Last 6 Months Banking, Finance & Economy Current Affairs (Apr 2020 To Sep 2020)

Last 6 Months Banking, Finance & Economy Current Affairs
(Apr 2020 to Sep 2020)
S. No Topics Page No
1. April 2020 – Banking, Finance & Economy Current Affairs 1
2. May 2020 – Banking, Finance & Economy Current Affairs 36
3. June 2020 – Banking, Finance & Economy Current Affairs 78
4. July 2020 – Banking, Finance & Economy Current Affairs 114
5. Aug 2020 – Banking, Finance & Economy Current Affairs 140
6. Sep 2020 – Banking, Finance & Economy Current Affairs 166
Page 1 of 197
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(Apr 2020 to Sep 2020)
April 2020 – Banking, Finance & Economy Current Affairs
Banking News
RBI asks banks to inform about re-appointment cases of MD, CEOs six months in advance
The Reserve Bank asked the private sector and foreign banks to intimate it six months in advance in cases of re-
appointment of managing director and chief executives as against the present practice of four months.
 The RBI said proposals for appointment of a new MD and CEO or CEO should contain a panel of at least two
names in order of preference and the same should be submitted at least four months before the expiry of the
term of office of the incumbent.
 The revised forms aim to enhance disclosure and improve transparency, get more clarity in the information
being sought and is aligned to the requirements of the Companies Act, 2013.
Extra Shots:
RBI Headquarters: Mumbai, Maharashtra
Governor: Shaktikanta Das
D Lakshminarayanan named MD of Sundaram Home Finance
Sundaram Finance has announced the appointment of D Lakshminarayanan as the Managing Director of its wholly
owned subsidiary, Sundaram Home Finance, effective April 1, 2020.
 In May 2019, Sundaram Home had inducted Lakshminarayanan, from within the Sundaram Finance group, as
Executive Director.
 In October, he was appointed as a Whole-time Director on the board of Sundaram Home Finance.
Corona Care: India’s first coronavirus hospitalization insurance by PhonePe for Covid-19 treatment
The accelerated pace of coronavirus is affecting mankind adversely despite government efforts for curbing the
situation. It is posing an additional financial burden on individuals or families to get hospitalization treatment for
COVID-19. To provide support for such cases, Digital payments company PhonePe has launched India’s first
COVID-19 hospitalization insurance policy called Corona Care in collaboration with Bajaj Allianz General
Insurance for people who have been infected and hospitalised for covid-19 treatment.
Chief executives of OBC, UBI designated as OSD in PNB
 After the merger of the Oriental Bank of Commerce (OBC) and the United Bank of India (UBI) into Punjab
National Bank (PNB), the government has designated Chief Executives of OBC and UBI as "officers on
special duty" in Punjab National Bank.
 The officers are not assigned any portfolio so far.
 The PNB merger has created the country's second-largest state-owned bank with Rs 7.7 lakh crore advances.
 Also, OBC chief executive Mukesh Kumar Jain, who is now in PNB will be retiring in July.
Extra Shots:
Punjab National Bank:
Page 2 of 197
(Apr 2020 to Sep 2020)
 Founded on: 12 April 1894

 Headquarters: New Delhi, India
 Chairman: Sunil Mehta
 MD & CEO: S.S. Mallikarjuna Rao
SBI lists USD 100 million green bonds on India INX
 State Bank of India has listed green bonds of $100 million (about Rs 750 crore) on BSE’s India International
Exchange (India INX).
 The bank has listed green bonds under its USD 10 billion global medium-term note programme on India
INX’s Global Securities Market Green Platform (GSM).
 SBI has adopted the green bond framework with the objective of creating a positive impact on the
environment & this transaction is considered as part of the sustainability journey.
 The funds raised by green bonds are used to finance green projects that do not discharge toxic elements.
Extra Shots:
About Green Bond:
 Green Bond is a type of fixed income instrument that is specifically reserved for raising money to climate &
environmental projects so as to encourage sustainability. It is comparatively an attractive investment than a
comparable taxable bond, as it provides tax incentives such as tax exemption and tax credits.
SBI: The State Bank of India is an Indian multinational, public sector banking and financial services statutory body.
It is a government corporation statutory body.
 Chairperson: Rajnish Kumar
 Headquarters: Mumbai
 Tagline: “Pure banking, nothing else” “With you- all the way” “A bank of the common man” “The banker to
every indian”
RBI increased short-term borrowing limit for states, UTs by 30 percent
 The Reserve Bank of India introduced new measures to relax the impact of the COVID-19 induced lockdown.
 The Central bank focused on the finances of the states, that have announced the staggered payment of salaries.
Measures:
 Short-term borrowing limits of States or ways and means advances (WMA) have been increased by 30%. It
aims to enable the state governments to tide over the situation arising from the outbreak of the COVID-19
pandemic.
 The states have faced pressure on revenues as the economic activity came to a halt and the transfers from the
Central government and less Goods and Services Tax (GST) collection.
 The decision came as the Banks that bear the moratorium would get some reprieve in meeting regulatory
norms with respect to the capital needs.
 The revised limits came into force on 1 April 2020. It will be valid until 30 September 2020.
Page 3 of 197
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Extra Shots:
RBI: The Reserve Bank of India is India's central banking institution, which controls the issuance and supply of the
Indian rupee.
 Founded: 1 April 1935, Kolkata
 Governor: Shaktikanta Das
 Deputy Governors: B P Kanungo, M K Jain, N S Vishwanathan, Michael Debaprata Patra
ICRA says Banks, NBFCs to see bad loans pile up post moratorium period
 Rating company ICRA stated that Banks and Non-Banking Finance Companies (NBFCs) will face a bad pile-
up in bad loans post the moratorium period. It will worsen the credit profile of the Banks.
ICRA Highlights:
 ICRA stated that lenders with a higher share of asset classes like microfinance, commercial vehicles, and
small companies will be more vulnerable as their repayment ability depends on immediate cash flows.
 It stated that the asset quality stress of the banks will reflect with a lag of 1-2 quarters after the removal of the
moratorium. The stress will vary across segments.
 ICRA estimated the GDP growth will be slowed down to 2.0% in the current fiscal from an estimated 4.4% in
fiscal 2020.
 It is expected that the profitability (RoA) of financial sector entities will be adversely affected by 50-90 basis
points (bps) this fiscal.
Extra Shots:
ICRA : The credit rating agency is a joint venture (JV) between Moody's and various Indian commercial banks and
financial services companies. Moody's Corporation owns a 50.06% majority stake, as of 2014.
 Founded on: 1991
 Headquarters: Gurgaon, India
 Non-Executive Chairman and independent director: Arun Duggal
RBI reduces trading timings of currency and debt markets
 In view of the COVID-19 outbreak, the Reserve Bank of India has notified a change in market timings.
 Beginning April 7th, markets dealing with government securities, call/notice/term money, corporate bonds,
foreign currency, Indian Rupee Trades, commercial paper and Certificates of Deposit will be working from 10
AM to 2 PM.
 lockdowns, social distancing, restrictions on movement of staff, work from home arrangements and business
continuity plans is posing operational and logistic risks.
 These revised timings will remain in effect till 17th April.
 The apex bank has clarified that all regular banking services for customers, including RTGS, NEFT, e-kuber
and other retail payments systems will continue to be available as per extant timings.
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 It may also be noted that timing for equity markets has not be revised.
Extra Shots:
Indian rupee.
 Deputy Governors: B P Kanungo, M K Jain
SBI Mutual Fund becomes India’s largest MF in Jan-Mar
 SBI Mutual Fund has displaced HDFC Mutual Fund to become India’s largest fund house, according to
quarterly average AUM data released by the Association of Mutual Funds of India (AMFI) for January-
March.
 SBI MF has attributed the growth to its network of independent financial advisors and relative emphasis on
debt funds rather than inflows from the Employees Provident Fund Organisation (EPFO) or sales from SBI
bank branches.
Extra Shots:
SBI: The State Bank of India is an Indian multinational, public sector banking and financial services statutory body.
It is a government corporation statutory body.
PNB Housing Finance ties-up with JICA to raise $75 million
 Punjab National Bank Housing Finance has partnered with Japan International Cooperation Agency (JICA) to
raise 75 million dollars.
 The Citibank will also co-finance 25 million dollars to finance the mortgage loans in the affordable housing
segment.
 This partnership also states first debt funding by Japan International Cooperation Agency (JICA) in the
housing finance sector in India.
 The partnership aims to facilitate low-income households of India with affordable housing, based on the
Facility for Accelerating Financial Inclusion in Asia.
Extra Shots:
Punjab National Bank:
 Founded on: 12 April 1894
 Chairman: Sunil Mehta
 MD & CEO: S.S. Mallikarjuna Rao
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SIDBI to provide emergency working capital to MSMEs

 The Small Industries Development Bank of India (SIDBI) will facilitate Micro, Small and Medium
Enterprises (MSMEs) with emergency working capital of up to Rs 1 crore against their confirmed government
orders.
 The SIDBI’s new loan product i.e. SIDBI Assistance to Facilitate Emergency response against Coronavirus
(SAFE) plus will be provided collateral free and disbursed within 48 hours at an interest rate of 5%.
 SIDBI has also increased the loan limit for MSMEs from Rs 50 lakh to Rs 2 crore under the SAFE plus
initiative.
 The scheme was launched by SIDBI to provide financial assistance to MSMEs that are engaged in the
manufacturing of range of products such as hand sanitizers, shoe-covers, ventilators, head gear, bodysuits,
masks, gloves and goggles used in dealing with COVID-19.
 Under its flagship scheme called SIDBI Make in India Soft Loan Fund for Micro Small and Medium
Enterprises (Smile), SEBI has opened an additional financial window for the healthcare sector.
Extra Shots:
SIDBI: Small industrial Development Bank of India is a development financial institution in India, headquartered at
Lucknow and having its offices all over the country.
 Headquarters location: Lucknow
 Founded: 2 April 1990
 CMD : Mohammad Mustafa
Bank of Baroda initiated schemes for agri sector to tackle COVID-19 impact
 In a bid to provide financial relief to the agriculture sector which is under distress due to COVID-19, the Bank
of Baroda (BoB) has initiated four agro schemes for Women Self Help Groups (SHGs), Farmer Producer
Organizations (FPO/FPC) and farming community.
 It should be noted only the existing borrowers of BoB whether individual or FPO or SHG are eligible for the
schemes. Following are the four schemes launched by bank:
Highlights:
Additional Assurance to SHGs- COVID19
 To provide immediate financial assistance to the Women SHGs to meet the emergent needs of its members for
their domestic and agriculture purposes.
 Minimum Loan Amount– Rs.30,000 per SHG group.
 Maximum Loan Amount– Rs.1 Lac per member and Rs.10 lacsper SHG Repayment Period– Monthly /
Quarterly. The entire tenure of the loan shall not exceed 24 months.
Baroda Emergency Credit Line for Farmer Producer Organization (FPO/FPC)
 It is an emergency credit line for FPO/FPC to deal with tremporary liquidity mismatches arised out of
COVID-19.
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 Loan amount– 10% of the combined limits sanctioned to FPO / FPC with Max amount of Rs.5,00,000/-
(Rupees Five lakhs only), moratorium period for a maximum of 6 months.
 Repayment Period– Monthly / Quarterly with a tenor of 36 months.
Baroda Special Scheme for existing Agriculture Investment Credit borrowers
 It is an instant credit for farming community to meet the emergent funds requirements for farm maintenance
and other farm related activities due to the COVID-19 pandemic.
 Minimum Loan amount– Rs.10000
 Maximum Loan amount– Rs.50000
 Repayment Period– Half yearly / Yearly instalments
Baroda Special Scheme for existing BKCC borrowers impacted by COVID-19
 It is an instant credit for farming community who are existing Baroda Kisan Card (BKCC) account holders.
 Minimum Loan amount– Rs.10000
 Maximum Loan amount– Rs.50000
 Repayment Period– 6 Half yearly / 3 Yearly instalments
Extra Shots:
Bank of Baroda
 Headquarters: Alkapuri, Vadodara
 Tagline: India’s International Bank
 MD& CEO: Sanjiv Chadha
ADB assures India of 2.2 bn US dollar support to fight against COVID-19 pandemic
Asian Development Bank assured India of 2.2 billion US dollar support to fight against the COVID-19 pandemic.
 ADB President Masatsugu Asakawa assured Finance Minister Nirmala Sitharaman of financial support of
about 16,500 crore rupees.
 The ADB President also appreciated the 1.7 lakh crore rupees economic relief package to provide immediate
income and consumption support to the poor, women, and workers affected by the nationwide lockdown.
 On 18th of March, ADB announced an initial package of approximately 6.5 billion US Dollars to address the
immediate needs of its developing member countries, including India, as they respond to the COVID-19
pandemic.
RBI launches Twitter campaign to promote digital modes of payment
 The Reserve Bank of India launched a twitter campaign urging bank customers to adopt digital modes of
payment that are convenient and safe.
 RBI emphasised on transacting digitally as it gives the convenience of making payments anytime and
anywhere.
 Through the campaign, RBI reiterated the multiple digital payment options such as NEFT, IMPS, UPI and
BBPS that are available 24*7.
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 The face of the campaign is Bollywood actor Amitabh Bachchan.

 The usage of digital modes to make transactions has become all the more important as the ongoing 21-day
nationwide lockdown, imposed to maintain social distancing to contain the spread of the coronavirus, has
restricted the movement of people.
Extra Shots:
Indian rupee.
 Deputy Governors: B P Kanungo, M K Jain, Michael Debaprata Patra
Jana Small Finance Bank launches “DigiGen” digital banking platform
 Jana Small Finance Bank has launched “DigiGen” a digital banking platform where customers can digitally
open a savings account and fixed deposit instantly, any time, anywhere.
 DigiGen onboarding is a three-step process to open an account.
 Bank customers are eligible for 4.5 per cent interest rates on savings account with no minimum balance and
up to 7.5 per cent interest on fixed deposits.
 The new digital solution also offers a host of other features, including online bill payment, instant money
transfer and airport lounge access on the debit card.
Extra Shots:
Jana Small Finance Bank is a small finance bank that commenced operations on March 28, 2018. The Reserve
Bank of India issued a licence to the bank under Section 22 of the Banking Regulation Act, 1949.
 Headquarters location: Bengaluru
 Founded: 2006
 Subsidiary: Janaadhar Constructions
SBI to waive service charges for all ATM transactions
 The State Bank of India (SBI) has made an announcement that the bank will waive service charges for all
ATM transactions made on SBI ATMs.
 The decision will also be implemented on the other bank ATMs on account of exceeding the free number of
transactions up to 30th June 2020.
 Therefore, any customer having a debit card from a State Bank of India will be allowed to withdraw cash
from any other bank’s ATM without incurring any additional charges till 30th June, 2020.
 The decision to waive service charges was taken by the State Bank of India in view of the announcement
made by Finance Minister Nirmala Sitharaman stating “no charge will be levied on cash withdrawals by a
bank’s customer from the ATM of any other bank till 30th June 2020”.
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ICICI Bank launches voice banking services for their customers

 Industrial Credit and Investment Corporation of India(ICICI) bank starts a new feature of voice banking
services on Amazon Alexa and Google Assistant for their customers.
 The service will enable customers to #BankWithTheirVoice and get answers to banking queries, check
account balance & transactions, credit card due date and more.
 The company’s new voice banking service uses an omnichannel bot called iPal to allow users to interact with
virtual assistants on Alexa or Google Assistant-powered devices.
 Bank customers not only ask their banking queries but also apply for a new product, locate their nearest
branch or ATM, check for their account balance and new offers, recharge various services and transfer funds
etc.
Extra Shots:
ICICI Bank:
 Founded: 5 January 1994
 Headquarters: Mumbai, Maharashtra
 Managing Director & CEO: Mr. Sandeep Bakhshi
 Tagline: Hum Hai Na, Khayal Apka
Transcorp becomes the 1st non-bank company to receive RBI nod to enter into co-branding arrangements
 The Leading forex and payment solutions provider Transcorp International Limited (TIL), to receive Reserve
Bank of India (RBI) nod to enter into co-branding arrangements for prepaid Instruments to be used in over 35
lakh stores and online gateways due to the current outbreak of COVID-19 pandemic.
Highlights:
 It will launch Application Programming Interface (API) based co-branded partnerships for digital, physical
and contactless cards with select marquee clients in its own Bank Identification Number (BINs).
 These cards can be used by partners, financial institutions and corporate houses to ease their core business
activities & facilitates the accounting department to manage expenses by not having to check every individual
bill & eliminates cash as a medium of paying for company expenses
 Cards allow safe transactions to serve their existing and new customers even if they do not have a bank
account & will replace cash payment for all value transactions up to Rs. 1,00,000.
 It is the 1st non-bank player in India to issue National Common Mobility Cards (NCMC/One Nation One
Card) by National Payments Corporation of India (NPCI) certification to be used in Transit Systems and
Smart Cities.
Extra Shots:
TIL: It is a Public Limited Company incorporated in 1994, is listed with Bombay Stock Exchange (BSE) with a
turnover of Rs. 2300 crore.
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 Headquarters: Jaipur, Rajasthan

 CEO: Amitava Ghosh
Bank of Baroda announces ex-gratia, health cover for business correspondents
 State-owned Bank of Baroda on Saturday said it will provide an ex-gratia payment of Rs 10 lakh to the next
of kin of business correspondents (BCs) in case of loss of life due to COVID-19. It will also provide health
insurance cover of Rs 60,000 to the BCs.
 The bank has taken steps for BCs' financial security, in terms of ex-gratia payment of Rs 10 lakh to the
nominee in case of loss of life due to COVID-19, and health insurance facility of Rs 60,000 to each active BC.
 In the first tranche, Rs 2,000 was provided to each active and functional BC in the month of April 2020. In
May, each functional BC will be provided Rs 1,000 for hygiene maintenanceFurther, the bank will pay an
amount of Rs 100 per working day towards transportation as an incentive to the BCs to encourage them to
extend their services from 10 am to 5 pm till June 30, 2020, (except where local level restrictions are
imposed), subject to minimum 40 transactions.
Extra Shots:
BOB: Bank of Baroda is an Indian Multinational, public sector Banking and Financial Services company. It is the
third largest public sector bank in India with a business mix of close to US$225 billion. Based on 2019 data, it is
ranked 1145 on Forbes Global 2000 list.
 CEO: P. S. Jayakumar
 Headquarters: Alkapuri, Vadodara
Banking Services made Public Utility Services
 The banking services have been brought under the Industrial Disputed Act in order to prevent strikes by the
employees of banking sector.
 The order has been passed by the labour ministry.
 This would mean that the banking sector would not see any strikes by employees or officers during the
operation of the law starting from April 21 till October 21, 2020.
 The notification in this regard was issued by the Ministry of Labour and Employment.
 The notifications read as – “services engaged in the Banking industry, which is covered under item 2 of the
First Schedule to the Industrial Disputes Act, 1947 (14 of 1947), to be a public utility service.”
 Reasons for the order There are several decisions of the government that the bank unions do not agree. For
instance, several bank unions protested against the bank mergers.
 The unions did not agree to the merger as they believed that consolidation of banks will lead to closing down
of branches.
Extra Shots:
Public Utility Services:
 The Public Utility Services are those services that operate as public service corporation.
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 They provide essential services such as telephones, electricity, natural gas, postal services and water.
RBI announced Rs.50,000 crore liquidity for Mutual Funds
 The Reserve Bank of India (RBI) announced Rs.50,000 crore liquidity support for Mutual Funds (MFs) on 27
April 2020.
 It approved the funds under the special liquidity facility scheme effective from 27 April.
 RBI's move comes after Franklin Templeton's decision to close 6 debt funds and put redemptions on hold
indefinitely.
Highlights:
 Under this move, the RBI will conduct repo operations of 90 days tenor at the fixed repo rate. The facility will
be on-tap and open-ended, and banks can submit their bids to avail funding on any day from 27 April- 1 May.
 The funds availed under the scheme can be used by banks exclusively for meeting the liquidity requirements
of MFs by extending loans, and undertaking the outright purchase of and/or repo against the collateral of
investment-grade corporate bonds, commercial papers (CPS), debentures and certificates of Deposit (CDs)
held by MFs.
 The move by the Central Bank will increase confidence among investors.
 RBI has also added liquidity support that can be availed under the scheme which would be eligible to be
classified as held to maturity (HTM), even in excess of 25% of the total investment that is permitted in the
HTM portfolio.
 Exposures under this facility will not apply under the Large Exposure Framework (LEF). The face value of
securities kept in the HTM category will not be reckoned for computation of adjusted non-food bank credit
(ANBC) for the purpose of determining priority sector targets.
 The support extended to MFs under the Special Liquidity Facility for Mutual Funds (SLF-MF) shall be
exempted from banks' capital market exposure limits.
Extra Shots:
Indian rupee.
 Deputy Governors: B P Kanungo, M K Jain, N S Vishwanathan
Special borrowing scheme launched by IOB for SHGs
 A special borrowing scheme has been launched by the Indian Overseas Bank (IOB) for self help groups
(SHGs).
 IOB has taken this initiative to help the SHGs in order to overcome the difficulties posed by COVID-19.
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 Each member of a self help group can avail a maximum loan amount of Rs 5,000 while there is a cap of Rs 1
lakh for the group.
 A self help group with history of minimum two loans from Indian Overseas Bank and good track record will
be eligible for this loan facility.
 Also, only those SHGs are eligible to avail this special scheme whose existing loans are standard and
performing as on March 1, 2020.
 The Special borrowing scheme can be availed by interested borrowers till June 30, 2020 and can apply
through branches directly or through business correspondents.
 Bank will sanction and disburse the loans within six working days, without charging any processing fee or
pre-payment fee for this loan scheme.
Extra Shots:
IOB: Indian Overseas Bank is a major public sector bank based in Chennai, India, with about 3,400 domestic
branches, about 6 foreign branches and representative office
 Headquarters: Chennai
 CEO: Shri Karnam Sekar
 Founder: M. Ct. M. Chidambaram Chettyar
Indian Bank cuts fund-based lending rate by 30 basis points
 State-owned Indian Bank announced a cut in its marginal cost of fund-based lending rate (MCLR) by 30 basis
points across various tenors in line with market competition.
 The new interest rates will be effective from May 3.
 Overnight and one-month MCLRs have been reduced by 30 basis points to 7.50 per cent and 7.55
respectively.
 Three-month MCLR has been revised to 7.70 per cent from 8 per cent while six-month rate has come down
to 7.75 per cent as compared to 8.05 per cent.
 The rate cut is in line with easing of interest rate in the market following moderation in interest rates by the
RBI last month.
 The RBI reduced benchmark repo rate by 75 basis points to 4.40 per cent in the bi-monthly Monetary Policy
Committee meeting on March 27.
Extra Shots:
Indian Bank:
 Founded: 1907
 CEO: Padmaja Chunduru
Page 12 of 197
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Finance and Economy
World Bank offers $1bn for proposed India project

The World Bank has offered $1 billion to the Indian government for a proposed India Covid-19 emergency response
and health systems preparedness project.
 This four-year project aims to develop the preparedness of India’s health care systems in the time of the
pandemic.
 The idea of the project will be to respond and mitigate the Covid-19 threat and strengthen national systems for
public health preparedness in India.
 The World Bank funding is from its Covid-19 fast-track facility where both the entities (World Bank and the
government of India) will work on following the best international practice.
India seeks $6 billion of loans from ADB, AIIB to fight coronavirus pandemic
 India is seeking as much as $6 billion of loans from multilateral institutions such as the Asian Development
Bank to bolster its efforts to fight the coronavirus outbreak.
World Bank & ADB:
 The World Bank already committed $1 billion. At the same time, Prime Minister Narendra Modi’s
government is in talks with Asian Infrastructure Investment Bank and ADB, the people said, asking not to be
identified because the details haven’t been finalized.
Extra Shots:
WB: The World Bank is an international financial institution that provides loans and grants to the governments of
poorer countries for the purpose of pursuing capital projects. It comprises two institutions: the International Bank for
Reconstruction and Development, and the International Development Association.
 Headquarters: Washington, D.C., United States
 Membership: 189 countries (IBRD); 173 countries (IDA)
 Parent organization: World Bank Group
 Founded: 1944
 Founders: John Maynard Keynes, Harry Dexter White
ADB: The Asian Development Bank is a regional development bank established on 19 December 1966, which is
headquartered in the Ortigas Center located in the city of Mandaluyong, Metro Manila, Philippines. The company
also maintains 31 field offices around the world to promote social and economic development in Asia.
 Headquarters: Mandaluyong, Philippines
 President: Masatsugu Asakawa
 Membership: 68 countries
 Founded: 19 December 1966
 Purpose: Economic development
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Fitch declined India growth forecast to 2% for FY21 from 5.1%

 Fitch Ratings has trimmed the Indian growth forecast for fiscal year (FY) 2020-2021 to 2% from 5.1%
following the economic recession caused due to lockdown amid COVID-19 pandemic.
 This would be the slowest growth in India over the past 30 years.
 On the global front, Fitch has predicted a contraction of 1.9% in GDP (Gross Domestic Product) growth for
FY 20-21.
Extra Shots:
ADB – 4.0% (Previous 5%)
S&P – 3.5% (Previous 5.2%)
Moody – 2.5% (Previous 5.3%)
Fitch: Fitch Ratings Inc. is an American credit rating agency and is one of the "Big Three credit rating agencies", the
other two being Moody's and Standard & Poor's. It is one of the three nationally recognized statistical rating
organizations designated by the U.S. Securities and Exchange Commission in 1975.
 Headquarters: New York, New York, United States
 CEO: Paul Taylor (2 Apr 2012–)
 Revenue: 170 crores USD
 Founder: John Knowles Fitch
CCI approved acquisition of GMR Kamalanga Energy Limited by JSW Energy Limited
 The Competition Commission of India (CCI) has approved the acquisition of GMR Kamalanga Energy
Limited, the target, by JSW Energy Limited, the acquirer.
 The acquisition was done under Section 31(1) of the Competition Act, 2002 on 7 April.
Acquisition:
 As per the move, JSW Energy Limited acquires the 100% shareholding of the GMR Kamalanga Energy
Limited.
 JSW has a power generation capacity of 4,541 MW comprising of a portfolio of thermal (3,140 MW), hydro
(1,391 MW) and solar (10 MW).
 GMR Kamalanga Energy Limited is engaged in the generation of power through its coal-based thermal power
plant at Kamalanga village, Odisha.
Extra Shots:
JSW Energy Limited:
 Founded: 1994
 Headquarters: Mumbai, India
 Chairman: Sajjan Jindal
I-T department to release all pending income tax refunds to benefit 14 lakh taxpayers
 The Centre has announced that it is to issue all the pending income-tax refunds up to Rs.5 lakh immediately.
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 The move by the Centre is to provide immediate relief to the business entities and individuals.
I-T refunds:
 An income tax (I-T) refund is due to a taxpayer/individual when the tax deducted from his/her income in a
particular financial year is higher than his/her total income tax liability.
 The I-T refunds will benefit around 14 lakh taxpayers across India.
 The I-T department of the Ministry of Finance will also release all Goods and Service Tax (GST) and custom
refunds to around 1 lakh business entities, including micro, small and medium enterprises (MSME).
 A total refund grant of approximately Rs.18,000 crore will be released to the business entities.
Extra Shots:
Income Tax Department: Income Tax Department functions under the Ministry of Finance. The department is
headed by the Central Board of Direct Taxes (CBDT). It enforces various direct tax laws, to collect revenue for the
Government of India.
 Formed: 1860
 Headquarters: New Delhi
 Minister responsible: Nirmala Sitharaman, Finance Minister
 Chairman: Pramod Chandra Modi
Global economy is expected to go into recession in view of COVID-19 pandemic: RBI
 RBI has stated that the global economy is expected to go into recession after taking into account the impact of
the COVID-19 pandemic.
 It also says that aggregate demand is expected to be impacted adversely by likely recession in the global
economy, caused by disruptions in global supply chains, travel and tourism, and lockdowns in many
economies.
Extra Shots:
Indian rupee.
 Deputy Governors: B P Kanungo, M K Jain, Michael Debaprata Patra
India’s foreign exchange reserves rise by 5.65 billion after falling for 2 weeks
After falling for two weeks in a row, India’s foreign exchange reserves have surged by $5.65 billion to $475.56
billion in the week ended on 27th of March.
 Foreign currency assets, a major part of the overall reserves, increased by $2.56 billion to $439.66 billion.
 In the previous week, the reserves had declined by $11.98 billion to $469.91 billion as the RBI was supplying
dollars to contain fall in the rupee, which has breached the 76 mark against the US Dollar.
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 Gold reserves also increased by $3.03 billion to $30.89 billion.

 India's special drawing rights with the International Monetary Fund went up by $14 million to $1.42 billion,
while the country's reserve position also increased by $44 million to $3.58 billion.
ADB expects India GDP to slip to 4 pc in 2020-21
The Asian Development Bank (ADB) has projected India’ growth to slow down to 4% in the current fiscal year,
citing weak global demand and the government’s COVID-19 containment efforts.
 The outlook for India remains subdued, with growth slowing from 5.0% last fiscal year to 4.0% this year, it
said in the Asian Development Outlook (ADO) 2020 released.
 The ADO is its annual flagship economic publication.
 The bank expects the country’s gross domestic product growth to strengthen to 6.2% in FY22, boosted by
government reforms.
 The forecast assumes that the Covid-19 pandemic dissipates and full economic activity resumes from the
second quarter of this fiscal year.
Airtel Payments Bank partners with Bharti AXA General to offer coronavirus insurance policy
Airtel Payments Bank has tied up with Bharti AXA General Insurance to launch a coronavirus insurance policy.
 The Bharti AXA Group Health Assure Policy comes with a fixed cover offering 100 per cent sum insured as a
lump sum, if the policy holder is diagnosed positive or gets quarantined in a government hospital or military
facility/establishment.
 The policy can be purchased at a price of Rs 499 (including GST) for fixed sum insured of Rs 25,000.
 The insurance policy can be purchased directly from the banking section of the 'Airtel Thanks App' or by
visiting the nearest active banking point-of-sales (POS) of Airtel Payments Bank.
CCI approves Hitachi's proposed acquisition of 80.1% in power grid business of ABB Limited
The Competition Commission of India (CCI) approves the proposed acquisition of 80.1% stake by Hitachi in the
power grid business of ABB Limited.
 The proposed combination envisages acquisition of 80.1% share capital of ABB Management Holding AG
(ABB Management) by Hitachi Limited (Hitachi) from ABB Limited (ABB).
 ABB Management will hold the entire power grid business of ABB (Target Business).
 Hitachi, headquartered in Japan, is the parent company of the Hitachi group of companies.
 It is active in a variety of business segments including IT Solution, Energy Solution, Industry Solution,
Mobility Solution, and Smart Life Solution.
Global trade will plunge by up to a third in 2020: WTO
The World Trade Organization (WTO) said that the Global trade could drop by a third this year due to the
coronavirus pandemic.
 COVID-19 has completely upended the global economy and with it international trade.
 The global trade body was projecting that "trade in 2020 will fall steeply in every region of the world, and
basically across all sectors of the economy”.
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 North America and Asia would be hardest-hit and could see their exports plunge by 40 and 36 percent
respectively, while Europe and South America could see declines of more than 30 percent.
 In its main annual forecast, the 164-member WTO pointed out that trade had already been slowing in 2019,
before the emergence of the novel coronavirus.
 WTO Headquarters: Geneva, Switzerland
 Membership: 164 member states
 Director-General: Roberto Azevêdo
India's GDP projected at 4.8%: UN report
According to a UN report, India's GDP growth for the current fiscal is expected to slow down to 4.8 per cent.
 It warned that the COVID-19 pandemic is expected to result in significant adverse economic impacts globally.
 The UN 'Economic and Social Survey of Asia and the Pacific (ESCAP) 2020: Towards sustainable
economies' said that COVID-19 is having far-reaching economic and social consequences for the region, with
strong cross-border spillover effects through trade, tourism and financial linkages.
 India's GDP growth for the fiscal year 2019-2020 was estimated at 5 percent and is forecast to slow down to
4.8 per cent for the current fiscal 2020-21.
 Economic growth for the country could stand at 5.1 per cent for fiscal year 2021-22.
 The report noted that these are very preliminary forecasts based on the data and information available up to
March 10.
ADB announced USD 2.2 billion to support India to combat coronavirus pandemic
 Asian Development Bank (ADB) has announced that of $2.2 billion (about Rs.16,500 crore) support to India
in its fight against the COVID-19 pandemic.
 ADB is committed to supporting India's emergency needs.
Aim:
 It aims to help the health sector of India and to help alleviate the economic impact of the pandemic on the
poor. The fund will benefit informal workers, micro, small, and medium-sized enterprises, and the financial
sector of India.
 This is straining a large number of micro, small, and medium-sized enterprises, and the livelihood of formal
and informal labourers across the country.
 ADB has announced that is to meet India's needs by considering all financing option including emergency
assistance, policy-based loans, and budget support to facilitate swift disbursement of ADB funds.
Extra Shots:
ADB:
 Formed on: 19 December 1966
 Headquarters: Philippines
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 ADB aims to promote social and economic development in Asia. ADB is committed to achieving a
prosperous, inclusive, resilient, and sustainable Asia and the Pacific and works to sustain its efforts to
eradicate extreme poverty.
Fiscal deficit may increase in March despite nationwide lockdown
 Data released by the Government of India stated that India's fiscal deficit stood at 5.07% of gross domestic
product (GDP) in February 2020.
 The report stated that the government is might not meet its revised target of 3.8% of GDP due to the COVID-
19 pandemic.
Report highlights:
 The fiscal deficit target was increased to Rs.7.66 lakh crore (3.8%) of the GDP in July 2019 by invoking the
escape clause under the Fiscal Responsibility and Budget Management Act (FRBM).
 As per the data from the Controller General of Accounts (CGA), India's fiscal deficit reached Rs.10.36 lakh
crore at the end of February 2020.
 It also stated that government revenues are likely to take a substantial hit in March, despite nationwide
lockdown.
 It also highlighted that expenditures for the month should rise due to various costs arising from the virus
containment efforts and enforcing the lockdown.
 According to the report, the state governments received about Rs.90,000 crore as tax devolution and around
Rs.29,000 crore for various schemes in FY20.
UN ESCAP forcast India’s GDP for FY21 at 4.8%
 The UN ‘Economic and Social Survey of Asia and the Pacific (ESCAP) 2020 forecast India’s GDP for FY21
at 4.8%.
 It also warned that the COVID-19 pandemic is expected to result in significant adverse economic impact
globally.
 The title of the UN report ‘Economic and Social Survey of Asia and the Pacific (ESCAP) 2020: Towards
sustainable economies’.
 India’s GDP growth for the fiscal year 2019-2020 was estimated at 5% and is forecast to slow down to 4.8%
for the current fiscal 2020-21.
 Economic growth for the country could stand at 5.1% for the fiscal year 2021-22.
Extra Shots:
 ADB – 4.0% (Previous 5%)
 S&P – 3.5% (Previous 5.2%)
 Moody – 2.5% (Previous 5.3%)
 UNESCAP – 4.8% (Previous 5%)
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 Goldman Sachs – 1.6% (Previous 3.3%)

UN ESCAP: The United Nations Economic and Social Commission for Asia and the Pacific is one of the five
regional commissions under the jurisdiction of the United Nations Economic and Social Council.
Headquarters location: Bangkok, Thailand
 Founder: United Nations Economic and Social Council
 Founded: 28 March 1947
 Parent organization: United Nations Economic and Social Council
 Formation: 28 March 1947
Goldman Sachs lowers India’s growth forecast for FY 21 to 1.6% from 3.3%
 An American multinational investment bank and financial services company, Goldman Sachs lowered India’s
growth forecast for Financial Year (FY) 21 from 3.3% (estimated on March 22, 2020) to 1.6% due to the
lockdown & social distancing measures so as to control the COVID-19 pandemic spread.
 It stated that the revised growth will be deeper when compared to the recession India has experienced in
1970’s, 1980’s & 2009.
 Many analysts like Fitch, Moody are downgrading India’s growth rate due to the pandemic.
Extra Shots:
 S&P – 3.5% (Previous 5.2%)
Goldman Sachs:
 Headquarters: New York, United States
 Chairman & Chief Executive Officer (CEO): David M. Solomon
GMR Airports to develop & operate airport in Andhra Pradesh
 GMR Airports Limited will develop & operate Bhogapuram International Airport in Andhra Pradesh.
 Government of Andhra Pradesh has issued a “Letter of Award” (LoA) to GMR Airports Limited for the
development of greenfield international airport at Bhogapuram.
 The project of the greenfield International Airport at Bhogapuram, Andhra Pradesh involves its design, build,
finance, construction, development, up-gradation, modernization, operation and maintenance for 40 years,
which will be extendable by additional 20 years.
 On a public-private partnership basis, GMR Airports Limited emerged as the highest bidder for project in
February 2019.
 GMR Airports Limited is the subsidiary of GMR Infrastructure.
Extra Shots:
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GMR: GMR Group is an infrastructural company headquartered in New Delhi. The company was founded in 1978
by Grandhi Mallikarjuna Rao. Employing the Public Private Partnership model, the Group has implemented several
infrastructure projects in India.
 Founder: Grandhi Mallikarjuna Rao
 Founded: 1978
 Key person: Grandhi Mallikarjuna Rao
World Bank forecasts FY21 India growth at 1.5-2.8 percent
 The World Bank in its "South Asia Economic Focus report" said that India's economy is expected to grow
1.5% to 2.8% in the 2020-21 fiscal year which started on 1 April 2020.
 It stated that India might record its worst growth performance since the 1991 liberalization in the current
fiscal year 2020-21 due to the coronavirus outbreak which severely disrupted the economy
Report Highlights:
 The report estimated India will grow 4.8% to 5% in 2019-20 fiscal that ended on 31 March.
 COVID-19 pandemic will further slow down the Indian economy which was already slowing due to persistent
financial sector weaknesses.
 It also stated that growth is expected to rebound to 5% in the Fiscal year 2022 (FY 2021-22) when the impact
of COVID-19 dissipates.
Extra Shots:
 S&P – 3.5% (Previous 5.2%)
CBDT refunded Rs.4,250 crore to help taxpayers in COVID-19 pandemic situation
 The Central Board of Direct Taxes (CBDT) stated that it has already issued over 10.2 lakh refunds totalling to
around Rs.4,250 crore as of 14 April 2020.
 The move is in pursuance to the Government of India's decision to issue pending income tax refunds up to
Rs.5 lakh in order to help taxpayers in a COVID-19 pandemic situation, on 8 April.
Highlights:
 CBDT refunded over and above the 2.50 crore refunds already issued in FY 2019-20 till 31 March 2020
totalling up to Rs.1.84 lakh crore.
 About more than 1.75 lakh refunds are in the process of issuance in the upcoming days.
 The refunds by CBDT will be credited directly to the taxpayer bank account in 5-7 business days from
issuance.
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 Also, around 1.74 lakh refund cases, email responses are awaited from taxpayers regarding reconciliation with
their outstanding tax demand for which a reminder email has been sent. The taxpayers have been asked to
respond within 7 days so that the refund can be processed accordingly.
 CBDT has requested taxpayers to check and respond to their email and login to their e-filing account to
respond to the I-T Department immediately.
 The CBDT also clarified the necessary routine process-related communications to the taxpayers to seek a
response on defective ITRs, prima facie adjustments and where confirmation is sought about certain claims
made by them. It is expected that a quick response from the taxpayer would enable the I-T Department to
process their refunds expeditiously.
Extra Shots:
Central Board of Direct Taxes:
 CBDT was set up under the Central Board of Revenue Act, 1963. It functions as a Division of the Ministry
dealing with matters relating to levy and collection of direct taxes.
 Formed on: 1944
 Chairperson of CBDT: Pramod Chandra Mody
IMF reports that COVID-19 pandemic will bring Asia's 2020 growth to halt for 1st time in 60 years
 The International Monetary Fund (IMF) in its report on the Asia-Pacific region stated that Asia's economic
growth in 2020 will grind to a halt for the first time in 60 years due to the COVID-19 pandemic.
Report Highlights:
 The IMF's Asia and Pacific Department directed the policymakers to offer targeted support to households and
firms hardest-hit by travel bans, social distancing policies and other measures aimed at containing the
pandemic.
 IMF forecasted a 7.6% expansion in Asian economic growth in 2021 on the assumption that containment
policies succeed. It also said that the outlook is highly uncertain.
 It also stated that The impact of the coronavirus on the region will be severe, across the board, and
unprecedented.
 It suggested that the Asian countries need to use all policy instruments in their toolkits.
 Asia is set to fare better than other regions that suffered economic contractions. The projection is expected to
be worse than the 4.7% average growth rate throughout the global financial crisis.
Extra Shots:
International Monetary Fund (IMF):
 IMF promotes international monetary co-operation and facilitates international trade. It aims to foster
sustainable economic growth, make resources available to members experiencing balance of payments
difficulties.
 Formed on: 27 December 1945
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 Headquarters: Washington, D.C., The US

 Managing Director: Kristalina Georgieva
 Chief Economist: Gita Gopinath
 Official language: English
Tata AIA Life Insurance offers additional benefits related to COVID-19
 Tata AIA Life Insurance has announced additional benefits related to COVID-19 for Policyholders and
Agents at no additional cost.
 Now, Tata AIA becomes 1st life Insurance Company in India to do so.
 Tata AIA Life Insurance will give an additional amount up to Rs. 5 lakhs for death claims due to COVID-19.
 Active Tata AIA Life Insurance agents and their families to get medical reimbursement up to Rs. 25,000 for
COVID 19 related hospitalisation.
 This benefit is applicable for all valid death claims with a date of death on or before June 30 2020.
Extra Shots:
Tata AIA Life Insurance
 Founded: 2000
 MD & CEO: Rishi Srivastava
AIIB to lend USD 500 mn to India to help fight COVID-19 pandemic
 Asian Infrastructure Investment Bank (AIIB) has announced that it is to finance $500 million projects in India
to help the country improve its health care systems.
 With this, AIIB has doubled its funds under the COVID-19 Crisis Recovery Facility.
Highlights:
 The aim of the move is to help reduce health care pressures in pandemic preparedness and health
infrastructure in India. It will also provide liquidity, fiscal and budgetary support.
 The funding is to be used for the purchase of equipment and for detection capacity.
 The move comes as India approaches AIIB for financial assistance to combat COVID-19.
Extra Shots:
AIIB: The Asian Infrastructure Investment Bank is a multilateral development bank that aims to support the building
of infrastructure in the Asia-Pacific region. The bank currently has 78 members as well as 24 prospective members
from around the world.
 Headquarters: Beijing, China
 Region served: Asia and Oceania
 Membership: 76 Members
 Main organ: Board of Governors; Board of Directors
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 Purpose: Crediting
 Legal status: Treaty
 Formation: 16 January 2016 (Open for business); 25 December 2015 (Entry into force Articles of Agreement)
CBDT refunds over five thousand 204 crore rupees to help MSME
 CBDT informed the Income-tax refunds are obtained over eight lakh small businesses worth over five
thousand 204 crore rupees issued in the last ten days.
 Income tax refunds will help MSME to carry on their business activities without pay cuts and layoffs in
COVID-19 pandemic situations.
 Income tax department issued nearly 14 lakh refunds up to five lakh each to date to help taxpayers.CBDT
will issue refunds worth of seven thousand 760 crore rupees.
 CBDT gave its request to taxpayers to respond regarding reconciliation queries about outstanding tax
demands.
 Around one lakh 74 thousand cases, responses are awaited from taxpayers.
Extra Shots:
MSME: The Ministry of Micro, Small and Medium Enterprises, a branch of the Government of India, is the apex
executive body for the formulation and administration of rules, regulations and laws relating to micro, small and
medium enterprises in India.
 Founded: 2006
 Jurisdiction: India
 Annual budget: 6,552.61 crores INR (US$950 million, 2018-19 est.)
 Departments: National Small Industries Corporation, National Institute of Micro, Small and Medium
Enterprises
 Officeholders: Giriraj Singh (MOS independent charge), Nitin Gadkari (Union Minister)
Central Board of Direct Taxes:
 CBDT was set up under the Central Board of Revenue Act, 1963. It functions as a Division of the Ministry
dealing with matters relating to levy and collection of direct taxes.
 Formed on: 1944
 Chairperson of CBDT: Pramod Chandra Mody
Rs.10 lakhs Compensation for all Postal employees
 Amid the nationwide lockdown due to COVID-19 pandemic, the Postal employees including Gramin Dak
Sevaks are performing various departmental duties as well as serving the social cause in the crisis times.
 Therefore, it has been decided to grant payment of compensation of Rs. 10 lakhs to all the Postal employees
including Gramin Dak Sevaks (GDS) succumbing to the disease while brought on duty.
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 The above guidelines have been implemented immediately and continues for the entire period till the crises of
COVID-19 is over.
 During the lockdown situation due to COVID-19, the Postal employees including the Gramin Dak Sevaks are
doing various duties such as providing mail delivery to customers, Post Office Saving Bank, Postal Life
Insurance, the ease of money withdrawal at his/her doorstep from any bank and any branch under the AePS
facility
Extra Shots:
Indian Post Office: The Department of Posts, trading as India Post, is a government-operated postal system in India,
which is a subsidiary of the Ministry of Communications. Generally called "the post office" in India, it is the most
widely distributed postal system in the world.
 Founder: Government of India
 Number of employees: 4,33,417 (March 2017)
 Subsidiary: India Post Payments Bank
 Parent organization: Ministry of Communications and Information Technology
TVS Motor Company acquires sporting Motorcycle brand ‘Norton’
 TVS Motor Company‘s overseas subsidiary TVS Motor Singapore Pte. Ltd has acquired the United
Kingdom’s most iconic sporting motorcycle brand ‘Norton’. The iconic sporting motorcycle brand was
acquired in an all-cash transaction of £16 million.
 As a part of deal, TVS Motor Singapore Pte. Ltd has signed an asset purchase agreement with Norton
Motorcycles Holdings Ltd and Norton Motorcycles (UK) Ltd.
 Norton, a 122 year-old motorcycle company was founded by James Lansdowne Norton in Birmingham and
went on to become the most popular British motorcycle brands of all time.
 Norton has a popular series of bikes sold under Commando and Dominator names.
Extra Shots:
TVS Motor Company:
 CEO: K. N. Radhakrishnan
 Parent organization: Sundaram - Clayton Limited
TIFAC explores best methods to revive Indian economy post COVID-19
 Technology Information, Forecasting, and Assessment Council (TIFAC), an autonomous Government of
India prepared a white paper to strategize revival of post-COVID 19 Indian economy.
Highlights:
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 The main aim of the document would mainly focus on strengthening Make in India initiatives,
commercialization of Indigenous technology, developing a technology-driven transparent Public Distribution
System (PDS), efficient rural health care delivery, reduction of import, adoption of emerging technology
domains like AI, Machine Learning, Data Analytics and many more.
 The pandemic outbreak affecting the human life of both developed and emerging economies with the impact
spread over almost all sectors ranging from manufacturing to trade, transport, tourism, education, healthcare.
 The extent of the economic impact will depend on how the pandemic outbreak unfolds.
 TIFAC’s team of scientists from a range of disciplines is exploring the best methods to revive the Indian
economy and reduce the impact on it post COVD 19.
 They are also designing future strategies to face similar situations.
 TIFAC will help in showing a way ahead to strengthen the Indian economy post-COVID-19.
Facebook to Invest Rs 43,574 crore in Jio Platforms For A 9.99% Stake
 Reliance Industries Limited (“Reliance Industries”), Jio Platforms Limited (“Jio Platforms”) and Facebook,
Inc. (“Facebook”) today announced the signing of binding agreements for an investment of Rs 43,574 crore
by Facebook into Jio Platforms.
Highlights:
 Facebook’s investment will translate into a 9.99% equity stake in Jio Platforms on a fully diluted basis.
 Jio Platforms, a wholly-owned subsidiary of Reliance Industries Limited, is a next-generation technology
company building a Digital Society for India by bringing together Jio’s leading digital apps, digital
ecosystems and India’s #1 high speed connectivity platform under one umbrella.
 Reliance Jio Infocomm Limited, which provides connectivity platform to over 388 million subscribers, will
continue to be a wholly-owned subsidiary of Jio Platforms. Jio’s vision is to enable a Digital India for 1.3
billion Indians and Indian businesses, especially small merchants, micro-businesses and farmers.
 The investment values Jio Platforms amongst the top 5 listed companies in India by market capitalization,
within just three and a half years of launch of commercial services, validating Reliance Industries’ capability
in incubating and building disruptive next-generation businesses, while delivering market defining
shareholder value.
Extra Shots:
Facebook, Inc. is an American social media and technology company based in Menlo Park, California.
 CEO: Mark Zuckerberg
 Headquarters: Menlo Park, California, United States
 Founders: Mark Zuckerberg, Andrew McCollum, Dustin Moskovitz, Eduardo Saverin, Chris Hughes
Jio: Reliance Jio Infocomm Limited, d/b/a Jio, is an Indian telecommunications company and wholly owned
subsidiary of Reliance Industries and Facebook, Inc., headquartered in Mumbai, Maharashtra, India. It operates a
national LTE network with coverage across all 22 telecom circles.
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 Parent organization: Reliance Industries Limited

 Founder: Mukesh Ambani
 Founded: 2007
 Members: 370.07 million; (31 December 2019)
 Subsidiaries: LYF, Reliance Jio Infocomm Pte. Ltd
Paytm Payments Bank crosses Rs1,000 crore in savings account deposits, launches DBT scheme
 Paytm Payments Bank Ltd. (PPBL) said that it has crossed Rs1,000 crore in deposits and has a total of 57
million savings account holders at present.
 According to PPBL, this accelerated rise in the deposits comes on the back of more people embracing digital
banking during covid-19.
 The bank has now implemented the option to avail benefits of Direct Benefit Transfers (DBT), which is a
scheme by Government of India to transfer the subsidies of various social welfare schemes like LPG gas
subsidy, MNREGA payments, Old Age Pension, Scholarships directly into the beneficiary’s bank account.
 PPBL’s savings account holders can opt for DBT by submitting an online request through their Paytm
Payments Bank Android app.
 There are no charges for account linking to receive subsidies, and customers can also check the status on their
banking app.
 PPBL registers over 4.5 million debit card transactions per month.
Extra Shots:
Paytm: Paytm is an Indian e-commerce payment system and financial technology company, based out of Noida,
India.
 Founder: Vijay Shekhar Sharma
 Founded: August 2010
 CEO: Vijay Shekhar Sharma
 Headquarters: B-121, Sector 5, Noida, Uttar Pradesh, India
 Revenue: 3,579 crores INR (2019, US$520 million)
 Parent organization: One97 Communications
PPBL:
 Headquarter: Noida, Uttar Pradesh
 CMD: Satish Kumar Gupta
Mastercard:
 Headquarter: New York, United States (US)
 President and CEO: Ajay Banga
Remittances to India likely to fall by 23%: World Bank
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 The World Bank has stated that remittances to India are likely to drop down by 23% due to COVID-19 which
has led to the global recession.
 The drop will be from USD 83 billion last year to USD 64 billion this year.
 Globally remittances will see a sharp decline by about 20 percent in 2020 due to the economic crisis started by
the pandemic and shutdowns, as per the World Bank’s report on the impact of COVID-19 on migration and
remittances which was released on April 22.
 World Bank’s President David Malpass stated that remittances are a vital source of income, specifically for
the developing countries.
Reason for the projected fall:
 The fall which will be the sharpest decline in recent history will be largely due to the fall in employment and
wages of the migrant workers. They tend to be more vulnerable to the loss of employment and wages at the
time of an economic crisis in the host country.
 President David Malpass also added that an ongoing economic recession caused by COVID-19 is impacting
the ability to send money home which makes it more important that the time to recovery must be shortened
for the advanced economies.
Extra Shots:
World Bank: The World Bank is an international financial institution that provides loans and grants to the
governments of poorer countries for the purpose of pursuing capital projects. It comprises two institutions: the
International Bank for Reconstruction and Development, and the International Development Association.
 Founded: 1944
Singapore’s Caladium increases its stake in Bandhan Bank to 4.49%
 Singapore’s Caladium Investment has raised its stake in Bandhan Bank by 1.1% from 3.39% to 4.49%.
 Caladium Investment PTE Ltd will now hold 7.2 crore shares of Bandhan Bank.
 Caladium Investment raised its stake in Bandhan Bank through secondary market operations during the
January-March period.
 The move shows the confidence in micro-lending business model of the bank, which posted a 120.85% year-
on-year increase in the net profit at Rs 731 crore for the December 2019 quarter compared with Rs 331 crore
in the same quarter in 2018.
Extra Shots:
Bandhan Bank:
 Headquarters: Kolkata, West Bengal
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 MD & CEO: Chandra Shekhar Ghosh

 Tagline: Aapka Bhala, Sabki Bhalai
World Bank Approves Rs 585 cr for Himachal Pradesh State Roads Transformation Project
 The Himachal Pradesh State Roads Transformation Project (HPSRTP) will receive a funding of US$82
million (Rs 585 crore) from World Bank (WB) for the upgradation of major roads and modernization of the
Public Works Department (PWD) in Himachal Pradesh (HP).
 Under the project, Road construction work of Barotiwala-Baddi-Sain-Ramshehar with length of 45 kms,
Dadol-Ladraurr Road with length of 14.5 kms, Mandi- Riwalsar-Kalkhar of length 28 kms and
Raghunathpura-Mandi- Harpura-Bharari road with length of 3.5 kms would be undertaken in tranche -one.
 The target of construction of 900 kilometres road length was fixed for the year 2019-20 but 800 kilometres
roads could be constructed during the outbreak of coronavirus. On the other hand 1666 crore rupees had been
allocated for target construction of 4960 kilometres of roads under Pradhan Mantri Gram Sadak Yojna
(PMGSY) for the year 2020-21.
Extra Shots:
Himachal Pradesh:
 State formed on: 25 January 1971
 Governor: Bandaru Dattatreya
 Chief Justice: Lingappa Narayana Swamy
 Chief Minister: Jai Ram Thakur
 Official language: Hindi
World Bank: The World Bank is an international financial institution that provides loans and grants to the
governments of poorer countries for the purpose of pursuing capital projects. It comprises two institutions: the
International Bank for Reconstruction and Development, and the International Development Association.
 Founded: 1944
CARE Ratings projected 1.1%-1.2% GDP growth in FY21; declined for FY20 to 4.7% from 5%
 The CARE Ratings has projected the gross domestic product (GDP) of India for Fiscal Year (FY) 2020-2021
between 1.1%-1.2% amid nationwide lockdown resulting in disruptions and halting of activities.
 The lockdown was announced on March 24 for 21 days, which has now been extended until May 3, 2020.
 The agency also revised the GDP forecast for FY20 by declining it to 4.7% from 5% with GVA growth
expected at 4.6%.
Extra Shots:
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CARE Rating:
 MD& CEO: Ajay Mahajan
HCL sets up disaster management-data analytics centre for Tamil Nadu government
 IT group HCL on Friday said it has partnered the Tamil Nadu government to set up a Disaster Management-
Data Analytics Centre to strengthen the state's disaster management efforts amid the COVID 19 pandemic.
 The Noida-based group is also helping to improve and expand the state's disaster management helpline (1070)
through technological upgradation
 The Disaster Management-Data Analytics Centre will help capture data trends from across all districts of
Tamil Nadu in real time and display them live to inform the government's future decisions on degree of
response needed for each district
 HCL is also helping upgrade the existing call centre (helpline 1070) that delivers the first level of response in
any emergency in the state.
 HCL is implementing an Automatic Call Distribution (ACD) system to effectively route calls between
different government departments and, also put in place an Interactive Voice Response (IVR) system to help
direct the queries to the appropriate state helplines.
Extra Shots:
HCL Technologies Limited is an Indian multinational information technology service and consulting company
headquartered in Noida, Uttar Pradesh. It is a subsidiary of HCL Enterprise.
 CEO: C Vijayakumar, Roshni Nadar
 Founders: Shiv Nadar, Arjun Malhotra
 Parent organization: HCL Enterprise
Ind-Ra cuts India’s GDP growth forecast for FY21 to 1.9%
 India Ratings and Research (Ind-Ra) has predicted India’s GDP growth rate for 2020-21 (FY21) at 1.9%.
Earlier this was 3.6%.
 According to Ind-Ra, India’s GDP growth rate has been in contraction (means negative) for 5 times.
 These 5 years are-> in 1957-58 was negative 0.4%, in 1965-66 it was negative 2.6%, in 1966-67 it was
negative 0.1%, in 1972-73 it was negative 0.6%, and in 1979-80 it was negative 5.2%.
States sought GST compensation beyond 2022 to tide over COVID-19 crisis
 States including Punjab, Kerala, and Delhi have sought the Government of India for extension of goods and
services tax (GST) compensation to the states for two years beyond 2022 to overcome the crisis that is
expected to be faced post-COVID-19 pandemic.
Highlights:
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 The State Ministers made this move due to the problems arising because of lockdown, including the urgent
requirement of some form of aid for micro, small and medium enterprises (MSMEs), which have been
affected the most, besides relief for the services sectors.
 Some states are currently undergoing a financial crisis and have sought additional funds from the Centre.
 The states also raised the issue of releasing GST compensation pending since December 2019.
 The Centre recently paid Rs.34,053 crore in pending GST compensation cess for October and November, in
two tranches, with the second tranche released in April 2020.
HDFC acquires 6.43% stake in Reliance Capital through invocation
 HDFC (Housing Development Finance Corporation Ltd.)has acquired 6.43% stake in debt-trapped Reliance
Capital by invoking pledged shares.
 In this regard HDFC has acquired 25.27 crore shares of Rs 10 each i.e. the total value of these shares are Rs
252 crore.
What is invoking pledged shares/invocation
 Pledged shares are those against which promoters of a company in need of capital take loans from banks and
Non-Banking Financial Companies (NBFCs).
 For lenders, these shares are collateral (security for re-payment of loan).
 However the share price keeps fluctuating, the value of the collateral also changes so promoters are required
to maintain the value of the collateral all the time by providing additional shares to lenders when their value
erodes.
 The process of selling Pledged shares and invoking pledged shares is called invocation.
Extra Shots:
Reliance Capital:
 Parent organization: Reliance Group
 Headquarters: Santacruz, Mumbai, Maharashtra
 Chairman: Anil Dhirubhai Ambani
HDFC Group:
 Chairman: Deepak Shantilal Parekh
 Tagline: With You, Right Through
Fitch Ratings slashes India's economic growth projections to 0.8 pct in current fiscal
 Fitch Ratings today has slashed India's economic growth projections to 0.8 per cent in the current fiscal saying
an unparalleled global recession was underway due to disruptions caused by the outbreak of Corona virus
pandemic and resultant lockdowns.
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 In its Global Economic Outlook, Fitch Ratings said India's Gross Domestic Product (GDP) growth will slip to
0.8 per cent for the year April 2020 to March 2021 as compared to an estimated 4.9 per cent growth in the
previous fiscal.
 Growth is, however, expected to rebound to 6.7 per cent in 2021-22
 The slump in growth was mainly due to a projected fall in consumer spending and contraction in fixed
investment.
 The agency has further made large cuts to global GDP forecasts in its latest Global Economic Outlook (GEO)
in response to Corona virus-related lockdown extensions and incoming data flows.
Extra Shots:
Fitch Ratings Inc. is an American credit rating agency and is one of the "Big Three credit rating agencies", the other
two being Moody's and Standard & Poor's. It is one of the three nationally recognized statistical rating organizations
designated by the U.S. Securities and Exchange Commission in 1975.
 CEO: Paul Taylor (2 Apr 2012–)
 Founded: 1914, New York, New York, United States
Country's foreign exchange reserves surge by over 3 billion dollars
 Country's foreign exchange reserves surged by USD 3.09 billion to USD 479.57 billion in the week to April
17 due to an increase in foreign currency assets.
 According to the latest data from the Reserve Bank of India, in the reporting week ended April 17, foreign
currency assets (FCA), a major component of the overall reserves, rose USD 1.55 billion to USD 441.88
billion.
 The RBI data showed that gold reserves increased USD 1.54 billion to USD 32.68 billion in the reporting
week. While, special drawing rights with the International Monetary Fund,IMF were up by USD 3 million to
USD 1.43 billion.
 The country's reserve position with the IMF remained stable at USD 3.58 billion during the reporting.
Axis Bank to pick about 30 per cent stake in Max Life Insurance for Rs 1,600 crore
 Axis Bank has decided to raise its stake in Max Group promoted Max Life Insurance to 30 per cent, a
development which values the insurer at over Rs 5,000 crore.
 The bank is expected to pay Rs 1,600 crore to Max Financial Services (MFS), the holding company of Max
Life.
 Axis Bank holds about 1 per cent stake in Max Life and is the biggest banking channel partner for distribution
of its products.
 Products sold through the bank reportedly contribute for 54 per cent of Max Life's revenues.
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Extra Shots:
Axis Bank:
 CEO: Amitabh Chaudhry (1 Jan 2019–)
 Tagline: Badhti Ka naam Zindagi.
Asian Development Bank approves USD 1.5 billion loan to India to fight COVID-19
 The Asian Development Bank (ADB) has approved USD 1.5 billion loan to India to help fund its fight against
 The loan has been sanctioned with a view to support immediate priorities such as disease containment and
prevention, as well as social protection for the poor and economically vulnerable sections.
 The quick-disbursing fund is part of a larger package of support that ADB will provide in close coordination
with the government and other development partners
 Its COVID-19 Active Response and Expenditure Support (CARES) Program will contribute directly to the
improvement of access to health facilities and care, as well as social protection for more than 800 million
people, including families below the poverty line, farmers, health care workers, women, senior citizens,
people with disabilities, low wage earners, and construction workers.
 The CARES Program is funded through the COVID-19 pandemic response option (CPRO) under ADB's
Countercyclical Support Facility.
 CPRO was established as part of ADB's USD 20 billion expanded assistance for developing member
countries' COVID-19 response, which was announced on April 13.
Extra Shots:
ADB: The Asian Development Bank is a regional development bank established on 19 December 1966, which is
headquartered in the Ortigas Center located in the city of Mandaluyong, Metro Manila, Philippines. The company
also maintains 31 field offices around the world to promote social and economic development in Asia.
Airtel partners with Nokia to enhance network capacity
 Nokia and Bharti Airtel has signed a deal of about $1 billion in order to enhance the network capacity of
Bharti Airtel.
 A multi-year agreement has been signed by the two companies to deploy Nokia’s SRAN solution across nine
circles in India.
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 This $1 billion deal aims to improve customer experience of Bharti Airtel’s customers by providing them
best-in-class connectivity.
 According to the multi-year agreement, Nokia will deploy approximately 3,00,000 radio units across several
spectrum bands, including 900 Mhz, 1800 Mhz, 2100 Mhz and 2300 Mhz across India by 2022.
 This deployment will also provide best possible platform to Airtel when 5G networks will be launched across
India.
Extra Shots:
Airtel: Bharti Airtel Limited, also known as Airtel, is an Indian global telecommunications services company based
in New Delhi, India. It operates in 18 countries across South Asia and Africa, and also in the Channel Islands.
 CEO: Gopal Vittal
 Founder: Sunil Bharti Mittal
 Parent organizations: Bharti Enterprises (64%), Singapore Telecommunications Limited (36%)
Economic decline of 2.7 percent expected in APEC region post-COVID-19 pandemic
 A report by the Asia-Pacific Economic Cooperation (APEC) Secretariat stated that the APEC region is
expected to post a 2.7% economic decline in 2020 due to the impact of COVID-19.
 It also stated that this decline will be the most significant fall since the near-zero growth rate logged in 2009.
Highlights:
 The report recorded a 3.6% economic growth in the APEC region.
 The unemployment rate in the region has been projected to rise to 5.4% in 2020 from 3.8% in 2019, which
means an additional 23.5 million workers being unemployed in 2020.
 An economic rebound is a forecast for the year 2021, with the anticipated growth of 6.3%, higher than the
projected global economic growth of 5.8%.
 It states that the rebound depends on the effectiveness of containment mechanisms to avoid a second wave of
the COVID-19 pandemic and measures to stimulate the economy.
Extra Shots:
APEC: The Asia-Pacific Economic Cooperation is an inter-governmental forum for 21 member economies in the
Pacific Rim that promotes free trade throughout the Asia-Pacific region.
 Headquarters: Singapore
 Founder: Bob Hawke
 Founded: November 1989, Canberra, Australia
 Type of business: Economic meeting
New Development Bank to allocate USD 15 billion to BRICS nations to tackle COVID-19 pandemic
 The New Development Bank will allocate up to USD 15 billion for loans to help the so-called BRICS nations
- Brazil, Russia, India, China and South Africa - boost their economies amid the coronavirus pandemic
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 The BRICS nations should "stand firm by multilateralism, by the UN-centered international system" and
"champion the approach of consultation and cooperation”.
Extra Shots:
NDB: The New Development Bank, formerly referred to as the BRICS Development Bank, is a multilateral
development bank established by the BRICS states. According to the Agreement on the NDB, "the Bank shall
support public or private projects through loans, guarantees, equity participation and other financial instruments."
 Headquarters location: Shanghai, China
 President: K. V. Kamath
 Founder: BRICS
 Founded: 15 July 2014, Fortaleza, State of Ceará, Brazil
 Abbreviation: NDB, or NDB BRICS
 First president: K. V. Kamath
Moody’s slashes India growth forecast to 0.2 pc for 2020
 Moody’s Investors Service slashed India growth forecast for calendar year 2020 to 0.2 per cent, from 2.5 per
cent projected in March.
 For 2021, Moody’s expects India’s growth to rebound to 6.2 per cent.
 In its report titled — Global Macro Outlook 2020-21 (April 2020 update), Moody’s has lowered G-20
advanced economies as a group to contract by 5.8 per cent in 2020.
Extra Shots:
Moody:
 CEO: Raymond W. McDaniel Jr.
UBS predicts India GDP growth for FY21 at -0.4%
 UBS has predicted India’s GDP growth rate for FY21 (2020-21) at -0.4%. Earlier it had predicted the same at
2.5%.
 For FY22, UBS has predicted India’s GDP to grow at 7.0%.
CRISIL cuts India’s GDP growth at 1.8% from 3.5% for FY21
 Rating agency CRISIL has cut the GDP growth rate forecast for India for 2020-21 (FY21) to 1.8% from the
previous prediction of 3.5%.
 CRISIL has projected a total loss of Rs 10 lakh crore or Rs 7,000 per person due to the impact of lockdowns
to control COVID-19 pandemic.
Extra Shots:
CRISIL:
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 CEO: Ashu Suyash

 Chairman:John Berisford
 President & Business Head: Gurpreet Chhatwal
Task Force on NIP submits final report to Finance Minister
 The Task Force on National Infrastructure Pipeline (NIP) submitted its Final Report on the NIP for 2019-25 to
the Union Minister for Finance & Corporate Affairs Nirmala Sitharaman.
 The report holds several recommendations on general and sectoral reforms relating to Infrastructure for
implementation by Centre and States in India.
Aim:
 The taskforce of NIP aims to provide world-class infrastructure across the country and improve the quality of
life for all citizens.
 The main objective is to improve the project preparation, attract investments both domestic and foreign into
infrastructure which will be crucial for the target of becoming a $5 trillion economy by FY 2025.
Highlights:
 The report contained infrastructure trends in India along with global trends in all sectors of infrastructure.
 The report identified a set of reforms to scale up and propel infrastructure investments in various sectors
throughout the country.
 It suggested methods and means of financing the NIP through deepening Corporate Bond markets, including
the Municipal Bonds, setting up Development Financial Institutions for the infrastructure sector, accelerating
Monetisation of Infrastructure Assets, Land monetization, etc.
 The report forecasts a total infrastructure investment of Rs.111 lakh crore during the period FY 2020-25 with
the additional/amended data provided by Central Ministries/State Governments.
 The Task Force has recommended setting up of 3 Committees namely:
 Committee to monitor NIP progress and eliminate delays
 Steering Committee in each Infrastructure ministry level for following-up implementation
 Steering Committee in DEA for raising financial resources for the NIR
Extra Shots:
Taskforce:
 The task force was set up by the Ministry of Finance. It was headed by the Economic Affairs Secretary to
draw up the NIP for each of the years from FY 2019-20 to FY 2024-25. The members of the task force also
include the CEO of NITI Aayog, Secretary (Expenditure), Secretary of the Administrative Ministries, and
Additional Secretary (Investments), DEA as members, and Joint Secretary (IPF), DEA as Member Secretary.
USAID announces USD 3 million to support India's COVID-19 efforts
 US government, through its aid agency USAID, has announced an additional grant of USD 3 million to help
India combat the coronavirus pandemic.
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 US Ambassador to India Kenneth Juster said the additional funding will further support India's response to
COVID-19.
 The US Agency for International Development (USAID) is one of the leading aid agencies globally.
 The USAID is providing these funds to the Partnerships for Affordable Healthcare Access and Longevity
(PAHAL) project, an innovative financing platform, the release said.
 To date, USAID has provided USD 5.9 million to assist India in responding to the COVID-19 outbreak.
 This assistance will help India slow the spread of COVID-19, provide care for the affected, disseminate
essential public health messages to communities, and strengthen case finding and surveillance.
Extra Shots:
USAID: The United States Agency for International Development is an independent agency of the United States
federal government that is primarily responsible for administering civilian foreign aid and development assistance.
Wikipedia
 Agency executives: John Barsa, Acting Administrator; Bonnie Glick, Deputy Administrator;
 Founder: John F. Kennedy
 Founded: 3 November 1961
 Motto: "From the American people"
May 2020 – Banking, Finance & Economy Current Affairs
RBI in News:
Indian rupee.
 Deputy Governors: B P Kanungo, M K Jain, N S Vishwanathan
RBI permits Visa, Mastercard and NPCI for contact-free payments for any amount
 The Reserve Bank of India has permitted the country’s payment networks — Visa, Mastercard and NPCI to
allow tap-and-go functionality on card payments for all purchases at retail stores and shopping centers.
 Earlier this facility was available for card payment up to amount Rs 2000.
 Now tap-and-go functionality will be available even for purchases made above Rs 2000.
 However, the transactions with are about Rs 2,000 shall be authenticated by PIN.
RBI cancels the licence of The CKP Co-operative Bank Ltd., Mumbai
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 The Reserve Bank of India (RBI) has cancelled the licence of “The CKP Co-operative Bank Ltd., Mumbai”
due to non-compliance to various sections of Banking Regulation Act and RBI Act.
 The license has been cancelled with effect from the close of business on April 30, 2020.
 As a result “The CKP Co-operative Bank Ltd., Mumbai” is prohibited from conducting the business of
‘banking’ which includes acceptance of deposits and repayment of deposits.
 Upon liquidation of the bank, the depositors will receive repayment of his/her deposits up to a monetary
ceiling of Rs 5 lakhs from DICGC.
NBFCs ask RBI for one-time restructuring of all loans till March 2021
 Non-Banking Financial Companies (NBFCs) have asked the Reserve Bank of India to allow them one-time
restructuring of all loans till March 2021, as their borrowers are facing funding issues amid the Corona virus
pandemic and the subsequent lockdown.
 Currently, RBI has allowed banks and NBFCs for a one-time restructuring of existing loans to MSMEs till
December 2020.
 NBFCs want that the one-time restructuring should be allowed for all other borrowers as well.
 These suggestions were made by the industry players in their meeting with the Reserve Bank of India (RBI)
held yesterday in Mumbai.
 All their customers are facing disruptions in cash flow cycles, which is likely to be there for the major part of
this fiscal.
 The most affected segments include transport operators, contractors and Micro, Small and Medium
Enterprises (MSMEs).
RBI extends KYC norms to Housing Finance Companies
 The Reserve Bank of India has announced that the Know Your Customer (KYC) guidelines/norms will now
be applicable to Housing Finance Companies also.
 It must be noted that the Regulation of Housing Finance Companies (HFCs) was transferred from the National
Housing Bank to RBI in August 2019.
 And KYC norms are applicable to all Regulated Entities of the RBI and hence it has now been made
applicable on Housing Finance Companies also.
RBI announced Rs.15,000 crore LoC to EXIM Bank to raise its resources
 The Reserve Bank of India (RBI) announced Rs.15,000 crore line of credit (LoC) to the Export-Import Bank
of India (EXIM) on 22 May.
 The move by RBI is to help the sagging foreign trade.
 EXIM Bank depends on foreign currency borrowings for its operations.
 The Bank has failed to raise the resources due to the COVID-19 pandemic.
Highlights:
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 The EXIM Bank will be given LoC of Rs.15,000 crore for a period of 90 days from the date of availing with
rollover up to a maximum period of one year.
 It will the Bank to avail of a US dollar swap facility to meet its foreign exchange requirements.
 RBI has decided to increase the maximum permissible period of pre-shipment and post-shipment export credit
sanctioned by banks from the existing one year to 15 months, for disbursements made up to 31 July 2020.
EXIM Bank: Export–Import Bank of India is a finance institution in India, established in 1982 under Export-Import
Bank of India Act 1981. Since its inception, Exim Bank of India has been both a catalyst and a key player in the
promotion of cross border trade and investment.
 CEO: David Rasquinha
 Subsidiaries: Export Import Bank of India, London Branch, Export-Import Bank of India, Asset Management
Arm
RBI cuts repo rate to a record low by 40 bps
 The Reserve Bank of India (RBI) cuts repo rate by 40 basis points (bps) to 4% from 4.4% on 22 May.
 The Central Bank also adjusted the reverse repo rate to 3.35% from 3.75%.
 The announcement was made by RBI Governor Shaktikanta Das.
Highlights:
 The repo reduction marked the lowest repo rate or the key interest rate at which the RBI lends short-term
funds to commercial banks. This is the reduction that has been recorded since 2000.
 The reduction in the key interest rate will allow banks to reduce the Equated monthly installments (EMI)
burden for their borrowers.
 RBI also extended the loan moratorium, which allows banks to defer EMI payments by their customers, by
another three months till August 2020.
Repo Rate 4% 4.40%
Reverse Repo Rate 3.35% 3.75%
Marginal Standing Facility 4.25% 4.65%
Bank Rate 4.25% 4.65%
SBI in News:
SBI:
 Chairman: Rajnish Kumar
SBI reduces benchmark lending rate by 15 basis points
Page 38 of 197
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 State Bank of India (SBI) slashed the benchmark lending rate by 15 basis points (bps).
 With the newly announced cut, the MCLR (Marginal Cost of Funds based Lending Rate) reduced to 7.25%,
from 7.40% with effect from 10 of May.
SBI Wecare Deposit:
 As a measure to safeguard the interests of senior citizens, the bank has introduced a new product 'SBI Wecare
Deposit' in the retail term deposit segment.
 Under the new product, an additional 30 bps premium will be payable for senior citizen's retail term deposits
with Five Years and above tenure only. This scheme would be open until 30 September 2020.
 SBI also slashed its interest rates on retail term deposits by 20 bps for up to 3 years tenure, effective from 12
of May.
SBI General Insurance launches “Arogya Sanjeevani” Health Insurance Policy
 State Bank of India(SBI) General Insurance has launched the standard health insurance policy named
“Aarogya Sanjeevani Health Insurance Policy”.
 This policy provides hospitalization cover anywhere in India with sums insured ranging from Rs. 1 lakh to
Rs. 5 lakhs.
 This policy has been designed at the instance of the Insurance Regulatory and Development Authority of
India (IRDAI) with standard coverage and affordable premiums.
 Arogya Sanjeevani Policy will cover the hospitalization treatment cost of COVID–19 and will help in making
affordable health care more accessible in times like these.
SBI cuts benchmark lending rate by 15 basis points
 The country's largest lender, State Bank of India today slashed benchmark lending rate by 15 basis points and
introduced Special Deposit Scheme for senior citizens with higher interest rate.
 With that, the marginal cost of funds based lending rate comes down to 7.25 per cent, from 7.40 per cent with
effect from 10th of May.
 But, to safeguard the interests of senior citizens, the bank has introduced a new product 'SBI Wecare Deposit'
in the retail term deposit segment.
 Under this new product, an additional 30 basis points premium will be payable for senior citizen's retail term
deposits with Five Years and above tenure only.
 This scheme would be open until 30th of September.
 But, SBI slashed its interest rates on retail term deposits by 20 basis points for up to 3 Years tenure, effective
from 12th of May
SBI reduces interest rates on fixed deposits by 40 bps
 The country's largest lender State Bank of India (SBI) has reduced interest rates on retail term deposits by up
to 40 basis points (bps) across all tenors.
 This is the second reduction in fixed deposits interest rates by the lender in May.
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 It had reduced its deposit rates on May 12.

Highlights:
 The new rates of interest, effective from 3rd June, shall be made applicable to fresh deposits and renewals of
maturing deposits.
 For deposits maturing in seven days to 45 days, the lender is offering an interest rate of 2.90 per cent as
against 3.30 per cent earlier.
 The revised rate for 180 days to 210 days bracket is 4.40 per cent compared to 4.80 per cent.
 FDs maturing in one year to less than two years will now fetch an interest rate of 5.10 per cent as against
5.50per cent.
 Interest rate on deposits in the five years to up to 10 years tenor will be 5.40 per cent compared to 5.70 per
cent.
 For senior citizens also, interest rates on retail term deposits across all tenors have been cut by up to 40 basis
points.
 The lender has also slashed interest rates on bulk deposits (2 crore rupees and above) by up 50 basis points.
Other Banks in News:
KVG bank launches “Vikas Abhaya” loan scheme
 Karnataka Vikas Grameena Bank(KVGB) has launched ‘Vikas Abhaya’ a loan scheme to provide some relief
to Micro, Small and Medium Enterprise(MSME) borrowers.
 This scheme is for those borrowers whose business activities are disrupted on account of the COVID-19
pandemic in Dharwad, Karnataka.
 The loan will be for the existing MSME customers who have been regular as on February 29, a maximum
loan of up to Rs 1 lakh will be provided and no collateral security is emphasized & is repayable within 36
months.
 It is an additional credit facility to the eligible existing MSME borrowers & helps them to assist over the
current crisis and ensures the continuation of viable business activity.
Extra Shots:
The Karnataka Vikas Grameena Bank, an Indian Regional Rural Bank Sponsored by Canara Bank. The bank
provides retail banking services to rural users and has 633 branches in areas of Karnataka, around Dharwad.
 Headquarters: Dharwad
 Founded: 12 September 2005
 Type of business: Publicly listed company
 Sponsored: Canara Bank.
HDFC Bank releases song “#HumHaarNahiMaanenge”
 HDFC Bank has released a song titled #HumHaarNahiMaanenge to keep hopes up amidst the ongoing
national lockdown and Covid-19 pandemic.
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 The lyrics of the song has been penned by Prasoon Joshi and music has been composed by AR Rahman.
 HDFC Bank has announced that it will contribute Rs 500 each time the song is shared via social media
towards the PM-CARES Fund.
Extra Shots:
HDFC:
 Chairman: Deepak S. Parekh
World Bank Announces USD 400 million to enhance India’s Coastal & Marine Resources
 The World Bank has approved USD 400 million multi-year financial support to India to enhance and
safeguard the coastal and marine resources of the country.
 The financial aid will help to enhance the coastal resources by focusing on the rehabilitation of coastal
beaches and mangroves; protect coastal populations from pollution, erosion, and sea-level rise; and improve
livelihood opportunities for coastal communities..
 In the first phase, eight coastal States and 3 coastal Union Territories.
 They are Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Andhra Pradesh, Odisha, and West Bengal, and
Puducherry, Andaman, and Nicobar and Daman and Diu.
 These states and UTs will get USD 180 million in funding, for Enhancing Coastal and Ocean Resource
Efficiency (ENCORE).
Extra Shots:
The World Bank is an international financial institution that provides loans and grants to the governments of poorer
countries for the purpose of pursuing capital projects. It comprises two institutions: the International Bank for
Reconstruction and Development, and the International Development Association.
 Founded: 1944
‘India SME Services Platform’ to be launched by SIDBI
 The Small Industries Development Bank of India(SIDBI) informed that it will launch ‘India SME Services
Platform’, a digital platform to educate stakeholders in the small and medium enterprises(SME) ecosystem
and have information on coronavirus-related initiatives for the sector.
Highlights:
 Provide Micro, Small and Medium Enterprises (MSMEs) information about starting operations, getting
finance, credit enhancement and other support services
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 Bring together all MSMEs, MSME ecosystem stakeholders, financiers, corporates, government, regulators,
employees and associations in an interactive platform, where all will be at one place & one place for all kinds
of initiatives.
 Will have a web page containing a dashboard of all schemes being implemented by the central government,
state governments, banks and industry associations & the government can also monitor actions on policies,
schemes and programmes for the sector.
 Industry associations can avail of a window for insights and analytics, partnerships and directory & give
financiers an opportunity to look for marketplace, documentation support and loan management.
 Regulators can tap macroeconomic trends, compliances, risk management and systemic aspects through the
platform.
Extra Shots:
SIDBI: Small industrial Development Bank of India is a development financial institution in India, headquartered at
Lucknow and having its offices all over the country.
 Headquarters: Lucknow, Uttar Pradesh
 Chairman & Managing Director :Mohammad Mustafa
Ameyo rolls out video KYC engagement platform for Banking sector
 A customer engagement technology provider, Ameyo has launched video KYC engagement platform for the
banking and finance sector.
 The newly launched platform will eliminate the businesses’ requirement of physical KYC in accordance with
latest RBI guidelines issued in January 2020.
 It is expected to decrease the customer onboarding process from the present 5-7 days to less than 3 minutes.
 This platform ensures the businesses to reduce video KYC completion drop offs by 20% along with reduction
in operation costs by upto 90%.
 Enterprise grade security like AES-256 Encryption has been used in this platform that will enable banks,
mobile wallets and NBFC to be 100% compliant with the RBI guidelines.
Extra Shots:
Ameyo
 Chief Executive Officer of Ameyo: Bishal Lachhiramka
 Founded: 2002
Kotak Mahindra Bank declares 10 per cent pay cut for staff with over Rs 25 lakh annual salary
 Private sector lender Kotak Mahindra Bank has decided on a 10 per cent pay cut for the employees earning
above Rs 25 lakh per annum, in a business sustainability move amid the COVID-19 pandemic
 The move comes weeks after the top management voluntarily surrendered 15 per cent of their payments for
2020-21
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 The group and Kotak himself had earlier announced donations to the PM-CARES Fund and also the
Maharashtra chief minister's relief fund.
Extra Shots:
Kotak Mahindra Bank is an Indian private sector bank headquartered in Mumbai, Maharashtra, India. In February
2003, the Reserve Bank of India issued a banking licence to Kotak Mahindra Finance Ltd., the group's flagship
company.
 CEO: Uday Kotak
Public Sector Banks sanction loans worth Rs 5.66 lakh cr for more than 4181000 accounts during March-April
 Public Sector Banks have sanctioned loans worth 5.66 lakh crore rupees for more than 41 lakh 81 thousand
accounts during March-April this year
 These borrowers are from MSME, Retail, Agriculture and Corporate sectors, waiting for disbursal soon after
lockdown lifts.
 For MSMEs and others, pre-approved Emergency credit lines and working capital enhancements are being
prioritised by Public Sector Banks.
 More than 27 lakh customers have contacted from March 20 and 2.37 lakh cases have been sanctioned loans
worth 26,500 crore rupees.
 Public Sector Banks complemented RBI on loan moratorium
AIIB approves $500 million loan for India’s Covid-19 response
 Asian Infrastructure Investment Bank (AIIB) has approved a loan worth of $500 million for India’s ‘COVID-
19 Emergency Response.
 The assistance will help India to scale up efforts to restrict the transmission of instances, strengthen the public
health system to broaden its response capability and to improve preparedness to handle future outbreaks.
 Apart from this, it will also support medical equipment purchases and research in collaboration with the
Indian Council of Medical Research (ICMR), community engagement and risk communication strategies.
 Earlier on April 17,2020 the AIIB had enlarged its initial COVID-19 Crisis Recovery Facility to $10 billion
from $5 billion that made funds available to its members for emergency economic, financial and public health
pressures and quick recovery from the crisis.
Extra Shots:
AIIB: The Asian Infrastructure Investment Bank is a multilateral development bank that aims to support the building
of infrastructure in the Indo-Pacific region. The bank currently has 78 members as well as 24 prospective members
from around the world.
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NABARD disburses Rs 12,767 crore to State Co-op Banks & RRBs to extend credit to farmers
 The National Bank for Agriculture and Rural Development(NABARD) disburses Rs 12,767 crore to State Co-
operative(Co-op) Banks & Regional Rural Banks(RRBs) across the country to increase their resources for
extending credit to farmers during the lockdown due to the outbreak of COVID-19 pandemic.
 In total there are 33 State Co-ops & 45 RRBs in the country & are vital intermediaries in the rural credit
structure.
 Reserve Bank of India(RBI) has announced a Rs 50,000 crore refinance facility for 3 All-India Financial
Institution(AIFI) namely- NABARD, the Small Industries Development Bank of India (SIDBI), and the
National Housing Bank (NHB) on April 17.
 Of the Rs 50,000 crore refinance, NABARD received Rs 25,000 crore for refinancing RRBs, co-operative
banks and Micro Finance Institutions(MFIs).
Extra Shots:
NABARD:
 Chairman: Harsh Kumar Bhanwala
IMPS transfers in April dive to 2-year low due to lockdown
 Data from the National Payments Corporation of India (NPCI) stated that April Immediate Payment System
(IMPS) numbers have reduced to a two-year low.
 The dive in the retail interbank transfers is due to the COVID-19 lockdown.
Highlights:
 Transactions using the IMPS platform in April stood at 12.2 crore, while 24.7 crore transactions were done in
February 2020.
 The platform is used mostly by migrant labour and small businesses.
 In the case of Unified Payment Interface (UPI), an app-based payment, there has been a significant drop as
well from 132 crore in February to less than 100 crore in April.
 As the limit of IMPS is Rs.2 lakh, it is mostly used by small businesses.
 More than the limit, one has to use RTGS. Hence, larger corporates and mid-cap companies prefer RTGS for
bulk payments such as salary credits to employees and vendor payment.
Extra Shots:
NPCI: The National Payments Corporation of India is an umbrella organisation for operating retail payments and
settlement systems in India.
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 Headquarters location: Mumbai

 Founded: 2008
 Number of employees: 1,000
 Type of business: Section 8 Company
 Founders: Reserve Bank of India, Indian Banks' Association
IMPS: Immediate Payment Service is an instant payment inter-bank electronic funds transfer system in India. IMPS
offers an inter-bank electronic fund transfer service through mobile phones. Unlike RTGS, the service is available
24x7 throughout the year including bank holidays. NEFT is also made available 24x7 from Dec 2019.
 Owner: National Payments Corporation of India
 Operating area: India
NABARD sanctioned Rs 1,500 crores for Punjab to ensure continuous credit flow to farmers
 The National Bank for Agriculture and Rural Development(NABARD) has sanctioned Rs 1,500 crores for
Punjab to ensure continuous credit flow to farmers, through state cooperative banks, amidst the COVID-19
pandemic.
 Out of the total amount Rs 1,000 crores is sanctioned to Punjab State Cooperative Bank and Rs 500 crores to
Punjab Gramin Bank.
Highlights:
 The Amount given is part of NABARD’s Rs 25,000 crores nationwide special liquidity facility(SLF), which
has been made available to state cooperative banks, regional rural banks, and microfinance institutions
(MFIs), to ensure flow of credit to farmers for agricultural operations during COVID-19 pandemic
 Till now NABARD has disbursed Rs 1,000 crores to Punjab State Cooperative Bank and Rs 100 crores to
Punjab Gramin Bank to support agricultural and other activities of farmers
 The support given by NABARD is a frontline liquidity support to these banks to ensure credit flow to farmers
for carrying out agricultural operations for kharif crops smoothly during this difficult situation.
Extra Shots:
NABARD: National Bank for Agriculture and Rural Development is an Apex Development Financial Institution in
India.
 Founded: 12 July 1982
 Agency executive: Harsh Kumar Bhanwala (Chairperson)
 Purpose: Development assistance; Poverty Reduction
 Formation: July 12, 1982; 37 years ago
 Subsidiaries: Nabcons, NABVENTURES Ltd., Nabkisan Finance Ltd., NABSAMRUDDHI Finance Limited
Canara Bank launches special gold loan business vertical
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 Canara Bank has launched a special business vertical dedicated for gold loans to meet the financial needs of
its customers as they are in need of immediate credit support to meet their emergency needs due to the
COVID-19 pandemic.
Highlights:
 The bank has launched a gold loan campaign till 30th June, 2020 with an interest rate as low as 7.85% per
annum minimum turnaround time (TAT) and high-flexibility to meet credit needs to help the customers with
much needed liquidity to revive their business activities and to bring back normalcy to their lives.
 The credit can be utilised for different purposes, such as expenses for agriculture and allied activities, business
needs, health emergencies and personal needs.
 In addition to this, as Indians consider gold ornaments & coins as an asset, they can utilise their jewellery to
avail credit for emergency cash. The loans are payable within a period of 1 to 3 years with flexible repayment
options and can be availed from all designated branches across India.
 Gold loans for agricultural operations can be availed against gold ornaments with maximum borrowing limit
of Rs 10 lakh for crop cultivation expenses. For allied agricultural activities, gold loan can be availed in Rs 20
lakh as maximum limit per borrower.
Extra Shots:
Canara Bank:
 Headquarters: Bangalore, Karnataka
 Chairman: T.N. Manoharan
 Managing Director & Chief Executive Officer(CEO): L.V. Prabhakar
 Tagline: Together we Can
NABARD releases Rs 20,500 crores of funds for Kharif and pre-monsoon operations
 The National Bank of Agriculture and Rural Development (NABARD) released Rs 20,500 crores.
 The funds will act as front-loading resources to the cooperative banks and the Regional Rural Development
Banks (RRBs).
Highlights
 The funds have been released to help farmers in Kharif operations and also in their pre monsoon preparations.
 Of the allocated amount, Rs 15,200 crores is to be provided through cooperative banks and Rs 5,300 crores
through RRBs.
 The Indian Meteorological Department recently announced that the Indian Monsoon is to begin on June 5.
 Hence, the advance releasing of funds will help farmers in receiving loans from the RRBs and cooperative
banks.
Kisan Credit Card
 The banks have initiated the Kisan Credit Card Scheme. During the months of lock down, around 12 lakh new
credit cards were provided to the farmers.
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 The scheme was introduced in 1998.

 It aims to provide adequate credit support to the farmers. It was extended to non-farming activities in 2004.
 The scheme is implemented by RRBs, Commercial banks, Small Finance Banks and Cooperatives.
Atma Nirbhar Bharat Abhiyan
 It is to be noted that the Atma Nirbhar Bharat Abhiyan that was recently launched by PM Modi allocated Rs
30,000 crores for NABARD.
Extra Shots:
NABARD: National Bank for Agriculture and Rural Development is an Apex Development Financial Institution in
India
 Agency executive: Harsh Kumar Bhanwala (Chairperson)
 Formation: July 12, 1982
Kotak Mahindra Bank becomes 1st bank in India to allow video KYC
 Kotak Mahindra Bank becomes 1st bank in India to allow video Know your customer (KYC) facility for
customers opening savings accounts on Kotak 811 – the banks digital banking platform.
 The initiative is presently being launched on a pilot basis for savings accounts, Kotak Mahindra.
 With Video KYC, verification of documents, signature are completed via a video call with a representative
from the bank without any physical interface.
 In January 2020, the Reserve Bank of India amended the Know Your Customer (KYC) norms and introduced
the video-based KYC option to onboard customers.
 Kotak is the first bank to integrate the Video KYC process in the account opening journey.
Extra Shots:
Kotak Mahindra Bank
 Establishment: 2003.
 Headquarters: Mumbai, Maharashtra.
 Managing Director & Chief Executive Officer: Uday Kotak.
 Tagline: Lets make money simple.
Franklin MF ropes in Kotak Mahindra Bank to wind-up 6 schemes
 In April 2020, Franklin Templeton Mutual Fund Company had closed 6 of its debt schemes in consultation
with SEBI.
 SEBI had advised it to bring in an independent advisor on board ahead of the unitholders’ vote on the
winding-up process.
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 In compliance with it, Franklin Templeton MF has appointed Kotak Mahindra Bank to expedite the process of
monetizing the assets in the portfolios of the six wound-up schemes and make payouts to the affected
investors.
Extra Shots:
Franklin Resources Inc. is an American multinational holding company that, together with its subsidiaries, is
referred to as Franklin Templeton; it is a global investment firm founded in New York City in 1947 as Franklin
Distributors, Inc. Assets under management: 71,710 crores USD (2018)
 Headquarters: San Mateo, California, United States
 Revenue: 570 crores USD (2019)
 CEO: Jennifer M. Johnson Gregory E. Johnson
GoI amends General Financial Rules
 The Government of India amended General Financial Rules to make sure the goods and services that are of
value less than Rs 200 crores are procured domestic firms.
Highlights
 The GFR 2017 (General Financial Rules) have been amended by the Central Government.
 They were first issued in 1947 bringing together all the existing orders.
 They are instructions that pertain to financial matters.
 The GFRs were modified in 1963 and 2005.
GFR 2017
 The GFR 2017 was revised in 2017 to make sure an organization manages its business without compromising
its flexibility.
Global Tender
 Tendering is a process where bids for a project are accepted. Now, global tendering is tenders from foreign
countries or through foreign investment. “Disallowing Global Tenders” is stopping foreign investments to a
particular threshold to boost indigenous companies.
IRDAI approves Union Bank to continue with its 30% holding in India First Life Insurance
 Insurance Regulatory and Development Authority of India(IRDAI) has approved the proposal of the state
owned lender Union Bank of India-UBI(which holds 25.1% stake in Star Union Dai-Chi Life) to continue
with its 30% holding in IndiaFirst Life Insurance.
Highlights:
 The authority will permit UBI and insurers promoted by it a period of one year to hold existing shares of the
Andhra Bank in IndiaFirst Life Insurance for a period of 12 months following the merger(merger of UBI,
Corporation bank & Andhra bank) and reorganize the arrangements to remove conflict of interest issues
which have arisen from the merger.
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 As per IRDAI’s guidelines, there is a restriction that a lender must not own more than 10% stake in two
insurance companies & cannot exercise management control in IndiaFirst and have the same directors for
insurers promoted by the bank. The bank was expected to remove the entire stake or a considerable part of
IndiaFirst Life Insurance as per IRDAI’s guidelines
 The bank received a promoter stake in IndiaFirst Life Insurance in April, which was previously held by
Andhra Bank following its ‘mega’ merger on April 1 with Andhra Bank and Corporation Bank.
Extra Shots:
UBI:
 Chairman & Part time Non-Official Director: Kewal Handa
 Managing Director(MD) & Chief Executive Officer(CEO): Rajkiran Rai G.
IRDAI:
 Headquarters: Hyderabad, Telangana
 Chairman: Subhash Chandra Khuntia
IndiaFirst Life Insurance:

 MD & CEO: RM Vishakha
Maruti Suzuki ties-up with Cholamandalam Investment & Finance to launch ‘Buy Now Pay Later’ offer
 Maruti Suzuki India Limited, an automobile manufacturer in India, has joined hands with the Cholamandalam
Investment and Finance Company Limited (CIFCL) to launch ‘Buy Now Pay Later’ financing scheme to
make the purchase of its cars even more convenient.
 Under the scheme, customers have the option to avail a 60-day surcharge on their EMI (equated monthly
instalments).
 However, this offer is available on select Maruti Suzuki models and is applicable on loan payments due on or
before 30 June 2020.
 The partnership will enhance both the companies’ convenience by offering customized retail financing to
customers.
Extra Shots:
Cholamandalam Investment and Finance Company (CIFCL):
 Headquarters: Chennai, Tamil Nadu
 Managing Director: Arun Alagappan
 Executive Director: Ravindra Kundu
Maruti Suzuki India Limited:
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 Managing Director & CEO: Kenichi Ayukawa

 Executive Director (Marketing & Sales):Shashank Srivastava
Canara Bank releases emergency credit facilities for MSMEs
 To meet a temporary liquidity mismatch arising out of the COVID-19 outbreak, Canara Bank has announced a
new credit support scheme for borrowers affected by the pandemic.
Highlights:
 The scheme extends a quick and hassle-free loan to overcome temporary liquidity mismatches for payment of
statutory dues, salaries, wages, electricity bills and rents.
 The public sector bank has since sanctioned six lakh loans amounting to Rs 4,300 crore under agriculture,
self-help groups and retail categories.
 The Bank sanctioned more than Rs 60,000 crore of advances to corporates and micro, small and medium
enterprises (MSMEs) since March.
 The government has announced an emergency credit line of 20 per cent of outstanding credit as on February
29 to MSME borrowers having Rs 25 crore outstanding with an annual turnover up to Rs 100 crore.
 The credit line is 100 per cent guaranteed by the government. The facility can be availed up to October 31.
 Besides, as per the Reserve Bank of India's regulatory package on COVID-19, the moratorium has been
extended on payment of all installments for term loans falling due from March 1 to August 31.
Extra Shots:
Canara Bank:
 Headquarters: Bangalore, Karnataka
 Chairman: T.N. Manoharan
 Managing Director & Chief Executive Officer(CEO): L.V. Prabhakar
 Tagline: Together we Can
Airtel Payments Bank and Mastercard to develop customized financial products for farmers and SMEs in
India
 Airtel Payments Bank (APBL), India’s first Payments Bank, has partnered with Mastercard, leading
technology company in the global payments industry.
Aim:
 To develop customized products catering to customers across the underbanked spectrum including farmers,
small and medium enterprises and retail customers.
Highlights:
 As part of the Government’s vision of Digital India and Banking for every Indian, both entities have been
working towards driving adoption of formal banking and digital payments in the country.
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 The collaboration will bring together Mastercard’s global and local experience in developing advanced
financial solutions and Airtel Payments Bank’s strong distribution network to reach the last mile and its large
customer base.
 The collaboration aims at building a digital platform which provides farmers with knowledge about advanced
farming techniques and connection to marketplaces, while simultaneously enabling them to receive payments
directly in their Airtel Payments Bank account.
 Combined with 500,000 banking points of Airtel Payments Bank, the platform will provide farmers with
access to neighborhood banking, earnings stability and income growth.
 This will be a significant move towards building a cashless economy.
Extra Shots:
Airtel Payment Bank
 CEO: Anubrata Biswas
 Headquarters location: New Delhi
 Parent organization: Bharti Airtel
 Founded: January 2017
 Subsidiary: YTS Solutions Pvt. Ltd.
MasterCard
 CEO: Ajaypal Singh Banga
 Headquarters: Purchase, Harrison, New York, United States
 Founded: 16 December 1966, United States
 Founders: Wells Fargo, Crocker National Bank, First Interstate Bancorp, Bank of California
ICICI introduced ‘ICICI Bank Golden Years FD’
 The Private sector ICICI bank has introduced a special fixed deposit (FD) scheme for senior citizens called
‘ICICI Bank Golden Years FD’ which offers an interest rate of 6.55% per annum(p.a) for deposits up to Rs 2
crores with a tenure of more than 5 years(5 years and 1 day ) to 10 years.
 It is applicable for resident Indians & is available from May 20 to September 30, 2020.
 The scheme offers 80 basis points (bps) more than what is applicable to the general public (non-senior
citizens) for the same deposit amount and tenor.
 It is 30 bps more than the previous rates offered by the Bank.
Highlights of the scheme
 For new and old FDs- Resident senior citizens can also avail the benefit of the scheme for new FDs as well
as renewal of old FDs.
 Loan against FD– The customers can avail a loan against their FD up to 90% of principal and accrued
interest
 Credit card against FD– The customers can apply for a credit card against their FD from the Bank.
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Extra Shots:
ICICI:
 Corporate Office: Mumbai, Maharashtra
 Registered Office: Vadodara, Gujarat
 Managing Director & CEO: Sandeep Bakhshi
 Chairman: Girish Chandra Chaturvedi
Maruti Suzuki partners ICICI Bank to offer retail financing schemes to customers
 The country's largest carmaker Maruti Suzuki India (MSI) has joined hands with ICICI Bank to offer retail
financing schemes to its customers.
 As part of the tie up, ICICI Bank is offering flexi EMI scheme which enables customers to pay low EMI
initially, in order to help them overcome the liquidity stress due to the COVID-19 pandemic.
 The EMI amount starts from Rs 899 on a loan of Rs 1 lakh for first three months.
 The bank is also offering similar other EMI plans for MSI customers.
Reliance increases its stake to 26.3% in US-based tech company SkyTran
 Reliance Strategic Business Ventures Limited(RSBVL), a wholly-owned subsidiary of Mukesh Ambani-led
Reliance Industries Limited(RIL), has increased its stake to 26.3% on a fully diluted basis in US-based
SkyTran Incorporated(Inc), a venture-funded technology company which develops modern transport modes
including personal rapid transit system.
 RIL has invested in SkyTran to play an active role in advancing solutions, especially in telecom, digital
platforms and services, advanced materials, electric batteries and also to develop India’s first pod taxi
prototype, a next-generation transportation system
 The idea of pod taxis in India was first undertaken by Road Transport and Highways Minister Nitin Gadkari
in 2016, National Institution for Transforming India(NITI) Aayog in January 2017 had cleared the ministry’s
proposal through its panel to test 3 rapid transport systems with the use of pod taxis.
Extra Shots:
SkyTran Inc:
 Founded: 2011
 Headquarters: Irvine, California
 Chairman and CEO: Jerry Sanders
RIL:
 Headquarters: Mumbai,Maharashtra
 CEO–:Mukesh Ambani
Manulife acquired 49% stake in Mahindra AMC for Rs 265 crore
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 The Singapore arm of Manulife, Manulife Investment Management (Singapore) Pte Ltd has acquired 49%
stake in Mahindra & Mahindra Financial Services’ (Mahindra Finance) wholly-owned subsidiary Mahindra
Asset Management Company (AMC).
 Both the companies aim to expand their fund offerings, drive fund penetration and achieve long-term wealth
creation in India.
 The partnership will also accelerate efforts towards increasing mutual fund penetration, through innovative
products and solutions
 It should be noted that Mahindra AMC’s annualized average assets under management stood at Rs 5,217 crore
as of March 31, 2020.
 It has more than 2.12 lakh customer accounts and is offering over 13 investment schemes.
 On the other hand, Manulife provides wealth and asset management and life insurance solutions for
individuals, groups and institutions around the world.
Extra Shots:
Manulife:
 Headquarters: Toronto, Canada
 President and Chief Executive Officer (CEO): Roy Gori
Mahindra AMC
 Headquarter: Mumbai, Maharashtra
 Managing Director (MD) & CEO: Ashutosh Bishnoi
CAIT to launch national e-commerce marketplace 'bharatmarket' for retail traders
 Traders' body Confederation of All India Traders (CAIT) has announced to launch a national e-commerce
marketplace 'bharatmarket' soon for all retail traders in collaboration with several technology partners.
 The marketplace will integrate capabilities of various technology companies to provide end-to-end services in
the logistics and supply chains from manufacturers to end consumers, including deliveries at home.
 The e-commerce portal will include a nationwide participation by retailers and aims to bring 95 per cent of
retail traders onboard the platform, who would exclusively run the portal.
CAIT to launch Bharatmarket, national e-commerce marketplace for retail traders
 Confederation of All India Traders (CAIT) has announced to launch 'Bharatmarket', a national e-commerce
marketplace.
 It will be used for all retail traders in collaboration with several technology partners.
Bharatmarket:
 Bharatmarket will integrate the capabilities of various technology companies to provide end-to-end services in
the logistics and supply chains from manufacturers to end consumers, including deliveries at home.
 The e-commerce portal will include nationwide participation by retailers and aims to bring 95%of retail
traders onboard the platform, who would exclusively run the portal.
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 The initiative has had active support and guidance of the Ministry of Commerce and Industry, as they see this
as an effective way to get essential commodities to consumers during the lockdown period and within
containment zones.
 CAIT enrolls about one crore retailers on this e-marketplace in 2020 and makes it the world's largest and
most-unique e-marketplace ever.
US-based Silver Lake buys 1.15% stake in Reliance Jio for Rs 5,655.75 cr
 American private equity giant Silver Lake Partners has announced to buy 1.15% stake in Jio Platforms for Rs
5,655.75 crore ($750 million).
 Jio Platforms, is a wholly-owned subsidiary of Reliance Industries Limited (RIL) and works on digital apps,
digital ecosystems and the mobile service.
 This deal values Jio Platforms at Rs 4.90 lakh crore on equity basis and Rs 5.15 lakh crore on enterprise value
basis.
 It must be remembered that Facebook has also spent $5.7 billion (Rs 43,574 crore) to buy a 9.99 percent stake
in Jio in April 2020.
 Although the deal with Silver Lake is smaller than the one with Facebook, it represents a 12.5% premium to
the equity valuation of the Facebook investment.
Extra Shots:
Silver Lake partners:
 Headquarters: California, United States
 Co-CEO and Managing Partner: Egon Durban
BharatPe launches two apps to limit the need to touch handsets for checking transactions
 The BharatPe, a Merchant payment and a leading network provider launched two voice-based applications
Paisa Bolega and BharatPe Balance for the account holders to access transactions and balance using without
touching the phones in the COVID-19 pandemic.
Highlights:
 The Paisa Bolega is a button introduced in the BharatPe which converts the smartphone into a speaker with
this voice alerts of transactions by providing loud instant confirmations for all the received payments through
their BharatPe quick response(QR)
 BharatPe Balance will provide the information about total available balance across the deposits, loan and
daily collections through the QR. This will provide a snapshot of the shopkeepers daily QR collections,
balance in 12% interest a/c and the loan limit.
 BharatPe mentioned that the business per merchant went up as both the customers and shopkeepers prefer
contactless QR payments.
 The Average ticket size went up from Rs 300 to Rs 500 that is 70% as the customers are shopping more for
the essentials, albeit less frequently.
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Extra Shots:
BharatPe:
 CEO & Co-Founder: Ashneer Grover.
 Co-founder & Board Member: Shashvat Nakrani.
 Headquarters: New Delhi.
DBS Bank projects India’s GDP for FY21 at 1%
 DBS Bank has cut India’s FY21 GDP forecast to 1% as against 1.5% as predicted earlier.
 This projection is based on the assumption of an end in the lockdown in the June quarter, reopening of all
sectors by third quarter (October-December).
Extra Shots:
DBS:
 Headquarters: Singapore
 Former Name: Development Bank of Singapore (DBS)
 Chief Executive Officer: Piyush Gupta
Centre Extends Deadline for Filing Annual GST Return for FY19 until September 2020
 The Central Board of Indirect Taxes and Customs (CBIC) has extended the last date for filing annual GST
return for financial year 2018-19 by three months till September 2020.
 CBDT has also extended the validity of e-way bills, generated on or before March 24, and had expiry between
March 20 and April 15, 2020.
 The validity of e-way bills has now been extended till May 31.
 All these measures have been taken in wake of extension of lockdown, making it difficult for the industry to
meet the timeline.
Extra Shots:
GST: Goods and Services Tax is an indirect tax used in India on the supply of goods and services. It is a
comprehensive, multistage, destination-based tax: comprehensive because it has subsumed almost all the indirect
taxes except a few state taxes.
Moody’s Projects India’s GDP Growth at 0% for FY21; 6.6% in FY22
 Moody’s Investors Service on Friday projected India’s growth at 0 percent for the current fiscal 2020-21.
 This is lower than 4.8 percent estimated in 2019-20.
 For the fiscal year 2021-22, the growth is expected to rebound to 6.6 percent.
 The country’s sovereign rating has also been downgraded from stable to negative, due to lower economic
growth.
 The negative outlook reflects increasing risks that economic growth will remain significantly lower than in the
past.
Extra Shots:
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Moody's Investors Service, often referred to as Moody's, is the bond credit rating business of Moody's Corporation,
representing the company's traditional line of business and its historical name. Moody's Investors Service provides
international financial research on bonds issued by commercial and government entities.
 Parent organization: Moody's Corporation
 Founder: John Moody
HCL Provides Vital Protection Equipment to Frontline Workers in Coimbatore
 As part of its efforts to strengthen the State’s disaster management efforts in the face of the COVID-19
pandemic, HCL has joined hands with the District Administration of Coimbatore to provide vital protection
equipment including masks, Personal Protective Equipment (PPE), hand sanitizers and hands-free wash
basins.
 This will play an important role in safeguarding the lives of the frontline health workers in the district.
 HCL has provided protection equipment including 7,000 PPE kits complying to the SITRA and HLL
specifications, 20,000 three-ply masks, 55 liters of sanitizer and two hands-free wash basins to the district
administration.
 These are being routed to the frontline workers of Coimbatore district working in the ESI Hospital,
Government Hospital, Coimbatore Medical College Hospital, District Health Centres and conservancy
workers across the district.
Extra Shots:
HCL Technologies Limited, is an Indian multinational information technology service and consulting company
headquartered in Noida, Uttar Pradesh. It is a subsidiary of HCL Enterprise.
 CEO: C Vijayakumar
Nomura predicts Indian GDP for FY21 at -5.2%
 Analysts at Nomura have lowered their GDP growth forecast for India to a negative 5 per cent / 5 per cent
contraction y-o-y (from -0.5 per cent forecast earlier) for 2020, but raised it to 7.9 per cent (from 7.3 per cent
forecast earlier) for 2021.
 Nomura has lowered India's FY21 GDP growth forecast to -5.2% vs -0.4% earlier.
Nomura has made the following GDP growth/contraction prediction for India for various years:
 For year 2020 (Jan-Dec 2020) = -5.0% (contraction by 5%)
 For FY21 (April 2020 to March 2021) = -5.2% (contraction by 5.2%)
 For year 2021= 7.9%
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Extra Shots:
Nomura Holdings, Inc. is a Japanese financial holding company and a principal member of the Nomura Group.
 CEO: Koji Nagai
 Headquarters: Tokyo, Japan
Goldman Sachs predicts India’s GDP growth at -0.4% for FY21
 The global investment banking group, Goldman Sachs has predicted India’s GDP growth for FY21 at -0.4%.
 It means as per Goldman Sachs the GDP of India will contract by 0.4% in FY21.
 Goldman Sachs expects the central bank to cut rates by 100 basis points (bps) between now and the third
quarter of calendar year 2020 (Q3-2020), as compared with their earlier forecast of 50 basis points. Markets,
they believe, are pricing in a cut of 50 – 75 basis points.
Extra Shots:
The Goldman Sachs Group, Inc., is an American multinational investment bank and financial services company
headquartered in New York City. It offers services in investment management, securities, asset management, prime
brokerage, and securities underwriting.
 CEO: David M. Solomon
US-based Vista Equity Partners to buy 2.32% stake in Jio Platforms for Rs 11,367 crore
 As per the Reliance Industries Limited’s statement, the US-based private equity firm Vista Equity Partners to
buy 2.32% stake in Reliance’s Jio Platforms, for Rs 11,367 crore which will make Vista the largest investor
in Jio Platforms after Reliance Industries and Facebook.
 After this investment, Jio platforms will have an equity value of Rs 4.91 lakh crore and an enterprise value of
Rs 5.16 lakh crore.
 Facebook has bought a 9.99% stake in Jio Platforms for Rs 43,574 crore on April 22.
 The deal was followed by US private equity firm Silver Lake, the world’s largest tech investor, bought 1.15%
stake in Jio Platforms for Rs 5,665.75 crore on May 4.
Extra Shots:
Reliance
 Headquarter:Mumbai, Maharashtra
 Chairman & Managing Director(MD): Mukesh D. Ambani
Mahindra & Mahindra launches digital sales platform ‘Own-Online’
 Mahindra & Mahindra Ltd has announced the launch of an online vehicle ownership platform named “Own-
Online’.
 The portal will offer an end-to-end sales experience for prospective buyers. It will also help customers to
finance, insure, exchange, accessorize, and own a Mahindra vehicle from home.
Extra Shots:
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Mahindra & Mahindra Limited is an Indian multinational car manufacturing corporation headquartered in
Mumbai, Maharashtra, India. It was established in 1945 as Muhammad & Mahindra and later renamed as Mahindra
and Mahindra.
 Parent organization: Mahindra Group
 CEO: Anand Mahindra
74% stake of SeQuent bought by Carlyle for Rs 1,587 crore
 The Carlyle Group, an United States(US) based private equity firm acquired 74% stake in SeQuent Scientific
Limited, the largest animal healthcare company from India for Rs.1,587 crore($210 million) for Rs.86 apiece.
 SeQuent is a pure-play animal healthcare company with global operations and provides pharmaceutical
ingredients, formulations and analytical services in more than 100 countries and manufacturing in India,
Spain, Turkey, Germany and Brazil.
 Carlyle acquired 183 million shares from the promoters and a mandatory offer at Rs 86 per share.
 The promoters of the company sold a 44.92% stake and Carlyle agreed to buy 5.69% of the existing private
equity investor Ascent Capital.
Britain’s GlaxoSmithKline sells 5.7 % stake in Hindustan Unilever for $3.35 billion
 GlaxoSmithKline plc (GSK), a British multinational pharmaceutical company, has sold its 5.7 % stake in
Indian FMCG ( fast-moving consumer goods) company Hindustan Unilever Limited (HUL) for $3.35 billion
(about 254.8 billion rupees) in the stock market through a largest ever block deal.
 However, the names of the buyers could not be immediately ascertained.
 GSK sold 133.77 million ordinary shares in Hindustan Unilever by its subsidiaries GlaxoSmithKline Pvt Ltd
and Horlicks Ltd for an average price of Rs.1905.
 With this, the company raises Rs 254.8 billion.
 The cash injection will help GSK to boost its drug development pipeline, having made costly bets on
experimental cancer treatments and future cell and gene therapies amid slowest revenue growth.
ExtraShots:
GlaxoSmithKline plc:
 Headquarters: Brentford, United Kingdom
 CEO: Emma Walmsley
Hindustan Unilever Limited:
 Chairman & Managing Director: Sanjiv Mehta
Government Raises Market Borrowing Limit for 2020-21 to Rs 12 Lakh Crore Amid COVID-19
 the Government of India has announced an increase in its gross market borrowing estimate to Rs 12 lakh crore
for the current financial year 2020-21 to deal with the expected shortfall in revenue due to the impact of
COVID-19 crisis on the economy.
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 This is an increase of Rs 4.2 lakh crore over Rs 7.8 lakh crore announced in the Budget Estimates for FY21.
 The government has also increased the weekly borrowing target to Rs 30,000 crore from Rs 21,000 crore
planned earlier.
Bank of America Downgrades India GDP Estimate for FY’21 to 0.5%
 Bank of America has revised down their GDP growth estimate for India to 0.5 percent for the current fiscal
year, 2020-21, from its earlier estimate of 1.5 percent.
 The foreign brokerage has also estimated the fiscal deficit to come at 5.8 percent of the GDP in FY21 as
against the budget target of 3.5 per cent, after the government’s move to raise its market borrowing
programme for the current financial year by Rs 4.2 lakh crore.
Extra Shots:
The Bank of America Corporation is an American multinational investment bank and financial services company
headquartered in Charlotte, with central hubs in New York City, London, Hong Kong, Dallas, and Toronto.
 Headquarters: Charlotte, North Carolina, United States
 CEO: Brian Moynihan
INR-USD Futures and Options Contracts launched by Finance Minister
 Union Finance Minister Smt Nirmala Sitaraman launched the INR-USD Futures and Options contracts in the
BSE and NSE platforms.
 They were launched at at the GIFT International Financial Service Centre (IFSC) in Gandhinagar, Gujarat
through video conference.
Significance:
 The contracts have been launched to increase economic activity and employment in the country.
 A significant market share of India has moved to other International financial Centres in the last decade.
 The move will help to bring back those businesses back to India.
 In Addition, the world-class business environment at the GIFT IFSC will help to bring in larger global
participation.
Future and Option:
 Future and Options are financial products that allow investors to buy or sell shares at specific price by a
specific date.
 Options contract give the right to buy or sell the shares at any time till the validity of the contract exists.
 Under Futures contract, a buyer and seller can buy or sell only on specific future date.
 Types of Option :There are two types of Option, The Call Option is used to buy a stock at the strike price and
put option is used to sell a stock at a specific price.
Morgan Stanley projects India GDP growth for 2020 at 0%; For 2021 at 7.7%
 American multinational investment bank, Morgan Stanley has projected India’s GDP growth for 2020 at 0%
and for 2021 at 7.7%.
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 For the global GDP growth, Morgan Stanley has made a projection of -3% in 2020 and 5.9% in 2021.
Extra Shots:
Morgan Stanley
 CEO: James P. Gorman
Finance Minister announced measures for relief and credit support related to businesses
 Prime Minister Narendra Modi announced a Special economic and comprehensive package of Rs.20 lakh
crores on 13 May 2020, equivalent to 10% of India's GDP, for relief and credit support related to businesses,
especially Micro, Small & Medium Enterprises (MSMEs), to support Indian Economy's fight against COVID-
19 pandemic.
 The Union Minister of Finance & Corporate Affairs Nirmala Sitharaman announced several measures of the
Economic Package called Aatma Nirbhar Bharat Abhiyaan or Self-Reliant India Movement.
Highlights:
 Several measures included in the economic package are:
 For businesses, including MSMEs, Rs.3 lakh crore emergency Working Capital Facility has been allocated
 Rs.20,000 crore Subordinate Debt for stressed MSMEs
 Rs.50,000 crore equity has been planned to be infused through MSME Fund of Funds
 New Definition of MSME and other Measures for MSME
 No Global tenders for Government tenders of up to Rs.200 crore
 Extending the Employees Provident Fund Support for business and organized workers for another 3 months
for salary months of June, July and August 2020
 EPF Contribution to be reduced for Employers and Employees for 3 months to 10% from 12% for all
establishments covered by EPFO for the next 3 months
 Rs.30,000 crore Special Liquidity Scheme for NBFC/HFC/MFIs
 Rs.45,000 crore Partial credit guarantee Scheme 2.0 for Liabilities of Non-Banking Financial Company
(NBFCs)/Micro Finance Institutions (MFIs).
 Rs.90,000 crore Liquidity Injection for power distribution companies (discoms).
 Relief to Contractors given by extension of up to 6 months for completion of contractual obligations,
including in respect of EPC and concession agreements
 Relief to Real Estate Projects the registration and completion date for all registered projects will be extended
up to six months.
 Tax relief to business as pending income tax refunds to charitable trusts and non-corporate businesses and
professions to be issued immediately
 Reduction in Rates of 'Tax Deduction at Source' and 'Tax Collected at Source' by 25% for the remaining
period of FY 20-21
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 Due Dates for various tax-related compliances have been extended.

Finance Minister announces 2nd tranche of economic support under the Aatma Nirbhar Bharat Abhiyaan
 In continuation to PM Modi’s announcement of Rs 20 lakh crore boost to the economy, and the
announcement made by her on May 13, 2020
 The Finance Minister of India, Smt. Nirmala Sitharaman has made the announcement of the second tranche of
economic support the Indian Economy’s fight against COVID-19.
Highlights:
 The announcement focusses on short term and long-term measures for supporting the poor, including
migrants, farmers, tiny businesses and street vendors.
 2% Interest Subvention for 12 months for Shishu MUDRA loanees- Relief of Rs. 1,500 crore- Government of
India will provide Interest subvention of 2% for prompt payees for a period of 12 months to MUDRA Shishu
loanees, who have loans below Rs 50,000.The current portfolio of MUDRA Shishu loans is around Rs 1.62
Lakh crore. This will provide relief of about Rs 1,500 crore to Shishu MUDRA loanee.
 Free food grains supply to migrants for 2 months (i.e. May and June, 2020)
 Scheme for Affordable Rental Housing Complexes for Migrant Workers and Urban Poor to be launched
 Technology system to be used enabling Migrants to access PDS (Ration) from any Fair Price Shops in India
by March,2021-One Nation one Ration Card
 Rs 5,000 crore Credit facility for Street Vendors- Under this scheme, bank credit facility for initial working
capital up to Rs. 10,000 for each enterprise.
 Rs 70,000 crore boost to housing sector and middle income group through extension of Credit Linked
Subsidy Scheme for MIG under PMAY(Urban)- The Credit Linked Subsidy Scheme for Middle Income
Group (annual Income between Rs 6 and 18 lakhs) will be extended up to March 2021.
 Rs 6,000 crore for Creating employment using CAMPA funds- Compensatory Afforestation Management &
Planning Authority (CAMPA)
 Rs 30,000 crore Additional Emergency Working Capital for farmers through NABARD- NABARD will
extend additional re-finance support of Rs 30,000 crore for meeting crop loan requirement of Rural
Cooperative Banks and RRBs. This refinance will be front-loaded and available on tap. This is over and above
Rs 90,000 crore that will be provided by NABARD to this sector in the normal course.
 Rs 2 lakh crore credit boost to 2.5 crore farmers under Kisan Credit Card Scheme- A special drive to provide
concessional credit to PM-KISAN beneficiaries through Kisan Credit Cards. 2.5 crore farmers will be
covered.
Finance Minister announced third Tranche of Rs.20 lakh Economic Package
 Finance Minister Nirmala Sitharaman announced the third Tranche of Rs.20 lakh Economic Package on 15
May in New Delhi. On 12 May, Prime Minister Modi announced an Economic relief Package of Rs.20 lakh
crore with an aim of making it "Atma Nirbhar" or self-reliant.
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Highlights:
 GoI is to create a facilitative legal framework to enable farmers to engage with processors, aggregators, large
retailers, exporters in a fair and transparent manner.
 Centre will formulate a law to provide adequate choices to the farmers to sell produce at an attractive price,
barrier-free interstate trade, and framework for e-trading of agricultural produce. GoI will implement a Rs.500
crore scheme of infrastructure development related to integrated beekeeping development centres, collection,
marketing & storage centres, post-harvest, and value addition facilities. It is expected to lead to an increase in
income of 2 lakh bee-keepers.
 The National Medicinal Plants Board will bring an 800-hectare area by developing a corridor of medicinal
plants along the banks of river Ganga.
 Centre allocated Rs.4000 crore for the promotion of herbal cultivation. Under this, 10,00,000 hectares will be
covered in the next 2 years.
 Government has decided to amend the Essential Commodities Act. It will enable better price realization for
farmers and attract investments that will lead to deregulation of prices for cereals, edible oils, oilseeds, pulses,
onions, and potatoes.
 Centre also announced the Animal Husbandry Infrastructure Development Fund of Rs.15,000 crore to support
investment in dairy processing.
 Centre announced Rs.4,000 crore for promotion of herbal cultivation to bring 10 lakh hectares of land under
herbal growing in the next 2 years.
 A total outlay of Rs.13,343 crore has been allocated for the National Animal Disease Control Programme for
Foot and Mouth Disease and Brucellosis. Pradhan Mantri Matsya Sampada Yojana for the development of
marine and inland fisheries will be given Rs.20,000 crore. It is expected to generate job opportunities for 55
lakh people.
 All Covid-19 related deadline extensions relating to fisheries activities which are aimed to help marine and
coastal farmers will be undertaken.
 Government is to introduce a Rs.10,000 crores scheme for the formalization of Micro Food Enterprises
(MFE).
 Government aims to create an Rs.1 lakh crore Agri-Infrastructure Fund for farm gate infrastructure for Indian
farmers.
 As an additional step for agriculture during the lockdown, Centre has announced an amount more than
Rs.74,300 crores for Minimum Support Price purchases and Rs.18,700 crore for Kisan fund transfer.
World Bank Approves USD1 billion Social Protection Package for India
 The World Bank has approved USD 1 billion aid, under ‘Accelerating India’s COVID-19 Social Protection
Response Program’, to support India’s efforts for providing social assistance to the poor and vulnerable
households, severely impacted by the COVID-19 pandemic.
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 The new USD 1 billion support will be funded in two phases:

 Allocation of $750 million in first tranche for fiscal year 2020. Of this, $ 550 million will be financed by
International Development Association (IDA) and USD 200 million will be a loan from the International
Bank for Reconstruction and Development (IBRD).
 The remaining $250 million second tranche will be made available for fiscal year 2021.
 The Phase I of the operation will be implemented countrywide through the Pradhan Mantri Garib Kalyan
Yojana (PMGKY).
 With this, the total commitment from the World Bank towards emergency Covid-19 response in India reaches
to $2 billion.
 Earlier in April 2020, World Bank announced $1 billion support for India’s health sector.
COVID-19 may cost global economy loss of up to $ 8.8 trillion: ADB report
 According to a report “Updated Assessment of the Potential Economic Impact of COVID-19” released by
Asian Development Bank (ADB), global economy is expected to lose between $ 5.8 trillion to $ 8.8 trillion,
which will be 6.4 % to 9.7 % of global gross domestic product (GDP), due to the outbreak of the novel
Coronavirus (COVID-19).
 Earlier on April 3, 2020, ADB in its Asian Development Outlook (ADO) 2020 had estimated a loss of $ 2
trillion to $ 4.1 trillion in the global economy due to the coronavirus. In March 6, 2020, ADB estimated losses
of 77 billion to 347 billion dollars (0.1 -0.4 %of global GDP).
 The latest ADB estimates are predicting double the global GDP loss than the previous estimates of the World
Bank (WB) and IMF’s (International Monetary Fund) World Economic Outlook.
 The WB had predicted losses of 2-4 % and IMF estimated 6.3 %. ADB’s loss estimates do not include the
measures being taken by all countries to handle the economy.
 This means that the decline may be limited due to efforts such as relief packages.
Extra Shots:
Asian Development Bank (ADB):
 Headquarters: Manila, Philippines
 Chief Economist: Yasuyuki Sawada
Facebook acquires animated graphics startup GIPHY
 Facebook has announced that it has acquired the animated graphics startup GIPHY. Facebook will now
integrate GIPHY in its Instagram visual social network.
 GIPHY is known for its use of stickers and other products using the graphics interchange format or GIFs.
 GIPHY, a leader in visual expression and creation, is joining the Facebook company today as part of the
Instagram team
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Extra Shots:
 Founders: Mark Zuckerberg, Andrew McCollum, Eduardo Saverin, Dustin Moskovitz, Chris Hughes
FM announces 4th tranche of economic support under the Aatma Nirbhar Bharat Abhiyaan
announcement made by her on May 13, 2020, May 14, 2020 and May 15, 2020 the Finance Minister of India,
Smt. Nirmala Sitharaman has made the announcement of the fourth tranche of economic support the Indian
Economy’s fight against COVID-19.
 These are the announcements made on May 16, 2020.
 The announcement focusses on reforming 8 sectors which are coal, minerals, defence production, airports and
airspace management, MRO, power distribution of companies in UTs, space and atomic energy.
 Only the most important points have been covered in this post. The points which are important from exam
point of view have been highlighted in red.
Highlights:
Coal:
 Commercial mining of coal on a revenue-sharing basis is being introduced. Government will introduce
competition, transparency and private sector participation through revenue sharing mechanism instead of the
current fixed rupee per tonne. Coal Bed Methane will also be auctioned.
Mineral
 To enhance private investments in the mineral sector, a seamless composite exploration -cum-mining – cum
production regime will be introduced. 500 mining blocks will be offered through an open and transparent
auction process immediately.
Make in India for Defence Production
 Foreign Direct Investment limit in defence manufacturing under automatic route is being raised from 49% to
74% to boost indigenous defence production.
Airports and airspace
 6 airports will be put up for bidding by the Airports Authority of India for operation and maintenance on PPP
mode.
Maintenance
 Repairs and Operations (MRO)- Tax regime for MRO ecosystem has been rationalised. Convergence between
defence sector and the civil MROs will be established to create economies of scale
Power Sector
 Power distribution companies in Union Territories will be privatised.
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Social Infrastructure Projects

 Boosting private sector investment in social infrastructure projects through revamped viability gap funding
scheme of Rs 8,100 crore. The govt will enhance the quantum of viability gap funding up to 30 per cent each
of total project cost as VGF by Centre and state
Space & Atomic Energy
 Private sector will be allowed to use ISRO facilities and other relevant assets to improve their capacities. India
to establish a research reactor in PPP mode for production of medical isotopes.
Extra Shots:
The Ministry of Finance is an important ministry within the Government of India concerned with the economy of
India, serving as the Indian Treasury Department. Founded: 29 October 1946
 Officeholders: P. Radhakrishnan (Minister of State), Shiv Pratap Shukla (Minister of State), Nirmala
Sitharaman (Minister)
FM announces 5th tranche (last) of economic support under the Aatma Nirbhar Bharat Abhiyaan
announcement made by her on May 13, 2020, May 14, 2020. May 15, 2020 and May 16, 2020 the Finance
Minister of India, Smt. Nirmala Sitharaman has made the announcement of the fifth tranche (which is the last
one) of economic support the Indian Economy’s fight against COVID-19.
 These are the announcements made on May 17, 2020.
 The 5th tranche is focussed on Government Reforms and Enablers for providing employment, support to
businesses, Ease of Doing Business, and State Governments as well sectors such as Education and Health.
Seven measures have been announced under this.
Highlights:
1. Allocation for MGNREGS increased by Rs 40,000 Crore to provide employment boost– Will help generate
nearly 300 crore person-days in total.
2. Health Reforms & Initiatives- Public Expenditure on Health will be increased by investing in grass-root health
institutions. National Institutional Platform for One health by ICMR will encourage research. And the
implementation of National Digital Health Blueprint under the National Digital Health Mission.
3. Technology Driven Education with Equity post-COVID-
PM eVIDYA
 A programme for multi-mode access to digital/online education to be launched immediately; consisting of:
1. DIKSHA for school education in states/UTs: e-content and QR coded Energized Textbooks for all grades (one
nation, one digital platform)
2. One earmarked TV channel per class from 1 to 12 (one class, one channel)
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3. Extensive use of Radio, Community radio and Podcasts

4. Special e-content for visually and hearing impaired.
5. Top 100 universities will be permitted to automatically start online courses by 30th May, 2020.
Manodarpan
 An initiative for psychosocial support of students, teachers and families for mental health and emotional
wellbeing to be launched immediately.
 National Foundational Literacy and Numeracy Mission for ensuring that every child attains Learning levels
and outcomes in grade 5 by 2025 will be launched by December 2020.
4. Further enhancement of Ease of Doing Business through IBC related measures-
 Minimum threshold to initiate insolvency proceedings raised to Rs. 1 crore (from Rs. 1 lakh, which largely
insulates MSMEs).
 Suspension of fresh initiation of insolvency proceedings up to one year, depending upon the pandemic
situation.
5. Decriminalisation of Companies Act defaults- The Amendments will de-clog the criminal courts and NCLT. 7
compoundable offences altogether dropped and 5 to be dealt with under alternative framework.
6. Ease of Doing Business for Corporates- Direct listing of securities by Indian public companies in permissible
foreign jurisdictions. Power to create additional/ specialized benches for NCLAT. Lower penalties for all defaults for
Small Companies, One-person Companies, Producer Companies & Start Ups.
7. Public Sector Enterprise Policy for a New, Self-reliant India- There is a need for a new coherent policy—where all
sectors are open to the private sector while public sector enterprises(PSEs) will play an important role in defined
areas
The support to State Government from Central Government
 States net borrowing ceiling for 2020-21 is Rs. 6.41 lakh crores, based on 3% of Gross State Domestic
Product (GSDP).
 Centre has decided to increase borrowing limits of States from 3% to 5% for 2020-21 only. This will give
States extra resources of Rs. 4.28 lakh crores.
 Part of the borrowing will be linked to specific reforms (including recommendations of the Finance
Commission). Reform linkage will be in four areas: universalisation of ‘One Nation One Ration card’, Ease of
Doing Business, Power distribution and Urban Local Body revenues.
 A specific scheme will be notified by the Department of Expenditure on the following pattern:
 Unconditional increase of 0.50%
 1% in 4 tranches of 0.25%, with each tranche linked to clearly specified, measurable and feasible reform
actions
 Further 0.50% if milestones are achieved in at least three out of four reform areas
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Investment firm Bernstein projects India’s GDP growth for FY21 at -7%
 Bernstein, an investment management firm based in the United States, has projected India’s GDP growth rate
for FY21 at -7.0%.
 This means India’s GDP will contract by 7% in FY21 as per Bernstein.
Goldman Sachs projects India’s GDP growth rate for FY21 at -5%
 The global investment banking group, Goldman Sachs has predicted India’s GDP growth for FY21 at -5.0%.
 Earlier it has predicted the same at -0.4%.
 It means as per Goldman Sachs the GDP of India will contract by 5.0% in FY21.
Extra Shots:
The Goldman Sachs Group, Inc., is an American multinational investment bank and financial services company
headquartered in New York City. It offers services in investment management, securities, asset management, prime
brokerage, and securities underwriting.
BSE, NSE cut annual listing fee for SMEs by 25%
 Stock exchanges BSE and NSE have announced to reduce the listing fee for their SME platforms by 25 per
cent.
 BSE and NSE had launched their respective SME platforms in 2012 and since then have been facilitating
SMEs for raising funds, listing and trading on the exchanges.
 The rebate in the fee comes after Finance Minister Nirmala Sitharaman’s several announcements to rescue the
ailing micro, small, and medium enterprises (MSME) sector.
Extra shots:
The BSE, formerly known as the Bombay Stock Exchange Ltd., is an Indian stock exchange located at Dalal Street,
Mumbai. Established in 1875, it is Asia's oldest stock exchange. The BSE is the world's 10th largest stock exchange
with an overall market capitalization of more than $2.2 trillion on as of April 2018.
 Location: Mumbai, India
 Chairman: Just. Vikramajit Sen
 MD& CEO: Ashishkumar Chauhan
NSE: The National Stock Exchange of India Limited is the leading stock exchange of India, located in Mumbai. The
NSE was established in 1992 as the first dematerialized electronic exchange in the country.
 No. of listings: 1,952
 Owner: National Stock Exchange of India Limited
 Founded: 1992
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 Indices: NIFTY 50; NIFTY NEXT 50; NIFTY 500

General Atlantic buys 1.34% stake in Jio platforms for Rs 6,598.38 crores
 Reliance Industries Limited(RIL) announced the sale of 1.34% stake in its digital services subsidiary, Jio
Platforms to global Private Equity (PE) firm General Atlantic for Rs 6,598.38 crores, to accelerate consumer
business and cut debt.
 After this investment Jio Platforms will have an equity value of Rs 4.91 trillion and an enterprise value of Rs
5.16 trillion.
Highlights:
 General Atlantic’s investment will translate into a 1.34% equity stake in Jio Platforms on a fully diluted basis.
The transaction is subject to regulatory and other customary approvals.
 This deal is the 4th one in less than four weeks(within a month) with this investment RIL has raised Rs
67,194.75 crores by selling 14.8% in Jio. Strategic and financial investors are to form 20% of Jio Platforms.
 Jio’s previous deal- Facebook has bought a 9.99% stake in Jio Platforms for Rs 43,574 crores on April 22.
The deal was followed by US private equity firm Silver Lake, the world’s largest tech investor, bought 1.15%
stake in Jio Platforms for Rs 5,665.75 crores on May 4. US-based Vista Equity Partners bought a 2.32%
stake in Jio Platforms for Rs 11,367 crores on May 8.
 Besides the sale of Jio stake, RIL hopes to raise Rs 53,125 crore in the country’s biggest-ever rights issue.
Extra Shots:
General Atlantic
 Chief Executive Officer: Bill Ford
 Head of India & Southeast Asia
 Managing Director(MD), Mumbai: Sandeep Naik
Centre reduces EPFO contributions from 12 per cent to 10 per cent from May to July this year
 The Centre has notified the reduction in statutory rate of contributions from 12 per cent to 10 per cent for
wage months period from May to July, 2020 for all class of establishments covered under the Employees
Provident Fund and Miscellaneous Provisions Act, 1952.
 Earlier,the government had announced to reduce the rate as part of Atma-Nirbhar Bharat package.
 Reduction in rate of EPF contributions from 12 per cent to 10 percent of basic wages and Dearness
allowances is intended to benefit both 4.3 Crore employees and employers of 6.5 lakhs establishments
 As a result of reduction in statutory rate of contributions, the employee will have a higher take home pay and
employers will also have their liabilities reduced by 2 per cent of wages of the employees.
Extra Shots:
EPFO: Employees' Provident Fund Organisation
 Founded: 4 March 1952, New Delhi
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 AUM: 11 Lakh Crore ($157 Billion USD)

 Type of business: Central-Owned
Patanjali launches e-commerce app ‘OrderMe’
 Swami Ramdev’s Patanjali Ayurveda Limited has launched its e-commerce app named “OrderMe”.
 The name of the app represents the spiritual word ‘OM’ (O for Order and M for Me).
 OrderMe will limit its delivery and endorsing to swadeshi products.
Extra Shots:
Patanjali Ayurved Limited is an Indian consumer goods company. Manufacturing units and headquarters are
located in the industrial area of Haridwar, Uttarakhand while the registered office is located at Delhi. The company
manufactures mineral and herbal products.
 Owner: Balkrishna
 Headquarters location: Haridwar
 Subsidiaries: Ruchi Soya, Advance Navigation and Solar Technologies Pvt. Ltd., Herboved, Inc.
 Founders: Ramdev, Balkrishna
Facebook Launches Shopping Platform ‘Facebook Shops’ for Small Businesses
 Facebook has announced the launch of a new feature, ‘Facebook Shops’, on its platform as an important tool
for small businesses to create online stores on Facebook and Instagram.
 The new service was launched by Facebook CEO Mark Zuckerberg on 19 May 2020.
 Facebook Shops will allow businesses to sell their product both on Facebook and Instagram by setting up
storefronts on the apps.
 The new initiative will bring more local businesses online and help them to survive amid the coronavirus
pandemic, while also creating big new business opportunities for Facebook itself.
Extra Shots:
 Founded: February 2004, Cambridge, Massachusetts, United States
 Revenue: 7,069.7 crores USD (2019)
 Founders: Mark Zuckerberg, Andrew McCollum, Eduardo Saverin, Dustin Moskovitz, Chris Hughes
ICRA Predicts Indian Economy to likely contract by 5% in FY21
 The Ratings agency ICRA has predicted India’s GDP growth for FY 2020-21 at -5.0%. Earlier it has predicted
the same at around -1% to -2 %.
 It means the GDP of India will contract by 5.0% in FY21.
Extra Shots:
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ICRA Limited:
 Headquarters: Gurugram, Haryana
 Non-Executive chairman and independent director: Arun Duggal
Finance ministry exempts B2B firms from using only BHIM, RuPay for accepting payments
 In a bid to boost digital transactions and move towards a less-cash economy, the Central Board of Direct
Taxes (CBDT), a statutory authority functioning under the Department of Revenue in the Ministry of Finance,
has exempted firms with a turnover of over Rs 50 crore & engaged in business-to-business (B2B)
transactions, from the requirement of accepting payments only by e-payments facilities using debit cards
powered by RuPay or BHIM-UPI (Bharat Interface for Money- Unified Payments Interface).
Highlights:
 As per the CBDT, the relaxation has been notified for B2B companies only if at least 95% of aggregate of all
amounts received during 2019, including amount received for sales, turnover or gross receipts, are by any
mode other than cash.
 The move comes after the representations stating that requirement of mandatory digital payment facilities for
payments through the prescribed electronic modes should be applicable in B2C businesses that directly deal
with consumers.
 In addition, it also underscored that the prescribed electronic modes had a maximum payments limit per
transaction or per day, which made them less relevant for the B2B ecommerce sector where the value of
transactions is higher.
 With this move, the firms which had little or no retail customer or B2C (business to consumer)transactions
mandated to install e-payment facilities or pay penalty of Rs 5,000 per day as per provision namely Section
269SU was inserted in the Income-tax Act, 1961, will get exempted.
Extra Shots:
CBDT:
 Formation: 1944
 Residence: North Block, Secretariat Building, New Delhi
 Inaugural holder: Jamuna Prasad Singh
 Term length: No fixed tenure is imposed on the office but term can be extended
Tata Power International Pte Ltd acquires 10% stake in Adjaristsqali Netherlands BV
 Tata Power announced that its subsidiary Tata Power International Pte Ltd(TPIPL) has acquired a 10% stake
in Adjaristsqali Netherlands BV(ABV) from the International Finance Corporation(IFC) for USD 150,000
(about Rs 1.13 crore).
Highlights:
 The increase in stake has increased TPIPL’s shareholding in ABV to 50%.
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 The agreement is signed among TPIPL, ABV, and the IFC. The acquisition is done as per the provisions of
the shareholder agreement.
 ABV owns 100% stake in Adjaristsqali Georgia Limited Liability Company-LLC (AGL), which has
developed a 187-megawatt (MW) hydro project in Georgia at a cost of around USD 500 million(Rs 37.5
billion). As of March 2020 it has commissioned 178 Mega Watt(MW) of the total capacity.
 Tata Power has announced that its wholly-owned subsidiary Khopoli completed the sale of the company’s
entire stake in Cennergi Private Limited to Exxaro Resources Limited for ZAR 1,550 million (~USD 84.25
million) and normal working capital and other adjustments in April 2020.
Extra Shots:
Tata Power: Tata Power is one of India’s largest integrated power companies, and together with its subsidiaries, has
a total installed capacity of 10,763 MW.
 Registered Office: Mumbai, Maharashtra
 CEO & Managing Director: Praveer Sinha
ABV:
It is a subsidiary of Clean Energy Invest, a Norwegian hydro-power generating company. The company builds, owns,
and operates hydro projects on the Adjaristsqali River and its tributaries in Adjara in Georgia.
 Headquarters: Amsterdam, Netherlands
 Chairman: Kyrre Olaf Johansen
CCI approves 100% acquisition of Emami Cement by Nuvoco Vistas Corporation Limited
 The Competition Commission of India has approved 100% acquisition of the total issued and paid-up share
capital of Emami Cement Limited(ECL)on a fully diluted basis, by Nuvoco Vistas Corporation
Limited(NVCL) for an enterprise value of Rs 5,500 crore.
 ECL is a part of the Emami group & NVCL is a Nirma promoter group company.
Highlights
 This acquisition is Nirma’s 2nd cement acquisition in east India. In 2016, it acquired Lafarge India’s cement
assets at an enterprise value of USD 1.4 billion.
 Lafarge India operated three cement plants and two grinding stations with a total capacity of around 11million
tonnes per annum(mtpa)
 The sale of the cement business is part of Emami group’s plan to become debt-free. In 2019 the group’s
founders sold 20% in their flagship household goods company, Emami Ltd, for Rs 2,830 crore as part of the
plan.
 The Emami cement acquisition will bring NVCL’s total cement capacity in eastern, northern and western
India to 23.5mtpa, including an ongoing capacity expansion project at its Jojobera plant and over 60 ready-
mix plants.
Extra shots:
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Emami:
 Registered Office: Kolkata, West Bengal
 Founder & Executive Chairman: R S Agarwal
Nirma:
 Corporate office: Ahmedabad, Gujarat
 Chairman: K. K. Patel
ECL:
 Registered Office: Kolkata, West Bengal
 Whole-time Director and Chief Executive Officer(CEO): Vivek Chawla
NVCL:
 Chairman: Hiren Patel
Enrolments in ESIC Social Security Scheme increases to 821,000
 The payroll data of the Employees State Insurance Corporation (ESIC) was released. The data says that
around 821,000 new members have joined ESIC social security scheme.
Highlights
 The data was released by National Statistical Office (NSO). According to the data the subscribers to the
scheme in 2018-19 were 14.9 million and it increased to 38.3 million in March 2020.
 The NSO report issues data of several social security schemes such as PFRDA, EPFO. This is being done
since 2018 covering the period 2017-18.
Recent Changes
 The Government of India reduced the rate of contribution under the scheme.
 The employer contribution was reduced from 4.75% to 3.25% and Employee contribution was reduced from
1.75% to 0.75%.Also, the employees that are earning Rs 137 or less per day are exempted from payment of
their contribution.
 Recently, to meet the salary bills of the workers during COVID-19 lock down period, the Government of
India ruled to appropriate funds of ESIC
Extra Shots:
ESIC: Employees' State Insurance is a self-financing social security and health insurance scheme for Indian workers.
The fund is managed by the Employees' State Insurance Corporation according to rules and regulations stipulated in
the ESI Act 1948.
 Founded: 24 February 1952
 Type of business: Government-Owned
Salman Khan Launches his new Grooming & Personal Care Brand FRSH!
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 Bollywood actor Salman Khan has announced the launch of his own grooming and personal care brand named
FRSH.
Highlights:
 The brand has been co-created by Scentials Beauty Care and Wellness Pvt. Ltd, a beauty brand co-founded by
former tennis professional Mahesh Bhupathi.
 The first product launched under the brand is a sanitiser, considering the importance of hygiene and
sanitisation during the coronavirus pandemic. Other products like deodorants, body wipes and perfumes will
also be launched soon.
 These products can be purchased from http://frshworld.com.
 They will also be available at various stores across the country once the supply begins.
 It must be noted that the 54-year-old actor already owns an apparel brand under Being Human – The Salman
Khan Foundation.
Uber India lays off around 600 employees amid COVID-19 crisisUber India lays off around 600 employees
amid COVID-19 crisis
 Uber India on Tuesday announced to lay off around 600 full time employees due to impact of the coronavirus
crisis.
Highlights:
 The affected employees would be from across driver and rider support among other functions
 The impact of COVID-19 and the unpredictable nature of the recovery has left Uber India with no choice but
to reduce the size of its workforce
 According to the company, the employees would be paid around 10 weeks of salary, along with medical
insurance coverage for the next six months and outplacement support. So far, Uber has globally laid off over
6,700 employees.
 The development comes just days after the OLA announced to lay off 1,400 employees as revenues fell 95 per
cent in two months.
Extra Shots:
Uber
 CEO: Dara Khosrowshahi
 Founded: March 2009, San Francisco, California, United States
 Headquarters: San Francisco, California, United States
 Founders: Travis Kalanick, Garrett Camp
 President for Uber's India and South Asia businesses: Pradeep Parameswaran
Reliance Industries launches JioMart
 Billionaire Mukesh Ambani's Reliance Industries has launched an online extension of its grocery business
under JioMart brand across 200 cities.
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Highlights:
 The service is being offered in all leading metros (Mumbai, Delhi, Bengaluru and Kolkata), and even in
smaller towns like Mysuru, Bhatinda and Dehradun.
 JioMart is now delivering in more than 200 cities. JioMart last month started a pilot project serving users in
three neighbourhoods surrounding Mumbai.
 As of now, the website will only use Reliance's offline grocery supply chain as its backbone and deliver to
homes
 Users can order from a full suite of grocery items by visiting the JioMart website. Products include fruits and
vegetables, dairy and baked goods, staples, snacks and branded foods, beverages, and personal and home care.
 Reliance's private labels also featured prominently.
 Recent partnerships with Facebook-owned WhatsApp for JioMart will only help in increasing monetisation
opportunities by increasing the convenience and reach of consumers.
 JioMart has seen a 4x rise in online orders from a low base.
Extra Shots:
Reliance Industries Limited
 CEO: Mukesh Ambani
 Founder: Dhirubhai Ambani
 Founded: 8 May 1973, Maharashtra
 Owner: Mukesh Ambani (47.35%)
 Subsidiaries: Jio, Radisys, Reliance Petroleum, Reliance Retail, etc
LIC launches “PM Vaya Vandana Yojana” for senior citizens
 Life Insurance Corporation of India (LIC) has announced the launch of the Pradhan Mantri Vaya Vandana
Yojana, which is a social security scheme for senior citizens.
 This plan starts from May 26 for three financial years up to March 31, 2023.
 LIC is solely authorised to work this scheme, which works as a Non-Linked, Non-Participating, Pension
Scheme subsidised by the Centre.
 The policy term is of 10 years and for policies sold during the first financial year up to March 31, 2021, the
scheme will provide an assured rate of return of 7.40 per cent once a year payable monthly (which is like 7.66
per cent per annum) for the whole duration of 10 years.
Extra Shots:
LIC:
 Chairman:M R Kumar
 Owner: Government of India (100%)
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Fitch forecasts India’s GDP growth rate to contract 5% in FY21
 Rating agency Fitch Ratings has released its latest Global Economic Outlook (GEO).
 In its Global Economic Outlook, the rating agency has forecasted the GDP growth rate of the world and
individual countries.
 According to the Global Economic Outlook, the rating agency Fitch Ratings has slashed India’s GDP growth
rate to 5% for the Fiscal Year 2021, citing the slowdown in economic activities and very stringent lockdown
policy.
 While the Global GDP growth rate has been forecasted to fall by 4.6% in 2020.
Extra Shots:
Fitch:
 CEO: Paul Taylor
SBI Research Downgrades India’s GDP at -6.8% for FY21
 SBI Research has slashed India’s economic growth forecast in the current fiscal year 2020-21 to contract to
6.8 percent from earlier 4.7 percent.
 This means, as per SBI Research Report, India’s GDP is estimated at -6.8% in FY21.
Extra Shots:
SBI:
 Chairman: Rajnish Kumar
S&P forecasts Indian economy to contract 5% in FY21
 S&P Global Ratings has slashed India’s GDP growth rate to 5% in the Fiscal Year 2021.
 The reduction in the growth rates has been made due to slump in the economic activities in the whole country
amid lockdown imposed to contain Covid-19 pandemic.
 S&P Global Ratings stated that two months of lockdown have led to a sudden stop in the economy which has
led to contaraction in the GDP growth rates of the present fiscal year.
Extra Shots:
S&P Global Ratings:
 Parent organization: S&P Global
 Founder: Henry Varnum Poor
 Founded: 1860
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SEBI imposes penalty of Rs 7 lakh on NHAI

 The National Highways Authority of India (NHAI) has been penalised with amount of Rs 7 lakh by the
Securities and Exchange Board of India (SEBI).
 SEBI has imposed the penalty on NHAI for delay in disclosing half yearly financial results between FY16 and
FY19.
 The penalty has been imposed on the basis of SEBI’s listing obligation and disclosure norms (LODR)
according to which half yearly results have to be filed within 45 days from the end of the half year.
 The National Highways Authority of India (NHAI) delayed in disclosing half yearly financial results ranging
from 4 days to 78 days.
Extra Shots:
SEBI:
 Sector: Securities market
 Type: Statutory corporation
 Chairperson: Ajay Tyagi
NHAI
 Founded: 1988
 Sector: Indian National Highway System
 Purpose: Development and maintenance of national highways
 Agency executive: Sanjeev Ranjan (Chairperson)
Finance Minister launches facility of Instant PAN through Aadhaar based e-KYC
 Finance Minister Nirmala Sitharaman has officially launched the facility of instant PAN through Aadhaar
based e-KYC on 28 May.
 The facility is in line with the announcement made in the Union Budget.
 The new facility is now available for those PAN applicants who possess a valid Aadhaar number and have a
mobile number registered with Aadhaar.
 The electronic PAN (e-PAN) is issued to the applicants free of cost.
Aim:
 Instant PAN facility will further ease the process of allotment of PAN.
 It shall be instantly allotted online on the basis of Aadhaar without any requirement for filling up of detailed
application form.
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Highlights:
 The facility of instant PAN through Aadhaar based e-KYC's 'Beta version' on a trial basis was started on 12
February 2020 on the e-filing website of the Income Tax Department.
 During its trial, 6,77,680 instant PANs have been allotted till 25 May 2020
 Over 50.52 crore PANs have been allotted to the taxpayer, so far. Around 49.39 crore is allotted to the
individuals and more than 32.17 crore are seeded with Aadhaar.
 The instant PAN applicant is required to access the e-filing website of the IT Department to provide the
individual's valid Aadhaar number and then submit the OTP received on her/his Aadhaar registered mobile
number.
 Upon successful completion, a 15-digit acknowledgment number is generated.
 The status of the application can be checked anytime by providing her/his valid Aadhaar number and on the
successful allotment, can download the e-PAN.
 The e-PAN will be sent to the applicant on her/his email id if it is registered with Aadhaar.
 The launch of the Instant PAN facility will help the Income Tax (IT) Department towards Digital India.
 It will create further ease of compliance with the taxpayers.
FDI in India rises up by 18 per cent to reach USD 73 billion in 2019-20
 Union Commerce and Industry Minister, Piyush Goyal on May 28 stated that the total Foreign Direct
Investment (FDI) in India has grown by 18% to reach 73 billion in FY 2019-20.
 He further asserted that this long- term investment will help in job creation.
 As per the data released by the Department for Promotion of Industry and Internal Trade (DPIIT), this jump in
the investment has been the highest in four years.
 The Union minister further added that the total FDI has doubled up from 2013-14 when it was only USD 36
billion.
Sectors in India that attracted the highest foreign inflows during the Financial Year 2019-20 included:
 Services ($7.85 billion)
 Telecommunications ($4.44 billion)
 Computer Software and Hardware ($7.67 billion)
 Trading ($4.57 billion)
 Automobiles ($2.82 billion)
 Apart from this, the investment in construction, services, and chemicals has been lower than the previous
financial year.
Extra Shots:
The Ministry of Commerce and Industry administers two departments, the Department of Commerce and the
Department for Promotion of Industry & Internal Trade. The head of the Ministry is a Minister of Cabinet rank.
 Departments: Department for Promotion of Industry and Internal Trade (DPIIT)
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 Officeholders: C.R.Chaudhary (Minister of State), Piyush Goyal (Minister)
DPIIT: Department for Promotion of Industry and Internal Trade
 Founded: 1995
Parent organization: Ministry of Commerce and Industry
Amazon offers 125,000 full-time jobs to temporary employees to deal with COVID-19 rush
 Amazon is offering full-time jobs to 125,000 of 175,000 temporary workers it hired since March to deal with
the COVID-19 rush, if employees would like to stay at Amazon long term.
 According to the company, the rest of 50,000 workers may choose to return to their previous job or stay at
Amazon in seasonal or part-time roles.
 Amazon pays at least USD 15 an hour to its 600,000-strong workforce.
 In March, the ecommerce giant announced the hiring of 175,000 roles across its operations network to help
provide for the communities and keep as many people as possible working during the COVID-19 pandemic.
Extra Shots:
Amazon:
 CEO: Jeff Bezos
 Founder: Jeff Bezos
 Founded: 5 July 1994, Bellevue, Washington, United States
 Headquarters: Seattle, Washington, United States
India's GDP growth dips to 3.1 per cent in January-March 2020; 4.2 per cent for fiscal year 2019-20
 A massive contraction in manufacturing and construction activities pulled India's GDP growth rate down to
3.1 per cent in the last quarter of 2019-20 from Q3's 4.1 per cent and 5.7 per cent rise reported for the like
period of the previous fiscal.
 Consequently, India's FY20 GDP declined to 4.2 per cent from 6.1 per cent in FY19. On a sequential basis,
the quarterly growth rate has progressively come down from 5.2 per cent in Q1 of 2019-20 to 4.4 per cent in
Q2 and 4.1 per cent in Q3.
June 2020 – Banking, Finance & Economy Current Affairs
RBI in News
 Deputy Governor: NS Vishwanathan, BP Kanungo, MK Jain and Michael Debabrata Patra
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 Founder: British Raj

GoI discontinues 7.75% savings bonds

 The Reserve Bank of India recently announced that the Government of India has discontinued 7.75% savings
bonds.
 The 7.75% savings bonds that are also called government bonds or RBI bonds were issued in 2018.
 They were available for the resident citizens of India alone.
 The value of one bond was Rs 1000 and there was no maximum limit of investment.
 The interests of the bonds were taxed under Income Tax Act, 1961.
 Apart from discontinuing savings bonds, GoI had also introduced other measures.
 The interests of the bonds were taxed under Income Tax Act, 1961.
 Apart from discontinuing savings bonds, GoI had also introduced other measures.On the Sukanya Samriddhi
Yojana, the rates were cut from 8.4% to 7.6%.
 RBI also reduced the repo rates twice after COVID-19.
Extra Shots:
Savings Bonds
 The bonds are like guarantees provided by the GoI. On investing on these bonds, the GoI will return the
amount with maturity at 7.75% interest rate. However, due to global recession, Government has now recently
stopped issuing these bonds. However, the move will deprive investors of the other saving options that
provided high tax returns to the investors.
Reserve Bank approves Lakshmi Vilas Bank’s MD and CEO, Subramanian Sundar extension
 The Reserve Bank of India (RBI) approved the extension of tenure for Lakshmi Vilas Bank (LVB) Managing
Director (MD) and Chief Executive Officer (CEO), Subramanian Sundar by 6 months from May 31, 2020 to
November 30, 2020.
 This was the second extension given to Mr. Sundar, earlier as the MD and CEO (interim) from January 1,
2020 to April 30, 2020, his tenure was again extended from May 31, 2020 to November 30, 2020 or till the
appointment of new CEO.
Extra Shots:
Lakshmi Vilas Bank (LVB):
 Headquarters: Chennai, Tamil Nadu.
 MD & CEO: Subramanian Sundar
 Tagline: The changing face of prosperity
RBI creates Payment Infrastructure Development Fund
 The Reserve Bank of India created Payment Infrastructure Development Fund of Rs 500 crores.
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Highlights:
 The apex bank has made an initial contribution of Rs 250 crores towards the funds.
 The rest of the fund is to come through the card issuing banks.
 The fund has been created to increase point of sale infrastructure and other digital payment infrastructure in
the country.
 The funds are being allocated in line with the measures proposed in the vision document on payment and
settlement systems in India 2019-21.
 The funds are to be governed through an advisory council. However, the funds will be administered and
managed by RBI.
Reserve Bank sets up digital payments infra fund of Rs. 500 crore
 The Reserve Bank of India announced on June 5 that it has set up a Payment Infrastructure Development
Fund (PIFD) of Rs. 500 Crore.
 The fund will improve and support the development of the digital payments ecosystem in the northeast and
rural districts in India.
Highlights:
 The initial contribution of Rs. 250 crore to the PIFD has been made by the central bank while the other half of
the fund is expected to be contributed by all card-issuing banks and the network operators.
 The fund set up by the central bank will be governed through an advisory council and it will be administered
and managed by the Reserve Bank of India.
 Objective: The objective of the Payment Infrastructure Development Fund (PIFD) as mentioned by the
Reserve Bank of India has been to encourage acquirers to deploy Points of Sale (PoS) infrastructure in both
the digital and physical modes in tier-3 to tier-6 centers and northeastern states.
 The payments ecosystem in India has evolved with a wide range of options such as mobile banks, bank
accounts, cards, etc.
 To provide a boost to the digitisation of payment systems, it has become necessary to give impetus to
acceptance infrastructure across the country and more importantly in underserved areas.
 PIDF will also receive annual recurring contributions to cover the operational expenses from the card-issuing
cards and bank networks, while RBI will also be making contributions from time to time to cover for yearly
shortfalls.
RBI releases Framework for sale of Loan Exposure and Securitization of Standard Assets
 The Reserve Bank of India recently released draft framework for “Sale of Loan Exposures” and
“Securitization of Standard Assets”.
 The guidelines issued are applicable to Scheduled Commercial Banks.
 This includes All India Financial Institutions such as EXIM Bank, NABARD, Non-Banking Financial
Companies.
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 The guidelines have also included recommendations of Committee on Development of Housing Finance
Securitization Market in India that was chaired by Dr Harsh Vardhan.
 Also, the guidelines included the recommendations made by the Task Force set up on the Development of
Secondary Market for Corporate Loans.
 Both the Committee and the Task Force were set up by the Reserve Bank of India.
Key Features of the Guidelines
 The Guidelines has proposed Two Capital Measurement approach. This includes Securitisation External
Ratings based approchand Securitisation Standardised Approach.
 Simple Transparent Comparable Securitisation has been prescribed to define preferential capital treatment.
 The new guidelines allowed Securitisation of exposures that are purchased from other lenders
 The Stressed Assets under the new guidelines shall be sold only through novation and assignment.
RBI to review rules on ownership structure of private banks
 The Reserve Bank of India (RBI) has constituted an internal working group to review the rules on ownership
and corporate structure for private sector banks.
 The internal working group will examine and review the extant licensing and regulatory guidelines relating to
ownership and control, promoters’ holding, requirement of dilution, control and voting rights, etc
 The working group comprises Prasanna Kumar Mohanty, Director, Central Board of RBI, Sachin Chaturvedi,
Director Central Board of RBI, Lily Vadera, Executive Director, RBI, SC Murmu, Executive Director, RBI,
Shrimohan Yadav, Chief General Manager.
 The Committee will submit its report by 30th September 2020.
Purpose:
 The committee will look at the licensing guidelines and regulations relating to ownership and control in
Indian private sector banks and suggest appropriate norms, review the eligibility criteria for individuals/
entities to apply for banking license and make recommendations on all related issues among other things.
 It will also examine and review the norms for promoter shareholding at the initial/licensing stage and
subsequently, along with the timelines for dilution of the shareholding.
RBI proposes upper age limit of 70 years for CEOs, whole-time directors of banks
 The RBI has proposed an upper age limit of 70 years for CEOs and whole-time directors of banks and a
maximum term of 10 years for those belonging to the promoter group, as part of the exercise to improve
governance in the banking sector.
Highlights:
 The upper age limit for CEO/WTDs of banks is 70 years. Beyond this nobody can continue in the post.
 Within the overall limit of 70 years, individual bank's board can prescribe, as an internal policy, a lower age
limit for CEO/WTDs
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 10 years is an adequate time limit for a promoter/ major shareholder of a bank as WTD or CEO of the bank to
stabilise its operations and to transition the managerial leadership to a professional management.
 This will not only help in achieving the separation of ownership from management but also reinforce a culture
of professional management".
 A management functionary "who is not a promoter/major shareholder can be a WTD or CEO of a bank for 15
consecutive years", the individual could be eligible for re-appointment as WTD or CEO only after the
expiration of three years.
 During this three-year period, the individual shall not be appointed or associated with the bank in any
capacity, either directly or indirectly, advisory or otherwise.
RBI bars People’s Co-operative Bank from granting loans, accepting deposits for 6 months
 The Reserve Bank of India (RBI) has barred Kanpur-based People’s Co-operative Bank from granting fresh
loans or accepting deposits for a period of six months, due to its weak financial position.
 The RBI also said that no amount of the total balance across all savings bank or current accounts or any other
account of a depositor may be allowed to be withdrawn.
 These directions will remain in force for a period of six months from the close of business on June 10, 2020
and are subject to review.
 As per the restrictions, the bank shall not, without prior approval of RBI in writing grant or renew any loans
and advances, make any investment, incur any liability including borrowal of funds and acceptance of fresh
deposits, disburse or agree to disburse any payment whether in discharge of its liabilities and obligations or
otherwise.
GoI brings all cooperative banks under supervision of RBI
 Government of India will bring an ordinance to put all cooperative banks under the Reserve Bank of India
supervision.
 This decision was announced by Union information and broadcasting minister Prakash Javadekar.
 Now 1,482 urban cooperative banks and 58 multi-state cooperative banks came under the supervisory powers
of the Reserve Bank of India.
 The RBI’s powers as they apply to the scheduled banks will also apply to cooperative banks.
 This decision will give an assurance to more than 86 million depositors in these banks that their money
amounting to Rs 4.84 trillion will stay safe.
RBI extends enhanced borrowing limit under MSF till 30 September
 In March 2020, the Reserve Bank of India, had increased the borrowing limit of scheduled banks under the
marginal standing facility (MSF) scheme from 2 percent to 3 percent of their Net Demand and Time
Liabilities (NDTL) as a temporary measure to deal with cash crunch caused by coronavirus pandemic.
 This relaxation was effective from March 27, 2020 and was granted till June 30, 2020.
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 Now, RBI has decided to extend this enhanced borrowing facility provided to the banks to meet their liquidity
shortages till September 30, 2020.
 Apart from this, the Central Bank has also extended the relaxation on the minimum daily maintenance of the
Cash Reserve Ratio (CRR) at 80 percent for a further period of three months till September 25, 2020.
 On March 27, the minimum daily maintenance of the CRR was reduced from 90 percent of the prescribed
CRR to 80 percent till June 26, 2020 due to the hardships faced by banks in terms of social distancing of staff
and consequent strains on reporting requirements.
RBI to conduct Special OMOs on 2nd July to Pump up Liquidity
 The Reserve Bank of India (RBI) has announced that it will be conducting a special Open Market Operations
(OMOs) on 2nd July 2020.
 The Open Market Operations was announced after reviewing the market conditions and evolving liquidity
situations in banks.
 Through this special Open Market Operations, the aim will be to pump up liquidity in the financial system of
the country.
Special Open Market Operations
 Government Securities worth Rs 10,000 crore will be purchased and sold simultaneously during the special
Open Market Operations.
 At first, the Reserve Bank of India will be selling short term government securities worth Rs 10,000 crore that
is maturing in between 15th October 2020 to 29th April 2021.
 Then it will be purchasing new long term government securities worth Rs 10,000 crore that will have a
maturity period between May 2027 to 5th December
 Such operations were simultaneous selling and purchase of government securities are conducted by the
Central Bank of the country are known as Operation Operation Twist.
 This will be the second such operation in this financial year to be conducted by the Reserve Bank of India.
 The first Operation of this financial year was conducted on 27th April 2020 of Rs 10,000 crore.
SBI in News
 Tagline: “Pure banking, nothing else” “With you- all the way” “A bank of the common man” “The banker to
every Indian”
SBI creates separate business vertical for financial inclusion, agri biz
 State Bank of India has created a new and separate business vertical to focus on financial inclusion and micro-
markets (FI&MM).
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 Under FI&MM, State Bank will offer loans predominantly for agriculture & allied activities, and micro/small
enterprises and vastly improve the customer experience for the citizens.
SBI relaunches Aadhaar-based online savings account opening facility
 The State Bank of India (SBI) relaunched its Aadhaar-based instant digital savings account facility for
customers who want to open an online account using the Yono platform.
Highlights:
 Yono is the lender's integrated banking and lifestyle platform. The 'insta savings bank account' will offer a
complete paperless and instant digital savings account opening with just PAN and Aadhaar number, the bank
said in a release.
Account Features:
 This account has all the features that would provide our potential customers a convenient, hassle-free and
paperless banking experience without visiting the bank branch.
 The bank will issue basic personalised RuPay ATM-cum-debit card to all the new account holders of insta
saving bank accounts.
 To open account, customers need to download the Yono app, enter their PAN and Aadhaar details, submit
one-time password, and fill other relevant details
 Nomination facility is also available for account holders along with SMS alerts and SBI's missed call service.
Other Details:
 Once the process is completed, the account holder will get his/her account activated instantly and can start
transacting immediately.
 Customers will have the flexibility to upgrade to full KYC (Know Your Customer) account by visiting their
nearest SBI branch within one year's time.
Other Banks in News
IndusInd Bank Launches India’s First Mobile-based current account opening facility
 IndusInd Bank has launched first-of-its-kind mobile app-based facility for opening current accounts in a
paperless manner.
 IndusInd is the first bank in India to introduce this assisted mobile application based facility which will enable
the Bank to open current accounts for self-employed individuals and businesses digitally, in just a few hours.
 The IndusInd app uses multiple ‘Application Programme Interface’ (APIs) and enables secured validation of
KYC documents from authorised government platforms such as the Goods and Service Tax (GST), Ministry
of Corporate Affairs (MCA), National Securities Depository Limited (NSDL), Import Export Code (IEC) and
Aadhaar.
Extra Shots:
IndusInd Bank
 CEO: Sumant Kathpalia
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 Headquarters: Pune
 Tagline: We make you feel Richer
 Owner: Hinduja Group
 Founder: S. P. Hinduja
 Subsidiaries: Indusind Bank Ltd, Asset Management Arm, IndusInd Financial Inclusion, Indusind Bank
Limited
Axis Bank MasterCard and Worldline launches ‘Soft POS’, first financial payments service
 Axis Bank Ltd, Mastercard India & Worldline India partnered to launch a digital point-of-sale(POS) solution
‘Soft POS’, the 1st financial payments service in India to transform everyday smartphones into merchant POS
terminals.
Highlights:
 It helps offline merchants and Kirana stores accept payments using their smartphones.
 Through this app merchants who traditionally accept cash payments will now have a simpler and more secure
way to manage transactions.
 The app allows banks to have complete visibility of a merchant’s transactions, which makes it easier for small
merchants to get business loans.
 The solution enables merchants to accept payments through various digital form factors which include Bharat
QR, sending payment links to customers and accepting Near Field Communication(NFC) based technology
payments to boost contactless payments in the country.
 Soft POS provides a cost-effective card acceptance solution for all micro-merchants and SMEs in India by
eliminating the need to invest in a POS device.
 Merchants can accept contactless payments directly by their own Android smartphones, this functionality is
called “Tap on Phone” which means a cardholder can tap his/her contactless card on the merchant
Smartphone with NFC functionality and so encourages social distancing.
Extra Shots:
Axis Bank:
 Managing Director and Chief Executive Officer: Amitabh Chaudhry
MasterCard:
 President and Chief Executive Officer: Ajay Banga
 Chairman and Co-founde: Richard Haythornthwaite
“Summer Treats” campaign lauched by HDFC Bank
 “Summer Treats” campaign has been launched by the private sector HDFC Bank.
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 The special campaign has been launched by the bank with the easing of the lockdown restrictions in order to
provide offers to both merchants and, salaried and self-employed customers.
 Under the “Summer Treats” campaign, bank will offer no cost EMI and no down payment for large
appliances.
 It will also offer discounts and cashbacks on select brands along with 50% extra reward points on online
spend using credit cards.
Extra Shots:
HDFC Bank
 Tagline: We understand your world
HDFC Bank cuts MCLR by 5 bps
 HDFC Bank has cut its marginal cost of funds-based lending rate (MCLR) by 5 basis points (bps) across
tenors. The rate cut is effective from Monday.
 Its overnight MCLR stands reduced to 7.30 per cent, while one-month MCLR is 7.35 per cent.
 One-year MCLR, to which many of the consumer loans are tied, will now be 7.65 per cent, while three-year
MCLR has been set at 7.85 per cent.
 The move comes amid similar steps taken by the peers after two rate cuts by the Reserve Bank of India (RBI)
in order to help the economic growth rise in the aftermath of the COVID-19 pandemic.
 The RBI has cut its key rates by 115 bps since March. Banks review their MCLR every month.
PhonePe along with ICICI Lombard launches ‘first of its kind’ domestic trip travel insurance
 Flipkart-owned digital payments platform PhonePe along with ICICI Lombard, the non-life insurance
company launched ‘first of its kind’ travel insurance, domestic multi-trip insurance to provide a stress-free
travel experience to customers by covering risks associated with all modes of travel within the country (road,
rail and air within the country) from the time a customer leaves home, till the time of return.
 The cost of the insurance is Rs 499/year.It provides 365-day protection & covers all modes of transport.
 The policy provides affordable annual insurance cover for unlimited trips.
 This solution eliminates the need to insure each trip separately and will benefit both business and leisure
travelers unlike other traditional travel insurance products.
 It meets the customers’ needs who want to purchase domestic travel insurance every time they book a ticket
or cab.
 The service is only for PhonePe users, who can purchase the policy under the “My Money” section on the
PhonePe app.
 The policy purchase process takes around 2 minutes and customers will be issued their policy documents
instantly on the PhonePe app.
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Extra Shots:
PhonePe:
 Headquarter: Bengaluru, Karnataka
 CEO: Sameer Nigam
ICICI Lombard:
 Headquarter: Mumbai, Maharashtra
 MD & CEO: Bhargav Dasgupta
Bank of Baroda, Union Bank of India reduce MCLR across all tenors
 State-run lenders Bank of Baroda (BoB) and Union Bank of India (UBI) have announced cut in their marginal
cost of funds-based lending rates (MCLR) across all tenors.
Highights:
 While the Bank of Baroda's MCLR cut of 15 basis points (bps) is effective from tomorrow, the 10 bps
revision in Union Bank of India's rates will come into force from today.
 Bank of Baroda has revised its one-year MCLR to 7.65 per cent from 7.80 per cent. Its six-month MCLR has
been revised downwards to 7.50 per cent from 7.65 per cent earlier.
 Union Bank of India has reduced its one-year MCLR to 7.60 per cent from 7.70 per cent. The six months
MCLR of UBI has been cut to 7.45 per cent.
 Country's largest lender State Bank of India (SBI) has reduced its MCLR by 25 basis points across all tenors
from yesterday.
 While private sector lender HDFC Bank has cut its MCLRs by 5 bps, state-run Bank of Maharashtra has
reduced it by 20 basis points from June 8.
SEBI levies Rs 15 lakh fine on three entities for fraudulent trading activities
 Capital markets regulator Sebi imposed a total penalty of Rs 15 lakh on three entities for indulging in
fraudulent trading in illiquid stock options on the BSE.
 The regulator has levied a fine of Rs 5 lakh each on B D Suppliers, Burlington Barter Pvt Ltd and Chunchun
Ispat Pvt Ltd.
 After observing large-scale reversal of trades in the illiquid stock options segment of the BSE, the Securities
and Exchange Board of India (Sebi) conducted a probe between April 2014 and September 2015.
 The investigation showed that over 81 per cent of all the trades executed in the segment involved reversal of
buy and sell positions by the clients and counter-parties that resulted in generation of artificial volumes.
 After finding that the entities violated the provision of the PFUTP (Prohibition of Fraudulent and Unfair
Trade Practices) norms, Sebi penalised them.
Extra Shots:
SEBI:
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IRDAI withdraws long-term package third-party motor insurance
 Long-term package motor insurance products that offer third party (TP) and own damage (OD) for two-
wheelers (five year policies) and four wheelers (three years) will be withdrawn from August 1, 2020.
 The insurance regulator (IRDAI) said in an order that the distribution of package policies has its challenges
due to affordability factors for a large section of vehicle owners.
 This means that customers won’t be given an option to buy OD covers for a long-term basis.
 This is an extension of an earlier order by Insurance Regulatory and Development Authority of India (IRDAI)
order where it had asked insurers to give customers an option to choose between one year and multi-year OD
plans.
Extra Shots:
IRDAI:
 Website: irdai.gov.in
 Founded: 1999
 Sector: Insurance
 Headquarters: Hyderabad
 Chairperson: Subhash Chandra Khuntia
ICICI Bank introduces ‘Insta FlexiCash’ for salary account customers
 ICICI Bank has introduced an online overdraft(od) facility ‘Insta FlexiCash’ for its salary account customers.
 The end-to-end fully digital facility is often accessed with no documentation, using the Bank’s internet
banking platform without visiting a bank branch.
 This facility is meant to guard ICICI Bank Salary Account customers against missing their Equated Monthly
Instalments (EMIs) or cheque bounces thanks to insufficient funds by providing short-term instant credit.
 Customers can easily avail of this facility by initiating their application online.
‘Insta FlexiCash’:
 Insta Flexicash is an end-to-end fully digital facility which may be availed using the bank’s Internet banking
platform.
 The facility is often sanctioned immediately while customers can start using the approved OD limit within 48
hours.
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 Instant approval for overdraft facility: Customers get a moment approval for the OD facility with no
documentation, using the Bank’s internet banking platform.
 Extensive credit limit of OD: The Bank offers customers a credit limit worth up to 3 times their net salary.
 Only buy what you use: Interest should be paid only on the particular OD amount utilised.
 FlexiCash comes with a hard and fast rate of interest that’s calculated on a daily reducing balance.
 The interest is charged only on the quantity you employ and therefore the period that you employ it. In case
there’s no usage of the funds, there’ll be no interest payable.
 The flexibility of repayment: Customers have the pliability to clear the outstanding limit at their
convenience. They are only required to pay the interest that’s due monthly.
 No foreclosure charges: the power offers customers the pliability to repay the OD amount that they avail, as
and once they prefer to, with none foreclosure charges
 The convenience of auto-renewal: Customers enjoy the convenience of the automated process enhancement
and renewal of OD limit every 12 months.
Extra Shots:
ICICI:
 Managing Director & CEO: Sandeep Bakhshi
 Founder: Industrial Credit and Investment Corporation of India
 Founded: June 1994, Vadodara
 Tagline: Hum Hai Na, Khyal Apka.
Airtel Payments Bank launches ‘Suraksha salary account’ for MSMEs
 Airtel Payments Bank has launched ‘Suraksha Salary Account’ for Micro, Small and Medium Enterprises
(MSME).
 India’s MSME sector has over 60 million units and accounts for 29 per cent of India’s GDP.
‘Suraksha Salary Account’:
 Through this innovative account construct, MSMEs and other organisations will be able to make cashless
payments and also provide a financial security blanket to their employees.
 The account offers benefits such as Hospicash Insurance and personal accident insurance cover, keeping in
mind the low penetration of insurance in India. The account has no minimum balance condition.
 Account-holders will be able to make cash withdrawals at Airtel Payments Bank’s 500,000 banking points
across India.
 There are no charges on cash withdrawals of up to Rs 50,000 and deposits of up to Rs 20,000 in one month.
 Customers will also be able to make cash deposits and transfer money at these points.
Extra Shots:
Airtel Payments Bank
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 CEO: Anubrata Biswas

 Parent organization: Bharti Airtel
 Area served: India
 Subsidiary: YTS Solutions Pvt. Ltd.
BoB to completely digitize its lending operations
 India’s 3rd largest lender, Bank of Baroda will completely digitize its lending operations including home,
agriculture, Micro, Small and Medium Enterprises(MSME), personal and auto loans. The bank has recently
completed its merger with Vijaya Bank and Dena Bank.
 The validation and disbursal of fresh loans will happen via this digital platform while past loans will also be
digitised to cut costs and improve profitability.
 The bank is planning to digitise a large proportion of its retail and MSME processes in the next six months.
 The bank has set up a new vertical, digital lending department at the corporate office, which will have
substantial overlap with various credit verticals including Retail, MSME, Agri & service verticals like
Analytics centre, Risk Management, Marketing.
 To set up this digital lending department the bank has reached out to the Big Four and some white shoe
consultants like McKinsey and Boston Consulting Group.
Extra Shots:
Bank of Baroda
 Headquarters: Vadodara, Gujarat.
 MD & CEO: Sanjiv Chadha.
 Tagline: India’s International Bank
 Founder: Sayajirao Gaekwad III
 Founded: 20 July 1908, Vadodara
 Owner: Government of India (69.2%)
ICICI Home Finance launches “SARAL” scheme for affordable house loan
 ICICI Home Finance Company Limited (HFC) has launched “SARAL” scheme for a special affordable house
loan for urban and rural areas.
 The beneficiaries are women, lower, middle-income customers and economically weaker sections, with a
maximum household income up to Rs 6 lakh per annum.
SARAL Scheme:
 The loan requires compulsory ownership of a woman in the country’s rural areas from Rs 3 lakh to Rs 6 lakh.
 The maximum limit of the loan is Rs 35 lakh.
 The interest rate of the loan starts from 7.98%.
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 The maximum tenure of the loan is 20 years. Customers with pre-existing loans can also transfer their loans.
Extra Shots:
ICICI Home Finance Company Limited
 Chairman: Anup Bagchi.
 MD & CEO: Anirudh Kamani
 Founded: 1999
 Parent organization: ICICI Bank
Federal Bank to Offer Facility for Pre-Booking Appointments in Branches
 With a view to helping customers get their business done in branches without having to wait in queues,
Federal Bank introduces a facility for pre-booking their appointments.
 Customers who wish to avail this facility can schedule their visits themselves online and free of charges.
 The facility named FedSwagat has been rolled out in 50 branches now and by the end of June 2020, all the
branches of the Bank will offer the facility.
 Introduction of FedSwagat is a unique move by a bank in helping its customers carry on their normal life,
maintaining social distancing protocols that the current situation demands.
 Reservation of slots can be done on https://www.federalbank.co.in/fed-swagat. Confirmation will be received
as SMS instantly.
 The service will be available on mobile apps soon.
 Non-customers who wish to visit Federal Bank branches also can book their slots and experience the
convenience.
 The Bank has already made available many of the banking services like opening and closing deposit and loan
accounts, fund transfers, getting certificates, statements, cheque books etc. online for its mobile banking and
internet banking users.
 In addition, the Bank has commissioned doorstep ATM service in several cities.
Extra Shots:
Federal Bank
 Headquarters: Aluva
 CEO: Shyam Srinivasan
 Founder: K.P Hormis
 Founded: 23 April 1931, Nedumpuram
 Tagline: Your Perfect Banking Partner
Yes Bank partners with Affordplan to launch “Swasth Card”
 Yes Bank has partnered with fintech startup “Affordplan” to launch ‘Swasth Card’, a co-branded healthcare
card, under Swasth program.
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 YES BANK’s wallet has also been integrated on Affordplan Swasth to enable wallet QR scan for making
payments to merchant partners empanelled on the Affordplan Swasth app. Equipped with a chip-enabled card,
digital wallet, goal-based savings, loans, and insurance, Swasth program extends access to a family seeking
curative as well as preventive care.
Highlights of Swasth Card:
 Access to goal-based savings projection chart for medical treatment based on treatment inputs.
 Access to healthcare services and treatments at a discounted price.
 No documentation required to apply for the card, full KYC to be done within 24 months.
 Flexible recharges from Rs 100 up to a maximum balance of Rs 1 lakh.
 Cashback benefits offered to enable savings on expenses related to OPD consultation, diagnostics, medicines
and In-Patient Department (IPD) treatments.
 Access to loan facilities for IPD treatments, in case a customer faces liquidity issue. The loan for the treatment
is disbursed directly to the hospital.
 Basic cover against accidental hospitalization, disability, or death.
 The program has an inbuilt rewards platform which provides wellness-related products and services in the
form of rewards and incentives to customers.
 Contactless, eliminates cash transactions for the safety of customers at hospitals and pharmacy stores.
Extra Shots:
Yes Bank
 MD & CEO: Prashant Kumar.
 Tagline: Experience our Expertise.
UCO Bank tie up with four insurers to offer various insurance products
 United Commercial Bank(UCO Bank) partnered with four insurers namely, State Bank of India(SBI) Life
Insurance Company, the Oriental Insurance Company and Religare Health Insurance Company, Star Health
and Allied Insurance Company to offer various insurance products for its customers.
 This tie up will help to re-establish the bank’s commitment to its customers for their financial well being.
 With this tie up the bank will offer a broad range of insurance products.
 UCO Bank signs a ‘bancassurance’ pact with SBI Life Insurance to provide insurance solutions to the
customers of UCO bank at its 3,086 branches spread across the country.
Extra Shots:
UCO bank:
 Headquarters: Kolkata, West Bengal
 MD & CEO: Atul Kumar Goel
SBI Life Insurance Company:
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 MD & CEO: Mahesh Kumar Sharma
Public & Private Sectors banks sanction loans worth over Rs. 79,000 cr so far under ECLGS
 Public and Private Sectors banks have sanctioned loans worth over 79 thousand crore rupees so far under
Emergency Credit Line Guarantee Scheme.
 Out of which more than 35,000 crore have already been disbursed.
 The Scheme was launched by the Government to provide relief to the MSME sector by incentivizing member
lending institutions to provide additional credit of upto Rs. three lakh crore at low interest to enable MSME to
meet their operational requirements during Covid-19 crisis.
 Finance Ministry said, the interventions by Government for Micro, Small and Medium Enterprises, MSMEs,
have been gaining rapid traction.
 The top lenders under the Scheme are SBI, HDFC Bank, Bank of Baroda, Punjab National Bank and Canara
Bank.
 This has helped 19 lakh MSMEs and other businesses restart their businesses post the lockdown.
Karnataka Bank rolls out KBL Micro Mitra for Micro entrepreneurs
 The Karnataka Bank has rolled out a new product titled “KBL Micro Mitra” for the Micro entrepreneurs.
 Under the newly launched product, the Micro manufacturing and service enterprises will be offered a
financial assistance of up to Rs 10 lakhs.
 This financial assistance would be provided either for working capital or for investment purposes.
 The financial assistance facility comes with a simplified procedure and competitive rate of interest.
 KBL Micro Mitra would be available for the Micro entrepreneurs across India through all the branches of
Karnataka Bank.
 This will ensure timely credit assistance to the micro entrepreneurs who are playing an instrumental role in the
recovery of the economy both in rural and urban India.
Extra Shots:
Karnataka Bank:
 Headquarters: Mangaluru(Mangalore), Karnataka
 MD & CEO: Mahabaleshwara M S
World’s First Gold-backed Digital Gold Currency launched in India
 IBMC Financial Professionals Group, an internationally recognized financial services institution and business
consultants, has joined hands with US Gold Currency Inc and Blockfills to bring the world’s first monetary
gold-backed digital gold currency to India.
 The currency is also being simultaneously introduced in the Gulf Cooperation Council (GCC), Middle East
and Africa.
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 Each US Gold digital currency is backed by US American Eagle one ounce (33.931 gram) gold coin, minted
by US Federal Agency, US Mint.
 The holders of the currency can redeem their digital assets as physical gold coin or in US dollars anywhere in
the world.
President promulgates Banking Regulation Amendment Ordinance 2020 to ensure safety

 President Ram Nath Kovind promulgated the Banking Regulation (Amendment) Ordinance, 2020.
 It is in pursuance with the commitment to ensure the safety of depositors across banks.
 The Ordinance will amend the Banking Regulation Act 1949 as applicable to Cooperative Banks.
Highlights:
 The Ordinance will seek to protect the interests of depositors and strengthen cooperative banks by improving
governance and oversight.
 The ordinance will extend powers that are already available with RBI in respect of other banks to Co-
operative Banks and for sound banking regulation, and by ensuring professionalism and enabling their access
to capital.
 The amendments do not affect existing powers of the State Registrars of Co-operative Societies under state
co-operative laws.
 The amendments do not apply to Primary Agricultural Credit Societies (PACS) or co-operative societies
whose primary object and principal business is long-term finance for agricultural development, and which do
not use the word “bank” or “banker” or “banking” and do not act as drawees of cheques.
 The Ordinance will amend Section 45 of the Banking Regulation Act, to enable the making of a scheme of
reconstruction or amalgamation of a banking company for protecting the interest of the public, depositors, and
the banking system.
 The ordinance will also secure its proper management, even without making an order of moratorium, so as to
avoid disruption of the financial system.
PhonePe partners with ICICI Bank on UPI multi-bank model
 Flipkart-owned PhonePe has partnered with ICICI Bank on UPI multi-bank model giving its users the option
to create and use multiple UPI IDs with ICICI and Yes Bank”s handles.
 The ‘@ibl’ handle for ICICI Bank users and ‘@ybl’ handle for YES Bank users will enable easy, quick and
contactless payment services to over 200 million registered PhonePe users.
 The PhonePe customers will now be able to choose between multiple handles for their UPI IDs, thus making
payments easy, secure and accessible to all.
Extra Shots:
PhonPe:
 Parent organization: Flipkart
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 Founded: December 2015

 CEO: Sameer Nigam
 Founders: Sameer Nigam, Burzin Engineer, Rahul Chari
Business & Economy

Moody’s downgrades India’s sovereign rating to ‘Baa3’, maintains negative outlook, revises GDP for FY21 to -
4%
 Moody’s Investors Service has downgraded India’s sovereign rating one notch to the lowest investment grade
(Baa3) from ”Baa2”, with negative outlook.
 ”Baa3” is the lowest investment grade, just a notch above junk status.
 Moody’s has also revised its FY21 GDP estimate for India to 4% contraction against 0% growth projected
earlier.
 However, the economic growth is projected to pick up at 8.7% in FY22 and 6% in FY23.
Extra Shots:
Moody:
Government changes Definition of MSME
 The Ministry of Micro, Small & Medium Enterprises has once again changed the definition of MSME.
 Before this, the change in definition was made while the Finance Minister announced the ‘Atmanirbhar
Bharat Package’.
 The definition of MSME is now based on “Investment (Capital) And Annual Turnover”
The new and old definition of MSME is mentioned below:
Category New Capital New Turnover Old Capital Old Turnover
Micro 1 Crore 5 Crore 25 Lakh 10 crore
Small 10 Crore 50 Crore 5 Crore 2 Crore
Medium 50 Crore 250 Crore 10 crore 5 Crore
 The turnover with respect to exports will not be counted in the limits of turnover for any category of MSME
units whether micro, small or medium.
 This will help in attracting investments and creating more jobs in the MSME sector.
The government has made the following approvals related to MSME sector:
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 Provisioning of Rs 20,000 crore as subordinate debt to provide equity support to the stressed MSMEs.
 This will benefit 2 lakh stressed MSMEs.
 Equity infusion of Rs. 50,000 crore for MSMEs through Fund of Funds (FoF).
SBI Q4 profit jumps 4-fold to Rs 3,581 crore
 The Country's largest lender State Bank of India on June 5 reported a standalone profit of Rs 3,580.81 crore in
January-March quarter, a growth of over four-fold YoY supported by lower provisions and stake sale.
 Net profit included Rs 2,731.34 crore on sale of certain portion of investment in subsidiary SBI Cards and
Payment Services during the quarter.
Extra Shots:
SBI:
American DFC to invest $350 million in India firms

 To support multiple projects in India, the US International Development Finance Corporation (USIDFC) is
planning to invest 350 million USD in sectors of finance, health infrastructure, renewable energy and food
security space also look to empower smallholder dairy farmers, generate solar power increase access to
education.
 It is one of the largest approvals made by the Board of Directors.
Extra Shots:
USIDFC: U.S. International Development Finance Corporation is an independent agency of the U.S. Government
that provides financing for private development projects.
 Headquarters location: Washington, D.C., United States
 Jurisdiction: United States
 Motto: Investing in Development
 Agency executive: Adam S. Boehler, Chief Executive Officer
Hero MotoCorp launches integrated online sales platform eSHOP
 Hero MotoCorp, the country's largest two-wheeler maker, on Monday launched an integrated online sales
platform, eSHOP, in the wake of the coronavirus pandemic.
 The platform enables a seamless buying experience, which is completely digital.
Highlights:
 All the purchase-related information and actions are built into the system, allowing customers to purchase
their preferred motorcycle or scooter directly from the company website, in an easy and transparent manner
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 Customers will be guided through all the relevant steps of making a decision, buying the vehicle and taking
delivery, including latest on-road price, live stock status, online document submission, instant dealer
intimation, finance options, sales order preview and confirmation, VIN allocation, and delivery.
 Keeping into safety and wellbeing of all stakeholders, the company said it has also launched multiple digital
after-sales services through the Hero app.
 These include digital service job card and acknowledgment receipt, app-based service booking and increased
hours of workshop operations.
Extra Shots:
Hero MotoCorp
 Owner: Munjal family (39.92%)
 Founder: Brijmohan Lall Munjal
 Founded: 19 January 1984, Dharuhera
 Production output: 7,587,130 units (2018)
GoI facilitates filling of NIL GST Return through SMS
 The Government of India has allowed taxpayers to fill their NIL GST monthly reurn form through SMS.
 This will improve ease of GST compliance to more than 22 lakh taxpayers.
 The facility of filing the NIL form through SMS has been made available in GSTN portal. The portal also
allows the users to track their returns.
NIL GST return:
 The GST return has to be filed by every registered person irrespective of business profits. If there are no
invoices issued in a month then NIL GST return is filed.
 The NIL GST is filed when a registered GST payer has not turned out taxable supplies for which the return is
to be prepared.
Extra Shots:
GST:
 The GST is the single tax imposed on goods and services. The GST bill was first introduced in 2014 as the
Constitution (122nd) Amendment bill.
The major provisions include
 Article 246A: State have powers to tax goods and services.
 Article 279A: GST Council is formed by the President to govern GST. It is chaired by the Union Finance
Minister.
India’s economy to contract by 3.2 per cent in fiscal year 2020/21: World Bank
 According to World Bank, India's economy will shrink by 3.2 per cent in the current fiscal.
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 The Washington-based multilateral lender said that the COVID-19 pandemic and the multi-phased lockdown
imposed to curb its spread has resulted in a devastating blow to the Indian economy.
 In its latest edition of the Global Economic Prospect, the World Bank downgraded its projection of India by a
massive negative nine per cent.
 In India, growth is estimated to have slowed to 4.2 per cent in the fiscal year 2019/20 (the year ending in
March-2020) and output is projected to contract by 3.2 per cent in fiscal year 2020/21, when the impact of
COVID-19 will largely materialise.
Extra Shots:
World Bank:
 President: David Malpass
S&P Ratings projects Indian economy to shrink 5% in FY21
 S&P Global Ratings has released its report on emerging markets titled “Financial Conditions Reflect
Optimism, Lockdown Fatigue Emerges“.
 In this reported, the rating agency forecasted Indian economy to shrink by 5% in fiscal year 2020-21.
 The report stated that the fiscal stimulus worth 1.2% of GDP is not sufficient to provide significant growth
support.
 The S&P Global Ratings also expects India’s growth to rebound to 8.5% in the fiscal year 2021-22.
 It has also projected India’s growth to be 6.5% in the fiscal year 2022-23.
Extra Shots:
S&P Global Ratings:
 Founded: 1860
Indian economy to grow at 9.5 per cent in next fiscal: Fitch Ratings
 After a contraction in the current financial year, India's economy is forecast to bounce back with a sharp
growth rate of 9.5 per cent next year provided it avoids further deterioration in financial sector health, Fitch
Ratings said.
 Fitch Ratings forecast a 5 per cent contraction in the GDP in the ongoing financial year.
 After the global crisis, India's GDP growth is likely to return to higher levels than 'BBB' category peers,
provided it avoids further deterioration in financial sector health as a result of the pandemic
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Extra Shots:
Fitch:
Traders' body CAIT launches campaign to boycott Chinese goods
 Traders' body CAIT launched a campaign to boycott Chinese goods with an aim to reduce India's imports of
products manufactured in the country by USD 13 billion by December 2021.
 The Confederation of All India Traders (CAIT) has prepared a list of 3,000 items which are currently
imported from China and easily replaceable by Indian manufactured goods.
 The campaign titled 'Indian Goods - Our Pride' aims to achieve reduction in imports of Chinese manufactured
goods by Rs 1 lakh crore (about USD 13 billion) by December 2021.
 There are four types of imports from China to India -- finished goods, raw materials, spare parts and
technology products.
 In the first phase, the traders' body has decided to boycott imports of finished goods from China
 India's imports from China stand at about USD 70 billion at present.
Extra Shots:
CAIT:
 Chairman: Mahender Shah
 President: B. C. Bhartia
 Secretary General: Praveen Khandelwal
China (Capital/Currency): Beijing/Renminbi
 President: Xi Jinping
 Official Language: Mandarin
S&P keeps India’s sovereign rating at “BBB-“
 The rating agency “S&P” has kept India’s sovereign rating at “BBB-” along with a stable outlook.
 The rating agency stated that the economy and fiscal position of India will stabilise and begin to improve
from 2021 onwards.
 While maintaining India’s stable outlook, the rating agency expects that India’s economy will revive
following the containment of the Covid-19 pandemic, and will also maintain its sound net external position.
Extra Shots:
S&P Global Ratings:
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 Founded: 1860
PSBs disburse Rs 12,201 crore loan to MSMEs under emergency credit line scheme
 The Finance Ministry announced that the public sector banks have disbursed Rs 12,200.65 crore till June 9,
under the Rs 3-lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) for the MSME sector, hit hard
by the coronavirus-induced lockdown.
 Public Sector Banks (PSBs) have sanctioned loans worth Rs 24,260.65 crore under the 100 per cent ECLGS
for the Micro, Small & Medium Enterprises (MSME) sector starting June 1.
 The scheme is the biggest fiscal component of the Rs 20-lakh crore Self-Reliant India Mission package
announced by Finance Minister Nirmala Sitharaman last month.
 As of 9 June 2020, #PSBs have sanctioned loans worth Rs 24,260.65 crore under the 100% Emergency Credit
Line Guarantee Scheme, out of which Rs 12,200. 65 crore have been disbursed
 Business units of Tamil Nadu have got highest cumulative sanction of Rs 2,637 crore from banks, while
disbursement was to the tune of Rs 1,727 crore at the end of June 9.
 It is followed by Uttar Pradesh with a sanction of Rs 2,547 crore, with disbursement of Rs 1,225 crore.
 Market leader State Bank of India (SBI) has sanctioned Rs 13,363 crore, while disbursement was nearly half
at Rs 7,517 crore at the end of June 9.
 It is followed by third largest lender Bank of Baroda with a sanction of Rs 1,893 crore, but disbursement was
at Rs 526 crore.
 Union Bank of India had better disbursement rate as against sanction of Rs 1,842 crore, the Mumbai-based
lender has disbursed Rs 794 crore.
 The second largest lender Punjab National Bank was somewhat a laggard, as per the data, with the cumulative
sanction of Rs 1,772 crore but the disbursement was nearly one-third at Rs 656 crore at the end of June 9.
Yes Bank partners with UDMA to launch ‘Yuva Pay’ mobile app
 Yes Bank has partnered with UDMA Technologies to launched its digital wallet solution ‘Yuva Pay’ mobile
app.
Highlights:
 Through this app, the bank enables contactless payments for its customers.
 With the help of the app, customers can pay their utility bills (including municipal, house, water tax,
electricity, LPG, DTH, Mobile bill, license fees), make insurance renewals, FASTag recharges, EMI
payments, and use the app to make payments at retail outlets.
 Besides, insurance renewal, fastag recharge, EMI payment, school fee can be paid through the facility.
 The program also aims to make low-income groups transition to digital and contactless transactions by
enabling wider access to secure electronic payment services.
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 Yuva Pay will also double up as a banking app for funds transfer, account balance check, recharges or top-
ups, bill payments and rewards platform.
Extra Shots:
UDMA Technologies Pvt Ltd:
 Headquarters: Karnataka
 Founder & Chief Executive Officer(CEO): Prashanth B
Yes Bank:
 Managing Director(MD) & CEO: Prashant Kumar
 Tagline: Experience our Expertise.
 Founder: Rana Kapoor
 Founded: 2004
 Owner: State Bank of India (49%)
Forex Reserves of India are rising
 The Forex Reserves of India are increasing and are to hit 500 billion USD soon. In May 2020, the Indian
Forex Reserves touched an all time high of 493 billion USD.
 The Forex Reserves of India are increasing mainly due to fall in crude oil prices. Also, the rise is because of
the increase in investment in Foreign Direct Investments (FDI) and Foreign Portfolio Investors (FPI).
 The Forex Reserves are held by the GoI to maintain liquidity in the country. It also helps to absorb shocks
where access to borrowing is curtailed. The Forex Reserves are an important component of Balance of
Payment and also an essential element to analyze the external position of the economy.
Extra Shots:
Foreign Exchange Reserve
 The Foreign Exchange Reserves are the reserve assets that are held by the central bank in foreign currencies.
It is used to back the liabilities faced by a currency due to the influence of monetary policy.
Components of Foreign Reserves of India
The Foreign Exchange Reserve of India comprises of the following:
 SDR (Special Drawing Rights) in International Monetary Fund. The SDR is the reserve Currency with IMF
 Gold
 RTP: RTP is Reserve Tranche Position in International Monetary Fund. It is the reserve capital with
International Monetary Fund.
India becomes 2nd nation to have contact-free ATM cash withdrawals; Empays Payment Systems partners
with MasterCard
 In order to eliminate the use of physical card or touch an ATM PIN pad, amid the spread of coronavirus from
contaminated surfaces, Empays Payment Systems has joined hands with Mastercard to launch “Cardless ATM
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powered by MasterCard” in India based on the standards of EMV (Europay, MasterCard, and Visa). With
this, India will be the first country outside the United States (US) where this product will be launched.
 This cardless ATM (automated teller machine) will enable the users to withdraw their money just by scanning
a (Quick Response) code on the mobile phone, using their banking app.
 It should be noted that Empays is authorised by the Reserve Bank of India (RBI) as a national payment
system.
Extra Shots:
MaterCard:
Apple becomes first US company to hit $1.5 trillion market cap
 US based tech-giant Apple Inc’s market capitalization surpassed $1.5 trillion, making it the first U.S.
company to reach that mark.
 Market capitalization is the share price multiplied by the number of outstanding shares of the company’s
stock, yielding the company’s overall stock market value.
 At a current price of around $352 per share and with roughly 4.3 billion shares outstanding, Apple’s market
capitalization is now at around $1.53 trillion.
Extra Shots:
Apple:
 Founded: 1 April 1976, Cupertino, California, United States
 CEO: Tim Cook
 Headquarters: Cupertino, California, United States
 Founders: Steve Jobs, Steve Wozniak, Ronald Wayne
OECD Projects India’s GDP at -7.3% for FY21 if coronavirus strikes again
 The Organization for Economic Co-operation and Development (OECD), in its OECD Economic Outlook,
has projected India’s economy to contract 7.3 percent in the current fiscal year 2020-21 if there is a second
wave of the coronavirus (Covid-19) later this year.
 However, OECD expects the economy to contract 3.7 percent during the year 2020 if there is no second wave.
 Further, for the fiscal year 2021-22, GDP is estimated at 8.1 percent in case of a second wave and at 7.9
percent in other case, i.e no second wave.
Extra Shots:
OECD:
 Secretary-General: Jose Angel Gurria Trevino
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 Chief economist: Laurence Boon

 Headquarters: Paris, France
India's forex reserves cross $500 billion-mark’
 India’s forex reserves have now crossed the $ 500 billion mark, according to the data released by the Reserve
Bank of India (RBI).
 The reserves rose to $ 501.7 billion, marking an increase of $ 8.22 billion in a week. Reserves had surged
$3.43 billion to a fresh all-time high of $493.48 billion in the week-ended May 29.
Components of forex reserves:
 Forex reserves consist of foreign currency assets, gold reserves, special drawing rights and reserves in IMF.
Of these, foreign currency assets are the biggest component followed by gold.
Use of forex reserves for RBI:
 RBI, from time to time, intervenes in forex markets to balance the volatility in currency markets. It either buys
dollars to release rupee into the market or sell dollars to support rupee.
Vodafone Idea pays Rs 103 crore interest to Franklin Templeton Mutual Fund
 Franklin Templeton Mutual Fund announced Vodafone Idea Ltd has made an interest payment of about Rs
103 crore and that the amount will be distributed among investors in proportion to their holdings in the
segregated portfolios.
 Six FT schemes had invested in VIL: Ultra Short Bond Fund, Low Duration, Short Term Income Plan, Credit
Risk Fund, Dynamic Accrual Fund, and Income Opportunities Fund.
Extra Shots:
Vodafone:
 CEO: Nick Read
 Headquarters: Berkshire, United Kingdom
 Founded: 1982, Newbury, United Kingdom
 Founders: Gerry Whent, Ernest Harrison
750 million USD loan approved by AIIB to India
 The Asian Infrastructure Investment Bank (AIIB) approved 750 million USD loan to India.
 The fund granted is to be used by the GoI to strengthen battle against the impact of COVID-19 on the poor
and vulnerable.
 The aid was cofinanced by the Asian Development Bank (ADB).
 The funds are to be used for improving informal sector, safety nets for the needy and and strengthen heath
care system of the country.
 The total sovereign loans to India that were already approved by AIIB amounts to 3.6 billion USD.
 This includes the recent emergency response of the bank that amounted to 500 million USD.
 The loan allocated is the second for the country under AIIB COVID-19 Crisis Recovery Facility (CRF).
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Extra Shots:
AIIB:
Microsoft launches 'Money in Excel' to help users manage finances
 Microsoft has launched the Money in Excel feature for Microsoft 365 Personal and Family subscribers,
starting first in the US.
 'Money in Excel' is a template and add-in for Excel that allows users to securely connect bank, credit card,
investment, and loan accounts to Excel and automatically import your transaction and account information
into an Excel spreadsheet.
How to use:
 If you're a current Microsoft 365 Personal or Family subscriber, simply go to this link to download the
template.
 Once downloaded, open the Excel template and follow the on-screen prompts to connect your financial
accounts using a secure third-party plugin supported by Plaid (Plaid currently supports most major U.S.
financial institutions).
 Once your account information is verified, the workbook will be updated with your latest transaction history
and is now ready for use.
 Once your financial accounts are connected, Money in Excel will automatically import your transaction
information from all your accounts into one workbook.
 You no longer need to spend hours manually setting up a personal finance spreadsheet from scratch; Money in
Excel does it for you in just a few seconds,
 Every time you want to update the workbook with the latest transactions, just click the Update button and get
the latest snapshot of your transactions and accounts without ever leaving Excel.
 Once your transaction information is imported into Excel, it's easy to track your spending habits to help stay
on course and get closer to your financial goals.
Benefits:
 With the help of easy-to-read graphs, you can quickly track how your spending compares month over month.
 Money in Excel will alert you to increases in your subscription fees, changes in bank and overdraft charges, or
any big purchases that were posted during the month.
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Extra Shots:
Microsoft:
 CEO: Satya Nadella
 Founded: 4 April 1975, Albuquerque, New Mexico, United States
 Headquarters: Redmond, Washington, United States
 Founders: Bill Gates, Paul Allen
HDFC Ergo & Tech firm Tropogo Jointly Launches India’s 1st ‘pay as you fly’ Insurance For Drones
 HDFC ERGO General Insurance Company, the country’s third-largest non-life insurance provider has joined
hands with UK based tech firm TropoGo Limited to launch India’s 1st ‘Pay as you Fly’ insurance for drone-
owners in India.
‘Pay as you Fly’ insurance:
 This policy, which will be offered on-demand to commercial drone owners and operators, give life insurance
for Third Party Liability Claims cover for property damage and bodily injuries that may be happened while
conducting activities like survey, mapping, monitoring, disaster relief initiatives, civil administration services,
use during festivals & events, property management and travel & tourism purposes among others.
 Members of this policy can claim an insurance cover of up to Rs 10 lakh on TropoGo mobile app & they can
opt for 4 hours, one-day, or a one-month cover to insure themselves against third-party liabilities.
Extra Shots:
HDFC ERGO General Insurance Company Ltd:
 MD & CEO: Mr. Ritesh Kumar
TropoGo Limited:
 Headquarters: South glamorgan, United Kingdom
 Founder: Sandipan Sen
Fitch revises India’s outlook to negative from stable; affirms the sovereign rating at “BBB-“
 Fitch Ratings has revised India’s long-term outlook to negative from stable, citing risks due to continued
acceleration in the number of new Covid-19 cases as the lockdown is eased gradually in the country.
 The global credit rating agency has affirmed the country’s sovereign rating at ‘BBB-’, the lowest investment
grade.
 Fitch expects Indian economic to contract by 5% (-5 percent) in the fiscal year ending March 2021 (FY21).
 For the fiscal FY22, ending march 2022, GDP is expected to grow by 9.5%.
Extra Shots:
Fitch:
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ADB Forecast India’s GDP at -4% for FY’21; 5% for FY’22
 India’s economy is forecast to contract by 4 percent in 2020-21, as per the latest Asian Development Outlook
(ADO) report of the Asian Development Bank released on 18 June 2020, due to the adverse effect of the
 For FY2021, ending March 2022, India’s GDP is projected to grow at 5%.
 GDP for 2020-21 : -4%
 GDP for 2021-22 : 5%
Extra Shots:
ADB:
Ola unveils 'Ola Emergency' service in view of lockdown in Tamil Nadu
 Ola unveiled an emergency service in its application to serve people after the Tamil Nadu government
announced the new phase of lockdown which comes into effect from today.
 The service would enable transportation of all non- COVID medical trips and also to people who need to
reach the airport or railway stations during the lockdown.
 Ola has mapped over 350 hospitals across the city into the mobile application and the service would also be
available to ferry customers to airports and railway stations vice-versa.
 All the driver partners are equipped with hygiene kits and safety equipment among others.
 Ola Emergency' services to enable essential mobility for the people of Chennai while following the highest
standards of safety and hygiene," Ola Emergency cabs would operate with no more than one driver and two
passengers.
 People requiring the service can book a cab by selecting the 'Ola Emergency' category to avail the service.
Extra Shots:
OLA
 Founded: 3 December 2010, Mumbai
 CEO: Bhavish Aggarwal
 Founders: Bhavish Aggarwal, Ankit Bhati
Tamilnadu
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 Capital: Chennai
 Chief Minister: Edappadi K.Palanisamy
 Governor: Banwarilal Purohit
 Chief Justice of Madras High Court: Vijaya Kamlesh Tahilramani
 National Park: Guindy NP,Gulf of Mannar Marine NP, Indira Gandhi (Annamalai) NP, Mudumalai NP,
Mukurthi NP.
British Petroleum to set up Global Business Service Centre in Pune
 United Kingdom oil major “British Petroleum” is going to set up Global Business Service Centre in Pune,
Maharashtra to support its global businesses.
 The centre would be established for its global business services (GBS) operations in Pune, Maharashtra.
 The centre is expected to begin its operations by January 2021.
 The planned Global Business Service Centre will employ around 2000 people and provide business
processing as well as advanced analytics capabilities in support of British Petroleum businesses worldwide.
 The GBSC in India will allow the oil major to tap into India’s digital talent pool and would result in its
development and application of cutting-edge digital solutions.
Extra Shots:
British Petroleum (BP)
 CEO: Bernard Looney
 Headquarters: London, United Kingdom
Zomato co-founder Pankaj Chaddah launches mental wellness start-up Mindhouse
 Zomato co-founder Pankaj Chaddah and ex-Zomato Chief of Staff Pooja Khanna have announced their
entrepreneurial venture Mindhouse, a mental wellness service that offers a variety of guided meditation
sessions and techniques.
 The Mindhouse app provides meditation and yoga content in the form of live classes and a vastlibrary of
modules that can be consumed anytime by the user.
 The classes are led by a team of instructors and conducted in an interactive format.
 They also offer yoga classes, delivered in the same format, as well as proprietary pre-recorded audio and
video content.
Extra Shots:
Zomata:
 Headquarters: DLF Phase V, Gurugram, Haryana, India
 Founder(s): Deepinder Goyal, Pankaj Chaddah
BSE ranks among 10 most valued exchanges in the world
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 Leading bourse BSE figures among the world’s 10 largest exchanges in terms of cumulative market
capitalisation of all companies listed on its platform, as per the latest data from the World Federation of
Exchanges.
 BSE is at the tenth place in the top-10 list, with a market capitalisation of $1.7 trillion.
 The New York Stock Exchange (NYSE) tops the chart with a valuation of $19.3 trillion.Nasdaq comes second
with a market capitalisation of $13.8 trillion.
Extra Shots:
BSE: The BSE, formerly known as the Bombay Stock Exchange Ltd., is an Indian stock exchange located at Dalal
Street, Mumbai. Established in 1875, it is Asia's oldest stock exchange. The BSE is the world's 10th largest stock
exchange with an overall market capitalization of more than $2.2 trillion on as of April 2018.
 No. of listings: 5,439
 Key people: Just. Vikramajit Sen; (Chairman); Ashishkumar Chauhan; (MD & CEO)
 Indices: BSE SENSEX; S&P BSE SmallCap; S&P BSE MidCap; S&P BSE LargeCap; BSE 500
India will be global manufacturing hub for electric vehicles in five years: Nitin Gadkari
 Union Road Transport Minister Nitin Gadkari stated that he believes India will be a manufacturing hub for
electric vehicles within the next five years, adding that several countries do not want to deal with China after
the COVID-19 crisis which can be an opportunity for India
 The minister said the government has lowered the GST on electrical vehicles to 12 per cent.
Extra Shots:
The Ministry of Road Transport and Highways is a ministry of the Government of India, that is the apex body for
formulation and administration of the rules, regulations and laws relating to road transport, transport research and in
also to increase the mobility and efficiency of the road transport system in India.
 Founded: July 1942
 Headquarters: Parivahan Bhavan, 1, Parliament Street, New Delhi
 Annual budget: 91,823 crores INR (US$13 billion, 2020-21 est.)
 Ministry executives: Sanjeev Ranjan, IAS, Secretary; I.K. Pandey, Director General (Road Development) and
Special Secretory to Government of India
 Officeholders: Mansukh L. Mandaviya (Minister of State), Nitin Gadkari (Union Minister)
CBIC launches paperless customs export processing
 The Central Board of Indirect Taxes and Customs (CBIC) on Monday launched paperless customs export
processing, a move aimed at trade facilitation.
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 Chairman CBIC Sh. M Ajit Kumar and Members of the Board launched Paperless Customs Export processing
under Turant Customs today through video conferencing
 It is an initiative to promote Ease of Doing Business and enhanced use of technology.
 Under this initiative, a secure QR core enabled PDF LEO (Let Export Order) copy and Export Gatepass copy
will be sent electronically to the exporters immediately.
 As part of efforts to take India amongst top 50 countries in World Bank's Ease of Doing Business ranking, the
CBIC had last year announced reform measure -- Turant Customs -- for speedy clearance of goods at air and
sea ports.
Extra Shots:
CBIC:
 Chairperson: M. Ajit Kumar
 Elected officer responsible: Nirmala Sitharaman, Finance Minister of India
 Governing body: Government of India
 Subsidiary: Directorate of Revenue Intelligence
Moody’s Projects India’s GDP at -3.1% for Calendar Year 2020 and 6.9% in 2021
 Moody’s Investors Service has sharply revised its forecast for India’s annual GDP growth and has projected
the Indian economy to shrink 3.1 percent in the Calendar year 2020, caused by the disruptions due to the
 Moody’s released its June update to Global Macro Outlook (2020-21) on 22 June 2020.
 In April 2020, it pegged India’s annual growth at 0.2 percent for 2020.
 However, Moody’s expects the economy to register 6.9 percent growth in 2021.
Extra Shots:
Moody’s:
 Headquarters: NewYork, United States
 President & Chief Executive Officer(CEO): Raymond W. McDaniel, Jr.
India Ratings projects India’s GDP to contract by 5.3% in FY21
 India Ratings and Research has projected the GDP growth of India to contract by 5.3% in 2020-21 (FY21).
 India Ratings and Research expects the GDP of India to grow in the range of 5-6% in FY22.
 This will be the lowest GDP growth in Indian history and the sixth instance of economic contraction, others
being in FY58, FY66, FY67, FY73 and FY80.
Govt extends deadline to file ITR for FY19 till July 31; PAN-Aadhaar till March 2021
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 The Central Government has extended the deadline for the following for filing income tax returns (ITR) for
FY 2018-19 by one month to July 31, 2020; (original as well as revised income tax returns) for linking
biometric Aadhaar with PAN till March 31, 2021.
India Retains Position as Third-largest Economy in Terms of Purchasing Power Parity for 2017
 India has retained and consolidated its position as the third-largest economy after China and the US in terms
of purchasing power parity (PPP) for 2017, said the government quoting the World Bank data.
 PPP of the rupee per dollar at the gross domestic product (GDP) level rose to 20.65 in 2017 from 15.55 in
2011, while the exchange rate of a dollar to a rupee rose to 65.12 from 46.67 during the period.
 Also, the Price Level Index (PLI), the ratio of a PPP to its corresponding market exchange rate, which is used
to compare the price levels of economies, improved to 47.55 in 2017 from 42.99 in 2011
Extra Shots:
PPP: Purchasing power parity is a measurement of prices in different countries that uses the prices of specific goods
to compare the absolute purchasing power of the countries' currencies.
India’s per capita income to decline by 5.4% in FY21: SBI report
 Covid-19 pandemic is likely to bring down India’s per capita income (PCI) by 5.4 per cent in the financial
year 2020-21 (FY21) to Rs 1.43 lakh from Rs 1.52 lakh in FY20, suggests the latest report by the economic
wing of State Bank of India (SBI).
 This decline in PCI is higher than the nominal GDP decline of 3.8 per cent.
 Among states, Delhi, Chandigarh, and Gujarat will be the worst hit with PCI falling 15.4 per cent, 13.9 per
cent and 11.6 per cent, respectively in FY21, the report says.
 At the other end of the spectrum are Arunachal Pradesh, Goa, and Manipur that are likely to witness the least
drop in PCI during this period.
Extra Shots:
SBI
Ministry of MSME launched funding scheme of Rs. 20000 cr. to help the distressed MSMEs
 Union Minister Nitin Gadkari launched the Credit Guarantee Scheme for Sub-ordinate Debt to provide Rs
20,000 crore of guarantee cover to two lakh micro, small and medium enterprises.
 The funding scheme to help the distressed MSME sector entails a sub-debt facility to the promoters of those
operational MSMEs that are distressed or non-performing assets (NPAs).
 It is also called the ‘Distressed Assets Fund – Sub-ordinate Debt for MSMEs’.
Extra Shots:
MSME:
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 Founded: 2007
 Annual budget: 6,552.61 crores INR (2018-19 est., US$920 million)
 Departments: National Small Industries Corporation, National Institute of Micro, Small and Medium
Enterprises
 Officeholders: Giriraj Singh (MOS independent charge), Nitin Gadkari (Union Minister)
NTPC to help Mali develop 500 MW solar park
 NTPC Ltd will help Mali develop a 500 MW solar power park, a statement by the state-owned power
generator.
 India’s largest power generation utility has been awarded the project management consultancy contract by the
West African nation, making it the second country after Togo to do so.
 This comes in the backdrop of Indian state-owned firms including Solar Energy Corporation of India’ plan to
land overseas business under the aegis of International Solar Alliance (ISA), as China continues to co-opt
countries into its ambitious One Belt One Road initiative.
Extra Shots:
NTPC:
 Founded: 1975
 Owner: Government of India
 Organization type: State-owned enterprise
 Purpose: Electricity generation and distribution natural gas exploration, production, transportation and
distribution
Sidbi sets up Swavalamban Crisis Responsive Fund to facilitate free onboarding of MSMEs on TReDS
platform
 The Small Industries Development Bank of India (SIDBI) has set up ‘Swavalamban Crisis Responsive Fund’
to support free onboarding for micro, small and medium enterprises (MSMEs) on trade receivables
discounting system (TReDS).
 The initiative aims to offer relief to the MSMEs from severely crunched cash flow, during these challenging
times.
 The free onboarding of MSMEs would be available till September 2000.
 It is an open-ended fund with the target to onboard 10,000 MSMEs during this period.
 Usually, an MSME has to pay a fee of Rs 5,000 to Rs 10,000 for getting registered on a TReDS platform.
 Three TReDS platforms namely Receivables Exchange of India Ltd (RXIL), M1xchange and Invoicemart will
help MSMEs to gain access to working capital through invoice discounting via multiple financiers.
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Extra Shots:
SIDBI:
 Headquarters location: Lucknow
 Agency executive: Mohammad Mustafa (Chairman and Managing Director)
World Bank approved USD 500 million loan to improve quality of school education
 The World Bank has approved a $500 million loan to improve the quality and governance of school education
in six Indian states.
 The approval is given by the Board of Executive Directors.
 The board approved a loan for Strengthening the Teaching-Learning and Results for States Program
(STARS).
Highlights:
 It is expected that around 250 million students, between the age of 6 and 17, in 1.5 million schools, and over
10 million teachers will benefit from the program.
 The STARS program has built a long partnership between India and the World Bank, since 1994.
 STARS aims to support India’s response to the challenges by strengthening implementation at the local level,
investing in teacher capacity.
 It also aims to ensure that no child of any background is left behind from the right to education.
 STARS will enhance the learning assessment systems and strengthen classroom instruction and remediation in
the states of Himachal Pradesh, Kerala, Madhya Pradesh, Maharashtra, Odisha, and Rajasthan.
 It will also facilitate school-to-work transition, and strengthen governance and decentralized management.
Instamojo launches InstaCash to solve the liquidity challenge for MSMEs
 Instamojo, has launched ‘InstaCash’ to enable merchants to gain access to working capital. Merchants can
avail loans for upto Rs 1 lakh, for a period of 7–14 days.
 Instamojo will transfer the amount to the customer once the request has been placed.
 The company has also introduced mojoPlus which enables merchants to earn points on transactions and
redeem it to avail discounts on Instamojo fees.
Extra Shots:
Instamojo
 Founded: 2012
 Subsidiary: Get Me A Shop
 Founders: Sampad Swain, Aditya Sengupta, Akash Gehani, Harshad Sharma
Indian Economy in Deep Trouble as Growth Expected to Shrink by 5 Percent, Says S&P
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 S&P Global Ratings said Indian economy is in deep trouble with growth expected to contract by 5 per cent
this fiscal.
 In its report titled ‘Asia-Pacific losses near USD 3 trillion as balance sheet recession looms’, S&P projected
the region’s economy to shrink by 1.3 per cent in 2020, but grow by 6.9 per cent in 2021.
 This implies a loss nearing USD 3 trillion output over these two years
Extra Shots:
S&P Global
 CEO: Douglas L. Peterson
 Founder: James H. McGraw
Indian Oil Corp to set up technology development centre at Faridabad
 Indian Oil Corp (IOC) will set up a new technology development centre focussed on clean and alternative
energy solutions.
 The new centre at Faridabad on the outskirts of the national capital will be the second R&D campus of IOC.
 Oil Minister Dharmendra Pradhan and Haryana Chief Minister Manohar Lal laid the foundation stone of the
Technology Development and Development Centre.
 The new campus, coming up on a 60-acre plot at a cost of Rs 2,200 crores, would focus on demonstration and
deployment of a wide range of technologies developed by IOC R&D and will work in tandem with the
existing campus at Sector-13, Faridabad.
Extra Shots:
IOC
 Chairperson: Sanjiv Singh
SAP launches program to digitise MSMEs
 Enterprise software firm, SAP India on Monday launched the Global Bharat initiative for Indian MSMEs by
providing them access to global marketplace, digital skilling for the workforce and transforming business
processes.
 SAP has partnered with IT apex body, Nasscom, United Nations Development Programme (UNDP )and
Pratham InfoTech Foundation for a three-pronged initiative.
 The global firm said that its efforts are in line with various measures announced by the government to revive
the MSME sector which has been badly hit by the pandemic.
 MSMEs will have a free access to its Ariba Discovery network until the end of the year. MSMEs can directly
procure goods with nearly four million suppliers in the B2B marketplace with $3.3 trillion annual commerce.
 Besides, the MSMEs will be provided accessibility to 240 courses on Digital Financial, Soft
Skills,Productivity Technologies.
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 It will offer cloud services at Rs 3,999 per pack to five members of an enterprises.
Extra Shots:
SAP
 CEO: Christian Klein
 Founded: 1 April 1972, Weinheim, Germany
 Founders: Dietmar Hopp, Hasso Plattner, Claus Wellenreuther, Klaus Tschira, Hans-Werner Hector
July 2020 – Banking, Finance & Economy Current Affairs
RBI in News
RBI: Tamil Nadu tops market borrowings among States
 According to data from the Reserve Bank of India (RBI), Tamil Nadu has raised Rs 30,500 crores in the fiscal
2020-21 and has topped market borrowings among States in the country.
 Tamil Nadu, which has accounted for 17% of the borrowings done through the issue of bonds (known as state
development loans), has been followed by Maharashtra Rs 25,500 crores (14%), Andhra Pradesh Rs 17,000
crores (9%) and Rajasthan Rs 17,000 crores (9%).
 Tamil Nadu raised Rs1,250 crores at the low-interest rate of 6.63% for the 35-year bonds and Rs 1,250 crores
at the rate of 4.54% for the three-year bonds in the auction conducted by RBI.
 On July 7, Tamil Nadu borrowed an additional amount of Rs 500 crores rather than the Rs 2,000 crores
originally planned.
 The State had planned to raise Rs 2,000 crores through the issue of bonds of Rs 1,000 each with tenures of 35
years and 3 years respectively.
 Tamil Nadu had an option to raise a further Rs 250 crore in each of these securities, through what is known as
the ‘greenshoe’ option.
RBI signs $400 mn currency swap with Sri Lanka
 The Reserve Bank of India (RBI) has signed an agreement for extending a $400-million currency swap
facility to Sri Lanka.
 This currency swap is used to boost the foreign reserves and ensure the financial stability of the country,
which is badly hit by the COVID-19 pandemic.
 The currency swap arrangement will remain available till November 2022.
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 Lanka was set to enter into an agreement with the RBI for a currency swap worth $400 million under the
South Asian Association for Regional Cooperation (SAARC) framework.
Extra Shots:
Sri Lanka (Capital/Currency): Colombo, Sri Jayawardenepura Kotte/Sri Lankan Rupee
 President: Gotabaya Rajapaksa
 Prime Minister: Mahinda Rajapaksa
Other Banks in News
Banks sanction over Rs 1 lakh cr loans to 30 lakh MSMEs under ECLGS
 As per the data by the Ministry of Finance on 30 June 2020, banks from public and private sectors have
sanctioned over Rs 1 lakh crore loans under the Rs 3-lakh crore Emergency Credit Line Guarantee Scheme
(ECLGS) for the MSME sector as of June 26, 2020.
 Out of this, more than Rs 45,860 crore has already been disbursed under the 100 percent ECLGS for the
micro, small and medium enterprises (MSMEs).
 This would help more than 30 lakh units of MSMEs and other businesses restart their businesses post the
lockdown.
 The top lenders under the scheme are State Bank of India, Bank of Baroda, Punjab National Bank, Canara
Bank and HDFC Bank.
Kotak Mahindra Bank & Innoviti Collaborates to Offer EMIs on Kotak Debit Cards Swiped on Innoviti POS
Terminals
 Kotak Mahindra Bank and Innoviti Payment Solutions Pvt. Ltd. announced that they have collaborated to
provide Equated Monthly Installments (EMI) billing options on Kotak Debit Cards which are swiped on
Innoviti Point of Sale(POS) terminals.
 The facility will enable about 10 million(1 crore)Kotak customers to pay for their purchases in instalments by
using the EMIs on debit cards facility at over 70,000 Innoviti POS terminals across more than 1,000 cities.
 The eligible Kotak customer to complete the purchase and to enable instant loan disbursement has to ask the
cashier for the Kotak Debit Card EMI facility, select the preferred EMI tenure and swipe the Kotak debit card
on Innoviti’s POS terminal.
Extra Shots:
Kotak Mahindra Bank Limited:
 Registered Office: Mumbai, Maharashtra
 Managing Director & CEO: Uday Kotak
Innoviti Payment Solutions Pvt. Ltd:
 Registered office: Bangalore, Karnataka
 CEO: Rajeev Agrawal
HDFC Bank to Offer ‘ZipDrive’, an Online Instant Auto Loans to its Customers
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 HDFC Bank announced that it will offer ‘ZipDrive’, an online instant auto loan to its customers in 1,000
cities.
 The auto loan disbursal product is only for customers with pre-approved offers.
 It is a technology-enabled loan product where credit assessment is done by banking software.
 The product will be available to tier 2 and 3 cities across India, such as Bhimavaram in Andhra Pradesh,
Hardoi in Uttar Pradesh, Thalassery in Kerala, and Balasore in Odisha among other places
 The customers can choose the preferred car model, dealer, loan amount within the eligible limits and tenure
online. They can also opt on-road funding up to 100% of the value.
 It provides a convenient and contactless form for obtaining auto loans from the bank at attractive prices and
terms. The customers need not have to visit any branch.
Extra Shots:
HDFC Bank
 Tagline: We understand your world
Union Bank revamps Insurance distribution channels post merger
 The Union Bank of India has expanded its insurance distribution channels after the amalgamation of Andhra
Bank and Corporation Bank with it with effect from April 1, 2020.
 Now the bank will offer Insurance products of three life insurers, four general insurers and two standalone
health insurers.
 Prior to amalgamation Union Bank was distributing insurance products of one life insurer, 3 general insurer
and one stand alone health insurer, under corporate agency tie-up agreements.
 They were SUD Life Insurance Co Ltd, Bajaj Allianz General Insurance, New India Assurance Co Ltd and
Chola M.S. General Insurance Co Ltd and Religare Health Insurance Co Ltd.
 Post-amalgamation, the bank has decided to continue corporate agency agreement with India First Life
Insurance Company Limited and LIC of India under Life Insurance segment, United India Insurance under
General Insurance segment and Manipal Cigna Health Insurance under Health Insurance Segment.
Extra Shots:
Union Bank of India
 CEO: Rajkiran Rai G.
 EDs: Gopal Singh Gusain & Manas Ranjan Biswal
NPCI to set up Rs 500-crore Smart data centre in Hyderabad to handle digital transactions
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 The National Payments Corporation of India (NPCI) is setting up its own ‘Smart Datacentre’ in Hyderabad,
Telangana, at an investment of Rs. 500 crore.
 The foundation stone for this Tier-IV data centre was laid by Telangana Information Technology and
Industries Minister KT Rama Rao at Narsingi village in Hyderabad.
 The Smart Data Centre is being constructed by L&T and will be built with an Internet of Things (IoT) based
building- management system that will have eight layers of security, conforming to top global standards of
data centres.
 The centre will protect the systems from natural calamities, ensuring smooth processing of data and further
enhance acceptance infrastructure for digital payments so as to encourage customers towards digital
transactions.
Extra Shots:
NPCI
 Founded: 2008
Loans worth over Rs 1.10 lakh crore sanctioned by Banks under ECLGS until 1st July
 Union Finance Minister Nirmala Sitharaman announced the Emergency Credit Line Guarantee Scheme
(ECLGS) on 13th May 2020. ECLGS was announced as a part of the AtmaNirbhar Bharat Package for
supporting the Micro Small and Medium Enterprises (MSMEs) in the country.
 As of 1st July 2020, Public Sector Banks and Private Banks across the country have sanctioned loans worth
over Rs 1.10 lakh crore under ECLGS. Out of this Rs 1.10 lakh crore sanctioned, more than Rs 52000 crore of
the loan amount has been already disbursed until 1st July.
 Out of the Rs 52000 crores that have been disbursed, Public Sector Banks have disbursed Rs 33,000 crore.
 This Rs 33,000 crore was disbursed to around 12,59,000 MSMEs across the country.
 To around 1,45,000 MSMEs were disbursed the remaining Rs 19,000 crore by Private Banks.
ECLGS
 ECLGS ensured that the credit required by the MSMEs for restarting their businesses.
 Under ECLGS, banks were incentivized so that credit of up to Rs 3 lakh crore can be provided to MSMEs and
businesses across the country. As per estimation by the Government, the Rs 3 lakh crore will enable more
than 30 MSMEs and businesses across the country to meet their operational liabilities required for restarting
the business.
 National Credit Guarantee Trustee Company (NCGTC) will be providing a 100 percent guarantee for the
loans sanctioned by the banks under the ECLGS.
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YES Bank launches ‘Loan in Seconds’ for instant loan disbursement

 YES Bank has launched a digital solution, “Loan in Seconds” for instant disbursement of retail loans.
 The account holders identified by the bank can avail this quick loan disbursal facility without any document.
 The solution aims to provide customers, completely paperless and hassle-free loans to help them meet their
immediate financial needs.
 Eligible customers under ‘Loan in Seconds’ will receive communication from the bank with the link to apply
for the loan.
 All the eligible customers under the solution will receive communication from the bank with the link to apply
for the loan.
 Those customers have to verify and accept the final offer.
Extra Shots:
YES Bank:
 MD and CEO: Prashant Kumar
 Tagline: Experience our Expertise
Karur Vysya Bank partners with Star Health Insurance

 The Karur Vysya Bank (KVB) has entered into a partnership with Star Health and Allied Insurance Co to
provide a wide range of health insurance options to its customers.
 Under the agreement, all the health insurance products of Star Health & Allied Insurance will be made
available through all 780 branches of the Karur Vysya Bank.
 This agreement helps the bank to provide cost-effective insurance products and quick settlement of claims its
customers.
Extra Shots:
Karur Vysya Bank
 Headquarters: Karur, Tamil Nadu.
 Tagline: Smart Way to Bank.
 Chairman: N. S. Srinath.
Fino Payments Bank launches ‘Bhavishya’ Savings Account for minor children
 Fino Payments Bank Limited (FPBL) has launched a savings bank account ‘Bhavishya’ for minor children
aged between 10 and 18 years on 7th July 2020 to make children banking ready from early age and inculcate a
savings habit among them.
 Bhavishya is an annual subscription-based savings account, which can be opened with just Rs. 349 (inclusive
of GST).
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 Initially, the bank is introducing the Bhavishya Savings Account in Uttar Pradesh, Bihar and Madhya Pradesh
and gradually it will launch in other states.
Features of Bhavishya Savings Account
 Monthly Average Balance requirement: Nil
 Free Platinum RuPay Debit card which can be used at ATMs only to withdraw cash with Aadhaar
authentication.
 Accidental Insurance/Permanent disability cover of upto Rs.2 Lakhs linked with Rupay Platinum Debit Card
 Upto 5 free ATM transactions in a month
 Free cash deposit limit upto Rs.25,000 per month
 Free cash withdrawal at Fino Bank branches
 For security reasons minor should have a mobile number that is different from the parent’s number.
 Upon attaining 18 years of age, the BhavishyaSavings Account will be upgraded to regular savings account on
submission of Re-KYC with updated info.
Extra Shots:
Fino Payments Bank Limited
 CEO: Rishi Gupta
 Subsidiaries: Fino Payments Bank, Alpha Payment Services India Pvt. Ltd, Fino Finance Private Limited
Equitas Small Finance Bank launches video KYC account
 Equitas Small Finance Bank Limited has launched a facility of opening account through video KYC .
 With this, any person anywhere in the country can open a savings account with Equitas Small Finance Bank,
complete the full KYC through video with the Bank employee.
 The new video KYC account is a step forward towards our vision.
 This will ensure contact less, no branch visit and hassle free account opening and transactions for customers.
Extra Shots:
Equitas Small Finance Bank
 Headquarters location: Chennai
 Founded: 2007
 Key people: Shri Arun Ramanathan; (Part-time Chairman); Mr. Vasudevan P N; (MD & CEO)
 Parent organization: Equitas Holding
Deutsche Bank and Google to form strategic global partnership to drive a fundamental transformation of
banking
 Deutsche Bank and Google Cloud have agreed to join forces and form a strategic partnership that aims to
redefine how the bank develops and offers its financial services.
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 The partnership is unique in that it will not only deliver cutting edge cloud services to Deutsche Bank, but
also enable co-innovation between the two companies to create the next generation of technology-based
financial products for clients.
 Both parties have signed a Letter of Intent and plan to sign a multi-year contract within the next few months.
Extra Shots:
Deutsche Bank
 CEO: Christian Sewing
 Headquarters: Frankfurt, Germany
HSBC to set up IFSC Banking Unit at GIFT city in Gandhinagar
 The Hongkong and Shanghai Banking Corporation Limited (HSBC) is to set up the IFSC Banking Unit at
Gujarat International Finance Tec City, GIFT city in Gandhinagar Gujarat.
 The world’s largest financial services organization HSBC has got in-principle approval from the GIFT SEZ
Authority to set up an IFSC Banking Unit -IBU at GIFT City, subject to other Regulatory approvals.
 The proposed commencement of the IBU by HSBC marks a significant development in India’s IFSC
business.
 It also proves GIFT’s mettle as a globally competitive international financial center.
Benefit from GIFT:
 GIFT IFSC Banking Units have played a pivotal role in the development of IFSC in India by providing dollar
financing to Indian corporate.
 As per available data, GIFT IFSC has contributed around 11 percent of total financial services exports of
India. Apart from banking, insurance and international exchanges in GIFT-IFSC have also seen an upward
trajectory in their business.s:
Extra Shots
HSBC:
 CEO: Noel Quinn
 Founder: Thomas Sutherland
 Founded: 3 March 1865, Hong Kong
GIFT City: Gujarat International Finance Tec City located on the banks of the Sabarmati River and is around 12 km
from Ahmedabad International Airport and is India's first operational smart city and international financial services
centre. It was promoted by the Gujarat government as a green field project.
‘Digital Choupal’ organized by NABARD on its 39th foundation day
 To mark its 39th foundation day of National Bank for Agriculture and Rural Development (NABARD), it
organises ‘Digital Choupal’.
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 It was conducted in the form of a video conference which was attended by participants of different projects
initiated by NABARD, to share their experiences about the projects they are involved in.
Highlights:
 NABARD has launched a refinance scheme for financial institutions and banks. It has allocated Rs 5,000
crores for the scheme.
 The scheme will mainly focus on watershed development projects.
 These projects are spread over 2.3 million hectares of watershed, tribal development a nd rainfed areas.
 Under the scheme, the Primary Agricultural Credit Societies are to be turned into multi-service centres.
 The fund allocated under the scheme is to be made available to financial institutions and banks to lend to the
beneficiaries in 2,150 water shed development projects.
Extra Shots:
NABARD:
 Chairman: Govinda Rajulu Chintala
NABARD Credit Support of Rs1,607 Crore to Bengal in Coronavirus Crisis
 National Bank of Agriculture and Rural Development (NABARD) has provided credit support of Rs 1,607
crore to West Bengal during the COVID-19 pandemic so far.
 Besides the bank’s normal refinance schemes, this is a special liquidity support measure as the pandemic and
the lockdown have severely affected the rural economy.
 The help was provided through state cooperative banks, regional rural banks and micro-finance institutions.
Extra Shots:
West Bengal:
 Established on: 26 January 1950
 Capital: Kolkata
 Governor: Jagdeep Dhankhar
 Chief Minister: Mamata Banerjee
NABARD extends grant assistance of Rs 221.89 cr to support 298 watershed projects in Karnataka
 In Karnataka, NABARD has extended a grant assistance of 221.89 crore rupees to support 298 watershed
projects in over three lakh hectares benefitting 66,500 families. The State has about 75 percent of rainfed area.
 The projects have resulted in improving the crop productivity, diversification, soil and water conservation and
socio-economic condition of the beneficiaries.
Extra Shots:
Karnataka:
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 Statehood Day: 1st November 1956

 Capital: Bengaluru
 Chief Minister: B. S. Yediyurappa
 Governor: Vajubhai Vala
 National Park: Anshi NP, Bandipur NP, Bannerghatta NP, Kudremukh NP, Rajiv Gandhi (Nagarahole) NP.
NABARD launches Rs 44 lakhs worth projects in Andaman and Nicobar Islands
 The National Bank for Agriculture and Rural Development launched projects worth of Rs 44 lakhs in
Andaman and Nicobar Islands.
 The projects have been launched to develop Self Help Groups and also to help in skill development of Self-
Help Groups in the territory.
 Around 385 village level programmes are to be conducted and provide training to leaders of newly formed
SHGs with an aid of Rs 10 lakhs.
 Under the project, women attached to Self Help Groups (SHGs) are to be trained for Mushroom Cultivation
and Bamboo handicrafts.
 NABARD is to carry out a yearly micro-entrepreneurship development programme for 150 members of
various SHGs in Middle Andaman.
 Also, NABARD has tied up with Centre of Agriculture Research Institute (CARI) to conduct agricultural
programmes of Rs 20 lakhs.
Extra Shots:
NABARD
 Chairperson: Harsh Kumar Bhanwala
NHB provides Rs 25,000 crore to housing fin cos as refinance assistance in last 4 months
 The National Housing Bank (NHB) has in the last four months (March to June 30, 2020) provided a total
refinance assistance of over Rs 25,000 crore to the housing finance companies (HFCs) alone.
 Total refinance disbursements during July-June 2020 grew 24 per cent year -on-year to touch Rs 31,250 crore
under its various refinance schemes.
 Under the Aatmanirbhar Package announced by Finance Minister Nirmala Sitharaman, the NHB was
provided a Special Liquidity Facility of Rs10,000 crore by the Reserve Bank of India to address the pandemic
related liquidity issues of housing finance sector.
Extra Shots:
National Housing Bank (NHB)
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 Website: nhb.org.in
 Sector: Bank
 Managing Director: Shri Sriram Kalyanaraman
 Parent agency: Reserve Bank of India
Income Tax Department launches tool for Banks to ascertain TDS applicability rates on cash withdrawals
 The Income Tax Department launched a new tool for the banks and post offices that will ensure tax deduction
at source (TDS) on the cash withdrawals beyond the threshold.
 With the help of the tool, post offices and banks will be able to ascertain the TDS applicability rates on the
cash withdrawals of above Rs. 20 lakh in case a person is a non- filer of the income tax return and that of
above Rs. 1 crore in case of a filer of Income-tax return.
 On the cash withdrawal exceeding Rs. 20 lakhs, TDS will be deductible at the rate of 2% and it will be
deductible at the rate of 5% if the amount exceeds 1 Crore, in case the person withdrawing is a non- filer of
the income tax return.
Extra Shots:
Income Tax Department
 Founded: 1860
IndusInd Bank integrates with CRMNEXT to boost customer engagement
 IndusInd Bank has announced its successful integration with CRMNEXT, the leading enterprise solution
provider for banks and financial services.
 This integration will enable the Bank to simplify the process of customer on-boarding, introduce new
products, and meet customer demands by automating and customizing processes to fit the modern-day
financial requirements
 The CRMNEXT platform will empower IndusInd Bank with an intelligence driven ‘Customer Action Center’
which will provide complete information on customers acquired from multiple sources, and make it available
on a single intuitive screen.
Extra Shots:
IndusInd Bank
 CEO: Sumant Kathpalia
 Tagline: We Make You Feel Richer
 Owner: Hinduja Group
 Founder: S. P. Hinduja
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 Subsidiaries: Indusind Bank Ltd, Asset Management Arm, IndusInd Financial Inclusion, Indusind Bank
Limited
NPCI launches UPI Auto Pay Feature
 The National Payment Corporation of India (NPCI) launched UPI Auto Pay feature for recurring payments.
 The feature launched is dedicated to recurring payments. It can be used for multiple financial purposes such as
booking bus pass, utility payment, paying DTH, train ticket among others.
Extra Shots:
NPCI
 Founded: 2008
The NPCI offers following services namely
 Aadhaar Enabled Payment System
 Bharat Bill Payment System
 BHIM (a mobile app)
 Cheque Truncation System
 Immediate Payment Service
 National Common Mobility Card
 National Electronic Toll Collection
 RuPAy
 Unified Payment Interface (UPI)
‘Insta Click Savings Account’ launched by BOB
 India’s third-largest public sector bank, Bank of Baroda (BoB) has launched ‘Insta Click Savings Account’, a
100 per cent paperless digital self-assisted online savings account.
 The account is activated in real-time, which means the customer can start transacting, using the Baroda M
Connect Plus application with the MPIN received on the mobile number, immediately.
 The product also offers customers the option to subscribe to a wide range of digital channels like mobile
banking, Internet banking, UPI (unified payments interface), and debit card.
 Insta Click Savings Account uses a new form of digital KYC (know-your-customer) and Aadhaar-based OTP
(one-time personal identification number) authentication of the customer, which can be operated from the
bank’s website, through mobile phone, IPad, laptop, and PC.
Extra Shots:
BOB:
 Founder: Sayajirao Gaekwad III
 Founded: 20 July 1908, Vadodara
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 Chairman: Hasmukh Adhia
ADB partnered with GCF to Boost Green Recovery from COVID-19
 The Asian Development Bank (ADB) and the Green Climate Fund (GCF) agreed to partner toward a ‘green
recovery’ for members confronting the harsh economic impact of the coronavirus disease (COVID-19)
pandemic.
 Under Strategy 2030, ADB will ensure that 75 percent of its committed projects will support climate change
mitigation and adaptation by 2030.
 Climate finance from ADB’s own resources will reach USD 80 billion cumulatively from 2019 to 2030.
Extra Shots:
ADB:
GCF:
 Founded: 2010
 Headquarters location: Songdo-dong, Incheon, South Korea
MobiKwik launches personal UPI payment link mpay.me
 Digital wallet company, MobiKwik has launched “mpay.me” UPI link service that allows users to send and
receive money from any UPI payment app.
 This single link created using mpay.me can be shared anywhere to send and receive money and will work
seamlessly on mobile as well as desktop.
 Through mpay.me, users will now be able to generate their own mini personal payment gateways using their
phone numbers.
 Users can share it with anyone over chat, SMS, email, etc to collect payments.
Extra Shots:
MobiKwik
 Founded: April 2009
 CEO: Bipin Preet Singh
 Headquarters location: Gurugram
 Area served: India
Business & Economy

Page 125 of 197
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Fitch slashes India’s GDP Growth Projection to 8% from 9.5% for FY22
 Fitch Ratings has cut India’s growth forecast for the fiscal year 2021-22 to 8 percent from its earlier
projection of 9.5 percent, in its June update of Global Economic Outlook released on 30 June 2020.
 However, the rating agency has retained its projection for the current fiscal which is expected to contract by 5
percent in the 2020-21.
 Meanwhile, Fitch projected Indian economy to grow 5.5 percent in 2022-23.
Extra Shots:
Fitch
World Bank approves $750 mn emergency response fund for India’s COVID-hit MSME sector
 The World Bank has approved loan worth $750 million to address the immediate liquidity and credit needs of
India’s micro, small, and medium enterprises (MSMEs), severely impacted by the Covid-19 crisis.
 The World Bank’s MSME Emergency Response program will provide financial support to some 1.5 million
viable MSMEs.
 With this, the World Bank’s total commitment has reached to $2.75 billion to support India’s emergency
Covid-19 response.
Extra Shots:
World Bank
World Bank enhances support for rejuvenating Ganga, sanctions USD 400 mn
 The World Bank said it has enhanced its support for Government of India’s program to rejuvenate Ganga
river with a USD 400 million (about Rs 3,000 crore) assistance that will help stem pollution in the river.
 The assistance will help strengthen the management of the river basin which is home to more than 500 million
people.
 Back in 2015, the World Bank Group has approved USD 1 billion for the First National River Ganga Basin
Project.
 The loan approved for USD 400 million is for the Second National River Ganga Basin Project (SNGRBP).
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Objectives of SNGRBP
 Expand the sewage treatment infrastructure to more cities in the Ganga Basin
 In the long term, the assets related to sewage treatment is operated and maintained effectively
 Help develop State-of-the-art tools for National Mission for Clean Ganga (NMCG) for effective management
of the riverfront
 To help control pollution discharge, sewage networks and treatment plants will be set up in select cities across
the Ganga Basin
 New infrastructure projects will be developed under the Hybrid Annuity Model (HAM) to ensure long term
effectiveness and are well maintained
Extra Shots:
World Bank
India among Switzerland’s top-3 partners for info exchange on tax matters: Global Forum
 India figures among the top-three countries getting detailed information from Switzerland about bank
accounts and beneficiary ownership of entities established by their residents in the Alpine nation, according to
the latest study by OECD”s Global Forum on transparency and exchange of information for tax purposes.
 The latest peer review by the Global Forum, referring to the period from July 2015 to June 2018, named India
among the top-three jurisdictions to which Switzerland provided information on request.
 The other two countries were France and Germany.
 India is also rated as ”largely compliant” by this OECD (Organisation for Economic Cooperation and
Development) body.
States GSDP may contract by up to 14.3% in FY21 on Covid-19: Ind-Ra report
 The gross state domestic product (GSDP) of all states is likely to contract up to 14.3 per cent in the current
financial year due to the impact of Covid-19-induced lockdown on economic activities, says a report.The
contraction will be in the range of 1.4 per cent-14.3 per cent.
 States such as Assam, Goa, Gujarat and Sikkim are likely to witness a double-digit contraction in FY2021.
 The top five major states where the impact of lockdown was the most pronounced are Karnataka, Jharkhand,
Tamil Nadu, Kerala and Odisha.
 The five major states where the impact of lockdown was the least pronounced are Madhya Pradesh, Punjab,
Bihar, Andhra Pradesh and Uttar Pradesh.
GST Revenue Collection Improves significantly in the month of June 2020
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 Rs 90,917 crore is the gross GST (Goods and Services Tax) revenue collected in the month of June 2020.
 The amount Rs 90,917 crores is 91 percent of GST revenue collected in the month of June in 2019.
Breakdown of GST Revenue Collection for June 2020
 Central GST (CGST): Rs 18,980 crore
 State GST (SGST): Rs 23,970 crore
 Integrated GST (IGST): Rs 40,302 crore (includes-on import of Goods Rs 15,709 crore Collected)
 Cess: Rs 7,665 crore (includes-on import of goods Rs 607 crores collected)
Month-wise GST Revenue Collection in First Quarter of FY 2020-21
 The GST revenue collected in the first quarter of the Financial Year (FY) 2020-21 is 59 percent of the GST
revenue collected during the first quarter of the 2019-20 financial year.
 In April 2019 GST Revenue Collection was of Rs 113, 866 crore while in April 2020 it was 32,294 crore
 In May 2019 GST Revenue Collection was Rs 100,289 crore while in May 2020 it was Rs 62,009 crore
 In June 2019 GST Revenue Collection was Rs 99,940 crore while in June 2020 it was Rs 90,917 crore
Extra Shots:
GST: Goods and Services Tax is an indirect tax used in India on the supply of goods and services. It is a
comprehensive, multistage, destination-based tax: comprehensive because it has subsumed almost all the indirect
taxes except a few state taxes.
Govt launches Special Liquidity Scheme for NBFC of Rs. 30,000 crore
 The Government of India has launched a Special Liquidity Scheme worth Rs. 30,000 crore for improving the
liquidity position of Non-Banking Financial Company (NBFCs) and Housing Finance Company (HFCs).
Who will manage the Scheme:
 The Scheme will be managed by SPV (SLS Trust).
 SPV (SLS Trust) has been set up by SBICAP which is a subsidiary of the State Bank of India.
Highlights:
 RBI will provide funds for this Scheme by subscribing to government-guaranteed special securities issued by
the SLS Trust.
 The total amount of such securities issued outstanding shall not exceed Rs. 30,000 crores at any point of time.
 The Scheme was announced by Union Minister for Finance Nirmala Sitharaman on 13th March 2020.
Aim of the scheme:
 To ensure availability of fund to NBFC and HFC sector and hence improve the liquidity position of
NBFCs/HFCs.
Duration of the scheme:
 The Scheme will remain open for 3 months for making subscriptions by the Trust.
 The period of lending (CPs/NCDs of NBFCs/HFCs for short duration of upto 90 days) by the Trust shall be
for a period of upto 90 days.
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Use of Fund by NBFC and HFC:

 NBFC and HFC cannot use this financing to expand assets.
 The financing would be used by the NFBCs/HFCs only to repay existing liabilities.
Outlay of the Scheme:
 Rs 30,000 Crore
Eligibility criteria for NBFC and HFC:
 CRAR/CAR of NBFCs/HFCs should not be below the regulatory minimum, i.e., 15% and 12% respectively
as on March 31, 2019;
 The net non-performing assets should not be more than 6% as on March 31, 2019;
 They should have made net profit in at least one of the last two preceding financial years (i.e. 2017-18 and
2018-19)
Care Ratings Forecast India’s GDP to contract by 6.4% in FY21
 Care Ratings has revised India’s GDP growth forecast for the current financial year 2020-21 to contract by 6.4
percent.
 The rating agency had earlier projected a decline in GDP growth of 1.5-1.6 per cent in FY21.
 This decline is because the economic activity continues to be under restriction due to the lockdown on account
of the COVID-19 pandemic.
Extra Shots:
Care Ratings
 Headquarters: India
 Founded: 1993
Fitch cuts India’s GDP growth forecast to 8% from 9.5% for FY22
 Fitch cuts India’s GDP growth forecast to 8% from 9.5% for FY22, in its June update of Global Economic
Outlook report.
 Fitch retained its projection of Indian economy contracting by 5 per cent in the current fiscal.
 Meanwhile, Fitch projected the Indian economy to grow 5.5 per cent in 2022-23.
Extra Shots:
Fitch
Intel Capital Invests Rs 1894.50 crore in Jio Platforms
 United States-based Intel Corporation’s investment arm Intel Capital will invest Rs 1,894.50 crores in
Reliance Industries Limited’s (RIL’s) subsidiary company Jio Platform.
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 The announcement was made by Reliance Industries Limited on 3rd July 2020.
 With this investment, equity value in Jio Platforms rose to Rs 4.91 lakh crore, while Rs 5.16 lakh crore its
enterprise value.
 Rs 1894.50 of investment will translate to 0.39 percent of an equity stake for Intel Capital in Jio Platforms.
 In a matter of 11 weeks since 22nd April 2020, this was the 12th foreign investment in Jio Platforms.
 The 12 investments make a total of Rs 1,17,588.45 crores that have been raised in Jio Platforms.
 This investment also takes the total stake in Jio Platforms of foreign investors to 25.09 percent.
NOTE:
Reliance Jio Investors List
S.No Investor Investment Amount Stake Bought
(in crores)
1 Facebook, Inc. Rs 43,573.62 9.99%
2 Silver Lake Partners Rs 5,655.75 1.15%
3 Vista Equity Partners Rs 11,367.00 2.32%
4 General Atlantic Rs 6,598.38 1.34%
5 KKR Rs 11,367.00 2.32%
6 Mubadala Rs 9,093.60 1.85%
7 Silver Lake Partners Rs 4,546.80 0.93%
(additional investment)
8 Abu Dhabi Investment Rs 5,683.50 1.16%
Authority
9 TPG Rs 4,546.80 0.93%
10 L Catterton Rs 1,894.50
0.39%
11 PIF Rs 11,367.00 2.32%

12 Intel Capital Rs 1894.50 0.39%
Extra Shots:
RIL
 Chairman & Managing Director: Mukesh D. Ambani
 Founded: 8 May 1973
Intel Capital
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 Founder: Avram Miller

 Founded: 1991
 Parent organization: Intel
 Headquarters location: United States
Piyush Goyal hints India’s Export in June 2020 has ‘Recovered’ after Contracting Drastically in April and
May
 The setbacks to the Indian economy in the first two months of the Financial Year (FY) due to the COVID-19
pandemic seems to be finally over as on 3rd July 2020 the Union Minister of Commerce and Industry Piyush
Goyal informed that merchandise export figures in the month of June 2020 have touched almost 88 percent of
the June 2019 figure.
 Earlier on 22nd June 2020, Piyush Goyal had informed that the contraction in outbound shipments are 10-12
percent in the month of June 2020 if compared to 60 percent in April 2020.
 The overall export data for the month of June 2020 will be released by the Ministry of Commerce and
Industry on 15th July 2020.
 After three straight months of decline in Export figures, the signs of improvements bring about a much-
needed relief for the Indian economy.
 Overall combined Exports (Merchandise and Services) for the April and May month of 2020 were USD 61.57
billion, that is 33.66 percent decline in Overall combined Exports from the April and May 2019 figures.
India’s Exports & Imports in May 2020
 Exports in the month of May 2020 declined by 36.47 percent as compared to April 2020.
 Import Value: USD 22.20 billion (Imports in May 2019 was USD 45.35 billion)
 Export Value: USD 19.05 billion (Exports in May 2019 was USD 29.99 billion)
 Trade deficit: USD 3.15 billion (Trade deficit in May 2019 was USD 15.36 billion)
SBM Bank India, Mastercard partners to facilitate cross border remittances using Mastercard Send
 SBM Bank India (promoted by Government of Mauritius) and Mastercard have joined hands to facilitate
cross-border payments and remittances services by using ‘Mastercard Send’.
 Mastercard Send is a secured and innovative solution – crafted to modernize domestic and cross-border
payments and remittances.
 SBM Bank India is the first bank to receive universal banking licence from the RBI to set up and operate as a
scheduled commercial bank through the wholly-owned subsidiary mode.
Extra Shots:
SBM Bank (Mauritius)
 CEO: Parvataneni Venkateswara Rao
 Headquarters: Port Louis, Mauritius
 Parent organization: SBM Holdings
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 Subsidiaries: SBM Bank Kenya Limited, Rafiki Microfinance Bank Limited, Banque SBM Madagascar SA
Mastercard
World Bank to provide USD 400 million to enhance support to rejuvenate Ganga
 World Bank and the Government of India (GoI) signed a loan agreement to enhance support for the Namami
Gange programme that seeks to rejuvenate the Ganga river.
 The Second National Ganga River Basin Project aims to help stem pollution in river Ganga.
 It will also strengthen the management of the river basin, which is home to more than 500 million people.
Highlights:
 The $400 million projects comprise a loan of $381 million and a proposed Guarantee of up to $19 million.
 The agreement aims to ensure that the river Ganga returns to a pollution-free, ecologically healthy state.
 The new project will extend the engagement of India and the World Bank in this critical national programme
to make the Ganga a clean, healthy river.
 The project will help build infrastructure and institutions that are needed to make the Ganga clean.
Extra Shots:
World Bank:
Citi projects India’s FY21 GDP forecast at -6%
 Brokerage firm Citi, has projected India’s GDP for FY21 to contract by 6%. The projection has been lowered
by Citi, as compared to its earlier estimate of -3.5%.
 Citi has reduced the projection for the following reasons: Spread of the Corona Virus, Virus concentration risk
and Macro Indicators.
Extra Shots:
Citi is a leading provider of transaction banking, liquidity, credit and capital markets services to retail and
institutional broker-dealers, asset management and infrastructure companies worldwide.
AIIB provides USD 50 mn to L&T Infra Finance for renewable energy
 L&T Infrastructure Finance Company Ltd (LTIFCL) has received USD 50 million from the Asian
Infrastructure Investment Bank (AIIB), for funding Renewable Energy projects in the country.
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 The loan amount is first tranche of the total USD 100-million ECB (External Commercial Borrowing) loan
approved by Beijing-based AIIB.
 The fund will be used for on-lending large and mid-scale wind and solar power infrastructure projects in
India.
 Also, this is the first loan by AIIB to a non-banking financial company (NBFC) in India.
Extra Shots:
AIIB:
LTIFCL
 Founded: 2006
 Parent organizations: Larsen & Toubro, L&T Finance Holdings
RIL Becomes First Domestic Firm to Cross Rs 12 Lakh Crore M-cap Mark
 RIL added another feather to its cap as its market valuation crossed Rs 12 lakh crore mark, a first by any
domestic company.
 The company’s market valuation rose by Rs 40,508.8 crore to Rs 11,73,677.35 crore at close of trade on the
BSE.
 RIL’s partly paid-up shares crossed Rs 40,000 crore in market cap, thereby taking the aggregate market
capitalisation of RIL to Rs 12.14 lakh crore (USD 163.1 billion).
Extra Shots:
RIL:
Global economy to contract by 5.2 pc in 2020: D&B Report
 The global economy is likely to contract by 5.2 percent in 2020, according to Dun and Bradstreet’s (DNB)
Country Risk and Global Outlook Report, that covered 132 countries.
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 The reason behind this decline is the coronanvirus, which is still spreading, and the economic prospects of
countries across the world are uncertain.
Aditya Birla Mutual Fund launches voice-based services with Google Assistant
 Aditya Birla Sun Life AMC has launched voice-based services for its investors with Google Assistant.
 The voice assistant acts as a 24X7 interface for investors to interact with the fund house, to address their
various service requests such as portfolio valuations, account statement, capital gains statement etc.
 The Google voice assistant uses the latest in AI and NLP to provide a simple conversational experience and
provide the relevant solution.
Extra Shots:
Aditya Birla Group
 Founder: Seth Shiv Narayan Birla
 Founded: 1857
ADB, Education Above All Foundation agree to work together for quality Primary Education for out-of-school
children
 The Asian Development Bank (ADB) and the Qatar-based Education Above All (EAA) Foundation have
signed an agreement to carry out $100 million in joint projects to put out-of-school and at-risk children into
quality primary education.
 The two organizations will implement projects in up to 10 countries to ensure that at least 320,000 out-of-
school children, including refugees and internally displaced children, realize their right to a quality primary
education.
 The 10 countries initially selected for projects are Afghanistan, Bangladesh, India, Indonesia, Myanmar,
Nepal, Pakistan, Papua New Guinea, Philippines, and Sri Lanka.
Extra Shots:
ADB: Asian Development Bank
Google to invest Rs. 75,000 crore in India over next 5 to 7 years
 Google CEO Sundar Pichai announced an investment of Rs. 75 thousand crore in India over the next 5 to 7
years through ‘Google for India Digitisation Fund’ to help accelerate country's digital economy.
 He made this announcement during the sixth annual edition of the "Google for India" virtual event.
The investments will focus on four key areas of India's digitization:
 Enabling affordable access and information to every Indian in their own language,
 Building new products and services relevant to India's unique needs,
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 Empowering businesses as they continue to embark in digital transformation,

 Leveraging technology and Artificial Intelligence for social good in areas like healthcare, education and
agriculture.
Extra Shots:
Google
 CEO: Sundar Pichai
 Founded: 4 September 1998, Menlo Park, California, United States
 Parent organization: Alphabet Inc.
 Headquarters: Mountain View, California, United States
 Founders: Larry Page, Sergey Brin
FICCI survey predicts India’s GDP to contract by 4.5% in FY21
 Industry body FICCI has projected the Indian economy to contract by (-) 4.5 percent in 2020-21, as per its
latest Economic Outlook Survey released on 12 July 2020.
 The minimum and maximum GDP growth estimate stood at (-) 6.4 percent and 1.5 percent, respectively, for
FY21.
 The downward revision is due to the halt in economic activities amid the Covid-19 pandemic and the
lockdown.
Extra Shots:
FICCI:
 Founded: 1927
 Founders: Ghanshyam Das Birla, Purshottamdas Thakurdas
 Type of business: Trade Association
CBDT launches a new Utility Tool for Banks and Post Offices for Proper Implementation of Finance Act 2020
 The Central Board of Direct Taxes (CBDT) has informed on 12th July 2020 that a new Utility Tool has been
launched that will facilitate the Banks and Post Offices across the country with the accurate TDS rate (Tax
Deduction at Source) applicable on cash withdrawals.
 The utility tool can be accessed by the Banks and Post Offices by visiting the web portal-
‘incometaxindiaefiling.gov.in’.
 The Utility Tool is available under the name’ Verification of Applicability u/s 194N’ on the portal.
 The Utility Tool was developed based on the Data of Cash Withdrawal from across the country that has
suggested that large amounts of cash were withdrawn by Individuals who had never filed income tax returns.
Extra Shots:
CBDT:
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The Central Board of Direct Taxes (CBDT) is the authority vested with the responsibility of the administration of
laws related to direct taxes through the Department of Income Tax.
India’s GDP to contract 7.5% if Covid vaccine is delayed, 4% in base case: Bank of America Securities
 A longer wait for a vaccine against Covid-19 virus may lead to a contraction of up to 7.5 per cent in the Indian
GDP in FY21, a foreign brokerage Economists at Bank of America Securities said.
 It also revised down their base case estimates on the real GDP within a week, and now expect it to contract by
4 per cent because of a drop in economic activity.
 Many analysts are expecting the Indian economy to contract by 5 per cent in FY21 as a result of the
nationwide lockdowns, with some also estimating a contraction of up to 7.2 per cent in the GDP.
Extra Shots:
Bank of America
 Headquarters: Charlotte, North Carolina, United States
 CEO: Brian Moynihan
ICRA Predicts India’s GDP to Contract 9.5% in FY21
 Credit Rating agency ICRA has sharply revised the GDP forecast for India and expects the Indian economy to
contract by 9.5% (-9.5%) in 2020-21.
 Earlier it had projected the GDP at -5% for FY21.
 The increasing Covid-19 infections, leading to localised lockdowns in some states and cities, affecting the
economic activities is the main reason for this sharp revision.
 Icra’s projection is the sharpest contraction in the gross domestic product (GDP) for FY21 among all
estimations so far.
Extra Shots:
ICRA
 CEO: Naresh Takkar
 Founded: 1991
 Owner: Moody's Corporation
India's foreign exchange reserves reach all-time high of 516.362 billion dollars
 India's foreign exchange reserves have swelled by 3.108 billion dollars to reach a fresh all-time high of
516.362 billion dollars in the week ended 10th July 2020.
 In the previous week, the reserves had increased by 6.416 billion dollars to end at 513.54 billion dollars.
 India's special drawing rights with the International Monetary Fund rose by 5 million dollars to reach 1.453
billion dollars, while the country's reserve position also increased by 19 million dollars to 4.545 billion
dollars.
Extra Shots:
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Forex: The foreign exchange market is a global decentralized or over-the-counter market for the trading of
currencies. This market determines foreign exchange rates for every currency. It includes all aspects of buying,
selling and exchanging currencies at current or determined prices.
Govt starts e-campaign on Voluntary Income Tax Compliance for tax payers
 The Income Tax Department is all set to start an e-Campaign on voluntary compliance of Income Tax for the
convenience of the taxpayers.
 The 11-day campaign will focus on the assesses or taxpayers who are either non-filers or have discrepancies
in their returns for the financial year 2018-19.
 The objective of the e-campaign is to facilitate taxpayers to online validate their tax and financial transaction
information available with the I-T Department.
 Under this e-campaign the Income Tax Department will send email and SMS to identified taxpayers to verify
their financial transactions related information received by the I-T department from various sources such as
Statement of Financial Transactions, Tax Deduction at Source, Tax Collection at Source and Foreign
Remittances.
Nomura estimates India’s GDP to contract by 6.1% in FY21
 The Indian economy is expected to contract by 6.1 percent in the current fiscal (2020-21), as per the Japanese
financial services firm Nomura.
 The contraction in the GDP is due to the Covid-19 pandemic, which has impacted both supply and demand
forces in the economy since March 2020.
Extra Shots:
Nomura:
 CEO: Koji Nagai
 Founder: Tokushichi Nomura II
 Founded: 25 December 1925, Osaka, Osaka, Japan
EPFO registers 3.18 lakh new subscribers in May 2020
 The subscriber base for Employees' Provident Fund Organization- EPFO has grown by 3.18 lakh new net
members during May 2020. It has registered 218 per cent month on month growth.
 The subscriber base growth is on account of increased number of new subscribers, lower exits and higher
rejoining by exited members.
 The new subscriber joining increased by 66 per cent from 1.67 lakh in April to 2.79 lakh in May 2020.
Extra Shots:
EPFO:
 Founded: 4 March 1952, New Delhi
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 Type of business: Central-Owned
Government amended certain Indian Accounting Standards
 Government of India (GoI) has amended certain Indian Accounting Standards (Ind-AS), including the
standard relating to leases amid the COVID-19 pandemic.
 The Ministry of Corporate Affairs has amended Ind-AS 103, 116, and some other standards.
Highlights:
 Ind-AS 103 pertains to business combinations, Ind-AS 116 relates to principles for the recognition,
presentation, and disclosure of leases.
 The amendment to Ind-AS 116 is expected to provide significant relief to such lessees for accounting for rent
concessions from lessors specifically arising from the COVID-19 pandemic.
 The amendment in Ind-AS 103 is aimed to help entities to determine whether a transaction needs to be
accounted for as a business combination or as an asset acquisition.
Bharti AXA General Insurance launches ‘Bohot Zaroori Hai’ campaign for farmers in Maharashtra and
Karnataka
 Bharti AXA General Insurance has launched a crop insurance campaign titled ‘Bohot Zaroori Hai’ for farmers
in Maharashtra and Karnataka to encourage them about their yield protection and financial security.
 Under the campaign, the Bharti AXA General Insurance, will insure the farmers in Maharashtra and
Karnataka for a period of three years under the Pradhan Mantri Fasal Bima Yojna (PMFBY).
 Bharti AXA General Insurance has received Rs 800 crore worth crop insurance mandate from the
governments of Maharashtra and Karnataka for 3 years.
 The company will insure farmers under PMFBY in six districts of Maharashtra and three districts of
Karnataka.
 It includes Ahmednagar, Nashik, Chandrapur, Solapur, Jalgaon and Satara in Maharashtra and Dharwad,
Mysuru and Kodagu in Karnataka
Extra Shots:
Bharti AXA General Insurance
 CMD: Sanjeev Srinivasan
ADB approves USD 3 million grant to India to combat COVID-19
 Asian Development Bank (ADB) has approved USD 3 million (about Rs 22 crore) grant to India from its Asia
Pacific Disaster Response Fund to further support the government’s emergency response to COVID-19
pandemic.
 The grant will be used to procure thermal scanners and essential commodities to strengthen India’s COVID-
19 response.
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Extra Shots:
ADB:
Bank of Maharashtra joins hands with Uniken for Omni-channel security
 In a bid to secure its Internet banking channels as also mobile, card, call centres and ATMs, among others,
against cyber fraud, the state-owned Bank of Maharashtra has joined hands with Uniken, a pioneer in the field
of digital security in India.
 The bank will use Uniken’s REL-ID technology for Omni-channel security.
 The REL-ID technology by Uniken has been modelled for defence-in-depth functions that will help secure the
bank’s mobile apps by protecting them against phishing, pharming and malware attacks.
Extra Shots:
Bank of Maharashtra
 CEO: A. S. Rajeev
 Founders: D. K. Sathe, V. G. Kale
Tata Capital Growth Fund to invest Rs 225 crore in Biocon Biologics
 Biocon Ltd, a global biopharmaceuticals company, announced that the board of its subsidiary Biocon
Biologics India Limited has approved a primary equity investment by Tata Capital Growth Fund.
 Tata Capital will invest Rs 225 crore for a 0.85 percent minority stake in the biosimilar business, valuing
Biocon Biologics at an equity valuation of Rs 26,250 crore and an enterprise valuation of Rs 30,400 crore.
Extra Shots:
Biocon Ltd
 CEO: Arun Suresh Chandavarkar
 Founder: Kiran Mazumdar-Shaw
 Founded: 1978
 Headquarters: Bengaluru
Tata Capital
 CEO: Rajiv Sabharwal
 Parent organization: Tata Group
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 Founder: Praveen Kadle

Govt extends deadline for filing income tax returns for FY 2018-19 till Sep 30
 Union Government has extended the deadline for filing income tax returns for 2018-19 fiscal by two months
till 30th of September.
 To further ease compliances for taxpayers, it extended the due date for filing of Income Tax Returns from 31st
of July 31 to 30th of September 30.
August 2020 – Banking, Finance & Economy Current Affairs
RBI in News
 Subsidiaries: Deposit Insurance and Credit Guarantee Corporation, Bharatiya Reserve Bank Note Mudran
RBI Monetary Policy
 The six-member Monetary Policy Committee (MPC) of Reserve Bank of India held its meeting in New Delhi.
 The committee was headed by RBI Governor Shakti kanta Das.
 The repo rate was kept the same at 4%
 The reverse repo rate was kept at 3.35%
 The members decided to provide Rs 10,000 crore additional liquidity facility to National Housing Bank
(NHB), National Bank for Agriculture and Rural Development (NABARD). In order to mitigate COVID-19
impact on households, loans against gold have been enhanced to 90% of the value as against the current 75%
 In June, the retail inflation was 6.09%.
 This includes food items such as meat, cereals, fish and pulses.
RBI launches pilot scheme for Offline Retail Payments Using Cards and Mobile Devices
 The Reserve Bank of India has launched pilot scheme for small value payments in offline mode. The pilot
scheme shall be undertaken till March 31, 2021 only.
 Under the scheme, authorised Payment System Operators (PSOs) – banks and non-banks – will be able to
provide offline payment solutions using cards, wallets or mobile devices for remote or proximity payments.
 This has been done to do away with the impediments caused due to lack of internet connectivity or low speed
of internet, especially in remote areas.
Some major points related to this scheme are:
 Maximum limit of a payment transaction will be Rs 200. (For a single transaction.)
 The total limit for offline transactions on an instrument shall be Rs 2,000, at any point of time. Resetting of
the limit shall be allowed in online mode with AFA.
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 Payments could be made using cards, wallets or mobile devices or through any other channel. Payments may
be made in remote or proximity mode.
Reserve Bank of India to set up Innovation Hub for financial sector in India
 The Reserve Bank of India (RBI) announced that it is planning to set up an Innovation Hub in order to
promote innovation across the finance sector in India by leveraging on technology.
 The Innovation Hub will be promoting, supporting, and hand-hold cross thinking spanning national
boundaries and regulatory permits.
 It will act as a centre for ideation and incubation of new capabilities which can be leveraged to create viable
and innovative financial products or services to help achieve the broader objectives of efficient banking
services, deepening financial inclusion, strengthening consumer protection, business continuity in times of
emergency.
RBI permits banks to invest in debt instruments through mutual funds
 RBI has permitted banks to invest in debt instruments through mutual funds or exchange traded funds without
allocating additional charges.
 As per RBI’s extant Basel III guidelines, if a bank holds a debt instrument directly, it would have to allocate
lower capital as compared to holding the same debt instrument through a mutual fund- or exchange traded
fund.
 It has been decided to harmonise the differential treatment existing currently.
 This will result in substantial capital savings for banks and is expected to give a boost to the corporate bond
market.
RBI bars banks from opening current accounts for customers having availed cash credit or overdraft facilities
 The Reserve Bank of India has barred banks from opening current accounts for customers who have availed
cash credit or overdraft facilities, with a view to improve credit discipline.
 In a notification, the Central Bank said, rather than opening a new current account, all transactions should be
routed through a Cash Credit or OverDraft account.
RBI announces ‘positive pay’ feature to enhance safety of cheque payments
 The Reserve Bank of India (RBI) said it has decided to introduce a mechanism of ‘Positive Pay’ for all
cheques of value Rs 50,000 and above.
 This will cover approximately 20 percent and 80 percent of total cheques by volume and value, respectively.
 Under the ‘positive pay’ system, a customer who issues the cheque clicks a picture of the cheque before
handing it over to the beneficiary and uploads the same on the bank’s mobile application.
RBI approves Dividend of Rs 57,000 crore to Government
 The Central Board of the Reserve Bank of India has approved the transfer of Rs 57128 crores as the dividend
to the Central government for the accounting year 2019-20 while maintaining the contingency risk buffer at
5.5 per cent.
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 The meeting, chaired by the RBI Governor Shaktikanta Das, focused on reviewing the current economic
situation.
 The central bank also discussed setting up an Innovation Hub.
 The annual report of the bank was also approved during the meeting.
RBI tightens norms for core investment companies
 The Reserve Bank of India (RBI) tightened the norms for core investment companies (CICs), based on the
recommendations received from the working group which was formed to review the framework.
 The new guidelines were based on the recommendations of the Working Group to Review Regulatory and
Supervisory Framework for CICs, headed by Tapan Ray, former secretary of the corporate affairs ministry.
 The report was published by RBI on 6 November 2019.
 According to the revised guidelines, the GRMC will have to analyze material risks to which the group, its
businesses and subsidiaries are exposed.
 CICs with assets of over Rs 5,000 crore will have to appoint a chief risk officer (CRO).
 While computing Adjusted Net Worth (ANW), the amount representing any direct or indirect capital
contribution made by one CIC in another CIC, which exceeds 10% of owned funds of the investing CIC, shall
be deducted.
 CIC in the group, or the CIC with the largest asset size, will have to form a group risk management committee
(GRMC), comprising of at least five members, with two independent directors.
RBI releases framework for authorisation of pan-India Umbrella Entity for Retail Payments
 Reserve Bank of India has released the ‘framework for authorization of pan-India Umbrella Entity for Retail
Payments’ in India.
 This means that RBI has allowed companies/entities to apply to RBI to set-up pan-India umbrella
entity/entities focussing on retail payment systems in India.
 After receiving approval from RBI, the entity may start functioning as an Umbrella Entity for Retail Payments
in India just like NPCI.
Here are some major points about this framework:
 Paid-up capital: The umbrella entity shall have a minimum paid-up capital of Rs 500 crore.
 Promoters Share: No single Promoter / Promoter Group shall have more than 40% investment in the capital of
the umbrella entity.
 The Promoters / Promoter Groups shall upfront demonstrate the capital contribution of not less than 10% i.e.,
₹50 crores at the time of making an application for setting up of the umbrella entity. The balance capital shall
be secured at the time of commencement of business/operations.
 The Promoter / Promoter Group shareholding can be diluted to a minimum of 25% after 5 years of the
commencement of the business of the umbrella entity.
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 The umbrella entity shall commence business/operations within a time of 6 months, extendable to a maximum
of one year, if required, from the date of ‘in-principle approval’.
 A minimum net-worth of Rs 300 crore shall be maintained at all times.
 The entity shall be a Company incorporated in India under the Companies Act, 2013.
 The umbrella entity shall be a Company authorized by Reserve Bank of India (RBI) under Section 4 of the
PSS Act, 2007.
RBI Releases NSFE 2020-25, Suggests Action Plan to Promote Financial Education
 The ‘National Strategy for Financial Education 2020-2025’ (NSFE), released by the RBI, has suggested a
multi-stakeholder-led approach for creating a financially aware and empowered India.
 The Reserve Bank of India (RBI) came out with a ‘5-Core Actions’ approach for promoting financial
education, which among other things include development of relevant content for school children and adults,
community participation and collaboration among various stakeholders.
 The five Cs, outlined by the strategy paper, are: Content, Capacity, Community, Communication and
Collaboration.
 Strengthening financial inclusion in the country has been one of the important developmental agendas of both
the Government of India and the four financial sector regulators (RBI, SEBI, IRDAI and PFRDA).
RBI announces OMO of govt securities worth ₹20,000 crore
 The Reserve Bank of India today announced that it will conduct open market operations or OMO of
government t securities worth ₹20,000 crore in two tranches.
 The Reserve Bank has decided to conduct simultaneous purchase and sale of government securities under
Open Market Operation (OMO) for an aggregate amount of ₹20,000 crores in two tranches of ₹10,000 crores
each.
 The auctions would be conducted on August 27, 2020 and September 03, 2020.
 The RBI will be buying longer-dated government securities maturing between 2024 to 2032 while it will be
selling securities that mature between October and November this year.
RBI to dissolve Banking Codes and Standards Board of India
 The Reserve Bank of India (RBI) has decided to dissolve the Banking Codes and Standards Board of India
(BCSBI).
 BCSBI was set up by the Reserve Bank in February 2006 as an independent and autonomous body, assigned
to formulate codes of conduct to be adopted by banks voluntarily for ensuring fair treatment of customers.
 BCSBI, in collaboration with the Indian Banks’ Association (IBA), has evolved two codes – Code of Bank’s
Commitment to Customers and the Code of Bank’s Commitment to Micro and Small Enterprises – which set
minimum standards of banking practices for member banks to follow when they are dealing with individual
customers and micro and small enterprises.
RBI projects country's growth rate at (-) 4.5 per cent for 2020-21
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The Reserve Bank has projected India's growth rate at (-) 4.5 percent for 2020-21.
 In its annual report, RBI projected global growth rate between (-) 6.0 percent and (-) 7.6 per cent.
 It stressed that the pandemic will inflict deep disfigurations on the world economy adding that the future is
heavily contingent upon the evolving intensity, spread and duration of COVID-19 and the discovery of the
elusive vaccine.
 RBI has asked for wide-ranging reforms to regain losses due to COVID-19 crisis adding that it will take quite
some time to mend and regain the pre-COVID-19 momentum.
SBI in News
 MD: Ashwani Bhatia
SBI introduces pilot doorstep ATM service
 The State Bank of India (SBI) has introduced a new doorstep ATM service which will allow its customers to
withdraw cash without having to leave their homes.
 All customers need to do is send a WhatsApp message or make a call to the designated SBI number, and a
mobile ATM will reach their location.
 The service is currently a pilot project offered to SBI customers in Lucknow.
 If the project receives good feedback, it will be implemented in other cities too.
 These doorstep banking service include cash pickup, cash delivery, cheque pickup, cheque requisition slip
pickup, form 15H pickup, delivery of drafts and KYC documents pickup, among others.
SBI partners with AddaCorner to boost real estate deals in Bengaluru
 State Bank of India (SBI) unveiled an online home carnival in partnership with real-time group negotiation e-
platform AddaCorner.
 The carnival will invite prospective home-buyers to virtually come together as a group and directly negotiate
with empaneled real estate sellers on real-time basis.
SBI rolls out YONO Krishi review to empower farmers
 State Bank of India (SBI) has introduced “KCC (Kisan Credit Card) Review option” on its digital agricultural
solution platform, YONO Krishi.
 The objective behind this is to enable farmers to access their KCC limit in four clicks.
 With this added feature, farmers will no longer need to visit the bank branch to apply for a revision in their
KCC limit.
SBI General Insurance launches “Shagun – Gift an insurance” policy
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 SBI General Insurance has launched a first-of-its-kind insurance product called ‘Shagun – Gift an Insurance”,
which is a unique gift of Personal Accident policy.
 The unique feature of this policy is that it can be gifted to anyone, which means it is not necessary for the
policy buyer to be related to the insured.
 A Gift giver (policy buyer) can gift this product to anyone like family, friends, extended family and even
domestic helpers, chauffeurs, drivers, cook, etc.
 Gift Receiver (insured) should be in the age group of 18 years to 65 years. It can be availed for up to 1 Year.
SBI waives off SMS charges for all savings accounts
State Bank of India has waived off SMS charges in addition to its penalty waiver on non-maintenance of minimum
balance for all its Savings Accounts.
 SBI has over 44 crore savings accounts. The public sector bank informed that the waiver of such charges is
applicable for all kinds of savings accounts including those with cheque or Internet Banking facilities.
 Earlier, SBI customers had to maintain an average monthly balance of 3000, 2000 and 1000 rupees in metro,
semi urban and rural areas respectively.
 The bank used to levy a penalty of 5 to 15 rupees plus taxes on non-maintenance of average monthly
balance.
 The Bank had announced in the month of March this year that the minimum balance charges will be waived
off for all its Savings Account customers.
SBI gets global recognition for HR initiative 'Nayi Disha'
 State Bank of India (SBI) has got global recognition for its HR initiative ''Nayi Disha'' which over the course
of 1.5 years has touched more than 2.40 lakh employees.
 The bank has won three Brandon Hall Excellence Awards, also known as the Academy Awards of Learning
& Development.
 It recognizes the best organizations that have successfully deployed programs, strategies, modalities,
processes, systems, and tools to achieve measurable results.
 SBI has won these awards in three categories viz. Best Learning Program supporting a Change
Transformation Business Strategy, Best Use of Blended Learning and Best Unique or Innovative Learning
and Development Program
Extra Shots:
SBI
 Chairperson: Rajnish Kumar Trending
Other Banks in News
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Wibmo launches video-based customer identification process for banks

 Wibmo Inc., a leading provider of payer authentication services in the world and India’s largest provider of
card payment security solutions today announced the launch of Wibmo Video-KYC, its video-based KYC
solution to enable banks to digitally onboard their customers.
 Wibmo’s Video-KYC platform has been designed keeping in mind the emerging need of financial service
providers and their customers world-wide to establish a trust relationship in a digital world.
 This solution will not only help banks and financial service providers bring on new customers, but also opens
up more ways for reaching their customers online.
Extra Shots:
Wibmo:
 Founded: 1999
 Chief business officer: Suresh Rajagopalan
 Headquarters location: Cupertino, California, United States
 Subsidiary: Mypoolin
Banks sanctions about Rs 90,000 crore concessional credit to 1.1 crore KCC holders
 Finance Minister Nirmala Sitharaman said banks have sanctioned Rs 89,810 crore to about 11 million Kisan
Credit Card (KCC) holders to help farmers meet finances for kharif sowing and allied activities.
 As part of the Rs 20.97 trillion stimulus package, the government had announced Rs 2 trillion of concessional
credit through KCC to 25 million farmers, including fishermen and those involved in animal husbandry.
 This marks an increase of Rs 26,940 crore over Rs 62,870 crore sanctioned to 70.32 lakh KCC holders as on
June 30.
Axis Bank launches AI-powered conversational voice BOT for IVR
 Private sector lender Axis Bank unveiled as Automated Voice Assistant ‘AXAA’, which is an artificial
intelligence-powered conversational voice BOT.
 AXAA operates like a humanoid and has power to change the paradigm of customer experience from
conventional Interactive Voice Response (IVR) system to a new era of call steering and precise response with
very high degree of accuracy and consistency.
 It can converse in English, Hindi and Hinglish and is capable of handling one lakh customer queries and
requests per day
Extra Shots:
Axis Bank
 CEO: Amitabh Chaudhry
 Founded: 3 December 1993, Ahmedabad
Canara Bank ties up with three insurers to provide Corona Kavach policies
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 Canara Bank it has tied-up with three insurance companies namely, New India Assurance Company Ltd, Bajaj
Allianz General Insurance Co Ltd and HDFC ERGO Health Insurance to sell short-term Corona Kavach
policy to cover COVID-19 related health expenses.
 The Corona Kavach Policies will be available at a very competitive premium structure, starting with as low as
Rs 300.
 The policy is - purchase on individual and family floater basis, minimum sum insured of Rs 50,000 to a
maximum of Rs 5 lakh, no capping on room rent, and home care treatment up to 15 days.
 The policy which will be available for a maximum period of 9 and half months (or 285 days), will also cover
Ayush treatment up to 100 per cent of sum assured and coverage of co-morbid conditions.
Extra Shots:
Canara Bank
 CEO: Lingam Venkat Prabhakar
 Founder: Ammembal Subba Rao Pai
Kotak Mahindra Bank launches ‘Kona Kona Umeed’ Campaign
 The private sector lender, Kotak Mahindra Bank, has announced the launch of a two-month long campaign
called ‘Kona Kona Umeed’ with huge offers and discounts to lift up hope and optimism among its customers
in the midst of the Coronavirus pandemic.
 Under this Kona Kona Umeed campaign, the bank will provide a range of offers and deals on its products
including loans, savings accounts, current accounts, corporate salary accounts as well as Kotak debit cards,
credit cards and digital payments.
 Kotak has tied up with over 100 brands to provide exclusive deals to its customers in categories such as
shopping, essentials, personal care, education, fitness, health & wellness, kids & parenting, entertainment,
cyber care & security, among others.
Extra Shots:
Kotak Mahindra Bank
 CEO: Uday Kotak
 Founder: Uday Kotak
 Founded: February 2003
Over 40 crore bank accounts opened under Jan Dhan Yojana

 More than 40 crore bank accounts have been opened under the government's flagship financial inclusion drive
Pradhan Mantri Jan Dhan Yojana (PMJDY), launched about six years ago by the Modi-government.
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 As per the latest figure, there are 40.05 crore beneficiaries of this scheme and deposits in Jan Dhan bank
accounts are in excess of Rs 1.30 lakh crore.
 The achievement comes just ahead of the sixth anniversary of PMJDY launch.
 The scheme was launched on August 28, 2014 with an aim to provide universal access to banking facilities to
the people in the country.
 Accounts opened under PMJDY are Basic Savings Bank Deposit (BSBD) accounts with additional features of
RuPay debit card and overdraft.
 There is no requirement of maintaining minimum balance in BSBD accounts.
ICICI Prudential MF launches ICICI Prudential Alpha Low Vol 30 ETF
 ICICI Prudential Mutual Fund has announced the launch of ICICI Prudential Alpha Low Vol 30 ETF, an
open-ended index exchange traded fund tracking Nifty Alpha Low Volatility 30 Index.
 The ETF will track Nifty Alpha Low-Volatility 30 Index. The New Fund Offer opens on August 3 and closes
on August 10.
Extra Shots:
ICICI Prudential Mutual Fund
 CEO: Nimesh Shah
 Founded: 1993
SEBI to set up virtual museum of securities market
 Indian Market regulator, Securities and Exchange Board of India (SEBI) is planning to set up a virtual
museum of the securities market to highlight achievements and milestones in the Indian capital market.
 SEBI has invited Expression of Interest (EoI) from agencies to develop the virtual museum.
 The museum is intended to be a visual online organised collection of history of evolution, achievements and
milestones in the Indian securities market over the decades in terms of market infrastructure, regulation and
enforcement, among others.
 The achievements will be told through photos, videos, articles, media clippings, an interactive display like
quiz, paintings, drawings, diagrams, graphs, newspaper articles, transcripts of interviews and numerical
databases, among others.
 The virtual museum will engage the audience with creative content through various means like video, audio,
chatbot, voice assistants, virtual reality, analytics, interactive and animated elements.
Extra Shots:
SEBI
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15 Proposals of Stressed NBFCs, HFCs Worth Rs 6,400 Crore Sanctioned Under Special Liquidity Scheme
 The Finance Ministry said 15 proposals worth Rs 6,400 crore of stressed NBFCs and HFCs have been
sanctioned under the special liquidity scheme announced as part of the Rs 20.97 lakh crore ‘Aatmanirbhar
Bharat’ package.
 37 more applications seeking financing of up to Rs 11,037 crore are under process.
 The Reserve Bank of India (RBI) has provided funds for the scheme by subscribing to government-guaranteed
special securities issued by a trust set up by SBI Capital Markets Ltd (SBICAP).
Extra Shots:
SBI Capital Markets
 CEO: Varsha Purandare
 Parent organization: State Bank of India
 Founded: August 1986
 Subsidiaries: SBICAP (Singapore) Limited, Sbi Cap (UK) Ltd., SBICAP Securities Ltd., SBICAP Trustee
Company Ltd.
HDFC Bank launches Shaurya KGC Card
 The largest private sector bank in the country, HDFC Bank, launched ‘Shaurya KGC (Kisan Gold Credit)
Card, a loan product for the armed forces.
 This is the first-of-its-kind scheme meant for the army personnel in the country and is based on the Kisan
Credit Card guidelines of the government.
Some of the salient features of this card are:
 This credit card comes with a life cover of Rs 10 lakhs.
 It will provide finance for the agricultural requirements such as the production of crops, post-harvest
maintenance and consumption needs, purchase of farm machinery, irrigation equipment, etc.
 The loan facility can be availed by visiting HDFC Bank branch or through the e-Kisan Dhan app of the bank.
 The card is tri-coloured implying the Army, the Navy and the Air Forces of the country.
Extra Shots:
HDFC Bank
 CEO: Aditya Puri
 Founded: August 1994, India
 Parent organization: Housing Development Finance Corporation
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Punjab National Bank launches campaign named ‘DIGITAL APNAYEN’

 Punjab National Bank has launched a campaign named ‘DIGITAL APNAYEN’ to encourage customers to
use digital banking channels.
 PNB will contribute Rs 5 towards the PM CARES Fund on behalf of each customer conducting the first
financial transaction to activate their RuPay Debit card either on point of sale (PoS) or e-commerce platform,
under the campaign ‘DIGITAL APNAYEN’.
Extra Shots:
Punjab National Bank
 CEO: S. S. Mallikarjuna Rao
 Founded: 19 May 1894, Lahore, Pakistan
 Founders: Lala Lajpat Rai, Dyal Singh Majithia
Federal Bank, Fiserv partner to launch their First Independent Credit Card
 Federal Bank, private sector bank in India, has teamed-up with Fiserv, Inc., global provider of payments and
financial services technology solutions, in a bid to support the launch of the Federal Bank credit card.
 This initiative is also taken to enable the digitisation of the bank’s end-to-end card issuance and processing
cycle.
 The bank will also be outsourcing associated operational processes to Fiserv.
Extra Shots:
Federal Bank
 Headquarters: Aluva
 CEO: Shyam Srinivasan
 Founder: K.P Hormis
 Founded: 23 April 1931, Nedumpuram
SEBI imposes Rs 10 lakh fine on Bank of Baroda
 SEBI has imposed a fine of Rs 10 lakh on the Bank of Baroda for violating mutual fund regulations for non-
compliance of Regulation 7B of SEBI (Mutual Fund Regulations), 1996 with the directions issued by SEBI in
the case of holding, more than prescribed limit, equity shares of UTI Asset Management Company Ltd and
UTI Trustee Pvt Ltd.
Extra Shots:
SEBI
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Fino Payments Bank launches Jan BachatKhata
 Fino Payments Bank has launched Jan BachatKhata (JBK), which is an Aadhaar Authentication based digital
savings account that brings neo-banking experience to consumers.
 Neo bank means– A bank without any branches. A bank that is entirely online rather than being physical. Neo
banking provides complete digital banking experience through mobile applications.
 Under the JBK, customers can transact at a Fino branch or merchant point with fingerprint and OTP
combination, while at non-Fino points they need Aadhaar authentication.
 Earlier, Fino Payments Bank had introduced Shubh and Bhavishya, subscription-based savings accounts
targeted at specific customer segments.
Extra Shots:
Fino Payments Bank
 Head Office: Mumbai
 Chairman: Mahendra Kumar Chouhan
NPCI launches its subsidiary firm – NPCI International Payments Ltd (NIPL)
 National Payments Corporation of India (NPCI) has launched its wholly-owned subsidiary firm named NPCI
International Payments Limited (NIPL).
 Ritesh Shukla has been appointed as the Chief Executive Officer (CEO) of NIPL.
 NIPL will venture into newer international markets and co-create payment systems with participating nations.
 The primary focus of NIPL would be the internationalization of RuPay and UPI, along with a few more
offerings of NPCI.
Extra Shots:
NPCI
 Founded: 2008
Lakshmi Vilas Bank launches Lakshmi DigiGo instant savings account opening facility
 Lakshmi Vilas Bank (LVB), one of Tamil Nadu’s oldest private banks, has launched Lakshmi DigiGo, a
digital initiative to enable opening of savings account instantly.
 Lakshmi DigiGo is a savings account with select features, including internet and mobile Banking.
 This initiative will help people to avail the most required banking services instantly through the website.
Extra Shots:
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Lakshmi Vilas Bank

 Founded: 1926
YES Bank rolls instant digital disbursement for loan against securities
 YES Bank has launched a unique digital solution called ‘Loan against Securities’ under the bank’s loan in
seconds platform that enables online lien marking of mutual funds and avail quick and hassle-free loan.
 The new digital solution allows instant disbursements of loans with no documentation.
 Customers can avail loan of up to Rs 1 crore against debt mutual funds and can set an instant credit limit
against the securities held.
 An interest is charged only for the loan amount which is utilized for the number of days of utilization.
Extra Shots:
YES Bank
 CEO: Prashant Kumar
 Founded: 2004
Axis Bank launches hiring initiative named ‘Gig-a-Opportunities’
 Axis Bank has launched an initiative named ‘Gig-a-Opportunities’.
 The initiative aims to attract skilled talent that can work with the bank remotely, from anywhere in the
country.
 This hiring model comprises two working patterns.
 One is the full-time permanent job and the second is based on the duration of a project and is temporary in
nature.
 Axis Bank aims to employ 800-1000 people over the next under this initiative.
Extra Shots:
Axis Bank
 Founded: 1993, Ahmedabad
NABARD launches credit guarantee programme for NBFC-MFIs
 The National Bank for Agriculture and Rural Development (Nabard) has launched dedicated debt and credit
guarantee product named Structured Finance and Partial Guarantee Programme to NBFC-MFIs to ensure the
unhindered flow of credit in rural areas hit by the COVID-19 pandemic.
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 It will provide partial guarantee on pooled loans extended to small and mid-sized microfinance institutions
(MFIs).
 Nabard has signed a pact with Vivriti Capital and Ujjivan Small Finance Bank for this.
 It will help facilitate Rs 2,500 crore funding in the initial phase and is expected to be scaled up.
 The programme is expected to cover over 1 million households across 28 states and 650 districts.
Extra Shots:
NABARD
ICICI Bank uses satellite data to assess creditworthiness of farmers
 ICICI Bank uses satellite data to assess the creditworthiness of farmers.
 ICICI Bank has become the 1st bank in India to use such a technique to measure an array of parameters
related to the land, irrigation and crop patterns and use it in combination with demographic and financial
parameters to make quick lending decisions for farmers.
 The satellite data with demographic and financial details provides strong information on the land asset of the
farmers.
Extra Shots:
ICICI Bank
 CEO: Sandeep Bakhshi
Paytm Payments Bank enables banking services through Aadhaar cards
 Paytm Payments Bank has integrated Aadhaar enabled Payment System (AePS) on its platform.
 The integration will allow customers to access basic banking services like cash withdrawal, balance enquiry
and draw mini statement using their Aadhaar card.
 Features like cash deposit and interbank fund transfer will also be made live soon that will benefit people in
rural and semi-urban areas who have limited access to the physical bank branch and ATM.
Extra Shots:
Paytm Payments Bank
 Headquarters: Noida
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 Owner: One97 Communications Ltd.

 Founder: Vijay Shekhar Sharma
RBI approves Sashidhar Jagdishan as next CEO of HDFC Bank
The Reserve Bank of India (RBI) has approved Sashidhar Jagdishan as the next chief executive officer of HDFC
Bank.
 Jagdishan is currently additional director and head of finance, human resources, at the bank.
 He will take over from Aditya Puri who will step down as the bank’s longest serving CEO ever since he took
charge 26 years ago.
 In November, the bank had constituted a six-member search committee to find a replacement for Puri and had
hired Egon Zehnder for assistance. Puri was an advisor to the search committee.
 In 2018, private sector lender Axis Bank had a similar series of high-level exits after the retirement of Shikha
Sharma, who was succeeded by Amitabh Chaudhary as managing director and chief executive officer.
NABARD launched Structured Finance and Partial Guarantee Programme
 National Bank for Agriculture and Rural Development (NABARD) has unveiled a Structured Finance and
Partial Guarantee Programme to Non-Banking Finance Companies (NBFCs) and Microfinance Institutions
(MFIs).
 It is a dedicated debt and credit guarantee product. The programme aims to ensure the undisturbed flow of
credit in COVID-19-affected rural areas.
 To launch the programme, NABARD has signed agreements with Vivriti Capital and Ujjivan Small Finance
Bank.
Structured Finance and Partial Guarantee Programme:
 Under the Structured Finance and Partial Guarantee Programme, NABARD will provide partial guarantee on
pooled loans extended to small and mid-sized Microfinance Institutions (MFIs).
 It will help facilitate Rs.2,500 crore funding in the initial phase and is expected to be scaled up in the future.
 The program will cover over 1 million households across 28 states and 650 districts.
 It is expected that the partially guaranteed loan facility will catalyze financing to millions of households,
agricultural, and business markets to sustain in the post-COVID-19 situation.
 With NABARD as a guarantor and a convincing product construct in place, the programme has attracted
many banks and small finance banks to participate.
Extra Shots:
NABARD
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Axis Bank introduced ‘Liberty Savings Account’ for the Indian Youth
 Axis Bank has introduced ‘Liberty Savings Account’ for the Indian Youth, to address the ever-changing
lifestyle needs of young and digitally interested Indians.
 It offers a complimentary hospital cash insurance cover of up to Rs 20,000 per year, which covers hospital
expenses incurred under COVID -19, which makes this a 1st of its kind savings account to cover the
pandemic.
 This account targets to meet the lifestyle requirements of the working class that falls under 35 years of age.
Extra Shots:
Axis Bank:
 MD and CEO: Amitabh Chaudhry
 Tagline: Badhti Ka naam Zindagi
HSBC India Launched Omni Collect, a One Stop Solution to Businesses
 HSBC India has launched Omni Collect, a one-stop solution in India.
 It supports businesses to offer multiple payment options on a single platform.
 It is designed for businesses to easily collect payments through various digital methods, thereby allowing
them to easily adapt to the changes in consumer spending.
 HSBC India will enable businesses to offer different digital payment modes to their clients and also provide
them with a comprehensive view of their collections.
Extra Shots:
HSBC India:
 CEO: Surendra Rosha
Canara HSBC OBC Life Insurance & Andhra Pragathi Grameena Bank Entered into a Strategic Partnership
 Canara HSBC Oriental Bank of Commerce (OBC) Life Insurance Company Limited (Canara HSBC OBC
Life Insurance)and Andhra Pragathi Grameena Bank (APGB) have entered into a strategic tie up virtually.
 The distribution ties up is to sell life insurance, health and pension products at all the branches of APGB.
 It is the 1st virtual launch of Canara HSBC OBC Life Insurance tie up with APGB.
Extra Shots:
Canara HSBC OBC Life Insurance Company Limited
 MD & CEO: Anuj Mathur
 Head Office: Gurugram, Haryana
Andhra Pragathi Grameena Bank
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 Head Office: Kadapa, Andhra Pradesh

 Chairman: Sri A Venkata Reddy
Business & Economy

3 lakh new jobs expected as Samsung, Apple apply for Made-in-India mobiles boost
 Three contract manufacturers for Apple iPhones and South Korea’s Samsung have applied for large-scale
electronics manufacturing rights in India under a $6.5 billion incentive scheme.
 This announcement is made by the Electronics and Information Technology and Communications minister,
Ravi Shankar Prasad.
 The scheme will extend cash incentives of 4-6% for five years on incremental sales of goods manufactured in
India with 2019-2020 as the base year.
 Nearly two dozen Indian and international companies in the cellphone segment have applied for the scheme,
which is expected to generate 300,000 direct jobs in the country.
 Around nine lakh indirect jobs are also expected to be created.
India contributes USD 15.46 million to India-UN Development Partnership Fund
 India has contributed the next tranche of $15.46 million to the India-UN Development Partnership Fund on 4
August 2020, under its commitment to supporting developing nations in their developmental priorities across
all the Sustainable Development Goals.
 This tranche of $15.46 million including $6 million for the overall fund, in which all developing countries are
eligible for partnership, and $9.46 million is dedicated to Commonwealth countries.
 The cheque was handed over by India’s Permanent Representative to the UN Ambassador T S Tirumurti to
the United Nations Office for South-South Cooperation (UNOSSC) Director Jorge Chediek.
India-UN Development Partnership Fund
 The India-UN Development Partnership Fund was established in 2017, to promote multilateralism and shared
prosperity to support developing countries towards the realization of the 2030 Agenda for Sustainable
Development.
 The fund is supported and led by the Government of the Republic of India, managed by the United Nations
Office for South-South Cooperation (UNOSSC), and implemented in collaboration with the United Nations
system.
 Till date 55 projects and proposals have been approved with a total contribution of $41.8 million towards a
$150 million multi-year pledge to the India-UN Development Partnership Fund.
Extra Shots:
UN
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 Founded: 24 October 1945, San Francisco, California, United States

 Official languages: Arabic; Chinese; English; French; Russian; Spanish
Tech Mahindra launches Mhealthy to enable workforce and community safety against COVID-19
 Tech Mahindra, has launched Mhealthy, a solution to enable workforce and community safety against
COVID-19.
 Mhealthy is a solution that uses technologies including artificial intelligence and machine learning to enable
data driven digital diagnostics.
 Tech Mahindra has rolled-out phase-wise screening starting with third-party vendors across its India offices
and plans to extend the benefits to its employees, customers, and partner ecosystem.
Extra Shots:
Tech Mahindra
 CEO: C. P. Gurnani
 Parent organization: Mahindra Group
 Founder: Anand Mahindra
NPCI launches loyalty platform ‘nth Rewards’
 National Payment Corporation of India (NPCI) has launched a business intelligence and analytics enabled
omni-channel multi-branded loyalty platform, nth Rewards.
 It will allow users to earn points through various bank transactions and redeem them on various products,
such as e-vouchers, donations, hotel and flight bookings.
 NPCI has created a comprehensive platform for the banks, which will enable them to retain and grow their
customer base.
 This integration with the banking system will be secured with PCI-DSS compliance and APIs, with an
onboarding time of 4 to 6 weeks.
Extra Shots:
NPCI
 Founded: 2008
Flipkart unveils Startup promotion programme
 The e-commerce major in India, Flipkart, has launched its own startup accelerator program in the country in
order nurture and fund the startups in the country.
 The platform, named as ‘Flipkart Leap’, will open for opportunities for startups in the country.
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 This is a 16-week long program will prepare the startups to prepare something market-ready and innovative to
some problem statement.
 The venture will provide an equity-free grant of $25000.
 The main objective of the company is to promote scalable startups in the country.
Extra Shots:
Flipkart
 Founded: October 2007, Bengaluru
 CEO: Kalyan Krishnamurthy
 Founders: Sachin Bansal, Binny Bansal
 Parent organization: Walmart
Amazon India launches ‘Itna Aasan Hai’ campaign
 The E-Commerce Form Amazon India has launched its seller-driven campaign known as ‘Itna Aasan Hai’ in
order to highlight how the sellers are thriving on the Amazon ecosystem with ease.
 This campaign is meant to communicate to existing and prospective sellers who are on the platform, how easy
and simple it is to sell on the e-commerce platform.
 The company wants to communicate this idea to the sellers in a way that is easily understandable making it
that much more memorable.
Extra Shots:
Amazon:
 CEO: Jeff Bezos
‘Transparent Taxation – Honouring the Honest’ by the Prime Minister
 The Prime Minister Narendra Modi has launched the platform for "Transparent Taxation - Honoring the
Honest" via video conferencing.
 The platform, named as ‘Transparent Taxation – Honouring the Honest’ by the Prime Minister will carry
forward the journey of the direct tax reforms in the country.
 This platform has big reforms such as faceless assessment, faceless appeal, and taxpayers charter. Faceless
assessment & taxpayers charter come in force from today, whereas faceless appeal service will be available
from September 25.
 The initiatives reflect our vision towards 'minimum government, maximum governance'.
 The virtual launch is being attended by various industrialists including, Ratan Tata, Anand Mahindra and
Uday Kotak.
 PM's vision is to empower the taxpayer, to provide a transparent system & to honour honest taxpayers.
 To realise this vision, CBDT has given a framework & put in place this system.
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Reliance Foundation to launch W-GDP WomenConnect Challenge

 Reliance Foundation has stated that it has partnered US Agency for International Development (USAID) to
launch the W-GDP Women Connect Challenge across India this year with an aim to bridge the gender digital
divide in the country.
 The Women’s Global Development and Prosperity (W-GDP) challenge supports private sector-led approaches
that close the gender digital divide, expand business opportunities and empower women.
 W-GDP was established by the US Government in February 2019 as the first whole-of-government approach
to women’s economic empowerment.
 It seeks to reach 50 million women in the developing world by 2025 by focusing on three pillars – Women
Prospering in the Workforce, Women Succeeding as Entrepreneurs and Women Enabled in the Economy.
 This program reached 12 million women across the globe in the very first year of its inception.
Extra Shots:
Reliance Foundation
 Founded: 2010
 Location: Mumbai, Maharashtra, India
 Type: Private foundation
 Owners: Mukesh Ambani, Nita Ambani
 Founder: Nita Ambani, Mukesh Ambani
US Agency for International Development (USAID)
 Agency executives: John Barsa, Acting Administrator; Bonnie Glick, Deputy Administrator;
 Founder: John F. Kennedy
 Subsidiaries: Office of Transition Initiatives, Food for Peace, Office of Inspector General, U.S. Agency for
International Development
LIC starts ‘Special Revival Campaign’ to revive lapsed policies
 Life Insurance Corporation of India (LIC) has announced a special scheme to revive lapsed policies named
‘Special Revival Campaign’.
 This campaign is open from 10 August to 9 October during which customers can revive their individual
lapsed policies.
 Those policies that have lapsed during the premium- paying term and not completed policy term as on the
date of revival, are eligible to be revived during the campaign.
 The campaign is launched to benefit those policyholders who were not able to pay the premium due to
unavoidable circumstances and their policy lapsed.
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 It always makes better sense to revive an old policy to restore cover.

 The policies of specific eligible plans can be revived within five years from the date of the first unpaid
premium subject to certain terms and conditions.
Extra Shots:
Life Insurance Corporation of India (LIC)
 Chairperson: M R Kumar
Mahindra Manulife MF launches arbitrage fund NFO
 Mahindra Manulife Mutual Fund has launched a new open-ended arbitrage opportunities fund that will invest
in equity, derivatives and debt markets.
 The new fund offer of Mahindra Manulife Arbitrage Yojana will be open for investment between August 12
and 19.
 The scheme will reopen for continuous sale and repurchase from August 25.
 The fund is suitable for investors who are looking for short-term investment options with relatively low risk,
tax efficient returns, and looking to park money in a scheme relatively less impacted by market volatility.
Razorpay launches payment gateway ‘Button’ to digitise freelancers, NGOs
 Payment gateway startup Razorpay has introduced a feature that allows micro-entrepreneurs and freelancers
to instantaneously accept digital payments online.
 The feature called the ‘Payment Button’ will enable businesses and freelancers to add a single line of code on
a website or blog and go live with a payment gateway “within a few minutes.
Extra Shots:
Razorpay Software Private Limited
 Founded: 2013
 CEO: Harshil Mathur
 Subsidiaries: Thirdwatch, Opfin Software Private Limited
E-commerce Giant Amazon launches online pharmacy in India
 The e-commerce giant Amazon has launched the first Indian online pharma delivery service.
 Amazon offers the facility to the customers in Bengaluru to order prescription and over-the-counter medicines
and basic health devices from the certified sellers.
 This facility will be extended to the other cities also very soon.
 Amazon already offers online pharmacy sales in the US and other European countries and now it has started
in India as well.
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Extra Shots:
Amazon
 CEO: Jeff Bezos
Barclays Slashes India’s GDP growth to -6 percent in FY21
 Investment bank Barclays has revised downward the growth projection for India in FY21 (2020-21) to a
contraction of 6%. Earlier it had estimated a contraction of 3.2%.
 The reason for downward revision continues to be India’s rising coronavirus infection curve.
 For FY22 also, Barclays has revised its growth projection to 7% from 7.4% estimated earlier.
Extra Shots:
Barclays
 CEO: Jes Staley
MCX to launch India’s first bullion index, Bulldex
 Multi Commodity Exchange of India (MCX) will launch India’s first bullion index named Bulldex, on August
24, 2020.
 The Bulldex will have a market lot size of 50 and gold and silver will be underlying. It will be a cash-settled
futures contract.
 Multi Commodity Exchange of India Ltd is an independent commodity exchange based in India.
Extra Shots:
MCX
 CEO: P.S. Reddy
 Chairperson: Mr. Saurabh Chandra
India's GDP to contract 16.5 per cent in April-June quarter
 State Bank of India's research report Ecowrap expects the country's GDP to contract by 16.5 per cent during
the first quarter of the current fiscal.
 Earlier in May, Ecowrap had estimated Q1 FY21 GDP contraction at over 20 per cent and now pegs it at
much lower contraction of 16.5 per cent for the quarter,
ADB approves USD 1 billion loan for Delhi-Meerut Regional Rapid Transit System
 The Asian Development Bank (ADB) on Tuesday said it has approved a USD 1 billion loan to support
construction of modern, high-speed Delhi-Meerut Regional Rapid Transit System.
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 The transit system project aims to help decongest the city and improve regional connectivity by establishing
transit options through the densely populated sections of the NCR, connecting Delhi to Meerut in Uttar
Pradesh.
 The 82-kilometer Delhi-Meerut regional rapid transit system (RRTS) network is the first of three priority rail
corridors in the country's integrated transport network under the NCR Regional Plan 2021.
Extra Shots:
Uttar Pradesh:
 Statehood Day: 24th January 1950
 Capital: Lucknow
 Chief Minister: Yogi Adityanath
 Governor: Anandiben Patel
 State formed in: 24 January 1950
 Literacy Rate: 67.68%
Apple Becomes First U.S. Company to reach $2 Trillion Market Cap
 Apple Inc. has become the first publicly traded U.S. company to reach a market capitalization of over $2
trillion, after its share price climbed above $467.77 on 19 August 2020.
 Apple is also the world’s only second company to hit $2 trillion in market cap.
 Before this, Oil Major Saudi Aramco was the world’s first and only publicly listed company to reach a $2
trillion market value in December 2019.
Extra Shots:
Apple Inc.
 CEO: Tim Cook
India’s GDP to Contract by 20% in First Quarter of FY21, Says Care Ratings
 India’s GDP is likely to contract by 20 per cent during the first quarter of the current fiscal on account of the
COVID-19 pandemic-induced disruptions.
 The Central Statistics Office (CSO) will release the gross domestic product (GDP) data for the first quarter of
FY21 on August 31, which is expected to statistically mirror the adverse impact of the pandemic led
lockdown on economic growth.
World Bank sees higher GDP fall in India than 3.2% it projected for FY21
 The World Bank said it was likely to project a steeper contraction in India’s economy than the 3.2 per cent it
had forecast for the current financial year, given the rising number of Covid-19 cases and the resultant
regional lockdowns.
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 In its report on India Development Update, 2020, the Bank also warned that credit risks play out as firms and
households find it more difficult to service their interest and repayment obligations in a slowing economy.
Extra Shots:
World Bank
HSBC India launches “Green Deposit Programme”
 A “Green Deposit Programme” has been launched by the HSBC India.
 The “green deposit programme” has been launched exclusively for corporate clients.
 Under this programme, the bank will use the deposits to finance green initiatives and environment friendly
projects.
 With this, the deposit scheme launched by the HSBC India will provide its corporate clients stable and pre-
agreed returns along with the same protection as a normal bank deposit does.
 The deposit under the “Green Deposit Programme” will come in the form of a term deposit with higher
interests as compared to savings deposits.
 The scheme will finance eligible businesses and projects that encourage the transition to a low-carbon, climate
resilient, and sustainable economy.
Extra Shots:
HSBC
 CEO: Noel Quinn
 Founder: Thomas Sutherland
 Founded: 3 March 1865, Hong Kong
Paytm launches ‘India’s first’ Android PoS device for easy, contactless payments
Paytm has launched its first pocket Android PoS device for contactless ordering and making payments, for SMEs.
 This comes at an introductory price of ₹499 per month on a rental basis and is designed like a phone.
 The firm says its PoS machine comes bundled with Paytm's 'Scan to Order' service, which is slowly said to be
gaining traction in places like restaurants and takeaway joints.
 This product is also expected to make payments easier for logistic players, Kirana stores, and small
shopkeepers.
National Strategy for Financial Education: 2020-2025 released
 The second edition of National Strategy for Financial Education (NSFE): 2020-2025 has been released.
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 The first edition of NSFE was for the period 2013-2018.

 NSFE: 2020-2025 has been prepared by National Centre for Financial Education (NCFE) in consultation with
the four Financial Sector Regulators- RBI, SEBI, IRDAI and PFRDA and other relevant stakeholders.
 It has been prepared under the aegis of the Technical Group on Financial Inclusion and Financial Literacy
under the Chairmanship of Shri M. K. Jain, Deputy Governor, RBI.
 The NSFE document intends to support the Vision of the Government of India and Financial Sector
Regulators by empowering various sections of the population to develop adequate knowledge, skills, attitude
and behaviour which are needed to manage their money better and plan for their future.
 The Strategy has recommended a ‘5 C’ approach for dissemination of financial education in the country. The
‘5 C’ approach of the strategy includes:
 Content: emphasis on the development of relevant Content in the curriculum in schools, colleges and training
establishments,
 Capacity: developing Capacity among intermediaries involved in providing financial services,
 Community, Communication, and Collaboration: leveraging the positive effect of Community-led model
for financial literacy through appropriate Communication strategy, and, enhancing Collaboration among
various stakeholders.
₹8,594 cr to be disbursed to stressed NBFCs and HFCs
 The Finance Ministry said 24 proposals by stressed non-banking financial companies (NBFCs) and housing
finance companies (HFCs) worth ₹8,594 crore have been sanctioned under the special liquidity scheme.
 The scheme was announced in July, as part of the ₹20.97 lakh crore ‘Aatmanirbhar Bharat’ package.
Extra Shots:
NBFC
A non-banking financial institution or non-bank financial company is a financial institution that does not have a full
banking license or is not supervised by a national or international banking regulatory agency.
Digit Launches SME Buddy to Simplify Insurance for SMEs and Startups
 On world’s entrepreneur day, technology-driven general insurance company Digit Insurance has launched an
exclusive do-it-yourself (DIY) advisory tool for small and medium enterprises (SMEs) and startups, SME
Buddy.
 The online tool helps entrepreneurs calculate the insurance coverage for their business in just a few simple
steps.
 The business owner has to key in details about the nature of his business, its industry, assets linked to the
enterprise and the businesses resources.
 Based on these details, SME Buddy will give suggestions on the kind of insurance coverage that the
entrepreneur can buy for his business.
Businesses, with an annual turnover of up to Rs 40 lakh are exempted from GST
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 The Finance Ministry of the Government of India has declared in a series of statements that Businesses with
an annual turnover of up to Rs 40 lakh will enjoy GST exemption. Previously the threshold limit was Rs 20
lakh.
Bajaj Allianz Life Insurance launches ‘Smart Assist’, a real-time assistance service
 Private life insurer Bajaj Allianz Life Insurance has launched a new technology service called ‘Smart Assist’
that provides real-time assistance to customers.
 Using a screen sharing feature, the agent will be able to assist customers live to fill up the proposal form and
also help them in the policy purchase journey.
 Even if there is an error in the form that has to be corrected in the proposal form, this can be done through the
screen-sharing process.
Extra Shots:
Bajaj Allianz Life Insurance
 CEO: Tarun Chugh
 Founded: 2001
 Parent organizations: Bajaj Finserv Ltd., Allianz SE
Amazon to explore health tracking industry
 World’s most customer-centric company Amazon.com Inc. founded by Zeff Bezos recently launched a
wearable fitness gadget called the Halo Band.
 The company is entering the health wearable market for health monitoring devices which is already
dominated by Apple Inc. and Fitbit Inc.
Extra Shots:
Amazon
 CEO: Jeff Bezos
India's fiscal deficit to touch 7 per cent in FY21: Brickwork Ratings
 India's fiscal deficit is expected to touch 7 per cent of GDP in 2020-21 fiscal as against budget estimate of 3.5
per cent, according to Brickwork Ratings.
 The impact of the lockdown on economic activity shows up starkly in the trends in the central government
revenue collection during the first three months of fiscal 2020-21.
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September 2020 – Banking, Finance & Economy Current Affairs
Banking & Finance

RBI in News
 Governor: Shaktikanta Das Trending
 Subsidiaries: Deposit Insurance and Credit Guarantee Corporation, Bharatiya Reserve Bank Note Mudran
RBI Announces Steps to Ease Pressure on Liquidity
 The RBI announced a host of steps, including term repo operations totalling Rs 1 lakh crore in mid-September
to ease pressure on the liquidity and maintain congenial financial conditions with a view to ensuring
sustainable recovery of economic growth.
 The RBI said that in order to reduce the cost of funds, banks that had availed of funds under long-term repo
operations (LTROs) may exercise an option of reversing these transactions before maturity.
 The banks may reduce their interest liability by returning funds taken at the repo rate prevailing at that time
(5.15 per cent) and availing funds at the current repo rate of 4 per cent.
 The last date for paying the second instalment of advance tax is September 15.
RBI ceased the Aditya Birla Idea Payments Bank to be act as a banking company
 The Reserve Bank of India has issued a notification to all banks on September 03, 2020 stating that “Aditya
Birla Idea Payments Bank Limited” has ceased to be a banking company within the meaning of the Banking
Regulation Act, 1949 with effect from July 28, 2020.
 Apart from this, “Westpac Banking Corporation” also ceases to be a banking company as announced by RBI.
RBI Releases Revised Priority Sector Lending Guidelines
 The Reserve Bank of India has reviewed the priority sector guidelines to align it with emerging national
priorities and bring a sharper focus on inclusive development.
 Some new categories eligible for finance under the priority sector have been added like- Bank finance to start-
ups (up to Rs 50 crore); loans to farmers for installation of solar power plants for solarisation of grid-
connected agriculture pumps and loans for setting up Compressed Bio-Gas (CBG) plants.
 To address regional disparities in the flow of priority sector credit, higher weightage have been assigned to
incremental priority sector credit in ‘identified districts’ where priority sector credit flow is comparatively
low.
 The targets prescribed for “small and marginal farmers” and “weaker sections” are being increased in a
phased manner.
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 Higher credit limit has been specified for Farmers Producers Organisations (FPOs)/Farmers Producers
Companies (FPCs) undertaking farming with assured marketing of their produce at a pre-determined price.
 Loan limits for renewable energy have been increased (doubled). from Rs 15 lakhs to Rs 30 lakhs
 For improvement of health infrastructure, credit limit for health infrastructure (including those under
‘Ayushman Bharat’) has been doubled.
RBI announces OMO for sale, purchase of government securities of Rs 10,000 crore
 The Reserve Bank of India (RBI) will conduct simultaneous purchase and sale of government securities under
the Open Market Operation (OMO) for Rs 10,000 crore each on September 10.
 The RBI on August 31 had announced that it would conduct special simultaneous purchase and sale of
government securities under OMO for an aggregate amount of Rs 20,000 crore in two tranches of Rs 10,000
crore each as part of its measures to foster orderly market conditions.
 "The first auction is scheduled for September 10, 2020. It would be selling three securities totalling Rs 10,000
crore and also purchasing equal number of securities of the same amount.
RBI to set up innovation hub for finance sector
 The Reserve Bank of India (RBI) is in the process of setting up an innovation hub which will focus on future
technology in the financial services space.
 Innovation Hub is one of the things that we are trying out where we are looking at actually creating ideation,
creating ideas to evolve technologies.
 The RBI has released a framework for setting up umbrella entities for operating pan-India retail payments
systems.
 It has invited applications from eligible companies by February 26, 2021.
 As per the framework, the companies with a net worth of over Rs 500 crore will be eligible to set up an
umbrella entity which among other things will be permitted to set up, manage and operate new payment
systems in the retail space comprising ATMs, White Label PoS, Aadhaar-based payments and remittance
services.
RBI defines Role and selection criteria of Chief Compliance Officer (CCO) in Banks
 The Reserve Bank of India has released the guidelines to be followed by commercial banks for the
appointment of Chief Compliance Officer (CCO).
 Scheduled Commercial Banks (Excluding RRBs), Local Area Banks, Small Finance Banks and Payment
Banks have to appoint a Chief Compliance Officer (CCO) to have an effective compliance culture,
independent corporate compliance function and a strong compliance risk management programme at bank and
group level.
 Here are some of the norms to be followed by banks for the appointment of a CCO:
 Tenor for the appointment of CCO – minimum fixed tenure of not less than 3 years.
Eligibility Criteria for appointment as CCO
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 Age – Not more than 55 years;

 Experience – The CCO shall have an overall experience of at least 15 years in the banking or financial
services, out of which minimum 5 years shall be in the Audit / Finance / Compliance / Legal / Risk
Management functions;
 Rank – The CCO shall be a senior executive of the bank, preferably in the rank of a General Manager or an
equivalent position (not below two levels from the CEO).
Digital Payments Index (DPI) will be launched by RBI
 The Reserve Bank of India (RBI) announced on September 10, 2020 announced that a Digital Payments Index
(DPI) will be launched.
 The index will assess and capture the extent of digitalisation of payments effectively.
 The DPI will be based on multiple parameters
 It is going to assess accurately about the penetration and deepening of various digital payment modes.
 It will help in bridging the gap of digital divide.
 It was recommended by a committee headed by Nandan Nilekani on deepening digital payment.
RBI asks banks to fully automate NPA recognition process
 The Reserve Bank of India has mandated banks to fully automate NPA classification and provisioning
calculation process.
 All borrower accounts will be covered under the new regime. Lenders will have time till June 30, 2021 to
complete this process.
 The new guidelines will include all borrower accounts, including temporary overdrafts, irrespective of size or
sector. Banks’ investments will also be covered under the new system.
Lok Sabha passes legislation to bring cooperative banks under RBI's supervision
 The Lok Sabha on Wednesday passed an amendment to the Banking Regulation Act to bring cooperative
banks under the supervision of the RBI.
 The Banking Regulation (Amendment) Bill, 2020 replaces an ordinance that was promulgated on June 26.
 The bill, which comes in the backdrop of the PMC Bank scam, seeks to strengthen cooperative banks by
increasing their professionalism, enabling access to capital, improving governance and ensuring sound
banking through the RBI.
RBI issues draft on rupee Interest Rate (IR) derivatives

 RBI issues draft on rupee Interest Rate (IR) derivatives.
 The Reserve Bank of India (RBI) proposed allowing foreign portfolio investors (FPIs) to undertake
exchange-traded rupee interest rate derivatives transactions subject to an overall ceiling of Rs 5,000 crore.
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 These RBI Proposed Interest Rate Derivatives (Reserve Bank) Directions, 2020 are aimed at encouraging
higher non-resident participation, enhance the role of domestic market makers in the offshore market, improve
transparency, and achieve better regulatory oversight, according to the RBI.
Lok Sabha passes bill to bring Cooperative Banks under RBI
 The Lok Sabha on September 16, 2020 passed an amendment bill to the Banking Regulation Act to bring
cooperative banks under the supervision of the RBI.
 The Banking Regulation (Amendment) Bill, 2020 replaces an ordinance that was issued on June 26, 2020.
 Finance Minister Nirmala Sitharaman said that the legislation is for depositors' safety and not for undermining
powers of the Registrar of Cooperative Societies.
 The Banking Regulation (Amendment) Bill, 2020 was introduced in the Lok Sabha on September 14, 2020.
The Bill amends the Banking Regulation Act, 1949.
 The Banking Regulation Act, 1949 regulates the functioning of banks and provides details on licensing,
management and operations of banks.
RBI appoints AK Das as the new administrator of PMC Bank
 The Reserve Bank of India (RBI) has appointed AK Das (ex-general manager at Union Bank of India), as the
new administrator of the Punjab and Maharashtra Co-operative (PMC) Bank.
 He has replaced JB Bhoria who has stepped down from his role as the administrator of the bank due to health
reasons.
 In September 2019, the RBI had superseded the board of PMC bank due to fraud and financial irregularities in
the PMC bank.
RBI to implement “Technology Vision for Cyber Security’ for Urban Co-operative Banks – 2020-2023”
 The Reserve Bank of India (RBI) will implement the “’Technology Vision for Cyber Security’ for Urban Co-
operative Banks (UCBs) – 2020-2023” to enhance the IT security system of Urban Co-operative banking to
prevent, detect, respond to and recover from cyber-attacks.
 RBI will achieve this objective using its five-pillared strategic approach ‘GUARD’.
GUARD denotes:
 G – Governance Oversight,
 U – Utile Technology Investment,
 A – Appropriate Regulation and Supervision,
 R – Robust Collaboration
 D – Developing necessary IT, cyber security skills set.
 To accomplish the five pillared approach, RBI has established 12 specific action points.
 The implementation of this Technology Vision document will strengthen the cyber resilience of the Urban
Co-operative Banks.
RBI to introduce Positive Pay System to check Cheques
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 The Reserve Bank of India is to introduce “Positive Pay System” from January 2021.
 The system makes it mandatory to re-confirm key details of cheques that need payments beyond Rs 50,000.
 The system is already in use in India.
 The ICICI bank has been following this procedure since 2016.
 Under the new system, the issuer of the cheque will have to submit details of the cheque such as name of the
beneficiary, date, amount of the drawee bank, payee electronically through SMS.
 These details are to be cross checked before the cheque is presented for payment.
RBI ropes in Amitabh Bachchan for customer awareness campaign
 The Reserve Bank has roped in Bollywood megastar Amitabh Bachchan for the customer awareness
campaign to prevent gullible account holders from being duped by fraudsters.
 As part of the public awareness initiative of RBI, the regulator keeps informing about dos and don'ts that have
to be followed by customers to transact safely and securely.
SBI in News
SBI to launch loan product ‘SAFAL’ for organic cotton growers
 SBI managing director C S Setty has announced that State Bank of India will launch a loan product, SAFAL,
for organic cotton growers who don’t have any credit history.
 It stands for Safe and Fast Agriculture Loan (SAFAL).
 SBI will use Artificial Intelligence (AI) and Machine Learning (ML) for this purpose.
SBI Magnum Children’s Benefit Fund (Investment Plan)
 SBI recently launched a new investment plan named SBI Magnum Children’s Benefit Fund.
 SBI Magnum Children’s Benefit Fund (Investment Plan) would look to invest at least 65 per cent in domestic
stocks.
 Your funds are locked-in for five years, or till the child turns 18, whichever is earlier.
 You can invest only in the minor’s name from the minor’s bank account or from a joint account with the
minor.
 The fund already has an existing Savings Plan, which invests at least 75 percent in fixed income securities.
That plan was launched in 2002.
SBI Modernizes its Payment Switching System with ACI Worldwide Technology
 ACI Worldwide, a global provider of real-time digital payment software and solutions, has modernized
payments infrastructure for ATM and point-of-sale (POS) at State Bank of India (SBI), the country’s largest
bank with more than 440 million account holders.
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 Operating more than 58,000 ATMs, the bank is a long-time ACI customer, utilizing its market-leading Retail
Payments solution to acquire, authenticate, route, switch and authorize financial transactions across its ATM,
POS and eCommerce channels.
 The solution enables SBI’s ATM network to acquire Visa, Mastercard and RuPay cards, as well as manage
ATM/POS authorizations. Transaction processing volumes frequently exceed 30 million transactions per day.
SBI plans 24×7 OTP-based cash withdrawal above Rs. 10,000
 State Bank of India (SBI) has decided to extend OTP-based cash withdrawal of ₹10,000 and above throughout
the day across all its ATMs.
 For withdrawing ₹10,000 and above, SBI debit card holders now have to enter the OTP sent on their
registered mobile numbers, along with their debit card PIN each time
SBI starts “Mahila Atmanirbharshil Aachani” (Women Self-Reliance programme) in Assam
 State Bank of India has launched a programme named “Mahila Atmanirbharshil Aachani” (meaning- Women
Self-Reliance programme) in order to accelerate Self Help Group (SHG) finance in the Bank.
The main objectives of “Mahila Atmanirbharshil Aachani” are:
 to create a strong bonding with the SHG member,
 For self-reliance and economic upliftment of SHG members by extending credit linkages to the women SHGs
nurtured and sponsored by NRLM, Assam.
SBI Life Insurance inks pact with Yes Bank to sell insurance policies
 SBI Life Insurance said it has signed bancassurance agreement with Yes Bank to offer a comprehensive
bouquet of life insurance solutions to the bank’s customers across the country.
 As part of the partnership, SBI Life’s diverse range of individual and group insurance solutions will be
offered to the customers of Yes Bank through the bank’s branches spread across 28 states and 8 Union
Territories in India.
Extra Shots:
SBI Life Insurance
 CEO: Mahesh Kumar Sharma
 Founded: March 2001
 Parent organization: State Bank of India
 Subsidiary: SBI Life Insurance Company Limited, Asset Management Arm
SBI Card launches new brand campaign 'Contactless Connections'
 SBI Card announced the launch of its new brand campaign, Contactless Connections that spreads the message
that love and care can be shared even during this difficult period where social distancing is the norm.
 The campaign endeavours to bring a fresh breath of positivity by demonstrating that people can connect
emotionally and spread joy despite the social distancing practices by which we are bound.
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Extra Shots:
SBI Card
 CEO: Ashwini Kumar Tewari
 Managing director: Ashwini Kumar Tewari
 Parent organizations: State Bank of India, The Carlyle Group
Other Banks in News

Indian Bank announces cut of 5 basis points in MCLR for one-year tenure
 Indian Bank has announced a cut of 5 basis points in its marginal cost of funds-based lending rate (MCLR) for
one-year tenure.
 The bank has decided to reduce the MCLR for one-year tenure by 5 basis points to 7.30 per cent effective
from September 3, 2020, Indian Bank said in a regulatory filing.
Extra Shots:
Indian Bank
 CEO: Padmaja Chunduru
 Founders: S. Rm. M. Annamalai Chettiar, V. Krishnaswamy Iyer, S. Rm. M. Ramaswami Chettiar
ICICI Bank launches ‘Home Utsav’, a virtual property exhibition
 ICICI Bank thas launched a virtual property exhibition under the name ‘Home Utsav’.
 The exhibition will digitally showcase real estate projects by renowned developers, across India.
 The exhibition can be accessed on www.homeutsavicici.com.
 The exhibition can be accessed by both customers and non-customers of ICICI Bank.
Extra Shots:
ICICI Bank
RBL Bank launches cardless cash withdrawal facility through ATMs via MoBank app
 RBL Bank has partnered with Empays Payment Systems to launch a cardless cash withdrawal facility from
ATMs by leveraging the Instant Money Transfer (IMT) system.
 Customers can use RBL Bank’s MoBank app for this IMT function and initiate cash withdrawal by either
using his or her mobile number linked to the account or by following a few easy steps on the app.
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Banks sanction loans of Rs 1.61 lakh crore to MSMEs under credit guarantee scheme
 Banks have sanctioned loans of about Rs 1,61,017 crore under the Rs 3-lakh crore Emergency Credit Line
Guarantee Scheme (ECLGS) for the MSME sector reeling under the slowdown caused by the coronavirus
pandemic.
 However, disbursements against this stood at Rs 1,13,713 lakh crore till September 3.
BoI launched “Signature Visa Debit Card” on his 115th Foundation Day
 On the occasion of Bank of India (BoI)’s 115th Foundation Day, BoI has launched an international contactless
debit card, “Signature Visa Debit Card” for high net worth individuals who are maintaining an average
quarterly balance of Rs 10 lakhs and above.
 This card will have a spending limit of up to ₹5 lakhs on POS & e-commerce and ₹1 lakh on ATM.
Extra Shots:
Bank of India
 Owner: Government of India (89.10%)
 Founder: Ramnarain Ruia
 Founded: 7 September 1906, Mumbai
Finance Minister launches Doorstep Banking Services by PSBs
 Union Minister of Finance, Smt. Nirmala Sitharaman launched the Doorstep Banking Services by Public
Sector Banks (PSBs).
 The service aims to provide banking services to the customers of Public Sector Banks at their doorstep via
three modes-
 Call Centre (18001037188 or 18001213721)
 Web Portal (www.psbdsb.in)
 Mobile App (Doorstep Banking (DSB)
 The targetted customers are- Senior citizens, Defense personnel, CRPF, widows, Divyang individuals,
Students, Salaried employees, Corporate clients, Retail shopkeepers and street vendors.
 The service is available in 11 languages.
 It aims to deliver the services in 3 hours. For this 100 Doorstep banking centres have been established across
India.
 All 12 Public Sectors banks have been covered in this scheme.
 Available Services: Services like- Cheques/DD/PO, New cheque book requisition, 15G, 15H forms, IT
Challan, Standing Instructions request, A/c Statement, Non-personalised Cheque Books, DD, PO, Prepaid
instrument/Gift card, TDS / Form 16 Certificate issuance, Term Deposit Receipt /Acknowledgement can be
availed by the customers at their doorsteps.
ICICI Bank launches iStartup 2.0, dedicated offering for start-ups
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 ICICI Bank has launched a new product named iStartup 2.0, to cater to the banking needs of startups and
entrepreneurs.
 iStartup 2.0 is a startup bank account (in form of current account) that can be opened within 10 years of date
of incorporation of the business. There are three variants of this current account.
 Eligibility: Partnership Firms and Limited Liability Partnerships (LLPs) OR Private and Public Limited
Companies and One Person Companies (OPCs).
 Apart from this, under the product, ICICI Bank will also provide services like- Company Registration, ROC
Filing & Compliance, GST/ IT-Related Service, Property Registration, Stamp Paper & Franking and more
such services.
Extra Shots:
ICICI Bank
Moody’s forecasts India’s GDP at -11.5% for FY21, 10.6% for FY22
 Ratings agency Moody’s has projected the GDP growth rate for India to contract 11.5 percent in the fiscal
2020-21 (FY21) due to the coronavirus pandemic.
 For 2021-22 (FY22), Moody’s projected the economy of India to grow at 10.6 percent.
Extra Shots:
Moody
ICICI Lombard inks bancassurance tie up with Yes Bank
 ICICI Lombard General Insurance Company Ltd has entered into a bancassurance tie-up with Yes Bank for
selling its insurance products.
 The partnership will provide the bank's diverse customer base access to the insurer's portfolio and make
insurance more accessible to its customers across India.
 Bancassurance is an agreement between a bank and an insurer to sell its offerings to the lender's customers.
 Through this tie-up, ICICI Lombard aims to offer innovative insurance solutions to Yes Bank's customers
across 28 states and 8 union territories.
Extra Shots:
Page 174 of 197
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ICICI Bank
Yes Bank
 CEO: Prashant Kumar
NABARD Sanctions Rs 1,568 crore worth of proposals under Agriculture Infrastructure Fund
 The National Bank for Agriculture and Rural Development (NABARD) has given in-principle sanction for Rs
1,568 crore worth of proposals received from agri-credit societies in 22 states under the recently launched Rs
1 lakh crore Agri Infrastructure Fund.
 So far, NABARD has received 3,055 proposals of PACS (Primary Agriculture Credit Societies) through state
cooperative banks in 22 states for which in-principle sanction of Rs 1,568 crore has been accorded.
Extra Shots:
NABARD
Bandhan Bank launches new vertical named Emerging Entrepreneurs Business (EEB) to focus on small
businesses
 Bandhan Bank has launched a new vertical named “Emerging Entrepreneurs Business (EEB)” to focus on
small businesses.
 The vertical Emerging Entrepreneurs Business (EEB) will focus on microloans, micro home loans, micro
bazaar loans, and micro-enterprise loans.
 Kumar Ashish has been appointed as the head of Emerging Entrepreneurs Business (EEB).
 He is a former executive of ICICI Bank.
Extra Shots:
Bandhan Bank
 Headquarters: Kolkata
 CEO: Chandra Shekhar Ghosh
 Founder: Chandra Shekhar Ghosh
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 Founded: 2001
 Chairperson: Anup Kumar Sinha
ICICI Home Finance launched “Apna Ghar Dreamz” Home Loan Scheme
 The ICICI Home Finance launched “Apna Ghar Dreamz”, its new home loan scheme for skilled laborers like
electricians, mechanics, painters, grocery store owners etc in the informal sector of Delhi.
 The credit amount of this loan ranges from Rs 2 lakh to 50 lakhs.
 This scheme targets the people of the informal sector without all the documents which are required to get a
loan from a formal financial institution.
 This scheme avails a special 20 year tenure loan which requires documents like, PAN, Aadhar and bank
statement of past 6 month.
 Customers should have a minimum account balance of Rs.1,500 for loan upto Rs.5 lakh and Rs.3000 for loan
above 5 lakh.
Extra Shots:
ICICI Home Finance
 Founded: 1999
 MD & CEO: Anirudh Kamani
 Chairman: Anup Bagch
LVB merger with Clix Group on track; completes substantial due diligence
 Lakshmi Vilas Bank (LVB) said the mutual due diligence relating to the proposed amalgamation of the Clix
Group with the Bank is substantially complete, and the parties are in discussions on the next steps.
 Now shares of Lakshmi Vilas Bank zoomed 10 per cent to hit an intra-day high of Rs 22.35 per share
 After the merger, the entire shareholders’ fund of Clix Capital of around Rs 1,900 crore and assets of around
Rs 4,600 crore, will get amalgamated into the bank.
Extra Shots:
LVB
 Founded: 1926
World Bank agrees to finance 50 Million US$ for strengthening of Healthcare Institutions in JK
 The Administrative Council which met under the chairmanship of Lieutenant Governor Manoj Sinha gave its
nod to implementation of the World Bank-assisted project for strengthening of health care institutions.
 The project aims to provide equipment for intensive care units/operation theatres, laboratories and power back
up systems at the district level, manifold system and gas pipelines at Sub District Hospital (SDH)/ Community
Health Center (CHC) level, and critical care ambulances.
Extra Shots:
World Bank
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 President: David Malpass
ADB, JICA to fund ORR-Airport Metro rail connectivity
 Asian Development Bank (ADB) agreed to invest $500 million to Bengaluru Metro Rail Corporation’s
(BMRCL) line linking Central Silk Board Junction to Kempegowda International Airport – ORR-Airport
Metro – Phase-2A and 2B.
 The total cost for airport linkage is estimated at ₹14,844 crore.
 The ADB funding is part-finance of the project cost. In addition to ADB, BMRCL is getting around $500
million funding from Japan International Cooperation Agency(JICA).
Extra Shots:
ADB
Fitch Solutions projects India’s GDP growth at -8.6% in 2020-21
 Fitch Solutions has revised downward its forecast for Indian economic growth and now estimates that India’s
GDP will contract by 8.6% in 2020-21 (FY21)
 Earlier this was estimated at -4.5%.
 It has also forecasted a 5 percent year-on-year (y-o-y) growth in 2021 and 2022.
Extra Shots:
Fitch
Canara Bank launches i-Lead 2.0 Initiative to improve banking penetration
 Canara Bank has launched a lead management system (LMS) named as i-Lead 2.0(Inspiring Leads System
version 2.0).
 The initiative aims that each and every customer gets their banking needs covered, irrespective of where they
are based, urban or rural.
 Customers can use internet banking, mobile banking, call center, SMS and missed call services to enquire and
get services rendered to them.
 They can also use the CANDI mobile app of Canara Bank.
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Extra Shots:
Canara Bank
 CEO: Lingam Venkat Prabhakar
 Founder: Ammembal Subba Rao Pai
KVGB Launches Special Gold Loan Scheme Vikas Laghu Suvarna for Pandemic
 The Karnataka Vikas Grameena Bank (KVGB) has launched a special gold loan scheme titled ‘Vikas Laghu
Suvarna’ with a reduced interest rate of 7.25 percent.
 KVGB is offering the product at a reduced rate mainly due to the pandemic so as to provide easy and
affordable credit to customers at a cheaper cost.
 Under the new gold loan scheme, the customer will get 80% of the market value of the gold, subjected to a
maximum of Rs 3,200/gram.
 A customer can avail up to a maximum loan of Rs 15 lakh, which will be repayable within a period of
maximum 6 months
Extra Shots:
Karnataka Vikas Grameena Bank
 Headquarters location: Dharwad
 Type of business: Publicly listed company
IDFC Mutual Fund launches ‘SIP in Fixed Income’ campaign
 IDFC Mutual Fund has launched a new campaign called SIFI or `SIP in Fixed Income’ to make investors
more aware about the benefits of investing in fixed income products via Systematic Investment Plans.
 IDFC Mutual Fund’s SIFI initiative aims to inform investors how a combination of equity and debt SIPs can
help them navigate troubled times.
 As part of the campaign, IDFC MF is making videos in various languages explaining how SIPs in debt mutual
fund will be easy to do, liquid and benefit from cost averaging in times of volatility.
Extra Shots:
IDFC Mutual Fund
 CEO: Vikram Limaye
 Founded: 1997, Chennai
HDFC Life & YES Bank enters into partnership to sell insurance policies
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 HDFC (Housing Development Finance Corporation) Life and Yes Bank entered into a Corporate Agency
Arrangement (CA). As part of the arrangement, HDFC Life will provide a diverse range of insurance products
to customers of Yes Bank.
 HDFC Life’s wide range of life insurance products includes solutions for protection, saving and investment,
retirement and critical illness.
 It will be available to customers of Yes Bank through the Bank’s branches which are spread throughout the
country.
Extra Shots:
HDFC Life
 MD & CEO: Vibha Padalkar.
YES Bank
 MD & CEO: Prashant Kumar.
IDFC First Bank to launch ‘on phone’ contactless debit card transaction facility
 IDFC First Bank is set to launch SafePay, a digital facility that allows contactless debit card payments by
simply waving one’s smartphone against a Near Field Communication (NFC)-enabled POS terminal.
 The first such facility to be made available in an integrated mobile banking app, the SafePay feature has been
tested successfully and certified by Visa.
 It will be available to users on the Bank’s mobile app in the next one week.
 SafePay enables contactless payments of up to Rs 2,000 per transaction and up to a limit of Rs 20,000 per day.
Extra Shots:
IDFC First Bank
 CEO: V. Vaidyanathan
 Parent organization: Infrastructure Development Finance Company
 Subsidiaries: Grama Vidiyal, Idfc First Bank Limited, Asset Management Arm
Vakrangee gets RBI nod to set up Bharat Bill Payment unit
 Vakrangee Ltd said the Reserve Bank has granted in-principle approval to set up Bharat Bill Payment
Operating Unit (BBPOU) to handle payment services related to bills.
 Vakrangee (VL) has received in-principle authorisation to set up and operate BBPOU under the Payment and
Settlement Systems Act, 2007 from the Reserve Bank of India (RBI).
 The company offers banking, insurance, money transfer services, e-commerce, e-governance and other digital
services on behalf of its partner banks, insurers, government agencies, e-commerce players among others
through its branches mostly located in rural and semi-urban areas.
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 Vakrangee can now directly handle payment and aggregation of payment services relating to bills under the
scope of BBPS (Bharat Bill Payment System).
Extra Shots:
Vakrangee Ltd
 Founder: Dinesh Nandwana
 Founded: 28 May 1990
Public sector banks on-board one-crore account holders on digital payment modes
 The finance ministry said that public sector banks (PSBs) have on-boarded about one crore customers on
digital payment modes in just one month of the launch of 'Digital Apnayen' campaign.
 The campaign, aimed at encouraging customers to use digital banking channels, was launched on August 15
under the aegis of the government's Digital India initiative.
Fino Payments Bank launches contactless payments for mass transport
 Fino Payments Bank along with fintech partners has introduced NFC-based contactless payments solution for
mass transit systems, especially state bus transport services in India.
 Fino, which has over 80 per cent of its banking network of 2.75 lakh points in villages, aims to tap the
opportunity to digitise cash used in mass transit systems.
 Fino has already issued over 30 lakh NFC-enabled smart cards that are accepted across 20,000 Maharashtra
State Road Transport Corporation buses.
Extra Shots:
Fino Payments Bank
 Head Office: Mumbai
 MD & CEO: Rishi Gupta
BOB Financial Solutions Limited partners Signzy to unveil its ‘Video KYC’
 BOB Financial Solutions Limited (BFSL), a wholly-owned subsidiary of Bank of Baroda has selected
RegTech firm Signzy, in a bid to digitize its customer verification through ‘Video KYC’.
 With this alliance, BFSL has now enabled a quick, zero-contact and paperless KYC that omits the
requirement for physical submission of KYC documents.
 It also ensures end-to-end security in the entire KYC process to both financial services providers as well as
their users.
Axis Bank partners with Bayer''s BLF initiative

 Life sciences firm Bayer has partnered with private sector lender Axis Bank for its better life farming (BLF)
initiative in India to provide enhanced and holistic financial solutions to smallholder farmers and rural
farming communities.
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 Through the partnership, Axis Bank will offer end-to-end financial solutions and services such as affordably
priced loans, deposits, withdrawals and payments.
 Digital financial solutions and doorstep delivery of these services will be part of the bank''s offering to ensure
convenient and hassle-free transactions.
Extra Shots:
Axis Bank
 Founded: 1993, Ahmedabad
HDFC Bank Launches India’s first Warehouse Commodity Finance App
 Private lender HDFC Bank launched India’s first Warehouse Commodity Finance App.
 This app will enable customers in managing the loan against pledge of commodities online without any
physical intervention or visits to Bank branch.
 This in turn will enhance efficiencies for the Agri value chain.
Extra Shots:
HDFC Bank
 CEO: Aditya Puri
 Founded: August 1994, India
Business & Economy
India’s GDP contracts by 23.9% in Q1 of FY21: NSO data

 As per the official data released by the National Statistics Office (NSO), India’s GDP has contracted by
23.9% in the first quarter (April-June 2020) for FY21.
 This is the first instance of an economic contraction for India in at least four decades.
 It is also the first GDP decline since India began publishing quarterly numbers in 1996.
 Gross value added (GVA) for India declined by 22.8%.
 All the sectors except agriculture witnessed contractions during the April-June quarter of 2020-21.
 The highest drop was witnessed by the construction industry of 50.3%.
India’s foreign exchange reserves surge by USD 2.296 bn to USD 537.548 bn
 India’s foreign exchange reserves rose by 2.296 billion US dollar to reach 537.548 billion US dollar in the
week to August 21.
 Foreign Currency Assets rose by 2.618 billion dollars to 494.168 billion US dollar in the reporting week.
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 The country’s reserve position with the IMF also increased by 6 million to 4.634 billion US dollar during the
reporting week.
European Investment Bank to Invest € 650 Million in Kanpur’s 1st City Metro Line
 The European Investment Bank (EIB) will invest 650 million euro(€) in the construction of Kanpur’s(Uttar
Pradesh) 1st city metro line.
 The 32.4 km urban rail line, with 18 elevated and 12 underground stations is EIB’s 2nd biggest operation
outside the European Union (EU) till date.
 It is the 2nd metro rail project supported by the EIB in Uttar Pradesh (UP).
Extra Shots:
EIB:
 President: Werner HOYER
 Headquarters: Luxembourg
Real GDP likely to contract by 10.9 per cent in FY21: SBI Ecowrap
 After the country's economy contracted by a record 23.9 per cent in April-June quarter, real GDP for FY21 is
expected to shrink by 10.9 per cent, according to State Bank of India's research report - Ecowrap.
 It had earlier estimated real gross domestic product (GDP) at (-) 6.8 per cent for the current fiscal.
 The first quarter GDP contraction compares with 3.1 per cent growth in the preceding January-March quarter
and 5.2 per cent expansion in the same period a year back.
Extra Shots:
SBI
 MD: Ashwani Bhatia
Nomura Slashes India’s GDP at -10.8% in 2020-21
 Nomura has downgraded India’s economic growth rate for current financial year and now expects the GDP to
contract by 10.8% in 2020-21.
 Earlier it had estimated the GDP to contract by 6.1%.
Extra Shots:
Nomura
 CEO: Koji Nagai
 Founder: Tokushichi Nomura II
 Founded: 25 December 1925, Osaka, Osaka, Japan
Flipkart Group launches Flipkart Wholesale to connect local manufacturers with retailers
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 Flipkart Wholesale, a venture of the homegrown Flipkart Group, launched its operations with an aim to
connect local manufacturers with retailers and bring the entire wholesale marketplace at their fingertips using
technology.
 It is offering a one-stop solution for the retail ecosystem, which will offer Indian businesses a wide selection
of products at significant value, powered by technology and with an aim to grow their business.
 The platform is currently available for fashion retailers, especially footwear and apparel, in Gurugram, Delhi
and Bengaluru, with plans to expand to Mumbai as well.
 By this year end, Flipkart Wholesale also plans to expand to 20 more cities and in categories such as Home,
Kitchen and Grocery.
Extra Shots:
Flipkart
Axis Mutual Fund launches a global fund-of-fund
 Axis AMC has launched Axis Global Alpha Fund of Fund. For its global product initiative, Axis AMC has
tied up with Schroders.
 Axis Global Equity Alpha Fund of Fund is the first dedicated global feeder fund launched by the mutual fund
house.
 The Axis Global Equity Alpha Fund of Fund is an open-ended fund of fund scheme that invests in the
Schroder International Selection Fund Global Equity Alpha.
 Axis AMC has two other mutual fund schemes offering international exposure, which were launched over the
last couple of years -- Axis Growth Opportunities Fund and Axis ESG Equity Fund.
Vodafone Idea re-brands itself as ‘VI’
 India’s telecom service provider Vodafone Idea Limited has announced that it has re-branded itself as ‘VI’, to
mark the completion of the largest telecom merger in the world and present itself as a merged entity.
 The announcement was made by company’s MD and CEO Ravinder Takkar on 7th September 2020.
 Now all the products of the company will be available under the new unified brand identity and logo “VI”.
Apple’s first ‘floating’ store to be launched in Singapore
 Technology giant Apple Inc. has announced that it is going to open its first ever “floating” store, in Singapore
on 10th September 2020.
 The floating Apple Store, will be located at Singapore’s posh Marina Bay Sands resort. It will be the third
retail store of Apple in Singapore.
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 The first-of-its-kind store has a sphere-shaped all-glass dome structure that is fully self-supported, and made
up of 114 pieces of glass, held together by only 10 narrow vertical mullions for structural connection.
Extra Shots:
Apple Inc.
 CEO: Tim Cook
Fitch Ratings Projects Indian economy to contract 10.5% in FY21
 In its September update of Global Economic Outlook (GEO), the US-based Fitch Ratings has sharply lowered
the forecast for the gross domestic product (GDP) growth of India for the current fiscal 2020-21 (FY21) and
now expects the GDP to contract 10.5 percent.
 Earlier in June Global Economic Outlook, the rating agency has estimated 5 percent contraction for FY21.
 The downward revision comes after India’s GDP shrank by 23.9% year-on-year in the April-June quarter, the
worst performance in nearly four decades.
 The rating agency has also revised its forecast for global GDP and expects it to fall by 4.4 percent in 2020,
which is a modest upward revision from the 4.6 percent contraction expected earlier.
Extra Shots:
Fitch
India Ratings revises FY21 GDP growth projection to negative 11.8 per cent
 Domestic rating agency India Ratings and Research on Tuesday revised the country's FY21 GDP growth
forecast to (-) 11.8 per cent from (-) 5.3 per cent earlier.
 The agency, however, expects India's gross domestic product (GDP) to rebound and grow at 9.9 per cent year-
on-year in FY22 mainly due to the weak base of FY21.
 India Rating's FY21 GDP growth forecast of negative 11.8 per cent will be the lowest GDP growth in the
Indian history (GDP data is available from FY-1951) and sixth instance of economic contraction, others being
in FY-1958, FY-1966, FY-1967, FY-1973 and FY-1980.
India's IT major HCL sets up first development centre in Sri Lanka

 India's IT major HCL Technologies has set up its first development centre in Sri Lanka to generate significant
employment opportunities for the youths.
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Highlights:
 HCL's presence in Sri Lanka would help in empowering the youth through the creation of jobs and enabling
the transfer of knowledge and skills.
 HCL joined hands with Sri Lanka in February this year to launch its local entity -- HCL Technologies Lanka
(Private) Limited -- and set up its first delivery centre in the region.
 Through this entity, HCL will provide services to global clients in the areas of applications and system
integration services and infrastructure services.
 HCL will also implement its Work Integrated Education Programme to foster growth by actively cooperating
with local information and communication technology and engineering institutions to develop and train the
local talent pool.
Extra Shots:
HCL
 CEO: C Vijayakumar
 Founded: 11 August 1976
 Headquarters: Noida
Wipro plans to set up Digital Innovation Hub in Germany
 Wipro plans to set up a Digital Innovation Hub at Düsseldorf in Germany that will serve as the IT services
major's flagship centre in Europe.
 The proposed Digital Innovation Hub will offer digital transformation expertise to companies in Germany,
enabling organisations to cross skill and upskill besides supporting talent development in local communities.
 Wipro will also collaborate with institutions and universities in the North Rhine-Westphalia state to develop
tailored programmes and career opportunities for young graduates in advanced digital skills and technologies.
Extra Shots:
Wipro
 CEO: Thierry Delaporte
 Founder: M.H. Hasham Premji
 Founded: 29 December 1945, India
 Owner: Azim Premji (73.85%)
Silver Lake to invest Rs 7,500 crore in Reliance Retail
 Silver Lake Partners has picked up 1.75 per cent stake in the retail arm of Reliance Industries for Rs 7,500
crore.
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 This investment values RRVL at a pre-money equity value of Rs 4.21 lakh crore. Silver Lake's investment
will translate into a 1.75 per cent equity stake in RRVL on a fully diluted basis.
 This marks the second billion-dollar investment by Silver Lake in a Reliance Industries subsidiary after the
USD 1.35 billion investment in Jio Platforms announced earlier this year.
Extra Shots:
RIL
Goldman Sachs predicts India’s GDP for FY21 at -14.8%
 Goldman Sachs has predicted India’s GDP for FY21 at -14.8%. For Calendar Year 2020 it has projected a
contraction of 11.1%.
 For FY22, Goldman Sachs predicts India’s GDP to grow at 15.7% and for Calendar Year 2021 at 9.9%.
Extra Shots:
Goldman Sachs
 Founders: Marcus Goldman, Samuel Sachs
Crisil projects India’s GDP for FY21 at -9%; For FY22 at 10%
 CRISIL has projected India’s GDP rate for 2020-21 (FY21) at -9%
 For FY22, Crisil has projected India’s GDP to grow at 10%.
 For the next three years, between fiscals 2023 and 2025, CRISIL projects the Indian GDP to average a growth
of 6.2% annually.
Extra Shots:
Crisil
 CEO: Ashu Suyash
 Founded: 1987
Reliance Industries becomes first Indian firm to cross $200 bn m-cap
 Reliance Industries (RIL) on September 10, 2020, became the first Indian company to cross $200 billion in
market capitalization (m-cap).
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 The market capitalization of Reliance Industries at the close of the stock market on September 10, 2020, was
Rs 15.3 trillion ($208 billion).
 The second best after RIL is Tata Consultancy Services (TCS) with an m-cap of Rs 8.75 trillion, ($119
billion).
Extra Shots:
RIL
Infosys to hire 500 more tech employees under 'Reskill and Restart' program
 Infosys on Thursday said it plans to hire 500 additional tech workers in Rhode Island, US by 2023.
 New employees will work on a variety of tech-focused roles, and its recently launched 'Reskill and Restart'
program will be among the channels used to recruit and train employees.
 This new initiative, explicitly aimed at reskilling workers who have been economically impacted by the
COVID-19 pandemic, begins with an aptitude and skills assessment, followed by curated job-specific skills
training, and culminates in matching them with available positions.
Extra Shots:
Infosys
 Founded: 7 July 1981, Pune
 CEO: Salil Parekh
Mahindra launches new potato planting machine
 Mahindra has launched a new potato planter under its Farm Equipment Sector (FES).
 The new advanced Precision Potato Planting machinery, the new ‘PlantingMaster Potato +’ is designed and
developed in collaboration with Europe-based partner Dewulf.
 According to the Indian company, PlantingMaster Potato + has been developed to suit Indian farming
conditions, to offer higher yields and enhanced quality.
India Post launches Five Star Villages Scheme for 100% rural coverage of postal schemes
 The Department of Posts has launched a new scheme called Five Star Villages, to ensure universal coverage
of flagship postal schemes in rural areas of the country.
 The scheme aims to bridge the gaps in public awareness and reach of postal products and services, especially
in interior villages.
 The scheme was launched by the Union Minister of State for Communications, Shri Sanjay Dhotre on 10
September 2020.
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The schemes covered under the Five Star scheme include:

 Savings Bank accounts, Recurrent Deposit Accounts, NSC / KVP certificates,
 Sukanya Samridhi Accounts/ PPF Accounts,
 Funded Post Office Savings Account linked India Post Payments Bank Accounts,
 Postal Life Insurance Policy/Rural Postal Life Insurance Policy and
 Pradhan Mantri Suraksha Bima Yojana Account / Pradhan Mantri Jeevan Jyoti Bima Yojana Account.
 The scheme is being launched on pilot basis in Maharashtra. 50 villages in each district of the state will be
covered during 2020-2021.
 The scheme will be implemented by a team of five Gramin Dak Sevaks, headed by the Branch Post Master of
the concerned Branch Office.
Extra Shots:
Indian Post
 Parent Ministry: Ministry of Communications
 Director General: Arundhaty Ghosh
 Subsidiary: India Post Payments Bank
Razorpay launches collateral free line of credit for SMEs
 In a bid to rescue MSMEs and improve their cash flows, Razorpay has launched a collateral free line of credit
called Cash Advance.
 MSMEs can borrow working capital with a credit limit of Rs 50,000 to Rs 10 lakh, within 10 seconds through
the Razorpay dashboard, depending upon the credit history of the business.
 With this, Razorpay aims to support businesses with upto Rs 100 crores of credit by end of 2020.
CARE Ratings projects India’s GDP to contact between 8-8.2% in FY21
 Indian rating agency, CARE Ratings has projected the GDP of India to contract in the range 8 to 8.2% for
2020-21 (FY21).
 This is more than its earlier projection of -6.4%. The forecast for GVA growth in FY21 is -7.7%.
Extra Shots:
CARE Rating
 Founded: 1993
Adani Green Energy nears ₹1 trillion market capitalisation
 Adani Green Energy Ltd on Monday inched closer to ₹1 trillion market capitalisation, becoming Adani
Group’s most valued stock, piping Adan Ports and Special Economic Zone Ltd.
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 The company will raise $1.8 billion for the under construction and contracted portfolio of 12 GW, which
includes the country’s first manufacturing-linked solar power plant of 8 GW.
 In terms of market value, the Adani Group firm has surpassed Bajaj Finserv, Hindustan Zinc, Bharat
Petroleum Corp Ltd, Power Grid Corp, ONGC Ltd, NTPC, Britannia Industries Ltd and Dabur India Ltd.
 Reliance Industries Ltd is India’s most valuable company with a market capitalisation of ₹15.26 trillion,
followed by TCS and HDFC Bank Ltd at ₹8.75 trillion and ₹6 trillion, respectively.
Extra Shots:
Adani Green Energy
 Founder: Gautam Adani
 Headquarters: Ahmedabad
S&P Global Ratings Projects India’s GDP at -9% in FY21 & 6% in FY22
 S&P Global Ratings has projected the GDP of India to contract by 9% in the fiscal year 2020-21 (FY21), as
against its previous estimate of a 5% contraction, due to the impact of the COVID-19 pandemic.
 For the Fy22 (2021-22), S&P expects GDP growth of 6%.
 For the Fy23 (2022-23), GDP is projected at 6.2%.
Extra Shots:
S&P Global Ratings
Asian Development Bank projects Indian economy to shrink by 9% in FY21, grow by 8% in FY22
 The Asian Development Bank (ADB) has estimated that the GDP of India is expected to contract by 9 percent
in the fiscal 2020-21 (FY21). This estimate is worse that ADB’s previous estimate of -4%.
 However, for the FY22 (2021-22), ADB expects India’s GDP at 8 percent.
 ADB also expects the gross domestic product (GDP) growth for developing Asia at – 0.7 percent in 2020, the
first negative economic growth since 1962.
Extra Shots:
ADB
Vi launches integrated 4G network GIGAnet
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 VI (erstwhile Vodafone Idea) has launched GIGAnet network that is an integrated 4G network.
 With the launch of GIGAnet, VI aims to overcome the loss of customers and attract new customers from
rivals Bharti Airtel and Reliance Jio.
 GIGAnet offers faster downloads & uploads, low latency, and real-time connectivity.
 It is built on many principles of 5G architecture that help in delivering a superior network experience.
Extra Shots:
Vodafone Idea
 CEO: Ravinder Takkar
 Founder: Kumar Mangalam Birla
 Founded: 31 August 2018
 Headquarters: Gandhinagar
 Parent organizations: Vodafone Group Plc, Aditya Birla Group
UBS Securities projects India’s GDP to contract by 8.6% in FY21; For FY22=+10%
 UBS Securities has projected India’s GDP for 2020-21 (FY21) to contact by 8.6%. (Earlier it was -5.8%)
 For FY22, UBS Securities projects India’s GDP to grow by 10%.
 UBS Securities is a Chinese investment bank and brokerage firm headquartered in Beijing, China.
Extra Shots:
UBS Securities
 Founded: 2006
 Predecessor: Beijing Securities
OECD projects India’s GDP at -10.2% in FY21 & 10.7% in FY22, Global GDP at -4.5% in 2020
 The Organisation for Economic Cooperation and Development (OECD) expects the Indian economy to
contract by 10.2% in FY21 (2020-21) as compared to its previous estimate of 16.7% in June.
 For FY22 (2021-22), the Paris-based OECD projects India’s gross domestic product (GDP) to grow at 10.7%.
 OECD expects the global GDP at -4.5% in 2020, which is an upward revision from its previous estimate of -
6%.
 For the year 2021, the global economy is estimated to increase by 5%.
Extra Shots:
OECD
 Headquarters: Paris, France
 Secretary-General: José Ángel Gurría
 Deputy Secretary-General: Ludger Schuknecht; Ulrik Vestergaard Knudsen; Masamichi Kono
Facebook offers USD 4.3 million in grants to Indian small, medium businesses
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 Social media giant Facebook on Tuesday said it will offer grants totalling USD 4.3 million (Rs 32 crore) to
more than 3,000 small businesses across five Indian cities, including Delhi and Mumbai, to help them grow
their operations amid the COVID-19 pandemic.
 This is part of Facebook's USD 100 million grant, announced in March, to help small businesses in 30
countries cope with the economic impact of the coronavirus pandemic.
 The grant programme is open to small businesses from all industries and verticals, and businesses do not need
to have a Facebook family of apps presence in order to apply.
Extra Shots:
Facebook
 Founded: February 2004, Cambridge, Massachusetts, United States
 CFO: David Wehner
Flipkart lands a further $62.8 million in funding from China's Tencent
 e-commerce major Flipkart landed a fresh $62.8 million investment from the Chinese internet giant Tencent
holdings in a funding round, regulatory filings sourced from business intelligence platform, paper.vc showed.
 The funds raise has been made through Flipkart's Singapore based parent entity, likely a part of the larger
$1.2-billion round that was announced by e-tailer in July.
 The funds raise has been made through Flipkart's Singapore based parent entity, likely a part of the larger
$1.2-billion round that was announced by e-tailer in July.
Extra Shots:
Flipkart
IKEA Retail sets up global operations centre in India
 Ingka Group, which handles retail operations of Swedish furniture giant Ikea, announced to open a global
office at Bengaluru.
 It will operate within the areas of Global Business Operations (GBO), Digital, and Centres of Expertise
(CoE).
 GBO is a capability and service organisation, responsible for implementing modern tools to meet growing
business demands as well as to increase employee satisfaction.
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 The GBO is a key partner for group functions such as Finance, Digital, Procurement and People & Culture to
transform, operate and continuously improve ways of working. IKEA launched Click & Collect Services in
Hyderabad
Extra Shots:
IKEA
 Founder: Ingvar Kamprad
 Founded: 28 July 1943, Älmhult, Sweden
 Headquarters: Delft, Netherlands
 CEO: Jesper Brodin
LIC’s investments in PSUs surge to Rs 25 lakh crore, private sector share dips
 The Life Insurance Corporation of India (LIC), the golden goose that has come to the rescue of the
government time and again, has cumulatively invested Rs 25 lakh crore as of March 2020 in the public sector.
 LIC’s PSU investments rose from Rs 13.4 lakh crore in FY15 to Rs 22.6 lakh crore in FY19.
Extra Shots:
LIC
 Chairperson: M R Kumar
India’s nominal GDP to grow 19 per cent in 2022: Finance Ministry
 Finance ministry has estimated that India’s nominal GDP will grow by 19 per cent in nominal terms in
financial year 2021-22.
 In the first quarter of this financial year, the nominal GDP contracted by 22.6 per cent to Rs 38.08 lakh crore,
compared to Rs 49.18 lakh crore in the same period last year.
 The finance ministry said it is not able to submit Medium Term Expenditure Framework with rolling targets
of indicative expenditure for FY22 and FY23 as mandated under the FRBM (Fiscal Responsibility and Budget
Management) Act because it is not possible to obtain reliable projections of GDP growth at this time due to
the continuing impact of COVID-19 pandemic on the Indian economy.
Visa extends global partnership with IFundWomen to entrepreneurs in India
 Visa has announced the launch of a grant program in India to support women entrepreneurs with its partner,
IFundWomen.
 As an extension of two programs launched in the US this year, women entrepreneurs in India will now receive
funding from Visa to grow and expand their business.
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(Apr 2020 to Sep 2020)
 Visa’s partnership with IFundWomen is designed to help women entrepreneurs secure the funding they need
through a series of grants.
UNCTAD projects India’s GDP at -5.9% in 2020; 3.9% for 2021
 United Nations Conference on Trade and Development (UNCTAD) has predicted that the GDP of India will
contract by 5.9% in the year 2020.
 For the year 2021, UNCTAD projects the Indian economy to grow by 3.9%.
 The projection was made in its Trade and Development Report 2020.
Extra Shots:
UNCTAD
 Headquarters location: Geneva, Switzerland
 Head: Mukhisa Kituyi
 Founder: United Nations General Assembly
 Formation: 30 December 1964
Bajaj Finserv launches health tech solutions business
 Bajaj Finserv entered the healthcare sector with the launch of its health tech solutions business.
 The new venture, Bajaj Finserv Health, brings to the market its core offering — Aarogya Care, an industry-
first product, providing preventive, personalised, prepaid health care packages to consumers.
 The Bajaj Finserv Health App would work like a personalised health manager, offering consumers a one-stop
destination to avail convenient, connected and cost-effective health solutions, right at their fingertips.
 It would also offer health insurance coverage from Bajaj Allianz General Insurance and pre-approved Health
EMI facility from Bajaj Finance.
Extra Shots:
Bajaj Finserv
 CEO: Sanjiv Bajaj
 Parent: Bajaj Holdings & Investments Limited
 Founder: Jamnalal Bajaj
KKR to invest Rs 5,550 crore in Reliance Retail Ventures for 1.28 per cent stake
 Global investment firm KKR is set to buy a 1.28 per cent equity stake in Reliance Industries Ltd.'s retail
business.
 This investment values Reliance Retail at a pre-money equity value of Rs 4.21 lakh crore.
 This marks the second investment by KKR in a subsidiary of Reliance Industries, following a Rs 11,367
crore investment in Jio Platforms announced earlier this year.
 KKR will invest Rs 5,550 crore in the Mukesh Ambani-led Reliance Retail Ventures.
Page 193 of 197
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Extra Shots:
RIL
 Owner: Mukesh Ambani
IDFC First Bank to launch contactless debit card facility, SafePay
 IDFC First Bank will launch a contactless debit card-based payment facility, SafePay.
 It will allow transactions up to Rs 20,000 per day.
 The per transaction limit will be Rs 2000 under this payment facility of SafePay.
 Using the contactless payment, customers can make payment by waving his/her smartphone/debit card against
a near field communication (NFC)-enabled PoS terminal.
Extra Shots:
IDFC First Bank
 CEO: V. Vaidyanathan
 Parent organization: Infrastructure Development Finance Company
 Capital ratio: 13.28%
 Subsidiaries: Grama Vidiyal, Idfc First Bank Limited, Asset Management Arm
UNCTAD forecasts India’s GDP at -5.9% for 2020, 3.9% in 2021
 United Nations Conference on Trade and Development (UNCTAD) is a part of the United Nations Secretariat
dealing with trade, investment, and development issues forecasted the India’s GDP Growth Rate at -5.9% per
cent for the year 2020 and 3.9 per cent in 2021.
 The Predicted report was made in UNCTAD’s Trade and Development Report 2020.
Extra Shots:
UNCTAD:
 Headquarters: Geneva, Switzerland
 Head: Mukhisa Kituyi
 Founder: United Nations General Assembly
Asian Development Bank Approves $570 Million Loans for Urban Projects in Rajasthan, Madhya Pradesh
 The Manila-headquartered Asian Development Bank (ADB) said it has approved two loans totalling $570
million (about Rs 4,200 crore) for urban sector projects in Rajasthan and Madhya Pradesh.
 The $300 million loan has been approved to finance inclusive water supply and sanitation infrastructure and
services in secondary towns of Rajasthan.
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 It has approved a $270 million loan for construction of water supply and integrated storm water and sewage
management infrastructure in Madhya Pradesh.
Extra Shots:
ADB
Rajasthan gets 300-Million-dollar Loan approval from Asian Development Bank for its secondary towns
 Rajasthan State Government has got 300-million-dollar loan approval from Asian Development Bank for
water supply, sanitation infrastructure and services in secondary towns of Rajasthan.
 The project is likely to build citywide access for improved water supply services for around 5.7 lakh people
and enhanced sanitation services for about 7.2 lakh people in minimum 14 secondary towns.
Extra Shots:
Rajasthan
 Statehood Day: 30 March 1949
 Capital: Jaipur
 Chief Minister: Ashok Gehlot
 Governor: Kalraj Mishra
IRDAI Identifies LIC, GIC, New India Assurance Systemically Important Insurers
 Regulator IRDAI has identified LIC, GIC and New India Assurance as domestic systemically important
insurers (D-SIIs) and subsequently decided to subject them to enhanced regulatory supervision.
 The three insurers have also been asked to raise the level of corporate governance, identify all relevant risks
and promote a sound risk management culture.
Extra Shots:
IRDAI
 Founded: 1999
 Sector: Insurance
 Headquarters: Hyderabad
 Chairperson: Subhash Chandra Khuntia
ICRA projects India’s GDP for FY21 to contact by 11%
 Rating agency ICRA has projected India’s GDP rate for 2020-21 (FY21) to contact at 11%.
 This is more than its previous projection of -9.5%.
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(Apr 2020 to Sep 2020)
 The reason for this increase is the growing number of COVID-19 cases in India.
Extra Shots:
ICRA
Indian economy to contract 5.9% in 2020 due to Covid-19 disruptions, says UN report
 The Trade and Development Report 2020 by UN Conference on Trade and Development (UNCTAD) says,
India’s economy is forecast to contract by 5.9% in 2020 and recover to 3.9% next year.
 The report warning that while growth will rebound next year, the contraction is likely to translate into a
permanent income loss.
 The global economy will contract by an estimated 4.3% this year, leaving global output by year’s end over $6
trillion short (in current U.S. Dollars) of what economists had expected it to be before the coronavirus began
to spread.
Extra Shots:
UN
 Founded: 24 October 1945, San Francisco, California, United States
 Official languages: Arabic; Chinese; English; French; Russian; Spanish;
 Secretary general: António Guterres
NCAER predicts India GDP for FY21 at -12.6%
 The National Council of Applied Economic Research (NCAER) has projected the GDP growth for the Indian
economy at -12.6% For 2020-21 (FY21) with the remaining three quarters expected to witness a fall.
 For 2021-22, NCAER projects the GDP of India to grow by 7%.
Extra Shots:
NCAER
 Founded: 1956
SEBI allows REITs, InvITs to raise fund in institutional placement after 2 weeks of previous placement
 The Securities and Exchange Board of India (SEBI) has eased the norms for Real Estate Investment Trusts
(REITs) and Infrastructure Investment Trusts (InvITs) for preferential and institutional placement of their
respective units.
 SEBI has allowed Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) to
raise equity capital through the institutional placement route two weeks after a previous such exercise.
 Earlier the allowed time gap was six months between two institutional placements.
Extra Shots:
Page 196 of 197
(Apr 2020 to Sep 2020)
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Last 6 Months Banking, Finance & Economy Current Affairs

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Last 6 Months Banking, Finance & Economy Current Affairs

April 2020 – Banking, Finance & Economy Current Affairs

 Founded on: 12 April 1894

SIDBI to provide emergency working capital to MSMEs

 The face of the campaign is Bollywood actor Amitabh Bachchan.

ICICI Bank launches voice banking services for their customers

 Headquarters: Jaipur, Rajasthan

Finance and Economy

World Bank offers $1bn for proposed India project

Fitch declined India growth forecast to 2% for FY21 from 5.1%

 Gold reserves also increased by $3.03 billion to $30.89 billion.

 President: Masatsugu Asakawa

 Goldman Sachs – 1.6% (Previous 3.3%)

 Headquarters: Washington, D.C., The US

 Parent organization: Reliance Industries Limited

 MD & CEO: Chandra Shekhar Ghosh

 CEO: Ashu Suyash

May 2020 – Banking, Finance & Economy Current Affairs

 It had reduced its deposit rates on May 12.

 Main organ: Board of Governors; Board of Directors

 Headquarters location: Mumbai

 The scheme was introduced in 1998.

IndiaFirst Life Insurance:

 Managing Director & CEO: Kenichi Ayukawa

 Due Dates for various tax-related compliances have been extended.

 The new USD 1 billion support will be funded in two phases:

Social Infrastructure Projects

3. Extensive use of Radio, Community radio and Podcasts

 Indices: NIFTY 50; NIFTY NEXT 50; NIFTY 500

 AUM: 11 Lakh Crore ($157 Billion USD)

 Founded: 1 September 1956

SEBI imposes penalty of Rs 7 lakh on NHAI

 Headquarters: New Delhi

June 2020 – Banking, Finance & Economy Current Affairs

 Founder: British Raj

GoI discontinues 7.75% savings bonds

 Sector: Securities market

 CEO: Anubrata Biswas

 Headquarters: Mumbai, Maharashtra

President promulgates Banking Regulation Amendment Ordinance 2020 to ensure safety

 Founded: December 2015

Business & Economy

American DFC to invest $350 million in India firms

 Founder: Henry Varnum Poor

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 Chief economist: Laurence Boon

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 Founder: John Knowles Fitch

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July 2020 – Banking, Finance & Economy Current Affairs

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