Banking Awareness July-Dec

[BANKING AND FINANCIAL AWARENESS DIGEST: JULY
2020]
TABLE OF CONTENTS
Fitch Forecasts India’s Growth to 8% for FY 2022 ...................................................................2

Special Liquidity Scheme for NBFCs and HFCs Through SPV ................................................2
Asian Development Bank Joins NGFS ...........................................................................................2
‘ZipDrive’ Instant Auto Loan Facility—By HDFC Bank............................................................2
Indian Economy to Contract by 6.4% -- By Care Ratings .......................................................3
‘Bhavishya’ Saving Account—By Fino Payments Bank Ltd ...................................................3
India’s GDP to Contract by 3% in FY21 ........................................................................................3
Tamil Nadu Tops in Market Borrowings—By RBI....................................................................3
7th SBI Banking & Economics Conclave.......................................................................................3
Panel Formed for 'Indian Pandemic Risk Pool'-- By IRDAI ...................................................4
India: Second Largest Foreign Direct Investor in the UK .......................................................4
Fiscal deficit to shoot up to 7.6 pc in FY21: Ind-Ra ..................................................................4
Indian Economy to Contract by 9.5% in FY21: ICRA ...............................................................4
NABARD launches Development Projects in Andaman and Nicobar Islands .................4
AAI join hands with BEL for Cooperation in Civil Aviation Industry .................................5
Health Minister launched PNB’s campaign for COVID-19 .....................................................5
Ramesh Babu Boddu becomes New MD & CEO of Karur Vysya Bank ................................5
Aditya Puri emerges as Highest paid Banker in FY20 ............................................................5
Google will buy 7.73% stake in Jio Platforms ............................................................................5
Ashok Lavasa becomes Vice President of ADB ..........................................................................5
Insta Click Savings Account—By Bank of Baroda .....................................................................6
RBI Released 21st Issue of Financial Stability Report, July 2020 .......................................6
RBI signs Currency Swap Facility with Sri Lanka .....................................................................6
Amendments in Indian Accounting Standards ..........................................................................6
Bank of Maharashtra partners with Uniken ..............................................................................6
BOB Financial Solutions Limited and Fiserv, Inc. to Work for Digital Transformation
...................................................................................................................................................................7
www.BankExamsToday.com Page 1
2020]
B A N K I N G A N D F I NA N C I A L A W A R E N E S S
DIGEST: JULY 2020
FITCH FORECASTS INDIA’S GROWTH TO 8% FOR FY 2022
 As per the report, India’s growth forecast for the financial year 2021-22 is marked at 8%. Initially,
it was marked at 9.5% by the Fitch. However, it has reduced it to 8%.
 The reduction in the growth forecast is marked due to the negative impact on economic growth
due to pandemic COVID-19.
 For the current fiscal year, the projection of India economy to be contracting by 5% as per Fitch
Rating Agency.
SPECIAL LIQUIDITY SCHEME FOR NBFCS AND HFCS THROUGH SPV
 Government of India approved a special liquidity scheme for Non-Banking Finance Companies
(NBFC) and Housing Finance Companies (HFC) through Special Purpose Vehicle (SPV).
 This Special Liquidity Scheme is set up by SBI Capital Markets Limited (SBICAP) which is the
subsidiary of State Bank of India (SBI).
 The finance provided under this scheme to the NBFC s and HFCs will be used to repay existing
liabilities and not to expand their assets.
ASIAN DEVELOPMENT BANK JOINS NGFS
 Asian Development Bank has joined as an observer for France based Network for Greening the
Financial System (NGFS).
 Network for Greening the Financial System (NGFS) is a global forum which brings together all the
central banks and supervisors around the globe and commits the to manage the financial risks and
develop protection and saving opportunities with respect to climate change and environment.
‘ZIPDRIVE’ INSTANT AUTO LOAN FACILITY—BY HDFC BANK
 HDFC Bank has announced to offer instant auto loan named as ‘Zipdrive’ to its customers.
 This instant loan facility will be offered to its customers in about 1000 cities i.e. in tier 2 and tier 3
cities of India.
 The Zipdrive loan facility will be offered only for customers with preapproved offers.
2020]
INDIAN ECONOMY TO CONTRACT BY 6.4% -- BY CARE RATINGS
 Care (Credit Analysis and Research Limited) Rating has forecasted that Indian Economy to
contract 6.4% for the financial year 2020-21.
 This contraction value in GDP is cited because the economic activities are getting continuously
hindered due to lockdown situation of COVID-19.
 The rating agency has also expected a positive growth will come from agriculture and government
sector.
‘BHAVISHYA’ SAVING ACCOUNT—BY FINO PAYMENTS BANK LTD
 Fino Payments Bank Limited has launched ‘Bhavishya’ Saving Account.

 The ‘Bhavishya’ Saving Account is launched for the minors who are in between the age group of
10-18 years.
 This saving account is launched with an aim to inculcate banking and saving habits in children.
INDIA’S GDP TO CONTRACT BY 3% IN FY21
 BofA Securities, which is a foreign brokerage, has stated that India’s GDP will contract by 3% for
financial year 2021.
 The lower contraction in GDP is predicted because the country is facing economic crisis due to the
outbreak of COVID-19 pandemic.
 BofA Securities has also predicted that India’s GDP will contract this fiscal with estimates ranging
upto 7% negative growth.
TAMIL NADU TOPS IN MARKET BORROWINGS—BY RBI
 As per the data by Reserve Bank of India, Tamil Nadu state has topped in market borrowings
among all the states in India.
 Tamil Nadu has raised Rs 30,500 crores in fiscal year 2020-21 which is accounted for 17% of the
borrowings done through the issue of the bonds.
 After Tamil Nadu, the ranking is followed by Maharashtra, Andhra Pradesh and Rajasthan
respectively.
7TH SBI BANKING & ECONOMICS CONCLAVE
 RBI Governor Shaktikanta Das addressed the 7th SBI Banking & Economics Conclave.
 The overall capital adequacy ratio for scheduled commercial banks (SCBs) stood at 14.8% as in
March 2020, compared to 14.3% in March 2019. The CRAR of PSBs had improved from 12.2% in
March 2019 to 13.0 per cent in March 2020.
 The gross NPA ratio and net NPA ratio of SCBs stood at 8.3 % and 2.9% in March 2020, compared
to 9.1% and 3.7% as of March 2019, respectively.
2020]
PANEL FORMED FOR 'INDIAN PANDEMIC RISK POOL'-- BY IRDAI
 The Insurance Regulatory and Development Authority of India (IRDAI), being the regulatory
provider has formed a panel which will examine the degree of convenience of ‘Pandemic Risk
Pool’.
 The panel will be headed by Suresh Mathur, Executive Director of IRDAI.
 The panel will also study the need of setting up Pandemic Risk Pool, will recommend structure
and operating model for the pool and will examine other related matter to the subject.
INDIA: SECOND LARGEST FOREIGN DIRECT INVESTOR IN THE UK
 UK Government has released new data in the Department for International Trade (DIT) inward
investment statistics for 2019-2020.
 As per the statistical analysis, India has become the second-largest Foreign Direct Investor in the
United Kingdom (UK).
 The list is topped by the United States.
FISCAL DEFICIT TO SHOOT UP TO 7.6 PC IN FY21: IND-RA
 According to a report by India Ratings and Research (Ind-Ra), fiscal deficit of the Centre is
expected to increase to 7.6% in FY21 which is twice the Budget estimate.
 This is because the government has spent more to fight against COVID-19.
 If looking at the combined level, the fiscal deficit of the Centre and states together will be 12.1%.
 The contribution of states in this is 4.5%.
INDIAN ECONOMY TO CONTRACT BY 9.5% IN FY21: ICRA
 According to a forecast by the rating agency ICRA, India's GDP growth is estimated to contract by
9.5% in the financial year 2020-21.
 The agency had earlier projected in May that the Indian economy will contract by 5%.
 This increase has been made considering the effect of nationwide lockdown in the country.
 According to the agency, the output of second quarter is likely to be -12.4% and the country will
see a positive growth of 1.3% by the 4th quarter.
NABARD LAUNCHES DEVELOPMENT PROJECTS IN ANDAMAN AND

NICOBAR ISLANDS
 National Bank for Agriculture and Rural Development (NABARD) has launched development
projects in Andaman and Nicobar Islands to boost Atmanirbhar Bharat Abhiyan.
 NABARD will be providing 44 lakhs for these development projects of rural entrepreneurship.
 Under the project, Self-Help Groups (SHGs) will be formed. The projects will help in the skill
development of the members of the SHGs who will further promote rural entrepreneurship.
2020]
AAI JOIN HANDS WITH BEL FOR COOPERATION IN CIVIL AVIATION

INDUSTRY
 Airports Authority of India (AAI) and Bharat Electronics Ltd (BEL) have signed an agreement to
support the Civil Aviation industry.
 The agreement was signed through video conferencing.
 Under the agreement, AAI and BEL have decided to collaborate and provide support various global
opportunities in the airport business.
HEALTH MINISTER LAUNCHED PNB’S CAMPAIGN FOR COVID-19
 Union Health Minister Dr. Harsh Vardhan launched the campaign of Punjab National Bank (PNB)
to distribute face masks & sanitizers to fight against COVID-19.
 The bank will distribute face masks and sanitizers in 662 districts across the country.
RAMESH BABU BODDU BECOMES NEW MD & CEO OF KARUR VYSYA BANK
 Karur Vysya Bank (KVB) has appointed Ramesh Babu Boddu as its new MD & CEO.
 His tenure will be of 3 years.
 Ramesh is the former Deputy Managing Director of SBI and was retired from the post in April
2020.
ADITYA PURI EMERGES AS HIGHEST PAID BANKER IN FY20
 HDFC Bank's Managing Director Aditya Puri has come out as the highest paid banker in FY20.
 His salary and prerequisites in FY20 was Rs 18.92 crore.
GOOGLE WILL BUY 7.73% STAKE IN JIO PLATFORMS
 Google is set to buy 7.73% stake in Jio Platforms.

 Jio Platforms is the subsidiary of Reliance Industries Limited.
 Google will soon seek permission from the Competition Commission of India for buying 7.73%
stake in Jip Platforms.
 Google will be investing Rs 33, 737 for the stakes in the company.
ASHOK LAVASA BECOMES VICE PRESIDENT OF ADB
 Asian Development Bank (ADB) has appointed Ashok Lavasa as its new Vice President.
 Lavasa will succeed Diwakar Gupta.
 Lavasa is the Election Commissioner of India.
2020]
INSTA CLICK SAVINGS ACCOUNT—BY BANK OF BARODA
 The Bank of Baroda has launched ‘Insta Click Savings Account’.

 The ‘Insta Click Savings Account’ is a paperless digital self-assisted saving account.
 The aim behind launching this ‘Insta Click Savings Account’ is that BOB is working to digitize its all
work by 2023 and become 100% paperless.
RBI RELEASED 21ST ISSUE OF FINANCIAL STABILITY REPORT, JULY 2020
 The Reserve Bank of India has released the 21st issue of Financial Stability Report, July 2020.
 FSR is the study and assessment of FSDC (Financial Stability and Development Council).
 The COVID-19 has affected the fiscal, monetary and regulatory inventions on a large scale. Also,
the non-financial sector has affected large economic losses due to the pandemic.
 The report has suggested that the GNPA ratio of all SCBs may rise from 8.5% in March 2020 to
14.8% by March 2021.
RBI SIGNS CURRENCY SWAP FACILITY WITH SRI LANKA
 The Reserve Bank of India has signed an agreement of USD 400 million currency swap facility with
Sri Lanka.
 The agreement is signed to help Sri Lanka to meet with its short-term international liquidity
requirements.
 The foreign exchange reserves will also be boosted for Sri Lanka which declined due to the COVID-
19 in the country.
AMENDMENTS IN INDIAN ACCOUNTING STANDARDS
 During this pandemic situation of Coronavirus, and to support Indian companies, the Government
of India has amended certain Indian Accounting Standards (Ind-AS),including the standards and
norms relating to leases.
 The ministry of corporate affairs has amended Ind-AS 103 and Ind-As 116 and some other
standards.
 The amendment rules were set and finalized by the ministry in guidance and consultation with
National Financial Reporting Authority (NFRA).
BANK OF MAHARASHTRA PARTNERS WITH UNIKEN
 Bank of Maharashtra has partnered with Uniken, an organisation which works in the field of
digital security.
 They have partnered to work and provide Omnichannel security.
 The Omnichannel security will be provided to Bank of Maharashtra’s online banking app named as
MahaSecure.
2020]
 Uniken’s REL-ID technology will work to provide Omnichannel security.
BOB FINANCIAL SOLUTIONS LIMITED AND FISERV, INC. TO WORK FOR

DIGITAL TRANSFORMATION
 The wholly-owned subsidiary of Bank of Baroda (BOB) named as BOB Financial Solutions Limited
and the Fiserv, Inc. , which is the technology based financial services and payment global provider
have joined together to have flexible, scalable solution to accelerate the digital transformation of
card issuance and its processing.
 They will work together to develop high tech products like contactless credit cards, tokens and
integration with branded wallets and virtual credit cards.
 They will work to have loyalty management and will build customer trust on digital payment
structures developed by them.
Banking and Financial Awareness Digest: August 2020
TABLE OF CONTENTS
BOB Financial Solutions Partners with Innoviti Payment ................................................................................ 2

Virtual Museum of Security Market .......................................................................................................................... 2
RBI Monetary Policy Updates...................................................................................................................................... 2
Innovation Hub for Financial Sector in India—By RBI ...................................................................................... 2
‘Smart Plan Shop Package Policy’ .............................................................................................................................. 3
RBI approves Rs 57,128 crore Dividend to Central Government for 2019-20 .......................................... 3
Reserve Bank regulates Norms for Core Investment Companies .................................................................. 3
Shaurya KGC Card launched by HDFC Bank ........................................................................................................... 3
RBI makes System-Based Asset classification for Urban Co-operative Banks Mandatory ................... 3
Federal Bank partners with Fiserv for the launch of its Credit Card ............................................................ 4
Paytm launches All-in-One Portable Android Smart POS ................................................................................. 4
Mukesh Ambani is the World's 4th Richest Person: Bloomberg .................................................................... 4
BSE signs MoUs with Two Bullion Trade Associations ...................................................................................... 4
Surplus Transfer of Rs 57,128 crore to Central Govt.......................................................................................... 4
‘Digital Apnayen’—By Punjab National Bank ........................................................................................................ 4
ADB approved Loan for India’s Rapid Transit System ....................................................................................... 5
RBI releases Draft for Self-Regulatory Body for Payment System Operators ........................................... 5
‘Framework for Authorisation of Pan-India Umbrella Entity for Retail Payments’ ................................ 5
‘National Strategy for Financial Education 2020-2025’- RBI ........................................................................... 5
GST exemption to the Businesses with Annual Turnover of upto Rs 40 lakh ............................................ 6
Debt and Credit Guarantee Programme introduced by NABARD .................................................................. 6
RBI Annual Report 2019-2020 ................................................................................................................................... 6
ICICI Bank uses Satellite Data to Assess Credit worthiness of Farmers ....................................................... 6
Liberty Saving Account—By Axis Bank ................................................................................................................... 6
National GIS enabled Land Bank System ................................................................................................................ 7
HDFC Bank partners with Adobe ............................................................................................................................... 7
‘Smart Assist’- By Bajaj Allianz Life Insurance Company Ltd........................................................................... 7
Canara HSBC OBC Life Insurance partnered with Andhra Pragathi Grameena Bank ............................. 7
1 www.BankExamsToday.com
BANKING AND FINANCIAL AWARENESS

DIGEST: AUGUST 2020
BOB FINANCIAL SOLUTIONS PARTNERS WITH INNOVITI PAYMENT
 BOB Financial Solutions Limited has partnered with Innoviti Payment Solutions Pvt Ltd. to launch
a new credit card which offers EMI on PoS terminals.
 This will allow BOB credit card holders to access EMIs which will be repaid conveniently via their
credit cards. The offers are in terms of convenient and affordable EMI payment options.
 The credit card holders all over India can take benefit of this service from over 70,000 Innoviti
Payment Solutions across more than 1000 cities.
VIRTUAL MUSEUM OF SECURITY MARKET
 The Securities and Exchange Board of India (SEBI) has decided to develop a virtual museum of
security markets in India.
 To build this and develop virtual museum, SEBI has invited Expression of Interest (EOI) from
various agencies.
 The virtual museum will be the online platform which will display the history of the evolution of
security markets in India.
RBI MONETARY POLICY UPDATES
 The Monetary Policy Committee (MPC) of Reserve Bank of India has released new updates related
to monetary policy rates on 6th Aug 2020.
 As per the announcement by RBI Governor Shaktikanta Das, the repo rate is kept unchanged to
4%.
 The reverse repo rate under liquidity adjustment facility is unchanged to 3.35% and marginal
standing facility and bank rate is kept at 4.25%.
INNOVATION HUB FOR FINANCIAL SECTOR IN INDIA—BY RBI
 Reserve Bank of India has announced that it will be setting up an ‘Innovation Hub’ in India.
 The aim behind developing an innovation hub is to increase and deepen financial inclusion and
promote banking services effectively and efficiently to the citizens.
 It will be acting as the finance-related idea creation centre. It will develop new capabilities which
will create a viable and trustworthy financial and banking products and services.
‘SMART PLAN SHOP PACKAGE POLICY’
 A newly launched insurance product named as ‘Smart Plan Shop Package Policy’ is launched by
Airtel Payment Bank in partnership with Bharti AXA General Insurance.
 The ‘Smart Plan Shop Package Policy’ will offer financial protection to bank’s retailers and
merchants.
 The financial protection in case of asset damage inside the shop aur to accidents like fire outbreak,
earthquake etc will be offered.
RBI APPROVES RS 57,128 CRORE DIVIDEND TO CENTRAL GOVERNMENT

FOR 2019-20
 The Reserve Bank of India has transferred a dividend of 57,128 crores (surplus) to the central government
for the fiscal year 2019-20.
 RBI has decided to maintain a contingency risk buffer of 5.5 percent at the minimum threshold.
 This risk buffer was recommended by the Jalan committee.
 The approval of dividend was done at the 584th meeting of RBI. The agenda of the meeting was to discuss
the financial operations and the balance sheet of the fiscal year.
RESERVE BANK REGULATES NORMS FOR CORE INVESTMENT COMPANIES
 RBI has tightened the norms for the core investment companies (CICs) on the recommendation of a
working group under Tapan Ray.
 The working group was formed to review the Regulatory and Supervisory Framework of these companies.
 According to the new norms, the CIC with the largest asset size will have to form a group risk management
committee (GRMC) which will be responsible for analysing the risks to group and its subsidiaries.
 Along with this, all the CICs with an asset size of over Rs 5000 crore will have to appoint a Chief Risk
Officer.
 RBI has also limited the number of layers in CICs within a group to two, including the parent CIC.
SHAURYA KGC CARD LAUNCHED BY HDFC BANK
 HDFC Bank has launched the 'Shaurya KGC Card' for the armed forces. It is a first-of-its-kind card.
 The card is based on the guidelines of Kisan Credit Card by the government and will benefit more than 45
lakh users.
 Under the features of the card; the army personnel will get a Life cover of Rs 10 lakh.
 The card will also provide finance to army personnel for agricultural requirements.
 The Card was virtually launched by the Managing Director of HDFC Bank, Aditya Puri.
RBI MAKES SYSTEM-BASED ASSET CLASSIFICATION FOR URBAN CO-

OPERATIVE BANKS MANDATORY
 The Reserve Bank of India has made it mandatory for the urban co-operative banks with assets of Rs 2,000
crore or more to implement system-based asset classification.
 System-based asset classification is the classification of assets by a computerized system.

 In addition to this, banks with assets of Rs 1,000 crore or above but less than Rs 2000 crore as on 31 March
2020 and have self-assessed under Level III or Level IV will have to implement it from September 30, 2021.
FEDERAL BANK PARTNERS WITH FISERV FOR THE LAUNCH OF ITS CREDIT
CARD
 Federal Bank has partnered with the global financial services technology provider Fiserv to launch its
independent credit card.
 The bank will be utilising FirstVision from Fiserv.
 FirstVision is an end-to-end managed services solution which enables end to end card issuing and
processing cycle.
PAYTM LAUNCHES ALL-IN-ONE PORTABLE ANDROID SMART POS
 Paytm has launched a pocket android POS device named as Paytm All-in-One Portable Android Smart POS.
 Priced at a nominal price of Rs 499, the POS device looks like a smartphone and can be used to accept
orders and payments.
MUKESH AMBANI IS THE WORLD'S 4TH RICHEST PERSON: BLOOMBERG
 According to the Bloomberg Billionaires Index, Mukesh Ambani is now the 4th richest person of the world.
 He has a total net worth of $80.6 billion.
 Amazon founder and CEO Jeff Bezos is the world's richest person according to the index.
BSE SIGNS MOUS WITH TWO BULLION TRADE ASSOCIATIONS
 Bombay Stock Exchange has signed MoUs with two bullion trade associations in order to strengthen the
commodity derivatives market in the country.
 The two bullion trade associations are - Akola Sarafa Association and Akola Sarafa Va Suvarnakar Yuva
Sangh.
SURPLUS TRANSFER OF RS 57,128 CRORE TO CENTRAL GOVT
 Reserve Bank of India has given approval to transfer dividend of Rs 57,128 crore to the central
government.
 The approval is given with an aim for the accounting year 2019-2020 sharply lower by 67.5% with respect
to Rs 1.76 lakh last year. And to maintain Contingency Risk Buffer at 5.5%.
 The transfer of funds is done under the chairmanship of RBI Governor, Shaktikanta Das.
‘DIGITAL APNAYEN’—BY PUNJAB NATIONAL BANK
 The campaign called ‘Digital Apnayen’ is launched by Punjab National Bank.

 The aim behind launching this campaign is to encourage customers to prefer digital banking system.
 The campaign will be in progress till 31st March 2021 and was launched on the occasion of Independence
Day of India.
ADB APPROVED LOAN FOR INDIA’S RAPID TRANSIT SYSTEM
 Asian Development Bank has approved the loan to construct the modern, high speed Delhi-Meerut, Uttar
Pradesh RRTS (Regional Rapid Transit System), which will be of 82 km long.
 For this purpose, ADB has approved to grant loan of USD 1 Billion i.e. Rs 7458 crore to India.
 The loan amount will be offered in 4 tranches i.e. between August 2020 and May 2025.
RBI RELEASES DRAFT FOR SELF-REGULATORY BODY FOR PAYMENT

SYSTEM OPERATORS
 The Reserve Bank of India has released a draft framework which will offer a grant of recognition to
association of industry to be termed as Self-Regulatory Organisation (SRO) for Payment System Operators
(PSO).
 SRO will be responsible to frame and enforce rules for PSO in order to protect customers and promote
ethics, quality and professionalism.
 SRO will act as a two way communication channel between PSOs and RBI and in case of any violations, SRO
will report to RBI.
‘FRAMEWORK FOR AUTHORISATION OF PAN-INDIA UMBRELLA ENTITY

FOR RETAIL PAYMENTS’
 The Reserve Bank of India has released ‘Framework for authorisation of pan-India Umbrella Entity for
Retail Payments’.
 This new pan-India umbrella Entity will be set up with a capital of Rs 500 crore.
 Under this, the entity which will be formed will perform the work of managing new payment systems like
ATMs, Adhaar based payments, point of sale based payments.
 For this framework to be built in reality, the apex bank has invited applications from eligible companies by
26th Feb 2021.
‘NATIONAL STRATEGY FOR FINANCIAL EDUCATI ON 2020-2025’- RBI
 The Reserve Bank of India has released a national strategy for the financial education for a period of five
years.
 This National Strategy for Financial Education 2020-2025 aims to create a financial aware and empowered
India.
 This National Strategy for Financial Education 2020-2025 is the revised structure of first national Strategy
for Financial Education 2013-2018.
GST EXEMPTION TO THE BUSINESSES WITH ANNUAL TURNOVER OF UPTO

RS 40 LAKH
 The ministry of finance has made an announcement to exempt the businesses with an annual turnover of
Rs 40 lakh from GST.
 Earlier the businesses with an annual turnover of Rs 20 lakh were exempted from GST.
 The Exemption limit for service sector kept unchanged to Rs 20 lakhs.
 Along with this, another announcement was made by the finance ministry that those businesses with a
turnover of upto Rs 1.5 crore can avail for Composition Scheme.
 If such businesses who are eligible and avail for Composition Scheme will have to pay only 1% tax.
DEBT AND CREDIT GUARANTEE PROGRAMME INTRODUCED BY NABARD
 The name of the programme or the product is ‘Structured Finance and Partial Guarantee Program’.
 The ‘Structured Finance and Partial Guarantee Program’ will help to ensure the flow of credit without any
interruptions to the destination in rural areas which are affected due to COVID-19.
 The ‘Structured Finance and Partial Guarantee Program’ will provide partial guarantee on pooled loans
offered to NBFCs and MFIs.
RBI ANNUAL REPORT 2019-2020
 As per the data in the report, total income in the year 2019-2020 has increased by 28.97%. In the year
2018-2019 total income was Rs 1,49,672 crore. And in 2019-2020, the total income is Rs 1,93,036 crore.
 The expenditure decreased by 39.72%.
 The gross non-performing ratio of the banking system has reduced to 9.1% when compared with March
2019 which was 11.2%.
 The interest income of the bank increased by 44.62%.
ICICI BANK USES SATELLITE DATA TO ASSESS CREDIT WORTHINESS OF

FARMERS
 ICICI Bank is making use of imagery from earth observation satellites i.e. making use of data from the
satellite to Assess Credit worthiness of farmers.
 Thus by doing so, ICICI Bank has become the first bank in India to use such an advance technique.
 This advance technique, will also help farmers to get better access to formal credits.
 Under this advance technique, on getting data from satellites, the credit assessments are made within 15
days by the bank.
LIBERTY SAVING ACCOUNT—BY AXIS BANK
 The Liberty Saving Account is launched for Indian Youth.

 The Liberty Saving Account will address the need of the youth and digitally interested Indians like changing
lifestyles and hospital cash insurance covers.
 The Liberty Saving Account will offer hospital cash insurance cover upto Rs 20,000 per year.
 Liberty Saving Account is applicable for the people belonging in the age group of upto 35 years of age.
NATIONAL GIS ENABLED LAND BANK SYSTEM
 The National GIS (Geographic Information System) enabled Land Bank System is launched by union
minister of commerce and industry, Piyush Goyal.
 The National GIS-enabled Land Bank System will provide real-time information about the availability of
industrial land and resources. It will provide details about industrial clusters all over India.
 The system is developed by integrating the Industrial Information System (IIS) to the State’s GIS. Until now,
six major states are included in this system.
HDFC BANK PARTNERS WITH ADOBE
 HDFC Bank has entered into a partnership with Adobe to offer and enhance the digital experience to its
customers.
 The digital experience will be powered and supported by Adobe Experience Cloud Solutions.
 Under this partnership, the bank will avail platforms like Data Management Platform in Adobe Audience
Manager.
 The currents solutions like adobe analytics and adobe target will help the bank to derive insights and to
enhance and deepen their personalized services to its customers.
‘SMART ASSIST’- BY BAJAJ ALLIANZ LIFE INSURANCE COMPANY LTD
 Bajaj Allianz Life Insurance Company Ltd has launched ‘Smart Assist’.
 ‘Smart Assist’ is a real-time technology-based assistant service.
 This service allows the customers to establish a connection with the insurance company and to take the
benefits in real-time basis from anywhere.
 ‘Smart Assist’ offers complete insurance product details by allotting a secure digital platform to the
customers.
CANARA HSBC OBC LIFE INSURANCE PARTNERED WITH ANDHRA

PRAGATHI GRAMEENA BANK
 The Canara HSBC OBC Life Insurance has entered into a partnership with Andhra Pragathi Grameena
Bank(APGB).
 The partnership is made to sell insurance policies related to life, health and pension of Canara HSBC OBC
Life Insurance at branches of APGB.
 Canara HSBC OBC Life Insurance is a joint sector of Canara Bank and Punjab National Bank and HSBC.
Banking and Financial Awareness Digest: September 2020
CONTENTS
Indian Economy Contracted by 23.9% for Q1 for FY 2020-21 ........................................................................ 2

‘LiGo’— AI based Chabot by ICICI Prudential Life Insurance ........................................................................... 2
‘Home Utsav’- ICICI Bank’s Virtual Property Exhibition .................................................................................... 2
Revised Priority Sector Lending Guidelines—By RBI ........................................................................................ 2
K V Kamath’s Committee report Released by RBI ............................................................................................... 2
GOI signed Loan Agreement with ADB for Delhi-Meerut RRTS Corridor .................................................... 3
‘Signature Visa Debit Card’—Bank of India............................................................................................................ 3
India’s Economy to Contract 10.5% for FY2020-21 from -5% ........................................................................ 3
Five PSUs to Join ISA-CSCA as Corporate Partners .............................................................................................. 3
Doorstep Banking Services by PSBs ......................................................................................................................... 4
India’s GDP Rate at -9% for FY 2020-21—Projected by CRISIL ...................................................................... 4
RBI released Guidelines to have Uniform Compliance Practices in banks ................................................. 4
‘iStartup 2.0’—ICICI Bank ............................................................................................................................................. 4
India’s GDP at -11.5% for FY 2021—By Moody’s Rating Agency .................................................................... 4
India's GDP to contract 9% for FY 21—By S&P Global Ratings ....................................................................... 5
ADB to offer $15 million to Suguna Foods Private Ltd ....................................................................................... 5
India’s GDP to Contract 9% for FY 2020-21 ........................................................................................................... 5
FM introduced Banking Regulation (Amendment) Bill 2020 in LS ............................................................... 5
India’s GDP to Contract 10.2% for FY 2020-21—By OECD ............................................................................... 5
RBI issues Draft Rupee Interest Rate Derivatives Directions, 2020 ............................................................. 6
India's GDP to Contract by 8.6% for FY 2020-21—By UBS Securities .......................................................... 6
India’s nominal GDP to grow by 19%: Ministry of Finance .............................................................................. 6
RBI released Cyber Security Vision Framework for UCBs ................................................................................ 6
‘SafePay’ Contactless Debit Card Facility—IDFC First Bank ............................................................................. 6
ADB approves loan for Secondary Towns of Rajasthan ..................................................................................... 7
World Bank offers loan to Bangladesh .................................................................................................................... 7
IRDAI identifies LIC, GIC and New India Assurance as D-SIIs .......................................................................... 7
RBI to launch ‘Positive Pay System’ for Cheque Truncation System ............................................................. 7
India’s GDP for FY 2021 at -12.6%-- By NCAER..................................................................................................... 7
India’s GDP to contract by 11% in FY21 --- ICRA.................................................................................................. 7
www.BankExamsToday.com 1

DIGEST: SEPTEMBER 2020
INDIAN ECONOMY CONTRACTED BY 23.9% FOR Q1 FOR FY 2020-21
 The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation has
released data displaying that Indian Economy is contracted by 23.9% for Q1 for FY 2020-21.
 They have released these estimates at both constant (2011-12) and current prices.
 GDP at constant prices for the first quarter of 2020-21 is estimated at Rs 26.90 lakh crore, as
against Rs 35.35 lakh crore for the first quarter of 2019-20.
‘LIGO’— AI BASED CHABOT BY ICICI PRUDENTIAL LIFE INSURANCE
 ICICI Prudential Life Insurance has launched an Artificial Intelligence-based voice featured
chatbot.
 The chatbot is named as ‘LiGo’.
 The policyholders will be able to communicate with this chatbot in order to solve their queries
with the help of simple voice commands.
‘HOME UTSAV’- ICICI BANK’S VIRTUAL PROPERTY EXHIBITION
 India’s private sector bank, ICICI Bank, has launched a virtual property exhibition with the name
‘Home Utsav’.
 Home Utsav will digitally showcase the real estate properties and projects from various sites of
India.
 The virtual exhibition is available for access to both ICICI customers as well as Non-ICICI
customers.
REVISED PRIORITY SECTOR LENDING GUIDELINES—BY RBI
 The Reserve Bank of India has reviewed and released Revised Priority Sector Lending Guidelines.
 The PSL guidelines are revised to increase the funding for COVID-19 economically impacted
sectors.
 These revised PSL guidelines will offer better credit penetration and increase lending to small and
marginal farmers and economically weaker sections of society.
K V KAMATH’S COMMITTEE REPORT RELEASED BY RBI
 The Reserve Bank of India has released a report framed by the committee which is led by K V
Kamath.
 The committee has suggested and recommended financial parameters which focusses on
resolutions plans under the ‘Resolution Framework for COVID 19 related Stress’.
 As per the report, the committee has selected 26 sectors which require reconstructing.
GOI SIGNED LOAN AGREEMENT WITH ADB FOR DELHI-MEERUT RRTS

CORRIDOR
 Asian Development Bank has approved to provide funds to Government of India to build a high
speed 82 km long Delhi-Meerut Rapid Transit System (RRTS) corridor.
 For this purpose, ADB and GOI have signed a loan agreement of USD 500 million.
 The corridor will be equipped with multimodal hubs in order to have smooth interchange with
other transport modes.
‘SIGNATURE VISA DEBIT CARD’—BANK OF INDIA
 Bank of India has launched ‘Signature Visa Debit Card’.

 ‘Signature Visa Debit Card’ is an international contactless debit card.
 They have launched this card on the occasion of BOI’s 115th Foundation Day.
 The ‘Signature Visa Debit Card’ is for those people who are maintaining an average quarterly
balance of Rs 10 lakhs and above.
INDIA’S ECONOMY TO CONTRACT 10.5% FOR FY 2020-21 FROM -5%
 Fitch Ratings has projected that India’s economy to contract 10.5% in FY 2020-21 from the
contraction of 5% which was estimated earlier.
 This projection by Fitch is with reference to the September update of Global Economic Outlook
(GEO).
 As per the Fitch ratings, the Indian economy will grow by 11% in FY 2021-22 and by 6% in FY
2022-23.
FIVE PSUS TO JOIN ISA-CSCA AS CORPORATE PARTNERS
 Union Minister for Petroleum and Natural Gas has announced that five Public Sector units (PSU)
which are operated under Petroleum ministry will be joining as corporate partners for
International Solar Alliance Coalition for Sustainable Climate Action (ISA-CSCA).
 This announcement was made in the First World Solar technology Summit of International Solar
Alliance which was hosted by India.
DOORSTEP BANKING SERVICES BY PSBS
 Union Minister for Finance and Corporate Affairs Nirmala Sitharaman inaugurated the Doorstep
Banking Services by PSBs which is part of EASE (Enhanced Access and Service Excellence)
Banking Reforms and Department of Financial Services, 2018.
 This doorstep banking service is launched with an aim to offer hassle-free and convenient banking
services to Indian citizens.
 The service will be offered through universal touch points of call center, web portal or mobile app.
INDIA’S GDP RATE AT -9% FOR FY 2020-21—PROJECTED BY CRISIL
 The CRISIL Rating agency has projected India’s GDP rate at -9% for financial year 2020-21.
 As per CRISIL, this 9% contraction is the highest one since 1950s.
 Also, CRISIL has projected that Indian GDP will grow 10% for FY 2022. And for the next years i.e.
between 2023 and 2025, India’s GDP will show an average growth of 6.2% annually.
RBI RELEASED GUIDELINES TO HAVE UNIFORM COMPLIANCE PRACTICES

IN BANKS
 The Reserve Bank of India released a notification for compliance functions in banks and the role of
Chief Compliance Officer (COO).
 The guidelines for compliance practices in banks are the board approved compliance policy.
 As per the notice drafted by the central bank, the banks are supposed to have an effective
compliance culture, independent corporate compliance function and strong compliance risk
management programme both at the bank and group level.
‘ISTARTUP 2.0’—ICICI BANK
 In order to have a comprehensive banking programme for Indian Startups, ICICI Bank has
launched a new product with the ‘iStartup 2.0’.
 The ‘iStartup 2.0’ will help the startups and entrepreneurs in the requirements like regulatory
assistance, analytics, acquisition, staffing, accounting and digital platform for its customers and in
all other banking and allied activities.
 The ‘iStartup 2.0’ will combine all businesses, trade and their related banking requirements under
the one single platform of mobile or internet banking.
INDIA’S GDP AT -11.5% FOR FY 2021—BY MOODY’S RATING AGENCY
 The Moody’s rating agency has forecasted that India’s GDP to contract 11.5% for financial year
2020-21.
 It has also projected that the Indian economy will grow at 10.6% for FY 2021-22.
INDIA'S GDP TO CONTRACT 9% FOR FY 21—BY S&P GLOBAL RATINGS
 The Standards and Poor's Global Rating platform have projected India's Gross Domestic Product
(GDP) to contract at 9% for the fiscal year 2020-21.
 S&P marked 5% of India's GDP contraction in their previous estimation.
 S&P has projected economic growth for India at 10% for the fiscal year 2021-22.
ADB TO OFFER $15 MILLION TO SUGUNA FOODS PRIVATE LTD
 Asian Development Bank has entered with an agreement for debt financing for Suguna Foods
Private Ltd.
 The agreement of $15 million is signed between ADB and Suguna Foods Pvt LTD.
 The financial support will help to sustain poultry farming operations, efficiency in rural
livelihoods and enhancing food security.
INDIA’S GDP TO CONTRACT 9% FOR FY 2020-21
 The Asian Development Bank (ADB) has forecasted that India’s GDP to contract 9% for the
financial year 2020-2021.
 However, ADB has forecasted that GDP will grow by 8% in FY 2021-2022.
 ADB has also forecasted that developing Asia’s GDP to contract by 0.7% in FY 2020.
FM INTRODUCED BANKING REGULATION (AMENDMENT) BILL 2020 IN LS
 The Finance Minister Nirmala Sitharaman has introduced Banking Regulation Amendment Bill
2020 in Lok Sabha.
 The new Banking Regulation Amendment Bill 2020 aims to give power to restructure cooperative
banks by RBI in order to protect the interest of depositors.
 Now, the powers of RBI will be extended to cooperative banks after the ratification of bill.
INDIA’S GDP TO CONTRACT 10.2% FOR FY 2020-21—BY OECD
 The Organisation for Economic Cooperation and Development (OECD) has forecasted that India’s
GDP to contract 10.2% for the financial year 2020-2021.
 This projection by OECD is released in its Global Economic Forecast for 2020.
 As per OECD, the global economy will shrink at 4.5% for the current fiscal year.
RBI ISSUES DRAFT RUPEE INTEREST RATE DERIVATIVES DIRECTIONS,

2020
 The Reserve Bank of India has released Draft Rupee Interest Rate Derivatives Directions, 2020 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.
 Also, the draft states that the reason for offering rupee IRD contracts to a user is that the market
maker should classify the user either as a retail user or as non- retail user. Non-retail user is the
entities regulated by RBI, SEBI, IRDAI or PFRDA or resident companies having a minimum net
worth of Rs 500 crore.
INDIA'S GDP TO CONTRACT BY 8.6% FOR FY 2020-21—BY UBS

SECURITIES
 The UBS Securities has forecasted that India's GDP to contract 8.6% for the financial year 2020-
2021.
 Earlier it has projected GDP contraction to 5.8%.
 As per UBS Securities, India's potential rate of growth has reduced to 5.75- 6.25% as per the
estimation against 7.1%.
INDIA’S NOMINAL GDP TO GROW BY 19%: MINISTRY OF FINANCE
 Ministry of Finance, GOI estimated that India’s nominal Gross Domestic Product (GDP) will grow
by 19% for the financial year 2021-2022 on a low base.
 This estimation was informed by the Chief Economic Advisor to Finance Ministry, Krishnamurthy
Subramanian.
RBI RELEASED CYBER SECURITY VISION FRAMEWORK FOR UCBS
 The Reserve Bank of India released Cyber Security Vision Framework for Urban Cooperative
Banks(UCBs).
 The central bank has released this vision under the title ‘Technology Vision for Cyber Security for
UCBs 2020-2023’.
 Also, the board of UCBs will be assigned to implement the primary responsibilities of cyber
security controls.
‘SAFEPAY’ CONTACTLESS DEBIT CARD FACILITY—IDFC FIRST BANK
 IDFC First Bank will be launching ‘Safe Pay’, a contactless debit card facility.
 Under this digital facility, the user will be able to perform contactless debit card payments by
waving a smartphone against a Near Field Communication (NFC)-Enabled POS Terminal.
 The NFC-enabled POS facility is incorporated in the IDFC First Mobile App.
ADB APPROVES LOAN FOR SECONDARY TOWNS OF RAJASTHAN
 The Asian Development Bank has approved loan to develop water supply services and sanitation
infrastructure in secondary towns (localities having 20,000 to 1 lakh residents) of Rajasthan.
 A loan amount of 300 million dollars is approved by ADB to secondary towns of Rajasthan.
 The loan amount will improve the access to water services for about 5.7 lakh people of Rajasthan.
WORLD BANK OFFERS LOAN TO BANGLADESH
 World Bank has approved loan to Bangladesh to improve access to clean and safe water services
and to develop sanitation services in rural parts of the country.
 For this purpose, the World Bank has approved a loan amount of 200 million dollars to
Bangladesh.
 The loan amount will be utilized for Bangladesh Rural Water, Sanitation and Hygiene project.
IRDAI IDENTIFIES LIC, GIC AND NEW INDIA ASSURANCE AS D-SIIS
 IRDAI has also asked these three insurance companies to increase the level of corporate
governance, by identifying relevant risks and to have risk free management culture.
 They are also asked to increase regulatory supervision by IRDAI.
RBI TO LAUNCH ‘POSITIVE PAY SYSTEM’ FOR CHEQUE TRUNCATION

SYSTEM
 RBI will start this ‘Positive Pay System’ from 1st January 2021.
 The ‘Positive Pay System’ is announced in order to prevent frauds related to bank cheques.
 The system will developed by National Payment Corporation of India (NPCI).
 All the banks will have to enable the system for all account holders issuing cheques for amount of
Rs 50,000 and above.
INDIA’S GDP FOR FY 2021 AT -12.6%-- BY NCAER
 The National Council of Applied Economics Research (NCAER) has projected that India’s GDP
growth is at -12.6% for the financial year 2020-2021 with the remaining three quarters expected
to observe a fall.
 Also, the NCAER has predicted India’s GDP to grow by 7% for financial year 2021-2022.
INDIA’S GDP TO CONTRACT BY 11% IN FY21 --- ICRA
 Investment Information and Credit Rating Agency (ICRA) has revised its forecast rating for the
contraction of India’s GDP for FY 2021.
 As per domestic rating agency ICRA, India’s GDP to contract by 11% in FY 2020-21.
Banking and Financial Awareness Digest: October 2020
CONTENTS
‘IB-eNote’, a Green Tech Initiative & ‘Ind Guru’, an E-learning Platform ................................ 2
ICICI offers Debit card for Customers who avail LAS............................................................... 2
RBI’s 3rd Bi-Monthly Monetary Policy Statement 2020-21 .................................................... 2
India’s GDP to contract by 9.6% in FY21—By World Bank ...................................................... 2
RBI to move NGTA to manage Forex and Gold Reserves ........................................................ 3
ADB offers Finance Support to Develop Rajasthan’s Secondary Towns .................................. 3
Axis ACE Credit Card .............................................................................................................. 3
India’s GDP to contract 10.3% in FY 2020-21—By IMF............................................................ 3
RBI increases Bank’s Aggregate Exposure limit for Small Businesses ...................................... 3
‘Salary Card’--- Launched by EarlySalary and NPCI ................................................................. 4
‘Saral Jeevan Bima’ from 1st Jan 2021—By IRDAI .................................................................. 4
‘The HealthyLife Programme’—HDFC Bank and Apollo Hospitals ........................................... 4
‘Invest 4G’- By Canara HSBC OBC Life Insurance .................................................................... 4
ADB to provide loan for Road Improvements in Maharashtra ............................................... 5
IND Spring Board—By Indian Bank and IIT Madras Incubation Cell ........................................ 5
RBI fixed minimum NOF size to HFCs at Rs 25 crore ............................................................... 5
‘Delhi Metro-SBI Card’ ........................................................................................................... 5
SVC Co-operative Bank partners with NPCI ............................................................................ 5
RBI asks lenders to Implement Waiver of Interest on Interest Scheme .................................. 6
CSB Bank Ltd partners with IIFL Finance Ltd ........................................................................... 6
SBI signs loan agreement with JBIC and Other Finance Lenders ............................................. 6
IndusInd Bank—First Bank to go live on RBI’s ‘Account Aggregator Framework’.................... 6
www.BankExamsToday.com

DIGEST: OCTOBER 2020
‘IB-ENOTE’, A GREEN TECH INITIATIVE & ‘IND GURU’, AN E-

LEARNING PLATFORM
 Indian Bank launched a green tech initiative named as ‘IB-eNote’.

 ‘IB-eNote’ initiative is launched to support paperless working environment.
 Also, Indian Bank has launched ‘Ind Guru’, which is an E-learning platform for its employees. ‘Ind Guru’
is the technology based learning providing solution.
ICICI OFFERS DEBIT CARD FOR CUSTOMERS WHO AVAIL LAS
 ICICI Bank and Visa has partnered to launch a debit card facility for the customers who avail Loans
Against Securities (LAS) from the bank.
 Thus ICICI Bank has become the first bank in India to launch this facility after RBI allowed banks to issue
electronics cards to customers who avail OD (Overdraft) facility.
 The maximum daily transaction limit is Rs 3 lakhs.
RBI’S 3RD BI-MONTHLY MONETARY POLICY STATEMENT 2020-

21
 Shaktikanta Das, Governor of Reserve Bank of India (RBI) announced the 3rd Bi-Monthly Monetary
Policy Statement for 2020-21.
 The Monetary Policy Committee (MPC) evaluated domestic and global macroeconomic and financial
conditions and thus has kept the repo rate under the Liquidity Adjustment Facility (LAF) unchanged to
4%.
 The reverse repo rate under LAF is also kept unchanged to 3.35%.
 There is also no change in the Marginal Standing Facility (MSF) and Bank Rate which are at 4.25%.
INDIA’S GDP TO CONTRACT BY 9.6% IN FY21—BY WORLD

BANK
 World Bank has predicted that India’s GDP to contract by 9.6% in financial year of 2021.
 This prediction is based on the current nationwide lockdown situation and due to the income shock
experienced by households and businesses due to outbreak of Coronavirus.
 Earlier in June 2020, World Bank predicted that the Indian economy will shrink by 3.2% in FY21.
 As per the World Bank, India’s growth is projected to rebound to 5.4% in 2022.
RBI TO MOVE NGTA TO MANAGE FOREX AND GOLD RESERVES
 The Reserve Bank of India (RBI) has announced to move Next Generation Treasury Application (NGTA)
with an aim to manage the country’s foreign exchange and gold reserves.
 The application of NGTA will help to improve the functioning of RBI.
 It will also support multi-currency transactions and settlements like Fixed Income (FI), Forex, Money
Market (MM) and Gold.
ADB OFFERS FINANCE SUPPORT TO DEVELOP RAJASTHAN’S

SECONDARY TOWNS
 The Government of India and the Asian Development Bank (ADB) has signed a loan agreement to
improve various facilities total 14 secondary towns of Rajasthan.
 The loan agreement of $300 million is signed between ADB and GOI.
 Under this loan amount, sustainable water supply and sanitation (WSS) services and infra will be
developed in Rajasthan’s secondary towns.
AXIS ACE CREDIT CARD
 Axis Bank partnered with Google Pay and Visa to launch ‘Axis ACE Credit Card’.
 The aim behind launching ‘Axis ACE Credit Card’ is to increase users participation in the digital world.
 Visa has offered the facility of tokenization in ‘Axis ACE Credit Card’. This facility will allow users to
make transactions using Google Pay with secured digital token attached to their phones without any
need of using card physically.
INDIA’S GDP TO CONTRACT 10.3% IN FY 2020-21—BY IMF
 The International Monetary Fund (IMF) has released report titled as ‘World Economic Outlook’.
 As per the report, the IMF has projected India’s GDP to contract 10.3% in FY 2020-21.
 Also as per the report, India’s GDP to grow at 8.8% in FY 2021-22. Earlier prediction for GDP was 6% for
FY 2021-22.
RBI INCREASES BANK’S AGGREGATE EXPOSURE LIMIT FOR

SMALL BUSINESSES
 The Reserve Bank of India (RBI) has announced to increase the bank’s maximum aggregate retail
exposure limit to small businesses (turnover upto Rs 50 crore) to Rs 7.5 crore.
 Also, RBI has announced to extend the existing enhanced Held to Maturity (HTM) limit of 22% for SLR
securities acquired between 1st Sep 2020 and 31st Mar 2021 and 31st Mar 2022.
‘SALARY CARD’--- LAUNCHED BY EARLYSALARY AND NPCI
 EarlySalary joined hands with NPCI (National Payments Corporation of India) to launch ‘Salary Card’.
 ‘Salary Card’ is the Zero-Touch Digital Card.
 The card is supported with Machine Learning technology and has the mechanism of risk-oriented
decision making.
‘SARAL JEEVAN BIMA’ FROM 1ST JAN 2021—BY IRDAI
 The guidelines for ‘Saral Jeevan Bima’ are released by IRDAI (Insurance Regulatory and Development
Authority of India).
 IRDAI has made mandatory of offering this insurance policy by all life insurance companies from 1st Jan
2021.
 The minimum amount for ‘Saral Jeevan Bima’ is Rs 5 lakh and maximum amount is upto Rs 25 lakhs.
Policy term is from 5 to 40 years.
‘THE HEALTHYLIFE PROGRAMME’—HDFC BANK AND APOLLO

HOSPITALS
 India’s private sector bank, HDFC Bank in partnership with Apollo Hospitals has launched a ‘HealthyLife
Programme’ for its customers.
 The ‘HealthyLife Programme’ is the holistic heathcare solution.
 The aim of this programme is to make a healthy life easily accessible and affordable to the customers
of HDFC Bank.
‘INVEST 4G’- BY CANARA HSBC OBC LIFE INSURANCE
 Canara HSBC Oriental Bank of Commerce (OBC) Life Insurance Company has launched ‘Invest 4G’.
 ‘Invest 4G’ is a unit-linked individual life insurance cum savings plan.
 It can be customized as per the customer’s requirements and is suitable for new-age digital buyers.
 In this, a single premium payment option is added which includes 10x cover multiple and 1.25x cover
multiple.
ADB TO PROVIDE LOAN FOR ROAD IMPROVEMENTS IN

MAHARASHTRA
 Asian Development Bank (ADB) and Government of India has signed a loan agreement with an aim to
improve roads in Maharashtra state.
 The loan agreement of $177 million is signed between them.
 This loan amount will be used to upgrade 450km of highways and major district roads in Maharashtra.
IND SPRING BOARD—BY INDIAN BANK AND IIT MADRAS

INCUBATION CELL
 Indian Bank partnered with IIT Madras Incubation Cell (IITMIC) to launch ‘IND SpringBoard’, which is
the credit facility to fund startups.
 ‘IND SpringBoard’ will offer an exclusive credit facility of up to Rs 50 crore for startups in order to fulfil
their capital requirements and purchase of machinery and equipment.
 The bank will then offer loan up to Rs 50 crore to such startups.
RBI FIXED MINIMUM NOF SIZE TO HFCS AT RS 25 CRORE
 These changes are made with an aim to increase the efficiency of HFCs and address their issues related
to liquidity and double financing.
 In this regard, RBI has revised regulatory framework for HFCs under which minimum Net Owned Funds
(NOF) size for HFCs is fixed to Rs 25 crore.
 As per this, HFC having CoR (Certificate of Registration) and having NOF less than Rs 25 crore will be
required to achieve NOF of Rs 15 crore by 31st March 2022 and Rs 25 crore by 31st March 2023.
‘DELHI METRO-SBI CARD’
 SBI Card and Payment Services (SBI Cards) in partnership with Delhi Metro Rail Corporation (DMRC)
launched ‘Delhi Metro-SBI Card’.
 The ‘Delhi Metro-SBI Card’ is a multipurpose credit card which is launched for Delhi Metro passengers.
 The card is a credit card as well as a metro smart card.
 It is launched with an aim to support digital finance movement and to promote cashless transactions in
Delhi Metro.
SVC CO-OPERATIVE BANK PARTNERS WITH NPCI
 The Shamrao Vithal Co-operative Bank Ltd (SVC Bank) has entered into a partnership with National
Payments Corporation of India (NPCI).
 They have entered into a partnership to launch a rewards programme.

 Under this reward program, customers will earn points upon using SVC Bank’s cards and its digital
solutions.
RBI ASKS LENDERS TO IMPLEMENT WAIVER OF INTEREST ON

INTEREST SCHEME
 GOI has announced the scheme for grant of ex-gratia payment of the difference between simple
interest and compound interest for 6 months to borrowers in specific loan accounts.
 Now banks and NBFCs will be mandated to grant ex-gratia payment for certain categories of borrowers
by crediting the difference between simple interest and compound Interest between 1st March 2020
to 31st August 2020.
 The centre has asked lending institutions to complete the crediting of amount in the accounts of
borrowers by 5th Nov 2020.
CSB BANK LTD PARTNERS WITH IIFL FINANCE LTD
 Catholic Syrian Bank Ltd partnered with IIFL Finance Ltd to offer gold loans in untapped locations of
rural areas.
 They have entered into a partnership to source and manage the retail gold loan assets.
 IIFL, which is an NBFC, will perform the role of Business Correspondent of the bank.
SBI SIGNS LOAN AGREEMENT WITH JBIC AND OTHER

FINANCE LENDERS
 The State Bank of India (SBI) has signed a loan agreement with the Japan Bank for International
Cooperation (JBIC) and other finance lenders.
 The loan agreement of up to $1 billion is signed.
 The loan agreement is signed to promote the smooth flow of funds for various range of operations of
Japan’s automobile manufacturers in India. The loan amount will facilitate the operation of Japan’s
automobile sector companies in India.
INDUSIND BANK—FIRST BANK TO GO LIV E ON RBI’S

‘ACCOUNT AGGREGATOR FRAMEWORK’
 IndusInd Bank has gone live as a ‘Financial Information Provider’ (FIP) under the new ‘Account
Aggregator Framework (AAF)’ of the Reserve Bank of India (RBI).
 Thus, IndusInd Bank has become the first bank to do so.
 Due to this, customers will now be able to view statements of their accounts, track deposits, plan
investments, avail credit cards on a single-window platform.
[BANKING AND FINANCIAL AWARENESS DIGEST: NOVEMBER 2020]
CONTENTS
‘Visa Direct’—By RBL Bank and Visa .................................................................................................................................... 2

Life + 36 Critical Illness Insurance—Aegon Life Insurance Company Limited .............................................. 2
Visa partners with DigitSecure and HDFC Bank ............................................................................................................. 2
ADB approves loan to Improve Power Distribution in Meghalaya ...................................................................... 2
‘ICICI Bank Mine’, a Comprehensive Banking Programme ....................................................................................... 3
‘Smart Drive Private Car Insurance' ..................................................................................................................................... 3
'SmartHub Merchant Solutions 3.0’ ...................................................................................................................................... 3
India’s GDP at -8.9% for FY 2020—By Moody’s Rating Agency .............................................................................. 3
SBM Bank India partnered with PayNearby..................................................................................................................... 3
‘Eva’-- Unique Saving Account for Women ........................................................................................................................ 4
RBI creates Innovation Hub ...................................................................................................................................................... 4
RBI Imposed a moratorium on Lakshmi Vilas Bank .................................................................................................... 4
‘Mooh Band Rakho Campaign’—HDFC Bank .................................................................................................................... 4
India’s GDP to contract at 10.3% in FY2021—By Goldman Sachs ........................................................................ 4
‘CASA Mobilisation Campaign’—HDFC Bank .................................................................................................................... 5
India’s GDP for FY 21 at -6.4%—By Barclays ................................................................................................................... 5
Kotak ESG Opportunities Fund ................................................................................................................................................ 5
ADB approved loan for Operational Efficiencies & Resource Planning in WB .............................................. 5
NSDL Payments Bank partnered with HDFC ERGO ....................................................................................................... 5
SDG Investor Map for India ....................................................................................................................................................... 6
HDFC Bank and ICICI Bank to support SMEs and Start-ups...................................................................................... 6
SMS Pay Function —By Yes Bank and Wordline ............................................................................................................ 6
India’s GDP contracts 7.5% in September quarter ....................................................................................................... 6
India’s GDP at -10.5% for FY21— By UBS .......................................................................................................................... 6

DIGEST: NOVEMBER 2020
‘VISA DIRECT’—BY RBL BANK AND VISA
 The Ratnakar Bank i.e. RBL Bank in partnership with Visa launched ‘Visa Direct.
 The ‘Visa Direct’ is a processing capability of Visa which allows safe and secure funds delivery in
real-time to financial accounts using credit and debit cards.
 This ‘Visa Direct’ will enable RBL Bank to increase its offerings to fintech firms.
LIFE + 36 CRITICAL ILLNESS INSURANCE—AEGON LIFE INSURANCE

COMPANY LIMITED
 The Aegon Life Insurance Company Limited has launched ‘Life + 36 Critical Illness Insurance’ on
Flipkart.
 Under this insurance, the policyholder will get the life protection benefit, when diagnosed with
any of the 36 critical illnesses.
 The initial premium amount for the plan is Rs 153 with a life cover of Rs 1 lakh plus critical illness
cover of Rs 10,000.
VISA PARTNERS WITH DIGITSECURE AND HDFC BANK
 Visa has entered into a partnership with DigitSecure and HDFC Bank to deploy the world’s first
live PCI certified tap to phone card acceptance solution.
 It is launched with an aim to have safe and contactless card-based payments within seconds
through an app on NFC based android phones. This solution does not need any dedicated card
acceptance machine to perform a transaction.
 This solution is towards the achievement of Visa’s global commitment to digitize 50 million small
businesses.
ADB APPROVES LOAN TO IMPROVE POWER DISTRIBUTION IN

MEGHALAYA
 The Asian Development Bank (ADB) has approved the loan to improve and upgrade the power
distribution network in Meghalaya.
 The loan of USD 132.8 million is approved by ADB.
 Under this project, 23 substations will be constructed along with renovation and modernization of
45 substations in the state.
‘ICICI BANK MINE’, A COMPREHENSIVE BANKING PROGRAMME
 ICICI Bank has launched a comprehensive banking programme for its millennial customers
belonging to the age group of 18 to 35 years.
 The name of a comprehensive banking programme is ‘ICICI Bank Mine’.
 It also offers Instant personal loan and overdraft facility. The ‘Insta Personal Loan’ facility up to Rs
25 lakh in just three seconds can be availed by the customers.
‘SMART DRIVE PRIVATE CAR INSURANCE'
 The Airtel Payments Bank has partnered with Bharti AXA General Insurance to offer
comprehensive car insurance.
 The name of the car insurance is ‘Smart Drive Private Car Insurance'.
 This insurance policy offers protection against damage to the vehicle in case of accident, theft, and
natural and man-made disasters.
'SMARTHUB MERCHANT SOLUTIONS 3.0’
 The private sector bank, HDFC Bank in partnership with Visa launched the ‘SmartHub Merchants
Solutions 3.0’.
 The solution is termed to be India’s first comprehensive banking and payment solution for
merchants.
 The ‘SmartHub Merchants Solutions 3.0’ allows merchants and self-employed professionals to
open a current account instantly and to accept payments in-store and in an online way.
 This solution will prove beneficial to 20 million small & medium merchants and self-employed
professionals.
INDIA’S GDP AT -8.9% FOR FY 2020—BY MOODY’S RATING AGENCY
 The Moody’s Rating Agency has projected that GDP of India at -8.9% for FY 2020.
 Earlier the rating agency projected GDP for India at -9.6%.
 Also, Moody’s rating agency has redefined India’s GDP growth for FY 2021 at 8.6%, which initially
was 8.1%.
SBM BANK INDIA PARTNERED WITH PAYNEARBY
 The SBM Bank India, which is the wholly-owned subsidiary of State Bank of Mauritius has entered
into a partnership with Fintech PayNearby.
 They have partnered to launch a neo banking platform.
 They signed MoU for same and are set to build an open banking network which will offer basic
banking solutions and other advance services to the customers.
‘EVA’-- UNIQUE SAVING ACCOUNT FOR WOMEN
 The Equitas Small Finance Bank (ESFB) has launched a savings account for women.
 The name of the saving account is ‘Eva’, which is the unique savings account, which addresses the
well-being of Indian women in every aspect such as health, wealth and prosperity.
 The Eva saving account offers an interest rate of 7% along with PF waiver, discounted gold rates
and 20-25% discount on locker facility.
RBI CREATES INNOVATION HUB
 The Reserve Bank of India (RBI) has set up ‘Reserve Bank Innovation Hub (RBIH).’
 The Innovation Hub is set up for the financial sector’s innovation.
 Also, RBI has appointed Senapathy (Kris) Gopalakrishnan, who is co-founder and former co-
chairman of Infosys to be the first Chairperson of the RBIH. The whole RBIH will be managed by
10 members.
RBI IMPOSED A MORATORIUM ON LAKSHMI VILAS BANK
 The Reserve Bank of India has imposed a moratorium on Lakshmi Vilas Bank (LVB).
 The moratorium is applied for a period of 1 month.
 RBI has put a restriction of Rs 25,000 on withdrawals from the bank, due to serious deterioration
in lender’s financial position.
 Also, RBI has released a draft describing a scheme of amalgamation for LVB with DBS Bank India
Ltd.
‘MOOH BAND RAKHO CAMPAIGN’—HDFC BANK
 The HDFC Bank has launched a campaign called ‘Mooh Band Rakho’.
 The ‘Mooh Band Rakho’ campaign is launched to create and spread awareness on cyber fraud and
ways to avoid them.
 The campaign is launched on the occasion of International Fraud Awareness Week 2020, which is
observed from 15th Nov to 21st Nov 2020.
INDIA’S GDP TO CONTRACT AT 10.3% IN FY2021—BY GOLDMAN SACHS
 As per revised data from Goldman Sachs, India’s GDP to contract at 10.3% for FY 2021.
 The earlier projection was 14.8%.
 For FY 2022, the Goldman Sachs has projected India’s GDP at 13%.
‘CASA MOBILISATION CAMPAIGN’—HDFC BANK
 The Karnataka Bank has launched CASA (Current Account Saving Account) Mobilisation Campaign
for FY 2021.
 This campaign aims to provide banking services to the unbanked sections of the country.
 The campaign is launched to mobilize over 4.10 lakh current and savings accounts with an
accretion of 650 crores of business.
INDIA’S GDP FOR FY 21 AT -6.4%—BY BARCLAYS
 As per Barclays, India’s revised GDP forecast is at -6.4% for FY 2020-21.

 The earlier estimation was 6%.
 Also the investment bank, Barclay has predicted growth forecast to 8.5% for FY 2021-22, which
was earlier predicted to be at 7%.
KOTAK ESG OPPORTUNITIES FUND
 The Kotak ESG Opportunities Fund is launched by Kotak Mahindra Asset Management Company
Limited (KMAMC).
 The fund will focus on Environmental, Social and Governance (ESG) factors and on Principles for
Responsible Investing (PRI).
 Harsha Upadhyaya, CIO (Chief Investment Officer)- Equity and President of KMAMC will manage
the Kotak ESG Opportunities Fund.
ADB APPROVED LOAN FOR OPERATIONAL EFFICIENCIES & RESOURCE

PLANNING IN WB
 The Asian Development Bank has approved loan to have operational efficiencies and resource
planning and management in West Bengal.
 The loan amount approved is USD 50 million.
 This will thus help to strengthen the delivery of public services and will create fiscal saving.
NSDL PAYMENTS BANK PARTNERED WITH HDFC E RGO
 The NSDL Payments Bank Limited has entered into a partnership with HDFC ERGO General
Insurance Company.
 They have entered into a partnership with an aim to offer general insurance products to
customers through NSDL Jiffy, which is a mobile bank application.
 This partnership will offer financial protection under one roof with complete financial security.
SDG INVESTOR MAP FOR INDIA
 The Sustainable Development Goal investor map for India is launched by Invest India and the
United Nations Development Programme (UNDP).
 The goal investor map describes around 18 investment opportunity areas in India.
 The investment opportunity areas focus on 6 critical SDG goals which are defined by the United
Nations.
HDFC BANK AND ICICI BANK TO SUPPORT SMES AND START-UPS
 India two major private sector banks, HDFC Bank and ICICI Bank have collaborated to support
SMEs and Star-ups in India.
 Under this partnership, ICICI Bank will motivate various Start-ups and SMEs or MSMEs to enrol
themselves with an aim to get support and financial facilities to/from HDFC Bank.
 Under this partnership, HDFC Bank will offer the facility of bank accounts to startups which are
supported by ‘Inventivepreneur’.
SMS PAY FUNCTION —BY YES BANK AND WORDLINE
 Yes Bank has entered into a partnership with World line to launch SMS Pay function.
 The function enables merchants to perform contactless and remote payment transactions in a safe
and secured manner.
 The aim behind launching SMS Pay function by Yes Bank is to support small and medium
businesses sectors.
INDIA’S GDP CONTRACTS 7.5% IN SEPTEMBER QUARTER
 The National Statistical Office (NSO) has released the data describing that India’s GDP for July-
September period, which is for the second quarter contracted at 7.5%, in comparison to the same
period last year.
 Due to coronavirus, there was a contraction of 23.9% in the GDP for the April-June quarter as
compared to the same period a year ago.
INDIA’S GDP AT -10.5% FOR FY21— BY UBS
 As per the report from UBS, India’s real GDP to contract by 10.5% for FY 2020-21.
 The estimation is released by UBS in its Global Economics and Markets Outlook 2021-2022
report.
 Also is has estimated that India’s real GDP growth to rebound to 10% in FY 2022.
Banking and Financial Awareness Digest: December 2020

DIGEST: DECEMBER 2020
SINGAPORE AND USA- BIGGEST FDI SOURCES FOR INDIA
 As per the data, Singapore has become the top source of FDI by investing Rs 62,084 crores (USD 8.30
billion).
 The second source of FDI is marked by the USA which has invested Rs 53,266 crores (USD 7.12 billion)
in India.
 The USA has overtaken Mauritius which hold the 2nd rank during the first half of the current fiscal
year.
ASSET RESTRUCTURING WEB MODULE—BY SIDBI AND ISARC
 The Small Industries Development Bank of India (SIDBI) has partnered with India SME Asset
Reconstruction Company (ISARC).
 They have entered into a partnership to launch the Asset Restructuring Web Module for MSMEs (ARM-
MSMEs).
 The web portal will help MSMEs to get benefits of RBI’s MSME restructuring guideline.
RBI ORDERED HDFC BANK TO HALT ITS DIGITAL BUSINESSES
 The Reserve Bank of India has issued an order to India’s private sector bank, HDFC Bank in regards to
incidents of outages in the internet and mobile banking and payment utilities of the lender over the
last 2 years.
 Therefore, RBI has ordered HDFC Bank to temporarily stop the launch of all its digital businesses and
other business under IT applications.
 RBI has also ordered to stop sourcing new credit cards to the customers and has asked the board
members of HDFC Bank to examine the lapses and fix the accountability.
ADB AND INDIA SIGNS LOAN AGREEMENT FOR WEST BENGAL
 The Asian Development Bank (ADB) and the GOI has signed a loan agreement to improve financial
management procedures and operational efficiencies in West Bengal.
 They have signed a loan agreement of $50 million.
 The loan amount will be utilized under the project titled 'West Bengal Public Finance Management
Investment Programme'.
RBI’S MONETARY POLICY COMMITTEE MEET
 RBI has decided to keep interest rates unchanged for the third time in a row and has maintained the
policy stance at ‘accommodative’.
 As per the decisions from MPC Committee members, the repo rate or the rate at which RBI lends to
the banks in unchanged to 4%.
 The reverse repo rate under the LAF is also unchanged at 3.35%.
‘AXIS BANK RUPIFI BUSINESS CREDIT CARD’
 The ‘Axis Bank Rupifi Business Credit Card’ is launched by Axis Bank in partnership with Rupifi and Visa.
 It is launched for the MSME sector and is termed as the contactless co-branded credit card.
 The card is applicable for those MSMEs who transact on the aggregator platform in association with
Rupifi PAN India for their business purchases.
ADB APPROVED LOAN FOR UPGRADATION OF POWER

DISTRIBUTION IN BENGALURU
 The Asian Development Bank has approved a loan to upgrade the existing power distribution system in
Bengaluru, Karnataka.
 In this regards, ADB has approved the loan amount of $190 million.
 This loan amount includes $100 million public sector loan (sovereign loan) and $90 million as a private-
sector loan (non-sovereign loan).
‘IMOBILE PAY’ – ICICI BANK
 ICICI Bank has come up with an app called ‘iMobile Pay’.

 This app is launched by transforming the ICICI Bank’s state-of-the-art mobile banking app, iMobile.
 The ‘iMobile Pay’ is developed to offer payments and banking services to customers of any bank.
REIT FUNDS OF FUNDS SCHEME- KOTAK MAHINDRA AMC
 The Kotak Mahindra Asset Management Company (Kotak Mutual Fund) launched Kotak International
REIT (Real Estate Investment Trust) Fund of Funds.
 It is termed as India’s first REIT Mutual Fund.
 This Kotak’s REIT Mutual Fund invest in real estate projects like residential, office, data centres and
hospitality.
ADB APPROVES USD 2.5 MN TECHNICAL ASSISTA NCE FOR

BIOFUEL DEVELOPMENT
 The Asian Development Bank (ADB) has approved technical assistance for the advanced biofuel
development in India.
 The ADB has approved a USD 2.5 million (about Rs 18 crore) in this regard.
 The financial grant will be funded from the Asia Clean Energy Fund.
INDIA’S GDP TO CONTRACT AT 8% IN FY21—ADB
 As per the data from this supplement, ADB has revised India’s GDP contraction for the fiscal year 2021.
 As per ADB, India’s GDP to contract by 8% in FY 2021.
 Earlier it has projected contraction at 9% for FY 2021.
INDIA’S GDP TO CONTRACT AT 9.4% IN FY21—FITCH RATINGS
 The Credit rating agency Fitch Ratings has revised India’s GDP forecast for the fiscal year 2021.
 As per Fitch Ratings, India’s GDP to contract 9.4% in FY 2020-21.
 Earlier it had projected India’s GDP to contract 10.5%.
SBI GENERAL INSURANCE PARTNERED WITH MAHINDRA

INSURANCE BROKERS
 The SBI General Insurance partnered with Mahindra Insurance Brokers Ltd (MIBL).
 They have collaborated under Sajhedaari programme.
 They have entered into a partnership to increase insurance penetration in tier 2 and tier 3 cities of
India.
ASIA PACIFIC VACCINE ACCESS FACILITY (APVAX)—BY ADB
 The Asian Development Bank has launched the Asia Pacific Vaccine Access Facility (APVAX).
 It is launched for developing countries who are the members of ADB.
 The APVAX is basically $9 billion initiative which will help developing member nations of ADB to
procure and deliver coronavirus vaccines.
DBS BANK PARTNERED WITH HAQDARSHAK EMPOWER MENT

SOLUTIONS PRIVATE LTD
 They partnered to help MSME in India to recover from COVID-19 crisis.

 They will help MSMEs through Haqdarshak MSME platform.
 This platform allows MSMEs to take benefit of various government welfare schemes.
‘ACEMONEY MICRO ATM SERVICE’
 Aceware, a fintech company in partnership with ICICI Bank launched ‘Ace Money Micro ATM service’ in
Kochi, Kerala.
 With the help of this facility, people will be able to withdraw the amount from their bank accounts
from their home.
 The money withdrawn by this mechanism will be delivered within 30-40 minutes of placing the order
at the doorstep of the customer.
‘BSE E-AGRICULTURE MARKETS LTD’ (BEAM)
 The Bombay Stock Exchange (BSE) launched ‘BSE E-Agriculture Markets Ltd’ (BEAM).
 BEAM is an electronic spot platform which is launched for agricultural commodities.
 BEAM will be a platform which will serve at the national level and will be an institutionalized, electronic
and transparent commodity spot trading mode platform which will develop a ‘single market’
mechanism, the vision of Prime Minister.
INDIA’S GDP TO CONTRACT 7.7% IN FY 2021--- BY CRISIL
 As per CRISIL, India’s GDP to contract 7.7% in FY 21.

 Earlier, in September 2020 it has projected the contraction to 9%.
 Also, for the fiscal year 2021-22, The rating agency CRISIL expects India’s growth to bounce back to
10%.
‘DAKPAY’--- BY IPPB
 The Department of Posts (DoP) and India Post Payments Bank (IPPB) together launched 'DakPay',
which is a new digital payment app.
 It is launched with an aim to provide Digital Financial inclusion in India.
 ‘DakPay’ is the complete solution for digital financial and assisted banking services being provided by
IPPB.
SBI GENERAL INSURANCE PARTNERED WITH INTRCITY

RAILYATRI
 The SBI General Insurance has entered into a partnership with IntrCity RailYatri.
 They have partnered to offer domestic travel insurance to bus customers who travel through IntrCity
RailYatri.
 Under this, every IntrCity RailYatri traveller can avail the travel cover of Rs 5 lakhs along with travel
ticket.
INDIA’S GDP TO CONTRACT 7.4% IN FY 2021--- BY SBI

ECOWRAP
 The SBI Ecowrap has forecasted that India’s GDP to contract 7.4% in FY 2021.
 Earlier it had projected GDP of India to contract at 10.9%.
 Also, it has projected that India to observe GDP growth at 11% in FY 2022.
GOI SIGNS LOAN PACT WITH NDB
 The Indian Government has signed a loan agreement with the New Development Bank (NDB) for the
purpose to support the Indian economy to recover from COVID-19 pandemic situation.
 Therefore, NDB will offer the loan of $1,000 million to GOI.
 The loan is having a tenor of 30 years including 5 year grace period.
‘PIONEER HERITAGE CREDIT CARD’—INDUSIND BANK
 The IndusInd Bank partnered with Mastercard to launch its first metal credit card named ‘Pioneer
Heritage Credit Card’.
 The card offers personal air accident cover of Rs 2.5 crore.
 It also provides lost baggage insurance of Rs 1 lakh along with insurance cover for loss of travel
document of Rs 75,000.
WORLD BANK APPROVED SUPPORT TO 4 INDIAN PROJECTS
 The World Bank has given approval to 4 Indian Projects.

 For this purpose, World Bank to offer worth over the US $800 million to support development
initiatives.
ADB OFFER LOAN TO CONSTRUCT LOWER KOPILI

HYDROELECTRIC POWER PLANT
 The Asian Development Bank (ADB) has sanctioned loan amount to construct Lower Kopili
Hydroelectric Power (LKHEP) plant in Central Assam, India.
 The ADB to offer a loan amount of $231 million for same to India.
 This will help to increase clean energy supply in India.
CENTRAL BANK OF INDIA PARTNERED WITH NPCI
 The Central Bank of India entered into a partnership with NPCI (National Payments Corporation of
India) ‘RuPay Select’.
 The ‘RuPay Select’ is the contactless debit card which is the bank’s one-of-its-kind health and wellness-
focused card.
 The card is launched to focus on the user’s lifestyle, fitness, rejuvenation, nutrition and personal care.
INDIA’S GDP TO CONTRACT 7.3% IN FY 2020-21—BY NCAER
 The National Council of Applied Economic Research (NCAER) has projected India’s GDP to contract
7.3% for the current fiscal year 2020-21.
 Earlier in September 2020, it had projected a contraction of 12.6%.
 Also, it has revised its growth forecast for the December 2020 quarter and March 2021 quarter to 0.1%
and 2% respectively.
‘INFINITE INDIA’---ICICI BANK
 The ICICI Bank has come up with an online platform which will support the foreign companies to launch
and expand their businesses in India.
 The name of the online platform is ‘Infinite India’.
 The platform offers a facility of single-point access to a host of services at an attractive price to the
foreign entities who wish to do business in India.
ADB GRANTS LOAN TO NORTHERN ARC CAPITAL LTD
 The Asian Development Bank (ADB) has signed a loan agreement with Northern Arc Capital Ltd (NACL).
 The loan is offered by ADB to NACL for the purpose of lending to microfinance borrowers, MSMEs and
affordable housing institutions who are facing trouble to attract debt funding from investors.
 Therefore, ADB has offered a loan of $40 million to NARC.
INDIA’S GDP TO CONTRACT 7.8% IN FY21—BY IND-RA
 The India Rating and Research (Ind-Ra) has revised its estimation for India’s GDP for the fiscal year
2020-21.
 As per Ind-Ra, India’s GDP to contract 7.8% in the financial year of 2020-21.
 Earlier it had projected 11.8% contraction in India’s GDP for FY 2020-21.
AU SMALL FINANCE PAR TNERED WITH ICICI PRUDENTIAL

LIFE INSURANCE
 The AU Small Finance Bank Ltd has entered into a partnership with ICICI Prudential Life Insurance.
 They have partnered to offer insurance solutions of ICICI Pru Life to the customers of AU SFB.
 This partnership will increase the AU SFB’s customers experience by increasing their financial security.
‘UNICAS’—WORLD’S FIRST CRYPTO BANK
 The ‘Unicas’ will help people to perform transactions in cryptocurrency and fiat from one account to
the other.
 The bank will offer services for crypto as well as fiat assets.
 This will the first time in India that a finance organisation is enabled for cryptocurrency.
HIGHLIGHTS OF RBI’S WORKING PAPER
 The Reserve Bank of India (RBI) working paper is authored by Harendra Kumar Behera and Michael
Debabrata Patra.
 The working paper describes that Inflation rate of 4% is appropriate for India.
 The paper details that there is a steady decline in trend inflation to 4.1-4.3 % since 2014.

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[BANKING AND FINANCIAL AWARENESS DIGEST: JULY

Fitch Forecasts India’s Growth to 8% for FY 2022 ...................................................................2

SPECIAL LIQUIDITY SCHEME FOR NBFCS AND HFCS THROUGH SPV

ASIAN DEVELOPMENT BANK JOINS NGFS

‘ZIPDRIVE’ INSTANT AUTO LOAN FACILITY—BY HDFC BANK

INDIAN ECONOMY TO CONTRACT BY 6.4% -- BY CARE RATINGS

‘BHAVISHYA’ SAVING ACCOUNT—BY FINO PAYMENTS BANK LTD

 Fino Payments Bank Limited has launched ‘Bhavishya’ Saving Account.

INDIA’S GDP TO CONTRACT BY 3% IN FY21

TAMIL NADU TOPS IN MARKET BORROWINGS—BY RBI

7TH SBI BANKING & ECONOMICS CONCLAVE

PANEL FORMED FOR 'INDIAN PANDEMIC RISK POOL'-- BY IRDAI

INDIA: SECOND LARGEST FOREIGN DIRECT INVESTOR IN THE UK

FISCAL DEFICIT TO SHOOT UP TO 7.6 PC IN FY21: IND-RA

INDIAN ECONOMY TO CONTRACT BY 9.5% IN FY21: ICRA

NABARD LAUNCHES DEVELOPMENT PROJECTS IN ANDAMAN AND

AAI JOIN HANDS WITH BEL FOR COOPERATION IN CIVIL AVIATION

HEALTH MINISTER LAUNCHED PNB’S CAMPAIGN FOR COVID-19

ADITYA PURI EMERGES AS HIGHEST PAID BANKER IN FY20

GOOGLE WILL BUY 7.73% STAKE IN JIO PLATFORMS

 Google is set to buy 7.73% stake in Jio Platforms.

ASHOK LAVASA BECOMES VICE PRESIDENT OF ADB

INSTA CLICK SAVINGS ACCOUNT—BY BANK OF BARODA

 The Bank of Baroda has launched ‘Insta Click Savings Account’.

RBI RELEASED 21ST ISSUE OF FINANCIAL STABILITY REPORT, JULY 2020

RBI SIGNS CURRENCY SWAP FACILITY WITH SRI LANKA

AMENDMENTS IN INDIAN ACCOUNTING STANDARDS

BANK OF MAHARASHTRA PARTNERS WITH UNIKEN

 Uniken’s REL-ID technology will work to provide Omnichannel security.

BOB FINANCIAL SOLUTIONS LIMITED AND FISERV, INC. TO WORK FOR

BOB Financial Solutions Partners with Innoviti Payment ................................................................................ 2

BANKING AND FINANCIAL AWARENESS

BOB FINANCIAL SOLUTIONS PARTNERS WITH INNOVITI PAYMENT

VIRTUAL MUSEUM OF SECURITY MARKET

RBI MONETARY POLICY UPDATES

INNOVATION HUB FOR FINANCIAL SECTOR IN INDIA—BY RBI

‘SMART PLAN SHOP PACKAGE POLICY’

RBI APPROVES RS 57,128 CRORE DIVIDEND TO CENTRAL GOVERNMENT

RESERVE BANK REGULATES NORMS FOR CORE INVESTMENT COMPANIES

SHAURYA KGC CARD LAUNCHED BY HDFC BANK

RBI MAKES SYSTEM-BASED ASSET CLASSIFICATION FOR URBAN CO-

 System-based asset classification is the classification of assets by a computerized system.

PAYTM LAUNCHES ALL-IN-ONE PORTABLE ANDROID SMART POS

MUKESH AMBANI IS THE WORLD'S 4TH RICHEST PERSON: BLOOMBERG

BSE SIGNS MOUS WITH TWO BULLION TRADE ASSOCIATIONS

SURPLUS TRANSFER OF RS 57,128 CRORE TO CENTRAL GOVT

‘DIGITAL APNAYEN’—BY PUNJAB NATIONAL BANK

 The campaign called ‘Digital Apnayen’ is launched by Punjab National Bank.

ADB APPROVED LOAN FOR INDIA’S RAPID TRANSIT SYSTEM

RBI RELEASES DRAFT FOR SELF-REGULATORY BODY FOR PAYMENT

‘FRAMEWORK FOR AUTHORISATION OF PAN-INDIA UMBRELLA ENTITY

‘NATIONAL STRATEGY FOR FINANCIAL EDUCATI ON 2020-2025’- RBI

GST EXEMPTION TO THE BUSINESSES WITH ANNUAL TURNOVER OF UPTO

DEBT AND CREDIT GUARANTEE PROGRAMME INTRODUCED BY NABARD

RBI ANNUAL REPORT 2019-2020

ICICI BANK USES SATELLITE DATA TO ASSESS CREDIT WORTHINESS OF

LIBERTY SAVING ACCOUNT—BY AXIS BANK

 The Liberty Saving Account is launched for Indian Youth.

NATIONAL GIS ENABLED LAND BANK SYSTEM

HDFC BANK PARTNERS WITH ADOBE

‘SMART ASSIST’- BY BAJAJ ALLIANZ LIFE INSURANCE COMPANY LTD

CANARA HSBC OBC LIFE INSURANCE PARTNERED WITH ANDHRA

Indian Economy Contracted by 23.9% for Q1 for FY 2020-21 ........................................................................ 2