Ba Smart Jul-Apr

Banking & Financial Awareness - by Smartkeeda
[July-2021]
1. On July 15, The RBI has cancelled the license of Dr. Shivajirao Patil Nilangekar Urban Co-operative Bank Ltd,
Nilanga, Maharashtra as the bank does not have adequate capital and earning prospects. As such, it does not
comply with the provisions of section 11(1) and section 22 (3) (d) read with section 56 of the Banking Regulation
Act, 1949. Meanwhile, the central bank also barred Mastercard from adding new clients in India for non-
compliance with local data storage norms from 22 July. {Read more}
Key Points:
• RBI – cancelled the license of Dr. Shivajirao Patil Nilangekar Urban Co-operative Bank Ltd (Nilanga,
Maharashtra)
• RBI – restricted Mastercard from adding new clients in India for non-compliance with local data storage norms
• HQs of RBI – Mumbai, MH | Governor – Shaktikanta Das (25th) | Established in – 1st April 1935
2. On July 14, The Reserve Bank of India (RBI) has extended the timeline for implementation of lockable cassettes
swap system in all ATMs till March 31, 2022. Earlier in April 2018, the RBI had advised for this based on the
recommendations of the Committee on Currency Movement (CCM) under the chairmanship of D. K.
Mohanty. {Read more}
Key Points:
• RBI – extended the timeline for implementation of lockable cassettes swap system in all ATMs till March 31,
2022
• It is done based on the recommendations of Committee on Currency Movement (CCM) – headed by D. K.
Mohanty
3. On July 15, BUSY, one of India’s leading business accounting software, has partnered with ICICI Bank for
banking solutions. The integration will help BUSY users gain better accessibility in managing their Banking,
improving their business efficiencies from BUSY itself. {Read more}
Key Points:
• BUSY + ICICI Bank = partnership for Banking Solutions
• H Qs of ICICI Bank – Mumbai, MH | MD & CEO – Sandeep Bakhshi | Taglines – “Hum Hain Na!” & “Khayal Apka”
4. On July 14, International Financial Services Centre Authority (IFSCA) has set up an Expert Committee to
recommend approach towards development of Longevity Finance Hub in the Gift-City in Gujarat and provide a
road map for the same. The expert committee is being co-chaired by Kaku Nakhate and Gopalan
Srinivasan. {Read more}
Key Points:
• IFSCA – set up an Expert Committee for development of “Longevity Finance Hub” – in the Gift-City, Gujarat
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• Expert committee is co-chaired by = Kaku Nakhate + Gopalan Srinivasan
• HQs of IFSCA – Gandhinagar, Gujarat | Chairman – Injeti Srinivas
5. On July 16, The Federal Bank has launched “FEDDY”, an Artificial Intelligence-powered virtual assistant to help
customers with banking-related queries anytime. FEDDY can be accessed via Alexa, Google Assistant and
WhatsApp. {Read more}
Key Points:
• Federal Bank – launched an AI-powered virtual assistant “FEDDY”
• HQs of Federal Bank – Aluva, Kerala | MD & CEO – Shyam Srinivasan | Tagline – “Your Perfect Banking Partner”
6. On July 15, RBL Bank has entered into an agreement with Visa to issue Credit Cards enabled on the Visa
payment network. This agreement was signed after the RBI restricted Mastercard from adding new clients in
India. {Read more}
Key Points:
• RBL Bank + Visa = an agreement to issue Credit Cards enabled on the Visa payment network
• HQs of RBL Bank – Mumbai, MH | MD & CEO – Vishwavir Ahuja
• HQs of Visa – Foster City, California | CEO – Alfred F. Kelly | Founded in – 1958
7. On July 16, Bank of Maharashtra (BoM) has signed an MoU with National Bank for Agriculture & Rural
Development (NABARD) to boost ongoing developmental initiatives linked to Priority Sector Lending in
Maharashtra. {Read more}
Key Points:
• BoM + NABARD = an MoU to boost Priority Sector Lending in Maharashtra
• HQs of BoM – Pune, Maharashtra | MD & CEO – A S Rajeev | Tagline – “One Family One Bank”
• HQs of NABARD – Mumbai, Maharashtra | Chairman – Chintala Govinda Rajulu | Founded in – 1982
8. On July 1, ICICI Bank has launched a comprehensive banking solution for doctors, called “Salute Doctors”. It
provides customized banking as well as value-added services for every doctor, beginning from a medical student
to a senior medical consultant to an owner of a hospital or a clinic. The solution is powered by ICICI STACK. {Read
more}
Key Points:
• ICICI Bank – launched a comprehensive banking solution for doctors, called “Salute Doctors”
• The solution is powered by – ICICI STACK
• HQs of ICICI Bank – Mumbai, MH | MD & CEO – Sandeep Bakhshi | Tagline – “Hum Hain Na!”
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9. On July 3, Eroute Technologies Private Ltd has launched its maiden product offering “OmniCard” - India’s First
Omni-channel Pre-paid Card exclusively for Young Generation. Powered by RuPay, OmniCard will also be enabled
with National Common Mobility Program to access mass transit systems in the country using Tap & Pay. {Read
more}
Key Points:
• Eroute Technologies – launched “OmniCard” India’s 1st Prepaid Card exclusively for Young Generation
• The card is powered by – RuPay
• HQs of Eroute Technologies – Noida, Uttar Pradesh | MD & CEO – Sanjeev Pandey
10. On July 1, The RBI has extended the “Interest Equalization Scheme for Pre and Post Shipment Rupee Export
Credit” for 3 months till September 2021. The Federation of Indian Export Organisations (FIEO) also requested
the government to provide stability of the scheme by extending it for 3 years. {Read more}
Key Points:
• RBI – extended the “Interest Equalization Scheme for Pre and Post Shipment Rupee Export Credit” for 3
months
11. On July 1, The RBI has released the 23rd issue of its bi-annual “Financial Stability Report (FSR) 2021”. Macro
stress tests indicate that the Gross Non-Performing Asset (GNPA) ratio of scheduled commercial banks (SCBs)
may increase to 9.80% by March 2022 from 7.48% previous year. The capital to risk-weighted assets ratio (CRAR)
of SCBs increased to 16.03%. Second Half of FY21 has witnessed a GNPA of 9.5% among Public Sector
Banks. {Read more}
Key Points:
• RBI – released the 23rd issue of its bi-annual “Financial Stability Report (FSR) 2021”
• GNPA ratio of SCBs is expected to increase to 9.80% by March 2022
• Capital to risk-weighted assets ratio (CRAR) of SCBs increased to 16.03% in 2021
12. On July 1, HDFC Bank has launched the “Salaam Dil Sey” initiative to pay tribute to doctors across India. It is a
national platform for general public to show gratitude to doctors for their tireless service during the
pandemic. {Read more}
Key Points:
• HDFC Bank – launched the “Salaam Dil Sey” initiative to pay tribute to doctors across India
• HQs of HDFC Bank – Mumbai, MH | MD & CEO – Sashidhar Jagdishan | Tagline – “We understand your world”
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13. On July 3, The RBI has imposed a penalty of Rs 25 lakh on Punjab and Sind Bank for non-compliance with
certain provisions of directions on ‘Cyber Security Framework in Banks’. {Read more}
Key Points:
• RBI imposed a penalty of Rs 25 lakh on Punjab & Sind Bank
• HQs of Punjab & Sind Bank – New Delhi | MD & CEO – S. Krishnan
14. On July 1, The RBI has issued directions related to the appointment of Managing Director (MD) and Whole-
Time Director (WTD) of primary Urban Cooperative Banks (UCBs) and barred MPs and MLAs from these posts.
The issued directions are given below. {Read more}
Key Points:
• RBI – issued directions related to the appointment of MD & Whole-Time Director of primary UCBs
• RBI – also barred MPs & MLAs from these posts
• Directions:
– Education: Chartered/Cost accountant, MBA (finance) or diploma in banking or cooperative business
management
– Age: Should not be below 35 years or more than 70 years
– Experience: At least 8 years at the middle/senior management level in the banking sector
– Minimum period to hold the post: 3 years
– Maximum Tenure to hold the post: 15 years
15. On July 2, NABARD has sanctioned an assistance of Rs 388 Cr for Odisha under the Rural Infrastructure
Development Fund (RIDF) for setting up 4 mega piped drinking water supply projects. {Read more}
Key Points:
• NABARD – sanctioned an assistance of Rs 388 Cr for Odisha under RIDF to set up 4 drinking water projects
• HQs of NABARD – Mumbai, Maharashtra | Chairman – Chintala Govinda Rajulu | Founded in – 1982
• Odisha: Capital – Bhubaneswar | CM – Naveen Patnaik | Governor – Ganeshi Lal
16. On July 5, Paytm in partnership with Aditya Birla Finance Ltd (ABFL), has launched “Postpaid Mini”, an
extension of its “Buy Now, Pay Later” service, to drive affordability amongst those new to credit. With this
service, Paytm Postpaid is offering a period of up to 30 days for repayment of loans at 0% interest. {Read more}
Key Points:
• Paytm + Aditya Birla Finance Ltd = launched “Postpaid Mini” a small-ticket instant loans service
• HQs of Paytm – Noida, Uttar Pradesh | CEO – Vijay Sekhar Sharma
• HQs of ABFL – Mumbai, Maharashtra | CEO – Rakesh Singh
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17. On July 4, SIDBI has rolled out multiple measures to further support small businesses in India. The SIDBI has
lowered the interest rate for its existing customers of Timely Working Capital Assistance to Revitalise Industries
in Times of Corona Crisis (TWARIT) scheme under ECLGS from 8.25% to 6%. The scheme provides a working
capital loan of maximum Rs 25 Cr at 6%. SIDBI is also considering launching a Swavalamban Challenge Fund and a
Swavalamban Facilitation Center under its “PRAYAAS” scheme. {Read more}
Key Points:
• SIDBI lowered the interest rate for its existing customers of “TWARIT” scheme under ECLGS – to 6% (from
8.25%)
• The scheme provides a working capital loan of maximum Rs 25 Cr at 6%
• SIDBI – will also launch Swavalamban Challenge Fund & Swavalamban Facilitation Center
• HQs of SIDBI – Lucknow, UP | MD & Chairman – Sivasubramanian Ramann | Established in – 1990
18. On July 6, HDFC Bank has partnered with Creditas Solutions to offer a guided and customised Debt
Management Solution for its loan and credit card customers. The platform’s robust technology architecture is
fully compliant on data security and customer privacy norms. {Read more}
Key Points:
• HDFC Bank + Creditas Solutions = to offer a guided and customised Debt Management Solution
• HQs of Creditas Solutions – Gurugram, Haryana
19. On July 6, FlexiLoans has collaborated with Google Pay to offer fast and flexible loans to their merchant base.
FlexiLoans is aiming at disbursing loans to over 50,000 small businesses in the next 12 months from this
collaboration. FlexiLoans is the first lender to go live on the Google Pay platform. {Read more}
Key Points:
• FlexiLoans + Google Pay = to offer fast & flexible loans to their merchant base
• HQs of FlexiLoans – Mumbai, MH | CEO – Manish Lunia
• HQs of Google – California, US | CEO – Sundar Pichai | Founded in – 1998
20. On July 6, To cater to Indian students gearing up for admissions in the U.S., Aeldra Financial Inc., a Silicon-
valley based pioneering ‘digital neo bank’, is offering a unique U.S. bank account with a Mastercard Global Debit
Card that can be opened and operated from India, even before students get an F-1 visa. {Read more}
Key Points:
• Aeldra Financial Inc + Mastercard = to allow Indian Students to open a Free Bank account in the US
• HQs of Aeldra Financial Inc. – California, US | CEO – Sukeert Shanker
• HQs of Mastercard – New York, US | CEO – Michael Miebach | Founded in – 1966
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21. On July 2, Indian Overseas Bank (IOB) has become the second most-valued listed public sector bank (PSB)
with a market capitalisation of over Rs 51,887 Cr surpassing its peers Punjab National Bank (PNB) which was
valued at Rs 46,356 Cr. While State Bank of India (SBI) remains the most-valued PSB of India. {Read more}
Key Points:
• Indian Overseas Bank – became the 2nd most-valued PSB with m-cap of Rs 51,887 Cr (1st – SBI | 3rd – PNB)
• HQs of IOB – Chennai, TN | MD & CEO – Partha Pratim Sengupta | Tagline – “Good people to grow with”
22. On July 6, The RBI has launched the 54th round of its quarterly “Order Books, Inventories and Capacity
Utilisation Survey (OBICUS)” of the manufacturing sector for Q1 FY22. The RBI has been conducting the OBICUS
since 2008. Its results are used in monetary policy formulation. {Read more}
Key Points:
• RBI launched the 54th “Order Books, Inventories & Capacity Utilisation Survey (OBICUS)” of the ‘manufacturing
sector’
• RBI has been conducting the OBICUS – since 2008
• HQs of RBI – Mumbai | Governor – Shaktikanta Das (25th) | Established in – 1st April 1935
23. On July 8, Razorpay has partnered with Mastercard to launch “MandateHQ”, a new recurring payment
interface that will help banks comply with the new RBI guidelines on recurring payments. Banks can adopt this
MandateHQ solution in as little as 7 days. {Read more}
Key Points:
• Razorpay + Mastercard = partnership to launch a new recurring payment interface “MandateHQ”
• HQs of Razorpay – Bengaluru, Karnataka | CEO – Harshil Mathur
24. On July 8, Drip Capital has partnered SBM Bank India to offer trade financing solutions customized for small
and medium-sized exporters in India. Under to this partnership, MSME exporters will be able to avail collateral-
free working capital at competitive rates. {Read more}
Key Points:
• Drip Capital + SBM Bank India = partnership to offer trade financing solutions customized for MSME exporters
• HQs of Drip Capital – California, US | CEO – Pushkar Mukewar
25. On July 7, Bajaj Allianz General Insurance and Bank of India have entered into a corporate agency agreement
to make available a range of insurance products to the bank’s customers. {Read more}
Key Points:
• Bajaj Allianz General Insurance + Bank of India = corporate agency agreement
• HQs of Bajaj Allianz Life – Pune, Maharashtra | MD & CEO – Tarun Chugh
• HQs of BOI – Mumbai, Maharashtra | CEO – Shri Atanu Kumar Das
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26. On July 5, The RBI has amended the rules regarding how banks will pay interest on overdue, unclaimed fixed
deposits (FDs). RBI made this amendment to section 9 (b) of the “Master Direction - Reserve Bank of India
(Interest Rate on Deposits) Directions, 2016”, that governs the way interest is paid by banks on these FDs. If a
Term Deposit (TD) matures and proceeds are unpaid, the amount left unclaimed with the bank shall attract rate
of interest as applicable to savings account or the contracted rate of interest on the matured TD. {Read more}
Key Points:
• RBI amended the rules regarding how banks will pay interest on overdue unclaimed FDs
• RBI made this amendment to section 9 (b) of “Master Direction - RBI (Interest Rate on Deposits) Directions,
2016”
• Interest Rate of savings a/c or Contracted Interest rate on the matured TD – set by RBI for unclaimed TDs
27. On July 6, FREO, India’s Neobank, formerly known as MoneyTap, has partnered with HDB Financial Services
(HDBFS) to provide customers with two innovative credit products: “Credit Line” and “High-ticket Personal Loan”
across multiple cities in India. Under “High-ticket Personal Loan”, personal loans are provided up-to Rs 10
lakh. {Read more}
Key Points:
• FREO or MoneyTap + HDB Financial Services = to provide “Credit Line” & “High-ticket Personal Loan” to
customers
• HQs of MoneyTap – Bangalore, Karnataka | CEO – Bala Parthasarathy
• HQs of HDB Financial Services – Mumbai, Maharashtra | MD – Ramesh G.
28. On July 8, Airtel Payments Bank has launched a new feature called “Pay to Contacts” that will allow its
customers to initiate a UPI payment to their phone contacts. APB has become the first payments bank to
implement a day-end savings limit of Rs 2 lakh, as per the Reserve Bank of India (RBI) guidelines. {Read more}
Key Points:
• Airtel Payments Bank – launched “Pay to Contacts” feature for UPI payments
• HQs of APB – New Delhi | CEO – Anubrata Biswas | Founded in – 2017
29. On July 3, The RBI has modified its bond auction methodology and announced that bonds maturing between
2 to 14 years will be auctioned under ‘uniform’ price method and not ‘multiple’ price method. It has also been
decided that benchmark securities of tenor 2-year, 3-year, 5-year, 10-year, 14-year tenor and Floating Rate
Bonds (FRBs) will be issued using ‘uniform’ price auction method. {Read more}
Key Points:
• RBI modified its bond auction methodology
• Bonds maturing between 2 to 14 years will be auctioned under ‘uniform’ price method
• Benchmark securities of tenor 2-year, 3-year, 5-year, 10-year, 14-year tenor & Floating Rate Bonds (FRBs) will
be issued using ‘uniform’ price auction method
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30. On July 7, Easiloan has launched India’s 1st Home Loan selection and recommendation application called
“Easiloan Instant Match” for home buyers using AI based technology. Easiloan has tied up with leading lenders
like HDFC, ICICI Bank, SBI, Bajaj Housing Finance, PNB, IIFL Home Finance and others. {Read more}
Key Points:
• Easiloan – launched India’s 1st Home Loan selection & recommendation app called “Easiloan Instant Match”
• HQs of Easiloan – Mumbai, Maharashtra | CEO – Pramod Kathuria
31. On July 7, Max Bupa Health Insurance has entered into a bancassurance partnership with Axis Bank to
provide comprehensive health insurance solutions to Axis Bank’s employees and customers. A bancassurance is
a relationship between a bank and an insurance company that is aimed at offering insurance products to the
bank’s customers. {Read more}
Key Points:
• Max Bupa Health Insurance + Axis Bank = bancassurance partnership
• HQs of Max Bupa Health Insurance – New Delhi | CEO – Krishnan Ramachandran
• HQs of Axis Bank – Mumbai | MD & CEO – Amitabh Chaudhry | Tagline – “Badhti ka Naam Zindagi”
32. On July 7, Axis Bank has signed an MoU with the Indian Army to offer Defence Services Salary Package with
benefits and features under its “Power Salute” initiative. The bank will offer personal accidental cover of up to
₹56 lakh to all Army personnel. {Read more}
Key Points:
• Axis Bank + Indian Army = an MoU to offer Defence Services Salary Package under its “Power Salute” initiative
• Personal accidental cover to all Army personnel – up-to ₹56 lakh
• HQs of Indian Army – New Delhi | Chief – Gen. Manoj Mukund Naravane | Vice Chief – S K Saini
33. On July 3, The RBI has imposed a monetary penalty aggregating ₹14.5 Cr on 14 banks for non-compliance
with certain provisions of its directions after a scrutiny in the accounts of the companies of a Group. The RBI
imposed ₹2 Cr penalty on Bank of Baroda, ₹1 Cr each on 12 other banks and ₹50 lakh on State Bank of
India. {Read more}
Key Points:
• RBI imposed a monetary penalty aggregating ₹14.5 Cr on 14 banks
• RBI imposed ₹2 Cr penalty on Bank of Baroda, ₹50 lakh on SBI & ₹1 Cr each on 12 other banks
34. On July 8, All debit and credit cards issued by banks have a complimentary Personal Accident Insurance cover
with a maximum limit of Rs 10 lakh. Under the Rupay insurance programme, claim intimation should be done
within 90 days from the date of accident. {Read more}
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Key Points:
• All debit and credit cards issued by banks have a complimentary Personal Accident Insurance cover
• Maximum Coverage – up-to Rs 10 lakh
35. On July 8, NIIT Institute of Finance Banking and Insurance (NIIT IFBI) and Axis Bank have launched a FinTech
Professional Programme under the “Axis Bank - NIIT Digital Banking Academy”. The course is designed to build
future ready FinTech Professionals for Axis Bank. Besides, Axis Direct also launched a brokerage plan for traders
named “Super Options”. {Read more}
Key Points:
• NIIT IFBI + Axis Bank = launched a FinTech Professional Programme under “Axis Bank - NIIT Digital Banking
Academy”
• Axis Direct – launched a brokerage plan for traders named “Super Options”
• HQs of Axis Bank – Mumbai, MH | MD & CEO – Amitabh Chaudhry | Tagline – “Badhti ka Naam Zindagi”
• Location of NIIT IFBI – Mumbai, MH
36. On July 8, Mastercard, Mumbai Metro and Axis Bank have launched “One Mumbai Metro Card” to ensure
contactless and cashless travel for people living in Mumbai. It is a prepaid, open loop contactless card which can
be used as a part of the daily transit journey with just a tap. {Read more}
Key Points:
• Mastercard + Mumbai Metro + Axis Bank = launched “One Mumbai Metro Card”
37. On July 9, With the end near for the London Interbank Offered Rate (LIBOR), the RBI has issued an advisory to
banks and other financial institutions to stop using the benchmark as soon as possible and mandatorily by
December 31 and move to any Alternative Reference Rates (ARR). Secured Overnight Financing Rate (SOFR) and
Sterling Overnight Interbank Average Rate (SONIA) are the two popular alternatives. {Read more}
Key Points:
• RBI issued an advisory to banks & other financial institutions to stop using “LIBOR” benchmark
• “LIBOR” benchmark will be phased out – by December 31, 2021 | Other alternatives – “SOFR” & “SONIA”
• SOFR – Secured Overnight Financing Rate | SONIA – Sterling Overnight Interbank Average rate
38. On July 10, The Reserve Bank of India (RBI) has accepted bids at the auction of the new 10-year Government
Security (G-Sec/GS) at a higher cut-off yield of 6.10%. The previous 10-year G-Sec (maturing in 2030) was issued
at a cut-off yield of 5.85%. Overall, the government raised ₹26,000 Cr through the auction 3 G-Secs – 4.26% GS
2023 (₹3,000 Cr), New GS 2031 (₹14,000 Cr) and 6.76% GS 2061 (₹9,000 Cr). {Read more}
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Key Points:
• RBI – issued the new 10-year Government Security (G-Sec) – at a higher cut-off yield of 6.10%
39. On July 13, NPCI International Payments Ltd (NIPL) has announced a partnership with Royal Monetary
Authority (RMA) of Bhutan for enabling and implementing BHIM UPI QR-based payments in Bhutan. With this,
Bhutan will also become the 1st country to both issue & accept RuPay cards as well as accept BHIM UPI. {Read
more}
Key Points:
• NIPL + RMA (Bhutan) = partnership for enabling and implementing BHIM UPI QR-based payments in Bhutan
• Bhutan – became the 1st country to issue & accept RuPay cards as well as accept ‘BHIM UPI’
• Bhutan – Thimphu – Bhutanese Ngultrum | PM – Lotay Tshering
• HQs of NIPL – Mumbai, MH | CEO – Ritesh Shukla
40. On July 13, The Reserve Bank of India (RBI) has introduced the “RBI Retail Direct” scheme, a one-stop
solution to facilitate investment in government securities (G-secs) by individual investors. Under the scheme,
retail investors (individuals) will have the facility to open and maintain the “Retail Direct Gilt Account” (RDG
Account) with the RBI. {Read more}
Key Points:
• RBI – introduced the “RBI Retail Direct” scheme - a one-stop solution to facilitate investment in “G-secs”
41. On July 12, The International Financial Services Centres Authority (IFSCA) has issued a framework for setting
up and operating the International Trade Finance Services platform (ITFS). The IFSCA issued framework will
enable exporters and importers to avail various types of trade finance facilities at competitive terms. A company
should have a minimum net worth of $1 million to set up ITFS in an IFSC. {Read more}
Key Points:
• IFSCA – issued a framework for setting up & operating the International Trade Finance Services platform (ITFS)
• A company should have a minimum net worth of $1 million to set up ITFS in an IFSC
42. On July 20, ICICI Bank has launched a co-branded credit card named “ICICI Bank HPCL Super Saver Credit
Card” with Hindustan Petroleum Corporation Limited (HPCL) to enable users to get benefits and reward points
for using multiple credit cards in one. It is powered by VISA. {Read more}
Key Points:
• ICICI Bank + HPCL = launched a co-branded credit card named “Super Saver Credit Card” (powered by VISA)
• HQs of ICICI Bank – Mumbai, MH | MD & CEO – Sandeep Bakhshi | Taglines – “Hum Hain Na!” & “Khayal Apka”
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43. On July 20, Kotak Mahindra Bank has signed an MoU with the Indian Navy to offer a salary account to all the
personnel of the Indian Navy. Through the salary account, all personnel of the Indian Navy will get access to the
full range of Kotak’s products and services, including a zero-balance salary account that earns up to 4% interest
per annum with free unlimited ATM transactions on all Visa ATMs. Kotak Mahindra Bank has also automated its
partner payments process, powered by Act21 Software’s end-to-end payout solution “Hyperform”. {Read more}
Key Points:
• Kotak Mahindra Bank + Indian Navy = to offer a salary account all the personnel of the Indian Navy
• Kotak Mahindra Bank – automated partner payments with Act21 Software’s solution “Hyperform”
• HQs of Kotak Mahindra Bank – Mumbai, MH | MD & CEO – Uday Kotak | Tagline – “Let’s make money simple”
• Chief of Indian Navy – Admiral Karambir Singh | Vice Chief – G. Ashok Kumar
44. On July 19, Paytm Payments Bank’s customers can now make instant payments through its payment gateway
using balances available in their fixed deposit account held with its partner bank, IndusInd Bank. {Read more}
Key Points:
• Paytm Payments Bank’s customers can now make payments from fixed deposits a/c held with IndusInd Bank
• HQs of PPBL – Noida, Uttar Pradesh | MD & CEO – Satish Kumar Gupta
• HQs of IndusInd Bank – Pune, MH | MD & CEO – Sumant Kathpalia | Tagline – “We Make You Feel Richer”
45. On July 19, The Dhanlaxmi bank has announced a strategic alliance with SMC Global Securities Ltd for
offering online trading services to customers. The tie-up will offer an integrated 3-in-1 account, comprising a
Savings, Demat and Trading account. {Read more}
Key Points:
• Dhanlaxmi bank + SMC Global Securities Ltd = strategic alliance for offering Online Trading Services to
customers
• HQs of Dhanlaxmi Bank – Thrissur, Kerala | MD & CEO – J. K. Shivan
• HQs of SMC Global Securities Ltd – New Delhi | MD & Chairman – Subhash C. Aggarwal
46. Kerala Bank has launched a loan scheme titled “Kerala Bank Samagra” for the infrastructure development of
Primary Agricultural Credit Cooperatives (PACS). {Read more}
Key Points:
• Kerala Bank – launched a loan scheme titled “Kerala Bank Samagra” for Agriculture Cooperatives
• HQs of Kerala Bank – Thiruvananthapuram, Kerala | President – Gopi Kottamurickal | CEO – Rajan P. S.
47. On July 21, Bank of Baroda and fintech platform U GRO Capital have launched a co-lending platform
“Pratham”, under which Rs 1,000 Cr loan will be disbursed to the MSME sector in India. Besides, July 20, 2021
marked the 114th Foundation Day of Bank of Baroda. {Read more}
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Key Points:
• Bank of Baroda + U GRO Capital = launched a co-lending platform “Pratham”
• Under “Pratham” platform – Rs 1,000 Cr loan will be disbursed to the MSME sector in India
• HQs of BOB – Vododara, Gujarat | CEO – Sanjiv Chadha | Tagline – “India’s International Bank”
• HQs of U GRO Capital – Mumbai, Maharashtra | CEO – Abhijit Ghosh
48. On July 20, In a move to boost the banking facilities in rural and semi-urban areas in India, NSDL payments
bank has announced a strategic partnership with Multilink. Multilink is one of India’s fastest-growing fintech
companies with a network of 1,00,000+ agents spread across India. {Read more}
Key Points:
• NSDL Payments Bank + Multilink = a strategic partnership
• HQs of NSDL Payments Bank – Mumbai | MD & CEO – Abhijit Kamalapurkar | Chairman – G. V. Nageswara Rao
• HQs of Multilink – Mumbai | CEO – Chirag Shah
49. The National Credit Guarantee Trustee Company Ltd (NCGTC) has issued operational guidelines for the Rs
50,000 Cr Loan Guarantee Scheme for Covid Affected Sectors (LGSCAS), as part of Rs 6.29-lakh-Cr Stimulus
Package announced by Finance Minister Nirmala Sitharaman. A maximum loan of Rs 100 Cr will be given with a
capped interest rate of 7.95% (for healthcare projects) and guarantee provided for 3 years. {Read more}
Key Points:
• NCGTC – issued guidelines for Rs 50,000 Cr “Loan Guarantee Scheme for Covid Affected Sectors (LGSCAS)”
• Maximum loan – Rs 100 Cr | Interest rate – 7.95% | Guarantee period – 3 years
• HQs of NCGTC – Mumbai, Maharashtra | Chairman – Sivasubramanian Ramann
50. On July 21, Seeking to enhance transparency in the insolvency process, the Insolvency and Bankruptcy Board
of India (IBBI) has amended the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations
2016. {Read more}
Key Points:
• IBBI – amended the “IBBI (Insolvency Resolution Process for Corporate Persons) Regulations 2016” to enhance
transparency in the insolvency process
• HQs of IBBI – New Delhi | Chairperson – M. S. Sahoo | Established in – 2016
51. On July 23, Indian Bank has signed an agreement with IIT Guwahati Technology Incubation Centre (TIC) for
financing start-ups under Bank’s loan product “IND Spring Board”. The start-ups are to be extended credit up to
₹50 Cr. The bank has already tied up with IIT-Madras, IISc-Bengaluru and Chennai Angels for identifying the
eligible start-ups for finance under this scheme. {Read more}
Key Points:
• Indian Bank + IITG-TIC = to finance start-ups under Bank’s loan product “IND Spring Board”
• The start-ups are to be extended credit up to ₹50 Cr
• HQs of Indian Bank – Chennai, Tamil Nadu | CEO – Padmaja Chunduru | Tagline – “Your Own Bank”
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52. On July 22, The Reserve Bank of India (RBI) has clarified that IDFC Ltd can exit IDFC First Bank as a promoter
after the completion of lock-in period of 5 years. IDFC Bank received the licence from the RBI in 2014, and was
floated in 2015. So, the 5-year period came to an end on September 30, 2020. The bank merged with Capital
FIRST in 2018 to become IDFC FIRST Bank. {Read more}
Key Points:
• RBI clarified: IDFC Ltd can exit IDFC First Bank as a promoter after the completion of lock-in period of 5 years
• IDFC Bank received the licence from the RBI – in 2014 | 5-year lock-in period completed – on September 30,
2020
• HQs of IDFC Ltd – Mumbai, MH | CEO – Vikram Limaye
• HQs of IDFC First Bank – Mumbai, Maharashtra | CEO – V. Vaidyanathan | Established in – 2018
• IDFC Bank + Capital First = IDFC First Bank (merged in 2018)
53. On July 21, The RBI has imposed a penalty of Rs 1 lakh on Melur Co-operative Urban Bank, Melur, Madurai
for contravention of certain provisions concerning board of directors. {Read more}
Key Points:
• RBI – imposed a penalty of Rs 1 lakh on Melur Co-operative Urban Bank (Madurai, Tamil Nadu)
54. State Bank of India (SBI) has selected Paisalo Digital as National Corporate Business Correspondent of the
Bank for financial inclusion by providing banking services through kiosks. {Read more}
Key Points:
• SBI – selected ‘Paisalo Digital’ as National Corporate Business Correspondent of the Bank
• HQs of SBI Bank – Mumbai, Maharashtra | Chairman – Dinesh Kumar Khara
• MD – Challa Sreenivasulu Setty | Ashwani Bhatia | Ashwini Kumar Tewari | Swaminathan Janakiraman
55. On July 22, The Reserve Bank of India (RBI) will introduce its own version of Central Bank Digital Currency
(CBDC) in a phased manner and after carefully weighing its impact on various issues, including how it could
hamper the deposit mobilisation abilities of banks. CBDC is exchangeable with the existing paper currency. {Read
more}
Key Points:
• RBI – to introduce its own version of Central Bank Digital Currency (CBDC) in a phased manner
56. On July 24, The Reserve Bank of India (RBI) has raised the threshold up to which a bank can grant personal
loans to any director of other banks and their families without board approval by 20 times to Rs 5 Cr from Rs 25
lakh which was fixed way back in 1996. For business loans, the limit of Rs 25 lakh will continue. {Read more}
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Key Points:
• RBI raised the limit of Personal loans to other banks’ Directors – up to Rs 5 Cr (from Rs 25 lakh)
57. On July 23, Magma Fincorp Ltd, an RBI-registered non-banking finance company (NBFC) has been
rechristened as Poonawalla Fincorp Ltd. Along with this, it’s fully owned housing finance subsidiary Magma
Housing Finance Ltd is also renamed as Poonawalla Housing Finance Ltd. {Read more}
Key Points:
• Magma Fincorp Ltd – rechristened as Poonawalla Fincorp Ltd
• Magma Housing Finance Ltd – rechristened as Poonawalla Housing Finance Ltd
• HQs of Poonawalla Fincorp Ltd – Kolkata, West Bengal | MD – Abhay Bhutad
58. On July 26, HDFC Ltd has received a loan of $250 million from International Finance Corporation (IFC) to
boost Green Housing Finance in India. At least 25% of the funding is for Green Affordable Housing. {Read more}
Key Points:
• HDFC Ltd – received a loan of $250 million from IFC to boost Green Housing Finance in India
• At least 25% of the funding is for Green Affordable Housing
• HQs of HDFC Ltd – Mumbai, MH | Chairman – Deepak Parekh | CEO – Keki Mistry
59. On July 26, HDFC Bank has launched an overdraft facility called “Dukandar Overdraft Scheme” for small
retailers in partnership with Common Services Centres (CSC) e-Governance India Ltd. HDFC Bank will approve an
overdraft limit from a minimum of Rs 50,000 to a maximum of Rs 10 lakhs based on the statements. Small
retailers who have been operating for a minimum of 3 years are eligible under the scheme. {Read more}
Key Points:
• HDFC Bank + CSC = launched “Dukandar Overdraft Scheme” for small retailers
• Overdraft limit: minimum - Rs 50,000 | maximum - Rs 10 lakhs | Eligibility - minimum of 3 years of operating
• HQs of CSCs – New Delhi | Chairman – Ajay Prakash Sawhney | CEO – Sanjay Kumar Rakesh (works under –
MeitY)
60. On July 27, Society for Worldwide Interbank Financial Telecommunications (SWIFT) has launched “SWIFT Go”
- a transformative new service that enables small businesses and consumers to send fast, predictable, highly
secure, and competitively priced low-value cross-border payments anywhere in the world, direct from their bank
accounts. {Read more}
Key Points:
• SWIFT – launched “SWIFT Go” - a Fast, Cost-Effective Service for Low-Value Cross-Border Payments
• HQs of SWIFT – La Hulpe, Belgium | CEO – Javier Perez-Tasso
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61. On July 27, Non-performing assets (NPAs) or bad loans of banks have declined by Rs 61,180 Cr to Rs 8.34 lakh
Cr at the end of March 31, 2021. Ability of PSBs to further increase lending is evident through Capital to Risk
Weighted Assets Ratio (CRAR) which stood at 14.04% as of March 31, 2021. SBI has topped the list of PSBs in
cleaning up their bad loans/NPAs followed by Union Bank of India. {Read more}
Key Points:
• NPAs/Bad loans of banks declined by Rs 61,180 Cr to Rs 8.34 lakh Cr at the end of March 31, 2021
• SBI – topped the list of PSBs in cleaning up their bad loans/NPAs | 2 nd – UBI
• CRAR stood at 14.04% as of March 31, 2021 | CRAR – Capital to Risk weighted Assets Ratio
62. On July 29, FamPay has launched India’s first Visa Prepaid Card in partnership with VISA for teenagers with
personalized doodles on it. The card will allow teens to make NFC-enabled contactless payments on the Visa
network in India. The card will be available in two different designs - the ‘FamCard’ and ‘FamCard Me’. {Read
more}
Key Points:
• FamPay + VISA = launched India’s first Visa Prepaid Card for teenagers with personalized doodles on it
• Two different designs of the card - the ‘FamCard’ & ‘FamCard Me’
• HQs of FamPay – Bangalore, Karnataka
63. On July 28, Hughes Communications India Pvt Ltd (HCIPL) has been selected by the Bank of India (BoI) to
connect 1,800 bank branches with satellite network connectivity across India. The network will be powered by
the Hughes JUPITER System. {Read more}
Key Points:
• BoI – selected Hughes Communications to connect 1,800 bank branches with Satellite Network Connectivity
• HQs of BoI – Mumbai, Maharashtra | CEO – Shri Atanu Kumar Das | Tagline – “Relationship Beyond Banking”
64. On July 28, Digital lender Prest Loans has signed up a strategic alliance agreement with Mumbai based U GRO
Capital to provide Secured Business Loans to Micro SME business units. Under this arrangement Prest Loans shall
offer U GRO Capital's “GRO Micro” product to its small businesses and MSME customers in tier 3 and tier 4
cities. {Read more}
Key Points:
• Prest Loans + U GRO Capital = to provide Secured Business Loans to Micro SME business
• Prest Loans will offer “GRO Micro” product to its customers
• HQs of Prest Loans – New Delhi | CEO – Ashok Mittal
• HQs of U GRO Capital – Mumbai, Maharashtra | CEO – Abhijit Ghosh
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65. On July 29, According to the Reserve Bank of India (RBI), authorised Non-banks Payment System Providers
including Prepaid Payment Instruments (PPIs) issuers, Card Networks and White Label ATM operators will be
eligible to participate in Central Payment Systems (CPS) like RTGS and NEFT in the first phase. {Read more}
Key Points:
• RBI – authorised Non-banks Payment System Providers to participate in ‘CPS’ like RTGS & NEFT
• Non-banks PSP include: PPIs issuers, Card Networks & White Label ATM Operators
66. On July 28, The Reserve Bank of India-Digital Payments Index (RBI-DPI) for March 2021 stood at 270.59 points
against 207.84 points for March 2020, a 30% increase in digital payment due to COVID-19. {Read more}
Key Points:
• “Reserve Bank of India-Digital Payments Index (RBI-DPI)” for March 2021 – stood at 270.59 points
• It recorded 30% increase against 207.84 points for March 2020
67. On July 28, Yes Bank and Indiabulls Housing Finance have entered into a co-lending agreement for Home
Loans. The partnership aims at synergising capabilities to provide an efficient and seamless experience to retail
home loan customers. Home loans constitute about 10% of Yes Bank’s retail banking assets as on June 30,
2021. {Read more}
Key Points:
• Yes Bank + Indiabulls Housing Finance = a co-lending agreement for Home Loans
• Home loans constitute about 10% of Yes Bank’s retail banking assets (on June 30, 2021)
• HQs of Yes Bank – Mumbai, Maharashtra | MD & CEO – Prashant Kumar | Tagline – “Experience our Expertise”
• HQs of IHFL – Gurugram, Haryana | Chairman – Sameer Gehlaut | Vice-Chairman & MD – Gagan Banga
68. On July 30, Singapore-based DBS Group Ltd and Temasek have set up $500 million financing platform,
“EvolutionX Debt Capital (EvolutionX)” for non-dilutive funding to technology-enabled firms with a focus on
China, India, and Southeast Asia. It will be led by Amit Sinha. {Read more}
Key Points:
• DBS Group + Temasek (both in Singapore) = set up $500 mn “EvolutionX Debt Capital (EvolutionX)” platform
• Singapore – Singapore – Dollar | PM – Lee Hsien Loong | President – Halimah Yacob
69. On July 29, The RBI has cancelled the licence of The Madgaum Urban Co-operative Bank Ltd, Goa due to its
inadequate capital. RBI imposed a monetary penalty of Rs 5 Cr on Axis Bank for non-compliance with RBI’ various
regulatory provisions. {Read more}
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Key Points:
• RBI – cancelled the licence of Madgaum Urban Co-operative Bank Ltd (Goa) due to its inadequate capital
• RBI – imposed a monetary penalty of Rs 5 Cr on “Axis Bank” for non-compliance with RBI’ provisions
70. On July 29, LIC Cards Services Ltd (LIC-CSL) has partnered with IDBI Bank to launch ‘Lumine’ Platinum Credit
Card and ‘Eclat’ Select Credit Card on the RuPay platform. Lumine and Eclat Cardholders will earn ‘Welcome
Bonus Delight Points’ of 1,000 and 1,500, respectively. {Read more}
Key Points:
• LIC CSL + IDBI Bank = to launch ‘Lumine’ Platinum Credit Card & ‘Eclat’ Select Credit Card on RuPay platform
• HQs of LIC-CSL – New Delhi
• HQs of IDBI Bank – Mumbai, MH | CEO – Rakesh Sharma | Established in – 1964 | Tagline – “Bank Aisa Dost
Jaisa”
71. On July 28, Paytm Payments Bank has become the first bank in India to achieve the milestone of issuing 1 Cr
FASTags. According to NPCI, over 3.47 Cr FASTags were issued by all banks together till the end of June
2021. {Read more}
Key Points:
• Paytm Payments Bank – became the 1st bank in India to achieve the milestone of issuing 1 Cr FASTags
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[June-2021]
1. On June 1, The RBI has cancelled the licence of Shivajirao Bhosale Sahakari Bank, Pune as the lender does not
have adequate capital and earning prospects. On liquidation, every depositor would be entitled to receive
deposit insurance claim amount of his/her deposits up to a monetary ceiling of ₹5 lakh from the Deposit
Insurance and Credit Guarantee Corporation (DICGC). {Read more}
Key Points:
• RBI – cancelled the licence of Shivajirao Bhosale Sahakari Bank (Pune, Maharashtra)
2. On June 2, State Bank of India (SBI) economists sharply slashed their FY22 GDP growth estimates to 7.9% from
the earlier projection of 10.4%. It is the lowest among all analysts. According to the SBI, the real GDP for FY22
will be ‘slightly higher’ than those in FY20, and called it a “W-shaped”. {Read more}
Key Points:
• SBI estimated India’s GDP for FY22 – 7.9% (from the earlier projection of 10.4%)
• SBI predicts India to have – “W-shaped recovery”
3. India’s fiscal deficit for financial year 2020-21 stood at 9.3% of GDP as against Finance Ministry’s revised
estimate of 9.5% of GDP, as per the data released by the Controller General of Accounts (CGA). In absolute
terms, fiscal deficit stood at Rs 18.21 lakh Cr. Revenue deficit during FY21 stood at Rs 14.54 lakh Cr, or 7.42% of
GDP. {Read more}
Key Points:
• India’s Fiscal Deficit for FY21 – 9.3% of GDP or Rs 18.21 lakh Cr (against revised estimate of 9.5% of Finance
Ministry)
• India’s Revenue Deficit for FY21 – 7.42% of GDP or Rs 14.54 lakh Cr
• Present CGA – Soma Roy Burman
4. On June 1, India’s largest cryptocurrency exchange WazirX has launched India’s first Non-Fungible Tokens
(NFT) marketplace. The platform will run on its parent company Binance’s blockchain technology. Binance is one
of the biggest crypto exchanges in the world, which acquired WazirX in 2019. {Read more}
Key Points:
• WazirX – launched India’s first Non-Fungible Tokens (NFT) marketplace
• HQs of WazirX – Mumbai, Maharashtra | CEO – Nischal Shetty | Parent company – Binance
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5. On June 2, Edelweiss Retail Finance Ltd (ERFL) has announced strengthening of its co-lending partnership with
Central Bank of India for priority sector lending to micro, small and medium enterprises (MSMEs). MSMEs can
now avail of collateral free business loans up to Rs 50 lakh as against Rs 10 lakh earlier. Additionally, they can
also avail of loan against property up to Rs 10 Cr. {Read more}
Key Points:
• CBoI + Edelweiss Retail Finance = co-lending partnership for MSMEs
• HQs of CBoI – Mumbai, MH | CEO – Matam Venkata Rao
• HQs of Edelweiss Retail Finance – Mumbai, MH | CEO – Mehernosh Tata
6. On June 2, Bharti AXA Life Insurance has entered into a bancassurance partnership with Shivalik Small Finance
Bank for the distribution of its life insurance products through the bank’s pan-India network of branches. {Read
more}
Key Points:
• Bharti AXA Life Insurance + Shivalik SFB = a Bancassurance Partnership
• HQs of Bharti AXA Life Ins. – Mumbai, MH | CEO – Parag Raja
• HQs of SSFB – Khargone, Madhya Pradesh | MD & CEO – Suveer Kumar Gupta
7. On June 2, By associating with Satin Creditcare Network, HSBC India has become the only international bank
as part of the NPCI’s “UPI AutoPay” platform. SCNL is the first player in the micro finance segment to go live on
this unique functionality. {Read more}
Key Points:
• HSBC India + Satin Creditcare + NPCI = partnership to integrate with NPCI’s “UPI AutoPay” platform
• HQs of HSBC India – Mumbai, MH | CEO – Surendra Rosha | Founded in – 1853
• HQs of Satin Creditcare Network Ltd – Gurugram, Haryana | MD & Chairman – H. P. Singh
• HQs of NPCI – Mumbai | Chairman – Biswamohan Mahapatra | MD&CEO – Dilip Asbe | Established in – 2008
8. On June 2, ICICI Bank has tied up with SWIFT (Society for Worldwide Interbank Financial Telecommunication)
to offer a facility that helps overseas partner banks to send instant remittances on behalf of their customers to
the beneficiary in India. This makes ICICI Bank the first bank in Asia-Pacific and the second globally to offer the
facility, called “SWIFT gpi Instant”, for cross border inward payments. {Read more}
Key Points:
• ICICI Bank + SWIFT = a tie up to offer instant facility for cross-border inward remittances
• ICICI Bank – became the 1st bank in Asia-Pacific & the 2nd globally to offer the facility - “SWIFT gpi Instant”
• GPI – Global Payments Innovation | SWIFT – Society for Worldwide Interbank Financial Telecommunication
• HQs of ICICI Bank – Mumbai | MD & CEO – Sandeep Bakhshi | Tagline – “Hum Hain Na!”
• HQs of SWIFT – La Hulpe, Belgium | CEO – Javier Perez-Tasso | Founded in – 1973
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9. On June 3, The Financial Stability and Development Council (FSDC) has constituted the first of its kind Inter-
regulator Panel to address the regulatory challenges posed by the fintech industry. The committee includes
officials from the RBI, Finance Ministry, SEBI and the Insurance and Regulatory Authority of India (IRDAI). The
FSDC was first mooted by the Raghuram Rajan Committee in 2008. {Read more}
Key Points:
• FSDC – constituted the first of its kind “Inter-regulator Panel” to address the regulatory challenges
• The committee includes officials from = RBI + SEBI + IRDAI + Finance Ministry
• Chairman of FSDC – Nirmala Sitharaman | FSDC was mooted by – Raghuram Rajan Committee in 2008
10. On June 3, Federal Bank has launched an exclusive NR (Non Resident) Savings Account scheme for the
Seafarer segment. The scheme is available in both Non-Resident External (NRE) SB and Non-Resident Ordinary
Rupee (NRO) SB variants. {Read more}
Key Points:
• Federal Bank – launched an exclusive NR (Non Resident) Savings Account scheme for the Seafarer segment
• HQs Federal Bank – Aluva, Kerala | MD & CEO – Shyam Srinivasan | Tagline – “Your Perfect Banking Partner”
11. Paytm Payments Bank Ltd (PPBL) has announced to start issuing Physical Debit Cards by Visa after witnessing
the popularity of Visa virtual debit cards among its customers. PPBL is targeting to issue over 1 million physical
debit cards by end of FY ’21. {Read more}
Key Points:
• Paytm Payments Bank – to start issuing Physical Visa Debit Cards
• HQs of Paytm – Noida, Uttar Pradesh | CEO – Vijay Sekhar Sharma
12. Central Bank of India has allotted over 280 Cr shares to the government on preferential basis for Rs 4,800 Cr
capital infusion in the bank. With this allotment, shareholding of President of India (Government of India) has
increased from 89.78% to 93.08%. {Read more}
Key Points:
• CBoI – allotted over 280 Cr shares to the Government on preferential basis for Rs 4,800 Cr capital infusion
13. HSBC Holdings Plc has exited its US domestic mass market retail banking business, agreeing to sell 90
branches. The move is part of a larger plan by HSBC to invest more on wealthy clients in Asia. {Read more}
Key Points:
• HSBC Bank – exited its retail & small business banking market – in the US (agreeing to sell 90 branches)
• HQs of HSBC Inc – London, UK | CEO – Noel Quinn
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• US – Washington, D.C. – US Dollar | 46th President – Joe Biden | 49th VP – Kamala Harris
14. On June 3, HDFC Bank has announced its plans to become Carbon-Neutral by 2031-32. As part of this
initiative, the bank is looking at reducing its emissions, energy, and water consumption. {Read more}
Key Points:
• HDFC Bank – announced its plans to become Carbon-Neutral by 2032
15. On June 5, RBI has released its 2 nd bi-monthly monetary policy statement for FY22. The bulk payment system
under the National Automated Clearing House (NACH) will be available on all days of the week (24X7) from
August 1. Besides, CDs (Certificate of Deposits) shall be issued in a minimum denomination of Rs 5 lakh. India’s
real GDP growth for FY22 was at 9.5%, while Consumer Price Index (CPI) inflation for FY22 was projected at 5.1%.
RBI opened a separate liquidity window of Rs 15,000 Cr with tenure of up to 3 years till March 31, 2022. RBI will
also provide additional special liquidity facility (SLF) of Rs 16,000 Cr to the SIDBI. {Read more}
Key Points:
• RBI released its 2nd bi-monthly monetary policy statement for FY22
• National Automated Clearing House (NACH) will be available 24X7 – from August 1
• CDs shall be issued in a minimum denomination of – Rs 5 lakh
• India’s real GDP growth for FY22 – 9.5% | CPI inflation for FY22 – 5.1% {Flexible news}
• RBI opened a separate liquidity window of Rs 15,000 Cr (tenure of 3 years up-to March 31, 2022)
• RBI – to provide additional SLF of Rs 16,000 Cr to – SIDBI
16. On June 5, The SEBI has enhanced the Overseas Investment Limit for a mutual fund house to $1 billion from
the existing $600 million. The overall mutual fund industry limit is capped at $7 billion. The SEBI also increased
Domestic Mutual Funds’ Foreign Investment Limit in overseas ETFs to $200 million from $50 million. {Read more}
Key Points:
• SEBI enhanced the Overseas Investment Limit for a mutual fund house to – $1 billion (from $600 million)
• Overall mutual fund industry limit is capped at – $7 billion
• SEBI increased Domestic Mutual Funds’ Foreign Investment Limit in overseas ETFs to – $200 million
• HQs of SEBI – Mumbai, Maharashtra | Chairman – Ajay Tyagi | Established in – 1992
17. On June 3, Public Sector Banks have sanctioned 23,16,207 loans which is 95% of the total loans under “PM
SVANidhi” scheme which aims at providing street vendors loans of up to Rs 10,000 with a tenure of 1 year to
restart their business post the COVID-induced lockdown. The Centre launched the PM Street Vendors’
Aatmanirbhar Nidhi (PM SVANidhi) scheme on June 1, 2020. {Read more}
Key Points:
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• PSBs sanctioned 23,16,207 loans which is 95% of the total loans under “PM SVANidhi” scheme
• Loan amount – Rs 10,000 | Tenure – 1 year
18. On June 8, The World Bank’s Board of Executive Directors has approved a $500 million “Raising and
Accelerating Micro, Small and Medium Enterprise (MSME) Performance (RAMP)” program to support the
Government of India’s nationwide initiative to revitalise MSME sector which has been heavily impacted by the
COVID-19 crisis. The program targets improvements in the performance of 5,55,000 MSMEs and is expected to
mobilise financing of $15.5 billion, as part of the government's $3.4 billion “MSME Competitiveness - A Post-
COVID Resilience and Recovery Programme (MCRRP)”. {Read more}
Key Points:
• World Bank – approved a $500 million “RAMP” program to support India’s MSME sector
• The program is expected to mobilise financing of $15.5 billion – as part of the government's $3.4 billion
“MCRRP”
• HQs of World Bank – Washington D.C., USA | Member Countries – 190
• President – David Malpass | MD & CFO – Anshula Kant
19. On June 7, The Group of seven (G-7) advanced economies have secured a landmark deal on taxing
multinational companies as per which the minimum global tax rate would be at least 15%. Under the new
agreement, countries where big firms operate would get the right to tax at least 20% of profits. {Read more}
Key Points:
• Minimum Global Corporate Tax rate for multinational companies fixed by the G7 countries – 15%
• G7 member countries – US, UK, Japan, Germany, France, Italy, Canada | Founded in – 1975
20. On June 7, NITI Aayog has recommended divesting government stake in Central Bank of India and Indian
Overseas Bank (IOB) as part of the privatisation initiative announced in the Union Budget. Nirmala Sitharaman, in
her Budget speech, also announced privatising one general insurance company. {Read more}
Key Points:
• NITI Aayog – recommended privatisation of Central Bank of India & Indian Overseas Bank
• HQs of NITI Aayog – New Delhi | CEO – Amitabh Kant
• Chairperson – Narendra Modi | Vice Chairperson – Rajiv Kumar
• HQs of CBoI – Mumbai, MH | CEO – Matam Venkata Rao | Tagline – “Central to You Since 1911”
21. Rupee Co-operative Bank has been granted an extension for its Banking License by the RBI for another 3
months up to August 31, 2021. Till March 2021, the bank made total recovery of Rs 263.93 Cr and aggregate
operating profit of Rs 70.70 Cr during the last 5 years. {Read more}
Key Points:
• Rupee Co-operative Bank – granted an extension for its Banking License by RBI for another 3 months (till 31 Aug)
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• HQs of Rupee Co-operative Bank – Pune, Maharashtra | Chairman – Sudhir Pandit
22. On June 8, HDFC Bank recently signed an MoU with Karnataka Industrial Area Development Board to provide
a wide range of financial products and services to its customers. The bank will offer credit facilities up to 75% of
the project cost to eligible companies/investors of KIADB. This MoU shall be valid for 3 years from the date of
execution. {Read more}
Key Points:
• HDFC Bank + KIADB – an MoU to offer credit facilities up to 75% of the project cost to eligible companies /
investors
• Karnataka: Capital – Bangalore | CM – BS Yediyurappa | Governor – Vajubhai Vala
23. On June 8, Central Bank of India (CBoI) has announced co-lending partnerships with Indiabulls Housing
Finance and IIFL Home Finance. In November 2020, the RBI had announced a Co-Lending Model (CLM) scheme
under which banks can provide loans along with NBFCs to priority sector borrowers based on a prior
agreement. {Read more}
Key Points:
• CBoI + Indiabulls Housing Finance + IIFL Home Finance = Co-Lending Partnerships
• HQs of CBoI – Mumbai, MH | CEO – Matam Venkata Rao | Tagline – “Central to You Since 1911”
24. On June 7, The RBI has imposed penalty of Rs 4 Cr has been imposed on Bank of India and Rs 2 Cr on Punjab
National Bank for breaching stipulated transaction limits and delaying transfer of unclaimed balances. The bank
had also conducted a review and submitted a Fraud Monitoring Report (FMR) dated January 1, 2019 pertaining
to detection of fraud in an account. {Read more}
Key Points:
• RBI imposed penalty of – Rs 4 Cr has been imposed on Bank of India & Rs 2 Cr on PNB
• HQs of BOI – Mumbai, Maharashtra | CEO – Shri Atanu Kumar Das
• HQs of PNB – New Delhi | MD & CEO – S. S. Mallikarjuna Rao | Tagline – “The Name You Can Bank Upon”
25. On June 9, Indian Bank has partnered wealth-tech company Fisdom to offer a comprehensive suite of wealth
management products and services to the bank’s 10 Cr customers. {Read more}
Key Points:
• Indian Bank + Fisdom = to offer a comprehensive suite of wealth management products and services
• HQs of Indian Bank – Chennai, Tamil Nadu | CEO – Padmaja Chunduru
• HQs of Fisdom – Bangalore, Karnataka | CEO – Subramanya SV
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26. On June 12, Federal Bank has expanded strategic collaboration with Oracle and Infosys to provide an
enhanced customer experience through “Oracle CX” (Customer Experience) platform. The bank’s mantra is
‘Digital at the fore, human at the core’. {Read more}
Key Points:
• Federal Bank+Oracle+Infosys = collaboration to provide an enhanced customer experience through “Oracle CX”
• HQs of Federal Bank – Aluva, Kerala | MD & CEO – Shyam Srinivasan | Tagline – “Your Perfect Banking Partner”
• HQs of Oracle – California, USA | Chairman – Larry Ellison
• HQs of Infosys – Bengaluru, Karnataka | CEO – Salil Parekh
27. On June 11, HDFC Asset Management Company has launched the New Fund Offer (NFO) of HDFC Banking
and Financial Services Fund, which aims to invest in the banking and financial services sector across segments
and market capitalisation. {Read more}
Key Points:
• HDFC Mutual Fund – launched the New Fund Offer (NFO) of HDFC Banking & Financial Services Fund
• HQs of HDFC Mutual Fund – Mumbai, MH | MD & CEO – Navneet Munot
28. On June 7, The SEBI has barred Franklin Templeton Asset Management Company (AMC) from launching any
new debt scheme for 2 years, while imposing a penalty of Rs 5 Cr for violation of regulations norms and also
asked it to pay Rs 517 Cr to wind up 6 debt schemes. {Read more}
Key Points:
• SEBI – barred Franklin Templeton AMC from launching any new debt scheme for 2 years
• SEBI – imposed a penalty of Rs 5 Cr on Franklin Templeton AMC for violation of regulations norms
• SEBI – also asked Franklin Templeton AMC to pay Rs 517 Cr to wind up 6 debt schemes
• HQs of Franklin Templeton AMC – California, US | President & CEO – Jennifer M. Johnson
29. On June 11, Bank of Maharashtra (BoM) has emerged as the top performer among public sector lenders in
terms of loan and deposit growth during financial year 2020-21. The lender recorded 13.45% increase in gross
advances at ₹1.07 lakh Cr in 2020-21. It was followed by Punjab & Sind Bank which registered 8.39% growth.
Current Account Savings Account (CASA) for BoM saw 24.47% rise, the highest among the public sector
lenders. {Read more}
Key Points:
• Bank of Maharashtra – topped among PSU banks in terms of loan & deposit growth during FY 2020-21
• BoM recorded 13.45% increase in gross advances at ₹1.07 lakh Cr in 2020-21 | 2nd – Punjab & Sind Bank
(8.39%)
• HQs of BoM – Pune, Maharashtra | MD & CEO – A S Rajeev | Tagline – “One Family One Bank”
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30. On June 11, The RBI has extended the Risk-Based Internal Audit (RBIA) system to select Housing Finance
Companies to enhance the quality and effectiveness of their Internal Audit System. The RBI has extended the
provisions issued for NBFCs to housing finance companies (HFCs) also. All HFCs with asset size of Rs 5,000 Cr and
above, have been asked to put in place an RBIA framework by June 30, 2022. {Read more}
Key Points:
• RBI – extended the Risk-Based Internal Audit (RBIA) system – to select HFCs
• All HFCs with asset size of Rs 5,000 Cr & above are asked to put in place an RBIA framework – by June 30, 2022
31. On June 11, The State Bank of India (SBI) has introduced a collateral-free loan called “Kavach Personal Loan”
for its customers facing financial stress due to COVID treatment-related expenditures. Under the scheme, SBI is
providing collateral-free personal loans of up to Rs 5 lakh at an 8.5% annual interest rate. {Read more}
Key Points:
• SBI – introduced a collateral-free loan called “Kavach Personal Loan” for its customers facing financial stress
• Collateral-free Personal Loans – upto Rs 5 lakh | Annual Interest Rate – 8.5%
32. On June 10, As per the recommendations of the Committee on ATM Pricing under the chairmanship of VG
Kannan, the RBI has increased the interchange fee on ATM transactions from ₹15 to ₹17 and on non-financial
transactions from ₹5 to ₹6. This revised rate will come into effect from August 1, 2021. RBI enabled the
customers eligible to make 5 free transactions every month from the ATMs of Bank of Origin. If customers
exceed their monthly limit of free transactions from January 1, 2022, they will have to pay ₹21. {Read more}
Key Points:
• “Committee on ATM Pricing” headed by VG Kannan – recommended the RBI to modify the ATM interchange
fee
• The interchange fee on ATM transactions = ₹17 (from ₹15) | Non-financial transactions = ₹6 (from ₹5)
• This revised rate will come into effect – from August 1, 2021
• 5 free transactions every month from the ATMs of Bank of Origin – from Jan, 2022 (₹21 for more than 5
transactions)
33. On June 11, India’s foreign exchange reserves crossed the $600 billion mark for the first time after increasing
by $6.842 billion in the week ended June 4, as per weekly data by the RBI. In the reporting week, foreign
currency assets (FCA) jumped by $7.362 billion to $560.890 billion and Gold reserves declined by $502 million to
$37.604 billion. India presently ranks 5th in terms of foreign exchange reserves. {Read more}
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Key Points:
• India’s foreign exchange reserves crossed the $600 billion mark for the first time (increased by $6.842 billion)
• FCA increased by $7.362 billion – to $560.890 billion | Gold reserves declined by $502 million – to $37.604
billion
• Currently, India’s rank in term of foreign exchange reserves – 5th
34. On June 15, The Sikkim legislative assembly has passed Rs 9852.85 Cr budget for the financial year 2021-22.
The state government has announced a loss of Rs 900 Cr due to pandemic hit - Tourism sector. {Read more}
Key Points:
• Sikkim – passed Rs 9852.85 Cr budget for the FY 2021-22 (loss of Rs 900 Cr due to pandemic hit on Tourism)
• Sikkim: Capital – Gangtok | CM – Prem Singh Tamang | Governor – Ganga Prasad
35. On June 9, Indian Bank and Practo have partnered to provide existing and former employees of the bank and
their family members with Practo’s signature corporate health and wellness plans during the covid-19
Key Points:
• Indian Bank + Practo = to provide Practo’s Corporate Health & Wellness plans to bank’s employees
• HQs of Indian Bank – Chennai, Tamil Nadu | CEO – Padmaja Chunduru | ED – Imran Amin Siddiqui
• HQs of Practo – Bangalore, Karnataka | CEO – Shashank ND
36. On June 15, Ujjivan Small Finance Bank has collaborated with customer engagement platform MoEngage to
drive digital banking experiences in the unserved and underserved regions of India. {Read more}
Key Points:
• Ujjivan SFB + MoEngage = to drive digital banking experiences in the unserved & underserved regions
• HQs of Ujjivan SFB – Bengaluru, Karnataka | MD & CEO – Nitin Chugh
• HQs of MoEngage – San Francisco, California, US | Founder & CEO – Raviteja Dodda
37. On June 15, The RBI has issued restrictions/regulations with respect to investments in payments system
operators (PSOs) by new entities from FATF non-compliant jurisdictions that have weak measures to deal with
money laundering and terrorist financing activities. Fresh investments (directly or indirectly) from such
jurisdictions, in aggregate, should account for less than 20% of the voting power of the PSO. {Read more}
Key Points:
• RBI issued restrictions with respect to investments in PSOs by new entities from FATF non-compliant
jurisdictions
• Fresh investments from such jurisdictions should account for less than 20% of the voting power of the PSO
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38. On June 10, Karix Mobile, a wholly owned subsidiary of Tanla Platforms, has announced the deployment of a
conversational banking solution for Axis Bank through WhatsApp. Using the solution, Axis Bank customers can
now start a WhatsApp chat with the bank to conduct frequent banking activities on-the-go. {Read more}
Key Points:
• Karix Mobile + Axis Bank = partnership to deploy ‘Conversational Banking Solution’ through WhatsApp
• HQs of Karix Mobile – Mumbai, MH | CEO – Jay Sheth
39. On June 15, The RBI has revoked the deposit-taking status of Dewan Housing Finance (DHFL) and has
reclassified it as a non-deposit taking housing finance company, before approving the Piramal group's bid to take
over it. {Read more}
Key Points:
• RBI revoked the deposit-taking status of DHFL & reclassified it as a Non-deposit taking Housing Finance Company
• HQs of DHFL – Mumbai | CEO – Kapil Wadhawan
40. On June 16, LIC Cards Services Ltd (LIC-CSL) has partnered with IDBI Bank to launch contactless prepaid gift
card “Shagun” on RuPay platform. The Shagun Gift Card offers flexible loading amounts, ranging from ₹500 to
₹10,000 and validity of 3 years. {Read more}
Key Points:
• LIC Cards Services Ltd + IDBI Bank = to launch contactless prepaid gift card “Shagun” on RuPay platform
• Shagun Gift Card’s loading amounts – from ₹500 to ₹10,000 | Validity – 3 years
• HQs of LIC Cards Services Ltd – Mumbai, MH
• HQs of IDBI Bank – Mumbai, MH | CEO – Rakesh Sharma | Established in – 1964 | Tagline – “Bank Aisa Dost Jaisa”
41. On June 16, ICICI Bank has launched a comprehensive set of digital banking solutions called “ICICI STACK” for
Corporates. It provides customised digital banking services to companies in over 15 sectors such as financial
services, IT/ITES, pharmaceuticals, steel and their entire ecosystem. It has also opened 8 ecosystem branches, 5
in Mumbai and 3 New Delhi. {Read more}
Key Points:
• ICICI Bank – launched a comprehensive set of digital banking solutions called “ICICI STACK” for Corporates
• HQs of ICICI Bank – Mumbai | MD & CEO – Sandeep Bakshi | Tagline – “Hum Hain Na!”
42. On June 14, The RBI has expanded scope and coverage of Bharat Bill Payment System (BBPS). Currently,
Direct to Home (DTH), Electricity, Gas, Telecom and Water are payable through BBPS. The RBI decided to permit
‘Mobile Prepaid Recharges’ as a biller category in BBPS. This will be implemented on or before August 31, 2021.
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BBPS is as an interoperable platform for repetitive bill payments. It was launched by the NPCI in 2016 on Pilot
basis and became operational in 2017. {Read more}
Key Points:
• RBI – expanded scope & coverage of Bharat Bill Payment System (BBPS)
• RBI – to permit ‘Mobile Prepaid Recharges’ as a biller category in BBPS
• BBPS was launched on Pilot basis – by NPCI in 2016 (became operational in 2017)
43. On June 17, IndusInd Bank has launched “IndusEasy Credit”, a comprehensive digital lending platform that
enables customers to meet their financial requirements from the comfort of their homes. With this, both
existing as well as non-IndusInd Bank customer can instantly avail personal loans or credit cards on a single
platform in a completely paperless and digital manner. {Read more}
Key Points:
• IndusInd Bank – launched “IndusEasy Credit” - a comprehensive digital lending platform
44. On June 15, The Reserve Bank of India (RBI) has released Consultative Document on Regulation of
Microfinance. The key proposals of the Consultative Document include a common definition of microfinance
loans for all regulated entities. {Read more}
Key Points:
• RBI – released Consultative Document on Regulation of Microfinance
45. On June 16, Google Pay has expanded Tokenisation of Credit & Debit cards with SBI, IndusInd, HSBC and
Federal Bank. The platform had earlier rolled out tokenisation with Kotak Mahindra Bank, SBI Cards and Axis
Bank. {Read more}
Key Points:
• Google Pay – expanded Tokenisation of Credit & Debit cards with SBI, IndusInd, HSBC & Federal Bank
• HQs of Google – California, US | CEO – Sundar Pichai | Founded in – 1998
46. On June 13, IDFC First Bank has launched the “Ghar Ghar Ration” Program, an Employee-funded program for
its low-income customers whose livelihoods are affected by the Covid-19 pandemic. The program involves the
supply of ration kits to 50,000 low-income customers. {Read more}
Key Points:
• IDFC First Bank – launched the “Ghar Ghar Ration” Program
• HQs of IDFC First Bank – Mumbai, Maharashtra | CEO – V. Vaidyanathan
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47. On June 18, The RBI has given approval for the takeover of Punjab and Maharashtra Cooperative Bank (PMC
Bank) by Centrum Financial Services Ltd and BharatPe. RBI also decided to grant in-principle approval to Centrum
to set up a small finance bank under on-tap licensing norms. {Read more}
Key Points:
• RBI – gave approval for the takeover of PMC Bank by Centrum Financial Services & BharatPe
• RBI also decided to grant oval to Centrum to set up a Small Finance Bank
• HQs of PMC Bank – Mumbai, Maharashtra | Administrator – A. K. Dixit
• HQs of Centrum Financial Services Ltd – Mumbai, MH | MD – Ranjan Ghosh
48. On June 17, As per the RBI’s “State of Economy” report, the RBI was second only behind Turkey in terms of
reserves transferred to the government as a percentage of GDP for the fiscal year 2020-21. The RBI transferred
0.44% of the GDP while Turkey transferred 0.50% of the GDP. In FY20, the RBI stood 4th. In May, the RBI
transferred a Rs 99,122 Cr surplus to the government. {Read more}
Key Points:
• RBI – stood at 2nd in terms of reserves transferred to the government as a percentage of GDP | 1st – Turkey
• RBI transferred 0.44% of the GDP in FY2020-21 | Turkey transferred 0.50% of the GDP in FY2020-21
• RBI transferred a Rs 99,122 Cr surplus to the government in May 2021
49. On June 17, IndusInd Bank has launched “IndusEasy Credit”, a comprehensive digital lending platform that
enables customers to meet their financial requirements from the comfort of their homes. {Read more}
Key Points:
• IndusInd Bank – launched a comprehensive digital lending platform “IndusEasy Credit”
50. On June 15, India’s retail inflation raced to 6.3% in May, breaching the upper limit of the RBI’s inflation target
for the first time in 6 months. The jump in retail inflation was primarily on account of rising food and fuel prices.
The RBI targets the 2-6% range only for retail inflation and may overlook the Wholesale Price Index (WPI)-based
inflation. Wholesale price inflation also increased to 12.94% in May which is an 11-year-high. {Read more}
Key Points:
• India’s retail inflation reached to 6.3% in May, 2021
• RBI targets the 2-6% range for retail inflation
• Wholesale Price Inflation also increased to 12.94% in May, 2021
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51. On June 19, Union Bank of India (UBI) has entered into an MoU with The National Small Industries
Corporation Ltd (NSIC) under “NSIC Bank Credit Facilitation Scheme” to support MSMEs with credit
requirements. Under the arrangement the MSME Unit can approach directly to any of NSIC branch offices which
are also operating as Finance Facilitation Centre (FFC) and submit their request for loan requirement from Union
Bank of India. {Read more}
Key Points:
• UBI + NSIC = an MoU to support MSMEs with credit requirements – under “NSIC Bank Credit Facilitation
Scheme”
• HQs of UBI – Mumbai, Maharashtra | CEO – Rajkiran Rai G. | Tagline – “Good People to Bank With”
• HQs of NSIC – New Delhi | CMD – Vijayendra
52. On June 21, ICICI Bank has extended the instant “Cardless EMI” facility to online purchases made on e-
commerce platforms. Customers can convert the transactions up to ₹5 lakh into EMI. {Read more}
Key Points:
• ICICI Bank – extended the instant “Cardless EMI” facility to online purchases made on e-commerce platforms
• HQs of ICICI Bank – Mumbai, MH | MD & CEO – Sandeep Bakhshi | Tagline – “Hum Hain Na!”
53. On June 23, SBI General Insurance has inked a bancassurance Partnership with IDFC (Infrastructure
Development Finance Company) FIRST Bank for selling its non-life insurance products. IDFC First Bank was
established in 2018, by merging erstwhile IDFC Bank and former Capital First. {Read more}
Key Points:
• SBI General Insurance + IDFC FIRST Bank = a bancassurance Partnership
• HQs of SBI Gen Ins. – Mumbai, MH | MD & CEO – Prakash Chandra Kandpal | Tagline – ‘Suraksha aur Bharosa
Dono’
• HQs of IDFC First Bank – Mumbai, Maharashtra | CEO – V. Vaidyanathan | Established in – 2018
• IDFC Bank + Capital First = IDFC First Bank (merged in 2018)
54. On June 19, The RBI has imposed penalties of Rs 23 lakh on 3 cooperative banks for contravention of various
norms. A penalty of Rs 12 lakh has been imposed on Mogaveera Co-operative Bank Limited, Rs 10 lakh on
Indapur Urban Cooperative Bank, and Rs 1 lakh on The Baramati Sahakari Bank Limited, Baramati. {Read more}
Key Points:
• RBI – imposed penalties of Rs 23 lakh on 3 cooperative banks
• Rs 12 lakh – on Mogaveera Co-operative Bank Ltd (Mumbai, MH)
• Rs 10 lakh – on Indapur Urban Cooperative Bank (Indapur, MH)
• Rs 1 lakh – on Baramati Sahakari Bank Ltd (Baramati, MH)
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55. On June 18, PhonePe has launched India’s first Auto Top-up feature for its payment wallet, using UPI e-
mandate. This feature will allow customers of PhonePe to set up a UPI e-mandate once, post which the company
will automatically top up their wallet balance when it falls below the minimum below. {Read more}
Key Points:
• PhonePe – launched India’s first Auto Top-up feature for its payment wallet, using UPI e-mandate
• HQs of PhonePE – Bangalore, Karnataka | MD & CEO – Sameer Nigam | Founded in – 2015
56. On June 22, As a part of Neo-lending strategy, India’s largest lending marketplace, Paisabazaar.com, has
partnered with SBM Bank of India to launch “Step-Up Credit Card”. It is a secured card provided against a fixed
deposit (with SBM Bank of India). With an end-to-end digital process, it is instantly issued and activated. {Read
more}
Key Points:
• Paisabazaar.com + SBM Bank of India = launched “Step-Up Credit Card”
• HQs of Paisabazaar.com – Gurgaon, Haryana | CEO – Naveen Kukreja
• HQs of SBM Bank India – Mumbai, MH | MD & CEO – Sidharth Rath
• SBM Bank India – the 1st foreign bank in India to obtain a banking licence from the RBI
57. Afthonia Lab has announced a strategic partnership with YES Bank to support fintech companies in India in
their efforts to innovate and inject new ideas that would transform the Indian financial sector. Afthonia Lab's
portfolio startups will be able to develop APIs in a sandbox environment. {Read more}
Key Points:
• Afthonia Lab + YES Bank = partnership to support fintech companies in India
• HQs of Afthonia Lab – Bengaluru, Karnataka | CEO – Tanul Mishra
58. On June 24, SBI Card and Fabindia have joined hands to launch an exclusive co-branded Contactless Credit
Card - Fabindia SBI Card. The card comes in two variants - Fabindia SBI Card SELECT and Fabindia SBI Card. {Read
more}
Key Points:
• SBI Card + Fabindia = partnership to launch an exclusive co-branded Contactless Credit Card
• The card comes in two variants - “Fabindia SBI Card SELECT” & “Fabindia SBI Card”
• HQs of SBI Cards & Payment Services Ltd – Gurgaon, Haryana | MD & CEO – Rama Mohan Rao Amara
• HQs of Fabindia – New Delhi | CEO – Viney Singh
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59. On June 24, State Bank of India (SBI) has launched a new “Aarogyam Healthcare Business Loan” for the
healthcare sector to extend loan support in view of the novel coronavirus pandemic. Under this new scheme, the
entire healthcare ecosystem can avail of loans up to ₹100 Cr, repayable in 10 years. {Read more}
Key Points:
• SBI – launched a new “Aarogyam Healthcare Business Loan” for the healthcare sector
• Entire Healthcare Ecosystem can avail of loans up to ₹100 Cr, repayable in 10 years
60. On June 24, According to the latest data from the Bank for International Settlements (BIS), the bank credit-
to-GDP ratio rose to a 5-year high of 56.075% in 2020. Total outstanding bank credit stood at $1.52 trillion in
India in 2020. {Read more}
Key Points:
• Bank credit-to-GDP ratio rose to a 5-year high of a little over 56% in 2020
• HQs of BIS – Basel, Switzerland | General Manager – Agustin Carstens | Established in – 1930
61. On June 24, The RBI has issued guidelines for distribution of dividends by Non-Banking Financial Companies
(NBFCs) from the profits of financial year (FY) ending March 31, 2022 and onwards. The deposit-taking NBFCs
should have a CRAR of at least 15% for the last 3 years. Net NPA ratio should be less than 6% in each of the last 3
FYs. {Read more}
Key Points:
• RBI issued guidelines for distribution of dividends by NBFCs from the profits of FY ending March 31, 2022
• Deposit-taking NBFCs should have a CRAR of at least 15% for the last 3 years
• Net NPA ratio should be less than 6% in each of the last 3 FYs
62. On June 23, Kotak Mahindra Bank has launched a new feature called “Pay Your Contact” that enables its
customers to send money or make payments to any of their contacts across all payment apps simply by the
beneficiary’s mobile number. {Read more}
Key Points:
• Kotak Mahindra Bank – launched a new feature called “Pay Your Contact”
• HQs of Kotak Mahindra Bank – Mumbai, MH | MD & CEO – Uday Kotak | Tagline – “Let's make money simple”
63. On June 24, The RBI has imposed a total penalty of Rs 8 lakh on 3 Maharashtra-based co-operative banks for
deficiencies in regulatory compliance. A penalty of Rs 4 lakh has been imposed on Excellent Co-operative Bank,
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Mumbai, and Rs 2 lakh each on Janseva Sahakari Bank Limited, Pune and The Ajara Urban Co-operative Bank,
Ajara (Kolhapur). {Read more}
Key Points:
• RBI – imposed a total penalty of Rs 8 lakh on 3 Maharashtra-based co-operative banks
– Excellent Co-operative Bank, Mumbai – Rs 4 lakh
– Janseva Sahakari Bank Limited, Pune – Rs 2 lakh
– Ajara Urban Co-operative Bank, Kolhapur – Rs 2 lakh
64. On June 26, The RBI has extended the regulatory restrictions on Punjab and Maharashtra Cooperative (PMC)
Bank by another 6 months till December 2021 to enable the completion of its takeover by Centrum Financial
Services. {Read more}
Key Points:
• RBI – extended the regulatory restrictions on PMC Bank – by 6 months (till December 2021)
• HQs of PMC Bank – Mumbai, Maharashtra | Administrator – A. K. Dixit
65. On June 28, Nitin Gadkari has launched Indian Bank’s flagship Business Mentoring Program “MSME Prerana”
in the state of Maharashtra. ‘MSME Prerana’ is a novel, unique and innovative business mentoring program, first
of its kind to empower MSME Entrepreneurs. {Read more}
Key Points:
• Nitin Gadkari – launched Indian Bank’s “MSME Prerana” program – in Maharashtra
• HQs of Indian Bank – Chennai, Tamil Nadu | CEO – Padmaja Chunduru | Tagline – “Your Own Bank”
• Maharashtra: CM – Uddhav Thackeray | Governor – Bhagat Singh Koshyari
66. On June 29, Ujjivan Small Finance Bank has partnered with digital lender LoanTap to provide personal loans
up-to Rs 10 lakhs to salaried professionals. This is part of Ujjivan SFB’s API banking initiative, through which over
150 APIs are available offering fast and secure tie-ups for digital lending and digital liabilities, payments to
fintechs. {Read more}
Key Points:
• Ujjivan SFB + LoanTap = partnership to provide personal loans up-to Rs 10 lakhs to Salaried Professionals
• HQs of LoanTap – Pune, Maharashtra | CEO – Satyam
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67. On June 29, Axis Bank has selected Amazon Web Services (AWS) by signing a multi-year agreement to
accelerate its digital transformation program and meet the growing demand for its digital banking
services. {Read more}
Key Points:
• Axis Bank – selected Amazon Web Services (AWS) to accelerate its digital transformation program
• HQs of AWS – Seattle, Washington, US | CEO – Andy Jassy
68. Thane-based banking technology provider Network People Services Technology (NPST) has received a Third-
Party Application Provider (TPAP) registration from the National Payments Corporation of India (NPCI) for its
TimePay solution. {Read more}
Key Points:
• NPST (Thane, MH) – received a Third-Party Application Provider (TPAP) registration from NPCI
69. On June 30, The RBI has released the “Sources of Variation in Foreign Exchange Reserves” in India during
2020-21. India’s Foreign Exchange Reserves in nominal terms, including the valuation effects, increased by $99.2
billion during the financial year 2020-21. Foreign investment in India stood at $80.1 billion in FY 2020-21. India’s
balance of payments (BoP) in Q4 of FY21 has reported a Current account surplus of 0.9% of GDP in FY21. {Read
more}
Key Points:
• RBI – released the “Sources of Variation in Foreign Exchange Reserves” in India during 2020-21
• India’s Foreign Exchange Reserves – increased by $99.2 billion during FY21
• Foreign investment in India – $80.1 billion in FY21
• Current account surplus of GDP in FY21 – 0.9%
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[May-2021]
1. The RBI has imposed a penalty of ₹40 lakh on Himachal Pradesh State Cooperative Bank, Shimla, for non-
compliance with certain regulatory directions issued by NABARD contained in “Review of Frauds - Guidelines on
Monitoring and Reporting System”. {Read more}
Key Points:
• RBI – imposed a penalty of ₹40 lakh on Himachal Pradesh State Cooperative Bank (Shimla)
• HQs of NABARD – Mumbai, Maharashtra | Chairman – Chintala Govinda Rajulu
2. On May 1, The SEBI has issued a circular mandating alignment of the interest of key employees of Asset
Management Companies (AMCs) with the unit-holders of the mutual fund schemes. As per the circular,
minimum 20% of the salary/ perks/ bonus/ non-cash compensation (gross annual CTC) net of income tax of the
key employees of the AMCs shall be paid in the form of units of mutual fund schemes. These units will be locked
in for 3 years. {Read more}
Key Points:
• SEBI – mandated all key employees of AMCs to contribute minimum 20% of their salary in Mutual Funds
Schemes
3. Gemini, a cryptocurrency platform, has announced to launch its first-of-a-kind Cryptocurrency Rewards Credit
Card, in a partnership with Mastercard and WebBank. Cardholders will earn up to 3% back on qualifying
purchases in bitcoin or any of the more than 30 cryptocurrencies available on Gemini. {Read more}
Key Points:
• Gemini + Mastercard + WebBank = to launch its first-of-a-kind “Cryptocurrency Rewards Credit Card”
• HQs of Gemini – New York, US | Co-founder – Tyler Winklevoss
• HQs of Mastercard – New York, USA | CEO – Michael Miebach | Founded in – 1966
• HQs of WebBank – Utah, US | Chairman – Jack Howard
4. On May 3, The RBI has imposed a monetary penalty of Rs 3 Cr on ICICI Bank for “contravention of certain
directions issued by the RBI contained in Master Circular on ‘Prudential Norms for Classification, Valuation and
Operation of Investment Portfolio by Banks’ dated July 1, 2015”. {Read more}
Key Points:
• RBI imposed a monetary penalty of Rs 3 Cr on ICICI Bank – for violating the ‘Prudential Norms’
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5. On May 5, The RBI has relaxed Overdraft (OD) facilities for state governments to manage the fiscal situation
better. Accordingly, the maximum number of days of OD in a quarter is being increased from 36 to 50 days and
the number of consecutive days of OD from 14 to 21 days. This facility will be available up to September 30,
2021. The Ways and Means Advance (WMA) limits of states have already been enhanced on April 23,
2021. {Read more}
Key Points:
• RBI relaxed Overdraft (OD) facilities for state governments
• Maximum number of days of OD in a quarter – increased to 50 days (from 36) – up to Sep, 2021
• Number of consecutive days of OD – increased to 21 days (from 14) – up to Sep, 2021
6. On May 5, The Reserve Bank of India (RBI) will give banks Rs 50,000 Cr to enable them to lend further for
‘healthcare needs’ in the Covid-19 crisis. On-tap liquidity of Rs 50,000 Cr at repo rate is being opened till March
31, 2022. Micro-Finance Institutions with Asset size over Rs 500 Cr shall receive loans from Small Finance Banks
under PSL. This facility will be available up to March 31, 2022. {Read more}
Key Points:
• RBI will give banks Rs 50,000 Cr to enable them to lend further for ‘healthcare needs’ (opened till March 31, 2022)
• MFIs (with Asset size over Rs 500 Cr) – to receive loans from SFBs under PSL
7. On May 5, Kotak Mahindra Bank has been selected as a digital payments partner by the National Agriculture
Market (eNAM). As part of this initiative, the bank will provide payment, clearing and settlement services on the
eNAM platform to facilitate trade between a buyer and seller of an agri produce. {Read more}
Key Points:
• Kotak Mahindra Bank – selected as a digital payments partner National Agriculture Market (eNAM)
• HQs of Kotak Mahindra Bank – Mumbai, MH | MD & CEO – Uday Kotak
8. On May 5, The Cabinet Committee on Economic Affairs has given its in-principle approval for strategic
divestment and transfer of management control in IDBI Bank Ltd. The Government of India (GoI) and Life
Insurance Corporation (LIC) together own over 94% stake in IDBI Bank. {Read more}
Key Points:
• Cabinet approved strategic divestment & management control transfer in IDBI Bank
• HQs of IDBI Bank – Mumbai, MH | CEO – Rakesh Sharma | Established in – 1964
9. On May 7, The RBI’s Regulations Review Authority (RRA 2.0) has constituted a 6-member Advisory Group
headed by Swaminathan Janakiraman to support it in reviewing the central bank’s regulations and compliance
procedures with a view to streamlining / rationalising them to make them more effective. The Authority has
been set up initially for a period of 1 year from May 1, 2021. {Read more}
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Key Points:
• RBI’s RRA 2.0 – constituted a 6-member Advisory Group for a period of 1 year
• It is headed by S. Janakiraman (Managing Director of SBI)
10. On May 5, The RBI has announced the second purchase of government securities worth Rs 35,000 Cr under
the G-sec Acquisition Programme (G-SAP 1.0) on May 20. The first purchase of Rs 25,000 Cr was made in April,
2021. {Read more}
Key Points:
• RBI announced the 2nd purchase of government securities worth Rs 35,000 Cr under “G-SAP 1.0” – on May 20
• The first purchase of Rs 25,000 Cr was made in April | G-SAP – G-sec Acquisition Programme
11. On May 6, The banking regulator Reserve Bank of India (RBI) has excluded Lakshmi Vilas Bank (LVB) from the
Second Schedule of the RBI Act. This was after LVB merged with DBS Bank India. All banks which are included in
the Second Schedule to the Reserve Bank of India Act, 1934 are Scheduled Banks. {Read more}
Key Points:
• RBI – excluded Lakshmi Vilas Bank (LVB) from the Second Schedule of the RBI Act, 1934
• HQs of LVB – Chennai, Tamil Nadu | MD & CEO – Subramanian Sundar
12. On May 5, The RBI has granted an authorization to Bajaj Finance for issuance and operation of semi-closed
Prepaid Payment Instruments (PPIs) with perpetual validity. {Read more}
Key Points:
• RBI granted an authorization to “Bajaj Finance” for Prepaid Payment Business
• HQs of Bajaj Finserv – Pune, Maharashtra | Chairman and MD (CMD) – Sanjiv Bajaj
13. On May 10, HDFC Bank and Common Services Centres (CSCs) have launched “Eva” chatbot on CSCs Digital
Seva Portal to support the Village Level Entrepreneurs (VLEs) in providing banking services to rural
consumers. {Read more}
Key Points:
• HDFC Bank + CSCs = launched “Eva” chatbot on CSCs Digital Seva Portal to support rural consumers
• HQs of CSCs – New Delhi | Chairman – Ajay Prakash Sawhney | CEO – Sanjay Kumar Rakesh
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14. On May 9, The Reserve Bank of India (RBI) has extended the restrictions on Karnataka-based Millath Co-
operative Bank by 3 months, till August 8, 2021. The restrictions were first imposed in May, 2019 and have been
extended thereafter. It was last extended till May 7, 2021. {Read more}
Key Points:
• RBI – extended the restrictions Millath Co-operative Bank by 3 months (till Aug 8, 2021)
• HQs of Millath Co-operative Bank – Davangere, Karnataka
15. On May 10, The RBI has modified norms for undertaking government business by private banks. According to
the modified norms, scheduled private sector banks, which are not under the Prompt Corrective Action (PCA)
framework of the RBI, can undertake government business after executing an agreement with the central bank.
Besides, Existing bank accounts opened using OTP based e-KYC, will not be allowed for more than 1 year without
further identification. {Read more}
Key Points:
• RBI – modified norms for undertaking government business by Private Banks
• Scheduled Private Sector Banks which are not under the PCA framework can undertake government business
• Existing bank accounts opened using OTP based e-KYC won’t be allowed for more than 1 year
16. On May 10, Federal Bank has entered into a strategic tie-up with UAE-based Mashreq Bank to facilitate
money transfers from the UAE. Mashreq is one of the oldest banks and also the only privately-owned bank in
UAE. The partnership will support Mashreq’s faster payment product “QuickRemit” which was launched in
2017. {Read more}
Key Points:
• Federal Bank + Mashreq Bank (UAE) = a strategic tie-up to facilitate money transfers between UAE & India
17. On May 11, Geojit Financial Services has entered into an agreement with Punjab National Bank to provide a
three-in-one (Savings, Demat & Trading) account to the latter’s customers. The 3-in-1 account makes it easier for
PNB customers to transfer funds real time via the payment gateway facility. {Read more}
Key Points:
• Geojit Financial Services + PNB = an agreement to provide a 3-in-1 (Savings, Demat & Trading) account
• HQs of Geojit Financial Services – Kochi, Kerala | MD & CEO – C. J. George
18. On May 11, Jana Small Finance Bank has launched “I choose my number” feature for all its customers across
India. This new feature gives the banks existing and new customers the option to select their favourite numbers
as their savings or current account number. {Read more}
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Key Points:
• Jana SFB – launched “I choose my number” feature for all its customers across India
• HQs JSFB – Bengaluru, Karnataka | MD & CEO – Ajay Kanwal
19. On May 12, The Reserve Bank of India (RBI) has granted authorisation to Eroute Technologies to operate as a
prepaid payment instruments (PPI) company. PPIs are instruments that facilitate purchase of goods and services,
including financial services, remittances, and funds transfers. {Read more}
Key Points:
• RBI – granted authorisation to “Eroute Technologies” to operate as a Prepaid Payment Instruments (PPI)
company
• HQs of Eroute Technologies – Noida, UP | MD & CEO – Sanjeev Pandey
20. On May 12, PayPal has introduced an automated process for receiving Foreign Inward Remittance Advice
(FIRA), a key document for Indian MSME exporters and freelancers. At zero-cost, merchants will now be able to
download their monthly digital FIRA issued by the ban. This FIRA was otherwise coming at a cost close to ₹2,000
for every 20 international transactions. {Read more}
Key Points:
• PayPal – introduced an automated process for receiving “FIRA” – for Indian merchants
• FIRA – Foreign Inward Remittance Advice
• HQs of PayPal – California, USA | CEO – Daniel Schulman | Founded in – 1998
21. On May 13, Shareholders of Indian Overseas Bank (IOB) have given their approval for issuance of
246,54,23,932 equity shares to the government of India on a preferential basis for the capital infusion of Rs
4,100 Cr. {Read more}
Key Points:
• IOB – received shareholders’ nod for Rs 4,100-Cr infusion by Government of India
22. On May 13, Reserve Bank of India (RBI) has cancelled the licence of United Co-operative Bank Ltd, based in
Bagnan, West Bengal due to inadequate capital and earning prospects. As such, it does not comply with the
provisions of section 11(1) and section 22(3)(d) read with section 56 of the Banking Regulation Act, 1949. {Read
more}
Key Points:
• RBI – cancelled the licence of United Co-operative Bank Ltd (Bagnan, West Bengal)
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23. On May 13, Airtel Payments Bank has launched gold investment platform “DigiGold” in partnership with
SafeGold. The DigiGold investment platform will enable Airtel Payments Bank’s saving account customers to
invest in 24K gold using the Airtel Thanks App. Airtel Payments Bank recently increased its savings deposit limit
to Rs 2 lakhs in line with RBI guidelines. {Read more}
Key Points:
• Airtel Payments Bank + SafeGold = launched gold investment platform “DigiGold”
• Savings deposit limit in Airtel Payments Bank – Rs 2 lakhs
• HQs of SafeGold – Mumbai, MH | MD – Gaurav Mathur
24. On May 13, Bank of Baroda has launched a micro-website that will serve as an emergency networking
platform for all employees amid the second wave of COVID-19. The microsite will offer vital data, including a
network of plasma donors to employees who are in need of. {Read more}
Key Points:
• Bank of Baroda – launched a micro-website to support employees amid COVID-19 pandemic
• HQs of BOB – Vododara, Gujarat | CEO – Sanjiv Chadha | Tagline – India's International Bank
25. On May 18, The SEBI has proposed an elaborate framework for setting up a Gold Exchange in India wherein
the Gold will be traded in the form of “Electronic Gold Receipt” (EGR) and will help in having a transparent
domestic spot price discovery mechanism. {Read more}
Key Points:
• SEBI – proposed an elaborate framework for setting up a Gold Exchange in India
• SEBI – also suggested that the Gold to be traded in the form of “Electronic Gold Receipt” (EGR)
26. On May 18, The Reserve Bank of India (RBl) has imposed a penalty of Rs 1 lakh on Priyadarshini Mahila Nagari
Sahakari Bank Ltd, Beed, Maharashtra for violation of certain directions issued under Supervisory Action
Framework (SAF). {Read more}
Key Points:
• RBl – imposed a penalty of Rs 1 lakh on Priyadarshini Mahila Nagari Sahakari Bank Ltd (Maharashtra)
27. On May 20, HyperVerge has partnered with SBI for one of its flagship products, the “Video KYC Solution” to
ramp up technology for online customer onboarding amidst COVID-19 economic recovery. {Read more}
Key Points:
• SBI + HyperVerge = partnership for the “Video KYC Solution”
• HQs of HyperVerge – California, US | CEO – Kedar Kulkarni
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28. On May 19, IDBI Bank has launched its fully digitised Loan Processing System (LPS), offering over 50 products
to MSME and agriculture sector. {Read more}
Key Points:
• IDBI Bank – launched its fully digitised Loan Processing System (LPS) for MSMEs & Agriculture sector
• HQs of IDBI Bank – Mumbai, MH | CEO – Rakesh Sharma | Established in – 1964 | Tagline – “Bank Aisa Dost
Jaisa”
29. On May 18, HSBC India has launched digital banking solutions for its corporate customers. “HSBC
SmartServe” and “HSBC IntelliSign” are first-of-its-kind digital solutions aimed at ensuring a quick, secure and
seamless on-boarding process for corporate clients. {Read more}
Key Points:
• HSBC India – launched 2 new first-of-its-kind Digital Banking Solutions “HSBC SmartServe” & “HSBC IntelliSign”
• HQs of HSBC India – Mumbai, MH | CEO – Surendra Rosha | Founded in – 1853
30. On May 19, The RBI has mandated regulatory guidelines for Prepaid payment instruments (PPIs) issuers. The
maximum amount outstanding in respect of full-KYC PPIs (KYC-compliant PPIs) has been increased from ₹1 lakh
to ₹2 lakh. Full-KYC PPIs Maximum limit is increased to ₹2,000 per transaction with an overall limit of ₹10,000
per month. {Read more}
Key Points:
• RBI – mandated regulatory guidelines for Prepaid payment instruments (PPIs) issuers
• The maximum amount outstanding in respect of full-KYC – increased to ₹2 lakh (from ₹1 lakh)
• Full-KYC PPIs Maximum limit – increased to ₹2,000 per transaction (overall limit - ₹10,000 / month)
31. On May 19, Alankit Imaginations Limited has partnered with Digital Swiss Gold (DSG) allowing investors to
buy and hold physical gold digitally in Switzerland as well as sell and send gold via a mobile app. Under the
Liberalised Remittance Scheme of the RBI, an individual can buy Gold starting from 1 gram and to a maximum
limit of $2,50,000 per financial year. {Read more}
Key Points:
• Alankit Imaginations Ltd + Digital Swiss Gold = to allow investors to digitally buy & hold physical Gold in
Switzerland
• Limit for an individual to buy Gold: minimum – 1 gram & maximum – $2,50,000 per FY
• HQs of Alankit Imaginations Ltd – New Delhi | Founder & Chairman – Alok Kumar Agarwal
32. On May 20, Kotak Mahindra Bank has issued the first-ever foreign portfolio investor (FPI) licence to the GIFT
IFSC Alternative Investment Fund (AIF) of True Beacon Global. This is the first FPI licence issued to an AIF
incorporated in GIFT IFSC by any custodian bank or designated depository participant (DDP) in India. {Read more}
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Key Points:
• Kotak Mahindra Bank – issued the first-ever FPI licence to the AIF incorporated in the GIFT IFSC
• HQs of Kotak Mahindra Bank – Mumbai, MH | MD & CEO – Uday Kotak | Tagline – “Let's make money simple”
33. On May 18, The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹1 Cr each on City Union
Bank (CUB) and Tamilnad Mercantile Bank (TMB). In the TMB case, RBI imposed the penalty for non-compliance
with some directions regarding “Cyber Security Framework in Banks”, 2016. {Read more}
Key Points:
• RBI – imposed a monetary penalty of ₹1 Cr each on City Union Bank & Tamilnad Mercantile Bank
• HQs of CUB – Kumbakonam, Tamil Nadu | CEO – Dr. N. Kamakodi
• HQs of TMB – Thoothukudi, Tamil Nadu | CEO – K. V. Rama Moorthy
34. On May 20, Equitas Small Finance Bank has become the first Small Finance Bank to offer its NRI customer
segment the ease of account opening online. The company will also be the only one in the Small Finance Bank
sector to have Virtual Relationship Managers based on time zones. {Read more}
Key Points:
• Equitas Small Finance Bank – the 1st SFB to offer online account opening facility for NRIs
• HQs of Equitas SFB – Chennai, TN | MD & CEO – Vasudevan Pathangi Narasimhan
35. On May 20, The SEBI has doubled the overseas investment limit of Alternative Investment Funds (AIFs) and
Venture Capital Funds (VCFs) to $1.5 billion ($1,500 million) from $750 million. All AIFs or VCFs will have to
report the utilization of the overseas limits within 5 working days. {Read more}
Key Points:
• SEBI – doubled the overseas investment limit of AIFs & VCFs to – $1.5 billion or $1,500 million (from $750
million)
• AIFs or VCFs have to report the utilization of the overseas limits – within 5 working days
36. On May 20, The RBI has approved transfer of Rs 99,122 Cr as surplus to the central government. This will be
for the accounting period of 9 months from July 2020 to March 2021. It has also decided to maintain the
Contingency Risk Buffer at 5.50%. The decision was taken during the 589 th meeting of the Central Board of
Directors of the RBI. {Read more}
Key Points:
• RBI – approved transfer of Rs 99,122 Cr as surplus to the Central Government (for July 2020 to March 2021)
• RBI – decided to maintain the Contingency Risk Buffer at 5.50%
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37. On May 22, The RBI has permitted cash withdrawal of Rs 2,000 per transaction with maximum limit of Rs
10,000 per month from various online wallets. Money kept in various online wallets like Amazon pay, Ola money,
Mobikwik, Phone pe, Delhi Metro Card etc. can be withdrawn using an ATM or Point of Sale Terminal. Till date
RBI has permitted 37 PPIs in India. Now maximum Rs 2 lakh can be kept in various wallets after completion of full
KYC. {Read more}
Key Points:
• RBI – permitted cash withdrawal from various online wallets (i.e. Mobikwik, Phone pe, Amazon pay)
• Maximum limit: 2,000 per transaction & Rs 10,000 per month
38. On May 24, Fintech platform FlexiLoans has partnered with Vivriti Capital to provide working capital
financing of over ₹300 Cr to Micro, Small and Medium Enterprises (MSMEs) across India. The partnership will be
powered by FlexiLoans’ technology and credit underwriting platform ‘BiFrost’ which has been integrated with
Vivriti’s Co-lending platform ‘CredAvenue’. {Read more}
Key Points:
• ‘BiFrost’ (FlexiLoans) + ‘CredAvenue’ (Vivriti Capital) = to provide working capital financing of over ₹300 Cr to
MSMEs
• HQs of FlexiLoans – Mumbai, Maharashtra | Co-Founder – Manish Lunia
• HQs of Vivriti Capital – Chennai, Tamil Nadu | Founder & MD – Vineet Sukumar
39. On May 24, National Payments Corporation of India (NPCI) has tied-up with PayCore as one of the certified
partners for “RuPay SoftPOS” to drive cashless payments across India. The solution will allow merchants to
convert their NFC enabled smartphones into a POS machine to accept contactless payments through RuPay
SoftPOS. {Read more}
Key Points:
• NPCI + PayCore = partnership for “RuPay SoftPOS” to drive cashless payments across India
• HQs of PayCore – Turkey | CEO – Raul Villar
40. On May 24, The RBI has issued guidelines for amalgamation of District Central Co-operative Banks (DCCBs)
with State Cooperative Banks (StCBs). This is subject to various conditions, including that a proposal should be
made by the state government concerned. NABARD has to examine and recommend the proposal of the state
government. The Banking Regulation (Amendment) Act, 2020 has been notified for the StCBs and DCCBs with
effect from April 1, 2021. Besides, ‘Section 44A’ of the Banking Regulation act, 1949 provides effective procedure
for voluntary amalgamation of banking entities. {Read more}
Key Points:
• RBI issued guidelines for merging District Central Co-operative Banks (DCCBs) with State Cooperative Banks
(StCBs)
• A proposal should be made by – State Government
• NABARD – has to examine & recommend the proposal of the state government
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41. On May 25, HDFC Ltd will raise up-to Rs 7,000 Cr by issuing bonds on private placement basis. The base issue
size for the secured redeemable non-convertible debentures (NCDs) is Rs 5,000 Cr. It will offer coupon rate of 6%
per annum on the bonds. The bonds have a tenor of 4 years and 363 days. {Read more}
Key Points:
• HDFC Ltd will raise up-to Rs 7,000 Cr by issuing bonds on private placement basis | Base issue size – Rs 5,000 Cr
• Tenor of Bonds – 4 years & 363 days
42. On May 27, ICICI Bank has launched a facility called “Pockets” for linking a Unified Payments Interface (UPI)
ID with its digital wallet. The bank has collaborated with National Payments Corporation of India (NPCI) to link its
‘Pockets’ digital wallet to the UPI network. {Read more}
Key Points:
• ICICI Bank + NPCI = launched a facility called “Pockets” for linking UPI ID with its digital wallet
43. On May 27, Punjab National Bank and PNB Housing Finance have signed a fresh Brand Agreement which
gives PNB the right to withdraw its brand name from the PNB Housing. Currently, PNB holds 33% in PNB
Housing. In case, PNB’s shareholding in PNB Housing falls below 20%, PNB would have the right to terminate the
revised agreement. {Read more}
Key Points:
• PNB + PNB Housing Finance = a fresh Brand Agreement giving PNB the right to withdraw its brand name
• Currently, PNB holds 33% in PNB Housing
• HQs of PNB Housing Finance – New Delhi | MD & CEO – Hardayal Prasad
44. On May 27, YES Bank has implemented TransUnion’s onboarding solution, which will enable it to onboard its
credit card customers seamlessly. {Read more}
Key Points:
• YES Bank – implemented TransUnion’s onboarding solution
45. The International Monetary Fund (IMF) has unveiled plans to revamp the way it conducts Economic
Assessments to better account for risks related to climate change, inequality and demographics, as well as
evolving digital technologies. {Read more}
Key Points:
• IMF – unveiled plans to include Climate Change & Digital Technologies into Economic Assessments
• HQs of IMF – Washington, D.C., USA | President – Kristalina Georgieva | Member countries – 190
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46. The RBI has released its Annual Report for 2020-21. The balance sheet size of RBI increased by 6.99% (Rs 3.73
lakh Cr) for the year ended 31 March 2021, mainly reflecting its liquidity and foreign exchange operations. Due
to this transition, the accounting year 2020-21 was of 9 months only, i.e., July 2020 - March 2021. Net income for
the 9 months stood at Rs 99,126 Cr. The RBI saw a 69% jump in earnings from Foreign Exchange Transaction.
Bank Frauds of more than Rs 1 lakh has been decreased by 25% in 2020-21. {Read more}
Key Points:
• The balance sheet size of RBI increased by – 6.99% (Rs 3.73 lakh Cr) for 2020-21
• Net income for the 9 months stood at – Rs 99,126 Cr
• Earnings from Foreign Exchange Transaction increased by – 69%
47. On May 27, Under the Banking Regulation Act, 1949, the RBI has imposed a penalty of Rs 10 Cr on HDFC Bank
for deficiencies in regulatory compliances with regard to its auto loan portfolio. {Read more}
Key Points:
• RBI – imposed a penalty of Rs 10 Cr on “HDFC Bank” – after finding irregularities with bank’s auto loan portfolio
48. On May 27, UCO Bank has allotted over 203 Cr preferential shares to the Government of India at an issue
price of Rs 12.76 per share in lieu of Rs 2,600 Cr capital infusion for 2020-21. {Read more}
Key Points:
• UCO Bank – allotted over 203 Cr preferential shares to the Government of India – for Rs 2,600 Cr capital
infusion
• HQs of UCO Bank – Kolkata, West Bengal | CEO – Atul Kumar Goel
49. On May 28, Canara Bank has launched 3 loan schemes as part of the fight against the pandemic under which
it will offer healthcare credit, business and personal loan to individuals. The Canara Chikitsa healthcare credit
facility will offer loans from over Rs 10 lakh to Rs 50 Cr to registered hospitals, nursing homes, medical
practitioners, diagnostic centres, pathology labs and all other units engaged in the servicing healthcare
infrastructure. The Canara Jeevanrekha healthcare business loan will offer loan up to Rs 2 Cr. While, Canara
Suraksha personal loan scheme will offer loan from Rs 25,000 - Rs 5 lakh as immediate financial assistance to
customers for COVID-19 treatment. Canara Chikitsa and Canara Jeevanrekha loan schemes will be valid till March
31, 2022. {Read more}
Key Points:
• Canara Bank – launched 3 loan schemes as part of the fight against the pandemic
• Canara Chikitsa healthcare credit facility: loans from over Rs 10 lakh to Rs 50 Cr
• Canara Jeevanrekha healthcare business loan: loans up to Rs 2 Cr
• Canara Suraksha personal loan scheme: loan from Rs 25,000 to Rs 5 lakh
• HQs of Canara Bank – Bengaluru, Karnataka | CEO – Lingam Venkat Prabhakar
• Tagline of Canara bank – “Together We Can” | Canara Bank + Syndicate bank = amalgamation in 2020
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50. On May 30, As per the announcements made at a joint press conference by Indian Banks’ Association (IBA)
and State Bank of India (SBI), individuals including salaried, non-salaried and pensioners can avail Unsecured
Personal Loans from ₹25,000 to ₹5 lakh to meet COVID-19 treatment. The repayment tenure is 5 years and SBI
would charge interest of 8.5% per annum. Other banks are free to decide their interest rate. The PSBs have also
offered to provide up-to ₹2 Cr as Healthcare Business Loan to existing hospitals and nursing homes. {Read more}
Key Points:
• IBA & SBI – made announcements about Unsecured Personal Loans – to salaried, non-salaried & pensioners
• PSBs can lend loans between – Rs 25,000 to Rs 5 lakh | Tenure – 5 years | Interest charged by SBI – 8.5% /
annum
• PSBs – to provide up-to ₹2 Cr as Healthcare Business Loan
• HQs of IBA – Mumbai, Maharashtra | Chairman – Rajkiran Rai G | Established in – 1946
51. On May 31, The RBI has announced that the limits for foreign portfolio investors (FPI) investment during the
current fiscal in Government Securities (G-secs) and State Development Loans (SDLs) will remain unchanged at
6% and 2% respectively. The allocation of incremental changes in the G-sec limit over the two sub-categories –
‘General’ & ‘Long-term’ will be retained at 50:50 for FY 2021-22. The FPI investment limit in the debt instruments
for October 2021 - March 2022 period is Rs 10,75,637 Cr. {Read more}
Key Points:
• FPI investment in G-secs & SDLs will remain unchanged – at 6% & 2% respectively
• G-sec limit under sub-categories ‘General’ & ‘Long-term’ = 50:50 (for FY22)
• FPI investment limit in the debt instruments for Oct 2021 to Mar 2022 – Rs 10,75,637 Cr
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[April-2021]
1. On April 1, The RBI has extended the timeline of new Auto Debit Rule until September 30 (for 6 months). It is
for all stakeholders to move to the new norms for Additional Factor Authentication (AFA) on e-mandate for
recurring payments of online transactions. {Read more}
Key Points:
• RBI – extended the timeline of new Auto Debit Rule all stakeholders – until September 30 (for 6 months)
2. On April 1, The RBI has set the Ways and Means Advances (WMA) limit at Rs 1.2 lakh Cr for the central
government for the first half of the financial year beginning April 1. The interest rate on WMA is equal to the
repo rate and on overdraft, it is 2% above the repo rate. The current repo rate is 4%. Under the Ways and Means
Advances (WMA) facility, the Centre and states can borrow money from RBI for a period of 90 days. {Read more}
Key Points:
• RBI – set the Ways and Means Advances (WMA) limit at Rs 1.2 lakh Cr for the central government
• Interest rate on WMA – 4% | Interest rate on overdraft – 6% (2% above the repo rate)
• Under WMA facility: Centre and states can borrow money from RBI for a period of 90 days
3. On April 1, ICICI Bank and Axis Bank have tied up with global e-commerce major Amazon and Visa to launch a
New Umbrella Entity (NUE), which will be a rival to state-owned NPCI. ICICI Bank and Axis Bank will be co-leading
the consortium with a 20 per cent stake each. {Read more}
Key Points:
• ICICI Bank & Axis Bank – tied up with – Amazon & Visa to launch a New Umbrella Entity (NUE)
• HQs of Amazon – Seattle , USA | Present CEO – Jeff Bezos (Andy Jassy from October 2021)
4. On April 1, The government has announced an infusion of Rs 14,500 Cr into 4 banks - Central Bank of India,
Indian Overseas Bank, Bank of India and UCO Bank by issuing Non-interest Bearing Zero-Coupon Recapitalisation
Bonds. Zero-Coupon Recapitalisation Bonds are Tradable bonds, through which weak Public Sector Banks (PSBs)
can raise money. Government has also allocated Rs 20,000 Cr for FY-22 for capital infusion in PSBs to meet their
regulatory requirements. The government has given nearly Rs 2.5 trillion for recapitalization of banks. {Read
more}
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Key Points:
• The government has announced an infusion of Rs 14,500 Cr into 4 banks – CBoI, IOB, BoI & UCO Bank
• The infusion will be done by issuing “Non-interest Bearing Zero-Coupon Recapitalisation Bonds”
• Government also allocated Rs 20,000 Cr for FY-22 for capital infusion in PSBs
5. On April 1, As per the data released by the RBI, India’s current account has recorded a deficit of $1.7 billion in
the December quarter (Q3FY21) after two quarters of surplus. The RBI showed merchandise trade deficit rose to
$34.5 billion from $ 14.8 billion in the preceding quarter. {Read more}
Key Points:
• India’s current account – recorded a deficit of $1.7 billion in Q3FY21
6. On April 1, CDC Group and Northern Arc have jointly structured a Pooled Bond Issuance (PBI) transaction
worth Rs 320 Cr in India through Non-Convertible Debentures (NCDs). The Rs 320 Cr fund will support 6 domestic
microfinance institutions (MFIs). {Read more}
Key Points:
• CDC Group + Northern Arc = jointly structured a Pooled Bond Issuance (PBI) transaction worth Rs 320 Cr in
India
• Non-Convertible Debentures (NCDs) – are used in this investment
• HQs of CDC Group – UK | CEO – Nick O'Donohoe
• HQs of Northern Arc – Chennai, Tamil Nadu | CEO – Ravi Vukkadala
7. On April 1, National Payments Corporation of India (NPCI) has formed its wholly-owned subsidiary firm “NPCI
Bharat BillPay Ltd (NBBL)”. The new entity came into effect from April 1, 2021. {Read more}
Key Points:
• NPCI – formed a wholly-owned subsidiary “NPCI Bharat BillPay Ltd (NBBL)”
8. The Central government has decided to retain the inflation target of 4%, with a tolerance band of +/- 2%
points for the Monetary Policy Committee of the RBI for the coming 5 years (April 1, 2021, to March 31,
2026). {Read more}
Key Points:
• Central government – decided to retain the inflation target of 4% for 5 years (with a tolerance band of +/- 2%
points)
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9. On April 1, ICICI Bank and digital payment wallet PhonePe have partnered for issuance of FASTag. FASTag is a
brand name owned by Indian Highways Management Company Ltd (IHMCL). {Read more}
Key Points:
• ICICI Bank + PhonePe = partnership for issuance of FASTag
• HQs of ICCI Bank – Mumbai, MH | MD & CEO – Sandeep Bakhshi | Tagline – “Hum Hain Na!”
• HQs of PhonePE – Bangalore, Karnataka | MD & CEO – Sameer Nigam
10. On April 1, The Centre’s fiscal deficit in the first 11 months of FY21 has touched Rs 14.1 trillion (lakh Cr) which
is about 76% of the 2020-21 Revised Estimates Fiscal Deficit of Rs 18.48 trillion (lakh Cr) and 36% higher than last
year’s corresponding level of Rs 10.4 trillion. {Read more}
Key Points:
• The Centre’s fiscal deficit in the first 11 months of FY21 – touched Rs 14.1 trillion (lakh Cr)
• 2020-21 Revised Estimates Fiscal Deficit – Rs 18.48 trillion (lakh Cr)
11. As instances of cyber-security breaches at Indian tech startups over the last few months is on the rise, the
Reserve Bank of India has tightened its supervision norms over payment companies storing customer data. From
April 1, all licensed Payment System Operators (PSOs) will have to submit detailed ‘compliance certificates’ to
the RBI twice a year. {Read more}
Key Points:
• All licensed PSOs will have to submit detailed ‘compliance certificates’ to the RBI twice a year – from April 1
• PSOs – Payment System Operators
12. FDI equity inflows into India during April-January 2020-21 grew by 28% to $54.18 billion, according to the
Commerce and Industry Ministry data. Total FDI (which includes reinvested earnings) during the 10-month
period in FY21 increased by 15% to $72.12 billion. Singapore is at the top with 30.28% of the total FDI equity
inflow followed by the US (24.28%) and the UAE (7.31%). {Read more}
Key Points:
• FDI equity inflows into India during April-January 2020-21 increased – by 28% (to $54.18 billion)
• FDI during the 10-month period in FY21 increased – by 15% (to $72.12 billion)
• 1st – Singapore (30.28%) | 2nd – US (24.28%) | 3rd – UAE (7.31%)
13. On April 7, IDBI Bank has approved a Rupee Bond borrowing limit of Rs 8,000 Cr for the next financial year
(FY22). Within this borrowing plan, the bank may issue additional tier I bonds and infrastructure bonds up to Rs
3,000 Cr and Rs 1,000 Cr respectively, by way of private placement in FY22. {Read more}
Key Points:
• IDBI Bank – approved a Rupee Bond borrowing limit of Rs 8,000 Cr for FY22
• HQs of IDBI Bank – Mumbai, MH | CEO – Rakesh Sharma
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14. On April 6, The RBI has announced that the applicable average base rate to be charged by Non-Banking
Financial Company - Micro Finance Institutions (NBFC-MFIs) to their borrowers for the quarter beginning April 1,
2021, will be 7.81%. {Read more}
Key Points:
• The applicable average base rate to be charged by NBFC-MFIs – 7.81%
15. On April 7, The RBI has extended the classification of NBFCs under Priority Sector Lending (PSL) for another 6
months, up to September 30, 2021. With a view to encouraging farm credit to individual farmers against pledge/
hypothecation of agricultural produce, the RBI has enhanced the loan limit under PSL from ₹50 lakh to ₹75 lakh
per borrower. The RBI has mandated all scheduled commercial banks and foreign banks to set aside 40% of their
Adjusted Net Bank Credit (ANDC) for lending to these sectors. {Read more}
Key Points:
• RBI – extended the classification of NBFCs under Priority Sector Lending (PSL) for another 6 months (up-to Sep
30)
• RBI – enhanced the loan limit under PSL to ₹75 lakh per borrower (from ₹50 lakh)
• RBI – mandated all scheduled commercial banks and foreign banks to set aside 40% of their ANDC for lending
• Categories under PSL: Agriculture, Micro and Small Enterprises, Education, Housing, Export Credit & others
16. On April 7, The Reserve Bank of India has doubled the current deposit limit for Payment Bank Savings
Accounts to ₹2 lakh from ₹1 lakh to boost payments banks. Airtel Payments Bank was the 1 st payment bank to
implement the policy. {Read more}
Key Points:
• RBI doubled the current deposit limit for Payment Bank Savings Accounts to ₹2 lakh
• Airtel Payments Bank – 1st payment bank to implement this policy
• India’s 1st Payment Bank to get license from RBI – Airtel Payments Bank
17. On April 7, Jana Small Finance Bank has partnered with Axis Securities, a subsidiary of Axis Bank, to provide
customers with a 3-in-1 account that combines banking and investing. The 3-in-1 account integrates Savings
Bank Account maintained by Jana Small Finance Bank and Demat and Trading Accounts maintained by Axis
Securities. {Read more}
Key Points:
• Jana SFB + Axis Securities = to provide customers with a 3-in-1 account (Savings, Demat & Trading a/c)
• HQs JSFB – Bengaluru, Karnataka | MD & CEO – Ajay Kanwal
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18. On April 8, The RBI has announced that unutilised External Commercial Borrowing (ECB) proceeds drawn
down before March 1, 2020, can be parked in term deposits with banks in India prospectively up to March 1,
2022, in a relief to borrowers who could not utilise the proceeds due to lockdown. Meanwhile, the RBI
announced that the “Financial Inclusion Index” (FI Index) will be published annually in July for the financial year
ending previous March. {Read more}
Key Points:
• Unutilised ECB can be parked in Term Deposits with banks prospectively up to March 1, 2022
• ECB – External Commercial Borrowing
• RBI – to publish “Financial Inclusion Index” (FI Index) – in July every year
19. On April 5, Lending fintech platform U GRO Capital has announced its partnership with SBM Bank India to
launch “GRO Smart Business” credit card specially designed for MSMEs and powered by RuPay, along with
EnKash. {Read more}
Key Points:
• U GRO Capital + SBM Bank India = partnership to launch “GRO Smart Business” credit card for MSMEs
• The credit card is powered by – RuPay & EnKash
• HQs of U GRO Capital – Mumbai, Maharashtra | CEO & Executive Director – Abhijit Ghosh
• HQs of SBM Bank India – Mumbai, MH | MD & CEO – Sidharth Rath
• SBM Bank India – the 1st foreign bank in India to obtain a banking licence from the RBI
20. On April 7, The RBI has decided to extend fresh support of ₹50,000 Cr to the All India Financial Institutions for
new lending in FY22. Accordingly, NABARD will be provided a special liquidity facility (SLF) of ₹25,000 Cr for 1
year to support agriculture and allied activities, the rural non-farm sector and NBFC-MFIs. SLF of ₹10,000 Cr will
be extended to the National Housing Bank for 1 year to support the housing sector. SIDBI will be provided
₹15,000 Cr under this facility for up to 1 year for funding of MSMEs. {Read more}
Key Points:
• RBI decided to extend fresh support of ₹50,000 Cr to the All India Financial Institutions
• ₹25,000 Cr – to NABARD | ₹10,000 Cr – to NHB | ₹15,000 Cr – to SIDBI
21. On April 7, The RBI has kept the Repo Rate unchanged at 4% for the 5 th consecutive monetary policy
committee. The Reverse Repo Rate remained unchanged at 3.35%, and the Marginal Standing Facility and Bank
Rate kept unchanged at 4.25%. {Read more}
Key Points:
• RBI kept the RR/RRR/MSF unchanged for the 5th consecutive MPC
• Repo Rate – 4% | Reverse Repo Rate – 3.35% | MSF/Bank Rate – 4.25% | CRR – 3.50% | SLR – 18%
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22. The RBI has conducted Open Market Purchase of government securities of ₹1 lakh Cr under the ‘G-sec
Acquisition Programme’ (G-SAP 1.0) in Q1 2021-22 with a view to enabling a stable and orderly evolution of the
yield curve. The first purchase of government securities for an aggregate amount of ₹25,000 Cr under G-SAP 1.0
was conducted on April 15, 2021. {Read more}
Key Points:
• RBI – conducted Open Market Purchase of government securities of ₹1 lakh Cr under ‘G-SAP 1.0’
• G-SAP – G-sec Acquisition Programme | The first purchase under G-SAP 1.0 – ₹25,000 Cr
23. On April 9, The International Monetary Fund (IMF) policy panel has authorised a $650 billion expansion of its
International Reserve Asset also known as Special Drawing Rights (SDR). The move will provide badly needed
reserves for poor countries struggling with deep recessions caused by the pandemic. {Read more}
Key Points:
• IMF Policy Panel – authorised a $650 billion expansion of its International Reserve Asset also known as SDR
• SDR – Special Drawing Rights
24. On April 7, The RBI has updated Quarterly Projection Model (QPM). In terms of its structure, the augmented
QPM model incorporates: a) Fiscal-monetary dynamics, b) Disaggregated fuel pricing (oil price, exchange rate
and fuel taxes) and c) Balance of payments and exchange rate interactions. The RBI expects headline retail
inflation to be around 5% for most part of FY22. {Read more}
Key Points:
• RBI – updated Quarterly Projection Model (QPM)
• QPM model incorporates:
a) Fiscal-monetary dynamics
b) Disaggregated fuel pricing (oil price, exchange rate and fuel taxes)
c) Balance of payments and exchange rate interactions
• HQs of RBI – Mumbai | Governor – Shaktikanta Das (25 th ) | Established in – 1 st April 1935
25. On April 9, India’s debt to GDP ratio has increased from 74% to 90% during the COVID-19 pandemic,
according to the International Monetary Fund. In 2020, fiscal policy also contributed to mitigate falling economic
activity and employment. {Read more}
Key Points:
• According to IMF: India’s debt to GDP ratio increased to 90% (from 74%)
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26. On April 9, Airtel Payments Bank has launched its new savings account “Rewards123” that offers benefits and
value to customers when they transact digitally using the bank account. Customers can get ‘Rewards123’ at an
annual fee of Rs 299. {Read more}
Key Points:
• Airtel Payments Bank – launched its new savings account “Rewards123” (Annual Fee - Rs 299)
27. The RBI has withdrawn all restrictions imposed on Youth Development Co-operative Bank Ltd, Kolhapur since
January 2019. The validity of the ‘all-inclusive directions’ was extended from time to time, the last being up to
April 5, 2021. {Read more}
Key Points:
• RBI – withdrew all restrictions imposed on Youth Development Co-operative Bank Ltd in 2019 (Kolhapur, MH)
28. On April 6, Receivables Exchange of India Ltd (RXIL) has recorded the highest monthly transaction volume of
more than ₹1,000 Cr in March in terms of discounting invoices of MSMEs. The Trade Receivables Discounting
System (TReDS) platform stated that the growth in transaction volumes from ₹69 Cr in April 2020 to ₹1,105 Cr in
March 2021 mimics the revival and resumption of economic activity. {Read more}
Key Points:
• Receivables Exchange of India Ltd (RXIL) – recorded the highest monthly transaction volume of ₹1,000 Cr in March
• TReDS – Trade Receivables Discounting System
• HQs of RXIL – Mumbai, MH
29. On April 10, SwitchON Foundation along with Punjab National Bank (PNB) has set up the first ‘Loss Default
Guarantee Fund’ to offer finance to the marginal farmers for buying solar pumps. The basic aim of the fund is to
help unbanked small marginal farmers without any collateral. {Read more}
Key Points:
• SwitchON Foundation + PNB = set up the first ‘Loss Default Guarantee Fund’ – to help marginal farmers
• HQs of SwitchON Foundation – Kolkata, West Bengal | MD – Vinay Jaju
• HQs of PNB – New Delhi | MD & CEO – S. S. Mallikarjuna Rao
30. On April 5, Mobisafar Services Pvt Ltd, a Ludhiana-based Fintech start-up, has launched ‘Mobisafar Virtual
RuPay Prepaid card’ in partnership with Yes Bank and National Payments Corporation of India (NPCI). The Virtual
Rupay Card was inaugurated by former Cricketer Kapil Dev. {Read more}
Key Points:
• Mobisafar Services (Ludhiana) + Yes Bank + NPCI = launched launched ‘Mobisafar Virtual RuPay Prepaid card’
• The Virtual Rupay Card was inaugurated by – Kapil Dev
• HQs of Yes Bank – Mumbai, MH | MD & CEO – Prashant Kumar | Tagline – “Experience our Expertise”
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31. On April 13, Punjab National Bank (PNB) has launched a Digital Initiative “PNB@Ease” under which every
transaction undertaken by a bank branch will be initiated and authorised by customers themselves. PNB@Ease
outlets will be loaded with 5 Kiosks i.e. ATM, Bunch Note Acceptor, Account Opening Kiosk, Card Issuance Kiosk
and internet-enabled Kiosk. {Read more}
Key Points:
• PNB – launched a Digital Initiative “PNB@Ease”
• PNB@Ease outlets will be loaded with 5 Kiosks:
– ATM, Bunch Note Acceptor, Account Opening Kiosk, Card Issuance Kiosk & internet-enabled Kiosk
• HQs of PNB – New Delhi | MD & CEO – S. S. Mallikarjuna Rao
32. On April 13, The Securities and Exchange Board of India (SEBI) has imposed a penalty of Rs 25 Cr on Yes bank
for allegedly perpetrating fraud on its customers by influencing them to alter their investment positions from
fixed deposits (FD) to risky AT-1 (additional tier-1) bonds. {Read more}
Key Points:
• SEBI – imposed a penalty of Rs 25 Cr on Yes bank – in ‘AT-1 bonds’ case
33. On April 14, Finance Ministry has amended the “Post Office Savings Account Scheme, 2019”. Account
Maintenance Fee which is levied for non-maintenance of minimum balance in the post office savings account has
been reduced to Rs 50 from Rs 100. Currently, an account holder is required to maintain a minimum balance of
Rs 500. Deposit required for opening of account is Nil. {Read more}
Key Points:
• Finance Ministry – amended the “Post Office Savings Account Scheme, 2019”
• Account Maintenance Fee for non-maintenance of minimum balance – reduced to Rs 50 (from Rs 100)
34. On April 9, Yes Bank has executed its first Secured Overnight Financing Rate (SOFR) linked trade borrowing
transaction with American Lender ‘Wells Fargo Bank’. SOFR is an identified replacement for USD LIBOR (London
Inter-Bank Offered Rate), which is likely to be phased out at the end of 2021. {Read more}
Key Points:
• Yes Bank – executed its 1st “SOFR” linked trade borrowing transaction – with Wells Fargo Bank (US)
• SOFR – Secured Overnight Financing Rate
35. On April 13, India’s Retail inflation rose to a 4-month high of 5.52% in March on account of rising food prices
as well as costlier fuel. While the Consumer Price Index (CPI)-based retail inflation was 5.52% in March and the
Consumer Food Price Inflation (CFPI) soared to 4.94%. Core inflation was also increased to a 29-month high of
5.96% in March. {Read more}
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Key Points:
• India’s Retail inflation – increased to a 4-month high of 5.52% in March
• CPI-based retail inflation – 5.52% | CFPI – 4.94% | Core inflation – 5.96%
36. On April 13, National Housing Bank (NHB) has launched a ₹10,000 Cr “Special Refinance Facility-2021” (SRF-
2021) to provide short term refinance support to Housing Finance Companies (HFCs) and other eligible Primary
Lending Institutions (PLIs). {Read more}
Key Points:
• NHB – launched a ₹10,000 Cr “Special Refinance Facility-2021” (SRF-2021) Scheme
• HQs of NHB – New Delhi | Chairman & MD – R. V. Verma
37. On April 12, Bank credit grew 5.56% to Rs 109.51 lakh Cr, while deposits rose 11.4% to Rs 151.13 lakh Cr in
the financial year ended March 31, 2021, as per the data released by the RBI. {Read more}
Key Points:
• Bank Credit – rose 5.56% to Rs 109.51 lakh Cr – in FY ended on March 31, 2021
• Bank Deposits – rose 11.4% to Rs 151.13 lakh Cr – in FY ended on March 31, 2021
38. On April 9, G20 finance ministers have finally given their nod to the International Monetary Fund (IMF) to
issue fresh Special Drawing Rights (SDR) worth $650 billion to member countries. Ministers and governors also
agreed on a final extension of the Debt Service Suspension Initiative (DSSI) by 6 months through end-December
2021. SDR is an international reserve asset created by the IMF. One SDR is currently valued at $1.425. {Read
more}
Key Points:
• G20 finance ministers – gave their nod to the IMF to issue fresh Special Drawing Rights (SDR) worth $650
billion
39. On April 11, According to a study revealed by the IIT Bombay, State Bank of India (SBI) has been imposing
Excessive Charges on certain services provided to poor persons having Zero-Balance or Basic Savings Bank
Deposit Accounts (BSBDA). SBI has collected Rs 300 Cr from Zero Balance Accounts in 5 years (2015-20) from
among nearly 12 Cr Basic Savings Bank Deposit Account (BSBDA) holders of SBI. {Read more}
Key Points:
• SBI is imposing Excessive Charges on certain services provided to poor persons having Zero-Balance or BSBDA
• According to IIT Bombay: SBI collected Rs 300 Cr from Zero Balance Accounts in 5 years (2015-20)
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40. On April 12, Axis Bank customers can now send money abroad in over 100 currencies through ‘Send Money
Abroad’ feature in their Axis Mobile App. They can send up to $25,000 per transaction for various
purposes. {Read more}
Key Points:
• Axis Bank – allowed its customers to send money abroad in over 100 currencies via ‘Send Money Abroad’
feature
• Amount limit per transaction – $25,000
41. On April 13, Ujjivan Small Finance Bank announced its collaboration with fintech NIRA as a part of its strategy
of leveraging its API Banking platform for fintech partnerships. Through this partnership, salaried customers can
apply for a Personal Loan by using the NIRA app. {Read more}
Key Points:
• Ujjivan SFB + NIRA = fintech partnerships to provide personal loans
• HQs of NIRA – Bengaluru, Karnataka | MD – Remya Sumesh
42. On April 15, The World Bank Group entity International Finance Corporation (IFC) is partnering with JC
Flowers and also announced to invest $100 million in “JC Flowers India Opportunities Fund” to help domestic
lenders resolve their distressed assets and free up capital for new lending. It is a part of IFC’s Distressed Asset
Recovery Program (DARP) work in India. {Read more}
Key Points:
• IFC will invest $100 million in “JC Flowers India Opportunities Fund” to help domestic lenders
• IFC – an entity of the World Bank Group
• DARP – Distressed Asset Recovery Program
• HQs of IFC – Washington, D.C., USA | CEO – Makhtar Diop | Head of IFC India – Jun Zhang
43. The theft of around Rs 4.04 Cr by a private security guard from the ‘Currency Chest’ of Axis Bank in
Chandigarh’s Sector 34 has put the affairs of currency chests in the spotlight. ‘Currency Chest’ is a place where
the Reserve Bank of India (RBI) stocks the money meant for banks and ATMs. {Read more}
Key Points:
• A theft of around Rs 4.04 Cr from the ‘Currency Chest’ of Axis Bank – took place in Chandigarh
• Currency Chest – a place where the RBI stocks the money meant for banks & ATMs
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44. On April 15, RBL Bank and Mastercard have partnered to launch a mobile based consumer-friendly payment
solution, “Pay by Bank” app, a first-of-its-kind payment functionality in India. To provide enhanced security, ‘Pay
by Bank App’ ensures that Bank customer’s payment credentials are never exposed to the merchant, making the
transaction completely secure. {Read more}
Key Points:
• RBL Bank + Mastercard = launched “Pay by Bank” app
• HQs of RBL Bank – Mumbai, MH | MD & CEO – Vishwavir Ahuja
• HQs of Mastercard – New York, USA | CEO – Michael Miebach
45. On April 15, US-based Citibank has announced to close its consumer banking operations in India and 12 other
countries. Citi’s businesses in India include retail banking, wealth management, credit cards and
mortgages. {Read more}
Key Points:
• Citibank (US) – announced to close its consumer banking operations in India & 12 other countries
• HQs of Citibank India – Mumbai, Maharashtra | CEO – Ashu Khullar
46. On April 16, The RBI has set up the Regulations Review Authority 2.0. Deputy Governor M. Rajeshwar Rao has
been appointed as the head of the Regulations Review Authority 2.0. The authority would have validity for a
period of 1 year from May 1, 2021. The RBI had set up a similar authority for 1 year from April 1, in 1999. {Read
more}
Key Points:
• RBI – set up the “Regulations Review Authority 2.0” for 1 year – headed by M. Rajeshwar Rao
• RBI had set up a similar authority – in 1999
47. In a major move in the online payments segments, the Reserve Bank of India (RBI) has decided to allow
Payment System Operators to take direct membership of Centralised Payment Systems (CPS), such as RTGS and
NEFT. This facility is expected to minimise settlement risk in the financial system. {Read more}
Key Points:
• RBI – to allow Payment System Operators to take direct membership of CPS – such as RTGS & NEFT
• CPS – Centralised Payment Systems | RTGS – Real-Time Gross Settlement | NEFT – National Electronic Funds
Transfer
48. On April 19, The Asian Development Bank (ADB) has partnered with Habitat for Humanity International to
help microfinance institutions (MFIs) deliver housing loans to 20,000 low-income families in rural and peri-urban
areas of India, Bangladesh, Indonesia, and the Philippines. {Read more}
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Key Points:
• ADB + Habitat for Humanity International = partnership to help MFIs deliver housing loans to low-income
families
• Loans to 20,000 low-income families in – India, Bangladesh, Indonesia & Philippines
• HQs of ADB – Mandaluyong, Philippines | President – Masatsugu Asakawa | Member countries – 68
• HQs of Habitat for Humanity – Georgia, US | CEO – Jonathan Reckford
49. On April 11, The Finance Bill, 2021 proposed to replace two quasi-judicial bodies such as the ‘Income-Tax
Settlement Commission’ (ITSC) and the ‘Authority for Advance Rulings’ (AAR) with administrative bodies,
comprising of chief commissioners of income-tax. The finance ministry abruptly discontinued the ITSC from
February 1, 2021, and replaced it with a new ‘Dispute Resolution System’ with Assessing Taxable income up to Rs
50 lakh and disputed income of up to Rs 10 lakh. {Read more}
Key Points:
• ‘Income-Tax Settlement Commission’ (ITSC) – replaced with ‘Dispute Resolution System’
• Assessing Taxable income up to – Rs 50 lakh | Disputed income of up to – Rs 10 lakh
50. On April 20, The RBI has been decided not to activate Countercyclical Capital Buffer (CCyB) at present, based
on the review and empirical testing of CCyB indicators. The RBI had in February 2005 put in place CCyB guidelines
with the overall objective of strengthening the banking sector. Currently, RBI keeps the CCyB at 0%. {Read more}
Key Points:
• RBI – decided not to activate Countercyclical Capital Buffer (CCyB) at present
• The RBI had in February 2005 put in place CCyB guidelines | Current CCyB rate – 0%
51. On April 20, The RBI has formed a 6-member panel headed by Sudarshan Sen to carry out comprehensive
review of the working of Asset Reconstruction Companies (ARCs) in the financial sector ecosystem. The
Committee will submit its report within 3 months from the date of its first meeting. ARCs have to maintain a
capital adequacy ratio of 15% of its risk-weighted assets and their net owned funds should be Rs 100 Cr or
more. {Read more}
Key Points:
• RBI has formed a 6-member panel to carry out comprehensive review of the working of ARCs
• The panel is headed by – Sudarshan Sen | ARCs – Asset Reconstruction Companies
• ARCs have to maintain a capital adequacy ratio of 15% of its Risk-Weighted Assets
• ARCs’ net owned funds should be more or equal to – Rs 100 Cr
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52. On April 20, Google Pay is launching “Fi” - a Neobank for salaried millennials in partnership with Federal
Bank. Neobanks are virtual banks that work online and do not have physical branches. {Read more}
Key Points:
• Google Pay + Federal Bank = launching “Fi” - a Neobank for salaried millennials
• HQs of Google – California, United States | CEO – Sundar Pichai | Founded in – 1998
53. On April 23, Indian Overseas Bank (IOB) has roped in Ernst & Young as its Digital Consultant to transform its
banking services, with an aim to boost digital transactions share. {Read more}
Key Points:
• IOB – roped in Ernst & Young as its Digital Consultant
• HQs of EY – London, UK | CEO – Carmine Di Sibio
54. On April 23, Aceware FinTech Services has launched the Kerala's first Neobank, “Ace Money Neobank”, in
partnership with YES Bank and ICICI Bank. In the first phase, start-ups, traders and business entities can open
current accounts with the neobank, according to the company. {Read more}
Key Points:
• Aceware FinTech Services + YES Bank + ICICI Bank = launched the Kerala's first Neobank, “Ace Money Neobank”
• HQs of Aceware – Kochi, Kerala | MD & CEO – Jimmin James Kurichiyil
55. On April 22, South Africa’s second-largest lender FirstRand Bank has decided to withdraw its banking services
from India after 12 years. FirstRand which has $118 billion in assets, became the second global bank to exit India
just within a week of Citigroup's decision. {Read more}
Key Points:
• FirstRand Bank – to withdraw its banking services from India
• HQs of FirstRand – Johannesburg, South Africa | CEO – Alan Pullinger
56. On April 23, Indiabulls Housing Finance Ltd has entered into a strategic co-lending partnership with HDFC Ltd
to offer housing loans to homebuyers at competitive rates. Indiabulls Housing Finance (IBH) will originate retail
home loans according to a jointly drawn up credit policy and retain 20% of the loan in its books. The rest, 80%,
will be on HDFC's books. {Read more}
Key Points:
• Indiabulls Housing Finance + HDFC Ltd = a strategic co-lending partnership to offer housing loans
• HQs of IHFL – Gurugram, Haryana | Chairman – Sameer Gehlaut | Vice-Chairman & MD – Gagan Banga
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57. On April 23, The RBI has cancelled the licence of Bhagyodaya Friends Urban Co-operative Bank Ltd due to
adequate capital. Over 98% of the depositors will receive the full amounts of their deposits from Deposit
Insurance and Credit Guarantee Corporation (DICGC). {Read more}
Key Points:
• RBI – cancelled the licence of “Bhagyodaya Friends Urban Co-operative Bank Ltd” (Warud, Maharashtra)
58. On April 23, Indian Bank has signed an agreement with The Chennai Angles for financing start-ups under its
loan programme, “IND Spring Board”. Under this product, the bank will support start-ups by extending credit
facilities of up to ₹50 Cr for working capital requirements. {Read more}
Key Points:
• Indian Bank + Chennai Angles – for loan programme “IND Spring Board”
• The bank will extend credit facilities of up to ₹50 Cr for working capital requirements
59. On April 22, Mastercard and BOB Financial Solutions Ltd (BFSL) have launched to offer an easy payment
solution for cardholders with the launch of “ConQR” - a Mastercard QR on Card solution. ConQR will be first
offered to small businesses who currently use BoB’s acceptance solutions. {Read more}
Key Points:
• Mastercard + BFSL = to launch “ConQR” - a Mastercard QR on Card solution – to offer an easy payment
solution
• HQs of Mastercard – New York, USA | CEO – Michael Miebach
• HQs of BFSL – Mumbai, MH | CFO – Pooja Karnani
60. On April 22, HSBC India has collaborated with Google Pay (GPay) and VISA to enable secured tokenisation on
its credit cards. This new feature will enable HSBC Credit Card customers to link their card to GPay and use it for
transaction. {Read more}
Key Points:
• HSBC India + GPay + VISA = collaboration to enable secured tokenisation on its credit cards
• HQs of HSBC India – Mumbai, MH | CEO – Surendra Rosha
• HQs of Google – California, United States | CEO – Sundar Pichai | Founded in – 1998
61. On April 22, The New Development Bank (NDB) has issued its 5-year $1.5 billion benchmark bond. This
transaction is the 3rd USD benchmark bond offering of the Bank in the international markets. The bond was
priced with no new issue premium at MS +25bps. {Read more}
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Key Points:
• NDB – issued its 5-year $1.5 billion benchmark bond
• HQs of NDB – Shanghai, China | President – Marcos Troyjo (established by BRICS Countries - in 2014)
62. On April 18, In-line with the RBI’s guidelines, Airtel Payments Bank has become the first payments bank in
India to enable ₹2 lakh day-end balance account limit from ₹1 earlier. The Bank deposits are insured under the
Deposit Insurance and Credit Guarantee Corporation (DICGC) which is a wholly owned subsidiary of the
RBI. {Read more}
Key Points:
• Airtel Payments Bank – became the 1st payments bank in India to enable ₹2 lakh day-end balance account limit
63. ICICI Bank and SBI Cards have seen robust growth in Credit Card issuances between December 2020 and
February 2021, coinciding with the temporary halt on HDFC Bank sourcing new cards. HDFC Bank has continued
to maintain its market leadership in the credit card segment. The India Digital Payments Report 2020 by
Worldline had revealed that 15 banks account for 95% of credit cards issued in India. {Read more}
Key Points:
• ICICI Bank & SBI Cards – noticed a strong growth in new Credit card issuance from Dec 2020 to Feb 2021
• HDFC Bank – India’s leading lender of Credit Cards (as of Feb 2021)
• 15 banks account for 95% of Credit Cards issued in India
64. On April 23, The RBI has restricted American Express Banking Corp and Diners Club International Ltd from on-
boarding new domestic customers onto their card networks from May 1 for violating data storage norms. These
are Payment System Operators authorised to operate card networks in India under the Payment and Settlement
Systems Act, 2007 (PSS Act). {Read more}
Key Points:
• RBI restricted American Express & Diners Club – from on-boarding new customers from May 1
• PSOs are authorised to operate card networks in India – under Payment & Settlement Systems Act, 2007 (PSS
Act)
• HQs of American Express – New York, USA | CEO – Stephen Squeri
• HQs of Diners Club – Riverwoods, Illinois, US | President & CEO – Eduardo Tobon
65. On April 24, The RBI has extended the interim Ways and Means Advances (WMA) limit of Rs 51,560 Cr for all
states and Union Territories up to September 30, 2021. Indian States & UTs can avail Special Drawing Facility
(SDF), WMA and Overdraft at an interest rate equal to the RBI’s repo rate which is 4%. {Read more}
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Key Points:
• RBI extended the interim WMA limit of Rs 51,560 Cr for all states & UTs - up to Sep 30, 2021
• Indian States & UTs can avail SDF, WMA & Overdraft at an interest rate of 4%
66. On April 22, Axis Direct - the flagship brand of Axis Securities, a fully-owned subsidiary of Axis Bank, has
launched a revolutionary mobile app - “Axis Direct RING” to make investment in Stock Markets simple, fast, and
rewarding. Axis Direct RING scans the market meticulously to help investors find investment opportunities every
60 seconds. {Read more}
Key Points:
• Axis Direct – launched a revolutionary mobile app - “Axis Direct RING” to make investment in Stock Markets
• MD & CEO of Axis Direct – B. Gopkumar
67. On April 13, In order to encourage people to get Covid-19 jabs, state-run Central Bank of India has launched a
special deposit scheme offering an additional interest rate of 25 basis points above the applicable card rate for
those who get vaccinated. The new product - “Immune India Deposit Scheme” has a maturity of 1,111
days. {Read more}
Key Points:
• Central Bank of India – launched “Immune India Deposit Scheme”
• Additional Interest Rate – 25 basis points | Maturity period – 1,111 days
68. On April 21, The RBI has relaxed the dividend payout norms of commercial banks and allowed them to pay up
to 50% of what they paid before Covid from the profits for the fiscal ended March 31, 2021. {Read more}
Key Points:
• RBI allowed commercial banks to pay up to 50% of pre-Covid dividends
69. On April 26, Non-Banking Finance Companies (NBFC) can now start operations in Gujarat’s GIFT city. This
includes both local and global NBFCs. They are allowed by the International Financial Services Centre Authority
(IFSCA) to offer a whole range of services - loans, investment banking, exotic derivative trades, third-party
product sale, etc. {Read more}
Key Points:
• IFSCA – allowed ‘NBFCs’ to start operations in Gujarat’s GIFT city
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70. On April 24, The RBI in its circular “Corporate Governance in Banks - Appointment of Directors and
Constitution of Committees of the Board” has asked private banks that the Chair of the board should be an
Independent Director. The post of the MD & CEO cannot be held by the same person for more than 15 years. RBI
has also fixed a maximum age of 70 for MD & CEO and 75 for non-executive directors. {Read more}
Key Points:
• RBI’s “Corporate Governance in Banks - Appointment of Directors & Constitution of Committees of the Board”
• RBI fixed 15 years as the tenure for the MD & CEO or Whole-Time Directors (WTDs) to hold their post in bank
• RBI also fixed a maximum age of 70 for MD & CEO & 75 for Non-Executive Directors
71. On April 24, SBI Mutual Fund has launched “SBI Nifty Next 50 Index Fund”, an open-ended index scheme
which would replicate the performance of the Nifty Next 50 Index. The NFO will open on April 28 and close for
subscriptions on May 11. ‘NIFTY Next 50’ has completed 25 years on April 22, 2021. It is the flagship index of the
National Stock Exchange’s (NSE) launched in 1996. {Read more}
Key Points:
• SBI Mutual Fund – launched “SBI Nifty Next 50 Index Fund” an open-ended index scheme
• ‘NIFTY Next 50’ – a flagship index of NSE (completed 25 years on April 22)
• HQs of SBI Mutual Fund – Mumbai, Maharashtra | MD & CEO – Vinay M. Tonse
72. On April 24, Paytm has launched a new & India’s 1st video-based Wealth Community wherein users can
interact with subject-matter experts on topics such as stocks, IPO, ETFs, mutual funds, among others. The Paytm
Wealth community is initially being offered in beta mode on the Paytm Money platform. {Read more}
Key Points:
• Paytm – launched a new & India’s 1st video-based Wealth Community
• HQs of Paytm Money – Bengaluru, Karnataka | CEO – Varun Sridhar | Founded in – 2009
73. Shivalik Small Finance Bank Ltd has commenced operations as a Small Finance Bank with effect from April 26.
The RBI had issued a licence to the bank under Section 22 (1) of the Banking Regulation Act, 1949 to carry on the
business of small finance bank in India. {Read more}
Key Points:
• Shivalik Small Finance Bank – commenced operations as a Small Finance Bank with effect from April 26
• RBI had issued a licence to the bank – under Section 22 (1) of the Banking Regulation Act, 1949
• HQs of SSFB – Khargone, Madhya Pradesh | MD & CEO – Suveer Kumar Gupta
74. On April 28, Indian Bank has signed an MoU with Bharat Sanchar Nigam Limited (BSNL) to receive seamless
telecom services for the bank at a competitive rate. The bank is already using services of BSNL and Mahanagar
Telephone Nigam Ltd for its Wide Area Network across India. {Read more}
Key Points:
• Indian Bank + BSNL = to receive seamless telecom services for the bank at a competitive rate
• HQs of BSNL – New Delhi | CMD – Pravin Kumar Purwar
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75. On April 28, ICICI Bank has launched digital platform ‘Merchant Stack’ to target over 2 Cr retail merchants in
the country. The platform enables merchants to meet their banking requirements amid the Covid-19
Key Points:
• ICICI Bank – launched digital platform ‘Merchant Stack’ to target over 2 Cr retail merchants in India
76. On April 28, The New India Assurance Co Ltd (NIACL) has been reclassified as a “Public shareholder” of Axis
Bank from being a “promoter” earlier. NIACL held 0.67% of the total issued and paid-up equity share capital of
the bank. {Read more}
Key Points:
• NIACL – reclassified as a “Public shareholder” of Axis Bank from being a “promoter” earlier
• HQs of NIACL – Mumbai, MH | CEO – Atul Sahai
77. On April 27, Decentro has partnered with ICICI Bank to offer customized business banking APIs to fintechs,
startups, and corporates and e-commerce companies. Decentro is a full-stack API banking platform. {Read more}
Key Points:
• Decentro + ICICI Bank = partnership to offer customized business banking APIs
• HQs of Decentro – Bangalore, Karnataka | Founder & CEO – Rohit Taneja
78. On April 23, The Reserve Bank of India (RBI) has joined the Central Banks and Supervisors Network for
Greening the Financial System (NGFS) as a member. NGFS is launched at the Paris One Planet Summit on
December 12, 2017. {Read more}
Key Points:
• RBI – joined the Central Banks & Supervisors NGFS as a member
• NGFS – Network for Greening the Financial System (launched in – 2017)
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Banking & Financial Awareness - by Smartkeeda

c) Balance of payments and exchange rate interactions

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