issued the directive which
curbed Sri Guru Raghavendra Sahakara Bank, a private bank in Bengaluru, Karnataka from doing

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business,w.e.f. January 10, 2020, under Sections 35A and 56 of the Banking Regulation Act, 1949. This
has been done after finding alleged irregularities in transactions. The bank’s savings and current
account customers and depositors can however withdraw cash up to Rs 35,000 only till further
notice.The directive will remain in force for 6 months.
Central govt raised India Overseas Bank's authorized capital to Rs 25,000 crore
The central govt in consultation with the Reserve Bank of India (RBI)has announced an increase in the
authorized capital of Indian Overseas Bank (IOB) to Rs 25,000 crores from the previous authorized
capital of Rs. 15,000 crores, thus making an increase by Rs. 10,000 crores.
RBI permits UPI transactions for recurring payments & releases framework for imposing penalties on
payment system operators
In a view of the promotion of digital payments, RBI has permitted processing of e-mandate for recurring
payments through UPI (Unified Payments Interface) under Section 10 (2) read with Section 18 of
Payment and Settlement Systems Act, 2007 (Act 51 of 2007). It also released framework for imposing
penalties on payment system operators/banks under the Payment and Settlement Systems Act, 2007
for not complying with regulatory requirements. It ensures safety and security to various stakeholders,
including customers. The monetary penalty levied for a contravention shall not exceed Rs 5 lakh or
double the amount of contravention or default, whichever is higher,Read full details here: RBI permits
UPI transactions for recurring payments & releases framework for imposing penalties on payment
system operators
RBI formulates National Strategy for Financial Inclusion for the period 2019-2024
Reserve Bank of India (RBI) under the aegis of Financial Inclusion Advisory Committee (FIAC) has set
up a 5 year plan of formulation of National Strategy for Financial Inclusion (NSFI) for the period 2019-
2024. This has been done keeping in view the global trend of financial inclusion which acts as a key
driver of economic growth.The national strategy plan, i.e., NSFI was finalised and approved by Financial
Stability Development Council (FSDC) and the final documents were released by RBI deputy director
Mahesh Kumar Jain at the high level meeting on Financial Inclusion for the North East region at
Agartala, Tripura.Read full details here: RBI formulates National Strategy for Financial Inclusion for the
period 2019-2024
In a 1st, RBI introduced video-based identification process for KYC

Reserve Bank of India (RBI) for the 1st time has introduced Aadhaar-based Video Customer
Identification Process (V-CIP). This process will allow banks and other lenders to complete the KYC
(Know Your Customer) process of customers on video itself. To introduce V-CIP, RBI has amended
guidelines under the Prevention of Money-laundering (Maintenance of Records) Rules, 2005. The video
KYC will be consent based i.e, banks can complete V-CIP of KYC process only after obtaining consent
from the bank customers. This is done to adhere to the RBI’s KYC norms by leveraging digital
technology. The definition of digital KYC has been changed in section 3 of the Master Direction on KYC
dated February 25, 2016.
RBI tightens norms for debit, credit card issuance & usage to improve security
In view of the increasing cases of cyber fraud, India’s central bank, the Reserve Bank of India (RBI) has
framed new rules under “Enhancing Security of Card Transactions” to further protect debit, credit card
transactions. These directions are issued under Section 10(2) of the Payment and Settlement Systems
Act, 2007 (Act 51 of 2007) & will come into effect from 16 March,2020. Under this, now transactions at
ATMs (Automated Teller Machine) and PoS (Point of Sale) will be done through domestic cards. RBI
also directed banks and other card issuing companies to allow their customers to switch on and off
their debit and credit cards. Read full details here: RBI tightens norms for debit, credit card issuance &
usage to improve security

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WGC: RBI ranked 6th among central banks in buying gold abroad;China’s central bank tops
India’s central bank i.e., the Reserve Bank of India (RBI) has been ranked 6th largest buyer of sovereign
gold abroad after it purchased 25.2 tonnes in the first 10 months of 2019 according to World Gold
Council(WGC) report titled “Outlook 2020: Global economic trends and their impact on gold”. The
central banks of China, Russia, Kazakhstan, Turkey and Poland have purchased more gold than India in
2019. RBI currently holds 625.2 tonnes of gold, that forms 6.6% of its forex reserves. The performance
of gold in market in 2019 was best Since 2010. It rose by 18.4% in United States dollar (USD)terms in
2019. Read full details here: WGC: RBI ranked 6th among central banks in buying gold abroad;China’s
central bank tops
Reserve Bank cancels certificate of authorisation of Vodafone m-pesa

India’s central bank, the Reserve Bank of India (RBI) has cancelled the Certificate of Authorisation
(CoA) of Vodafone M-pesa Limited, a Payment System Operator (PSO), after it had voluntarily
surrendered the authorization. Now Vodafone m-Pesa cannot continue to transact the business of
issuance & will no longer have the right to provide payment facility as a prepaid instrument (PPI).
Vodafone Idea in 2019 has decided to close m-pesa vertical after the closure of Aditya Birla Idea
Payments Bank Limited (ABIPBL), with which it was being merged. However, m-Paisa customers and
merchants can claim valid under POS.
For the 1st time, RBI Releases Minutes of board meeting

For the 1st time, India central bank, the Reserve Bank of India (RBI) has released the minutes of the
579th meeting of Central Board of Directors (BoD) held in Chandigarh on October 11, 2019 as part of
the central bank’s transparency initiative. The disclosure of the information is considered as a measure
to further enhance public awareness about the functioning of the RBI & and bring accountability to the
directors. The minutes of the meetings of the Central Board will be uploaded on the RBI’s website under
provisions of Section 4 of the Right to Information (RTI) Act, 2005. Read full details here: For the 1st
time, RBI Releases Minutes of board meeting
RBI hikes short-term debt investments limit for FPI to 30% from 20%
With the aim to boost foreign inflows, India’s central bank, the Reserve Bank of India (RBI) has
increased the short-term investments by foreign portfolio investors (FPIs) to 30 % from 20 % of
the total FPI investment in Central government securities including Treasury Bills(T-bills) / state
development loans. This rule also applies in corporate bonds. These directions are issued under
sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999). Now FPIs can
also invest up to Rs 1,50,000 crore through voluntary retention route (VRR) as against the earlier limit
of Rs 75,000 crore. Read full details here: RBI hikes short-term debt investments limit for FPI to 30%
from 20%
UCBs hit by around 972 cases of fraud worth Rs 221 crore in past 5 fiscals: RBI
According to the India’s central bank, the Reserve Bank of India (RBI), there have been about 972
cases of fraud in the urban cooperative banks (UCBs) of the country in the last 5 fiscal years (FY), in
which banks have incurred losses of 221 crores. As per RBI, banks need to register these cases of
rigging with legal investigating agencies. Banks should decide the responsibility of staff in such cases
and take strict action & punish the guilty. Read full details here: UCBs hit by around 972 cases of fraud
worth Rs 221 crore in past 5 fiscals: RBI
RBI increased Investment Limits Under Voluntary Retention Route (VRR) to Rs 1.5lakh crore
Based on the feedback received from the Voluntary Retention Route (VRR) scheme introduced by the
Reserve Bank of India(RBI) in 2009, the central bank(RBI) in consultation with the govt. made certain
amendments in the scheme to increase its operational flexibility. As per the amendments, the
investment limit under VRR has now been increased to Rs 1,50,000 crores (1.5lakh crores) from

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earlier Rs.75,000 crores. For fresh allotment, the investment limit will be Rs. 90,630 crores and will be
allotted under VRR- combined category.Read full details here: RBI increased Investment Limits Under
Voluntary Retention Route (VRR) to Rs 1.5lakh crore
RBI appoints Janak Raj as member of the Monetary Policy Committee

Janak Raj has been appointed as the third internal member (ex officio member) of the Monetary
Policy Committee (MPC) by the Reserve Bank of India (RBI) during it's 581st meeting of the central
board in Mumbai, Maharashtra. He is the successor of Dr. Michael Debabrata Patra who was
appointed as Deputy Governor of RBI. ED Janak is the executive director in-charge of the monetary
policy department. MPC consists of 6 members which is headed by RBI governor.
BANKING TECHNOLOGY
APP NAME LAUNCHED BY KEY NOTES
MANI (Mobile Aided Note Identifier) Shri Shaktikanta launched a mobile app named “MANI”
Das, 25th Governor (Mobile Aided Note Identifier) that would
of Reserve Bank help visually impaired people to identify
(RBI) denomination of currency notes correctly.
Click here
myApps HDFC (Housing For the 1st time has launched ‘myApps’,
Development which is a suite of white-label apps to
Finance benefit urban local bodies, housing
Corporation) Bank, societies, local clubs and gymkhanas and
An Indian banking religious institutions. The myApps was
and financial launched at an event in Mumbai,
services company Maharashtra by Smita Bhagat, Country
Head, Government & Institutional
Business, Start-ups and E-Commerce,
HDFC Bank and Sunali Rohra, Executive
Vice President, Government and
Institutional Business, HDFC Bank.
ICICI Bank API Banking ICICI (Industrial Launched India’s largest API (application
portal’(https://developer.icicibank.com/) Credit and programming interfaces) Banking portal,
Investment which consists of 250 APIs & allows
Corporation of bank’s partner companies across the
India) bank, an globe to sign up on it, create an
Indian multinational application, select the application, test it
banking and out and get the sample code. API is a
financial services software intermediary that allows two
company applications to talk to each other. Click
here
iMobile ICICI (Industrial An Indian multinational bank has

Credit and launched Cardless cash withdrawal
Investment facility from its ATMs (Automated Teller
Corporation of Machine) with a per-day transaction limit
India) Bank of Rs 20,000. With this, customers can
withdraw cash from more than 15,000
ATMs of the bank through the bank's

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mobile banking application 'iMobile'. This
facility can be used for self-withdrawal
when ICICI customers do not wish to carry
the debit card & also enables customers to
withdraw cash securely and easily from
their mobile phone for everyday use.
Ask Lakshmi City Union Bank For the 1st time India, the City Union
(CUB) Limited Bank (CUB) Limited, one of the leading
Indian banks in India, has launched a
multilingual voice-enabled mobile
banking application. Now the CUB
customers can converse with the chat-bot
‘Ask Lakshmi’ of the app in Tamil,
English, Hindi / Telugu language for
their general banking queries including
transactions like Balance enquiry, mini
statement, fund transfer over voice/text
instructions. The chat-bot Lakshmi
operates on Artificial Intelligence (AI)
platform.
LOANS ISSUED BY BANKS

LOANS RECEIVED AMOUNT KEY NOTES
ISSUED BY BY
Export-Import Cuba $75 million Export-Import (Exim) Bank, the premier export finance
(Exim) Bank (over Rs 500 institution of India has given a $75 million (over Rs 500
crore) crore) line of credit (LoC, a soft loan/loan with low-
interest rate) to Cuba for financing 75 MW (megawatt)
Photovoltaic Solar Parks. The Agreement in this regard
between Exim Bank & Banco Exterior De Cuba, a
nominated agency of the Government of Cuba, signed on
July 16,2019 & is effective from December 12,2019.
Kfw, Germany Andhra Rs.711 crore For expanding the climate-resilient Zero-Budget Natural
Development Pradesh Farming (ZBNF) in the state for the next five years. To
bank take up the insurance scheme, Andhra Pradesh
government will spend Rs 304 crore in addition to
encourage 2.39 lakh farmers in 591 village panchayats.
The state government under takes ZBNF along with the
Rashtriya Krishi Vikas Yojana (RKVY) and Paramparagat
Krishi Vikas Yojana’s (PKVY) of the Centre government
and technical supported by Azim Premji Philanthropic
Initiatives. Click here
World Bank Govt. of $88 million For implementation of the Assam Inland Water Transport
(WB) Assam Project (AIWTP) to modernize passenger ferry sector of
Assam which runs on rivers including the Brahmaputra
river in Assam. A loan of $88 million from WB’s

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International Bank for Reconstruction and Development
(IBRD) has a final maturity of 14.5 years including a grace
period of 5 years. The loan agreement from the Indian
side was signed by Sameer Kumar Khare, Additional
Secretary, Department of Economic Affairs, Ministry of
Finance and by Mr Junaid Kamal Ahmad, Country Director
(India), World Bank on behalf of the WB.
World Bank Govt of $210 million For Maharashtra's Agribusiness & rural
(WB) Maharashtra transformation project. This project will help the
farmers in Maharashtra to take part in competitive
agriculture value chains, enhance agribusiness
investments thereby increasing productivity of
commodities. All 36 districts of Maharashtra will be
implemented with the project and would benefit nearly 1
million farming households. This loan is from the WB’s
International Bank for Reconstruction and Development
(IBRD) has a grace period of 6 years and a maturity
period of 13.5 years.
AGREEMENTS & MoU’s SIGNED

BANKS SIGNED WITH KEY NOTES
Bank of Baroda JM Financial Home Bank of Baroda (BoB), an Indian Multinational, public sector Bank
(BoB) Loans Limited has signed a co-lending partnership agreement with JM Financial
(JMFHL) Home Loans Limited (JMFHL), the housing finance arm of JM
Financial Group, to provide retail loans to home buyers. This tie up
will boost the credit delivery to customers & also promote home
buying field in India.
Paytm Payments CSC e-Governance CSC e-Governance services India ltd has signed a Memorandum of
Bank ltd (PPBL) services India ltd Understanding (MoU) with Paytm Payments Bank ltd (PPBL) for
selling FASTags. Through this MoU, FASTags will be sold through
the last mile network of 3.6 lakh CSCs (Common Service Centres).
This will help in enhancing govt’s vision of cashless and smooth
transit at toll plazas in the country. FASTags allows toll payments
directly from prepaid or savings account linked to it. The FASTags
work on Radio Frequency Identification (RFID) technology. Click
here
Indian bank Women Indian bank has signed a Memorandum of Understanding (MoU)
Entrepreneurs with Women Entrepreneurs Welfare Association (WEWA) of
Welfare Association Tamil Nadu(TN) to provide training and credit linkage to its
(WEWA) women entrepreneurs to establish business. The Indian bank will
provide loans to the WEWA members at discounted rates.
Training will be given to the WEWA members in the INDSETIs
(Indian Bank Self Employment Training Institutes)

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State Bank of South Central For ‘doorstep banking’ under which the bank will collect earnings
India (SBI) Railway (SCR) Zone generated from all 585 stations of the zone. Till now, the railways
of Indian Railways used to send cash received at their stations to the bank in the safes
by train. There was risk in this work and it was extremely difficult.
It also consumes human labor. Click here
OTHER BANKING & FINANCE NEWS

RevFin partners with PNB MetLife to provide life insurance to its customers
India's leading Digital lending startup, RevFin Services Private Limited has joined hands with PNB
MetLife India Insurance Company to offer protection to the RevFin’s customers by bundling life
insurance cover on their loans. The collaboration will help PNB MetLife to reach out to unbanked areas
& drive greater financial inclusion in the country by securing the families of the borrowers against loan
repayment in case of unfortunate death of the borrower.
PayPal India launches adoption assistance programme for employees

In order to promote parental support benefits for employees, online digital payments player, PayPal
India Private Limited has launched a new Adoption Assistance Program w.e.f. December 2019, where it
will be offering financial assistance of up to Rs 1 lakh per adoption for the parents. The company
provides paid adoption leave of 16 weeks for female employees, maternity leave of 26 weeks, paternity
leave of 2 weeks, along with Childcare@PayPal, where children can be enrolled in a nearby daycare
centre.
IRDAI: Health insurance cover in the name 'Arogya Sanjeevani' mandatory for insurance companies
Insurance Regulatory and Development Authority of India (IRDAI) has mandated all the health and
General Insurance Companies (GICs) to offer 1st of its kind standardised health insurance products
(SHIP) namley “Arogya Sanjeevani” policy with effect from April 1, 2020.
 Insurance limit: Minimum sum insured will be Rs. 1 lakh while the maximum sum insured limit
will be Rs. 5 lakhs. The health insurance plan should be offered with a policy term of one year.
 Eligibility: Any person aged between 18-65 (inclusive of 18 & 65 years of age) eligible for the
Arogya Sanjeevani policy
Read full details here: IRDAI: 1st Health insurance cover in the name ‘Arogya Sanjeevani’ mandatory for
insurance companies
NSE arm launches AI-powered ‘knowledge hub’ to serve financial sector

National Stock Exchange (NSE) launched ‘NSE Knowledge Hub’ an Artificial Intelligence-powered
learning platform for BFSI (Banking, Financial services and Insurance) sectors to enhance skills for
their employees, during an event in New Delhi. The function was inaugurated by Piyush Goyal, Union
Minister of Railways & Commerce and Industries. It has been developed by NSE Academy, a wholly-
owned subsidiary of the National Stock Exchange (NSE). The modules in the hub will help in
understanding the stock exchange and their functionalities.
SEBI extends April 2022 deadline for separation of chairman & MD posts for top 500 listed entities
firms
Stock market regulator SEBI (Securities and Exchange Board of India) has extended the deadline for the
separation of the posts of Chairman and MD (Managing Director) or chief executive officer (CEO) for
500 listed companies by 2 years. Now this rule has to be followed by April 1, 2022. Its aim is to
separate the board and the management of the top companies.The rules to separate the post of
Chairman-MD are part of the recommendations of the Uday Kotak (MD of Kotak Mahindra Bank)
Committee appointed by SEBI on Corporate Governance.

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SBI announces new 'RBBG' scheme; SBI & Sunteck Realty Limited signed MoU on RBBG scheme
State Bank of India (SBI) has announced a new scheme named Residential Builder Finance with Buyer
Guarantee (RBBG) to safeguard home buyers financially by issuing guarantee for completion of projects
to customers availing SBI Home Loans. The ongoing home projects of SBI customers will be financed by
the bank itself. Under the scheme, all reputed builders fulfilling the bank criteria can avail loan ranging
between Rs 50 crores and Rs 400 crores. SBI and real estate development company Sunteck Realty
Limited (SRL) signed a Memorandum of Understanding (MoU) to boost the residential housing sector
under the public sector lender’s RBBG scheme with tagine “Sapna Aapka – Bharosa SBI Ka” to the home
buyers. Read full details here: SBI announces new ‘RBBG’ scheme; SBI & Sunteck Realty Limited signed
MoU on RBBG scheme
Digital payments body NPCI launches blockchain-based 'Vajra platform' to make payments fast &
secure
National Payments Corporation of India (NPCI), an umbrella organisation for operating retail payments
has launched blockchain technology/ Distributed Ledger Technology (DLT) based “Vajra Platform” to
make payments fast & secure. It aims to offer automatic clearing and settlement of payments on NPCI
products such as unified payments interface (UPI) and Rupay card & will significantly reduce the need
for manual reconciliation. All the transactions undertaken by Vajra Platform using DLT follow real-time
clearing and settlement and will also help in Aadhaar authentication by the Unique Identification
Authority of India (UIDAI).Read full details here: Digital payments body NPCI launches blockchain-
based ‘Vajra platform’ to make payments fast & secure
Airtel joins hands with Bharti AXA to provide Rs 179 prepaid plan with life insurance of Rs 2 lakh
Bharti Airtel Limited (also known as Airtel), an Indian global telecommunications services company has
partnered with Bharti AXA Life Insurance Company Limited to offer Rs 2 lakh insurance cover to Airtel
users with every recharge of Rs 179 prepaid bundle. The new plan will be accessible at any Airtel retail
store or on the Airtel Thanks app. In case of insurance cover, the users taking this plan should be
between 18 and 54 years old.
NICL board approves its merger proposal with OICL & UIIC
The Board of National Insurance Company Limited (NICL) has approved its merger with Oriental
Insurance Company Ltd (OICL) and United India Insurance Company Ltd (UIIC). The merger would help
cut down costs and achieve economies of scale. In the General Budget for the financial year 2018-19, the
then Finance Minister (FM) Arun Jaitley announced the proposal for merger of the three government
general insurance companies. But the merger of these companies was not done due to poor financial
health. In December 2019, the government has infused Rs 2,500 crore in three insurers through the
supplementary demand for the first grant for 2019-20, to add Rs 2,500 crore.
Bajaj Finserv partners with Apollo Hospitals to launch health EMI cards to patients
Apollo Hospitals Group in collaboration with Bajaj Finserv has launched digitized “Health EMI Card”
which will be provided to patients and will be offered a credit limit of Rs.4 Lakhs. Nearly 600
procedures for patients will be covered. This partnership between Apollo and Bajaj Finserv has been
done to enable EMI (Equated monthly installments) financing for healthcare. The card will be accepted
in all the Apollo hospitals through India. It provides personal accident insurance cover of Rs. 1 lakh.
ICICI Lombard gets IRDAI approval to pilot 5 projects under Regulatory Sandbox
ICICI Lombard General Insurance Company Limited, one of the leading private sector general
insurance companies in India,has received Insurance Regulatory and Development Authority
(IRDAI) approval for 5 innovative applications and programs in its health and motor portfolio under
the Sandbox Project. This is the largest approval by IRDAI in terms of numbers given to a company
under the project. ICICI Lombard has got the approval for APP Monitored Diabetes Mellitus Wellness

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Program, APP Monitored Dyslipidaemia Management Program under the health insurance portfolio,
Pay As You Use (PAYU) policies for Private Car, Pay How You Use (PHYU) policies for Private Car and
Single owner multiple vehicle (Motor floater policy).
Exim Bank extends $35.80 mn LoC to Suriname for rural electrification

Export-Import Bank of India (EXIM bank) has extended $35.80 million (nearly Rs 250 crore) Line of
Credit (LoC) to South American country Suriname to fund its rural electrification programme through
solar Diesel Generator (DG) hybrid Photo-Voltaic(PV) systems in Suriname’s 50 remote villages. Under
the LoC, the projects covered include power, water supply, purchase of helicopters, and rehabilitation
and upgradation of milk processing plant.
New India Co-operative Bank (NICB) to be converted as Small Finance Bank

New India Co-operative Bank (NICB) has decided to convert into a Small Finance Bank (SFB) after
being agreed by its shareholders under Voluntary Transition of Primary (Urban) Co-operative Banks
(UCBs) into SFB. NICB will now approach the Reserve Bank of India (RBI) and Central Registrar of
Societies for further action. The decision for conversion comes after RBI made regulatory changes
following the Rs 4500 crore PMC (Punjab and Maharashtra Co-operative Bank) bank scam and to
ensure enhanced regulations to lenders. A minimum of Rs.200 crore is needed to set up an SFB.
IndusInd Bank launches asset management platform "PIONEER"

IndusInd Bank Limited, one of the leading Private Sector Banks of the country , has launched the asset
management platform under the name ‘PIONEER' Banking. Through this, specially tailored banking
services will be provided to high net-worth customers of IndusInd bank. They can avail free doorstep
banking of up to Rs. 4 Lakh per day at no extra cost. They will not be charged for transactions taken
through the NEFT (National Electronic Funds Transfer) or RTGS (Real-time gross settlement) platforms,
and also no charges for Non-Maintenance of Minimum Balance.
Western Union joins hands with Airtel payments bank & Airtel Africa for money transfer service
Western Union Company has partnered with India’s largest integrated telecommunications services
company, Bharti Airtel’s 2 arms- Airtel Payments Bank & Airtel Africa Plc, to enable millions of
latter’s customers in India to receive international remittances in their bank accounts & and Mobile
Wallets across 14 countries in Africa. Airtel Payments Bank customers will be able to direct a Western
Union money transfer into their bank accounts 24/7 via their app in real-time. In collaboration with
Airtel Africa, this will enable over 15 million Airtel Money mobile wallet users to simply get any money
transfer received from across the world into their wallets.
NABARD predicts Rs 90,395cr credit potential for Odisha in FY21

National Bank for Agriculture and Rural Development (NABARD), an Apex Development Financial
Institution in India, in its State Focus Paper for Odisha, has estimated Odisha's credit potential at Rs
90,395.69 crore for Financial year FY- 2020-21 with a hike of around 20% over credit projection of
2019-20.
No charge on UPI, RuPay transactions if MDR is zero: Banks to NPCI

National Payments Corporation of India (NPCI), an umbrella organisation for operating retail
payments and settlement systems, has approved part of the banks request to remove interchange fees
on Unified Payments Interface (UPI) and RuPay card transactions as long as the merchant discount
rate (MDR) remains zero. In contrast, it still reviewing other fees like payments service provider (PSP)
fee and switching fees as it is concerned that the decision will obstruct its revenues. If NPCI provides a
complete waiver on charges, NPCI as well as banks, networks and PSPs will not earn anything from UPI
and RuPay transactions.

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ICICI Bank launches first-of-its-kind 24x7 self-service delivery facility , 'iBox’
ICICI (Industrial Credit and Investment Corporation of India) Bank has launched first-of-its-kind
24x7 self-service delivery tool for customers called “iBox” at one of its branches in Mumbai,
Maharashtra. The bank has started it in over 50 branches in 17 cities. Under this facility, customers will
now be able to take their debit, credit card, check book and return check from the branch close to their
home or office. The iBox terminals are installed outside the premises of the bank's branches, which can
be used even after the bank closes.
Indian Bank launches credit products 'Corporate Loan' & 'Ind Surya Shakthi' for textile sector
Indian Bank has announced the launch of two tailor made credit products i.e., Corporate Loan and Ind
Surya Shakthi/ Indian Bank Solar which will be available across the country for the benefit of the
textile sector. The products were launched during a meeting with high officials of the textile industry
under the Indian Texpreneurs Federation (ITF), in association with the Federation of Indian Chambers
of Commerce & Industry (FICCI) in Coimbatore, Tamil Nadu.
 Corporate Loan: Under it, the loans will be offered at affordable interest rates.
 Surya Shakthi: It is a term loan to set up roof-top solar power plants for captive consumption
to boost the renewable energy utilisation culture in the textile sector.
2020 Banking & Finance – February

RBI IN NEWS
RBI hikes Insurance cover on bank deposits to Rs 5 lakh from Rs 1 lakh
India’s central bank, the Reserve Bank of India (RBI) has increased the Insurance cover on bank
deposits to Rs 5 lakh from Rs 1 lakh effective from February 4, 2020 with a view to giving protection to
depositors. The cover is provided by a wholly owned subsidiary of the RBI, the Deposit Insurance and
Credit Guarantee Corporation (DICGC). The DICGC does not directly charge any premium from the
depositor on this insurance. So Now Banks will pay a premium of 12 paise against 10 paise per Rs 100
deposit. Read full details here: RBI hikes Insurance cover on bank deposits to Rs 5 lakh from Rs 1 lakh
Overview of 6th Bi-monthly monetary policy 2020 released by RBI

The Reserve Bank of India (RBI) announced its 6th Bi-Monthly Monetary Policy Rates for 2020-21 in
Mumbai , Maharashtra. The three-day (February 4-6,2020) policy review meeting by the 6 members of
Monetary Policy Committee (MPC) was headed by RBI Governor Shaktikanta Das with the members Dr.
Chetan Ghate, Dr. Pami Dua, Dr. Ravindra H. Dholakia, Dr. Janak Raj, Dr. Michael Debabrata Patra. The
next meeting of the MPC is scheduled during March 31, April 1 and 3, 2020.
Bank credit up by 7.21%, deposits up by 9.51%: RBI

According to the latest Reserve Bank of India (RBI) data, Bank credit and deposits grew by 7.21 % and
9.51 % to Rs 100.05 lakh crore and Rs 131.26 lakh crore, respectively, in the fortnight ended January
17,2020. The banks advance was 93.32 lakh crore rupees in the same period a year ago, while deposits
stood at 119.85 lakh crore rupees. Read full details here: Bank credit up by 7.21%, deposits up by
9.51%: RBI
Reserve Bank set to conduct Financial Literacy Week (FLW) 2020 from February 10–14
India’s central bank, the Reserve Bank of India (RBI) is going to conduct the Financial Literacy Week
(FLW) 2020 from February 10 – February 14, 2020 based on the theme “Micro, Small and Medium
Enterprises (MSMEs)”. RBI will also launch a centralized mass media campaign in February 2020 to
broadcast essential financial awareness messages to MSME entrepreneurs. RBI conducts FLW every

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year since 2016 to spread the financial education on a particular theme across India. FLW 2018 & FLW
2019 were conducted with the theme “Consumer Protection” and “Farmers” respectively.
RBI grants 5-year CRR relief to banks for lending to auto, housing, MSMEs
In a major step to boost the credit growth, the Reserve Bank of India (RBI) has eased Cash Reserve
Ratio (CRR) requirement of commercial banks for 5- years. So now the banks would not be needed to
maintain the cash reserve ratio (CRR) for 5- years on their deposits for the amount equivalent to loans
lent to automobiles, residential housing, and micro, small and medium enterprises (MSMEs) between
31 Jan-31 July, 2020 from their net demand and time liabilities (NDTL) for maintenance of the CRR. The
banks can get first such exemption will be started on 14 February, 2020 for 6 months till July 31, 2020.
However, the net demand and time liabilities (NDTL) will be calculated as of January 31, 2020. RBI
grants 5-year CRR relief to banks for lending to auto, housing, MSMEs
RBI publishes draft framework for New Umbrella Entity (NUE) for retail payment systems
The Reserve Bank of India (RBI) published draft framework to set up new pan-India New Umbrella
Entity (NUE) for retail payment systems. It will be incorporated under the Companies Act, 2013 and
will be given authorization by Reserve Bank of India (RBI) under Section 4 of the Payment and
Settlement Systems Act, 2007 (PSS Act). At present, National Payments Corporation of India
(NPCI) is an umbrella organisation for retail payments systems. Read full details here: RBI publishes
draft framework for New Umbrella Entity (NUE) for retail payment systems
RBI board recommends aligning accounting year with fiscal year from 2020-21
The Central Board of Directors of the RBI (Reserve Bank of India) at its 582nd meeting recommended
aligning the financial year of RBI, currently July-June, with the government’s fiscal year (April-March)
from the year 2020-21. Now, the proposal is sent to the government for its approval. The meeting was
addressed by Finance Minister Nirmala Sitharaman. She was accompanied by Minister of State for
Finance Anurag Singh Thakur, Finance Secretary Rajiv Kumar and Expenditure Secretary T V
Somanathan.
RBI conducts 3- year Long Term Repo Operations (LTRO)’s for Rs.25,000 crore
Reserve Bank of India (RBI) has started the first tranche of Long Term Repo Operation (LTROs) by
conducting a three-year issue worth Rs 25,000 crore for which it received bids of more than Rs 1.944
lakh crore. The central bank has accepted bids of ₹25,035 crore. The RBI will conduct the second issue
for Rs 25,000 crore on February 24 which will have one-year tenor. LTROs aimed at providing cheaper
money to banks at the repo rate so that it can be used to boost credit growth. RBI is injecting Rs 1 lakh
crore into the banking system through auctions with long term maturity periods (compared to one day
repos) of 1 year and 3 year. Read full details here: RBI conducts 3- year Long Term Repo Operations
(LTRO)’s for Rs.25,000 crore
Kotak Mahindra Bank gets RBI’s approval for reducing the promoter’s stake to 26%
Kotak Mahindra Bank, an Indian private sector bank has received final approval from Reserve Bank of
India (RBI) to reduce the promoter’s stake to 26%. Along with this, the bank is moving towards
bringing back the case filed against RBI in the Bombay High Court (HC) for reducing the stake of
promoters. In August 2018, the bank proposed to issue preferential shares to reduce promoter’s stake
to 19.70%, which was rejected by RBI. The bank then challenged the RBI decision in the Bombay High
Court (HC).
RBI unveils 5 year National Strategy for Financial Inclusion (NSFI): 2019-2024
In order to promote financial literacy among customers and to provide access to formal financial
services in an affordable manner, the Reserve Bank of India (RBI) has released a National Strategy for

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Financial Inclusion (NSFI) 2019-24. The strategy has been prepared by Financial Inclusion Advisory
Committee (FIAC) of the RBI in consultation with the Centre, Securities Exchange Board of India
(SEBI), Insurance Regulatory and Development Authority of India (IRDAI), and Pension Fund
Regulatory and Development Authority of India (PFRDA). NSFI has been finalized and approved by
the Financial Stability Development Council (FSDC). The document was formally released
by Mahesh Kumar Jain, Deputy Governor, RBI at the High Level Meeting on Financial Inclusion for the
North East region convened at Agartala, Tripura. Read full details here: RBI unveils 5 year National
Strategy for Financial Inclusion (NSFI): 2019-2024
CIC increased 10.2% over the past 5 years despite growing digitization: RBI report
According to the Reserve Bank of India (RBI) study titled “Assessment of the progress of digitisation
from cash to electronic” cash payments are still the essence of transactions but digital payment are
also increasing rapidly. The parameters used for this assessment are the value of Currency in
Circulation (CIC) versus Gross Domestic Product (GDP), and the value of ATM withdrawals that take
place across the country.
 The CIC across the country increased at a Compounded Annual Growth Rate (CAGR)
of 10.2% over the past 5 years, i.e., between the financial years (FY) 2014-15 and 2018-19.
 The notes in circulation– NIC (CIC minus coins in circulation) increased at an average rate
of 14% between October 2014 and October 2016.
 On the other hand the digital payments in the country have witnessed a CAGR of 61% and 19%
in terms of volume and value, respectively over the past 5 years.
Read full details here: CIC increased 10.2% over the past 5 years despite growing digitization:
RBI report
RBI allows Bandhan Bank to open new branches without prior approval
India’s central Bank, the Reserve Bank of India (RBI) has lifted the ban on Bandhan Bank & allowed
it to open new branches without prior permission. However, the RBI came up with some regulatory
conditions & directed the bank to order about 25 % of the total banking outlets to be opened in rural
areas where banking facilities are not available.
RBI introduced 12 indicators for calculating India’s growth by paper titled “Nowcasting Indian
GDP growth using a Dynamic Factor Model”
Reserve Bank of India (RBI) has came up with a new method of calculating India’s growth through a
Working Paper titled “Nowcasting Indian GDP growth using a Dynamic Factor Model” under the
RBI Working Paper Series, introduced in March 2011.The Paper is co-authored by Soumya Bhadury,
Saurabh Ghosh and Pankaj Kumar. The paper introduces the Dynamic Factor Model of calculating Gross
Domestic Product (GDP), using 12 indicators.
 Here are the 12 indicators: Index of industrial production (IIP) –consumer goods, IIP- core
sectors, Automobile sales, Non-oil non-gold imports, Exports, Rail freight, Air cargo, Foreign
tourist inflows, Government tax receipts, Nominal Effective Exchange Rate (NEER), Sensex, and
Bank Credit.It should be noted that the above indicators are similar but not the same as the
dynamic factor models (DFMs) of Stock and Watson (1989). Read full details here: RBI
introduced 12 indicators for calculating India’s growth by paper titled “Nowcasting Indian GDP
growth using a Dynamic Factor Model”
RBI mandates banks to link all new floating rate loans to medium enterprises with external
benchmark from April 1,2020
In a bid to strengthen monetary policy transmission, India’s central bank, the Reserve Bank of India
(RBI) has ordered banks to link all their new floating rate loans to medium enterprises with
an external benchmark effective from April 1, 2020. The external benchmarks will include Reserve

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bank’s repo rate, Treasury bill (T-bill) yields of 3 months or 6 months /any other benchmark published
by the Financial Benchmark India Private Ltd (FBIL). The banks will have to reset the external
benchmark every 3 months.
BANKING TECHNOLOGY
All-in-one QR (Quick Paytm Paytm, India’s leading digital payments company,has

Response), point-of-sale launched an all-in-one QR (Quick Response), point-of-sale
(POS) device (POS) device for merchants across India & SDK (software
development kit) for third-party integration. With the help
of QR & POS device, businessmen will be able to get
unlimited payments across the country at zero percent fees
through Paytm wallet, Rupay Cards & all UPI (Unified
Payments Interface ) based apps directly.
Baroda Startup Banking Shri Rajiv Kumar, Finance Secretary Shri Rajiv Kumar has inaugurated
Finance Secretary the ‘Baroda Startup Banking’ service with the objective of
making Bank of Baroda (BoB) a preferred ally of startup
companies and connecting more than 2,000 startups over
the next 2- years. The initiative was launched
simultaneously in 15 cities across India. A total of 15
Baroda startup branches will be opened under this
initiative. It will provide banking products and services as
per the needs of startup companies.
Ka-ching HDFC with IndiGo HDFC (Housing Development Finance Corporation)
bank, an Indian banking and financial services company,
has entered into a partnership with IndiGo airlines to
launch its first travel credit card named ‘Ka-ching’-
powered by Mastercard. The co-branded cards are
available in 2 variants. It includes 6E Rewards and
the premium card ‘6E Rewards XL’ & annual membership
fee of ‘6E Rewards’ will be Rs 750 while that of ‘6E
Rewards XL’ will be Rs 3,000.

LOANS ISSUED BY RECEIVED BY AMOUNT KEY NOTES
National Bank for Punjab State Rs 140 crore The National Bank for Agriculture and Rural
Agriculture and Agricultural Development (NABARD) has given its approval
Rural Development Development for loan worth Rs 140 crore at low interest rate
(NABARD) Bank (PSADB) to Punjab State Agricultural Development Bank
(PSADB). This has been done to strengthen as
well as provide financial support to PSADB.The
decision to provide Rs 140 crore was taken
during a meeting between Punjab Cooperation
Minister Sukhjinder Singh Randhawa-led
delegation with NABARD Chairman Harsh Kumar
Banwala in Mumbai, Maharashtra.

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World Bank(WB) Government of $ 450 Loan agreement to support Atal Bhujal Yojana
India (GoI) million (mn) (ABHY) – National Groundwater Management
Improvement Program that will be
implemented by the Ministry of Jal Shakti in the 7
states of Gujarat, Maharashtra, Haryana,
Karnataka, Rajasthan, Madhya Pradesh, and Uttar
Pradesh (UP) and cover 78 districts. The main
aim of this agreement is to stop the decreasing
level of ground water in India and strengthen the
institutions related to ground water. The loan
agreement was signed by Shri Sameer Kumar
Khare, Additional Secretary, Department of
Economic Affairs, on behalf of the Government of
India and Mr Junaid Ahmad, Country Director,
India on behalf of the World Bank.
National Bank for Jammu and Rs 400.64 National Bank for Agriculture and Rural
Agriculture and Kashmir(J&K) crore Development (NABARD), an Apex Development
Rural Development Financial Institution in India, has granted a sum
(NABARD) of Rs 400.64 crore to the Union Territory (UT)
of Jammu and Kashmir(J&K). The amount has
been sanctioned under its ‘Rural Infrastructure
Development Fund (RIDF) – Trench XXV’for
boosting rural infrastructure during the current
financial year-FY (2019-20). Out of the total
amount, Rs. 209.87 crore will be provided for the
construction of 82 rural roads length of 291
kms & 3 bridges. Also, an amount of 47.11 crore
rupees will be provided to improve the Animal
and Sheep Husbandry sectors of the UT.

Housing Development The Micro Small and To provide smart banking solutions to Startups
Finance Corporation Medium Enterprises recognised by the Startup Odisha and will also
(HDFC) Bank (MSME) Department of extend incubation and acceleration support to all
government of Odisha Startups, banking with them.
State Bank of India Government of Gujarat In order to provide enough credit to entrepreneurs
(SBI) in the MSME (Micro, Small and Medium Enterprises)
sector, the state Government of Gujarat has signed
an MoU (memorandum of understanding)
with State Bank of India (SBI), through which the
bank will provide working capital to entrepreneurs
aims to start new MSME within 15 days of making
an application. The agreement was signed between
principal secretary M K Das and SBI Ahmedabad
circle general manager Ramesh Kumar Agarwal in
the presence of Gujarat Chief Minister (CM) Vijay
Rupani.

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OTHER BANKING NEWS
Bank of Baroda signed pact with CARE Ratings to assess the credit quality of SMEs
State owned Bank of Baroda (BoB) has partnered with Care Ratings for assessing the credit quality of
small and medium enterprises (SME) customers. This partnership will help to grade the credit quality
of the bank’s current and prospective SME customers by processing and analyzing structured,
unstructured and new data streams. Loan value for SMEs will be identified through 8 –Point scale.
Number 1 indicates the highest creditworthiness and 8 – poor creditworthiness.
Govt data: BoM & SBI were only PSBs rated ‘good’ in digital transactions in Dec 2019
According to data released by Government via Ministry of Electronics and Information Technology
(MeitY), Bank of Maharashtra (BoM) and State Bank of India(SBI) were the two only Public Sector
Banks(PSBs) rated as “good” in digital transactions for December 2019. BoM and SBI obtained a score
of 77 and 68 respectively. He score for an individual bank was given by Ministry of Electronics and
Information Technology (MeitY) based on various parameters. The banks performance will also be
rated on a monthly basis. Read full details here: Govt data: BoM & SBI were only PSBs rated ‘good’ in
digital transactions in Dec 2019
Digital transactions through IMPS, UPI and BHIM at record high in January 2020
According to the latest data from NPCI (National Payments Corporation of India ) comes against the
backdrop of the decision made by government on encouraging digital payments, Unified Payments
Interface( UPI), IMPS (Immediate Payment Service) & BHIM (Bharat Interface for Money) registered a
new record in the amount of cash transaction in January 2020.
 Record by IMPS: It handle much of the online payments via internet banking, round the clock
(24×7) & registered a total of 25.95 crore transaction, aggregating Rs.2.16 lakh crore in the first
month of the calendar year 2020.
 Record by UPI: It replicated its volume of transactions of 1.3 billion with value of transactions to
Rs 2.16 trillion (Rs 2,16,241 crore ) in January 2020.
 Record by BHIM: This app also registered all time high volume of transactions with 1.85 crore
transaction worth Rs.6611.22 crore in January 2020.
Read full details here: Digital transactions through IMPS, UPI and BHIM at record high in January 2020
Canara Bank MD & CEO R.A. Sankara Narayanan retires

Public sector lender, Canara Bank announced that its Managing Director (M.D) and Chief Executive
Officer (CEO) Sankara Narayanan (60) has retired, because Narayanan attains the age of
“superannuation” (which means completing the age for retirement).
ADB approved $2 million fund amount to combat nCoV

Asian Development Bank (ADB) has approved to sponsor $2 million as funding to combat the outbreak
of novel coronavirus (nCoV). Under the funding, regional technical assistance will be provided in
Cambodia, China, Laos, Myanmar, Thailand, and Vietnam. ADB has also partnered with the World
Health Organisation (WHO) and other regional experts to respond to the 2019 nCoV situation.
PSBs recover record ₹2.03 lakh crore bad loans in last one-and-half years: FM
The public sector banks’ (PSBs) bad loans trimmed to ₹7.27 lakh crore at the end of September 2019 in
comparison to ₹8.96 lakh crore at the end of March 2018. The information was provided by Finance
Minister Nirmala Sitharaman on February 10, 2020. It is a result of measures taken by the government
to improve financial health of the banks in the country through governance, underwriting, monitoring
and recovery, and has leveraged technology in all aspects of banking, resulting in reduction in their
Non-performing asset (NPA).

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HDFC, MasterCard and SAP concur partnered to manage spending in corporate sector
HDFC (Housing Development Finance Corporation), MasterCard and SAP concur collaborated to
manage the spending of the corporate sector. HDFC Bank will offer a corporate credit card for business
travellers, providing a one-stop solution for payment and expense management during business
trips. SAP Concur offers credit for travel, expense, and invoice management solutions and the corporate
credit card is supported by MasterCard.
SBI Card join hands with Landmark group to launch 3 new retail co-branded credit cards
SBI (State Bank of India) Cards & Payments Services Ltd (previously known as SBI Cards and
Payment Services Private Limited), a payment solutions provider in India, has entered into the
partnership with Landmark Group, one of the largest retail and hospitality organizations, to launch 3
new retail co-branded credit cards namely Lifestyle Home Centre SBI Card, Max SBI Card and Spar
SBI Card with 4 Landmark Group brands- Lifestyle, Home Centre, Max and Spar. The co-branded cards
are available in three variants. It includes, Base, SELECT and PRIME and caters to the needs of
consumers ranging from Value for Money to Premium and Super Premium.
Microsoft, SBI join hands to train differently-abled for employment in BFSI sector
Global tech giant Microsoft has collaborated with the Centre run State Bank of India (SBI) to train
differently-abled people to find jobs in the banking, financial services and insurance
(BFSI) sector. In the first year of partnership 500 differently-abled youths will be upskilled. As a part of
this partnership, SBI Foundation and Microsoft will develop an artificial intelligence powered market
so that BFSI industry can connect more easily with differently-abled people for employment
opportunities.
ADB raises $118 mn through offshore India rupee linked 10-year bonds
Asian Development Bank (ADB), a regional development bank,has secured Rs 850 crore ( about
$118 million) from a new issue of offshore Indian rupee-linked 10-year bonds, with the bonds bearing
a semi-annual coupon of 6.15% and priced to yield 6.19%. This is the 1st maturity secured in Indian
rupees since the year 2017, and gives an established yield curve that starts from 2021 through 2030
with Rs 72.4 billion ($1 billion) of outstanding bonds.
Government to include non-scheduled urban, district cooperative banks in 3 schemes for

MSME
Government decided to include non-scheduled urban & district central cooperative banks in 3
schemes namely Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE),Credit
Linked Capital Subsidy Scheme (CLCSS) & Interest Subvention Scheme to make easy access to finance
for the Ministry of Micro, Small & Medium Enterprises MSME sector. It will spread the outreach & easy
access to credit. Read full details here: Government to include non-scheduled urban, district
cooperative banks in 3 schemes for MSME
FINANCE NEWS
Reliance general insurance introduces comprehensive health insurance plan “Infinity”
Reliance General Insurance Company Limited , one of the leading insurance companies in India, has
launched a comprehensive health insurance plan called “Reliance Health Infinity”. Under the plan, the
minimum sum insured will be Rs. 3 lakh while the maximum sum insured limit will be Rs. 1 crore.
PFRDA doubles minimum net worth for pension fund managers to Rs 50 cr from Rs 25 cr
The Pension Fund Regulatory and Development Authority (PFRDA), the regulator of the National
Pension System (NPS), has doubled the minimum net worth criterion for pension fund managers to ₹50
crore from the ₹25 crore stipulated earlier. Now, pension funds are on par with mutual funds which

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have to meet a minimum net worth requirement of ₹50 crores, under SEBI (Securities and Exchange
Board of India) rules. Provision has also been made for licenses to have indefinite validity. Earlier, the
licenses of pension fund managers were granted for a period of 5 years. But now, the license
will remain valid until cancelled by the regulator.
Union Ministry of Finance has notified ‘Printing of One Rupee Currency Notes Rules, 2020’
Union Ministry of Finance has notified ‘Printing of One Rupee Currency Notes Rules, 2020’ which will
feature bilingual signature of Shri Atanu Chakraborty, Secretary, Ministry of Finance. It shall be
rectangular 9.7 x 6.3 cms, with its paper made of 100% (cotton) rag content. The pink green colour
note will have a design of grains, which depicts the “agricultural dominance of the country”. The note
will be 110 microns thick, weighing 90 GSM (Grams per Square Meter).
SEBI to tighten eligibility criteria for investment advisors

Securities and Exchange Board of India (SEBI), the regulator for the securities market in India, has
decided to tighten the eligibility rules for investment advisors with the intention of protecting the
interests of investors. It has also decided to set a upper limit on their fees & proposed a fee of 2.25% of
assets under management (AUM) / an amount of ₹75,000 per annum. The fee can be charged for
up to 2 quarters at a time and cannot be fully charged upfront. SEBI has also approved rules for
regulatory sandboxes (RS), which will enable live-testing of new financial products / services in a
controlled ecosystem.
Securities market regulator SEBI redefines ‘pledge’ to protect client securities

Securities and Exchange Board of India(SEBI) ,the regulator for the securities market in India, has
amended the SEBI (Depositories and Participants) Regulations,2018 by including an extra explanation
that states that ‘pledge’ would also refer to ‘re-pledge of securities for margin or settlement
obligations.’
The decision was approved by the SEBI Board meet in Mumbai, Maharashtra. With this SEBI’s
amendment, now the depository will have the liability of the bonafide pledge ,which is created from the
margin account of a stock broker.
Sweden’s Riksbank begun testing world’s 1st digital version of currency, e-krona
Sveriges Riksbank (or simply the Riksbank), the central bank of Sweden, had begun testing its digital
version of currency, e-krona. If this year-long pilot project successful, this would lead to the creation
of world’s 1st central bank digital currency (CBDC). The digital currency e-krona will be used to
simulate day-to-day banking functions like payments from a digital wallet such as a mobile phone
application.
IRDAI forms 9-member panel led by Srinivasan to examine the possibility of allowing life
insurers offer indemnity based health policies
After banning life insurers from selling indemnity-based health policies a few years back in July
2016, Insurance Regulatory and Development Authority of India (IRDAI), an autonomous body
tasked with regulating and promoting the insurance has formed a 9-member committee led by Mr. G.
Srinivasan, Director of National Insurance Academy (NIA) to examine the possibility of allowing them
again and extant statutory provisions that are applicable in this regard. The committee, co-chaired by
Mr MR Kumar, Chairman of LIC of India, will have to submit its recommendations within 2- months.
Bharti AXA General Insurance becomes the 1st non-life insurer in India to use Whatsapp for
deliver policy & renewal documents
Bharti AXA General Insurance becomes the 1st non-life insurer in India to use Whatsapp chatbot for
entire services such as policy documents delivery, renewal notices & claim intimation for its customers.

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It will soon start to sell private cars, 2 wheelers & Travel insurance through Whatsapp. It is an Instant
Messaging platform to be connected with the policyholders anytime, anywhere.
Capri Global Capital Ltd launched UDAAN new SME lending scheme for Women Entrepreneurs
The Non-Banking Financial Company (NBFC) Capri Global Capital Limited (CGCL) has launched an
SME(Small and medium-sized enterprises) lending product “UDAAN” for women entrepreneurs to
provide secured loans upto Rs.40 lakhs only for Business purpose with the loan repayment period of
10years to 15 years at a competitive interest rate after conducting due diligence.
2020 Banking & Finance – March

RBI IN NEWS
SC allows trade in cryptocurrency by rejecting RBI 2018 circular
Supreme Court (SC) has lifted ban on trading in virtual currency, cryptocurrency and bitcoins by
cancelling the Reserve Bank of India (RBI) 2018 circular that barred banks from serving companies
dealing in cryptocurrency exchanges. The decision in this regard has been taken by the three-judge
Bench of headed by Justice Rohinton Fali Nariman and 2 other members are Justice Shripathi
Ravindra Bhat, and Justice V Ramasubramanian.The plea was filed by Internet and Mobile
Association of India (IAMAI) challenging RBI’s 2018 circular because the members of IAMAI also
include cryptocurrency exchanges. Read full details here: SC allows trade in cryptocurrency by rejecting
RBI 2018 circular
RBI announced draft scheme “Yes Bank Ltd. Reconstruction Scheme, 2020” for Yes Bank’s
revival; SBI willing to invest
A day after Yes Bank Ltd. placed under moratorium which will be effective upto April 3, 2020, on March
6, 2020, Reserve Bank of India (RBI) after exercising its powers conferred under sub-section (4) of
section 45 of the Banking Regulation Act, 1949, has issued a draft scheme of reconstruction of the Yes
Bank. It should be noted that State Bank of India (SBI) wants to invest in Yes Bank and also to
participate in its reconstruction scheme. SBI can invest for up to 49% stake for nearly Rs 2,450 crore.
Read full details here: RBI announced draft scheme “Yes Bank Ltd. Reconstruction Scheme, 2020” for
Yes Bank’s revival; SBI willing to invest
India’s current account deficit narrows dramatically to $ 1.4 bn in October-December 2019

quarter: RBI
According to the report “Developments in India’s Balance of Payments during the third quarter
(October-December) of 2019-20”, released by Reserve Bank of India (RBI), India’s current account
deficit (CAD) fell sharply to $ 1.4 billion, or 0.2 % of GDP (gross domestic product), for the October-
December 2019 quarter of the current financial year (FY 2019-20) due to the lower trade deficit and an
increase in net services revenue. This figure was 2.7 % of GDP (or $ 17.7 billion) in the same period of
last fiscal and 0.9 % of GDP (or $ 6.5 billion) in the previous quarter of the current financial year. Read
full details here: India’s current account deficit narrows dramatically to $ 1.4 bn in October-December
2019 quarter: RBI
RBI issues guidelines for Ind AS implementation by NBFCs, ARCs

The RBI has framed regulatory guidance on Indian Accounting Standards (Ind AS) to be applicable on
Ind AS implementing Non-Banking Financial Companies (NBFCs) and Asset Reconstruction Companies
(ARCs) for preparation of their financial statements (FS) from financial year (FY) 2019-20 onwards. The
guidance has been framed to promote a high quality, consistent implementation, and better supervision
of FS. As per the guidance, all Non-Banking Financial Companies (NBFCs) covered by Rule 4 of the

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Companies (Indian Accounting Standards) Rules, 2015 are required to comply with Ind AS for the
preparation of their FS.
RBI revises exposure limits for urban cooperative banks to single, group borrowers
The Reserve Bank of India (RBI) has revised exposure limits for urban cooperative banks (UCBs) of tier-
1 capital to a single borrower to 15% and a group of borrowers to 25%. The revised exposure limits
shall be applicable to all types of fresh exposures taken by UCBs. The RBI earlier permitted UCBs to
have exposures up to 15% and 40% of their capital funds to a single borrower and a group of
borrowers, respectively. The RBI also revised the priority sector lending (PSL) target for UCBs from
40% to 75% of the adjusted net bank credit (ANBC), or credit equivalent amount of off-balance sheet
exposure (CEOBSE). These norms will also have to be fulfilled by 31 March 2024.
RBI issued new guidelines for payment aggregators; MCR reduced for new PAs to Rs 15 crore
from Rs 100 crore
Reserve Bank of India (RBI) has issued new guidelines for the payment aggregators (PAs) to provide an
ease for payments industry players with effect from April 1, 2020. The guidelines are issued under
Section 18 read with Section 10(2) of the Payment and Settlement Systems Act, 2007. PA is a company
incorporated in India under the Companies Act, 1956 / 2013. RBI has reduced the minimum capital
requirements (MCR) for PAs at the time of application for the license to Rs 15 crore from Rs 100 crore.
Read Full Details Here: RBI issued new guidelines for payment aggregators; MCR reduced for new PAs
to Rs 15 crore from Rs 100 crore
RBI opens dollar-swap window along with infusion of Rs 1,00,000 crore through LTRO
Reserve Bank of India (RBI) has opened a six-month dollar sell-buy swap window and will also inject Rs
1,00,000 crore additional Long Term Repo Operations (LTROs) at the policy repo rate. These measures
taken by RBI are to boost liquidity in the foreign exchange market of India and will serve the
requirement of U.S. dollars in the market. RBI will undertake second 6-month dollar/rupee sell/buy
swap auction on 23 March 2020. Under this, RBI will provide $2 billion to the banks that need it
through a swap. Read Full Details Here: RBI opens dollar-swap window along with infusion of Rs
1,00,000 crore through LTRO
RBI extended authorisation to Vakrangee Ltd for white label ATMs till Mar 31, 2021
Reserve Bank of India (RBI) has extended the validity of Authorization to Vakrangee Limited till March
31, 2021 to set up, own and operates the White Label ATMs (WLA) Business in India. In this regard,
Renewal of Authorization has been granted to Vakrangee Limited. As per the renewal, Vakrangee Ltd
must deploy minimum 1,000 ATMs for every calendar year starting 2020 for an initial period of three
years in the ratio of 1:2:3 for Metro & Urban, Semi-Urban and Rural regions respectively. As per the
recent report on “Financial Inclusion and Rural India – Banking & ATM sector in India” by Grant
Thornton (GT), Vakrangee is the fastest-growing WLA player as well as 3rd largest ATM operator in
rural India.
RBI to infuse ₹10,000 crores via OMO to maintain liquidity in the banking system
The Reserve Bank of India (RBI) is set to infuse ₹10,000 crore liquidity in the banking system by buying
government securities through open market operations (OMO) on March 20, 2020. The securities will
be purchased through a multi-security auction using the multiple price method with tenure between
two and five years. RBI will offer to buy four set of sovereign papers maturing between February 2022
and May 2025.

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RBI outlined Business Continuity Plan for smooth functioning national payment systems
The RBI for the first time, shared its Business Continuity Plan (BCP) to ensure zero disruptions in the
national payments systems (NPS) due to the coronavirus outbreak. The NPS includes National
Electronic Funds Transfer (NEFT), Real Time Gross Settlement (RTGS), e-Kuber for government
transactions, etc. BCP is basically a recovery plan or process to prepare for anticipated disruptions,
ensure smooth flow of operations and staffing, and form crisis management groups. The current BCP is
also focused on keeping the banking staff insulated from exposure to the virus.
Read Full Details Here: RBI outlined Business Continuity Plan for smooth functioning national
payment systems
RBI extends regulatory restrictions on PMC Bank for 3 more months till June 22, 2020
The RBI has extended the 6-month regulatory restrictions on Punjab and Maharashtra Cooperative
(PMC) bank which was posed on September 23, 2019 due to financial irregularities, hiding and
misreporting of loans given to HDIL (Housing Development and Infrastructure Limited). Now, the
restriction is extended for three more months i.e. from March 23, 2020 to June 22, 2020 to work out a
revival scheme. The restriction has been imposed under Section 35A of the Banking Regulation Act,
1949 on withdrawal and lending. RBI also take over the board and the management of PMC bank and
appointed an ex-RBI official JB Bhoria as the administrator at the bank.
RBI to inject Rs 30k cr into market for financial stability amid Covid-19
The Reserve Bank of India (RBI) is all set to inject liquidity of Rs 30,000 crore through open market
operations (OMOs) on March 24 and March 30, 2020 to maintain financial stability and liquidity in all
markets segments during coronavirus outbreak The RBI will purchase government securities under
OMOs in two tranches of Rs 15,000 crore each. OMO is the sale and purchase of government securities
and treasury bills by the central bank of the country.
RBI: On lending by banks to NBFCs is classified as a priority sector in FY21

To boost credit disbursement in the targeted segment like agriculture, Micro, Small & Medium
Enterprises (MSME) and housing sector, RBI has extended the priority sector classification for bank
loans to Non-Banking Financial Company (NBFC) for on-lending for Fiscal year 2020-21. As per the
revised norms, on-lending by NBFCs for ‘term lending’ component under agriculture will be allowed up
to Rs 10 lakh per borrower, for MSME sector the limit is upto 20 Lakh per borrower & for housing
sector the limit is enhanced from 10 Lakh to 20 Lakh per borrower.
RBI opens Rs 59000cr emergency credit line for Yes Bank; a move after 16 years
Reserve Bank of India’s (RBI) after its reconstruction plan for Yes Bank, has resumed its standard
operations. Now, to keep the liquidity of the bank for paying back to its depositors stable, it has opened
an emergency line of credit of Rs 59,000 crore. This liquidity support to Yes Bank is an additional
liquidity arsenal provided under Section 17 (4) of the RBI Act, 1934 as the bank has no solvency
problem or any other issue except liquidity. 16 years before a similar credit line was opened for Global
Trust Bank in 2004 but later the bank was merged with Oriental Bank of Commerce.
RBI advances its Rs 25000 cr repo auction to March 26, 2020; SPDs to participate in auction
Reserve Bank of India (RBI) has advanced its first of the two Rs 25,000 crore variable rate repo auctions
to March 26, 2020 from March 30. It will provide flexibility to the banking system in year-end liquidity
management. It should be noted that RBI was going to make two such auctions of Rs 25,000 crore each
on March 30 and March 31 to address the additional demand for liquidity. There is no change in the
auction scheduled for March 31, 2020. Apart from eligible participants. RBI now has also allowed
standalone primary dealers (SPDs) to participate in this auction.

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Highlights of Seventh Bi-monthly Monetary Policy Statement -2019-20; EMIs on hold for three
months
Reserve Bank of India (RBI) has released the Seventh Bi-monthly Monetary Policy Statement, 2019-20
Resolution of the Monetary Policy Committee (MPC), RBI under which MPC has decided rate changes
with immediate effect due to the current and evolving macroeconomic situation impacted by COVID-19.
Policy rate New Rate Previous Rate Change in Basis points (bps)
Policy Repo Rate 4.40 % 5.15% 75
Reverse Repo Rate 4% 4.90% 90
Marginal Standing Facility Rate 4.65% 5.40% 75
Bank Rate 4.65% 5.40% 75
CRR 3% 4% 100
SLR 18.25% 18.25% -
Read More Details Here: Highlights of Seventh Bi-monthly Monetary Policy Statement -2019-20; EMIs
on hold for three months
RBI increased March 26, 2020 repo auction amount to Rs 50,000 cr from Rs 25,000 cr
The Reserve Bank of India (RBI) increased the March 26, 2020, variable rate term repo auction amount
to Rs 50,000 crore from Rs 25,000 crore due to the disruptive impact of Covid-19 for the financial
sector. Also, the nation has locked down for 21 days and to keep the liquidity in the market stable this
decision has been taken.
RBI announces liquidity boost of Rs 3.74 lakh crore amid coronavirus outbreak
Reserve Bank of India (RBI) declared an infusion of Rs 3.74 lakh crore into the banking system through
three measures viz. targeted long-term repo operation (TLTRO – auctions conducted for term repos
upto 3yrs amounting to 1 lakh crore), Cash Reserve Ratio (CRR – reduced from 4% to 3% 1st time after
Feb 2013, which could release liquidity of 1.37 lakh crore) and marginal standing facility (MSF - limit
under MSF increased to 3 % from 2% which can add an additional Rs 1.37 lakh core of liquidity.). RBI
has already injected liquidity of Rs 2.8 lakh crore in the financial markets through various instruments,
which equal to 1.4% of GDP.
Merger of 10 state-run banks into 4 to come into force from April 1: RBI
The amalgamation plan ( 10 PSBs to 4 PSBs) of banks is all set to come into force from April 1, 2020.
The branches of merging banks will operate as of the banks in which these have been amalgamated &
the customers of merging banks will be treated as customers of the banks in which these banks have
been merged with effect from April 1, 2020. As per the scheme, Oriental Bank of Commerce and United
Bank of India amalgamated into Punjab National Bank; Syndicate Bank into Canara Bank; Allahabad
Bank into Indian Bank; and Andhra Bank and Corporation Bank into Union Bank of India.

National Bank for Rural Banking Rs 1.46 lakh According to the National Bank for Agriculture
Agriculture and Rural System crore and Rural Development (NABARD), an Apex
Development (NABARD) Development Financial Institution in India, it
has granted Rs 1.46 lakh crore in the rural
banking system during the current fiscal-FY
(2019-20) with the aim to help them get their

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resources effectively for handling the credit
needs of rural people, including farmers. Of
the total amount, it had infused Rs 87,069
crore to rural cooperative banks and regional
rural banks (RRB) in short-term refinance.
Click here
World Bank Government of US$80 To improve water management practices &

Himachal million (about also to increase agricultural productivity in
Pradesh(HP) Rs 600 crore) selected Gram Panchayats (Village Councils)
in HP. The Integrated Project for Source
Sustainability & Climate Resilient Rain-Fed
Agriculture to be implemented in 428 Gram
Panchayats in 10 districts which will benefit
over 400,000 smallholder farmers, women &
pastoral communities. Click here
OTHER BANKING NEWS

SBI switched to Cash Budget Based Assessment (CBBA) method of assessment for corporates
State Bank of India (SBI) has switched to “Cash Budget Based Assessment (CBBA)” from “Projected
Balance Sheet (PBS)” method of Fund Based Working Capital (FBWC) limits for assessment of the
working capital requirement for corporates or large advances. CBBA of limits has been initiated for
assessment of the FBWC limits for units with total FBWC exposure of more than ₹50 crore from the
banking system. Due to increase in the number of the digital transactions, the monitoring of
transactions/assets of the borrowers has become a major challenge; therefore, CBBA will provide of
the borrower’s cash requirements and enforce financial discipline. SBI has also started Risk Intel, an
email service, advising the business units of rating actions in respect of units it has funded. Read full
details here: SBI switched to Cash Budget Based Assessment (CBBA) method of assessment for
corporates
IIT Mandi, EWOK Society sign tripartite deal with NABARD for setting up 3 FPOs in Himachal
The IIT (Indian Institute of Technology) Mandi (Himachal Pradesh) along with Enabling Women of
Kamand (EWOK) Society have signed a tripartite agreement with the National Bank For Agriculture
And Rural Development (NABARD) for collaboration on setting up 3 Farmer Producer Organisation
(FPOs) in Himachal Pradesh’s(HP) Mandi district in the next 3 years. NABARD has approved an amount
of Rs 35 lakhs in this regard to IIT Mandi and EWOK Society for establishing FPOs, which is a group of
farm producers, with members as shareholders in an organisation.
ICICI Prudential AMC inks pact with Saraswat co-op bank to tap rural market
ICICI Prudential AMC (Asset Management Company), one of the leading mutual fund investment
companies in India, has entered into the partnership with Saraswat Co-operative Bank,an urban co-
operative banking institution, to distribute its products with the latter’s customers base spread across
its 280 branches in 6 states. This partnership will help ICICI Prudential to increase its outreach,
especially in smaller villages and cities and also boost the bank’s over 100-year presence in the country.
Centre imposed moratorium on Yes Bank; withdrawals restricted to Rs 50,000/- till April 3,
2020; Prashant Kumar named as its administrator
In exercise of the powers conferred by sub-section (2) of section 45 of the Banking Regulation Act, 1949
(10 of 1949), the Central Government, through the Ministry of Finance has imposed moratorium on Yes

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Bank Limited w.e.f. 6PM of March 5, 2020 till April 3, 2020. The decision has been taken on the
recommendations of Reserve Bank of India (RBI) under sub-section (1) of section 45.
 During the period of moratorium, withdrawal from Yes Bank is restricted to Rs 50,000 per
account per month.
 In exercise of the powers conferred under 36ACA of the Banking Regulation Act 1949, RBI has
also superseded (replaced) YES bank borad by appointing ex- Deputy Managing Director (DMD)
& Chief Financial Officer (CFO) of SBI Prashant Kumar as its administrator for a period of 30
days.
Read full details here: Centre imposed moratorium on Yes Bank; withdrawals restricted to Rs 50,000/-
till April 3, 2020; Prashant Kumar named as its administrator
SBI cuts interest rate on SB accounts to 3%; one year MCLR reduced to 7.75%; min balance
criteria removed
State Bank of India (SBI) has reduced its interest rate on savings bank (SB) accounts to 3% along with
waiving off of average monthly balance (AMB) for all SB accounts on the basis of ‘Customers First’
approach. Also, to make home and auto loans cheaper SBI reduced its one-year marginal cost of fund-
based lending rate (MCLR) to 7.75% from 7.85%. All these changes are with effect from March 10, 2020.
iSelect+ Term Plan launched by Canara HSBC Oriental Bank of Commerce Life Insurance
Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited launched iSelect+ Term
Plan to provide shield against all uncertainties of life at an affordable premium which includes
Whole Life Cover, Return of Premium, Multiple Payout Options, Increase Coverage Option & Tax
Benefits. It also offers an option to avail return of premium benefit wherein all your premiums will be
returned once you outlive the policy tenure.
SBI Board approved Rs 7,250 cr fund infusion into Yes Bank, Stake remains under 49%
The executive committee of the central board of State Bank of India (SBI) has approved an investment
of Rs 7,250 crore in Yes Bank Ltd. as a part of RBI formulated rescue plan titled “Yes Bank Ltd.
Reconstruction Scheme, 2020” for the revival of Yes Bank. The SBI has not specified its shareholding the
bank but it will remain under 49% of the paid-up capital of the Yes Bank. The investment has been
made by purchasing 725 crore equity shares of Yes Bank at a price of Rs 10 per share. Read full details
here: SBI Board approved Rs 7,250 cr fund infusion into Yes Bank, Stake remains under 49%
Paytm Bank to issue virtual debit cards to customers

The Paytm Payments Bank Limited (PPBL) has announced to issue Visa virtual debit cards to its
customers, earlier they issued Rupay debit cards. It targets to issue over 10 million new digital debit
cards in 2020-21 and International transactions can also be made by using the new card.
DBS Bank India ties up with Bharti AXA to roll out insurance plan covering COVID-19
DBS Bank India Limited, a wholly-owned subsidiary of DBS (Development Bank of Singapore) Bank Ltd,
has entered into the partnership with Bharti AXA General Insurance Company Ltd to launch a
complimentary insurance for customers of DBS treasures. The plan covers all medical conditions
including Novel Coronavirus (Covid-19), under which a cover of Rs 5000 per day is available for a
period of 30 days if DBS customers are hospitalized for 10 days. The bank has also launched a special
program called ‘Emergency Global Medical Assist Program’ to help non-resident Indians (NRIs) to take
care of their close ones in India, which provides 24*7 medical support.
In a first, Karur Vysya Bank introduces pre-paid card ‘Enkasu’ in Karur, TN

In a bid to promote digital India initiative of the central Government, Karur Vysya Bank (KVB), a
Scheduled Commercial Bank in India, has launched India’s 1st prepaid wallet card ‘Enkasu’ (My cash in

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Tamil) in Karur, Tamil Nadu (TN) under its Quit cash movement. The Card works in Near Field
Technology (NFT) in closed loop. Also, the card can be accepted both in ‘offline’ and ‘online’ mode.
Covid-19: SBI becomes the 1st bank to launch emergency credit facility
The Indian Public Sector Bank, State Bank of India (SBI) has became the 1st bank to launch COVID 19
emergency credit line (CECL) to provide funds to businesses affected by the coronavirus. Under this
emergency credit line, loan will be given at a fixed interest rate of 7.25 % for a period of 12 months.
Maximum loan amount of up to Rs 200 crore or 10 % of the existing fund-based working capital limits
(FBWC) will be provided and such facility will be available by 30 June 2020.
NABARD provides Rs 42,313 crore for building rural infrastructure

National Bank for Agriculture and Rural Development (NABARD) provides financial support of Rs
42,313 crore in the Financial Year (FY) 2019-20 for building rural infrastructure - Rs 20,869 crore for
irrigation related projects, Rs 5,686 crore for rural connectivity, Rs 10,935 crore for Pradhan Mantri
Aawas Yojana Gramin (PMAYG) to provide “housing for all by 2022” & remaining for Swachh Bharat
Mission to provide clean water and sanitation facilities.
Jana SFB along with NPCI launches UPI QR-based loan installment payment facility
Jana Small Finance Bank (SFB) in partnership with National Payment Corporation of India (NPCI), has
launched a UPI QR-based loan installment payment facility to its existing 40 lakh plus customers & 5
crore micro finance agencies. The UPI QR-based payment mode is available for P2P (person to person)
and P2M (person to merchant) payments.
Indian Bank launched 5 special emergency loans for COVID 19-affected customers
Indian Bank launched five special emergency loans for large corporates, medium enterprises, MSMEs,
salaried and pensioners as a support to its customers affected through economic slump and lockdown
because of the COVID-19 pandemic. The Special emergency loans are IND- COVID Emergency Credit
Line (IBCECL), IND- MSE COVID Emergency Loan (INDMSE-CEL), SHG-COVID – SAHAYA LOAN, IND-
COVID Emergency Salary Loan, IND COVID- Emergency Pension Loan.
Read More Details Here: Indian Bank launched 5 special emergency loans for COVID 19-affected
customers
YES Bank reconstitutes its BOD with 8 members

The YES Bank reconstituted its Board of Directors (BOD) with 8 members as per ‘Yes Bank Limited
Reconstruction Scheme, 2020′ notified by the Ministry of Finance, Government of India. The 8-member
board comprise of Prashant Kumar- Managing Director and Chief Executive Officer (CEO), Sunil Mehta-
Non-Executive Chairman, Mahesh Krishnamurti & Atul Bheda (Non-Executive Directors), R Gandhi &
Ananth Narayan Gopalakrishnan - Additional Directors appointed by Reserve Bank of India (RBI),
Partha Pratim Sengupta & Swaminathan Janakiraman - Directors nominated by State Bank of India
(SBI).
ADB commits $ 100 million in Indian infrastructure sector through NIIF

Multilateral Institution Asian Development Bank (ADB) will invest $100 million into the National
Investment and Infrastructure Fund (NIIF) of India Fund of Funds (FoF). With this, the FoF has now
received a total of $700 million in commitments. FoF of NIIF was created in 2018 with the aim to invest
in a variety of sectors and strategies through third-party managed funds. Till now, it has secured
commitments to 3 Funds totalling to over Rs. 2,600 crore ($350 million).

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SFBs can provide risk-free simple financial services without seeking RBI’s nod
The Reserve Bank has allowed Small Finance Banks (SFBs) to carry out simple financial activities
without seeking a prior approval from it. This will be applicable to those SFBs who have completed
three years of operations. The Central Bank has also allowed for general permission to all existing SFBs
to open banking outlets subject to adherence to Unbanked Rural Centre norms.
PNB releases new logo ahead of merger with UBI & OBC on April 1, 2020
The Punjab National Bank (PNB) has launched a new logo before the merger of the bank with the
United Bank of India (UBI) and the Oriental Bank of Commerce (OBC) which comes into force from April
1, 2020. The new logo will have signages of all the 3 banks. With the merger, PNB will be the 2nd largest
bank in the country with a total business and size of Rs 17.94 lakh crore only behind State Bank of India
(SBI) (largest bank if India) whose total business is about 52 lakh crore rupees.
FINANCE NEWS
Paytm Insurance Broking secures brokerage licence from IRDAI
Indian digital payments platform Paytm’s subsidiary, Paytm Insurance Broking, has received
the brokerage licence from the Insurance Regulatory and Authority of India (IRDAI). Paytm will now
offer insurance in various categories namely automotive, health and life. In addition to this, Paytm
customers can also get policy management and claim settlement at select merchant points.
EPFO cuts interest rate to 8.5% for 2019-20 from 8.65%; restored pension commutation under
EPS
EPFO (Employees Provident Fund Organisation) has declined interest rate on EPF deposits for 2019-20
to seven years low by 0.15% or 15 basis points fom 8.65% to 8.5%. The decision has been taken during
the meeting of EPFO’s apex decision making body, Central Board of Trustees (CBT) chaired by Minister
of State (MoS) for Labour and Employment Santosh Kumar Gangwar in New Delhi.
 EPFO also decided to restore pension commutation under the Employees’ Pension Scheme
(EPS). This move is applicable for those who opted for commutation of their pension on or
before September 25, 2008 under the erstwhile paragraph 12A of this scheme.
Read full details here: EPFO cuts interest rate to 8.5% for 2019-20 from 8.65%; restored pension
commutation under EPS
Tata AIA Life Insurance to provide football coaching to under-privileged girls under its
‘Bachhpan Ka Rakshakaran’ program
In order to create interest in education for the under-privileged girls aged 12-16 years, by using football
coaching as a medium, Tata AIA Life Insurance, a joint venture company formed by Tata Sons Ltd and
AIA Group Ltd(AIA), has launched a ‘Bachhpan Ka Rakshakaran’ program in association with Mumbai
based Non-profit ‘Oscar Foundation’. This initiative will help reduce stock of issues including school
dropouts, child labour, child marriage, drug abuse and vulnerability to minor crime.
Flipkart teamed up with Aegon life insurance to sell quick-access life insurance policies
The e-Commerce company Flipkart has partnered with Aegon Life Insurance to sell comprehensive
insurance solutions to customers seeking instant digital policies with an assured sum up to Rs 10 lakh.
The life insurance policies have diverse offerings- sums assured ranging from Rs 1 lakh to Rs 10 lakh,
premiums starting from Rs 129 for Rs 1 lakh sum insured and policies available to the existing
customers of Flipkart between the age of 18 & 65 years.
ICICI Lombard introduced ‘COVID-19 Protection cover’ for Coronavirus positive case
ICICI (Industrial Credit and Investment Corporation of India) Lombard, a private sector non-life
insurance company has introduced a 1 year long “COVID-19 Protection Cover” at a premium of Rs. 149.

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Launched in group insurance mode, this policy will pay 100% of the sum insured to the COVID-19
positive individual, irrespective of hospitalization expenses. The age group of 18-75 years is eligible for
COVID-19 protection cover.
Star health unveils ‘Star novel coronavirus policy’ for corona victims
Star Health and Allied Insurance Co Ltd. has launched ‘Star Novel Coronavirus Insurance Policy’ that
provides coverage for hospitalized patients who test positive for the current pandemic COVID-19. The
company has set a premium of Rs 459 plus GST for a sum insured of Rs. 21,000 and a premium of Rs
918 plus GST for a sum insured of Rs 42,000. People who aged between 18-65 yrs can avail this policy.
2020 Banking & Finance – April

RBI IN NEWS
FPI limit in corporate bonds enhanced to 15% from 9% for FY21; FAR initiated for investment
in G-Secs by non-residents
To strengthen the segment of the corporate bonds the Reserve Bank of India (RBI) has increased the
foreign portfolio investment (FPI) limit in corporate bonds from 9% to 15% for FY21 (2020-2021), The
changes were made under sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42
of 1999). At present an investor can invest Rs 3.17 lakh crore in Indian corporate bonds through FPI now
due to the hike investor can hold Rs 4.29 lakh crore of corporate bonds for the half year ended September
2020, and Rs 5.41 lakh crore for the half year ending March 2021.
Read More Details Here: FPI limit in corporate bonds enhanced to 15% from 9% for FY21; FAR initiated
for investment in G-Secs by non-residents
RBI increases WMA limit to Rs 1.2 lakh crore for the first half of FY21
The Reserve Bank of India (RBI) in consultation with the Government of India (GoI), has hiked the limit
of Ways and Means Advances (WMA) for the centre to Rs 1.2 lakh crore for the first half of the financial
year 2020-21(FY21), up from Rs 75,000 crore in the first half of FY20, and Rs 35,000 crore for the second
half of 2019-20.
Read More Details Here: RBI increases WMA limit to Rs 1.2 lakh crore for the first half of FY21
RBI has revised norms for appointment & reappointment of MD & CEO
Reserve of Bank (RBI) has revised the norms for appointment and reappointment of Managing Director
(MD) & Chief Executive Officer (CEO) of private sector & foreign banks. As per new norms, Proposal of
re-appointment should be submitted 6 months in advance instead 4 months (earlier) and the proposal
for appointment of new MD & CEO or CEO should consist of a panel of at least 2 names in the order of
preference (earlier was 3 names) & the proposal to be submitted at least 4 months before the expiry of
the term of present incumbent office.
RBI announced additional measures to tackle the economic fallout of COVID-19

The Reserve Bank of India (RBI) has announced additional measures namely- relax the export norms,
increase in Ways & Means (WMA) limit & implement the counter cyclical capital buffer (CCyB) to tackle
the economic fallout due to COVID-19.
Read More Details Here: RBI announced additional measures to tackle the economic fallout of COVID-19
RBI relaxed the norms of State/UT to avail overdraft

The Reserve Bank of India (RBI) has decided to increase the number of days that a State/UT can continue
to overdraft to 21 working days (current period is 14 days). In addition, the number of days that a
State/UT can overdraft in a quarter has also been increased to 50 working days from the current

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stipulation of 36 working days. The new arrangement is effective immediately and is valid until
September 30, 2020. If the WMA exceeds 90 days, it would be treated as overdraft. RBI has now extended
this overdraft facility by 7 days.
RBI to put 200 bps penalty on banks if failed to invest TLTRO funds in 30 days
The Reserve Bank of India (RBI) has instructed banks that they need to invest the mandated 50% of the
funds raised through targeted long-term repo operations (TLTRO) route, under the first tranche
conducted on March 27, 2020, in corporate bonds or specified securities within a month or 30 working
days. If failed, the interest rate on un-deployed funds will increase to prevailing policy repo rate (4.40%
at present) plus 200 bps (basis points) additional penal interests will have to be paid for the number of
days such funds remain un-deployed.
Read More Details Here: RBI to put 200 bps penalty on banks if failed to invest TLTRO funds in 30 days
RBI to launch Sovereign Gold Bonds Scheme 2020-21 in H1 FY21 on behalf of GoI
The Central government after exercising its power conferred under clause (iii) of section 3 of Government
securities Act 2006 has launched a new series of the Sovereign Gold Bond (SGB) Scheme namely
“Sovereign Gold Bond 2020-21” which is to be issued by Reserve Bank of India (RBI) in six tranches from
April 2020 to September 2020 i.e. in first half of FY 20-21. These bonds will fetch a fixed interest rate of
2.50% per annum which will be taxable under Income Tax Act, 1961.
Read More Details Here: RBI to launch Sovereign Gold Bonds Scheme 2020-21 in H1 FY21 on behalf of
GoI
OBICUS Q4: 2019-20: 49th round of quarterly survey on manufacturing sector launched by RBI
Reserve Bank of India (RBI) has launched the 49th round of quarterly order books, inventories and
capacity utilization survey (OBICUS) of the manufacturing sector which will provide important figures
and input for monetary policy formulation. The reference period for this survey is January-March 2020
(Q4: 2019-20).
Read More Details Here: OBICUS Q4: 2019-20: 49th round of quarterly survey on manufacturing sector
launched by RBI
RBI Governor announced relief measures for liquidity in system; Reverse Repo Rate slashed to
3.75% from 4%
Reserve Bank of India (RBI) Governor Shaktikanta Das announced relief measures for small and medium-
sized financial organisations which have been struggling to operate due to Covid-19. The important
among them is reduction of fixed reverse repo rate from 4% to 3.75% with immediate effect to maintain
more liquidity in the banking system. Also, RBI to conduct a second round (TLTRO 2.0) of targeted long-
term repo operations (TLTRO) for an initial amount of Rs 50,000. A special refinance facility for an
amount of Rs 50,000 crores will be provided to NABARD, NHB and SIDBI.
Read More Details Here: RBI Governor announced relief measures for liquidity in system; Reverse Repo
Rate slashed to 3.75% from 4%
RBI’s 1st auction under TLTRO 2.0 for Rs 25,000 cr on Apr 23; final tranche of Rs 1 lakh crore
TLTRO concluded
Reserve Bank of India (RBI) Governor Shaktikanta Das has announced a Targeted Long-Term Repo
Operations 2.0 (TLTRO) window of Rs 50,000 crore during press conference (concluded 1st phase of
TLTRO of Rs. 1 lakh crore on April 17, 2020). Now as a part of it, RBI is all set to conduct the first auction
under the TLTRO 2.0 for an amount of Rs 25,000 crore on April 23, 2020. The funds availed under TLTRO
2.0 shall be deployed in investment grade bonds, commercial paper (CPs) and non-convertible
debentures (NCDs) of NBFCs.

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RBI reduces FPI investment limits in G-secs for FY21; Rises for SDL
The Reserve Bank of India (RBI) has reduced the investment limit for general category foreign portfolio
investors’ (FPI) in central government securities (G-secs) to Rs 2.34 lakh crore for FY21 from the existing
limit of Rs 2.46 lakh crore. The limits have been brought down by almost $1.5 billion to just above $31
billion. On the other hand, RBI has increased the general category FPI investment limits in state
development loans (SDL) by Rs 3,215 crore to Rs 64,415 crore for the H1 of FY21 & a rise of Rs 3,215
crore to Rs 67,630 crore for the H2 of FY21. The limits for FPI investment in G-secs and SDLs remained
unchanged at 6% and 2%, respectively, of outstanding stocks of securities for FY21.
RBI increases WMA limit for Central Government to Rs 2 lakh cr from 1.2 Lakh cr for H1 FY21
Reserve Bank of India (RBI) in consultation with Indian Government has increased the limit for Ways and
Means Advances (WMA) by 66% for Central Government to Rs 2,00,000 crore from Rs 1,20,000 crore for
the remaining part of first half of the financial year 2020-21 i.e H1 FY21 (April 2020 to September 2020)
to tackle the financial crisis arisen due to COVID-19 pandemic. Last week, RBI increased the WMA limit
of state governments by 60%.
Read More Details Here: RBI increases WMA limit for States/UTs to Rs 2 lakh cr from 1.2 Lakh cr for H1
FY21
RBI instructed its regulated entities to carry out money laundering risk assessment periodically
Reserve Bank of India (RBI) instructed its regulated entities (REs) to carry out money laundering (ML)
and terrorist financing (TF) risk assessment exercise periodically. In this regard the central bank has
added a new section in the Master Directions on KYC (know your customer), which has come into force
with immediate effect. The entities regulated by the RBI include, banks, All India Financial Institutions,
Non-Banking Financial Companies (NBFCs), and all payment system providers.
RBI cancels license of Goa’s oldest bank, Mapusa urban co-operative bank of Goa Ltd.
Reserve Bank of India (RBI) has canceled the license granted to the Mapusa Urban Co-operative Bank of
Goa Ltd., Goa to conduct banking business which includes acceptance of deposits and repayment of
deposits as defined in Section 5 (b) read with Section 56 of the Banking Regulation Act, 1949 with
immediate effect. The order came into effect from the close of business on 16 April 2020.
Read More Details Here: RBI cancels license of Goa’s oldest bank, Mapusa urban co-operative bank of Goa
Ltd.
RBI opened Rs 50,000 cr Special Liquidity Facility for MFs from Apr 27-May 11,2020
To ease the liquidity pressures on mutual funds, impacted by Covid-19 crisis, Reserve Bank of India (RBI)
has initiated a special liquidity facility of Rs 50,000 crore namely “Special Liquidity Facility-Mutual Funds
(SLF-MF)”under which RBI will conduct repo operations of 90 days tenor at the fixed repo rate. The
timeline of the scheme is from April 27, 2020 to May 11, 2020 or up to utilization of the allocated amount,
whichever is earlier. Under this facility, the RBI will provide funds to banks at lower rates.
BANKING TECHNOLOGY
DigiGen Jana Small Finance Jana Small Finance Bank (HQ – Bengaluru, Karnataka), a
Bank scheduled commercial bank, has launched DigiGen, a digital
banking platform which enables the customers to open
digitally a savings account & fixed deposit instantly anytime
& anywhere. It is a 3-step process to open an account, where
the customers are eligible for 4.5% interest rates on savings

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accounts with no minimum balance and up to 7.5% interest
on fixed deposits.
Bharat InstaPay Bharat Sanchar Government Telecom company - Bharat Sanchar Nigam
Nigam Limited Limited (BSNL) in partnership with India’s largest public
(BSNL) & State sector bank - State Bank of India (SBI) has launched a
Bank of India (SBI) Unified Payments Interface (UPI) based payment platform,
“Bharat InstaPay” to enable all types of channel partners of
BSNL to digitize their payment transactions on a round the
clock basis/ real- time basis.
Selfe Fixed Deposits (FD) Equitas Small Chennai based private sector bank, Equitas Small Finance
and Selfe savings Finance Bank Bank (ESFB) has launched Selfe Fixed Deposits (FD) and
accounts (ESFB) Selfe savings accounts to expand its digital banking services
so as to help its customers to avoid visiting the branches as
the lockdown is extended till May 3. Selfe FD: Min invest –
Rs. 5,000; Max invest – Rs. 90,000; Interest rate upto 7.75%
for 1 year. Selfe savings accounts: No minimum balance
requirement; Interest rate upto 7.5% p.a.
Voice assistance-based ICICI bank The Mumbai based ICICI bank has launched voice
banking services assistance-based banking services on its integrated
artificial intelligence (AI) powered multi-channel chatbot
“iPal” with Amazon Alexa and Google Assistant for its retail
banking customers by which they can access a wide range
of banking services like check balance, seek credit card
details & ask queries through voice commands.

Asian Development Aavas $60 million Asian Development Bank (ADB) has signed a
Bank (ADB) Financiers Ltd loan agreement worth of $60 million with
Aavas Financiers Ltd (an affordable housing
loan provider) to provide housing finance to
women in low-income communities either as
primary borrowers or co-borrowers. Earlier
the ADB announced to invest $100 million in
Indian infrastructure sector through National
Investment and Infrastructure Fund (NIIF).
World Bank India USD 1 billion The World Bank has offered USD 1 billion to
India for the proposed a 4-year COVID-19
emergency response & health systems
preparedness project which aims to develop
the preparedness of India’s health care systems
in the time of the pandemic & also to respond
and mitigate the pandemic.
World Bank (WB) Himachal US$82 million For the upgradation of major roads and
Pradesh State (Rs 585 modernization of the Public Works
Roads crore) Department (PWD) in Himachal Pradesh (HP).
Transformation

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Project
(HPSRTP)
Asian Development India 1.5 Billion The Asian Development Bank (ADB –
Bank USD headquarters at Mandaluyong, Manila,
(Rs.11,400 Philippines) approved the loan of 1.5 Billion
crore) USD (Rs.11,400 crore) to India to fund the
actions to take against the novel coronavirus
pandemic to support disease containment and
prevention and social protection for the poor
and working-class population who are in
vulnerable economic condition.
Asian Development Maharashtra $346 million For to provide reliable power connection in
Bank (ADB) (around Rs rural areas of the state, where the labour force
2,616 crore) is mostly engaged in agriculture and related
activities. In addition to the above said
amount, the ADB will also provide $1 million
as technical assistance.

The Punjab National Japan International The Punjab National Bank Housing Finance
Bank Housing Finance Cooperation Agency (JICA) (PNBHF) has signed an agreement with Japan
(PNBHF) International Cooperation Agency (JICA) to raise
USD 75 million (about Rs 566 crore) [It is JICA’s 1st
funding in India in Housing Finance sector] & with
Citibank for USD 25 million (about Rs 188 crore) to
provide loans to affordable housing segment so as to
improve the lives of low-income households & to
promote sustainable economic growth in India.
OTHER BANKING NEWS

ICICI Bank launches banking services on WhatsApp
Private sector bank, ICICI has launched its banking operations in WhatsApp to provide banking service
to its customers through Whataspp during the lockdown. The customers need to save ICICI Bank’s
Verified WhatsApp profile number, 9324953001 to their contacts and send ‘Hi’ to this number using the
mobile number registered with the bank.
SBI lists green bonds of USD 100 million on India INX

State Bank of India (SBI) has listed green bonds of USD 100 million (about Rs 750 crore) under its USD
10 billion global medium term note programme on India International Exchange Limited’s (INX) Global
Securities Market Green Platform (GSM).
Govt nominated IOB & HDFC Bank for collecting donations of PM CARES Fund
State-owned Indian Overseas Bank (IOB) and private lender Housing Development Finance Corporation
(HDFC) Bank have been nominated for the collection of donations for Prime Minister’s Citizen Assistance
and Relief in Emergency Situations Fund (PM-CARES Fund) – Earlier State Bank of India (SBI) was

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announced as the Banking partner of PM-CARES fund. The contributions can be made by RTGS, NEFT,
IMPS, cheques and demand drafts were drawn in favour of PM-CAR Fund.
Airtel Payments Bank joined hands with Bharti AXA to offer COVID-19 insurance plans
Airtel Payments Bank has partnered with Bharti AXA General Insurance to offer financial protection for
COVID-19 via two different health insurance plans. The plan named “Bharti AXA Group Health Assure
Policy” offers a lump sum benefit of Rs 25,000 and the other plan “Group Hospital Cash” will offer a daily
benefit of Rs 500 or Rs 1000 upto 10days. It should be noted that both are ‘Need-Based Insurance’ covers
with a validity of one year and there is no mention about the minimum and maximum age limit.
Bank of Baroda initiated four schemes for agri sector to tackle COVID-19 impact
The Bank of Baroda (BoB) has initiated four agro schemes for Women Self Help Groups (SHGs), Farmer
Producer Organizations (FPO/FPC) and farming community. It should be noted only the existing
borrowers of BoB whether individual or FPO or SHG are eligible for the schemes. Following are the four
schemes launched by bank: Additional Assurance to SHGs- COVID19, Baroda Emergency Credit Line for
Farmer Producer Organization (FPO/FPC), Baroda Special Scheme for existing Agriculture Investment
Credit borrowers, Baroda Special Scheme for existing BKCC borrowers impacted by COVID-19
Read More Details Here: Bank of Baroda initiated four schemes for agri sector to tackle COVID-19 impact
SIDBI offers emergency working capital of up to Rs 1 crore to SMEs

The Small Industries Development Bank of India (SIDBI) has announced that it will provide emergency
working capital of up to Rs 1 crore to Small and Medium Enterprises (SMEs). The SIDBI Assistance to
Facilitate Emergency response against coronavirus (SAFE) loan limit has been increased to 2 crores from
Rs 50 lakhs. SAFE is the financial program for MSME that engage in manufacturing of products.
Read More Details Here: SIDBI offers emergency working capital of up to Rs 1 crore to SMEs
MaxLifeIns, YES Bank extended bancassurance tie-up for 5 years; Dedicated FY21 as “Year of
the Customer”
New Delhi based Max Life Insurance and Mumbai based YES Bank have extended their 15 years strategic
bancassurance partnership (Since Feb 2005) for five more years. In this regard, the both companies
dedicated the current financial year i.e. FY 2020-21 as the “Year of the Customer”.
HDFC Bank launches Safety Grid campaign for social distancing

The HDFC Bank (Housing Development Finance Corporation Bank) has launched “Safety Grid campaign”
which was conceptualized by Leo Burnett India to help people maintain social distancing as prescribed
by the World Health Organization (WHO) while waiting at shops during Lockdown.
Paytm Payments Bank partnered with Mastercard to issue virtual and physical debit cards
Noida based Paytm Payments Bank Ltd (PPBL) has collaborated with Mastercard to issue virtual and
physical debit cards to enable its customers to perform secure online transactions, make payment in
stores as well as withdraw cash from ATMs. PPBL will issue Mastercard virtual debit cards to its new
customers to perform secure online transactions for everyday purchases.
IOB launches Working Capital Demand Loan for agriculture sector: COVID-19
Indian Overseas Bank (IOB) headquartered at chenai, TN has launched Working Capital demand Loan for
agriculture sector (WCDL-Agri), a special credit facility for the agriculture sector & allied activities as a
relief measure to fight COVID-19 pandemic. It has also launched the “COVID 19 Line of Support Scheme”
for all MSME customers.

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Special Liquidity Scheme for MSMEs launched: SIDBI
The Small Industries Development Bank of India (SIDBI) has launched special liquidity schemes to
support Micro, Small and Medium Enterprises (MSMEs) due to lockdown because of the COVID-19
pandemic outbreak.
Read More Details Here: Special Liquidity Scheme for MSMEs launched: SIDBI
Transcorp becomes the 1st non-bank company to receive RBI nod to enter into co-branding
arrangements
The Leading forex and payment solutions provider Transcorp International Limited (TIL), has become
the 1st non-bank company to receive Reserve Bank of India (RBI) nod to enter into co-branding
arrangements for prepaid Instruments to be used in over 35 lakh stores and online gateways due to the
current outbreak of COVID-19 pandemic. It is the 1st non-bank player in India to issue National Common
Mobility Cards (NCMC/One Nation One Card) by National Payments Corporation of India (NPCI)
certification to be used in Transit Systems and Smart Cities.
COVID-19: Indian Overseas Bank introduces special borrowing programme for self-help groups
Indian Overseas Bank (IOB) has launched a special borrowing programme for Self Help Groups (SHGs) to
help them in difficult situations arising out of COVID-19. Under this scheme, a member of SHG will be
given a maximum loan of Rs 5,000 & the limit for the group has been fixed at Rs 1 lakh. This loan will be
sanctioned with an interest rate of 9.4 % for 1 year. The loan will have to be repaid in 30 Equated Monthly
Instalments (EMIs).
FINANCE NEWS
In a 1st, BhartPe partners with ICICI lombard to launch ‘COVID-19 protection insurance cover’ for
shopkeepers
Delhi based payment transaction business company ‘BharatPe’ has entered into partnership with general
Insurance company ‘ICICI Lombard General Insurance Company Limited’ to introduce ‘COVID-19
Protection Insurance Cover’ for shopkeepers, who are most affected financially due to Coronavirus
(COVID-19) outbreak. The premium starts from Rs 199 with a sum assured of Rs 25,000 and value-added
benefits and people aged between 18-65 can avail this insurance cover.
Centre reduced small savings schemes interest rates for Q1FY20-21; PPF interest lowered to
7.1%
The Centre government has decreased the Interest rates on small savings schemes for the first quarter
(Q1-April to June) of FY 2020-21 by exercising the powers conferred under Rule 9(1) of the Government
Saving Promotion General Rules, 2018. Important among them is Interest rate on public provident fund
(PPF) scheme has been lowered to 1% (revised to 7.1%) for Q1FY 20-21 (April-June) which is the lowest
interest rate offered since 1977 or lowest in 43 years.
Read More Details Here: Centre reduced small savingsschemes interest rates for Q1FY20-21; PPF
interest lowered to 7.1%
Corona Care: India’s first coronavirus hospitalization insurance by PhonePe for Covid-19
treatment
Digital payments company PhonePe has launched India’s first COVID-19 hospitalization insurance policy
called Corona Care in collaboration with Bajaj Allianz General Insurance for people who have been
infected and hospitalised for covid-19 treatment. The policy will provide an insurance cover of 50,000 on
a one-time payment with the premium of Rs 156 for people who are under 55 years of age.

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All standard health insurance policies to cover COVID-19 hospitalization treatment including
“Arogya Sanjeevani”: IRDAI
Insurance Regulatory and Development Authority of India (IRDAI) has made the coverage of
hospitalization treatment costs of COVID-19 mandatory under standard health insurance product
“Arogya Sanjeevani” [Policy Coverage between 1 Lakh to 5 Lakh in multiples of 50,000 for age group of
18-65]. Apart from this, Indemnity based health insurance products offered by all general and health
insurance companies will also cover the costs of hospitalization treatment because of covid-19.
‘Force majeure’ not applicable to COVID-19 death claims in life insurance policies
The Life Insurance Council of India has confirmed that the clause of ‘Force Majeure’ will not apply in case
of COVID-19 death claims and it is applicable for both state-run and private life insurance players. Force
Majeure states that in the event of any force majeure or disaster that affects the normal functioning of the
life insurer then it can temporarily suspend the claims by making the contract null or invalid.
Flipkart partners with ICICI lombard & Go Digit to offer two COVID-19 health insurance policies
E-Commerce company Flipkart Private Limited joined in partnership with ICICI Lombard General
Insurance Company Limited and Go Digit General Insurance & launched two health insurance policies
namely – ‘Covid-19 Protection Cover’ – Premium Rs 159 and amount of Rs 25000 & ‘Digit Illness Group
Insurance’ - upto Rs 1 Lakh with annual premium of Rs 511, that specifically cover coronavirus (COVID-
19) on its platform.
Tata AIA becomes the 1st Life Insurance company in India to announce additional benefits:
COVID-19
Tata AIA becomes the 1st Life Insurance company in India to announce additional benefits for its
policyholders & agents so as to support them during the novel coronavirus (COVID-19) pandemic. The
Additional benefits are, All policyholders will get additional benefit equal to the base sum assured or Rs
5,00,000 (no additional cost) whichever is lower, it is applicable for all valid death claims with a date of
death on or before June 30th 2020 & All ‘active’ agents with their spouse and children are entitled upto
Rs 25,000 hospitalization cover if diagnosed with COVID-19 within the period as mentioned for the
policyholders.
Bajaj Allianz General Insurance in partnership with GOQii launches ‘BAGIC GOQii Co-pay Option’
Bajaj Allianz General Insurance launched a preventive healthcare platform ‘BAGIC GOQii Co-pay Option’
in partnership with a smart health company GOQii under the regulatory sandbox approval from
Insurance Regulatory and Development Authority of India (IRDAI). The Objective of the product is to
reward the customers with a healthy lifestyle in the form of co-pay deduction in their health insurance
policy named Health Ensure policy.
2020 Banking & Finance – May

RBI IN NEWS
RBI extends regulatory benefits under SLF-MF scheme dated 27.4.2020 to all banks
Reserve Bank of India (RBI) extended the regulatory benefits under the Special liquidity facility for
mutual funds (SLF-MF) to all banks, irrespective of whether they avail funding from the Reserve Bank or
deploy their own resources under SLF-MF scheme. This decision has been taken on the lines of request
made by banks to RBI.
Read More Details Here: RBI extends regulatory benefits under SLF-MF scheme dated 27.4.2020 to
all banks

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Reserve Bank extends interest subsidy scheme for exporters till 31 March 2021
The Reserve Bank of India (RBI) has extended the interest subsidy period by one year to 31 March 2021
on export credit received before and after shipment of goods to exporters. Exporters get the subsidy
under the ‘Interest Equalisation Scheme for pre and post shipment Rupee Export Credit’, which was
ended on March 31, 2020.
Overview of Monetary Policy Statement 2020-21 released by RBI

The Reserve Bank of India (RBI) has released its Monetary Policy Statement 2020-21 in Mumbai,
Maharashtra. The three-day (May 20 to 22,2020) Monetary Policy Committee (MPC) virtual meeting by
the 6 members was headed by RBI Governor Shaktikanta Das.
 All members of the MPC unanimously voted to reduce the policy repo rate under the liquidity
adjustment facility (LAF) to 4.0 % from 4.40%.
 RBI extends moratorium on loans for another 3 months till August 2020
 India’s 2020-21 GDP growth rate expected to be negative
 Reserve Bank infuses Rs 15,000-crore line of credit to EXIM Bank
 Reserve bank grants Rs 15,000-crore refinance facility for SIDBI
 Industrial production decrease by 17 % in March with manufacturing activity down by 21%: RBI
Read More Details Here: Overview of Monetary Policy Statement 2020-21 released by RBI

LOANS ISSUED RECEIVED BY AMOUNT KEY NOTES
BY
Asian India $500 million Asian Infrastructure Investment Bank (AIIB) has
Infrastructure approved a loan worth of $500 million for India’s
Investment Bank ‘COVID-19 Emergency Response and Health
(AIIB) Systems Preparedness Project’ to assist nation’s
efforts to stop the risk posed by COVID-19. This is
the first-ever health sector support from AIIB to
India.
Asian Development India USD 177 The Manila based Asian Development Bank (ADB)
Bank (ADB) million and the Government of India signed a USD 177
million loan to upgrade 11 state highways & 2
major district roads with a combined length of 450
km to a 2-lane standard across seven districts of
Maharashtra.

Federal Bank MoneyGram Payment MoneyGram Payment System, a subsidiary of
System MoneyGram International, global leader in P2P
payments tied up with Federal Bank Limited, a
private bank in India to provide the customers a
cost-effective way to receive deposits directly in
their bank accounts in India. The World Bank has
mentioned that India is one of the world’s top
recipients of remittance who has received around
82 billion USD in 2019.
Asian Infrastructure India and West Bengal The Government of India and West Bengal
Investment Bank Government have inked two loan agreements with

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(AIIB) and World Bank Asian Infrastructure Investment Bank (AIIB) and
(WB) World Bank (WB) each $145 million ($290 million
cumulative) for the “West Bengal Major Irrigation
and Flood Management Project” to improve
irrigation services and flood management in the
Damodar Valley Command Area (DVCA) of West
Bengal. The total outlay of the project is $413.8
million. The Government of West Bengal has infused
$123.8 million for this project.
OTHER BANKING NEWS

‘Vikas Abhaya’ loan scheme launched: KVGB
Dharwad Headquartered - Karnataka Vikas Grameena Bank (KVGB), a regional rural has launched ‘Vikas
Abhaya’ a loan scheme to provide some relief to Micro, Small and Medium Enterprises (MSME) borrowers
whose business activities are disrupted on account of the COVID-19 pandemic. The loan will be provided
for the existing MSME customers who have been regular as on February 29, a maximum loan of up to Rs
1 lakh will be provided and is repayable within 36 months. Chairman of KVGB – P Gopi Krishna.
USD 400 million multi-year financial support to India: World Bank

The World Bank ‘s Board of Executive Directors has approved a USD 400 million multi-year financial
support to help India enhance its coastal & marine resources, protect marine resources & coastal
populations from pollution, erosion, sea-level rise, and improve livelihood opportunities for coastal
communities over the next decade. The loan from the international bank for Reconstruction and
Development (IBRD) has a final maturity of 14.5 years including a grace period of 5 years. The 1st phase
covers 8 coastal States and 3 coastal Union Territories, with USD 180 million in funding, for Enhancing
Coastal and Ocean Resource Efficiency (ENCORE).
Reserve bank cancels Mumbai’s 105-year-old CKP co-op bank license

Reserve Bank of India (RBI) has cancelled the license granted to the 105-year-old CKP Co-operative Bank
Ltd located in Mumbai, Maharashtra to conduct banking business which includes acceptance of deposits
and repayment of deposits as defined in Section 5 (b) read with Section 56 of the Banking Regulation Act,
1949 with immediate effect. In the sequence of cancellation of license and commencement of liquidation
work, the process of payment of amount will be initiated to depositors of CKP bank under Deposit
Insurance and Credit Guarantee Corporation (DICGC) Act, 1961, around 99.2 % depositors of the bank
will be entitled to deposit up to Rs. 5 lakhs from the DICGC subject to the general terms and conditions.
‘India SME Services Platform’ to be launched: SIDBI

The Lucknow based Small Industries Development Bank of India (SIDBI) informed that it will launch a
digital platform named ‘India SME Services Platform’ to educate stakeholders in the small and medium
enterprises (SME) ecosystem and have information on coronavirus-related initiatives for the sector.
NABARD disburses Rs 12,767 crore to State Co-op Banks & RRBs to extend credit to farmers
The National Bank for Agriculture and Rural Development (NABARD) disburses Rs 12,767 crore to State
Co-operative (Co-op) Banks & Regional Rural Banks (RRBs) across the country to increase their resources
for extending credit to farmers during the lockdown due to the outbreak of COVID-19 pandemic. The
loans are being offered for one year at an interest rate of 4.8 per cent.

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World Bank approves 1 billion USD to support India’s combat against COVID-19
World Bank approves Rs 7500 crore (1 billion USD) to ‘Accelerating India’s COVID-19 Social Protection
Response Program’ to increase India’s COVID-19 Social Protection response Program to help the nation’s
efforts in providing assistance for the poor and needy who are affected by the pandemic. This makes the
total commitment from the World Bank to India for the COVID-19 response to Rs.15000 crore (USD 2
billion).
Rs 1,500 crores sanctioned for Punjab to ensure continuous credit flow to farmers: NABARD
The Mumbai based National Bank for Agriculture and Rural Development (NABARD) has sanctioned Rs
1,500 crores for Punjab to ensure continuous credit flow to farmers, through state cooperative banks,
amidst the COVID-19 pandemic. Out of the total amount Rs 1,000 crores is sanctioned to Punjab State
Cooperative Bank and Rs 500 crores to Punjab Gramin Bank.
Canara Bank launches special gold loan business vertical

The Bengaluru headquartered Canara Bank has launched a special business vertical dedicated for gold
loans to meet the financial needs of its customers as they are in need of immediate credit support to meet
their emergency needs due to the COVID-19 pandemic. The bank has launched a gold loan campaign till
30th June, 2020 with an interest rate as low as 7.85% per annum. The MD & CEO of Canara bank is LV
Prabhakar.
NABARD extends Rs 20,500 crores special liquidity facility to co-op banks & RRBs
The National Bank for Agriculture and Rural Development (NABARD) has informed that it has extended
Rs 20,500 crores special liquidity facility to co-operative banks (co-op– Rs 15,200 crores) and Regional
Rural Banks (RRB’s– Rs 5,300 crores) in various States. This amount is part of the Rs 25,000 crores of
special refinance facility provided by the RBI to NABARD for refinancing RRBs, cooperative banks and
Micro Finance Institutions (MFIs).
Kotak Mahindra becomes 1st bank in India to introduce video-KYC facility for SA customers
The Mumbai based Kotak Mahindra Bank has become the 1st bank in India to allow video Know your
customer (KYC) facility for its customers opening savings account (SA) on Kotak 811 platform.
Franklin Templeton appoints Kotak Bank as an advisor to assist in monetising assets of 6 Wind-
up Schemes
Franklin Templeton Trustee Services Pvt. Ltd. has appointed Mumbai based Kotak Mahindra Bank as an
independent advisor to work together with Franklin Templeton Asset Management (India) Pvt. Ltd (the
AMC), to assist the Trustees in monetizing portfolios of the 6 schemes that are being wound up & make
pay-outs to the affected investors.
World Bank announces $160 billion assistance to 100 countries

The World Bank announced emergency operations worth USD 160 billion to 100 developing countries
over a 15-month period to fight the deadly Coronavirus. The COVID-19 pandemic and shutdown were
expected to put over 60 million into extreme poverty globally.
ICICI introduced ‘ICICI Bank Golden Years FD’ a special FD with interest rate of 6.55% p.a. for
senior citizens
The Private sector ICICI bank has introduced a special fixed deposit (FD) scheme for senior citizens called
‘ICICI Bank Golden Years FD’ which offers an interest rate of 6.55% per annum (p.a) for deposits up to
Rs. 2 crores with a tenure of more than 5 years (5 years and 1 day) to 10 years. Similarly, SBI has launched
‘SBI Wecare Deposit’ scheme which offers an additional 30 bps interest to senior citizens on their term

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deposits & HDFC has launched ‘Senior Citizen Care FD’ which offers an additional 75bps for deposits with
more than 5-year tenors with investments up to Rs 5 crore.
Airtel Payments Bank joined hands with Mastercard to develop customised payment solutions
for farmers, SMEs
The Airtel Payments Bank (APBL) has joined hands with Mastercard to develop a special type of payment
solutions such as contact less payments via NFC (Near Field Communication), credit facility and other
neighbourhood banking services for Indian farmers and small and medium enterprises (SMEs).
NABARD grants Rs 1,050 crore to West Bengal during FY 21 for the benefit of farmers & poor
people
The Mumbai based National Bank for Agriculture and Rural Development (NABARD) has extended Rs.
1,050 crores special liquidity facility (SLF) to West Bengal (WB) in the current fiscal year (FY 21) for the
welfare of farmers and poor people in the state. Of the 1050 crores, Rs 300 crores disbursed for MFIs
(micro-finance institutions), Rs 700 crores sanctioned for state cooperative banks and Rs 50 crorse for
regional rural banks (RRBs).
FINANCE NEWS
Flipkart ties up with Bajaj Allianz General Insurance for digital motor insurance policy
E-commerce company Flipkart partnered with Pune based Bajaj Allianz General Insurance Company to
offer digital motor insurance policy to customers of e-commerce major. This enables consumers to
purchase the motor-insurance policy using the Flipkart mobile application.
IBM ties up with Intellect Design Arena to launch iTurmeric FinCloud platform for cloud services
of banks, financial institutions
IBM (International Business Machines) ties up with the Intellect Design Arena Limited, a full spectrum
banking and insurance products company, has launched iTurmeric FinCloud platform through IBM public
cloud targeting financial institutions which are looking to switch to the latest tools and technologies.
Maruti Suzuki ties-up with Cholamandalam Investment & Finance to launch ‘Buy Now Pay Later’
offer
Maruti Suzuki India Limited, an automobile manufacturer in India, has partnered with the
Cholamandalam Investment and Finance Company Limited (CIFCL) to launch ‘Buy Now Pay Later’
financing scheme to make the purchase of its cars even more convenient. Under the scheme, customers
have the option to avail a 60-day surcharge on their EMI. Apart from Maruti, Tata Motors and Mahindra
have also rolled out similar finance schemes this week.
Edelweiss General Insurance launched app-based OD floater policy

Edelweiss General Insurance launched ‘Edelweiss SWITCH’, an app-based motor insurance own damage
(OD) floater policy under IRDAI’s sandbox regulations. This driver-based motor insurance allows the
owners of the vehicles to cover multiple vehicles under a single policy. Edelweiss SWITCH is approved
under the ‘Pay as you use’ model, expected to change the standard of determining the premium of Motor
OD based on the age, make and model of vehicle to usage of vehicle and experience of driver.
LIC launches modified PM Vaya Vandana Yojana pension scheme

The Mumbai headquartered Life Insurance Corporation of India (LIC) announced the launch of the
Pradhan Mantri Vaya Vandana Yojana-PMVVY (Modified- 2020) Scheme for those over and above 60
years. The sale will be available from May 26 for 3 financial years (up to March 31, 2023). This scheme
can be purchased offline as well as online from LIC website.

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Maruti Suzuki partners with ICICI Bank to provide retail financing schemes to customers
Maruti Suzuki India Limited (MSIL) announced its partnership with ICICI Bank to offer retail financing
schemes to its customers. ICICI bank offers a flexible EMI scheme allowing the customers to pay minimum
EMI initially to support them in the liquidity stress during COVID-19 situation.
Annual listing fee reduced by 25% for SMEs: BSE & NSE
The BSE (formerly known as The Bombay Stock Exchange) and NSE (National Stock Exchange)
announced that they will reduce the annual listing fee by 25% for Small and Medium Enterprises (SMEs)
companies to lower the compliance costs for companies. NSE will provide the rebate to all its existing
listed companies currently listed on its EMERGE platform. BSE will provide the rebate to its currently-
listed companies & for all the firms waiting to be listed on the exchange.
2020 Banking & Finance – June

RBI IN NEWS
RBI creates Payments Infrastructure Development Fund with initial corpus of Rs 250 cr to boost
digitization
Reserve Bank of India (RBI) has initiated with Rs 500-crore ($66 million) Payments Infrastructure
Development Fund (PIDF) with an initial contribution of Rs 250 crore to encourage the deployment of
Points of Sale (PoS) infrastructure in smaller cities and towns. The vision document had envisaged that
the usage of debit cards at PoS transactions will be around 44 per cent of total debit card transactions by
2021. Also, there will be around 5 million active PoS by 2021.
RBI proposed Draft Frameworks for Sale of Loan Exposures and Securitisation of Standard
Assets
The RBI has proposed two draft documents titled “Draft Comprehensive Framework for Sale of Loan
Exposures” and “Draft Framework for Securitisation of Standard Assets” consisting of guidelines
applicable to all Scheduled Commercial Banks (excluding RRBs); All India Financial Institutions
(NABARD, NHB, EXIM Bank, and SIDBI); and, all Non-Banking Financial Companies (NBFCs) including
Housing Finance Companies (HFCs).
Read More Details Here: RBI proposed Draft Frameworks for Sale of Loan Exposures and Securitisation
of Standard Assets
RBI bars People’s Co-operative Bank from granting fresh loans, accepting deposits for 6 months
The Reserve Bank of India (RBI) has restricted People’s Co-operative Bank located in Kanpur, Uttar
Pradesh (UP) from granting fresh loans and accepting deposits for six months from June 10, 2020, due to
its weak financial position in exercise of powers vested in it under sub section (1) of Section 35 A of the
Banking Regulation Act, 1949 read with Section 56 of the Banking Regulation Act, 1949. The bank is
barred from selling, transferring or disposing any of its properties or assets.
RBI sets up 5-member Internal working group headed by P K Mohanty to review ownership and
control of Private banks
Reserve Bank of India (RBI) has set up a 5-member Internal Working Group (IWG) headed by Prasanna
Kumar (PK) Mohanty to review ownership guidelines and corporate structure for private banks in light
of recent developments in the banking sector.

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RBI Releases New Framework for Financial Market Infra, Retail Payment System; NPCI & NEFT
classified as FMI
Reserve Bank of India (RBI) has made some changes to the monitoring structure of Financial Markets
Infrastructure (FMI) and Retail Payment Systems (RPSs) with the aim to ensure the security and stability
of the payment structure.
Read More Details Here: RBI Releases New Framework for Financial Market Infra, Retail Payment
System; NPCI & NEFT classified as FMI
RBI Proposes to Set Upper Age Limit of CEOs, Whole-Time Directors of Banks to 70 Years
The Reserve Bank of India (RBI) in its Discussion Paper on ‘Governance in Commercial Banks in India’
proposed to set the upper age limit of Chief Executive Officers (CEOs) and whole-time directors (WTDs)
belonging to the promoter group of banks to 70 years and maximum tenure of 10 years.
RBI Proposes New Rules for Housing Finance Companies; Increases Min NOF to Rs 20cr
RBI being a new regulator has proposed changes to be prescribed for HFCs with an aim to increase their
efficiency and address concerns of liquidity and double financing. In exercise of powers conferred under
Section 29A (1) (b) of NHB Act, 1987, RBI proposes to increase the minimum NOF for HFCs from the
current requirement of Rs10 crore to Rs 20 crore. Also, housing loans must account for at least 50% of
HFCs’ assets of which at least 75% should be towards individual housing loans. HFCs which do not fulfil
this criterion will be treated as NBFC – Investment and Credit Companies (NBFC-ICCs).
Read More Details Here: RBI Proposes New Rules for Housing Finance Companies; Increases Min NOF to
Rs 20cr
RBI doubles withdrawal limit to Rs 1 lakh for PMC Bank depositors; 4 other banks withdrawal
limit increased
The Reserve Bank of India (RBI) raised the withdrawal limit from Punjab and Maharashtra Cooperative
(PMC) Bank to Rs 1 lakh from Rs 50,000 but extended the moratorium on the bank for another six months.
With this relaxation, over 84% of the bank’s depositors will be able to withdraw their entire account
balance. In addition to that, RBI has increased withdrawal limit of 4 more banks namely, Kerala
Mercantile Co-operative Bank Limited, Hindu Cooperative Bank Limited, Sri Guru Raghavendra Sahakara
Bank Niyamitha, Youth Development Cooperative Bank Limited.
RBI Extends Rs 50,000 Crores Special Liquidity Window for YES Bank by 3 months
The Reserve Bank of India (RBI) extended a special liquidity window for Rs 50,000 crores to Yes Bank for
three months, to help private lenders cover for shortfall in deposits. The Yes bank was first provided with
a special liquidity window for 3 months in March, which ended in June. The bank has requested for the
same facility for one year, against which the RBI has extended for another 3 months.
Reserve Bank Extends Enhanced Borrowing Limit to Banks Under MSF Till Sept 30, 2020
In exercise of power conferred under the Section 24 of the Banking Regulation Act, 1949, the Reserve
Bank of India (RBI) has decided to extend the enhanced borrowing facility provided to banks under MSF
till September 30, 2020 to meet the liquidity shortage in the midst of the economic crisis caused by the
COVID-19 epidemic. In addition, RBI has also extended the minimum daily cash reserve ratio (CRR)
maintenance of 80% by three months until 25 September 2020.
Read More Details Here: Reserve Bank Extends Enhanced Borrowing Limit to Banks Under MSF Till Sept
30, 2020

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BANKING TECHNOLOGY
IndusInd Bank rolls out India’s 1st mobile app based facility for opening current accounts
The Pune based IndusInd Bank Limited has introduced a first-of-its-kind facility for customers to open
current accounts (CA) through its ‘Indus Corporate’ mobile app. The customer will not need physical KYC
(Know your Customer) documents to open an account in this manner. The account will become
operational within 24 hours of opening the account.
ICICI Bank launches ‘Insta Flexicash’ an Online OD facility for its salary account customers
The Mumbai based ICICI Bank has launched ‘Insta Flexicash’, an online overdraft (OD) facility for its pre-
approved salary account customers, by which these customers can get approval for OD instantly & in a
paperless manner.
HDFC Ergo & Tech firm Tropogo Jointly Launches India’s 1st ‘pay as you fly’ Insurance for Drones
The Mumbai headquartered HDFC ERGO General Insurance Company has joined hands with UK based
tech firm TropoGo Limited to launch India’s 1st ‘Pay as you Fly’ insurance for drone-owners in India.
Yes Bank & Affordplan Jointly Launches Co-Branded Healthcare Card Called ‘Swasth Card’
YES Bank Limited has joined hands with Delhi-based fintech start-up Affordplan, to launch a first of its
kind co-branded healthcare card called ‘Swasth Card’ under Swasth program with the aim to enable
families plan and manage their finances for their healthcare needs.
PhonePe Partnered with ICICI Bank on UPI multi-bank model

The Bengaluru based Flipkart-owned PhonePe announced that it has partnered with Mumbai
headquartered ICICI Bank on the Unified Payments Interface (UPI) multi-bank model. To provide its users
the option to create and use multiple UPI IDs with ICICI Bank’s “@ibl” handle and YES Bank’s ‘@ybl’
handle on the PhonePe app. Through this ICICI Bank has become the second official UPI partner of
PhonePe after Yes Bank.

LOANS ISSUED RECEIVED BY AMOUNT KEY NOTES
BY
World Bank (WB) West Bengal Rs. 1,950 According to the Chief Minister (CM) of West
crores Bengal Mamata Banerjee, the World Bank (WB)
has granted loan worth of Rs. 1,950 crores to the
state for tackling COVID-19 situation and
developmental work. Out of the total amount, Rs.
1,100 crores will be allocated for creating
Industrial infrastructures and the balance Rs. 850
crores will be spent for various Social-Welfare
schemes.
Asian India USD 750 The Beijing based Asian Infrastructure
Infrastructure million Investment Bank (AIIB) approved a 2nd loan of
Investment Bank USD 750 million to India under the bank’s USD 10
billion COVID-19 Crisis Recovery Facility (CRF);
this loan is co-financed by the Asian Development
Bank (ADB). Earlier, the 1st loan under this
facility of USD 500 million, co-financed by the
World Bank was approved on May 8.

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OTHER BANKING NEWS
DBS Bank India partners with TCIL to facilitate real time payments for truck drivers by DBS
RAPID solution
DBS Bank India partnered with Gurugram based Transport Corporation of India Limited (TCIL) to
facilitate real time payments for truck drivers by DBS RAPID (Real Time APIs by DBS) solution to enable
them to receive payments instantly. The solution has been set up under the support of National Payments
Corporation of India (NPCI).
Axis Bank, MasterCard and Worldline launches ‘Soft POS’, first financial payments service:
Transform SmartPhones for Merchant POS terminals
The Mumbai based Axis Bank Ltd, Mastercard India & Worldline India partnered to launch a digital point-
of-sale (POS) solution ‘Soft POS’, the 1st financial payments service in India to transform everyday
smartphones into merchant POS terminals. The technology used is Near Field Communication (NFC).
SBI launches separate FI&MM vertical for agriculture and small businesses
The Mumbai based State Bank of India (SBI) has created a separate Financial Inclusion and Micro Market
(FI&MM) vertical within the bank with an exclusive focus to provide financial services to people engaged
in agriculture and allied activities and Micro, Small and Medium Enterprises (MSMEs). The new wing will
be headed by Sanjeev Nautiyal at the national level.
NABARD provides Rs 270 crore Special Liquidity Facility to Assam Gramin Vikash Bank
The Mumbai based National Bank for Agriculture and Rural Development (NABARD) provided Rs 270
crore Special Liquidity Facility(SLF) to Assam Gramin Vikash Bank in the wake of COVID-19 pandemic to
support the agricultural activities of the farmers. This support & separate line of credit will enable to
intensify farmers crop production.
POS solution in Africa promoted by the partnership between ePaisa and First Alliance Bank
The ePaisa (PoS service provider in India) has entered into a partnership with First Alliance Bank (Z) Ltd
in Zambia, Africa, to provide mobile point of sale (mPOS) solution to small and medium enterprises and
other businesses.
Exim Bank sanctions $215.68 mn LoC to Malawi govt for Drinking Water Supply Schemes
The Mumbai based Export-Import Bank of India (EXIM Bank), a specialized financial institution wholly
owned by Government of India (GoI), has provided a line of credit (LOC) of $215.68 million to the Malawi
government. With this agreement, there are five loan facilities worth $ 395.68 million have been provided
by the EXIM Bank to the Government of Malawi so far. The capital and currency of Malawi are Lilongwe
& Malawian kwacha.
Airtel Payments Bank launches ‘Suraksha Salary Account’ for MSMEs

The Airtel Payments Bank launched ‘Suraksha Salary Account’ for the micro, small and medium
enterprises (MSMEs). The account will enable the MSMEs & other organisations to make cashless
payments & provide financial security to their employees.
SEBI panel headed by Anil Dave suggested measures to strengthen enforcement of SEBI
In order to strengthen the Securities and Exchange Board of India’s (SEBI) enforcement mechanism and
also to improve its system of recovery of siphoned off money, the SEBI committee headed by Anil Dave
has proposed a method of quantification of profit made by the defaulter and loss caused to investors in
the report. The committee also examined the insolvency, recovery and securities laws jurisprudence of
India and abroad and suggested suitable changes in the Insolvency and Bankruptcy Code (IBC), 2016.

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Bank of Baroda to Fully Digitize Lending Operations
India’s 3rd largest lender, Bank of Baroda is set to fully digitise its lending operations including home,
agriculture, Micro, Small and Medium Enterprises (MSME), personal and auto loans. The bank has set up
a new vertical, ‘Digital lending Department’ at the corporate office, which will have substantial overlap
with various credit verticals including Retail, MSME, Agri & service verticals like Analytics centre, Risk
Management, Marketing.
EXIM Bank Extends Line of Credit of USD 20.10 Million to Nicaragua Govt
The Mumbai based Export-Import (EXIM) Bank on behalf of the Indian Government, extended a Line of
Credit (LOC) of USD 20.10 million to the Government of the Republic of Nicaragua for the reconstruction
of Aldo Chavarria Hospital. The bank has extended 4 LOCs to Nicaragua, on behalf of Indian Government,
with a total value of USD 87.63 million till now.
Hyundai Motor India Ltd Partners with HDFC Bank offers 1st Online Auto Retail Financing:
‘Click to Buy’ Platform
Hyundai Motor India Limited (HMIL) partnered with HDFC Bank to offer industry 1st online auto retail
financing on its end-to-end online automotive retail platform, ‘Click to Buy’ to the customers.
UCO Bank Ties Up with 4 Insurers to Offer Various Insurance Products

The Kolkata headquartered United Commercial Bank (UCO Bank) partnered with four insurers namely,
SBI Life Insurance Company, the Oriental Insurance Company and Religare Health Insurance Company,
Star Health and Allied Insurance Company to offer various insurance products for its customers. The bank
also signs a ‘bancassurance’ pact with SBI Life Insurance to provide insurance solutions to the customers
of UCO bank at its 3,086 branches spread across the country.
Karnataka Bank launches ‘KBL Micro Mitra’ for MSMEs

The Karnataka Bank launched a new product ‘KBL Micro Mitra’ for Micro, Small and Medium Enterprises
(MSMEs). This product will provide financial assistance up to Rs 10 lakhs to the Micro manufacturing and
service enterprises for working capital or for investment purposes.
Yes Bank Launches Digital Wallet Solution ‘Yuva Pay’ in Partnership with UDMA Technologies to
Enable Contactless Payments
The Mumbai headquartered Yes Bank launches a digital wallet solution (app) ‘Yuva Pay’ in partnership
with UDMA Technologies Pvt Ltd to enable contactless payments for its customers. The wallet is issued
under minimum Know Your Client (KYC) regulations.
Lt Governor G C Murmu Launches Two Customized Loan Schemes of J&K Bank for Business
Communities
Girish Chandra Murmu, the lieutenant governor of the Union Territory (UT) of Jammu and Kashmir (J&K),
has rolled out 2 customized loan schemes of J&K Bank namely ‘J&K Bank Business Support Loan Scheme
2019-20’ and ‘J&K Bank Business Support Loan Scheme 2019-20 for Hotels and Guest Houses’ with the
aim to overcome business challenges that have stemmed up due to the prevailing conditions. R K
Chhibber is the CMD of J&K Bank (HQ -Srinagar, J&K).
SOLV partnered with Standard Chartered Bank to Launch Credit Card for MSMEs
The Bengaluru based SOLV, a B2B (business to business) digital platform for Micro, Small and Medium
Enterprises (MSMEs), has launched a tailor-made credit card in partnership with Standard Chartered
Bank, India. SOLV MSME Credit Card provides MSME clients with a ready means to meet ongoing business

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expenses including supplier payments, fuel, logistics, purchase of raw material, utility payments and
working capital outlays.
World Bank Grants $500 Million to Bangladesh For Cross Country Road Projects
World Bank (WB) has sanctioned $ 500 million for “Western Economic Corridor and Regional
Enhancement (WeCARE) Phase I project” to improve road connectivity in Bangladesh’s Jashore -
Jhenaidah corridor, which consists of four western districts to connect with the capital Dhaka as well as
with India and Bhutan.
World Bank Approves $500 mn Under ‘STARS’ Project to Improve Education Quality in 6 Indian
States
The board of executives of the World Bank (WB) has approved loan of $ 500 million under ‘Strengthening
Teaching-Learning and Results for States Program (STARS)’ project to improve the quality and
governance of school education across six states (Himachal Pradesh, Kerala, Madhya Pradesh,
Maharashtra, Odisha, and Rajasthan) in India. The new project will be executed through flagship central
scheme, Samagra Shiksha Abhiyan. As per WB, India has made better improvement in access to education
across the country from 2004-05 to 2018-19, where the number of children going to school hiked from
21.9 crore to 24.8 crore.
World Bank Enhances the financial Support for Ganga rejuvenation with $400 million through
SNGRBP
The World bank enhanced the support to India’s programme to rejuvenate the Ganga with $400 million
through Second National Ganga River Basin Project (SNGRBP), for the development of infrastructure
projects Under the National Ganga River Basin Project. This is the 1st Indian Project to get the
International Bank for Reconstruction and Development (IBRD) Guarantee in the water sector in India.
The Namami Gange Programme is an integrated conservation mission, approved by Union Government
in 2014 with a budget outlay of Rs 20000 crore.
FINANCE NEWS
SEBI Extends Deadline for Power of Attorney Norms till August 1, 2020
Mumbai based Securities and Exchange Board of India (SEBI) has extended the date for implementing
norms pertaining to power of attorney (POA) given by clients to trading members or clearing members
till August 1, 2020 from June 1, 2020. POA is a document allowing an individual or entity to appoint a
person/organization for managing the former’s property, financial, or medical affairs if he/she/it
becomes unable to do so.
American DFC to invest $350 million in India firms

To support multiple projects in India, The US International Development Finance Corporation (USIDFC)
is planning to invest $350 million in sectors of finance, health infrastructure, renewable energy and food
security space also look to empower smallholder dairy farmers, generate solar power increase access to
education.
PhonePe along with ICICI Lombard launches ‘first of its kind’ domestic trip travel insurance
Flipkart-owned digital payments platform PhonePe along with ICICI Lombard, the non-life insurance
company launched ‘first of its kind’ travel insurance, domestic multi-trip insurance to provide a stress-
free travel experience to customers by covering risks associated with all modes of travel within the
country.

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India becomes 2nd nation to have contact-free ATM cash withdrawals; Empays Payment Systems
partners with Mastercard
The Empays Payment Systems has joined hands with Mastercard to launch “Cardless ATM powered by
Mastercard” in India based on the standards of EMV (Europay, Mastercard, and Visa). With this, India will
be the first country outside the United States (US) where this product will be launched. It uses SMS (short
message service) technology to enable cash withdrawals.
ICICI Home Finance Launches SARAL, Affordable Housing Loan Scheme

The Mumbai headquartered ICICI Home Finance Company Limited (HFCL) launched ‘SARAL’, a special
affordable housing loan scheme to finance homes in urban and rural areas. The beneficiaries are women,
lower, middle income customers and economically weaker sections, with a maximum household income
up to Rs 6 lakh per annum.
SEBI amends SEBI (SAST) Regulations, 2011 to enhance promoter’s shareholding

The board of SEBI has amended the regulation 3, in sub-regulation (2) of Securities and Exchange Board
of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (SEBI-SAST) to enhance the
acquisition limit for promoters of a listed company. The amendment allows promoters owning 25% or
more of the shares or voting rights in a company to increase his shareholding by up to 10% in a year in
comparison to the earlier 5% limit.
Karnataka Bank Launches Health Insurance Policy to Cover COVID-19 in Partnership with
Universal Sompo General Insurance Company
Karnataka Bank in partnership with Universal Sompo General Insurance Company has launched a health
insurance policy. The policy aims to cover the individuals’ COVID-19 pandemic related health expenses.
The validity period of policy is 120 days and people aged between 18-65 can avail this policy.
Tata AIA Life Insurance Partners with East Consultancy Services to Offer Aadhaar-Based
Paperless Offline e-KYC Service
The Mumbai based Tata AIA Life Insurance partnered with East Consultancy Services to offer Aadhaar-
based paperless offline e-Know Your Customer (KYC) service. Also, Tata AIA Life Insurance will soon
extend the service for verification of agents as part of” Know Your Agent” (KYA) requirement.
World’s First Gold-backed US Digital Gold Currency Launched in India, GCC, Middle East and
Africa by IBMC
IBMC Financial Professionals Group in partnership with US Gold Currency Inc and Blockfills introduced
the world’s first monetary gold-backed US Gold digital currency in India, Gulf Cooperation Council (GCC),
Middle East and Africa. Each US Gold digital currency is backed by a US American Eagle one-ounce
(33.931 gram) gold coin, minted by the US Federal Agency, US Mint.
SIDBI Set Up ‘Swavalamban Crisis Responsive Fund’ to Facilitate Free Onboarding of MSMEs on
TReDS platform
The Lucknow based Small Industries Development Bank of India (SIDBI) has informed that it has set up
‘Swavalamban Crisis Responsive Fund’ (SCRF), an open-ended fund to facilitate free onboarding of Micro,
Small and Medium Enterprises (MSMEs) on Trade Receivables Discounting System (TReDS) platform.

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2020 Banking & Finance – July

RBI IN NEWS
FDI Up by $19 bn in FY20; Portfolio Investment Down by $13.7 bn: IIP Data Released by RBI
According to India’s International Investment Position (IIP) data as at end-March 2020, released by
Reserve Bank of India (RBI), Foreign Direct Investment (FDI) in the country has raised by $19 billion
while portfolio investment declined by $13.7 billion during 2019-20.
Read More Details Here: FDI Up by $19 bn in FY20; Portfolio Investment Down by $13.7 bn: IIP Data
Released by RBI
RBI conducted OMO of purchase and sale of G-secs for Rs 10,000 cr each; Borrowing facility to
banks extended till Sept 30, 2020
Reserve Bank of India (RBI) conducted the simultaneous purchase of Government Securities (G-Secs),
maturing between 2027 and 2033, and sale of 182 day and 364-day treasury bills (DTBs) under Open
Market Operations (OMO) for Rs 10,000 crore each on July 2, 2020. This OMO is a part of “Operation
Twist” to ease pressure evolving liquidity and market conditions.
Read More Details Here: RBI conducted OMO of purchase and sale of G-secs for Rs 10,000 cr each;
Borrowing facility to banks extended till Sept 30, 2020
Tamil Nadu Tops Market Borrowings Among States in India with a Collection of ₹30,500 crores
for 2020-21: RBI
According to data from the Reserve Bank of India (RBI), Tamil Nadu (TN) has topped market borrowings
among States in India with a collection of Rs. 30,500 crores in the fiscal 2020-21 (FY 21). TN, which has
accounted for 17% of the borrowings done through the issue of bonds (known as state development
loans), has been followed by Maharashtra ₹25,500 crore (14%), Andhra Pradesh ₹17,000 crore (9%),
Rajasthan ₹17,000 crore (9%).
Read More Details Here: Tamil Nadu Tops Market Borrowings Among States in India with a Collection of
₹30,500 crores for 2020-21: RBI
RBI Releases Report of Committee for Analysis of QR Code headed by Prof. Deepak B Phatak
Reserve Bank of India (RBI) publicized the “Report of the Committee for Analysis of QR (Quick Response)
Code” under the chairmanship of Prof. Deepak B. Phatak on its website for comments / suggestions of
various industry players currently involved in or associated with the use of QR codes before August 10,
2020.
RBI Signed USD 400 mn Currency Swap Facility for Sri Lanka
Reserve Bank of India (RBI) has agreed to a USD 400 million currency swap facility for Sri Lanka, valid
till November 2022. This will help Sri Lanka to meet its short-term international liquidity requirements
and to boost its foreign exchange reserves following the economic crisis resulting from COVID-19. This
Currency swap agreement was made under the South Asian Association for Regional Cooperation
(SAARC) framework.
Gross NPA of banks may rise to 12.5% by March 2021: RBI Financial Stability Report
According to the 21st issue of Financial Stability Report (FSR), July 2020 by Reserve Bank of India (RBI)
released on July 24, 2020, the gross nonperforming assets (GNPA) ratio of all scheduled commercial
banks (SCBs) may increase from 8.5% in March 2020 to 12.5% by March 2021 under the baseline
scenario; the ratio may escalate to 14.7% under a very severely stressed scenario.
Read More Details Here: Gross NPA of banks may rise to 12.5% by March 2021: RBI Financial Stability
Report

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BANKING TECHNOLOGY
Swiggy in Partnership with ICICI Bank Launches an Industry- First Instant Digital Wallet, ‘Swiggy
Money’
Online food delivery and ordering platform, Swiggy has launched its own digital wallet, ‘Swiggy Money’
in partnership with ICICI Bank to enable a ‘single-click checkout experience’ on its platform. It is an
industry- first instant digital wallet. The Swiggy Money is powered by ICICI Bank’s ‘insta wallet service’
which is built on a cloud platform with Application Programming Interface (API) integration.
ICICI bank Launched a Facility, ‘Insta Loans against Mutual Funds’, in Partnership with Computer
Age Management Services
The Mumbai based ICICI Bank in partnership with Computer Age Management Services (CAMS) launched
‘Insta Loans against Mutual Funds’, a facility for retail customers to avail loans up to Rs 1 crore instantly
by pledging their holdings in both debt and equity Mutual Funds (MFs).
HDFC Bank to Offer ‘ZipDrive’, an Online Instant Auto Loans to its Customers
HDFC Bank announced that it will offer ‘ZipDrive’, an online instant auto loan to its customers in 1,000
cities. The auto loan disbursal product is only for customers with pre-approved offers. It is a technology-
enabled loan product where credit assessment is done by banking software.
YES Bank Launches a Digital Solution, ‘Loan in Seconds’ for Instant Disbursement of Retail Loans
The Mumbai headquartered YES Bank launched a digital solution, ‘Loan in Seconds’ for instant
disbursement of retail loans. It is available for the bank’s pre-approved liability account holders. The
algorithm evaluates the loan application in real-time and eliminates the need for documentation.
Bank of Baroda Launched ‘Insta Click Savings Account’, 100% Paperless Digital Self-Assisted
Online Savings Account
India’s third-largest public sector bank, Bank of Baroda (BoB) launched ‘Insta Click Savings Account’, a
100% paperless digital self-assisted online savings account. It can be activated in real-time i.e; the
customer can transact using the Baroda M Connect Plus application with the MPIN received on the mobile
number.
AGREEMENTS & MOU’S SIGNED

World Bank Government of India Signed an agreement along with the Government of Tamil
Nadu to help the low-income groups in the state of Tamil
Nadu to get access to affordable housing. The agreement
was signed for 2 projects, First Tamil Nadu Housing Sector
Strengthening Programme worth $200 million (Rs 1,510
crore) & Tamil Nadu Housing and Habitat Development
Project worth $50 million (Rs 377 crore).
Karur Vysya Bank Star Health and Allied Karur Vysya Bank (KVB) has joined hands with Star Health
(KVB) Insurance Co Ltd and Allied Insurance Co Ltd for bancassurance, through
which KVB will market wide range health insurance
products of the Star Health through its 780 branches. Note:
Bancassurance is a partnership between a bank and an
insurance company, where the bank sells the tied
insurance company’s insurance products to its clients.
Asian Development International Energy Asian Development Bank (ADB) has renewed a MOU with
Bank (ADB) Agency (IEA) Paris headquartered International Energy Agency (IEA)

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during IEA’s Clean Energy Transitions Summit 2020 with
the aim to further increase the collaboration on
sustainability with a focus on energy sector resilience in
Asia and the Pacific. ADB earlier inked a 3-year MOU with
IEA in March 2017.
Asian Development Green Climate Fund The Asian Development Bank (ADB) and the Green Climate
Bank (ADB) (GCF) Fund (GCF) agreed to partner toward the “Green
Recovery”. This is to help hands for the people who are
facing the harsh economic impact due to COVID-19
pandemic.
OTHER BANKING NEWS

World Bank Approves USD 750 Million MSME Emergency Response Program for India
The World Bank approved a USD 750 million (about Rs.5600 Crore) Micro, Small, and Medium
Enterprises (MSMEs) Emergency Response Program to support severely impacted MSMEs in India due
to COVID-19 crisis. The International Bank for Reconstruction and Development (IBRD) will provide the
loan. The World bank has lent USD 5.13 billion to India in the financial year 2020. It has committed USD
2.75 billion to support India’s emergency COVID-19 response.
ADB Joins Network for Greening the Financial System as Observer

Asian Development Bank (ADB), a regional development bank, has joined the Paris (France)-based
Network for Greening the Financial System (NGFS) as an observer. With this, ADB now joins the ranks of
the World Bank (WB), the International Finance Corporation (IFC), the International Monetary Fund
(IMF), and the Organisation for Economic Co-operation and Development (OECD) as NGFS observers.
Kotak Mahindra Bank & Innoviti Collaborates to Offer EMIs on Kotak Debit Cards Swiped on
Innoviti POS Terminals
Kotak Mahindra Bank and Innoviti Payment Solutions Pvt. Ltd. announced that they have collaborated to
provide Equated Monthly Instalments (EMI) billing options on Kotak Debit Cards which are swiped on
Innoviti Point of Sale (POS) terminals.
SBM Bank India Partnered with Mastercard to facilitate Real-time domestic & cross-border
payments & remittances through ‘Mastercard Send’
SBM Bank (sponsored by Mauritius government) India has partnered with Mastercard to enable its
customers to make real-time domestic & cross-border payments (Business to Consumer- B2C) and
remittances quickly and efficiently through ‘Mastercard Send’.
Fino Payments Bank launches ‘Bhavishya’ Savings Account for Minors Aged between 10-18 years
Fino Payments Bank Limited launched ‘Bhavishya,’ a savings account scheme for minors aged between
10-18 years. The subscription-based savings account aims to inculcate banking and saving habits in
children. The Bhavishya Savings Account can be only opened through the Electronic-Know Your
Customer(e-KYC) mode.
Deutsche Bank and Google Cloud to Enter into a Multi-Year, Strategic Partnership
The Frankfurt (Germany) headquartered Deutsche Bank and Google Cloud have proposed to enter into a
strategic, multi-year partnership. The partnership focuses on redefining how the bank develops and
offers its financial services.

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Karur Vysya Bank Enters into Bancassurance Corporate Agency Partnership with Bajaj Allianz
Life Insurance
Karur Vysya Bank (KVB), a Scheduled Commercial Bank in India has joined hands with Bajaj Allianz Life
Insurance for bancassurance. Note: Bancassurance is a partnership between a bank and an insurance
company, where the bank sells the tied insurance company’s insurance products to its clients.
ADB & EAA Foundation Collaborated in $100 million Project to Provide Quality Primary
Education for out of school children
The Asian Development Bank (ADB) has entered into a 5-year agreement with Qatar-based Education
Above All (EAA) Foundation to work jointly for project worth of $100 million to put at least 3.2 lakh out-
of-school children, including refugees and internally displaced children into quality primary education.
The ADB will help India and 9 other Asian nations to ensure quality education for the out-of-school and
at-risk children in the primary level.
Visa Partners with Federal Bank to Deploy Visa Secure to the Bank’s Cardholders
Visa, enters into partnership with Federal Bank to deploy Visa Secure to the bank’s cardholders. Visa
Secure will provide additional authentication layers for issuers and merchants to combat online frauds.
In addition to this, the upgraded technology provides a quick and smooth checkout experience to
consumers. Visa Secure is a global authentication program that uses the latest standards of the EMV
(Europay, Mastercard, and Visa) 3DS (3D Secure) protocol.
NABARD organised a ‘digital choupal’ to mark its 39th Foundation Day; 2 schemes each of Rs
5,000 cr announced
On July 12, 2020, National Bank for Agriculture and Rural Development (NABARD) has celebrated its
39th Foundation day. On July 13, 2020, NABARD has organized its first “digital choupal”, a video
conference which brought together farmers from across the country. On this occasion, NABARD has
announced Rs 5,000 crore of refinance scheme for banks and financial institutions and also earmarked
another Rs 5,000 crore for turning Primary Agricultural Credit Societies, into multi service centres.
NABARD disbursed Rs 2.51 cr grant assistance to SHGs & Rs 221.89 cr to support 298 watershed
project in Karnataka
National Bank for Agriculture and Rural Development (NABARD) has disbursed Rs 2.51 crore of grant
assistance to Self Help Groups (SHGs) for promotion, skill development and digitisation of records in
Karnataka. This funding is a part of eShakti or Digitisation of SHGs an initiative of Micro Credit and
Innovations Department (mCID) of NABARD. Also, NABARD has extended a grant assistance of Rs 221.89
crore to support 298 watershed projects in over three lakh hectares benefitting 66,500 families.
CBDT launched tool for banks, co-operative societies & post offices to ascertain TDS applicability
rates on cash withdrawals
A new functionality of Income Tax Department namely “Verification of applicability u/s 194N” which is
available on www.incometaxindiaefiling.gov.in since July 1, 2020 has now made accessible for banks, co-
operative societies, and post offices through web-services by Central Board of Direct Taxes (CBDT).
Read More Details Here: CBDT launched tool for banks, co-operative societies & post offices to ascertain
TDS applicability rates on cash withdrawals
NABARD Launched Development Projects worth Rs 44 lakhs in Andaman and Nicobar Islands
National Bank for Agriculture and Rural Development (NABARD) launched development projects of Rs
44 lakhs in Andaman and Nicobar Islands to strengthen the Atmanirbhar Bharat through rural
entrepreneurship. The development projects include formation and development of Self-Help Groups

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(SHGs). NABARD has also partnered with the Centre of Agriculture Research Institute (CARI) to conduct
agricultural programmes with an amount of Rs 20 lakh.
NABARD Sanctioned Rs 795 crore to West Bengal for Reconstructing Infrastructure Damaged by
Cyclone Amphan
National Bank for Agriculture and Rural Development (NABARD) has sanctioned Rs 795 crore to West
Bengal to reconstruct infrastructure which was damaged by Cyclone Amphan (May 2020) under Rural
Infrastructure Development Fund (RIDF). NABARD has already provided Rs 145 crore under RIDF to the
state as special liquidity support to enhance rural infrastructure considering the COVID-19 pandemic.
Harsh Vardhan Launched PNB’s Nationwide CSR Campaign to Fight COVID-19 Pandemic
Union Minister of Health and Family Welfare, Harsh Vardhan launched New Delhi based Punjab National
Bank (PNB)’s nationwide Corporate Social Responsibility (CSR) campaign to prevent the spread of
COVID-19 by distributing face masks and sanitizers. S.S. Mallikarjuna Rao is the Managing Director (MD)
and Chief Executive Officer (CEO) of PNB.
LIC-UBI announced corporate agency pact

The Mumbai headquartered Union Bank of India (UBI), after its amalgamation with Corporation Bank
and Andhra Bank, has announced a corporate agency agreement with Life Insurance Corporation of India
(LIC) to distribute latter’s policies. As per the pact, UBI can act as a financial supermarket by offering LIC
products of term insurance, pension, plan, children plan, ULIPs, and endowment schemes to its account
holders, whereby they can select products according to their choice.
FamPay launched India’s 1st numberless card, Famcard

FamPay, India’s first Neobank for teenagers, in partnership with IDFC First Bank launched India’s 1st
numberless card, FamCard. FamPay with National Payments Corporation of India (NPCI) developed this
card. This card is accepted across the RuPay payment network of merchants.
Airtel Payments Bank Partnered with NSDC to Skill Rural Youth for Financial Services Sector
Jobs
The New Delhi based Airtel Payments Bank Ltd has partnered with National Skill Development
Corporation (NSDC) to train and skill the youth in rural India. This will enable them to find employment
opportunities and become entrepreneurs in the financial services sector.
Bank of Maharashtra joined hands with Uniken for Omni-channel security

The Pune based Bank of Maharashtra has joined hands with Uniken, a pioneer in the field of digital
security in India to secure its Internet banking channels on mobile, card, call centres and ATMs, among
others, against cyber fraud. In this regard, the bank will use Uniken’s REL-ID technology for Omni-channel
security for its online banking app MahaSecure.
SBI provided USD 16.20 million liquidity support for local businesses in Maldives as COVID-relief
State Bank of India (SBI) provided liquidity support of USD 16.20 million as a COVID-relief for the
Government of Maldives to overcome liquidity shortage on the occasion of Independence Day of the
Maldives on July 26, 2020.
ADB Approves 3 Million USD Grant to India to Support COVID-19 Response

The Asian Development Bank (ADB) approved the 3 Million USD grant (about Rs.22 Crore) from the
ADB’s Asia Pacific Disaster Response Fund (APDRF), financed by Japanese government to India to
support the Government’s emergency response to COVID-19.

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FINANCE NEWS
GoI approved special liquidity scheme for NBFCs and HFCs through SBICAP as SPV
Government of India (GoI) has approved a scheme for improving the short-term liquidity position of non-
banking finance companies (NBFCs)/housing finance companies (HFCs) through a Special Purpose
Vehicle (SPV) in the form of Special Liquidity Scheme (SLS) Trust set up by SBI Capital Markets Limited
(SBICAP). This SLS of Rs. 30,000 crores were announced by Union Minister for Finance & Corporate
Affairs Nirmala Sitharaman on 13th March 2020.
Read More Details Here: GoI approved special liquidity scheme for NBFCs and HFCs through SBICAP as
SPV
Edelweiss AMC to Launch Second Tranche of ‘BHARAT Bond ETF’; Target to Raise Rs 14000 crore
Edelweiss Asset Management Company (AMC) has decided to bring the second instalment of the Bharat
Bond ETF (Exchange Traded Fund) with two new series having maturities of 5 years (April 2025) and 11
years (April 2031) to raise Rs 14,000 crore. The new five-year and 11-year ETFs track have yields of
5.65% and 6.76%, respectively, as on 1 July. Earlier in December 2019, in the opening series of ETF, Rs
12,400 crore was raised.
IndiaFirst Life Insurance Associates with BOB Financial to Offer COVID-19 cum Hospital Cash
Cover to BOB Credit Cardholders
IndiaFirst Life Insurance Company Limited (It was promoted by Bank of Baroda and Union Bank of India)
associated with BOB Financial Services Limited (BOB Financial), a wholly owned subsidiary of Bank of
Baroda (BOB) to offer a group insurance cover. The cover will provide financial support to the BOB credit
card customers upon their hospitalisation or on COVID-19 diagnosis.
Liberty General Insurance launches 1st of its kind innovative service ‘Liberty Assure’
The Mumbai based Liberty General Insurance launches 1st of its kind innovative service ‘Liberty Assure’.
The Motor (car) insurance customers who avail this service, are not required to pay the ‘Compulsory
Deductible’ cost for each claim. In addition to this no premium will be charged from the buyers to provide
this unique cost-effective feature at the time of raising a claim/loss. The service was provided under the
Regulatory Sandbox approval received from the Insurance regulatory agency, IRDAI.
Ola Enters into a Strategic Partnership with PhonePe to Enhance its Digital Payments Experience
for its Customers
The ridesharing Company; Ola announced that it has entered into a strategic partnership with Bengaluru
based PhonePe to boost its digital payments experience for its customers.
AIIB Releases USD 50 mn as 1st Tranche to L&T Infrastructure Finance for Renewable Energy
The Beijing Headquartered Asian Infrastructure Investment Bank (AIIB) has released USD 50 million in
the first tranche of assistance to L&T Infrastructure Finance Ltd (LTIF), to fund renewable Energy
Projects in the country. The released amount is part of a sanctioned USD 100 million External Commercial
Borrowing (ECB) loan. This is the 1st loan of AIIB to a non-banking financial company (NBFC) in India.
IRDAI Revised Arogya Sanjeevani Policy limit; Minimum Insurance limit Rs.50000 & Maximum
Insurance limit beyond 5 Lakh
The Insurance Regulatory and Development Authority of India (IRDAI) has allowed all general and health
insurance companies to increase the sum insured on the Standard Individual Health Insurance Product
namely “Arogya Sanjeevani” beyond Rs 5 lakh. Earlier the product had a cap of Rs 5 lakh on the sum
insured and the minimum cover for it was of Rs 1 lakh. The regulator has now allowed insurers to offer
sum insured as low as Rs 50,000 with no upper limit. The sum insured has to be in multiples of Rs 50,000.

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Mastercard to Invest Rs 250 cr to Support SMEs in India Amid COVID-19 Crisis
Mastercard has announced that it will invest Rs 250 crore (USD 33 million) to support Indian Small and
Medium Enterprises (SMEs) to enable the SMEs to restart itself and help them in business recovery. SMEs
have been hit hardest during the lockdown caused by COVID-19 due to their dependence on the cash-
economy and disruption of the supply chain.
IRDAI mandated insurance companies to launch ‘Corona Kavach’ & ‘Corona Rakshak’ amid
increasing COVID-19 cases
Insurance Regulatory and Development Authority of India (IRDAI) made it mandatory for all general and
health insurers to launch short-term standard health policies for COVID-19 viz. Corona Kavach and
Corona Rakshak, due to increase in COVID-19 cases in India. Minimum entry age for both the policies will
be 18 years and the maximum 65. Corona Kavach – Tenure – 3.5 – 9.5 months; Max sum – 5 Lakh; Min
sum – 50,000. Corona Rakshak – Tenure - 3.5 – 9.5 months; Max sum – 2.5 Lakh; Min sum – 50,000.
World’s largest 1st Global Fintech Fest held virtually; UPI AutoPay, RuPay commercial card &
OCEN protocol launched
The 1st edition of two days long (July 22-23, 2020) world’s largest Global Fintech Fest (GFF) was held
virtually, which was organized by Payments Council of India (PCI) and Fintech Convergence Council
(FCC) at National Payments Corporation of India (NPCI) under the theme “Fintech: With and Beyond
COVID”. The aim of the fest was to bring together the global FinTech and Banking, financial services and
insurance (BFSI) sector.
 NPCI launched UPI AutoPAy to ease online recurring payments
 NPCI launched SBM EnKash RuPay Business Card for small business
 Nandan Nilekani launched open credit protocol network
 SEBI formed committee for financial and regulatory technology
Read More Details Here: World’s largest 1st Global Fintech Fest held virtually; UPI AutoPay, RuPay
commercial card & OCEN protocol launched
Amazon Pay partnered with Acko General Insurance Ltd to offer auto insurance in India
Amazon Pay, the payments arm of Amazon India has partnered with Acko General Insurance Ltd to offer
auto insurance for two and four-wheelers in India, a 100% paperless insurance plan. Customers can avail
this auto insurance from Amazon Pay page, Amazon app or mobile website and can get a quote for their
car or bike’s insurance by providing basic details.
ICICI Lombard in partnership with PhonePe launched Hospital Daily cash benefit
ICICI Lombard in partnership with PhonePe has launched Hospital Daily cash benefit under its Group
Safeguard Insurance policy, a sachet-based group insurance product. It is a customized hospitalisation
policy that allows PhonePe users to get an assured amount if they are hospitalised due to injury or
illnesses (including COVID-19).
IRCTC and SBI Card launched a Co-Branded Contactless Credit Card on RuPay Platform
Indian Railway Catering and Tourism Corporation Limited (IRCTC) and Gurugram based SBI Card
launched a co-branded contactless credit card, IRCTC -SBI Platinum Card on RuPay Platform to reward
the frequent railway travellers. The card is equipped with Near Field Communication (NFC) technology
by which users can facilitate their transactions at the point of sale (POS) machines by Tap and Pay Option.
Bharti AXA General Insurance Launched Crop Insurance Campaign, ‘Bohot Zaroori Hai’ for
Farmers
Bharti AXA General Insurance has launched its crop insurance campaign,’Bohot Zaroori Hai’ for farmers
in Maharashtra and Karnataka to encourage them about their yield protection and financial security.

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Bharti AXA General Insurance had received Rs 800 crore worth crop insurance mandate from the
governments of Maharashtra and Karnataka to insure their farmers under the Pradhan Mantri Fasal Bima
Yojana (PMFBY).
BOB Financial Solutions Limited ropes Fiserv, Inc for Digital Transformation
BOB Financial Solutions Limited (BFSL) has chosen Fiserv, Inc. to enable the digitization of their end-to-
end card issuance and processing cycle and support the launch of several new and high-tech products
including contactless credit cards, virtual credit cards among others. For this purpose, BFSL will utilize
Fiserv’s FirstVisionTM, an end-to-end managed services solution.
2020 Banking & Finance – August

RBI IN NEWS
RBI Mandates System-based Asset Classification for Urban Co-operative Banks (UCBs)
Reserve Bank of India (RBI) has mandated the urban co-operative banks (UCBs) with assets of Rs 2,000
crore or above as on March 31, 2020 to implement system-based asset classification from 30 June 2021.
For UCBs having total assets of Rs 1000 crore or above but less than Rs 2000 crore as on March 31, 2020
and have self-assessed under Level III or Level IV on “Comprehensive Cyber Security Framework for
Primary (Urban) Cooperative Banks (UCBs) – A Graded Approach” are mandated to implement it from
September 30, 2021.
RBI Tightens Norms for Core Investment Companies; Formation of Group Risk Management
Committee Mandated
Reserve Bank of India (RBI) has revised the guidelines applicable for Core Investment Companies (CICs)
on the basis of the recommendations of the Working Group (WG) to Review the Regulatory and
Supervisory Framework for Core Investment Companies (CICs), constituted under the Chairmanship of
Tapan Ray, former Secretary, Ministry of Corporate Affairs (MCA). In this regard, RBI has made the
guidelines stricter for CICs by mandating more disclosures, better risk management and a simpler group
structure w.e.f. August 13, 2020. The existing entities have been given time till 31 March 2023 to
reorganize their business structure.
Read More Details Here: RBI Tightens Norms for Core Investment Companies; Formation of Group Risk
Management Committee Mandated
RBI’s Central Board headed by Shaktikanta Das approved a dividend of Rs 57,128 crore to
Central Govt
The 584th meeting of the Central Board of Reserve of Board (RBI) under the Chairmanship of Governor
Shaktikanta Das approved the transfer of Rs 57,128 crore in surplus as dividend to the Central
government for the accounting year 2019-20. The board decided to maintain the Contingency Risk Buffer
at 5.5%. As per the Union Budget 2020-21, the government has budgeted Rs 60,000 crore as dividends
from RBI and state-run banks and financial institutions.
RBI Released Framework for Authorisation of Pan-India Umbrella Entity for Retail Payments
Reserve Bank of India (RBI) released the “Framework for authorisation of Pan-India Umbrella Entity for
Retail Payments” recently. The Board for Regulation and Supervision of Payment and Settlement Systems
(BPSS), will be the final authority to issue authorisation for setting up umbrella entity. The minimum
paid-up capital of the umbrella entity should be Rs 500 crore.
Read More Details Here: RBI Released Framework for Authorisation of Pan-India Umbrella Entity for
Retail Payments

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RBI Released Draft Framework for Self-Regulatory Body for Payment System Operators
Reserve Bank of India (RBI) released a draft framework for grant of recognition to an industry association
as a Self-Regulatory Organisation (SRO) for Payment System Operators (PSOs). Notably, SRO will serve
as a watchdog to guard against unprofessional practices within an industry or profession.
RBI Releases National Strategy for Financial Education 2020-2025; 5C Approach Recommended
On the lines of the review of progress made under the first National Strategy for Financial Education
(NSFE: 2013-2018) the revised NSFE (2020-2025) has been prepared and the document for the same
was released by Mahesh Kumar Jain, Deputy Governor, Reserve Bank of India (RBI) on August 20, 2020.
The document recommends adoption of a ‘5 C’ approach viz. Content, Capacity, Community,
Communication and Collaboration.
Read More Details Here: RBI Releases National Strategy for Financial Education 2020-2025; 5C Approach
Recommended
Highlights of RBI Annual Report 2019-20; India’s Growth Projected at -4.5%

Reserve Bank of India (RBI) released its Annual Report for 2019-20. It is Report of the Central Board of
Directors on the working of the Reserve Bank of India (RBI) for the year ended June 30, 2020 submitted
to the Central Government in terms of Section 53(2) of the Reserve Bank of India Act, 1934. In the report,
RBI projected that India’s growth at minus 4.5% for 2020-21.
 Bank frauds more than double in FY20 to Rs 1.85 trillion
 Setting up GST Council type authorities for land, labour, power
 RBI to dissolve Banking Codes and Standards Board of India
Read More Details Here: Highlights of RBI Annual Report 2019-20; India’s Growth Projected at -4.5%
RBI Announced Purchase & Sale of Govt Securities under OMO worth Rs 20,000 crore
Reserve Bank of India (RBI) announced a simultaneous purchase and sale of government securities (G-
Secs) under open market operations (OMO) for an aggregate amount of Rs 20,000 crore in two equal
tranches of Rs 10,000 crore on August 27, 2020 and September 03, 2020 on account of current and
evolving liquidity and market conditions.
Read More Details Here: RBI Announced Purchase & Sale of Govt Securities under OMO worth Rs
20,000 crore
BANKING TECHNOLOGY
SIDBI, TransUnion CIBIL launched financial knowledge platform” MSMESaksham” for MSMEs
The Lucknow based Small Industries Development Bank of India (SIDBI) in association with TransUnion
CIBIL Limited has launched a comprehensive financial education and one-stop knowledge platform for
micro, small and medium enterprises “MSMESaksham”, which will guide MSMEs seeking quick access to
finance and will also support them in managing their credit obligations.
HDFC Bank Virtually Launched ‘Shaurya KGC Card’, a First-of-its-Kind Card for Indian Armed
Forces
Aditya Puri, Managing Director of HDFC Bank, launched digitally the 1st of its kind card, ‘Shaurya KGC
(Kisan Gold Credit) Card’, a tri color themed card for Indian armed forces personnel and their families. It
will benefit over 45 lakh users. The product is aimed largely towards armed forces personnel from semi-
urban and rural communities. The product is based on the Kisan Credit Card (KCC) guidelines by the
government. This launch is part of the HDFC Bank’s ‘Har Gaon Hamara’ initiative.

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PNB Launched ‘DIGITAL APNAYEN’, a Campaign to Promote Digital Banking
S S Mallikarjuna Rao, Managing Director and Chief Executive Officer of Punjab National Bank (PNB)
launched a campaign, ‘DIGITAL APNAYEN’ to encourage customers to use digital banking channels and
participate in the noble cause of donating to PM CARES Fund for COVID-19.
Fino Payments Bank Ltd Launched ‘Jan Bachat Khata’, an Aadhaar Authentication Based Digital
Savings Account
Fino Payments Bank Limited launched Jan Bachat Khata (JBK), an Aadhaar authentication based digital
savings account for its customers. JBK will bring neo-banking experience to the consumers. The primary
target of JBK is low income household families and direct benefit transfer (DBT) beneficiaries.
Lakshmi Vilas Bank Launched ‘LAKSHMI digiGO’, a Contactless Online Instant Savings Account
Opening Facility
Lakshmi Vilas Bank (LVB) has launched ‘LAKSHMI digiGO’, a contactless digital initiative that will enable
customers to open a savings account instantly. This initiative will help people to avail the most required
banking services instantly through the website on account of COVID-19 pandemic.
SBI Partners with AddaCorner to Launch ‘Online Home Carnival’

The Mumbai headquartered State Bank of India (SBI) has partnered with India’s First Real-Time Group
Negotiation E-Platform, AddaCorner to launch ‘Online Home Carnival’, which will help in boosting the
Real Estate market in Bengaluru.

Asian Development Bank Delhi – Meerut Rs 7,485 crore The Asian Development Bank (ADB) has
(ADB) (Uttar Pradesh) approved a USD 1 billion (about Rs 7,485
crore) loan to construct the modern, high-
speed 82-kilometer Delhi – Meerut (Uttar
Pradesh) Regional Rapid Transit System
(RRTS) in India, a first of its kind in India.
The finance of the Delhi- Meerut RRTS
project will be given in 4 tranches
between August 2020 and May 2025. The
NCR Transport Corporation (NCRTC) will
execute the project.
Asian Infrastructure Government of $500 million A quartet loan agreement was inked
Investment Bank (AIIB) Maharashtra, between the Government of India, the
Mumbai Railway Government of Maharashtra, Mumbai
Vikas Corporation Railway Vikas Corporation (MRVC) and
(MRVC) the Asian Infrastructure Investment Bank
(AIIB) for Mumbai Urban Transport
Project-III. The total estimated cost of the
project is $997 million, of which $500
million will be financed by the AIIB, $310
million by the Government of
Maharashtra and $187 million by the
Ministry of Railways. The loan from the
AIIB has a 5-year grace period and a
maturity of 30 years.

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OTHER BANKING NEWS
Kotak Mahindra Bank Launched a Two-Month Campaign, ‘Kona Kona Umeed’ with Offers,
Discounts
Kotak Mahindra Bank has launched a special two-month campaign, ‘Kona Kona Umeed’ with offers and
discounts across its suite of products to make banking and shopping more rewarding for the customers
so as to boost consumer demand and lift people’s enthusiasm during this pandemic situation.
Canara Bank Partnered with 3 insurers to Provide Individual Short-Term Corona Kavach Policy
As part of a social commitment to compensate the unprecedented expenses of ordinary people, the
Bengaluru based Canara bank has partnered with 3 insurers namely, New India Assurance Company Ltd,
Bajaj Allianz General Insurance Co Ltd and HDFC ERGO Health Insurance Co Ltd to offer individual short-
term Corona Kavach policy to cover COVID-19 related health expenses.
National Bank of Bahrain Selects Infosys Finacle to Digitally Transform its Transaction Banking
Business
National Bank of Bahrain (NBB) and Infosys Finacle, part of EdgeVerve Systems, a wholly-owned
subsidiary of Infosys, announced that the bank has decided to adopt the Finacle Cash Management Suite
to digitally transform its transaction banking business.
Airtel Payments Bank partnered with Bharti AXA General Insurance to offer “Smart Plan Shop
Package Policy”
Airtel Payments Bank has entered into a partnership with Bharti AXA General Insurance to offer the
latter’s affordable and newly launched shop insurance product namely “Smart Plan Shop Package Policy”
for financial protection of the bank’s retailers and merchants.
Exim Bank extends USD 250 million line of credit to Mozambique to improve the power supply
quality
The Mumbai headquartered Export-Import (EXIM) Bank on behalf of Indian Government, extended a Line
of Credit (LoC) of USD 250 million (about Rs. 1,870 Crores) to Mozambique to improve the power supply
quality of the country. The capital and currency of Mozambique are Maputo & Mozambican metical
respectively.
ADB signed USD 200 mn financing deal with Reliance Bangladesh LNG and Power Limited for
718 mw power plant in Bangladesh
The Asian Development Bank (ADB) has signed a USD 200 million financing deal with the Reliance
Bangladesh LNG and Power Limited (RBLPL) to build and operate a 718 megawatt combined-cycle gas-
fired power plant in Bangladesh. The financing deal has two components of dollar 100 million each. ADB
will provide USD 100 million and will also manage the other part worth USD 100 million from the Leading
Asia’s Private Infrastructure Fund (LEAP).
SBM Bank India Collaborated with InstaReM to Enhance Outbound Remittance Experience from
India
SBM Bank (India) Limited has collaborated with InstaReM to enhance the existing outbound remittance
service offerings from India, including introduction of new remittance corridors, increased frequency of
transactions for outbound Transactions and improved delivery timings for transfers.
NPCI Launched Omni-Channel Loyalty Platform, ‘nth Rewards’

National Payment Corporation of India (NPCI) has launched ‘nth Rewards’, a business intelligence and
analytics enabled omni-channel multi-branded loyalty platform. This platform enables users to earn ‘nth’

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(denoting infinite possibilities) points through various bank transactions and redeem them instantly on
various products, such as e-vouchers, donations, hotel and flight bookings. The platform aims to become
a one stop shop for the bank which will enable them to retain and grow their customer base.
South Indian Bank obtained RBI’s in-principle Nod to Set up Non-Financial Subsidiary
South Indian Bank (SIB) has obtained in-principle approval from the Reserve Bank of India (RBI) to set
up a wholly owned non- financial subsidiary for undertaking activities permitted by RBI. After SIB
completes the relevant formalities and receives final approval from the regulators the subsidiary will
commence its operations.
Federal Bank Partnered with Fiserv, Inc. to Support Launch of their 1st Independent Credit Card,
‘Federal Bank Credit Card’
Federal Bank has partnered with Fiserv, Inc. to enable the digitization of its end-to-end card issuance and
processing cycle to support the launch of the ‘Federal Bank credit card’, their 1st Independent Credit
Card. The Federal bank will also outsource associated operational processes to Fiserv.
SBI rolls out “KCC (Kisan Credit Card) Review option” for Farmers
State Bank of India (SBI) has launched “KCC (Kisan Credit Card) Review option” on its digital agricultural
solution platform, YONO (“You Only Need One”) Krishi. With this application the farmers can access their
KCC limit in the virtual platform. It is expected to benefit more than 75 Lakh Farmers who have Kisan
Credit Card accounts with SBI. The Farmers will no longer need to visit the bank branch physically to
apply for a revision in their KCC limit.
YES Bank in Partnership with KFin Technologies Launched ‘Loan against Securities’ to Provide
Complete Digital loan Against Mutual Fund
Yes Bank in partnership with KFin Technologies Private Limited has launched ‘Loan against Securities’, a
unique digital solution that enables customers to lien mark their mutual funds digitally and avail quick
and hassle-free loans. The digital solution is launched under YES BANK’s ‘Loan in Seconds’ platform,
which allows the customers to set an instant credit limit against securities held.
HSBC India Becomes 1st Foreign Bank in India to launch a ‘Green Deposit Programme’ for
Corporate Clients to Finance Green Initiatives
HSBC India becomes 1st Foreign Bank in India to launch a ‘Green Deposit Programme’ exclusively for
corporate clients to finance green initiatives and eco-friendly projects like renewable energy, clean
transportation, and pollution prevention among others, that promote transition to a low-carbon, climate
resilient and sustainable economy. This will enable companies to support environmentally-beneficial
projects.
Karnataka Vikas Grameena Bank and SBI General Insurance Co Ltd Signed MoU to Sell General
Insurance Products
Karnataka Vikas Grameena Bank (KVGB) and SBI General Insurance Co Ltd have signed a Memorandum
of Understanding (MoU) in Dharwad, Karnataka to sell general insurance products of SBI general
insurance company through the branches of KVGB.
RBL Bank Partnered with Accenture to Accelerate its Digital Transformation

The Mumbai headquartered RBL Bank has entered into a strategic partnership with Accenture to
transform and enhance the future readiness of the bank’s Information Technology (IT) systems and
accelerate its digital transformation journey.

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NABARD Introduced a Debt and Credit Guarantee Product, ‘Structured Finance and Partial
Guarantee Programme to NBFC-MFIs’
The National Bank for Agriculture and Rural Development (NABARD) has introduced, ‘Structured
Finance and Partial Guarantee Program for Non-Banking Finance Companies (NBFC)-Micro Finance
Institutions (MFIs)’, a dedicated debt and credit guarantee product. NABARD has signed a pact with
Vivriti Capital and Ujjivan Small Finance Bank on 14 August 2020 to introduce the initiative.
ICICI Bank Becomes the 1st Bank in India Uses Satellite Data to Assess Credit Worthiness of
Farmers
ICICI Bank uses satellite data (imagery from Earth observation satellites) to assess credit worthiness of
farmers. ICICI Bank has become the 1st bank in India to use such a technique to measure an array of
parameters related to the land, irrigation and crop patterns and use it in combination with demographic
and financial parameters to make quick lending decisions for farmers.
MasterCard and Goals101.ai Partnered to create Targeted and Personalised Offers for Bank
Cardholders
Mastercard has entered into an alliance with Goals101.ai, the leading bank-tech and Artificial Intelligence
(AI) company. Through this alliance, Goals101.ai connects merchants and issuers using big data, AI and
automation to create targeted and personalized offers for Bank cardholders. Through this partnership,
Mastercard and Goals101.ai will launch a section within the platform called ‘For You’.
Axis Bank Introduced ‘Liberty Savings Account’ for the Indian Youth; 1st of its Kind Savings
Account to Cover Pandemic
The Mumbai headquartered Axis Bank, India’s third-largest private sector bank, has introduced ‘Liberty
Savings Account’ for the Indian Youth, to address the ever changing lifestyle needs of young and digitally
interested Indians. It offers a complimentary hospital cash insurance cover of up to Rs 20,000 per year,
which covers hospital expenses incurred under COVID -19, which makes this a 1st of its kind savings
account to cover the pandemic.
HDFC Bank to Partner with Adobe to Enhance Digital Customer Experiences

HDFC Bank announced a strategic partnership with Adobe to enhance the Digital Experiences of its
Customers. The partnership is powered by Adobe Experience Cloud Solutions and will help HDFC Bank
to deliver personalised digital experiences to existing as well as new customers, at anytime and
anywhere.
FINANCE NEWS
Craft Silicon & PayU Partnered to Advance Digital Loan Repayment
Craft Silicon has entered into a strategic partnership with PayU to innovate and accelerate the digital loan
repayment solutions for small finance banks, micro-lending institutions and Non-Banking Financial
Company (NBFC).
MobiKwik Launched mpay.me, a Personalized UPI Payment Link

MobiKwik launched ‘mpay.me’, a Unified Payment Interface (UPI) payment link service that allows users
to send and receive money from any UPI payment app. Through mpay.me, users and merchants can set
up a personalized link using their mobile number.

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BOB Financial Solutions Partnered with Innoviti Payment to launch the New Credit Card EMI
offering on POS Terminal
BOB Financial Solutions Limited partnered with Innoviti Payment Solutions Pvt. Ltd to launch New Credit
Card Equated Monthly Instalments (EMI) offering on Point of Sale (POS) terminals. The association of
Bank of Baroda (BOB) Credit Card with Innoviti Payment Solutions will enable BOB credit card holders
to access EMIs that can be repaid conveniently through their credit cards.
Aditya Birla Health Insurance Launches New Services and Products for COVID-19
Aditya Birla Health Insurance Company Limited (ABHICL), the health insurance arm of Aditya Birla
Capital Limited, has introduced new services, product solutions & add-ons to the existing products to
enable customers to safeguard their health during COVID-19. The ABHICL has launched an initiative
‘Active Dayz@Home’ & campaign #HealthFromHome recently.
SEBI revised IFSC guidelines, 2015’ eligibility, shareholding limit for clearing corp at IFSC
Securities and Exchange Board of India (SEBI) amended the clause 4 (2) of SEBI international financial
services centre (IFSC) guidelines, 2015 pertaining to eligibility criteria and shareholding limit for clearing
corporations that wish to operate in such centres.
Read More Details Here: SEBI revised IFSC guidelines, 2015’ eligibility, shareholding limit for clearing
corp at IFSC
International Financial Corporation to Invest Rs.75 Crore in Endiya Partners Fund II

The International Financial Corporation (IFC), a member of the World Bank Group, has committed to
invest Rs 75 crore (about USD 10 million) in Endiya Partners Fund II. In addition to this, IFC has also
committed an additional USD 10 million for direct co-investments.
Paytm Launched India’s 1st Pocket Android POS Device, ‘Paytm All-in-One Portable Android
Smart POS’
Paytm has launched India’s 1st Pocket Android POS (Point of Sale) Device, ‘Paytm All-in-One Portable
Android Smart POS’ for contactless ordering and payments in India. It is an effort to digitise and empower
a large number of Small and Medium Enterprises (SMEs). It is integrated with the ‘Paytm for Business’
app to generate GST compliant bills and to manage all transactions & settlements.
Muthoot Finance Partnered with Kotak Mahindra General Insurance to Offer COVID-19
Insurance Cover Against Gold Loan
Muthoot Finance has partnered with Kotak Mahindra General Insurance to offer COVID-19 insurance
cover of up to Rs 1 lakh under the initiative Muthoot Finance Ayush Gold Loan. The cover will be available
only for the customers who avail gold loan from Muthoot Finance under the Muthoot Super Loan (MSL)
scheme.
Bharti AXA Life Insurance Entered into Bancassurance Partnership with SBM Bank India
Bharti AXA Life Insurance has entered into a bancassurance partnership with SBM Bank (India) Limited.
Through this partnership, Bharti AXA Life Insurance will offer its entire suite of life insurance products,
including protection, health, savings and investment plans, to the customers of SBM Private Wealth, the
retail banking arm of SBM Bank India.

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Universal Sompo General Insurance Company Ltd Collaborates with BSE EBIX to sell General
Insurance products
Universal Sompo General Insurance Company Ltd has collaborated with BSE EBIX Insurance Broking
Private Limited (BSE EBIX) to sell General Insurance products in a fully digital environment using the
distribution network of BSE EBIX.
Edelweiss Tokio Life Insurance Partnered with Element AI for AI Transformation

Edelweiss Tokio Life Insurance Company Limited has partnered with Element AI, a global developer of
AI (Artificial Intelligence)-powered solutions and products, to develop, design and implement a strategic
AI roadmap for the new age insurer and prioritise their investments into AI.
NPCI Launched its Subsidiary Firm, ‘NPCI International Payments Limited’; Appointed Ritesh
Shukla as its CEO
The National Payments Corporation of India (NPCI) has launched a wholly-owned subsidiary, NPCI
International Payments Limited (NIPL) to internationalize (or export to foreign markets) NPCI’s
indigenously developed offerings and technological acumen. NPCI has appointed Ritesh Shukla as Chief
Executive Officer (CEO) of NIPL.
Tata Capital Ltd Launched a New Service, ‘Swift Insta Personal Loans’ on Whatsapp
Tata Capital Ltd, the financial services arm of the Tata Group launched its new service called, ‘Swift Insta
Personal Loans’ (SIPL) on WhatsApp. Through the new service, the existing customers can easily apply
for loans and receive sanctions for personal loans (on a single platform) using TIA, a Chat-bot of Tata
Capital on WhatsApp.
SBI General Insurance Launched a 1st of its Kind offering, ‘Shagun – Gift an Insurance’ Policy for
Personal Accident
SBI General Insurance Co Ltd launched a 1st of its kind offering, ‘Shagun – Gift an Insurance’, a unique gift
of Personal Accident policy which provides complete financial protection to the insured person against
uncertainties such as accidental death and partial or total disabilities, and permanent & temporary
disabilities resulting from an accident.
HSBC India Launched Omni Collect, a One Stop Solution to Businesses

HSBC India has launched Omni Collect, a one-stop solution in India. It supports businesses to offer
multiple payment options on a single platform. Advanced Travel Partners International (ATPI) is the 1st
client of HSBC India to go live with this solution and has started to receive payments through the online
payment gateway.
Innoviti and Visa Partnered to develop installments platform for face-to-face transactions
Innoviti Payment Solutions Pvt. Ltd. and Visa have partnered to develop an instalment platform, which
will enable the issuers to extend credit to their cardholders at face-to-face Point of Sale (PoS) in India.
The instalments platform with the suite of platform capabilities leveraging Innoviti’s uniPAYNEXT
platform and Visa’s APIs, provides shoppers the ability to choose how they pay during the purchase.
Bajaj Allianz Life Insurance Launched 1st of its Kind ‘Smart Assist’, a Real-time Assistance
Service
Bajaj Allianz Life Insurance Company Limited has launched ‘Smart Assist’, a 1st of its kind technology
service in the insurance industry. Through a secure screen sharing feature, the service allows the
customers to connect with the company to avail real-time assistance on completing the purchase
anywhere.

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Canara HSBC OBC Life Insurance & Andhra Pragathi Grameena Bank Entered into a Strategic
Partnership through VC to Offer Life Insurance
Canara HSBC Oriental Bank of Commerce (OBC) Life Insurance Company Limited (Canara HSBC OBC Life
Insurance) and Andhra Pragathi Grameena Bank (APGB) have entered into a strategic tie up virtually.
The distribution tie-up is to sell life insurance, health and pension products at all the branches of APGB.
It is the 1st virtual launch of Canara HSBC OBC Life Insurance tie-up with APGB.
2020 Banking & Finance – September

RBI IN NEWS
RBI Announced Additional OMO of Rs 20,000 Cr to Ensure Orderly Market Conditions; HTM
raised to 22% from 19.5%
Reserve Bank of India (RBI) announced measures in order to ensure orderly market conditions and
congenial financial conditions. In this regard Reserve Bank will conduct additional special open market
operations (OMO) involving the simultaneous purchase and sale of Government securities for Rs 20,000
crore in two tranches of Rs 10,000 crore each on September 10 and September 17 in 2020. The RBI also
increased the held to maturity limit (HTM) or the amount that banks invest in G-secs from 19.5% to 22%.
Read More Details Here: RBI Announced Additional OMO of Rs 20,000 Cr to Ensure Orderly Market
Conditions; HTM raised to 22% from 19.5%
RBI Releases Revised Priority Sector Lending Guidelines: Sept. 2020

Reserve Bank of India (RBI) reviewed the Priority Sector Lending (PSL) Guidelines to align it with
emerging national priorities amid COVID-19 impact. In this regard, new categories are included under
priority sector for financing viz. start-ups (up to Rs 50 crore); loans to farmers for installation of solar
power plants for solarisation of grid connected agriculture pumps and loans for setting up Compressed
Bio Gas (CBG) plants. Notably, the credit limit for renewable energy, health infrastructure (including
those under ‘Ayushman Bharat’) has also been doubled.
FIDC Requested RBI to Review New Current Account Rules; Concerns on Routing All
Transactions through CC/OD
The umbrella body for non-banking financial companies (NBFCs), Finance Industry Development Council
(FIDC) requested the Reserve Bank of India (RBI) to review the current account circular dated August 6,
2020 which stated that no bank is allowed to open current accounts for the customer who availed credit
facilities in the form of cash and credit (CC) or overdraft (OD) from the banking system.
Read More Details Here: FIDC Requested RBI to Review New Current Account Rules; Concerns on
Routing All Transactions through CC/OD
RBI Accepted Kamath Panel Recommendations; Specifies Parameters for Loan Restructuring
Reserve Bank of India (RBI) specified five financial ratios and sector-specific thresholds for resolution of
COVID-19-related stressed assets in 26 sectors on the basis of the recommendations of an expert
committee under the chairmanship Kundapur Vaman Kamath, which was formulated by RBI in August
2020 to set a parameters and benchmarks for stressed assets that need rescuing. These five ratios are:
Total outside liabilities/adjusted tangible net worth (TOL/ATNW), total debt/EBITDA, current ratio, debt
service coverage ratio (DSCR), average debt service coverage ratio (ADSCR).
Read More Details Here: RBI Accepted Kamath Panel Recommendations; Specifies Parameters for Loan
Restructuring

Section-Wise PDF
RBI Lays Down Guidelines for Banks to Appoint Chief Compliance Officers: September 2020
In order to ensure uniformity and effective management of compliance risk in banking sector, on
September 11, 2020, Reserve Bank of India (RBI) laid down guidelines for “Compliance Functions in
Banks and Role of Chief Compliance Officer (CCO)” stating appointment and tenure of chief compliance
officer (CCO), policy (which should be reviewed at least once a year), and reporting requirements and
duties of the compliance function, among others. CCO should be appointed for a minimum fixed period of
three years with age not more than 55 years.
RBI Mandate Banks to Fully Automate NPA Recognition Process by June 30, 2021
Reserve Bank of India (RBI) issued circular advising banks to switch to automatic identification of non-
performing assets (NPAs), using appropriate IT (information technology) systems, from manual
identification for regulatory reporting and bank’s own management information system (MIS)
requirements. Concerning this, on September 14, 2020, RBI issued a notification mandating banks to
complete the automation of bad-loan recognition and provisioning processes by June 30, 2021.
RBI Issued Draft Rupee Interest Rate Derivatives (Reserve Bank) Directions: September 2020
Reserve Bank of India (RBI) issued Draft Rupee Interest Rate Derivatives (Reserve Bank) Directions,
2020 under Section 45 W of the RBI Act, 1934 to allow foreign portfolio investors (FPIs) to undertake
exchange-traded rupee interest rate derivatives transactions subject to an overall ceiling of Rs 5,000
crore. The RBI has sought comment on these directions by October 15, 2020.
RBI Released “’Technology Vision for Cyber Security’ for Urban Co-operative Banks – 2020-
2023”
Reserve Bank of India (RBI) released “’Technology Vision for Cyber Security’ for Urban Co-operative
Banks (UCBs) – 2020-2023”. It aims to enhance the cyber security in the Urban Co-operative banking
sector against the growing Information Technology (IT) and cyber threat environment. Based on the
inputs from diverse stakeholders, the technology vision document was formalised.
RBI to Initiate Positive Pay system for Cheques above Rs 50,000 from Jan 1, 2021: September
2020
Reserve Bank of India (RBI) has issued a directive under Section 10 (2) read with Section 18 of Payment
and Settlement Systems Act, 2007 (Act 51 of 2007) stating an introduction of Positive Pay System for
Cheque Truncation System (CTS) for banks in order to check fraud. It will be implemented from January
01, 2021. This will be developed by National Payments Corporation of India (NPCI); this system will
require re-confirmation of key details for payments beyond Rs 50,000. It should be noted that the usage
of Positive Pay System is at the choice of account holder; however, banks may make it mandatory in case
of cheques for amounts of Rs 5 lakh and above.
BANKING TECHNOLOGY
Bank of India launched “Signature Visa Debit Card” for High Net Worth Individuals
The Mumbai based Bank of India (BoI) has launched an international contactless debit card, “Signature
Visa Debit Card” for high net worth individuals who are maintaining an average quarterly balance of Rs
10 lakhs and above.
ICICI Bank Launched “iStartup 2.0”, a Comprehensive Banking Programme for Startups
ICICI Bank launched its comprehensive banking programme for the Start-ups named “iStartup 2.0” which
will support the requirements of the start-ups like regulatory assistance, analytics, staffing, acquisition
and digital outreach of customers.

Section-Wise PDF
SBI to Launch ‘SAFAL’, a Loan product for Organic Cotton Growers
C.S. Setty, Managing Director (MD) of State Bank of India (SBI) informed that SBI will launch a loan
product called SAFAL (Safe and Fast Agriculture Loan) during a Fintech conference organised by
Federation of Indian Chambers of Commerce and Industry (FICCI). SAFAL is primarily focused on organic
cotton growers who do not have any credit history.
Titan and SBI launched Titan Pay, India’s 1st Contactless Payment Watches
Titan Company Limited, one of the world’s 5th largest watch manufacturers associated with TATA Group,
in collaboration with State Bank of India (SBI) introduced Titan Pay, powered by YONO (You Only Need
One) SBI. Through this partnership, Titan and SBI are launching a range of stylish new watches with
contactless payment functionality for the 1st time in India.
DBS Bank India Unveiled Online Credit Solutions Platform, ‘DBS Digital Business Loans for SMEs’
DBS Bank India Ltd launched an online credit solutions platform, ‘DBS Digital Business Loans for SMEs’
to provide loans for Small and medium-sized enterprises (SMEs) businesses in a convenient manner with
credit facility up to Rs 20 crore. This segment-flagship platform facilitates access to business credit across
the entire spectrum of micro, small and medium enterprises. Note: Global Finance, the New York-based
financial publication, has named DBS as ‘Best Bank in the World’ for the 2nd time in 3 years in its World’s
Best Global Banks 2020 Awards.
IDFC First Bank to Launch 1st of its kind Digital Facility, “SafePay” for Contactless Debit Card-
Based Payment
IDFC First Bank announced that it will launch ‘SafePay’, a digital facility. It enables contactless debit card
payments by waving a smartphone against a Near Field Communication (NFC)-enabled Point of Sale
(POS) terminal. It is the 1st such facility which is made available in an integrated mobile banking app.
HDFC Launched India’s 1st Warehouse Commodity Finance App

HDFC Bank launched India’s first Warehouse Commodity Finance App. The app will help customers to
draw down and manage the loan against the pledge of commodities online without physical intervention
or multiple visits to a bank branch. This will bring improved efficiencies and time savings for the agri
value chain.

State bank of India (SBI) Vedanta Rs.10000 crore Vedanta announced the tie up for a long-
term syndicated loan facility for Rs.10000
crore with State bank of India (SBI) as
facility agent and SBICAP Trustee
Company Limited (SBICTCL), a wholly
owned subsidiary of SBI Capital Market
Limited (SBICAP) as the security trustee
with door to door tenor of 7 years. As a
lender State Bank of India (SBI) has
committed Rs. 5000 crore. Note:
Syndicated loan is a loan offered by a
group of lenders to provide credit to a
large borrower.

Section-Wise PDF
KfW IPEX-Bank Srei Equipment € 10-million To facilitate German exports to India, KfW
Finance Limited (about Rs 87 IPEX-Bank has financed € 10-million
(SEFL) crore) (about Rs 87 crore) loan to Srei
Equipment Finance Limited (SEFL), a
wholly-owned subsidiary of Srei
Infrastructure Finance Limited (Srei). The
financing is backed by cover from Euler
Hermes.
World Bank Himachal Pradesh $82 million The State Government of Himachal
Pradesh and World Bank signed a $82
million (approximately Rs. 600 Crores)
loan deal to support Himachal Pradesh
strengthen its transport and road safety
institutions by improving the condition,
safety, resilience, and engineering
standards of the state’s road network.
The loan from the International Bank for
Reconstruction and Development (IBRD),
has a final maturity of 15 years including
a grace period of five years.
Asian Development Bank India $500 million Government of India (GoI) and Asian
(ADB) Development Bank (ADB) signed a $500
million loan agreement for the Delhi-
Meerut RRTS (Regional Rapid Transit
System) Investment Project. This modern,
high-speed 82-km Delhi-Meerut, Uttar
Pradesh RRTS corridor, a first of its kind
in India, will improve regional
connectivity and mobility in the national
capital region (NCR).
Asian Development ENGIE group $65.5 million As a part of Asian Development Bank’s
Bank’s (ADB) (ADB) ongoing support to India’s
renewable energy sector, a long term loan
agreement of Rs 4.66 billion (about $65.5
million) was inked between ADB and the
ENGIE group to construct and operate a
200MW alternating current solar
photovoltaic-based power plant at
Raghanesda Solar Park in Gujarat.
Asian Development Bank Suguna Foods $15 million In order to help sustain poultry farming
(ADB) Private Limited operations, rural livelihoods and food
security in India during the COVID-19
pandemic, Asian Development Bank
(ADB) has signed an agreement for USD
($) 15 million debt financing through the
subscription of nonconvertible
debentures for Suguna Foods Private
Limited (Suguna), one of India’s largest
poultry broiler enterprises, in equivalent
Indian rupees. It aligns with the National

Section-Wise PDF
Action Plan for Egg and Poultry and with
the $20 billion response package of ADB
to COVID-19.
Asian Development Bank Rajasthan and USD 570 Asian Development Bank (ADB) has
Madhya Pradesh million approved two loans worth USD 570
million (about Rs 4,200 crore) for urban
sector projects in Rajasthan and Madhya
Pradesh. (i) ADB has approved a USD 300
million loan to develop Rajasthan’s
secondary towns by financing inclusive
water supply and sanitation
infrastructure and services. (ii) ADB also
approved an additional financing of USD
270 million loan for construction of water
supply and integrated storm water and
sewage management infrastructure in
Madhya Pradesh.
OTHER BANKING NEWS

European Investment Bank to Invest € 650 Million in Kanpur’s 1st City Metro Line
The European Investment Bank (EIB) will invest 650 million Euro in the construction of Kanpur’s (Uttar
Pradesh) 1st city metro line. The 32.4 km urban rail line, with 18 elevated and 12 underground stations
is EIB’s 2nd biggest operation outside the European Union (EU) till date. Uttar Pradesh Metro Rail
Corporation Ltd (UPMRC) is the Promoter-Financial intermediary for this project.
RBL Bank in Partnership with Empays Payment Systems Launched Cardless Cash Withdrawal
Facility from ATMs through IMT System
RBL Bank has launched a card-less cash withdrawal facility from Automated Teller Machines (ATMs),
through the Instant Money Transfer (IMT) system in partnership with Empays Payment Systems India
Pvt Ltd. A Customer to avail the service must log into the RBL’s ‘MoBank (Mobile Banking) app’ in order
to locate an ATM that supports the IMT. The IMT Payment system is the world’s largest card-less ATM
system.
Federal Bank & Innoviti Partnered to provide Affordable Options of Federal Bank Debit Cards
by Innoviti POS terminals
To provide convenient and affordable options of Federal Bank Debit Cards through Innoviti Point of Sale
(POS)terminals, the Federal Bank and Innoviti Payment Solutions Pvt. Ltd(Innoviti) have entered into a
partnership, which will offer Equated Monthly Installments(EMIs) options to over 7.5 million Federal
Bank Debit Card holders at over 70,000 Innoviti POS terminals across 1000 cities.
ICICI Lombard inks bancassurance tie up with Yes Bank for selling insurance products
ICICI (Industrial Credit and Investment Corporation of India) Lombard Insurance Company Ltd has
entered into a Bancassurance tie-up with Yes Bank to sell its insurance products. Through this agreement,
ICICI Lombard aims to offer innovative insurance solutions to Yes Bank’s Customers across 28 States and
8 Union Territories.
SBI General Insurance and YES Bank Signed Corporate Agency Agreement
SBI General Insurance Company Ltd and YES Bank signed a corporate agency agreement to distribute the
products of SBI General Insurance to the customers of YES bank across India (28 states and 8 Union
Territories).

Section-Wise PDF
Canara Bank Introduced i-Lead 2.0 to Enhance Customer Services
In order to provide its services regardless of where the customers reside, Canara Bank has launched a
Lead Management System (LMS) – i-Lead 2.0 (Inspiring Leads System version 2.0). It will help the bank
to build and sustain business relationships with new customers and existing customers of the bank.
KVGB Launched Vikas Laghu Suvarna, a Special Gold Loan Scheme

Karnataka Vikas Grameena Bank (KVGB) launched Vikas Laghu Suvarna, a special gold loan scheme with
a reduced interest rate of 7.25%. The bank has slashed the interest rate to provide easy and affordable
credit at cheap cost to the customers in need, considering the pandemic situation in the country.
SBI Started Women Self-Reliance Programme in Assam

State Bank of India (SBI) initiated “Mahila Atmanirbharshil Aachani (Women Self-Reliance programme)”
in Assam on the lines of the Atmanirbhar Bharat Abhiyan to accelerate Self Help Group (SHG) finance in
a mission mode. In this regard, SBI branches of Assam sanctioned 856 SHGs sponsored by NRLM with
financial outlay of Rs. 38 crores.
SBI Life Insurance Signs Bancassurance Pact with YES Bank

State Bank of India (SBI) Life Insurance signed a bancassurance agreement with YES Bank to provide a
range of insurance solutions to the customers of YES Bank across the nation.
Bandhan Bank Initiated Emerging Entrepreneurs Business (EEB) Vertical to Help Entrepreneurs
The Kolkata headquartered Bandhan Bank has set up a new vertical called Emerging Entrepreneurs
Business (EEB) to assist this segment in becoming entrepreneurs to support the emerging needs of the
unbanked and underbanked segment of customers. In this regard, the bank has appointed Kumar Ashish
as the Executive President and Head to lead EEB.
HDFC Life, Yes Bank enter into Corporate Agency Arrangement

HDFC (Housing Development Finance Corporation) Life and Yes Bank entered into a Corporate Agency
Arrangement (CA). As part of the arrangement, HDFC Life will provide a diverse range of insurance
products to customers of Yes Bank.
Fino Payments Bank with Fintech Partners Introduced NFC-based Contactless Payments
Solution for Mass Transport
Fino Payments Bank Limited in association with fintech partners has introduced Near Field
Communication (NFC)-based contactless payments solution for mass transit systems, particularly for
state bus transport services in India. It was developed by Fino Payments Bank in partnership with fintech
firms like City Cash.
Axis Bank Partners with Bayer’s Better Life Farming Initiative in India
Axis Bank Ltd, India’s third largest private sector bank, partnered with Bayer’s Better Life Farming (BLF)
initiative in India to provide enhanced and comprehensive financial solutions to smallholder farmers and
rural farming communities. Bayer’s Best Livelihood Agricultural Centers will provide the solution, which
are owned and operated by a Farmer Producer Organization(FPO), Federation, agri-graduate or a local
farmer / entrepreneur.
Vakrangee Ltd gets RBI nod to setup Bharat Bill Payment Operating Unit
Reserve Bank of India (RBI) granted in-principle approval for Vakrangee Ltd to set up Bharat Bill
Payment Operating Unit (BBPOU) to handle payment services related to bills. It has received the
authorisation under the Payment and Settlement Systems Act, 2007.

Section-Wise PDF
IDBI Bank Became the first Bank to Enable Document Embedding Feature on SFMS Managed by
IFTAS
Industrial Development Bank of India (IDBI) become the first to implement the new feature of document
embedding facility with Letter of Credit (LC) / Bank Guarantee (BG) messages over SFMS (Structured
Financial Messaging System) platform of Indian Financial Technology and Allied Services (IFTAS)
through its middleware application i@Connect-SFMS (CSFMS) developed by IDBI Intech Limited. This
new feature of “document embedding” provides banks with the functionality of transmitting a “pdf”
document up to 1MB size along with the LC / BG messages.
SIDBI Partnered with CRIF High Mark to Launch Sector-Based Insight Reports, ‘Industry
Spotlight’
Small Industries Development Bank of India (SIDBI) partnered with CRIF High Mark Credit Information
Services (CRIF High Mark), a leading Indian credit bureau owned by CRIF to launch ‘Industry Spotlight’,
a quarterly report based on Industry sectors/ clusters, with focus on MSMEs (Micro, Small and Medium
Enterprises). It provides data and trends on key industry sectors in each edition.
FINANCE NEWS
LazyPay Launched 1st of its Kind Digital Credit Card, ‘LazyUPI’, a Combination of UPI & Buy-Now-
Pay-Later Concept
LazyPay, a part of PayU Finance has launched ‘LazyUPI’, a first of its kind digital credit card that combines
Unified Payments Interface (UPI) and the Buy-Now-Pay-Later concept. The offering allows the users to
access the real-time credit using UPI across omnichannel networks, which includes offline merchants and
e-commerce platforms.
Mahindra Finance Enters Online Insurance Broking; to Launch a portal, PayBima

Mahindra Insurance Brokers Ltd (Mahindra Insurance Brokers), a subsidiary of Mahindra & Mahindra
Financial Services Limited (Mahindra Finance), which enter into an online insurance broking business to
provide digital services to the customers of its insurance brokerage through ‘PayBima’, a portal which
said to be launched soon.
PayU Finance Launches First-of-its-kind Digital Revolving Credit Line called ‘LazyPlus’
PayU Finance, India’s leading alternative lending platform, has launched the first-of-its-kind digital
revolving credit line called ‘LazyPlus’, which combines power of Unified Payments Interface (UPI) and
Buy-Now-Pay-Later concept.
SBI Mutual Fund Launched SBI Magnum Children’s Benefit Fund (Investment Plan)
SBI Mutual Fund launched SBI Magnum Children’s Benefit Fund (Investment Plan), an open-ended fund
for parents to invest for their children. SBI Magnum Children’s Benefit Fund has already offering savings
plan, a predominantly debt-oriented offering. The New Fund Offer (NFO) is open for subscription from
September 8 and will close on September 22, 2020.
Mastercard Launches Central Bank Digital Currencies (CBDCs) Testing Platform

Mastercard launched Central Bank Digital Currencies (CBDCs), a Virtual Testing Environment for Central
Banks to Assess and Explore National Digital Currencies. The Mastercard has invited Central Banks,
Commercial Banks and tech and advisory firms to evaluate the suitability of CBDCs in a country or region.
The testing platform will allow central banks to evaluate use cases and test roll-out strategies for CBDCs
by simulating a CBDC ecosystem.

Section-Wise PDF
ICICI Prudential Life Insurance Partnered with NSDL Payments Bank to offer insurance products
ICICI Prudential Life Insurance Company Limited (ICICI Prudential Life) has entered into a corporate
agency agreement with NSDL Payments Bank, a subsidiary of NSDL (National Securities Depository Ltd),
the 1st and largest depository in India.
SEBI Modified Multi-Cap Mutual Funds Category

Securities and Exchange Board of India (SEBI) publicized a partially modified portfolio structure for
multi-cap mutual funds category through a circular stating minimum investment in equity & equity
related instruments and definition of large-cap, mid-cap and small-cap. With regard to this, Asset
Management Company (AMC) will now have to invest at least 25% of their portfolios across large-cap,
mid cap and small cap companies each.
Read More Details Here: SEBI Modified Multi-Cap Mutual Funds Category
ICICI Home Finance Launched “Apna Ghar Dreamz” Home Loan Scheme for Skilled Labours in
Delhi
The ICICI Home Finance launched “Apna Ghar Dreamz”, its new home loan scheme for skilled labourers
like electricians, mechanics, painters, grocery store owners etc in the informal sector of Delhi. The credit
amount of this loan ranges from Rs 2. lakh to 50 lakhs.
Bajaj Finserv Launched “Bajaj Finserv Health Ltd (BFHL)”, Health Tech Solutions Business
The Non-Banking Financial Company (NBFC) Bajaj Finserv stepped into the healthcare sector by
launching health tech solutions business “Bajaj Finserv Health Ltd (BFHL)” as its fully-owned subsidiary.
This new venture will offer “Aarogya Care” an industry-first product, providing preventive, personalised,
prepaid health care packages.
SBI Card Launches New Brand Campaign ‘Contactless Connections’

SBI Card launched ‘Contactless Connections’, a new brand campaign. The campaign spreads the message
that sharing of love and care is possible even during this difficult period (COVID-19) where social
distancing is the norm. This campaign is in continuation of the SBI card’s brand campaign “Ghar Mein
Khushiyaan”.
LIC, GIC & New India Assurance Identified as Domestic Systemically Important Insurers for
2020-21: IRDAI
The Insurance Regulatory and Development Authority of India (IRDAI) has identified Life Insurance
Corporation of India (LIC), General Insurance Corporation of India (GIC) and The New India Assurance
Co. Ltd. (NIACL) as Domestic Systemically Important Insurers (D-SIIs) for 2020-21. IRDAI annually
identifies D-SIIs and publishes the names of these insurers for public information.
2020 Banking & Finance – October

RBI IN NEWS
RBI Defers Basel III provisions amid COVID Uncertainty; Borrowing Limit for Banks & States
Extended till Mar 31, 2021
Reserve Bank of India (RBI) deferred implementation of provisions made under Basel III capital due to
uncertainty related to COVID crisis. In this regard, RBI will repel the final tranche of the capital
conservation buffer (CCB) and the implementation of Net Stable Funding Ratio (NSFR) by six months i.e.
April 1, 2021.
Read More Details Here: RBI Defers Basel III provisions amid Covid Uncertainty; Borrowing Limit for
Banks & States Extended till Mar 31, 2021

Section-Wise PDF
GOI’s WMA Limit for 2nd half of FY 2020-21 Fixed at Rs 1,25,000 Crore: RBI
The Reserve Bank of India (RBI), in consultation with the Government of India (GoI) has fixed Rs 1,25,000
crore as the Ways and Means Advances (WMA) limit for the 2nd half of the financial year (FY) 21, i.e.,
October 2020 to March 2021. When GOI utilises 75% of the WMA limit, RBI may trigger fresh floatation
of market loans. Interest Rate on WMA/Overdraft: The interest rate on WMA is equal to the repo rate
(current repo rate is 4%). In case of overdraft, the interest rate is 2% above the repo rate.
RBI excludes 6 PSBs from Second Schedule of RBI Act

Reserve Bank of India (RBI) excluded six public sector banks (PSBs) from the Second Schedule of the RBI
Act, 1934 following their merger with other banks with effect from April 01, 2020. The six banks are
Syndicate Bank, Oriental Bank of Commerce (OBC), United Bank of India, Andhra Bank, Corporation Bank,
and Allahabad Bank. OBC and United Bank of India merged into Punjab National Bank; Syndicate Bank
into Canara Bank; Andhra Bank and Corporation Bank into Union Bank of India; and Allahabad Bank into
Indian Bank. After the consolidation, there are 12 PSBs in the country, seven large PSBs, and five are
smaller ones.
Highlights of Bi- Monthly Monetary Policy Committee (MPC) 2020-21: October 2020
The 6-member 25th Monetary Policy Committee (MPC) meeting of Reserve Bank of India (RBI) was held
from October 7-9, 2020 which was headed by RBI Governor Shaktikanta Das.
• In a First, RBI to Buy State Government Bonds; Rs 20,000 crore-OMO auction next week
• RBI broadens co-origination model for PSL to “Co-Lending Model”, all NBFCs collaborate with banks
• RBI allows 24×7 x 365 availability of RTGS system from December
• RBI Revised Limit for Risk Weight to Rs 7.5 cr to Rs 5 Cr
Read More Details Here: Highlights of Bi- Monthly Monetary Policy Committee 2020-21: October 2020
Digital payments increased in 5 years to 3,434.56 cr in FY20; RBI to Adopt NGTA for Managing
Forex, Gold Reserves
In accordance with the latest data of Reserve Bank of India (RBI), between 2015-16 and 2019-20, digital
payments increased at a compounded annual growth rate of 55.1% from 593.61 crore in FY2015-16 to
3,434.56 crore in FY19-20.
Read More Details Here: Digital payments increased in 5 years to 3,434.56 cr in FY20; RBI to Adopt NGTA
for Managing Forex, Gold Reserves
RBI Pegs Minimum NOF for HFCs at Rs 25 cr; Issued guidelines for PSO’s SRO & on QR Codes:
October 2020
RBI issued the revised regulatory framework for housing finance companies (HFCs) under which the
minimum net owned funds (NOF) size for HFCs is fixed at Rs 25 crore. It also finalized guidelines to set
up Self-Regulatory Organisation (SRO) for Payment System Operators (PSOs) under Companies Act, 2013
as a NPO body and NGO will serve as a watchdog to guard against unprofessional practices within an
industry or profession. RBI decided the two interoperable QR codes in existence – Unified Payments
Interface (UPI) QR and Bharat QR will continue as at present.
Read More Details Here: RBI Pegs Minimum NOF for HFCs at Rs 25 cr; Issued guidelines for PSO’s SRO &
on QR Codes: October 2020
Banks to Deploy on-tap TLTRO funds in 6 sectors; NBFCs wrote to RBI to include them as
Beneficiaries
On October 21, 2020, the RBI has informed that banks can deploy money drawn from this TLTRO in six
sectors – agriculture, agri-infrastructure, secured retail, MSMEs, drugs, pharmaceuticals and healthcare
as announced during a Bi-Monthly Monetary Policy Committee (MPC) 2020-2021 meeting Reserve Bank

Section-Wise PDF
of India (RBI) announced to conduct on-tap targeted long-term repo operations (TLTRO) worth Rs 1 lakh
crore with tenors of up to three years at a floating rate linked to the policy repo rate till March 31, 2021.
Read More Details Here: Banks to Deploy on-tap TLTRO funds in 6 sectors; NBFCs wrote to RBI to include
them as Beneficiaries
RBI Revises Norms for Housing Finance Firms: October 2020

The Reserve Bank of India (RBI) has released final guidelines for housing finance companies (HFC) stating
that these home financiers should have at least 60% of their net assets deployed in the business of
providing finance for housing by March 31, 2024, with individual loans making up at least 50% of all
assets. Also HFCs should also have minimum net owned funds (NOF) of Rs 20 crore to commence housing
finance as its principal business.
BANKING TECHNOLOGY
Indian Bank Launched ‘IB-eNote’, Green-Tech Initiative
Indian Bank launched IB-eNote, a green initiative to enable a total paperless working environment. This
tool enables processing and tracking of notes put up by various offices digitally. The bank for this
initiative has customised SharePoint, one of the features of Microsoft Office. The Bank also launched ‘Ind
Guru’, an e-learning platform for its employees.
Axis bank Launches ACE Credit Card in Collaboration with Google pay & Visa
Axis Bank Limited in collaboration with Google Pay and Visa launched its ACE Credit Card in India. The
card is designed to increase participation of users in the digital economy. It also aims to bring a seamless,
digital experience to users from application to issuance.
SBI Card in Association with DMRC Launched ‘Delhi Metro- SBI Card’, a Credit cum Smart Card for Delhi
Metro Commuters
SBI Card and Payment Services ltd. (SBI Cards) in association with Delhi Metro Rail Corporation (DMRC)
launched ‘Delhi Metro- SBI Card’, a Multipurpose Credit Card for Delhi Metro Commuters. The card
functions as a credit card and also as a metro smart card.

Japan Bank for NTPC Rs. 3,582 crore NTPC (formerly known as National
International Co- Thermal Power Corporation Limited)
operation (JBIC) Limited signed foreign currency loan
agreement with Japanese Government’s
financial institution, Japan Bank for
International Co-operation (JBIC) for JPY
(Japanese Yen) 50 billion (approx. USD
482 million or Rs. 3,582 crore) under its
Global Action for Reconciling Economic
growth and Environment preservation
(GREEN) initiative. It should be noted
that this is the first funding for NTPC Ltd
under JBIC’s GREEN. Apart from NTPC,
State Bank of India (SBI) also signed a
loan agreement of $1 billion with JBIC.

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AGREEMENTS & MoUs SIGNED
State Bank of India Hindustan Unilever To provide Digital Payment Solutions and Financing solutions
to HUL’s retailers and distributors. As part of the MoU, SBI will
provide instant paperless overdraft facility up to INR 50,000 to
retailers for their billings and financing facilities to HUL’s
Distributors.
SBI NABARD National Bank for Agriculture and Rural Development
(NABARD) has inked three Memorandum of Understanding
(MoU) with State Bank of India (SBI) to extend credit support
for various NABARD projects in Gujarat.
Indian Bank Ministry of Housing Indian Bank signed a Memorandum of Understanding (MoU)
and Urban Affairs with Ministry of Housing and Urban Affairs (MoHUA),
(MoHUA) Government of India and Small Industries Development Bank
of India (SIDBI) at New Delhi, to pay subsidy to street vendors
under the Prime Minister Street Vendor’s AtmaNirbhar Nidhi
(PM SVANidhi) Scheme.
OTHER BANKING NEWS

SBI Cards Partners with Amex to Provide Differentiated Offers to Its Customers
SBI Cards & Payment Services Ltd (SBI Cards) partners with American Express Global Network Services
(Amex) to provide global benefits and offer exclusive privileges to their premium consumer segments
in India.
New Development Bank Approves Loan for Mumbai Metro, Delhi-Meerut RRTS Project
New Development Bank (NDB) of BRICS (Brazil, Russia, India, China and South Africa) Nations approved
USD 241 Million (approximately INR 1760 Crores) for Mumbai Metro Rail Project, and USD 500 Million
(approximately INR 3670 Crores) for Delhi-Ghaziabad-Meerut Regional Rapid Transit System (RRTS)
Project.
NABARD to Undertake Sanitation Literacy Campaign to Promote Literacy on ”WASH”

The National Bank for Agriculture and Rural Development (NABARD) to undertake a Sanitation Literacy
Campaign (SLC) to promote literacy on” WASH” (Water, Sanitation and Hygiene) in 2,000 villages across
the country covering 1 lakh rural population. SLC will start from October 2, 2020 to January 26, 2021.
Indian Bank Introduced Kisan Credit Card Loan Scheme for Tamil Nadu Fishermen
Indian Bank introduced Kisan credit card loan scheme for fishermen in Tamil Nadu. Under this scheme,
loans up to Rs 2 lakh as working capital can be availed with 7% interest rate. This loan will be provided
under the MUDRA scheme. The borrowers will be given a Rupay Kisan Credit Card.
NABARD Launched Refinance Scheme for WASH Programme, Earmarked Rs 800 cr for FY 21
National Bank for Agriculture and Rural Development (NABARD) launched a special refinance scheme to
support the government’s Water, Sanitisation and Hygiene (WASH) programme. For this purpose, Rs 800
crore has been earmarked for the financial year 2020-21. This facility is an effort to promote a sustainable
and healthy lifestyle in rural areas.
ADB to Invest 15 Million USD in Avaada Energy to Expand Renewable Energy Capacity in India
The Asian Development Bank (ADB) signed an agreement to invest 15 million USD (Rs.109.9 crore) in
Avaada Energy Private Limited (AEPL) to support the company to scale the photovoltaic solar energy
generation capacity in India. This 15 million USD investment of ADB will be provided as 7.5 Million USD
each from both ADBs Ordinary Capital Resources and Leading Asia’s Private Infrastructure Fund (LEAP).

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ICICI Bank in partnership with Visa Launched the 1st of its kind Debit Card Facility for Availing
LAS
ICICI Bank in partnership with Visa introduced a debit card facility for customers who avail Loan Against
Securities (LAS) from the bank. The card is available on the Visa platform. With this introduction, ICICI
bank becomes the 1st bank in India to launch this facility after the Reserve Bank of India (RBI) allowed
banks to issue electronic cards to customers availing an Overdraft (OD) facility, that are only in the nature
of personal loan with no specific end-use restriction.
Nirmala Sitharaman Launched Indian Bank’s Business Mentoring Programme ‘MSME Prerana’
Union Minister of Finance & Corporate Affairs, Nirmala Sitharaman, launched “MSME Prerana” an online
business mentoring programme for Micro, Small & Medium Enterprises (MSMEs) by Indian Bank in
collaboration with Poornatha & Co, at the bank’s headquarters in Chennai, Tamil Nadu. As per Indian
Bank, it is the first-of-its-kind initiative by a bank in India for the MSME sector.
Exim Bank Supported USD 310 mn LoC to Republic of Zimbabwe for Repowering of Hwange
Thermal Power Station
Export-Import (EXIM) bank of India on behalf of the Government of India supported Line of Credit (LoC)
of USD 310 million to the Republic of Zimbabwe to finance repowering of Hwange Thermal Power Station.
Exim Bank Extends 400 Million USD LoC to Maldives for Greater Malé Connectivity Project
The Export-Import (EXIM) Bank of India has extended a 400 million USD (around Rs.2933 crore) line of
credit (LoC) to the Republic of Maldives for the Greater Malé connectivity project. The LoC was signed by
Nirmit Ved, The General Manager of Exim Bank and Ibrahim Ameer, Finance Minister, Government of
Republic of Maldives in Malé, Maldives. On behalf of the Government of India EXIM Bank has extended 3
LoCs of value 1240 million USD (around Rs. 9094 crore) to the government of Republic of Maldives.
HDFC Bank and Apollo Hospitals Partners to Launch the HealthyLifeProgramme, a 1st of its kind
Initiative of India
HDFC Bank and Apollo Hospitals partnered to launch The HealthyLifeProgramme, a holistic healthcare
solution which makes healthy living accessible and affordable on Apollo’s digital platform, Apollo 24/7.
It is a first-of-its-kind initiative in India. It is exclusively created for HDFC Bank customers who will get
round the clock access to the emergency Apollo Doctor at free of cost on Apollo 24/7. It was launched
digitally by Aditya Puri, Managing Director of HDFC Bank.
Jana SFB becomes Sponsor Bank of Ashoknagar Co-operative Bank & Becomes 1st SFB to do so
under the Bank Sponsorship Programme
Jana Small Finance Bank (SFB) becomes Sponsor Bank of Ashoknagar Co-operative Bank Limited. With
this partnership, Jana SFB becomes the 1st SFB to go live under the bank sponsorship programme.
Recently Ashoknagar Co-operative Bank Ltd has launched ‘Rupay Debit Card’ facility for its customers
with the sponsorship of Jana SFB.
Fino Payments Bank Set to Add Another 300 Points at BPCL Outlet in Tamil Nadu
Fino Payments Bank announced its plan to add an additional 300 points at the Bharat Petroleum
Corporation Limited (BPCL) outlet to its existing 1075 in Tamil Nadu (TN). This is aimed to support the
truck drivers to get a fleet card recharged by paying equivalent cash. The SmartFleet initiative is a first of
its kind in India which provides assistance to the transporters to efficiently manage their funds.

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Indian Bank partnered with IITMIC to Launch Credit Facility for Startups “IND Spring Board”
Indian Bank in collaboration with IIT Madras Incubation Cell (IITMIC) has launched an exclusive credit
facility of up to Rs 50 crore for start-ups namely “IND Spring Board”. The e- launch was also attended by
the BOD of Indian Bank, customers of the Bank and representatives from print & electronic media.
Zenpay Solutions, RBL Bank and YAP join hands to Digitalise Salary Accounts for SMEs, MSMEs
In order to drive financial inclusion to issue salary cards to its customers across India, Zenpay Solutions
partnered with RBL bank and YAP. The corporate expense and salary payment solution helps the
employees who work with SMEs (Small and medium-sized enterprises) and MSME (Micro, Small and
Medium Enterprise) to receive digital payments through a salary account.
IKEA in Partnership with Citibank India and Mastercard Launched a Co-Branded Card, ‘IKEA
Family Credit Card by Citi’
In order to make shopping at IKEA, home furnishing company more affordable, convenient and
rewarding, it has launched ‘IKEA Family Credit Card by Citi’, in partnership with Citibank India and
Mastercard. This card is IKEA’s first co-branded card in India. It is a first for any co-branded card in India,
to have a full digital in-store card application process with instant verification and immediate usage.
World Bank Sanctions approx Rs 3 crore for Goa to develop India’s first Sand Dune Parks
World Bank sanctions Rs 3 crore (approximately) for Goa to develop India’s first sand dune parks as the
World Bank (WB) has approved a proposal drafted by the Goa state biodiversity board for the same. The
idea of parks to preserve sand dunes was first mooted by former National Institute of Oceanography
(NIO) scientist and ex-member of the Goa State Biodiversity Board (GSBB) Antonio Mascaren who has
been now appointed as the principal investigator for the project, with Dr. Pradip Sarmokadam acting as
the co-investigator.
SVC Co-operative Bank in Partnership with NPCI Launches Rewards Programme

SVC Co-operative Bank (Formerly known as The Shamrao Vithal Co-operative Bank Ltd.) entered into
partnership with National Payments Corporation of India (NPCI) to launch a rewards programme. The
loyalty management program is designed to make the banking experience more rewarding for the
customers of the bank.
IndusInd Bank Becomes the 1st bank in India to Go Live on RBI’s Account Aggregator Framework
IndusInd Bank announced that it has gone live as a Financial Information Provider (FIP) under the new
Account Aggregator (AA) Framework of the Reserve Bank of India (RBI). IndusInd Bank becomes the 1st
bank in India to do so. The bank went live as FIP with DigiSahamati Foundation, a self-organised
Collective of the Account Aggregator ecosystem.
PNB Launched Tracking & Monitoring Staff Accountability Cases (TMSAC) Portal & 2020
Vigilance Manual
Punjab National Bank (PNB), India’s 2nd largest public sector bank launched the PNB Tracking &
Monitoring Staff Accountability Cases (TMSAC) portal and PNB’s 2020 Vigilance Manual, as a part of the
Vigilance Awareness Week (VAW) – 27th October 2020 to 2nd November 2020.
CSB Bank Partners with IIFL Finance for Managing Gold Loan Assets in Untapped Locations
CSB Bank Ltd entered into partnership with IIFL finance Ltd, a NBFC (Non-Banking Financial Company)
to source and manage retail gold loan assets in untapped locations. Under the partnership, IIFL will act
as a Business Correspondent (BC) of the Bank.

Section-Wise PDF
FINANCE NEWS
Flipkart Partnered with Bajaj Allianz to Launch Cyber Insurance, ‘Digital Suraksha Group
Insurance’
Flipkart and Bajaj Allianz General Insurance Company partnered to offer ‘Digital Suraksha Group
Insurance’ for customers who wish to cover themselves against financial losses resulting from cyber-
attacks, cyber frauds, or other such malicious activities on various online platforms. Digital Suraksha
Group Insurance will be introduced on Flipkart’s platform.
BOB Financial Solutions Limited partners with Mastercard to Launch Four New variants of BOB
Credit Cards
Bank of Baroda Financial Solutions (BFSL), a subsidiary of Bank of Baroda (BoB) has partnered with
Mastercard to launch four new variants of BOB Credit Cards. The credit cards will serve customers across
different economic segments including affluent customers, first-time credit card owners, two variants
exclusively for Chartered Accountants, and Cost & Management Accountants.
Narendra Singh Tomar Launched PNB’s Financial Inclusion Initiative Gram Sampark Abhiyan
To commemorate the 151st birth anniversary of Mahatma Gandhi (October 2, 2020), Punjab National
Bank (PNB) has launched a 3 months long nationwide campaign of financial inclusion and literacy
initiative “Gram Sampark Abhiyan”. It was launched by Minister of Agriculture and Farmers Welfare
Narendra Singh Tomar on the lines of “Aatmanirbhar Bharat”. The campaign is centered on four key
themes viz. digital, credit, social security and financial literacy.
Chqbook Launched India’s 1st ‘Financial Control Center’ on Mobile to Empower Small Business
Owners
Chqbook (Chqbook.com), India’s first Neobank for small business owners like kiranas, merchants,
chemists, and others running proprietorships has launched India’s 1st ‘Financial Control Center’, a new
mobile platform to empower 60 million small business owners of India.
EarlySalary in Collaboration with NPCI Launched ‘Salary Card’, a Zero-Touch Digital card
Powered by RuPay
EarlySalary in collaboration with National Payments Corporation of India (NPCI) launched ‘Salary Card’,
a Zero-Touch Digital card. The Salary Card credit solution is powered by Rupay. It provides instant access
for salaried professionals, allowing them to make purchases instantly across merchants in India. Vivifi
India Finance Private Limited (Vivifi) has launched FlexPay, which offers credit on Unified Payments
Interface (UPI).
IRDAI Introduces Standard Life Product, ‘Saral Jeevan Bima’; Mandated Life Insurers to launch
by Jan 1, 2021
Insurance Regulatory and Development Authority of India (IRDAI) released Guidelines for Standard Life
Insurance Product ‘Saral Jeevan Bima’. The insurance scheme should be mandatorily offered by All Life
Insurance Companies from January 1, 2021. The minimum amount under the product will be INR 5 Lakh,
and maximum amount will be upto INR 25 Lakhs.
Canara HSBC Oriental Bank of Commerce Life Insurance Launched, ‘Invest 4G’ a Unit Linked
Individual Life Insurance Savings Plan
Canara HSBC Oriental Bank of Commerce (OBC) Life Insurance Company Limited launched, ‘Invest 4G’ a
Unit Linked Individual Life Insurance Savings Plan. It is an individual life insurance savings plan that can
be customized according to the individuals’ goals and changing requirements.

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Paytm in Partnership with Various Credit Card Issuers to Introduce 2 Million Co-Branded Credit
Cards for Indian Consumers
Paytm in partnership with various credit card issuers will introduce 2 million co-branded credit cards
for consumers in India in the next 12–18 months. The company had digitised the entire credit card
experience on Paytm app, in order to include a digital application process and help customers track
issuance of their new credit card.
USAID Announced 5 Million USD to Support COVID-19 Initiatives of India

United States (US) Agency for International Development (USAID) announced two new awards of total 5
Million USD (around Rs.36.8 crore) to Catalyst Management Service’s COVID Action Collaborative (CAC)
and the Wadhwani Institute for Artificial Intelligence (Wadhwani AI). These two new awards are also a
part of the continuous support of the US government to the COVID-19 initiatives of India.
ICICI Lombard in Partnership with FreePaycard Partners Launched Group Safeguard Insurance
ICICI Lombard General Insurance Co. Ltd. in partnership with FreePaycard Retail Pvt.Ltd, an online pre-
paid card trading platform launched Group Safeguard Insurance for the members of FreePaycard. The
customized hospitalization product comes in 3 variants namely, Hospital Daily Cash Benefit, Death
Benefit or the Personal Accident Cover, and Special Vector-borne Disease-related Hospitalization Benefit.
IFSCA approves Bullion Exchange Regulations, 2020 & Global In-House Centres Regulations,
2020
International Financial Services Centres Authority (IFSCA) approved the International Financial Services
Centres Authority (Bullion Exchange) Regulations, 2020 and International Financial Services Centres
Authority (Global In-House Centres) Regulations, 2020 during a meeting chaired by Injeti Srinivas,
Chairman of IFSCA. The regulations are:
• International Financial Services Centres Authority (Bullion Exchange) Regulations, 2020
• International Financial Services Centres Authority (Global In-House Centres) Regulations, 2020
Read More Details Here: IFSCA approves Bullion Exchange Regulations, 2020 & Global In-House Centres
Regulations, 2020
2020 Banking & Finance – November

RBI IN NEWS
RBI Announced “Co-Lending Model (CLM)” for Banks, NBFCs for Priority Sector Lending
Reserve Bank of India (RBI) has revised the loan scheme of the Co-Origination Model between Banks and
Non-Banking Financial Companies – Non-Deposit taking – Systemically Important (NBFC-ND-SIs)
launched in September 2018 with the improved” Co-Lending Model (CLM) “. The Scheme CLM helps
banks to provide loans along with NBFCs (Non-Banking Financial Companies) including HFCs (Housing
Finance Companies) for priority sector borrowers based on a prior agreement.
RBI to Evaluate Impact of ‘RBI Kehta Hai’ Campaign

Reserve Bank is all set to evaluate the impact of multi-media public awareness campaign ‘RBI Kehta
Hai’, which was launched in 14 languages to educate public about good practices, regulations and
initiatives in banking and financial sector. RBI Kehta Hai’ was the first even 360 degree campaign
initiated by the central bank. RBI formed in 1 April 1935 and currently four Deputy Governors are
there.

Section-Wise PDF
RBI Commenced 1st Test Phase of Regulatory Sandbox retail payments with Two Entities via
‘eRupaya’ & ‘PaySe’
On November 4, 2019, Reserve Bank of India (RBI) announced the opening of the first cohort under the
Regulatory Sandbox (RS) with “Retail Payments”, as its theme. In this regard, Reserve Bank received
applications from 32 entities of which six have been selected for the ‘Test Phase’. Therefore, as of
November 16, 2020, two sandbox entities viz. Natural Support Consultancy Services Pvt. Ltd. of Jaipur,
Rajasthan and Nucleus Software Exports Ltd. of New Delhi have started the first test phase of their
products viz. “eRupaya” and “PaySe” respectively.
RBI placed LVB under 1-month moratorium & announced Draft Scheme to amalgamate LVB
with DBIL
On November 17, 2020, the Reserve Bank of India (RBI) proposed a draft scheme of amalgamation of
the capital starved Lakshmi Vilas Bank Ltd. (LVB) with DBS Bank India Ltd. (DBIL). This decision has
been taken after the Central Government has imposed a one-month moratorium on LVB on November
17, 2020 that temporarily capped withdrawals at Rs 25,000. The moratorium will be effective upto
December 16, 2020. LVB was imposed with 1 month moratorium under under Section 45 of the
Banking Regulation Act, 1949.
RBI restricts withdrawals from Mantha Urban Coop Bank; Cancels CoAs of 5 PSOs & Imposed Rs
1 crore penalty on PNB
In exercise of powers vested in it under sub section (1) of Section 35 A of the Banking Regulation Act,
1949 read with Section 56 of the Banking Regulation Act, 1949, the Reserve Bank of India (RBI)
imposed restrictions on withdrawals from Jalna, Maharashtra-based Mantha Urban Cooperative Bank
for six months from November 17, 2020.
• RBI cancels Certificate of Authorisation of five PSOs such as Pyro Networks Private Limited ,
Card Pro Solutions Private Limited , Aircel Smart Money Limited , InCashMe Mobile Wallet
Services Private Limited ,and Delhi Integrated Multi-Modal Transit System Limited in exercise of
the powers conferred on it under the Payment and Settlement Systems Act, 2007.
• RBI imposes Rs 1 crore penalty on Punjab National Bank; 5 non-bank PPI issuers also penalized
RBI’s IWG Recommended to Raise Promoters Cap to 26% from 15% in Private Banks
The Internal Working Group (IWG) of Reserve Bank of India (RBI) which was formulated on June 12,
2020 to review extant ownership guidelines and corporate structure for Indian private sector banks has
submitted its report on November 20, 2020.It has recommended an increase in the promoters’ stake to
26% from 15% of the paid-up voting equity share capital of the bank in 15 years. Large non-banking
finance companies (NBFCs) with an asset size of Rs 50,000 crore and above, and completed 10 years of
operations can be considered for conversion into banks.
RBI Advises LVB to Write Off Tier-2 bonds worth Rs 318.20 Crore Debt; 1st time a Tier-2 bond
is written off
On November 26, 2020 Reserve Bank of India(RBI) advised Lakshmi Vilas Bank(LVB) to fully write off
the Series VIII, Series IX and Series X Basel-III complaint tier -2 bonds worth Rs 318.20 crore, before its
amalgamation with DBS Bank India Ltd(DBIL) comes into effect from the appointed date i.e., 27th
November 2020. It is to be noted that it is the 1st time a Tier II bond is being written off and so RBI has
set a priority to the proposed write off.

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BANKING TECHNOLOGY
Karnataka Bank Launches its 1st Contactless, RuPay Debit Card, ‘National Common Mobility
Debit Card’
On November 9, 2020 In accordance with the vision of the Ministry of Housing and Urban Affairs
(MoHUA),Karnataka Bank Limited, headquartered at Mangaluru(Mangalore), Karnataka launched its
1st ever contactless RuPay debit Card -National Common Mobility Card(NCMC).It is an international
Contact-less, debit cum prepaid and interoperable transport card, a ‘One Nation One Card i.e., a card
with many benefits’.
HDFC Bank in Partnership with Visa Launches ‘SmartHub Merchant Solutions 3.0’
On November 11, 2020 HDFC Bank in Partnership with Visa launched ‘SmartHub Merchant Solutions
3.0’, India’s first comprehensive banking and payment solution for merchants. This first-of-its-kind
solution offers the ideal platform for merchants and self-employed professionals to open a current
account instantly and to accept payments in-store and online.
YES Bank in Partnership with Neokred Technologies Launched ‘YES BANK Neokred Card’
On November 17, 2020 YES Bank launched ‘YES BANK Neokred Card’, a Co-Branded Prepaid Card in
partnership with Neokred Technologies to encourage cashless payments. The prepaid card will be
offered to the corporate partners of Neokred across various sectors including, HealthCare, Financial
Institutions, Oil companies, NBFCs(Nonbank financial companies)Educational Institutions, FMCG(Fast-
Moving Consumer Goods) and Infrastructure.
YES Bank in Partnership with Worldline Launches SMS Pay Functionality on PoS Terminals
On November 26, 2020 YES Bank Headquartered at Mumbai, Maharashtra in partnership with
Worldline launched SMS Pay functionality on PoS(Point of Sale) Terminals. This allows merchants to
accept contactless and remote payments from their customers and also enables customers to transact
safely. SMS Pay provides an alternative channel of payment acceptance for the merchants at zero
incremental cost.

NABARD Goa Rs 8504.30 National Bank for Agriculture and Rural
Lakh Development (NABARD) has sanctioned
loans worth Rs 8504.30 Lakh under Rural
Infrastructure Development Fund (RIDF)
to the Government of Goa for the latter’s
various Social Infrastructure Projects.
With this, NABARD achieved 100% of the
target fixed for sanction to the
Government of Goa during 2020-21.
ADB Modernize Power USD 132.8 The Asian Development Bank (ADB)
Distribution million approved a USD 132.8 million loan to
Network in Modernize Power Distribution Network
Meghalaya in Meghalaya. The Objective is to improve
power quality and upgrade the power
distribution network in Meghalaya. The
loan will be increased by a USD 2 million
grant from the Japan Fund for Poverty
Reduction of ADB.

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German state-owned MMRDA, Mumbai ~ INR 4, 767 Frankfurt-based German state-owned
development bank KfW crore development bank KfW (formerly KfW
Bankengruppe) extended two loans
totalling 545 Million Euros (~ INR 4, 767
crore) to the Metropolitan Region
Development Authority (MMRDA) for
infrastructure projects in Mumbai. The
package consists of a development loan of
345 million Euros and a promotional loan
of 200 million Euros. The funds will be
disbursed through an agreement with the
Ministry of Finance, Government of India.
NABARD Meghalaya Rs 74.31 crore National Bank for Agriculture and Rural
Development (NABARD) has sanctioned
Rs 74.31 crore to the state government of
Meghalaya under Rural Infrastructure
Development Fund (RIDF)-Tranche-XXVI.
It will be utilized within three years
towards construction of 6 new roads and
improvement of 24 existing roads viz. 22
village roads and 2 major district roads.
RIDF created in 1995-96 by the
Government of India (GoI) with the initial
corpus of Rs.2000 crores for the
development of rural infrastructure, RIDF
is maintained by NABARD.

AU Small Finance Care Health The Jaipur headquartered AU Small Finance Bank Ltd signed
Bank Insurance Company an agreement with Care Health Insurance Company Limited
(formerly known as ‘Religare Health Insurance Company
Limited’) as Corporate Agent for Health Insurance Products.
World Bank (WB) Department of On November 16, 2020, Department of Investment and Public
Investment and Asset Management (DIPAM), which handles government’s
Public Asset disinvestment programme, signed an agreement with the
Management World Bank (WB) under which the latter provides advisory
(DIPAM) services to DIPAM for asset monetization. This was approved
by Finance Minister Nirmala Sitharaman.
New Development NCRTC On November 19, 2020, Ministry of Housing and Urban Affairs
Bank (NDB) (MoHUA), Govt of India, National Capital Region Transport
Corporation Limited (NCRTC) and New Development Bank
(NDB) of BRICS (Brazil, Russia, India, China & South Africa)
signed a loan agreement for lending USD 500 Million (~ INR
3708 Crores) for the ‘Delhi-Ghaziabad-Meerut Regional Rapid
Transit System Project (RRTS)’ in the National Capital Region
(NCR). The Total cost of the project is USD 3, 759 Million. It is
expected to be completed by August, 2027.
HDFC Bank ICCI On November 24, 2020 In its effort to support SMEs(Small and
Medium-sized Enterprises) and Start-ups ICCI

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(Inventivepreneur Chamber of Commerce and Industries)
headquartered at New Delhi, India has signed
MoU(Memorandum of Understanding) with HDFC Bank. On
24th October 2020, BSE (formerly known as Bombay Stock
Exchange Ltd) signed MoU with ICCI to support Small and
Medium Enterprises (SMEs) and start-ups & promote their
listing on the exchange.
OTHER BANKING NEWS

RBL Bank and Visa Launched Instant Payouts “Visa Direct” for FinTechs
The Mumbai headquartered RBL Bank in partnership with Visa launched the latter’s processing
capability “Visa Direct” that allows safe, convenient, real-time and secure funds delivery directly to
financial accounts using credit and debit cards. This partnership underlines RBL’s “Partners ka Bank”
philosophy.
Govt Provided Rs 670cr to Regional Rural Banks to Meet Regulatory Capital Requirement
Central Government has provided Rs 670 crore to Regional Rural Banks (RRBs) in order to raise the
Capital to Risk (Weighted) Assets Ratio (CRAR) of about one-third of the 43 RRBs who are suffering losses
especially from north-eastern and eastern regions and need funds to meet regulatory capital requirement
of 9%. This infusion would take care of their capital needs till March 31, 2021. As of end March 2020, 17
out of the 45 RRBs had CRAR of less than 9%, of which six RRBs had negative CRAR. As per the current
scheme for recapitalisation of RRBs, the Centre, concerned state governments and the sponsor banks
provides capital support in the ratio of 50:15:35, respectively to enable them to meet the regulatory
requirement of CRAR. In accordance with National Bank for Agriculture and Rural Development
(NABARD), RRBs as a group reported net loss of Rs 2,206 crore in the FY20.
SBI Becomes 1st Corporate Partner of edX from India to Offer Massive Open Online Courses
In a bid to develop skill sets of career-oriented individuals, SBI (State Bank of India) has entered into a
strategic partnership with edX, a global non-profit education platform to expand the learners’
perspectives and access to knowledge beyond the classrooms. As part of this partnership, SBI will offer
its Massive Open Online Courses (MOOCs) on the edX platform (edx.org.) from November 2020. With this
partnership, SBI becomes 1st Corporate Partner of edX from India. Objective-To develop skill sets of
career-oriented individuals.
HDFC Bank Voted as “Most Outstanding Company- Financial Sector” in India for 2nd Consecutive
Year: Asiamoney
HDFC Bank Limited has been voted as the “Most Outstanding Company – Financial Sector” in India in the
poll conducted by Asiamoney, a well-established financial publication. HDFC has been given the honour
for the 2nd consecutive year. Bharti Airtel won the overall winner by Market in India.
Visa in partnership with DigitSecure and HDFC Bank deployed World’s 1st live PCI certified Tap
to Phone Card Acceptance solution
Visa in partnership with DigitSecure and HDFC Bank deployed the world’s 1st live PCI certified Tap to
Phone card acceptance solution. The objective is to accept safe contactless card payments in seconds
through an app on their Near-Field Communication (NFC)-enabled Android smartphones, without the
need of any dedicated card acceptance machines.

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ICICI Bank Launches ‘ICICI Bank Mine’, India’s 1st Banking Programme for Millennial Customers;
First-of-its-Kind Proposition in Industry
ICICI Bank launched ‘ICICI Bank Mine’ (inspired by ‘Millennial Network’), India’s first comprehensive
banking programme for millennial customers, in the age bracket of 18-35 years old. It is a first of its kind
proposition in industry. It is India’s 1st full banking stack for millennials.
BoB & EAP India Introduced Employee Assistance Program

On November 4, 2020 Bank of Baroda (BoB),headquartered at Vadodara(earlier known as Baroda),
Gujarat partnered with EAP-India introduced an ‘Employee Assistance Program’, a Well-being
Programme for its employees to tackle their personal and professional problems through psychological
counselling and consulting.
Airtel Payments Bank Partners with Bharti AXA General Insurance to Offer ‘Smart Drive
Private Car Insurance’ to its Customers
On November 9, 2020 Airtel Payments Bank, headquartered at Mumbai, Maharashtra India’s first
payments bank partnered with Bharti AXA General Insurance Co Ltd to offer ‘Smart Drive Private Car
Insurance’ to offer car insurance for its customers.
IFSCA Approves the International Financial Services Centres Authority (Banking) Regulations,
2020
On November 11, 2020 International Financial Services Centres Authority (IFSCA), regulatory body
under the Department of Economic Affairs, Ministry of Finance, Government of India, headquartered at
Gandhinagar, Gujarat, in a meeting has approved the International Financial Services Centres Authority
(Banking) Regulations, 2020 to lay down the rules for the various aspects of banking operations that
will be acceptable at the IFSC(International Financial Services Centres). IFSC International Retail
Business Development Committee headed by Pradip Shah, Chairman of Indasia Fund Advisors Pvt Ltd.
has presented the final report focuses on Banking, capital markets and insurance to IFSC.
SBM Bank India Partnered with PayNearby to Launch a Neo Banking Platform
SBM Bank (India) Limited (SBM Bank India) headquartered at Mumbai, Maharashtra, the wholly-owned
subsidiary of State Bank of Mauritius has partnered with Fintech PayNearby to launch a neo banking
platform. SBM Bank focuses on to provide top of the line services to the wealthy and growing affluent in
India and their counterparts will be NRIs(Non-Resident Indians) with relations in India. The bank is
also looking at collaborative banking in other segments and where companies may have access to a
large number of customers but does not have a banking license.Click here to read gist about neo bank
and other detail.
Equitas Small Finance Bank Launches ‘Eva’, a Unique Women Savings Account; Smriti
Mandhana, Appointed as Brand Ambassador
On November 16, 2020 Equitas Small Finance Bank Limited(ESFBL) headquartered at Chennai, Tamil
Nadu launched ‘Eva’, a unique savings account for Indian women. The product addresses the wellbeing
of women in every aspect such as Health, Wealth and Prosperity. Smriti Mandhana, Indian Woman
cricketer has been appointed as the new brand ambassador of ESFBL.
HDFC Bank launches ‘Mooh Band Rakho’ campaign to Increase Awareness on Cyber Frauds
On November 17, 2020 HDFC Bank headquartered at Mumbai, Maharashtra launched a campaign,
‘Mooh Band Rakho’ to increase awareness on cyber frauds and ways to prevent them. The campaign
supports the International Fraud Awareness Week 2020(November 15 – 21), a global movement to
reduce the impact of fraud. HDFC Bank initially launched the ‘Mooh Band Rakho’ campaign to fight
COVID 19.It has now extended to fighting cyber fraud.

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Karnataka Bank Launches CASA Mobilisation Campaign
Karnataka Bank Limited(KBL) headquartered at Mangaluru(Mangalore), Karnataka launched CASA
(current account, savings account) of FY21 mobilisation campaign to enable the basic banking services
to the unbanked(not use banks or banking institutions) sections of the society and to popularize bank’s
digitally powered CASA products to the next level of customers on the basis of their requirements. It
will begin from November 17, 2020 to March 4, 2021.
ICICI Bank Launches 1st of its kind fully digital, cardless EMI facility at retail stores
On November 19, 2020 ICICI Bank Ltd headquartered at Mumbai, Maharashtra in partnership with Pine
Labs launched ‘ICICI Bank Cardless EMI’(Equated Monthly Instalments).ICICI Bank becomes India’s first
bank and first in industry to launch a fully digital payment mode, a cardless EMI facility at retail stores.
The facility allows the bank’s pre-approved customers to use their mobile phone and PAN(Permanent
Account Number)instead of wallet or cards, to purchase their gadgets or home appliances at retail
stores across PAN India.
Govt of India, Govt of Meghalaya and World Bank Signs a $120 Million Meghalaya Integrated
Transport Project to Improve Connectivity in Meghalaya
On November 19, 2020 The Government of India, the Government of Meghalaya and the World
Bank(WB) headquartered at Washington, DC, New York signed a $120-million(~INR 890 Crore)
Meghalaya Integrated Transport Project(MITP) to improve and modernize the transport sector of
Meghalaya. The loan from the International Bank for Reconstruction and Development (IBRD), has a
maturity of 14 years including a grace period of 6 years.
ADB Approved a $50 Million Policy-Based Loan to boost West Bengal’s Digital Platforms for
Public Finance Reforms
On November 20, 2020 The Asian Development Bank (ADB) approved a $50 million (about Rs 370
crore) policy-based loan to boost West Bengal’s Digital Platforms for Public Finance Reforms. The loan
will be increased by a $350,000 technical assistance grant to finance capacity building, to monitor
IFMS(Integrated Financial Management System) reforms and strengthen the integration of social and
gender aspects in reform areas.
NSDL Payments Bank Partnered with HDFC ERGO General Insurance to Offer Customised
Insurance Solutions to its Customers
On November 23,2020 NSDL Payments Bank Limited,headquartered at Mumbai, Maharashtra digital-
first payments bank entered into partnership with HDFC ERGO General Insurance Company Limited to
offer a customised, affordable and whole range of general insurance products to its customers through
NSDL Jiffy, mobile banking application.
IPPB partnered with PNB MetLife India to launch Pradhan Mantri Jeevan Jyoti Bima Yojana
The India Post Payments Bank (IPPB) established in 2018 has collaborated with PNB MetLife India
Insurance Company Limited to launch Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). This scheme
provides life cover of Rs 2 Lakh on death of the insured member due to any reason. It is optional for all
the savings account holders with IPPB.
Mercedes-Benz India Partnered with SBI in 1st of its kind Retail Marketing Pact
India’s top luxury car maker Mercedes-Benz India has joined hands with State Bank of India (SBI) in a
retail marketing pact to access latter’s HNI (high net-worth individual) customer base for selling its
premium cars. This is the first-of-its-kind collaboration to generate enquiries as well as to provide an
online booking facility.

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FINANCE NEWS
GSTN Enables Composition Taxpayers to file NIL statement through SMS
Goods and Services Tax Network (GSTN), the IT platform of GST system launched the facility of filing NIL
statement in Form GST CMP-08 for Composition Taxpayers through (short message service) and without
logging in to the GST portal. CMP-08 is a quarterly statement of self-assessed tax to be filed by
Composition Taxpayers. This will benefit 3.5 lakh taxpayers who file NIL statement under Composition
Scheme.
HDFC ERGO General Insurance Implemented AI Enabled Tool, IDEAS to Automate Motor Claim
Settlements
In order to automate the complex process of motor claims, on November 2, 2020, HDFC ERGO General
Insurance launched the AI (Artificial Intelligence) tool IDEAS (Intelligent Damage Detection Estimation
and Assessment Solution) for motor claim settlements.
Aegon Life Insurance Launches ‘Life + 36 critical illness Insurance’ Plan on Flipkart
Aegon Life Insurance Company Limited launched ‘Life + 36 critical illness Insurance’ on Flipkart. The
policyholder of the plan will get the benefit of life protection along with a lump sum amount on diagnosis
of any of the 36 critical illnesses.
NPCI Launches ‘RuPay Festive Carnival’ for RuPay users

In order to cheer the customers in a new way this festive season, the National Payments Corporation of
India (NPCI) launched, ‘RuPay Festive Carnival’, a flagship campaign for RuPay users. The RuPay users
with this launch can enjoy compelling benefits and attractive discounts on products of various categories.
USAID Provides 3Million USD to COVIDActionCollab to Reduce the Effects of COVID-19 in India
Catalyst Management Services (CMS), a part of Catalysts Group ideated COVID Action Collaborative (CAC
– COVIDAction Collab), partnered with the United States Agency for International Development (USAID)
over a virtual event to support the COVID-19 response of India. USAID has provided 3 million USD
(around Rs.22 Crore) over 2 years to support the CAC (COVIDAction Collab) partnership.
Paytm Partners with SBI Card and Visa to Launch Contactless Co-Branded Credit Cards in 2
Variants
SBI Card and Payment Services ltd. (SBI Cards) partnered with Paytm and Visa to launch co-branded
credit cards, India’s next-generation credit cards. The credit card will be available in two variants, namely,
Paytm SBI Card and Paytm SBI Card SELECT.
NPCI Gives Approval to ‘WhatsApp Pay’ to start UPI in India; UPI closes 30% of TPAPs transaction
volume
The National Payments Corporation of India (NPCI) gave approval for ‘WhatsApp Pay’, a payment system
of WhatsApp to go live on Unified Payments Interface (UPI) in the multi-bank model in India. NPCI has
issued a cap of 30% on the total transaction volume on the UPI network of all Third Party App Providers
(TPAPs). This will be effective from January 1, 2021. The decision behind the capping of 30% at TPAPs
transaction volume in UPI is to address the risks and further protect the UPI ecosystem.
SEBI Enhances Foreign Investment Cap limit of Mutual Funds from $300 million to $600 million
Securities and Exchange Board of India (SEBI) issued a circular on “Enhancement of overseas investment
limits for mutual funds” under which the foreign investment limit per mutual fund (MF) house has been
doubled to $600 million, from the existing $300 million, within the overall industry limit of US $ 7 billion.
SEBI has reserved an amount of $50 million per fund house. A mutual fund launching a New Fund Offer

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(NFO) and intending to invest overseas will be required to specify the amount it will invest outside India
and use the limit specified within six months.
SEBI Introduce ‘Flexi Cap Fund’ as a New Category under Equity Schemes; Debt MFs to hold 10%
corpus in liquid assets
In order to give more flexibility to the mutual funds, Securities and Exchange Board of India (SEBI)
introduced ‘Flexi Cap Fund’ as a New Category under Equity Schemes. The objective is to protect the
interests of investors in securities, to promote growth and to regulate the securities market. SEBI has
made it mandatory for all open-ended debt mutual fund schemes (with exception) to hold at least 10%
of their net assets in liquid assets. With this Flexi Cap Fund the Schemes should have minimum
investment of 65% of total assets in the equity & equity related instruments.
Bharti AXA General Insurance Launched ‘CancerSendsNoNotifications’ Campaign

On November 7, 2020 Bharti AXA General Insurance Company Limited launched
‘CancerSendsNoNotifications’ Campaign on Social Media on account of the National Cancer Awareness
Day 2020- November 7 to increase awareness and disseminate knowledge to detect the disease in the
early stage among people in India.
Edelweiss Tokio Life Insurance Launches ‘Covid Shield+’, India’s First Individual Covid-19 Life
Insurance Policy
On November 9, 2020 Edelweiss Tokio Life Insurance Company Limited launched, ‘Covid Shield+’,
India’s First Individual Covid-19 Life Insurance Policy. The comprehensive solution provides financial
protection against the impact of COVID-19 diagnosis. Edelweiss Tokio Life Insurance is a Joint
Venture(JV) between Edelweiss Financial Services Ltd, and Tokio Marine Holding, Inc.,.
Paytm Launches ‘Payout Links’ for Businesses to Instantly Transfer Money

On November 10, 2020 Paytm,headquartered at Noida, Uttar Pradesh launched ‘Payout Links’, a new
initiative under Paytm Payout, for businesses. This enables businesses to instantly make payments to
the customers, employees & vendors, without the need to collect their bank details.
Kotak Mahindra Asset Management Company Launches ‘Kotak ESG Opportunities Fund’;
Managed by Harsha Upadhyaya
On November 19, 2020 Kotak Mahindra Asset Management Company Limited (KMAMC) launched
‘Kotak ESG Opportunities Fund’, an open-ended equity scheme that focuses on Environmental, Social
and Governance (ESG) factors and the Principles for Responsible Investing (PRI). The Kotak ESG
Opportunities Fund, will be managed by Harsha Upadhyaya, Chief Investment Officer(CIO) – Equity &
President, KMAMC. Managing Director(MD) of KMAMC is Mr. Nilesh Shah
Mastercard and USAID Partnered under W-GDP to Launch Project Kirana for Women
Empowerment
On November 19, 2020 Mastercard headquartered at New York,US and the United States Agency for
International Development (USAID) entered into partnership under the Women’s Global Development
and Prosperity Initiative (W-GDP) Initiative to launch Project Kirana. Project Kirana is a 2-year
economic empowerment program for women that drives small business growth through digital
financial inclusion. The programme will be implemented by DAI and ACCESS Development Services in
the selected cities of Uttar Pradesh, including Lucknow, Kanpur and Varanasi. Michael Miebach is the
president and CEO of Mastercard.

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LIC launches its First Digital Application, ‘ANANDA’ for Agents
On November 19, 2020 Life Insurance Corporation of India (LIC) launched its First Digital Application,
‘ANANDA’ (Atma Nirbhar Agents New Business Digital App).
The digital tool supports the on boarding process to get Life Insurance policy with the help of the Agent
/ Intermediary without any paperwork. ANANDA is a first of its kind in the Indian Life Insurance
industry with LIC pioneering the process through its in-house IT(Information Technology) enabled
systems.
Muthoot Finance in Partnership with BAGIC Launched “Muthoot Gold Shield” to Insure Gold
Jewellery
Gold loan Non-Banking Financial Company (NBFC) Muthoot Finance in collaboration with Bajaj Allianz
General Insurance (BAGIC) has launched “Muthoot Gold Shield” to provide insurance to its customers
on gold jewellery. This scheme is backed by Group Affinity All Risk policy of Bajaj Allianz General
Insurance.
HDFC Life, HDFC Ergo Launched Combi Health Insurance Policy “Click 2 Protect Corona
Kavach”
HDFC (Housing Development Finance Corporation) Life and HDFC Ergo joined hands to launch a combi
insurance product ‘Click 2 Protect Corona Kavach’ which offers a complete financial protection package
in the current pandemic environment. This policy will provide all the benefits and features of HDFC
Life’s Click 2 Protect 3D Plus and HDFC Ergo’s Corona Kavach policies.
Razorpay in Partnership with Visa Launches 1st of its kind card, ‘RazorpayX Corporate Cards’
On November 26, 2020 Razorpay in partnership with Visa launched the 1st of its kind card, ‘RazorpayX
Corporate Cards’ for Indian entrepreneurs. The bank-issued cards help to provide relief and stabilize
the financial operations of the business owners of startups and SMEs(Small and Medium sized
Eneterprises) who are severely affected by COVID-19 pandemic.
SEBI Launched SMARTs Program to Strengthen Investor Education as a part of World Investor
Week 2020
On November 25, 2020, the Securities and Exchange Board of India (SEBI) launched Securities Market
Trainers (SMARTs) program, as a part of World Investor Week (WIW) 2020 being celebrated by SEBI in
India from Nov 23, 2020 to Nov 29, 2020 to enhance investor education and awareness. The education
programs to be conducted under this will be free of cost to investors. It will be borne from SEBI’s
Investor Protection and Education Fund (IEPF).
RXIL Initiates 1st Trade Credit Insurance Backed Transaction in Sandbox

Receivables Exchange of India Limited(RXIL) has initiated a Trade Credit Insurance (TCI) backed
transaction in the Sandbox environment. In this TCI backed transaction, RXIL has collaborated with
TATA AIG as the insurer, ICICI bank and YES Bank as financiers. It is the 1st time a Trade Receivables
Discounting System (TReDS) platform tested the effectiveness of TCI backed transactions. This
improves the financier’s ability to assign credit limits to corporates.

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2020 Banking & Finance – December

RBI IN NEWS
Highlights of 4th Bi- Monthly Monetary Policy Committee (MPC) 2020-21: December 2020
The 6-member Monetary Policy Committee (MPC) meeting of Reserve Bank of India (RBI) was held
from December 2-4, 2020 which was headed by RBI Governor Shaktikanta Das. The members of the
committee are Dr. Shashanka Bhide, Dr. Ashima Goyal, Professor Jayanth R. Varma, Dr. Mridul K. Saggar,
and Dr. Michael Debabrata Patra. It was the 4th Bi- Monthly MPC meeting. During the meeting it was
projected that the real GDP (Gross Domestic Product) growth will contract at 7.5% (-7.5%) in FY21.
• The Committee has decided to extend on-tap Targeted Long-Term Repo Operations
(TLTRO) by bringing 26 stressed sectors identified by the Kamath Committee under the
chairmanship of Kundapur Vaman Kamath in order to provide more liquidity in the
economy….Click here for the complete detail.
RBI Cancelled Licence of Karad Janata Sahakari Bank , Maharashtra

On December 8, 2020, Reserve Bank of India (RBI) cancelled the licence of The Karad Janata Sahakari
Bank Ltd., Karad, Maharashtra to carry on banking business, which includes acceptance of deposits and
repayment of deposits as defined in Section 5(b) read with Section 56 of the Banking Regulation Act,
1949 with effect from the close of business on December 7, 2020.
RBI Released Draft Guidelines for NBFCs’ Dividend Payouts: December 2020
The Reserve Bank of India (RBI) in its recent 4th Bi-Monthly Monetary Policy Committee (MPC) 2020-
21 announced to issue guidelines for Non-Banking Financial Companies (NBFCs) with regard to
distribution of dividend. Therefore, on December 9, 2020, the apex bank released the “Draft Circular on
Declaration of Dividend by NBFCs” to ensure greater transparency and uniformity in practice. It is open
for comments by December 24, 2020. The guidelines will be applicable for dividends to be declared for
the financial year beginning April 01, 2020 (FY 2020-21) onwards.
RBI to Setup Automated Banknote Processing Centre in Jaipur, Rajasthan

On December 13, 2020, Reserve Bank of India (RBI) has decided to set up an Automated Banknote
Processing Centre (ABPC) in Jaipur, Rajasthan for automated receipt, storage of fresh banknotes
received from the printing presses, and then retrieval and dispatch of these banknotes to the identified
issue offices (IOs)/currency chests (CCs). The centre will also demolish the destruction of soiled
banknotes. The whole process will be done in an automated manner.
RBI Invited Application for 2nd Test Phase of Regulatory Sandbox on Cross Border Payments
After the commencement of Test Phase of First Cohort under the Regulatory Sandbox (RS) by Reserve
Bank of India (RBI) on November 17, 2020, click here to read, now the apex bank has announced the
opening of the Second Cohort on the theme of “Cross Border Payments”. The theme of the first cohort
was “Retail Payments” while for third Cohort, the theme will be “MSME Lending”. The window for
submission of applications by eligible entities for the Cohort will be open from December 21, 2020 to
February 15, 2021.
RBI Further Extends Restrictions on PMC Bank till March 31, 2021
On December 18, 2020 The Reserve Bank of India (RBI) further extended the restrictions of Punjab and
Maharashtra Cooperative (PMC) Bank headquartered at Mumbai, Maharashtra Limited for a period of 3
months from December 23, 2020 to March 31, 2021. All other terms and conditions of the Directives
under reference shall remain unchanged. Earlier the restriction was imposed till June 23, 2020 and then
changed until December 22, 2020.

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RBI extended CKYCR to Legal Entities from Individual Accounts w.e.f. April 1, 2021: December
2020
On December 18, 2020, the Reserve Bank of India (RBI) has amended the Master Direction (MD) on
“Know Your Customer (KYC)”, dated February 25, 2016, by extending the applicability of centralized
KYC registry to legal entities (LEs), from individual accounts w.e.f. April 1, 2021.In this regard,
Regulated entities (REs) will upload the KYC data pertaining to the accounts of LEs opened on or after 1
April 2021, on to CKYCR in terms of Rule 9 (1A) of the PML (Prevention of Money-laundering) Rules.
RBI Cancelled Licence of Maharashtra-Based Subhadra Local Area Bank

Banking Licence of Subhadra Local Area Bank, headquartered at Kolhapur, Maharashtra under Section
22 (4) of the Banking Regulation Act, 1949 was cancelled by Reserve Bank of India (RBI) with
immediate effect from December 24, 2020. But the bank has enough liquidity funds to refund the
deposit amounts to its customers. RBI had cancelled the licence due to the bank’s activities lead to
affecting the interests of the Bank's current and future depositors.The bank had also breached the
minimum net worth requirement for two quarters in the financial year 2019-20.
Maintaining 4% inflation appropriate for India: RBI paper

In accordance with the paper authored by Reserve Bank of India (RBI) Deputy Governor Michael
Debabrata Patra and another official Harendra Kumar Behera, maintaining an inflation rate of 4% is
appropriate for India. A lower rate could impart deflationary bias to the monetary policy while a higher
trend renders monetary policy too expansionary and prone to inflationary shocks.As per the paper,
there is a steady decline in trend inflation to 4.1-4.3% since 2014.
BANKING TECHNOLOGY
SBI along with NPCI & Japan’s JCB launched “SBI RuPay JCB Platinum Contactless Debit Card”
On December 1, 2020, State Bank of India (SBI) in collaboration with National Payments Corporation of
India (NPCI) and Japan’s JCB (formerly Japan Credit Bureau) International Co. Ltd. unveiled “SBI RuPay
JCB Platinum Contactless Debit Card” with a unique dual interface feature. It enables the customers to
use it for both contact and contactless transactions as well as for domestic and overseas transactions.
PayNearby in partnership with NPCI & YES Bank Launched “PayNearby shopping card” for
Retailers
India’s largest Hyperlocal fintech startup, PayNearby Technologies Pvt. Ltd., in collaboration with YES
Bank and National Payments Corporation of India (NPCI) launched the “PayNearby shopping card”
powered by RuPay for its retail partners to provide maximum benefits of e-commerce in a risk-free
mode over mass market category.
Axis Bank in Partnership with Rupifi and Visa Launches ‘Axis Bank Rupifi Business Credit Card’
for MSMEs
On December 3, 2020 Axis bank Ltd in partnership with Rupifi and Visa launched ‘Axis Bank Rupifi
Business Credit Card’ for MSMEs(Micro, Small and Medium Enterprises). This Contactless Co-Branded
credit card, powered by Visa is applicable only to the MSMEs businesses that transact on the aggregator
platforms partnered with Rupifi PAN India for their business purchases. Rupifi partners with
established B2B(Business to Business) marketplace and aggregator platforms across sectors including
Food, Grocery and Pharma among others.
Canara Bank Launches ‘FX 4 U’

On December 12, 2020 Canara Bank headquartered at Bangalore, Karnataka launched ‘FX 4 U’, a new
technology(tech) product. This product helps the users of its Internet Banking (IB) to handle forex

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transactions. The purpose of Launch is for forex remittance through internet banking. Currently, the
outward remittance module is being activated, the remaining modules will be activated shortly.
Ewire Softtech in Partnership with YES Bank Launched ‘EWIRE - YES BANK Prepaid Card’
On December 11, 2020 Ewire Softtech Pvt Ltd under the Kerala Startup Mission (KSUM) launched
‘EWIRE – YES BANK Prepaid Card’ in partnership with YES bank to establish its presence across the
country in its digitisation drive.The co-branded digital card will help the common public and corporate
houses with providing loans, insurance and CASA account through its channel partners. This can be
done via its dedicated RuPay prepaid cards platform.
Central Bank of India in association with NPCI Launches ‘RuPay Select’ Contactless Debit Card
On December 21, 2020, the occasion of Central Bank of India’s 110th foundation day, the bank in
association with National PaymentsCorporation of India (NPCI) launched ‘RuPay Select’, a unique
variant of contactless debit card. It is the bank’s one-of-its-kind health & wellness focused card. On this
occasion, the Central Bank of India also launched FASTAG (for electronic toll collection) in association
with OSTA.The Headquarters of Central Bank of India is Mumbai,Maharashtra.
BoB Launches Digital Lending Platform for Retail Loan Seekers to get Loans Digitally
On December 28, Bank of Baroda (BoB) headquartered at Vadodara(earlier known as Baroda), Gujarat
launched Digital Lending Platform (DLP), to allow retail loan seekers to get loans in a digital way
through a paperless process. It provides ‘in-principle approval’ to the loan seekers in 30 minutes for
loans. The bank also offers ‘Online Loan against Fixed Deposits (FD)’ through Digital Lending Platform.

Asian Development Bank Karnataka Rs 1,400 crore On December 4, 2020 The Asian
(ADB) Development Bank (ADB) headquartered
at Mandaluyong, Manila of Philippines
approved a $190 million(over Rs 1,400
crore) loan for the Bengaluru Smart
Energy Efficient Power Distribution
Project. The loan amount includes a $100
million sovereign loan(public sector) and
a $90 million without sovereign
guarantee loan or non-sovereign
loan(private sector) to Bangalore
Electricity Supply Company Limited
(BESCOM), one of five state-owned
distribution utilities and the largest in
Karnataka.
Asian Development Bank Urban Areas in Rs 2,200 crore The Asian Development Bank (ADB)
(ADB) India approved USD 300 million (about Rs
2,200 crore) loan for Strengthening
Comprehensive Primary Health Care in
Urban Areas Program in India. In addition
to the loan, a $2 million technical
assistance grant was also provided from
ADB’s Japan Fund for Poverty Reduction
to provide technical support for program
implementation.

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Asian Development Bank To construct the Around Rs The Asian Development Bank (ADB)
(ADB) Lower Kopili 1,705 crore approved a $231 million (Around Rs
Hydroelectric 1,705 crore) loan to construct the Lower
Power (LKHEP) Kopili Hydroelectric Power (LKHEP)
plant in Central plant in Central Assam, India. This loan is
Assam the 3rd and largest tranche of the $300
million (about Rs 2,200 crore) Assam
Power Sector Investment Program that
was approved by ADB in 2014.

SBI NABARD NABARD(National Bank for Agriculture and Rural
Development), Karnataka Regional Office Bengaluru,
Karnataka has signed MoU(Memorandum of Understanding)
with SBI(State Bank of India), LHO, Bengaluru to provide
concessional refinance facility to the beneficiaries of
watershed development and tribal development projects.
NABARD through this MoU, aims to provide grant support,
concessional refinance and undertake capacity building of the
stakeholders of various livelihood interventions that is
promoted by NABARD.
New Development Government of India A loan agreement was inked between Government of India
Bank (NDB) (GoI) and New Development Bank (NDB) headquartered at
Shanghai, China under which the latter will lend $1,000 million
($1 billion) for supporting the former’s economic recovery
from COVID-19. The loan has a tenor of 30 years, including a 5-
year grace period. The funding is a part of NDB’s fast-track
emergency response to COVID-19.
Asian Development Government of India Signed a $4.21 million (Around 31 Crore Rupees) Project
Bank (ADB) Readiness Financing (PRF) facility for Tripura Urban and
Tourism Development Project. This is ADB’s 1st PRF facility for
a North-eastern state of India. Dr. C. S. Mohapatra, Additional
Secretary, Department of Economic Affairs, Ministry of Finance
signed the facility on behalf of Govt of India and Takeo Konishi,
Country Director of ADB’s India Resident Mission on behalf of
ADB.
Bank of Baroda Defence Forces On December 21, 2020 Bank of Baroda (BoB) headquartered at
(BoB) Baroda,Gujarat to offer special customized banking services
through ‘Baroda Military Salary Package’ has signed a
Memorandum of Understanding (MoU) with Indian Navy and
Indian Coast Guard and renewed its existing MoU with the
Indian Army.This package was also presented to the Indian Air
Force. The bank has covered all 4-Armed Forces under the
Ministry of Defence.
Asian Development Northern Arc The Asian Development Bank (ADB) signed a $40 million
Bank (ADB) Capital Ltd (NACL) (around Rs 295 crore) loan to Northern Arc Capital Ltd (NACL)
for on lending to microfinance borrowers, Micro, Small, and
Medium Enterprises (MSMEs) and affordable housing finance
companies in India who are facing difficulties to attract debt

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funding from investors. As part of ADB’s ongoing COVID-19
response, this rupee denominated loan is given to NACL.
OTHER BANKING NEWS

SIDBI in Partnership with ISARC Launches ARM-MSME; Indian Bank Signs MoU with SIDBI for
this Module
On November 30, 2020 Small Industries Development Bank of India (SIDBI) in partnership with India
SME Asset Reconstruction Company (ISARC) has launched Asset Restructuring Module for MSMEs-
Micro, Small & Medium Enterprises(ARM-MSMEs) in other words Do-It-Yourself (DIY) web module.
This web portal helps MSMSEs to get benefit of the Reserve Bank of India(RBI)’s one-time debt
restructuring. Indian Bank has signed a MoU(Memorandum of Understanding) with SIDBI to enable
MSME borrowers to use the web module.
ADB Approved a $430 Million Multitranche Financing Facility for UP Power Distribution
Network Rehabilitation Project
On December 1, 2020 The Asian Development Bank (ADB) approved a $430 million (about Rs 4,143
crore) Multitranche Financing Facility(MFF) for Uttar Pradesh(UP) Power Distribution Network
Rehabilitation Project to improve the quality and reliability of electricity supply in Uttar Pradesh. The
MFF is enhanced by a $2 million Technical Assistance (TA) grant from TA Special Fund and the Japan
Fund for Poverty Reduction(JFPR) of ADB.
PNB Launched Loan Management Solution, ”PNB LenS-The Lending Solution”

On December 1, 2020 Punjab National Bank (PNB) developed and launched ‘PNB LenS-The Lending
Solution’, an IT(Information Technology) based lending solution for loan management to increase the
speed and maintain accuracy in online processing of loans and sanctioning of credit proposals. Under
the Mudra scheme, the processing and sanction of credit proposals up to Rs 10 lakh including
MSME(Micro, Small and Medium Enterprises) loans (fresh, renewal, enhancement and review) will be
done by LenS.
YES Bank Relaunches ‘YES Premia’ with Premium Banking Services to Customers
On December 1, 2020 YES Bank relaunched ‘YES Premia’ with a premium banking program. It offers
personalized solutions focusing on particular needs of key consumer segments, i.e., from small business
owners to salaried professionals and senior citizens.During ‘Truly Yours’ Week, from December 1 – 7,
2020 Yes Bank will celebrate the launch of the program, across India with several customer centric
programs and partnered activations through dealer, OEM(Original Equipment Manufacturer) and
bancassurance partners.
Finin Becomes India’s 1st full-fledged Consumer Neobank in Partnership with SBM Bank India
On December 2, 2020 Bengaluru-based fintech, Finin was launched as India’s 1st full-fledged consumer
‘neobank’. Finin has launched Hyper-personalised SmartBanking platform in partnership with SBM
Bank India(i.e. SBM Bank India has become Banking Partner for Finin). The platform helps the users to
manage,save and invest their money in a smarter, secured and simpler way.
CREDAI-MCHI Partners with SBI, Google & BookMyShow for India’s Biggest Real-Estate Expo
On 4th December 2020, CREDAI-MCHI partnered with State Bank of India, Google and BookMyShow for
the first virtual edition of India’s largest real-estate expo from 4th December 2020 to 13th December
2020. This collaboration between CREDAI-MCHI, SBI Google & BookMyShow is the first of its kind in the
Real Estate sector.

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KVGB Launches ‘Kirishi OD’ Scheme for Farmers
On December 5, 2020 Karnataka Vikas Grameena Bank (KVGB) launched ‘Kirishi OD(Overdraft)
scheme’ for farmers. The OD facility is given to farmers based on the value of the land. ‘Kirishi OD’
scheme was launched by Neeraja Kumara Verma, Chief General Manager of NABARD, in Dharwad,
Karnataka.
Bank of Baroda Launches Atmanirbhar Women Scheme

On December 7, 2020 Sanjiv Chadha, Managing Director (MD) and Chief Executive Officer (CEO) of Bank
of Baroda (BoB) headquartered at Vadodara(earlier known as Baroda), Gujarat launched ‘Atmanirbhar
Women Scheme’ virtually To help women to be self-reliant at Karnataka. This launch is part of the
bank’s Baroda Gold Loan.
ADB Approves a $2.5 million Technical Assistance to Help Improve Advanced Biofuel
Production in India
On December 7, 2020 The Asian Development Bank (ADB) headquartered at Mandaluyong, Manila,
Philippines has approved a $2.5 million (about Rs 18 crore) Technical Assistance (TA) to support
advanced biofuel development in India. This grant is funded from the Asia Clean Energy Fund, financed
by the Government of Japan under the Clean Energy Financing Partnership Facility, and the Republic of
Korea’s e-Asia and Knowledge Partnership Fund.
Federal Bank Enters into an Online Rupee Remittance Tie-up with OrbitRemit Limited
On December 8, 2020 Federal Bank Ltd headquartered at Aluva, Kerala entered into an online Rupee
remittance tie-up with OrbitRemit Limited. This partnership will facilitate Non-Resident Indians (NRIs)
and small businesses in New Zealand to transfer money to India in a modern, low cost, fast, easy and
more reliable way. Usage of OrbitRemit’ App and online platform: NRIs in New Zealand can also make
use of the mobile app of OrbitRemit and an online platform to transfer money to India.
ICICI Bank Becomes Designated Bank for all financial transactions under NHM in WB
ICICI (Industrial Credit and Investment Corporation of India) Bank headquartered at Mumbai,
Maharashtra won the mandate to be the designated financial institution for all monetary transactions
under National Health Mission (NHM) in West Bengal (WB) as it quoted the lowest bid. This is on the
lines of WB government decision of implementing a single bank account system for NHM. Under this, all
financial transactions will be conducted through online software, integrated with bank accounts.
RBL Bank & ICICI Prudential Life Insurance Enters into a Bancassurance Partnership
On December 9, 2020 RBL Bank Ltd headquartered at Mumbai, Maharashtra & ICICI Prudential Life
Insurance Ltd entered into a bancassurance partnership to offer a range of life insurance products, i.e.,
protection and long-term savings products of ICICI Prudential Life to the customers of RBL Bank.
YES Bank in Partnership with Mastercard Launches ‘Yes Private Prime Credit Card’
On December 8, 2020 YES Bank headquartered at Mumbai, Maharashtra in partnership with
Mastercard launched ‘Yes Private Prime Credit Card’ for the Affluent and Ultra High-Net-Worth-
Individuals (HNWIs) of India. The card is available on the Mastercard World Elite platform. The card is a
strictly by-invitation-only lifestyle Credit Card.
DBS Bank India Partners with Haqdarshak to Help Indian MSME

On December 11, 2020 DBS Bank India Ltd. (DBIL) headquartered at Mumbai, Maharashtra partnered
with Haqdarshak Empowerment Solutions Private Limited to help Indian MSMEs (Micro, Small and
Medium Enterprises) to recover from COVID-19 pandemic. This aid will happen through the newly
launched Haqdarshak MSME platform. The platform helps India’s enterprises to access MSME-focused

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government welfare schemes, covering registrations, documentation and applications for financing
across India.
Exim Bank Extends $ 448-million Line of Credit to Uzbekistan

On December 12, 2020, Export-Import Bank of India (Exim Bank) headquartered at Mumbai,
Maharashtra, on behalf of the Government of India, has extended a Line of Credit (LOC) of $448 million
to the Government of Republic of Uzbekistan for financing the latter’s various projects in the Roads &
Transport, Water and Technology & Communication sectors. The agreement for the same was inked by
Deputy Prime Minister & Minister of Investments and Foreign Trade, Sardor Umurzakov, Uzbekistan
and Nirmit Ved, General Manager, Exim Bank.
Aceware in Association with ICICI Bank Launches 'AceMoney Micro ATM service’
On December 14, 2020 Aceware in association with ICICI Bank launched ‘AceMoney Micro
ATM(Automated Teller Machine) service’ in Kochi, Kerala. This service will enable people to withdraw
money from their bank account from home. The customers of all banks can avail this service. The
money will be delivered, within 30 to 40 minutes of placing the order at the doorstep of the customer.
SBI Card and BPCL Jointly Launches ‘BPCL SBI Card OCTANE’
On December 15, 2020 SBI Cards headquartered at Gurgaon, Haryana and Payment Services Limited
(SBI Card) and Bharat Petroleum Corporation Ltd (BPCL) jointly launched ‘BPCL SBI Card OCTANE’, a
premium co-branded credit card. The card is designed to offer maximum savings to the affluent
customer segment that spends a significant amount on fuel. For Fuel spends there is no minimum
transaction. This enables the customers to save with every transaction.
Citibank and NCPA Partners to Offer Scholarships for Young Musicians 2020-21
On December 16, 2020 Citibank headquartered at New York, USA and National Centre for the
Performing Arts (NCPA) partnered to offer ‘Citi-NCPA Scholarships for Young Musicians 2020-
21(Hindustani Music)’ for vocal – khayal / dhrupad and percussion – tabla / pakhawaj. The value of
scholarship is Rs 10, 000 for one month for one year (April 2021 to March 2022).
ADB Launches a $9 billion Vaccine Initiative, APVAX to its Developing Members

On December 11, 2020 The Asian Development Bank (ADB) headquartered at Mandaluyong City,
Manila, Philippines launched a $9 billion vaccine initiative, the Asia Pacific Vaccine Access Facility
(APVAX). This facility will help its developing member economies to procure and deliver an effective
and safe coronavirus disease (COVID-19) vaccine.
World Bank Approves 4 India Projects Worth over $800 million

On December 15, 2020 the World Bank headquartered at Washington, DC, New York, United States has
approved 4 India projects worth over $800 million. $400 million Second Accelerating India’s COVID-19
Social Protection Response Program. $100 million Chhattisgarh Inclusive Rural and Accelerated
Agriculture Growth Project (CHIRAAG). $68 million Nagaland: Enhancing Classroom Teaching and
Resources Project. $250 million Second Dam Improvement and Rehabilitation Project (DRIP-2).
YES Bank Partners with Visa to Enhance Payments Efficiency

On December 16, 2020 YES bank headquartered at Mumbai, Maharashtra partnered with Visa as a
payment processor to enhance salaried and YES FIRST account holders’ payment experience. The bank
has also introduced a new line of vertical Debit cards under the E-series across Mastercard and VISA
cards. This launch enables customers to avail VISA-branded YES bank debit cards along with
Mastercard and RuPay branded debit cards.

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IndusInd Bank Partners with Mastercard to Launch its 1st Metal Credit
On December 17, 2020 IndusInd Bank headquartered at Mumbai, Maharashtra in partnership with
Mastercard launched its 1st metal credit card, ‘Pioneer Heritage Credit Card’. This Contactless Credit
Card is designed to meet the needs of High-Net-Worth-Individuals (HNWIs), especially of the affluent
Indian professionals and entrepreneurs. This card is a part of the Mastercard’s ‘World Elite’ platform
that offers privileges to complement the lifestyle of HNI cardholders.
IIFL Home, ICICI Bank join hands for affordable housing, MSME loans
On December 19, 2020, IIFL (formerly India Infoline Limited) Home Finance Ltd, the subsidiary of IIFL
Finance has joined hands with ICICI (Industrial Credit and Investment Corporation of India) Bank for
sourcing and servicing arrangement to provide affordable housing and MSME (Micro, Small and
Medium Enterprises) loans.
ICICI Bank Becomes 1st bank in India to Launch ‘Infinite India’, an Industry-first initiative
On December 22, 2020 ICICI Bank Ltd launched ‘Infinite India’, an online platform for foreign
companies who set up or expand business in India. The portal unifies different banking and value-
added services on one platform for foreign companies throughout their business lifecycle. With this
launch, ICICI bank becomes the 1st bank in India to offer such facilities. This initiative is an industry
first initiative. The services that are technology enabled aims to strengthen the position of the bank in
the MNC segment.
SBI Tops in UPI transaction Among UPI Remitter Banks & PPBL Record lowest Decline Rate in
November 2020: NPCI
The ‘UPI Ecosystem Statistics’ of National Payments Corporation of India (NPCI), has released Unified
Payments Interface (UPI) Top 30 Banks Performance(for Remitter Banks and Beneficiary Bank) in
November 2020. The State Bank of India (SBI) secured the top spot in UPI Transaction among the UPI
Remitter Banks with 607.92 million transactions. The list is followed by Axis Bank, HDFC bank and
Paytm Payments Bank ltd- PPBL(169.25 million transaction). PPBL has the lowest Technical Decline
(TD) rate at 0.08% among all UPI remitter banks and 0.06% among all UPI beneficiary banks.
World Bank & Govt of India Signs $500 Million Green National Highways Corridors Project
On December 22, 2020 The World Bank headquartered at Washington, DC, New York, United States(US)
and Government of India signed a $500 Million (around Rs 3,692 crore) Green National Highways
Corridors Project to build safe, green and resilient highways in states of Rajasthan, Himachal Pradesh,
Uttar Pradesh and Andhra Pradesh. The loan will be provided by International Bank for Reconstruction
and Development (IBRD). It has a maturity of 18.5 years including a grace period of 5 years.
Punjab National Bank Introduced PNB e-Credit Card

On December 24, 2020 Punjab National Bank (PNB) headquartered at NewDelhi,India introduced PNB
e-Credit Card. This card is a digital imitation of a physical Credit Card. PNB customers can use this card
at any e-commerce platform or merchant website, without having to carry the physical card. The details
of the card can be viewed in PNB Genie Mobile app by clicking on the e-Credit Card facility.
ICICI Bank ,1st Bank to join with Google Pay to Issue FASTag
On December 28, 2020 ICICI Bank collaborated with Google Pay to issue FASTag through Unified
Payments Interface (UPI) on the payments app.This allows Google Pay users to order, track and
recharge ICICI Bank FASTag digitally on the payments platform. ICICI Bank, with this collaboration,
becomes the 1st bank to partner with Google Pay to issue FASTag. ICICI Bank, with this collaboration,
becomes the 1st bank to partner with Google Pay to issue FASTag.

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AU Small Finance Bank Partners with ICICI Prudential Life Insurance for ICICI Insurance
customers
On December 28, 2020 AU Small Finance Bank Ltd has partnered with ICICI Prudential Life Insurance
Ltd to offer customised need and goal-based life insurance solutions of ICICI Prudential Life to its
customers. These products enable customers to offer financial security to them and their families and
also help them achieve their financial goals. This collaboration is expected to enable the bank to offer a
well-rounded bouquet of financial savings and risk mitigation solutions to their customers.
Cashaa & United Multistate Credit Co-Op Society Launches World’s 1st Crypto Bank, ‘Unicas’ in
India
On December 28, 2020 ‘Unicas’, world’s first crypto bank was launched in India as a Joint Venture(JV)
between Cashaa of UK and United Multistate Credit Co-operative society of India.The world’s first
‘Crypto-Friendly’ branch was initiated in Jaipur, India. This bank allows users to transact in
cryptocurrency and fiat from one account to another. This JV allows Cashaa to access regulatory
licenses, physical branches, and overall banking Infrastructure of United Multistate Co-Op Society.
HDFC, ICICI, and SBI are Top Three Banks of 2020 in India: Report by Wizikey
In accordance with the Banking, financial services and insurance (BFSI) Movers and Shakers 2020
Report by Wizikey, Housing Development Finance Corporation Limited (HDFC), Industrial Credit and
Investment Corporation of India (ICICI), and State Bank of India (SBI) are the top three banks of 2020 in
India. The report by Wizikey states about the top-100 banks in India and BFSI models such as wallets,
Neobanks, non-banking financial companies (NBFCs), small finance banks and payments banks. Among
wallets, Google Pay has emerged as the number one followed by Phone Pe.
YES Bank & Salesforce jointly to Build Next Generation Tech Platform for Retail Banking
On December 22, 2020 YES Bank collaborated with Salesforce to build a next generation technology
platform for retail lending business. YES BANK is among the first banks in India to partner with
Salesforce for Loan origination and processing. As part of this collaboration ‘Salesforce Loan Origination
System’, is being deployed to provide personalized solutions and connected banking experiences for
consumers across segments.
DBS Bank India Introduces ‘Travel Now’, a One-Stop Travel Marketplace Within Digibank App
On December 29, 2020 DBS Bank India introduced ‘Travel Now’, a one-stop travel marketplace within
the digibank app. This new feature allows the customer to browse and book flights, bus tickets and
hotels across many destinations within and outside of India. The customers also have the option to
choose travel insurance, offered by Bharti AXA General Insurance, along with an automated claims
process for flight cancellation, and flight departure and arrival delays of over 60 minutes.
FINANCE NEWS
NPCI Allowed Payment Banks and Fintechs in its Shareholding upto 0.44%
The National Payments Corporation of India (NPCI) headquartered at Mumbai,Maharashtra has
completed private placement of 4.63% of its equity shares worth Rs 81.64 crores. This placement has
enabled small finance and payment banks, as well as fintechs to be its shareholders up to 0.44%.With
this placement, now the total shareholder entities for NPCI stand at 67. Currently, government-owned
banks such as State Bank of India (SBI), Union Bank of India, Bank of Baroda, Punjab National Bank and
Canara Bank own more than 40% stake in NPCI’s shareholding.

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Paytm Partners with Suryoday Small Finance Bank to Offer Instant Digital Loans to MSMEs
On December 2, 2020 Paytm headquartered at Noida, Uttar Pradesh partnered with Suryoday Small
Finance Bank(SFB) Ltd headquartered at Navi Mumbai, Maharashtra to offer collateral-free instant
digital loans to MSMEs(Micro, Small & Medium Enterprises). This will empower the MSMEs. This is the
1st lending partnership for Paytm with a small finance bank to help merchants to avail loans
seamlessly.This partnership aim to democratize access to loans for small businesses and merchants and
promote financial inclusion.
IFSCA Became Member of International Association of Insurance Supervisors

On Dec 2, 2020, International Financial Services Centre Authority (IFSCA) obtained membership of
International Association of Insurance Supervisors (IAIS).Now, IFSCA can access IAIS’s global network
and would be able to exchange ideas and information relating to insurance with other global
regulators.This membership will aid in developing a global Insurance hub in International Financial
Services Centre (IFSC), from current 17 entities, at Gujarat International Finance Tec-City (GIFT).
Razorpay and PayPal Partnered to Enable Seamless International Payments for Indian MSMEs
and Freelancers
On December 2, 2020 Razorpay headquartered at Bengaluru( Bangalore), Karnataka and PayPal
headquartered at San Jose, California partnered to enable Indian MSMEs(Micro, Small & Medium
Enterprises) and Freelancers to seamlessly accept international payments. It helps MSMEs and
freelancers to accept international payments on cards through payment gateways.They lose their
prospective global clients due to highly complex payment and banking infrastructure, processes and
systems.
HDFC Life launches HDFC Life Click 2 Wealth ULIP Digital Campaign
On December 4, 2020 HDFC Life launched HDFC Life Click 2 Wealth ULIP(Unit Linked Insurance Plan)
digital campaign. The campaign focuses on the role of ULIPs as part of a wise financial plan. The
campaign disproves the false myths surrounding the ULIP category.
It also highlights the unique features of HDFC Click 2 Wealth plan, a A Unit Linked, Non-Participating,
Life Insurance Plan. The campaign comprises 1 main and 2 short films, featuring 2 characters, namely
Meet (myth) and Jeet (myth burster).
Kotak Mahindra AMC Launched India’s 1st international REIT Fund of Funds
On December 7, 2020, Kotak Mahindra Asset Management Company Limited (KMAMC) or Kotak Mutual
Fund launched India’s first diversified REIT (Real Estate Investment Trusts) Mutual Fund namely
“Kotak International REIT Fund of Funds”. It is an open-ended mutual fund scheme that will invest in
units of SMAM Asia REIT Sub Trust Fund to provide long-term capital appreciation and income. SMAM
Asia REIT Sub Trust Fund is one of the largest Asia Pacific (Excluding Japan) REIT funds investing in
listed REITs in the Asia Pacific region. It is managed by Sumitomo Mitsui DS AMC Limited
headquartered in Tokyo, Japan.
Ujjivan Small Finance Bank Introduces ‘Money Mitra’ For its Customers
On December 7, 2020 Ujjivan Small Finance Bank (SFB) Ltd headquartered at Bengaluru(Bangalore),
Karnataka introduced ‘Money Mitra’, a new channel, to make banking services accessible to its
customers in their neighbourhood. Money Mitra facilitates entrepreneurs of local businesses like kirana
/ medical stores or Insurance agencies to offer retail banking solutions to Ujjivan SFB customers
exclusively. Currently, Ujjivan SFB has established over 100 Money Mitra outlets across the country.

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ICICI Lombard and Plum Partners Co-Create India’s Health Insurance Products
On December 7, 2020 ICICI Lombard General Insurance Limited partnered with Plum Benefits Private
Limited to co-create India’s first technologically backed group health insurance products to offer
employers and employees flexibility, transparent pricing, and exceptional healthcare experience.
Max Life Launches ‘Max Life Critical Illness and Disability Rider’, a Health Insurance Rider and
‘Max Fit’, a Wellness App
On December 9, 2020 Max Life Insurance Company Limited launched ‘Max Life Critical Illness and
Disability Rider’ is a health insurance rider that offers customers protection from upto 64 critical
illnesses. The company also launched ‘Max Fit’ , a comprehensive wellness programme(app).
IRDAI proposes a cap of Rs 1 cr in draft norms on Standard Accident Insurance Policies

On December 10, 2020, Insurance Regulatory and Development Authority of India (IRDAI) issued draft
guidelines on standard personal accident insurance policies. Under them, the insurance watchdog has
recommended that all general and standalone health insurers will have to offer this product from April
1, 2021.
SBI General Insurance & Mahindra Insurance Brokers made partnership to Increase Insurance
Penetration
On December 9, 2020 SBI General Insurance Company Limited entered into a strategic partnership with
Mahindra Insurance Brokers Ltd. (MIBL) to increase the insurance penetration in tier 2 & 3 cities (Rural
Indian Cities). MIBL has collaborated with SBI General Insurance under its ‘Sajhedaari program’.
Google Pay, PhonePe Together Accounts for More than 82% of UPI market by volume in
November 2020: NPCI Data
As per the data released by the National Payments Corporation of India (NPCI), Google Pay and
PhonePe together account for more than 82% of the Unified Payments Interface (UPI) market by
volume and more than 86% by value in November 2020. Google Pay has done 960.02 million
transactions, worth Rs 1.61 trillion and PhonePe has done 868.4 million transactions, worth Rs 1.75
trillion.
Canara HSBC OBC Life Insurance launched its new digital campaign, #heroesofmycity
On December 9, 2020 Canara HSBC Oriental Bank of Commerce (OBC) Life Insurance launched its new
digital campaign, ‘#heroesofmycity’. This 2-month long campaign is an extension to the initiative
#meformycity. #meformycity was launched by Canara HSBC OBC Life Insurance in 2018. The purpose
of designing the new digital campaign is to recognise the heroes of everyday life of the people who kept
the city going when everything was stopped due to COVID-19 pandemic.
Equitas Small Finance Bank Ltd Launches 3 in 1 Account

On December 10, 2020 Equitas Small Finance Bank Ltd (ESFBL) headquartered at Chennai, Tamil Nadu
launched a 3-in-1 account (tripartite account), which comprises savings, trading and demat accounts for
its customers. The account enables customers to hold all their bank and financial investments under
one umbrella. This account was launched to widen the bank’s product offerings.
IRDAI Standardised Health Policies for Robotic and Bariatric Surgeries

The Insurance Regulatory and Development Authority of India (IRDAI) has standardised all health
policies for robotic and bariatric surgeries. The robotic surgeries minimise the trauma caused to the
patient. India is the most preferred country to get high-quality treatment across the world. Bariatric
surgery is also called as Weight loss surgery, or metabolic surgery.

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Bharti AXA Life Introduced #GotYouCovered Campaign for Frontline Workers; Partners with
Primero Skills & Training for this Initiative
Bharti AXA Life Insurance Company Limited introduced ‘#GotYouCovered Campaign’, during the
observation of Universal Health Coverage Day 2020 on December 12. The campaign is a special
initiative to appreciate the frontline healthcare workers who are working to protect people from the
ongoing COVID-19 pandemic.Bharti AXA Life Insurance has partnered with Primero Skills & Training
Pvt Ltd for its #GotYouCovered initiative.
SEBI forms Corporation Finance Investigation Department (CFID) to check Promoter Frauds
Market watchdog Securities and Exchange Board of India (SEBI) established in April 12, 1992 has set up
a specialised department Corporation Finance Investigation Department (CFID) to tackle initial public
offering (IPO) proceed fraud, diversion of funds, bank loans and resources by company promoters. The
new department will be headed by one of SEBI’s executive director.
Edelweiss General Insurance launches a first of its Kind, Open API Gateway
On December 14, 2020 Edelweiss General Insurance Company Limited launched a first of its kind, Open
Application Programming Interface (API) Gateway to enable full digital collaboration with its business
partners. The authorised partners of Edelweiss General Insurance, with this gateway can integrate their
systems with the technology platform of the company.
SBI General Insurance Partners with IntrCity RailYatri to Provide Insurance

On December 15, 2020 SBI General Insurance Company Limited has partnered with IntrCity RailYatri to
provide domestic travel Insurance to bus customers who travel through IntrCity RailYatri. Every
IntrCity SmartBus traveler can avail complementary travel cover of Rs. 5 Lakhs along with the travel
ticket.
BSE Ebix Launches Beta Version of Term Insurance for ICICI Prudential
On December 15, 2020 BSE Ebix Insurance Broking Private Limited partnered with ICICI Prudential Life
Insurance Co. Ltd. for the beta launch of term Insurance of ICICI Prudential on its on-demand advanced
hi-tech platform. With this launch, 12 Insurance Companies have been integrated with BSE Ebix
platform.
Kotak Life Launches 5 city Outdoor Campaign for its 1st Health Insurance Policy, Kotak Health
Shield
On December 14, 2020 Kotak Mahindra Life Insurance Company (Kotak Life) launched its five-city
outdoor campaign to increase awareness about its 1st health insurance product, ‘Kotak Health Shield’.
The 5 cities are Bangalore, Chennai, Kolkata, Ahmedabad and Pune.
PayU Collaborates with Google Pay to Introduce Tokenised Payments Flow for Merchants
On December 18, 2020 PayU headquartered at Netherlands collaborated with Google Pay to introduce
tokenised payments flow for merchants in India. This collaboration enables the merchants of PayU to
offer Google Pay users the option to use their debit cards, credit cards, or Google Pay UPI to make
repeated payments without the need to physically share their card details.
NPCI Introduced RuPay Contactless (Offline) feature

On December 16 2020 National Payments Corporation of India (NPCI) has introduced RuPay
Contactless (Offline) feature, that also provides reloadable wallets within RuPay Card, for daily transit
payments. NPCI has also introduced RuPay Contactless (Offline) feature for retail payments on pilot
basis. All these additional features will expand the total transaction experience for RuPay cardholders
and also transform the overall card payment ecosystem.

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ICICI Prudential Mutual Fund Launched ‘ICICI Prudential Business Cycle Fund’, an Open-Ended
Equity Scheme
On December 21, 2020 ICICI Prudential Mutual Fund launched ‘ICICI Prudential Business Cycle Fund’,
an open-ended equity scheme following business cycles-based investing theme. The New Fund Offer
(NFO) opens on December 29, 2020 and closes on January 12, 2021. The scheme will invest in equity
and equity-related securities in Indian markets with a focus to ride business cycles through dynamic
allocation between various sectors and stocks at different stages of business cycles.
NIIFL announces closure of NIIF Master Fund at USD 2.34 Billion

On December 21, 2020 National Investment and Infrastructure Fund Ltd (NIIFL) announced closure of
NIIF Master Fund, as it had completed the fund raising by achieving a rupee equivalent size USD 2.34
Billion exceeding its target of USD 2.1 Billion. The investments marked the 5th & Final Close of the NIIF
Master Fund. The Fund saw investments worth USD 107 Million from new investors - Canada’s Public
Sector Pension Investment Board (PSP Investments), United States International Development Finance
Corporation (DFC) & Axis Bank which had already invested.
IRDAI Issues Exposure Draft on Standard Travel Insurance Policies to be Offered from April 1,
2021
On December 28, 2020 The Insurance Regulatory and Development Authority of India(IRDAI) issued an
exposure draft on guidelines for standard travel insurance policies that is to be offered from April 1,
2021 by every general insurer and stand-alone health insurer. As per the exposure draft, insurers can
launch 5 standard travel insurance plan variants under domestic travel and 4 plan variants under
overseas category. Pricing is to be determined by the insurer on the basis of covers proposed to be
offered subject to complying with the norms specified in the IRDAI (Health Insurance) Regulations,
2016 (HIR, 2016) and Guidelines notified. IRDAI has asked all the stakeholders to comment/suggest on
this exposure draft by 6th January, 2021.
SEBI Gives Approval for Suryoday Small Finance Bank to Float its IPO
On December 28, 2020 Suryoday Small Finance Bank (SFB) received approval from Securities and
Exchanges Board of India (SEBI) to float its Initial Public Offering (IPO). The shares of the SFB is
expected to be listed on BSE Sensex and NSE Nifty. The IPO will consist of a fresh issue of 1,15,95,000
shares and also offers a sale of up to 84,66,796 shares by the existing shareholders. The International
Financial Corporation (IFC), Gaja Capital, HDFC Holdings, IDFC First Bank, Kotak Mahindra Life
Insurance Company, DWM (International) Mauritius and Americorp Ventures will offer shares through
the Offer for sale (OFS) route.

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2020 Banking & Finance

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2020 Banking & Finance – January

RBI allows banks to offer round-the-clock forex market operations

Shivalik Mercantile became 1st urban cooperative bank to convert to SFB

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In a 1st, RBI introduced video-based identification process for KYC

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Reserve Bank cancels certificate of authorisation of Vodafone m-pesa

For the 1st time, RBI Releases Minutes of board meeting

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RBI appoints Janak Raj as member of the Monetary Policy Committee

iMobile ICICI (Industrial An Indian multinational bank has

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LOANS ISSUED BY BANKS

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AGREEMENTS & MoU’s SIGNED

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OTHER BANKING & FINANCE NEWS

PayPal India launches adoption assistance programme for employees

NSE arm launches AI-powered ‘knowledge hub’ to serve financial sector

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Exim Bank extends $35.80 mn LoC to Suriname for rural electrification

New India Co-operative Bank (NICB) to be converted as Small Finance Bank

IndusInd Bank launches asset management platform "PIONEER"

NABARD predicts Rs 90,395cr credit potential for Odisha in FY21

No charge on UPI, RuPay transactions if MDR is zero: Banks to NPCI

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2020 Banking & Finance – February

Overview of 6th Bi-monthly monetary policy 2020 released by RBI

Bank credit up by 7.21%, deposits up by 9.51%: RBI

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All-in-one QR (Quick Paytm Paytm, India’s leading digital payments company,has

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AGREEMENTS & MoU’s SIGNED

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Canara Bank MD & CEO R.A. Sankara Narayanan retires

ADB approved $2 million fund amount to combat nCoV

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Government to include non-scheduled urban, district cooperative banks in 3 schemes for

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SEBI to tighten eligibility criteria for investment advisors

Securities market regulator SEBI redefines ‘pledge’ to protect client securities

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2020 Banking & Finance – March

India’s current account deficit narrows dramatically to $ 1.4 bn in October-December 2019

RBI issues guidelines for Ind AS implementation by NBFCs, ARCs

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