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For the second time in a row, the bank has won the award in the India & South Asia
category. The Award is a mark of excellence reflecting leadership in risk management
Bank HDFC Visa risk security award for HDFC Bank and payment security performance.
The Bank neds a capital infusion of Rs 9000 crore of which Rs. 7000 crore has been
sought out from the government and the remaining Rs. 2000 crore will be raised
Allahabad Bank has sought Rs 7,000 crore from the government, which is 78% of its through qualified institutional placement and other instruments.
Bank Allahabad annual capital requirement for infusion. Allahabad bank HQ: Kolkata
Indian Army and HDFC Bank signed a Memorandum of Understanding (MoU) on The first MoU between HDFC Bank and the Indian Army for Defence Salary Package
Bank Army the Defence Salary Package. was signed in 2011 and was renewed in March 2015.
An MoU was signed between the Indian Army and the Axis Bank on the Defence Salary
Bank Army Package.
AU Small Finance Bank announced an increase in interest rates on its savings account
Bank AU deposits to up to 6.75 per cent.
AU Small Finance Bank announced that it has received shareholders approval to raise
Bank AU Rs 1,000 crore from Singapore-based investment firm Temasek.
Headquarters – Jaipur, Rajasthan
An external advisory committee headed by Usha Thorat evaluated the license
AU Bank bets on ‘Kamao’ app to ramp up biz, If an employee, customer or non- applications from 72 parties and finally 10 were given the license for Small Finance
Bank AU Bank customer give leads they will be rewarded Banks. (Wiki)
It was prompted by strong demand in rural India and rise in selfemployment amid poor
industrial demand. The new cap proposed by Microfinance Institutions Network (MFIN)
Bank Axis Axis Bank, IndusInd Bank and RBL Bank have raised their cumulative microloan cap is set at Rs. 80000, up from Rs. 60000.
Bank Bandhan Bandhan Bank appoints former RBI deputy governor H R Khan as chairman
Bandhan Bank was listed on 27 March 2018. The Kolkata-based private sector lender
Bandhan Bank surpassed the market capitalisation of all listed PSU banks except
Bank Bandhan Bank Chandra Shekhar Ghosh re-appointed as MD & CEO of Bandhan Bank State Bank of India (27th March FE story)
Bank Bandhan Bank Former RBI deputy governor Harun Rasid Khan joins Bandhan Bank board
Bandhan Bank has found a place in the list of the top-50 most valuable companies in
Bank Bandhan Bank terms of market capitalization (m-cap) in India.
Bhuj Mercantile Cooperative Bank ranked in the top in Gujarat for hi-tech technology
Bank Bhuj Bhuj Mercantile Coop Bank bags Banco Award for best performing cooperative bank upgradation.
The bank had taken 20,000 sq, ftof office space in GIFT City, making it the first Indian
Bank BoB Bank of Baroda locates major operations at GIFT City bank to move several key operations to the smart city.
Central Depository Services (India) Ltd (CDSL), is the second Indian central securities
depository based in Mumbai. Its main function is the holding securities either in
certificated or uncertificated (dematerialized) form, to enable book entry transfer of
securities.
Bank BoB Bank Of Baroda has signed agreement with CDSL Commodity Repository (CCRL) National Securities Depository Limited (NSDL) was the first.
Citibank is introducing new features in its Citi Mobile App for iPhone will include
seamless in-app account opening, a 360-degree view across all financial accounts and HQ: NewYork
Bank Citi spending insights to enhance clients’ financial wellness. Founded: 1812
Federal Bank Ltd partnered with Fortune Wealth Management Company Ltd to offer This will enable non-resident Indian clients to invest in Indian equity markets on
Bank Federal Portfolio Investment Scheme (PIS) services to NRIs. repatriable and non-repatriable basis
 IRA will interact with customers, answer bank-related queries, frequently asked
questions and will guide them inside the branch.
HDFC Bank has launched IRA 2.0, the second version of its interactive humanoid at HDFC Bank has also launched its virtual assistant ‘EVA’ (Electronic Virtual Assistant)
Bank HDFC the Koramangala branch in Bengaluru, Karnataka. on Amazon Alexa and Google Assistant
HDFC Bank is clocking loan sales of Rs 1,000 crore per month through digital
platforms across products and expects it to go up further with the launch of a an online
Bank HDFC HDFC Bank to offer Digital Loans against mutual funds loan against mutual funds.
In the overall list China’s ICBC topped and HDFC (parent company of HDFC Bank)
HDFC ranked 5th in ‘consumer financial services category’ ; Reliance Industries the ranked 321st from 404th from previous year where as HDFC bank ranked 202nd .
Bank HDFC only company from India to rank under top-100: Forbes Reliance Industries at 83rd place is the only from India in the top-100
QIP allows an Indian-listed company to raise capital from its domestic markets without
HDFC Bank gets nod to raise up to Rs 15.5k cr via QIP additional Rs. 8500 crore the need to submit any pre-issue filings to market regulators. Companies are only
Bank HDFC infused by Parent company HDFC permitted to raise capital through issuing securities
Google and Apple retained the number 1 and 2 spots in the rankings, followed by
Amazon, which moved into the #3 position ahead of Microsoft.
HDFC Bank, has featured at 60th rank in the BrandZ Top 100 Most Valuable Global The report has also ranked India as 2 in the ‘Best Mover Countries’ ranking after UAE.
Bank HDFC Brands ranking. Singapore was 3rd in the list.
HSBC has announced that it will deploy robots to help it detect money laundering, fraud
Bank HSBC and terrorist funding.
SWIFT (Society for World Interbank Financial Telecommunication System platform) SWIFT’s gpi (Global Payment Innovation) tracker enables real-time payments tracking
announced that ICICI Bank has become its first Indian client to go live with an improved across correspondent banksand has a facility to track the payments instructions across
Bank ICICI cross-border payments service known as GPI. the correspondent banks globally.
ICICI Bank’s blockchain platform digitises the paper-intensive international trade
ICICI Bank announced that it has on-boarded over 250 finance process as an electronic, distributed and unalterable ledger, which is
Bank ICICI corporates on its blockchain platform for domestic and international trade finance. accessible to all the participating entities including banks.
ICICI HQ: Mumbai, Registered office: Vadodra
India’s largest private sector bank ICICI Bank has introduced a ‘digital form’ which will ICICI Ltd-(Industrial Credit and Investment Corporation of India) was the parent
Bank ICICI help open current accounts in a few hours. company, later merged into ICICI bank
ICICI Bank has introduced 'Social Pay', a cross-border remittance facility that can be
utilised by NRIs to send money to people in India through social media like WhatsApp The user should register in Money2India (M2I), ICICI’s app for remittances, to transfer
Bank ICICI and e-mail. money to a person in India.
The bank has already acquired fintech SIgnzy which will help in online KYC with its
blockchain technology and Fingapy which will allow customers to shop without credit
Bank ICICI ICICI Bank to start an innovation lab for better digital banking experience. cards using biometrics.
ICICI Banks governance is under investigation and Axis Bank has accumulated high
Bank ICICI Axis Bank and ICICI bank rating degrades : Fitch proportion of NPAs.
ICICI Bank & Marg ERP’s maiden tie up to provide integrated payments platform to This would also enable ICICI Bank’s current account holders to securely connect their
Bank ICICI MSMEs bank account with the Marg ERP software and make digital transactions.
ICICI Venture has sold its 30% stake in hospital chain Krishna Institute of Medical
Bank ICICI Sciences (KIMS) to General Atlantic for Rs 850 crore.
The term of the previous auditor B S R & Co LLP, Chartered Accountants, the statutory
Bank ICICI ICICI Bank appoints Walker Chandiok & Co as auditors auditors of the bank for the past four consecutive years has expired
Customers will now be able to check balance, obtain mini statement, check reward
Bank IndusInd IndusInd Bank to use WhatsApp for customer service points as well as update of Aadhaar through WhatsApp.
ISSL is a capital markets intermediary for professional clearing, depository and
IndusInd Bank has received Reserve Bank of India’s (RBI’s) approval to buy custodial services catering to both retail and institutional clients including over 1000
Bank IndusInd IL&FS Securities Services Ltd. (ISSL), the securities services arm of IL&FS. brokers, Foreign Portfolio Investors (FPIs) and Foreign Institutional Investors (FIIS).
 IndusInd Bank has announced that it has tied up with Samsung Electronics to enable
its MasterCard and Visa credit card customers to use 'Samsung Pay' to simply tap and It functions using patented Magnetic Secure Transmission (MST) technology and Near
Bank IndusInds 'pay on the go' using their registered IndusInd Bank credit cards. Field Communication (NFC).
Karnataka Bank will sell 8.26 % stake in Universal Sompo General Insurance to Dabur
Bank Insurance Investment Corporation and Sompo Japan
‘Customer First’ initiative, Indian Overseas Bank (IOB) has launched three
‘Internet of Things’ (IoT)-based customer service initiatives on a pilot basis at A sound pressure level meter, tablet containing a web responsive application in which
Bank IOB one of its branch in Chennai, Tamil Nadu. they can submit their feedbac, a 'Missed Call Feedback' system
Information utility is an information network which procures and stores financial data
Indian Overseas Bank (IOB) entered into an agreement with National e-Governance like borrowings, default and security interests of various entities. It enables lenders in
Services Limited (NeSL) for utilizing its Information Utility Services envisaged under the making decisions on credit transactions.
Bank IUS Insolvency and Bankruptcy Code, 2016. IOB HQ: Chennai
Bank of India (BoI) entered into an agreement with National e-Governance Services
Limited (NeSL) for utilizing its Information Utility Services envisaged under the
Bank IUS Insolvency and Bankruptcy Code, 2016. BoI HQ: Mumbai
Jammu & Kashmir (J&K) Bank has launched ‘Add on Working Capital GST’, a special
financing scheme to help the state industry cope with the delay in reimbursement of
Bank J&K Goods and Services Tax (GST) under special tax relief.
Basel III (or the Third Basel Accord or Basel Standards) is a global, voluntary
J&K Bank to raise Rs 1,000 cr via bonds under Basel III to boost capital by March regulatory framework on bank capital adequacy, stress testing, and market liquidity
Bank J&K 31,2019 risk.
Karnataka Bank has unveiled a novel card variant ‘KBL Deposit Only Card’ for hassle
Bank Karnataka free cash deposit.
Bank Karur Karur Vysya Bank ties up with Aditya Birla Health It has already partnered with Birla Sunlife Insurance for the same.
Bank Karur Karur Vysya Bank tied up with Max Bupa for easy two step health insurance solution.
Kotak Mahindra Finance Ltd. (KMFL) became the first non-banking finance company
The board of directors of Kotak Mahindra Bank has redesignated Uday Kotak as in India to be converted into a bank – Kotak Mahindra Bank Limited (Kmb)ltd. (Wiki)
Managing Director and Chief Executive Officer from earlier designation of executive Founded: 2003
Bank Kotak Vice Chairman and Managing Director. HQ: Mumbai
Kotak Securities launches Free Intraday Trading facility at an annual subscription of Rs. In financial parlance, intraday trading refers to the activity of buying and selling a
Bank Kotak 999. security (equity, currency, commodity) on the same day.
‘Bharat QR’ is a mobile payment collection scheme to accept digital payments.
The Public Financial Management System (PFMS),earlier known as Central Plan
Schemes Monitoring System (CPSMS), is a web-based online software application
Bank PFMS Indian Bank launches PFMS & also launched ‘Bharat QR’, a mobile payment collection developed and implemented by the Office of Controller General of Accounts (CGA).
PNB launched new products such as pre-approved credit card and UPI solution to mark
Bank PNB its 124th foundation day, with WALNUT Headquarters – New Delhi
In March 2018, Union Finance Ministry asked banks to obtain passport details of those
Punjab National Bank (PNB) has stated that Union Ministry of External Affairs (MEA) who have borrowed more than Rs 50 crore
Bank PNB has confiscated passports of 150 wilful defaulters based on its complaints PNB HQ: New Delhi
This is in lieu of Punjab National Bank – Nirav Modi fraud investigation where she was
Bank PNB Allahabad Bank CEO Usha Ananthasubramanian loses her executive powers found guilty by the CBI.
19 public sector banks suffered a cumulative loss of Rs. 873.57 billion. Punjab National SBI's net loss in 2017-18 stood at Rs 65.47 bn as against a net profit of Rs 104.84 bn
Bank PNB Bank (PNB) ranks at the top of the list with a net loss of Rs. 122.83 bn. in 2016-17.
PNB board to consider ESOP scheme of up to 100 million equity shares after
Bank PNB Allahabad and United Bank of India
 RBL Bank has fully acquired Mumbai-based financial product distribution firm
Bank RBL Swadhaar FinServe Pvt Ltd from their earlier holding of 60.48%.
Rubique, an online marketplace for loan, credit card and insurance announced the
Bank Rubique appointment of Ajay Desai as its Chief Operating Officer (COO).
The contract for constructing this project has been awarded to Sutlej Jal Vikas Nigam
India’s largest bank, State Bank of India (SBI) will be investing a total of Rs 80 billion in (SJVN) and SJVN has made an agreement with the SBI to acquire the investment as a
Bank SBI the 900 megawatt (MW) Arun III hydropower project of Nepal. loan.
It is calculated by multiplying the current market value of company’s share with total
On April 16, 2018, market capitalisation of Kotak Mahindra Bank, for the first time outstanding shares. Kotak Mahindra Bank’s market capitalisation rose to Rs 2.23 lakh
Bank SBI surpassed that of State Bank of India. crore compared with SBI’s market cap of Rs 2.22 lakh crore.
SBI has launched its UK subsidiary, SBI (UK) Limited, with an initial capital commitment
Bank SBI of 225 million pounds from its parent entity.
Bank SBI SBI to collect MSRTC's Rs 15 crore daily earnings from bus depots
Odisha’s Kalinga Nagar branch of State Bank of India (SBI) has adopted a village
(Bhagawanpur) in Purba Medinipur district of Odisha to familiarise the villagers with
Bank SBI cashless transactions.
SBI’s digital branches are known as "sbiINTOUCH" and offers advanced banking
State Bank of India has enabled 60 digital branches, sbiIntouch, across India through services such as instant loan approvals, access to latest mutual funds, assistance in
Bank SBI Dimension Data, a global technology integrator and managed services provider. choosing investment portfolios etc.
Tez, a platform for fund transfers to bank, with UPI enabled banks, using UPI's platform
has been launched by Google with SBI.
Encourage use of digital channels like PoS, ATMs, Micro ATMs, Mobile Banking,
Internet Banking, etc.
Launch of YONO app with financial products offerings such as SBI Cards, SBI Caps,
SBI Mutual Funds, SBI General and SBI Life are also integrated
Bank SBI SBI invests Rs 35 bn a year as it reaches out digitally to 420 mn customers Transformation of 100 selected villages into digital centres.
Ratings agency, has reduced viability ratings of State Bank of India and Bank of Baroda the banks had a weakened risk profile because of poor asset quality and the
Bank SBI to ‘bb+’ and ‘bb’respectively, vulnerability of their capital buffers to moderate shocks.
Rs.520 crore , Rs 20 crore will be raised through equity capital and Rs 500 crore will be
Bank South India South Indian Bank plans raising Rs 520 cr via capital equity and securities mopped up through bonds.
It is the highest recognition in the banking industry for exceptional performance in
payments system. This is for their outstanding performance in NFS ATM Network and
Bank SVC SVC Cooperative Bank awarded National Payments Excellence Award by NPCI CTS
A Cooperative bank SVC Bank (Shamrao Vithal Co-op.(SVC) bank) announced that it Debit cards, net banking, IMPS, NEFT/RTGS, mobile app and UPI. ??
Bank SVC has implemented Digital Hexa. HQ: Mumbai
It is launched in collaboration with Worldline, a European entity considered a
leader in financial payments and transactional services industry.
UBI HQ: Kolkata
United Bank of India has launched "United e-Collect", a digital platform that enables
Bank UBI online payment and fee collection services for the bank.
’Yes GST’ enables MSME to avail OD up to Rs 1 crore, based on their annual turnover,
Bank Yes backed by Goods and Services Tax (GST) returns.
Euronet India, the provider of electronic payment services has announced that it has
Bank Yes partnered with Yes Bank to modernise the bank's core payment infrastructure.
National Stock Echange (NSE) has given approval to Yes Bank to be empanelled as
Bank Yes ‘Settlement Bank’ for National Securities Clearing Corporation (NSCC).
 ’Agenda 25X25’ is geared towards ensuring that by 2025, at least 25% of all
entrepreneurs in India are
Bank Yes YES Bank launches Agenda 25×25 for budding women entrepreneurs in India women.
YES Bank is to launch a capacity building project with farmers in Haryana and
Rajasthan under its ‘Livelihood and Water Security’ CSR (Corporate social
Bank Yes responsibility) initiative.
Yes Bank launches deposit ‘Green Future : Deposit” scheme with an eye to raise Rs
Bank Yes 1,000 crore.
Custodian of securities is a licence granted by Sebi to eligible entities allowing them to
Yes Bank gets Sebi nod for custodian of securities business enhancing its market offer custodial services to financial market participants including foreign institutional
Bank Yes offerings investors (FIIs) and foreign portfolio investors (FPIs).
Former Supreme Court judge BN Srikrishna will conduct an investigation into various
Bank ICICI allegations of impropriety against ICICI Bank Chief executive Chanda Kochhar
Britain's markets regulator fined the UK division of India's Canara Bank for 896,100
pounds ($1.2 million) and blocked it from accepting new deposits for around five
Bank Canara months for systemic anti-money laundering (AML) failures
Axis Bank launched a virtual assistant for customers armed with proprietary artificial
Bank Axis intelligence and machine learning algorithms and named it Axis Aha.
Punjab National Bank opened of its first centralised loan processing centre (CLPC) as
part of its efforts to strengthen internal systems and processes. It also launched a new Under 'Mission Parivartan', a future-facing initiative to push the bank forward on its
initiative called Reach In Reach Out (RIRO) as part of efforts to improve credit quality & transformation journey, many steps have been taken to position the bank as a
Bank PNB ensure faster processing of loans. futureready bank.
Losses of public sector banks crossed a whopping Rs 87,300 crores in 2017-18 fiscal, Of the 21 state-owned banks, only two banks, Indian Bank and Vijaya Bank, posted
Bank Loss topped by scam-tainted Punjab National Bank. profits during 2017-18.
S Raman, the former chairman and managing director of Canara Bank being probed by He has resigned from the Reserve Bank of India-constituted committee on bad loans
Bank Canara the Central Bureau of Investigation in connection with loans to Winsome Diamonds. and frauds.
Karnataka ranks third in terms of ATM density with 29 ATMs per lakh population after India has 18 ATMs per lakh of the population, considerably lower than countries like
Bank ATM Delhi (52/lakh) and Tamil Nadu (35/lakh) respectively. China (63), Brazil (81), Japan (107) and Australia (132).
Nearly 10 lakh bank workers have gone on a 2-day strike to protest against a 2% salary
increase offered by the Indian Banks Association, which represents bank
Bank Strike managements.
Kotak Mahindra Bank launched 'Keya' an AI-powered voice bot integrated with Kotak’s It is aimed at augmenting the traditional interactive voice response (IVR) system in
Bank Kotak phone banking helpline. both English and Hindi. It is developed by the bank in partnership with Nuance, USA.
Qatar-based Doha Bank has set up the first branch in Chennai, taking the total number
Bank Doha Bank of branches in the country to three.
Financial Intelligence Unit (FIU) slapped Rs. 9 crores penalty on Bank of Baroda for
"failing" to adhere to anti-money laundering norms, and not having an effective system
to report suspicious transactions linked to the Rs 6,000 crore scam in its Delhi-based
Bank Baroda branch.
Banks' credit grew at 10.32 % year-on-year to Rs. 86,50,714 crores in the fortnight In the fortnight ended March 30, 2018, the deposits increased by 6.66% to Rs.
Bank Credit ended March 30, 2018, as per RBI. 1,14,74,989 crores from Rs. 1,07,57,656 crore in the year-ago period.
A Supreme Court verdict paved the way for regional rural bank (RRB) employees draw About 27,000 retired RRB employees are set to gain from this verdict, which the bank
Bank Pension pension at par with nationalised banks, ending a two-decade long legal battle. association torch bearers dubbed as historic.
Mr. Rana Kapoor, MD & CEO, YES BANK was recognized by Advertising Agencies
Association of India (AAAI) as an Outstanding Contributor to the Media and
Bank Yes Communication Industry and Indian Brand Builder.
 Axis Bank said its board has approved a proposal to increase its borrowing limit up to
Bank Axis Rs 2 lakh crore.
Business Cube M-app Cube Wealth launched to transfer money from bank a/cs to MFs
PhonePe partners with Ola to enable riders to book rides using PhonePe’s payment PhonePe is owned by Flipkart. PhonePe has also added ‘Auto-pay’ feature that
Business PhonePe platform enables users to make payments easily.
WhatsApp payment service has been in beta testing and almost one million people are
Business WhatsApp testing the feature. This is being implemented with the help of NPCI and multiple banks.
Asian Development Bank (ADB) Noted that Indian economy will grow by 7.3% in FY’18, President: Takehiko Nakao,
Forecast ADB 7.6% in FY’19 Headquarters: Manila, Philippines
ADB HQ: Manila, Philippines
Forecast ADB ADB projects India’s growth at 7.3% in 2018 at the 51st ADB Annual Meeting President: Takehiko Nakao
Confederation of Indian Industry (CII) stated that India’s gross domestic product (GDP) Inflation is forecast to average 4.7 % in the fiscal year ending in March 2019, and 4.9
Forecast CII is expected to grow at 7.3-7.7 percent during the 2018-19 financial year. % the following year.
Forecast CII Industry expects close to 8% GDP growth over next two years: CII
However, higher global oil prices, anticipated rate hike cycle from the RBI and negative
impact of the banking sector frauds on credit may pose a challenge to higher growth
trajectory.
As per a report by Deutsche Bank, Indian economy is likely to register Gross Domestic Founded: 1870
Forecast Deutsche Product (GDP) growth of 7.5 per cent in financial year 2018-19. HQ: Frankfurt, Germany
Forecast Fitch India’s growth will accelerate to 7.3 pct: Fitch, and 7.5 percent in next fiscal.
Forecast Fitch Fitch predicts India’s growth forecast to 7.4% for FY’19 and 7.5% for FY20
Forecast Govt India’s GDP grows at robust 7.7% in Q4 of FY18, full year growth at 6.7%
India tops list, with the Projection of 7.9 Per cent, of fastest growing economies for
Forecast Harvard coming decade: Harvard study Uganda is in Second Position with predicted growth of 7.5 percent.
Higher oil prices, a weaker rupee, higher minimum support prices (MSPs) for
Forecast HSBC Inflation to average around 5.1% this fiscal: HSBC agricultural commodities and more currency in circulation.
Chinese Economy will slow down from 6.9% in 2017 to 6.6% in 2018 and further to
6.4% in 2019 while Global growth is seen stable at 3.9% over the current and next
As per the latest World Economic Outlook, released by International Monetary Fund calendar years.
(IMF), Indian economy is projected to grow 7.4% in the current fiscal i.e. FY 2018-19 Headquarters: Washington, D.C., U.S
Forecast IMF and in FY 2019-20 to 7.8%. Managing Director (MD): Christine Lagarde
Forecast IMF India fastest growing economy at 7.4 per cent in 2018: IMF
Moody’s investor service report India’s GDP forecast has gone down to 7.3% from HQ: New York
Forecast Moody 7.5% for 2018. This cut is because of higher oil prices . Founded: 1909
It expects GST compliance to stabilize and revenues to become more predictable as
the economy becomes more formalized. Everything else is a risk: increasing crude oil
Forecast Moody Moody’s expects India to meet its fiscal deficit target of 3.3.percent price, cut down of tax on petroleum products and impending elections.
As per Niti Aayog Vice Chairman Rajiv Kumar, Indian economy is expected to grow by
at least 7.5 per cent in 2018-19 on back of improvement in investment cycle and
Forecast Niti Aayog capacity utilisation.
Forecast Niti Aayog India to achieve 9 percent growth rate by 2022: Niti Ayog VC
According to the Japanese financial services major Nomura, India’s average Gross
Domestic Product (GDP) growth is expected to rise to 7.8 per cent in the first half of Founded: 1925, Osaka Japan
Forecast Nomura 2018. HQ: Tokyo, Japan
 According to a Reuters poll of economists, India will reach the top position among the
world’s fastest- growing major economies in 2018, India’s economy will expand 7.4 %
Forecast Reuters in the fiscal year that began in April 2018.
As per UN World Economic Situation and Prospects (WESP), Indian economy
projected to grow 7.6 pc in 2018-19 backed by robust private consumption, supportive WESP: It is a joint product of the United Nations Department of Economic and Social
Forecast UN fiscal stance and benefits from past reforms. Affairs (UN/DESA) and the United Nations
The report cautioned that despite growth, India was not creating enough jobs. As per
Forecast World Bank WB: Indian economy is projected to grow by 7.3% in 2018 and 7.5% in 2019. the report, India must create 8.1 million jobs a year to maintain its employment rate.
World Bank’s ‘Global Economic Prospect’ forecasts 7.3 per cent growth in FY19 for President: Jim Yong Kim
Forecast World bank India, making it fastest growing economy Headquarters : Washington D.C., U.S.
Forecast World bank World Bank projects Indonesian economy to grow 5.2%
During March 2018, Central Board of Direct Taxes (CBDT) entered into 16 more Objective of APA scheme is to provide certainty to taxpayers in the domain of transfer
Govt APA Advance Pricing Agreements (APAs), taking the total number of APAs to 219. pricing by specifying the methods of pricing and thereby reducing litigation.
The four priority programmes —
Pradhan Mantri Fasal Bima Yojana: West Tripura (Tripura) and Beed (Maharashtra)
Pradhan Mantri Awas Yojana (Urban and Rural): Himachal Pradesh’s Kangra and
Madhya Pradesh’s Neemuch for Rural; Puducherry ULB (Puducherry) and Greater
Hyderabad Municipal Corporation for Urban
PM honoured officials for making Manipur’s Karang the first cashless island of the Deen Dayal Upadhyaya Grameen Kaushal Vikas Yojna: Assam’s Dhemaji and
country, and implementing the Goods and Services Tax (GST) and other priority Telangana’s Karimnagar
Govt Award initiatives of the Centre. Digital Payments: Bishnupur (Manipur), Daman (Daman & Diu) and Sonipat (Haryana)
CCEA has approved the proposal for renaming and restructuring of Multi-sectoral
Development Programme (MsDP) as Pradhan Mantri Jan Vikas Karyakram (PMJVK),
Govt CCEA 3972 cr and extension for the remaining period of 14th Finance comission
CCEA has given its approval for the Umbrella Scheme, “Green Revolution –
Krishonnati Yojana” in agriculture CCEA has approved its continuation for three financial years, i.e., 2017-18, 2018-19
Govt CCEA sector beyond 12th Five Year Plan for the period from 2017-18 to 2019-20. and 2019-20 at expenditure of Rs.33269.976 crore.
CCEA has given its approval to provide financial assistance @ of Rs. 5.50 per quintal
Govt CCEA of cane crushed in sugar season 2017-18
Chennai: Chennai International Airport, 2 terminal buidlings named - Kamaraj Domestic
Airport, Arignar Anna International Airport
Lucknow: Chaudhary Charan Singh International Airport
Guwahati: Lokpriya Gopinath Bordoloi International Airport
Cabinet approves new terminal buildings at Guwahati, Chennai and Lucknow airports Varanasi :Lal Bahadur Shastri Airport
Govt CCEA with a total cost of over Rs 5,000 crore. Hyderabad – Rajiv Gandhi International Airport
United Nations Conference on Trade and Development (UNCTAD) the FDI to India has
FDI in India rises to USD 61.96 bn in 2017-18 from 60bn in 2016-17: DIPP (Department decreased to $40 billion in 2017 from $44 billion in 2016. And outflows have doubled.
Govt FDI of Industrial Policy & Promotion) UNCTAD HQ- Geneva, Switzerland
Government may launch Rs 500 crore credit enhancement fund in July and the initial World Bank had evinced interest to pump-in Rs 5,000 crore for the fund initially, but the
Govt Fund corpus of the fund, to be sponsored by IIFCL (India Infrastructure Finance Company) government declined it as it wanted to start small to prove the concept
A greenshoe is a clause contained in the underwriting agreement of an initial public
Second tranche of Bharat-22 ETF for raising Rs.6000 crore. There is also a green shoe offering (IPO) that allows underwriters to buy up to an additional 15% of company
Govt Fund option of Rs 2,400 crore, subject to government approval. shares at the offering price. (investopedia)
27th GST council meeting discusses change in GST rate for digital transactions, 2%
Govt GST concession discussed
 Types: CGST, SGST, IGST (Center, State, Integrated)
Government has collected Rs 7.41 trillion in taxes in the first Started on – July 1, 2017
Govt GST year of the Goods and Services Tax (GST) ending March 31, 2018. Tax Slabs – 5%, 12%, 18% 28%
To reimburse the central government of CGST and IGST to reduce the financial burden
Govt GST Government introduces new scheme ‘Seva Bhoj Yojna’ for charitable institutions of the religious institutions.
Draft on cross-border insolvency: Banks to get access to overseas assets of firms It will be according to the UNCITRAL (United Nations Commission on International
Govt Insolvency undergoing resolution Trade Laws) model on dealing with cross-border insolvency.
Specific information about tax evasionto the Investigation Directorate of the IT
department can be rewarded upto Rs. 50 lakhs.
Income Tax Department issued Revised Income Tax Informants Reward Scheme, 2018 A reward of upto Rs. 5 crore for information about the black money tugged away
Govt IT for public participation in unearthing black money illegally in the foreign countries
New Benami Transactions Informants Reward Scheme, 2018 launched by the Income
Govt IT Tax Department Reward up to Rs. 1 crore for offering specific information
According to Union Finance Ministry data, total deposits in Jan Dhan accounts crossed The number of Jan Dhan account holders stood at 31.45 crore as on April 11, 2018 as
Govt Jan Dhan Rs. 80000 crore mark as on April 11, 2018. compared to 26.5 crore at the beginning of 2017.
(MeitY) has announced that it is testing a new credit rating model for assisting the
Govt NPA banks especially rural and cooperative banks to tackle the issue of NPAs.
PFMS is implemented by the Controller General of Accounts, Ministry of Finance. It is
also used for Direct Benefit Transfer (DBT) payments under MGNREGA (Mahatma
Public Financial Management System (PFMS) portal processes Rs 71, 633.45 Gandhi National Rural Employment Guarantee Act) and other notified schemes of the
Govt PFMS crore transactions on a single day government.
The goal of the IT modernization project with an outlay of Rs. 1400 Crore is to provide
a low power technology solution to each Branch Postmaster (BPM) which will enable
The government aims to empower 1.55 lakh post offices after integration with 650 each of approximately 1.29 Lakhs Branch Post Offices (BOs) to improve the level of
Govt Post Office Payments Banks to offer digital services including financial inclusion. services
DARPAN refers to DIGITAL ADVANCEMENT OF RURAL POST OFFICE FOR A NEW
INDIA (DARPAN) Project, a project launched by Department of Posts as a part of its IT
DARPAN-PLI App will help in collection of premium for Postal Life Insurance (PLI) and Modernisation plan, aimed at connecting all 1.29 lakh Rural Branch Post Offices in the
Govt Post office Rural Postal Life Insurance (RPLI) policies at Branch Post Offices anywhere in India. country, to enable them to do online Postal and Financial Transactions.
EFC approves revised cost estimate of World Bank funded Dam Rehabilitation &
Improvement Project (DRIP).for Rs. 3466 crore and extends time period for conclusion
Govt Project till June, 2020
Par panel to look into black money and performance of public sector banks. The panel This committee will focus on the black money and the unaccounted money that was
Govt PSB to be headed by Murli Manohar Joshi legaitimised during the demonetization period as per RBI’s report.
The total quantum of bad loans – loans where corporate borrowers are not repaying
Govt planning another SBI-like 4 bank mega merger: Bank of Baroda, Central Bank , their dues to banks- has crossed Rs 10 lakh crore. This includes the Rs 8.9 lakh crore
Govt PSB IDBI bank, Oriental Bank. share of government owned banks.
Government panel selects 22 out of 43 general managers for ED post at PSU Banks,
Govt PSB four from PNB, 0 from BoB
The government will soon acquire the stake of Reserve Bank of India in housing The transfer of stake will be cash neutral and there will be no cash outgo. RBI holds
Govt RBI finance regulator National Housing Bank (NHB). 100 per cent stake in the NHB at present.(In April 2018)
MD&CEO of IDBI Bank Mr. Mukesh Kumar Jain has been appointed as fourth RBI
Govt RBI Deputy Governor for a 3 year term.
In the 3rd phase of sale, State Bank of India (SBI) has been authorised to issue and Electoral Bonds are valid for fifteen days from the date of issue.
encash Electoral Bonds through its 11 Authorised Branches with effect from 01.05.2018 Electoral Bond deposited by an eligible Political Party in its account will be credited on
Govt SBI to 10.05.2018. the same day.
 Under the scheme the state govt. will give 4000 per hectare for two seasons by
cheques. The Govt. has allotted 12000 crore as the budget in the scheme. For the
Govt Scheme Rs 5400 crore dispersed for Telangana government’s scheme ‘Rythu Bandhu’: RBI current season total requirement for the scheme is Rs.5700 crore.
Tenure: 8 years
Interest Rate: 2.50% per annum, payable every 6 months.
Exit Option: From 5th year onwards, to be exercised on interest payment dates
Minimum Size: 1 gm
Maximum Limit: 4 KG for individual, 4 Kg for HUF and 20 Kg for trusts
Government of India has decided to issue Sovereign Gold Bonds 2018-19 – Series-I. Sold By: Banks, Post Offices, Stock Holding Corporation of India (SHCIL), National
These bonds will be issued by Reserve Bank India (RBI) on behalf of the Government Stock Exchange (NSE) and
Govt SGB of India. 3114 Rs/gm Bombay Stock Exchange (BSE)
India’s global trade at $767.9 billion in 2017-18 marks an increase by 16.32 per cent as
Govt Trade compared to $660.2 billion in 2016-17.
India hikes import duty on 29 US products, including Bengal gram, lentils and artemia, The move was against the duty hike by the US on certain steel and aluminium products
Govt Trade imported from the US. which had tariff implication of $241 million on India.
The government rejected the idea of a bad bank and is at best lukewarm to an asset
reconstruction company (ARC) that will take over state-run banks’ toxic loans as it’s not
Govt Bad Bank keen on diverting more of taxpayers’ money toward their resolution in this manner.
The government set up a committee under Punjab National Bank non-executive
chairman Sunil Mehta to consider the establishment of an asset reconstruction
company in yet another push to help resolve the bad loan burden that afflicts the
Govt NPA banking industry.
Cabinet approved promulgation of an ordinance to amend the 16- month-old Insolvency
and Bankruptcy Code (IBC), which proposes to classify home buyers as "financial
creditors" at par with lenders to help them quickly get refunds from defaulting The amendment comes months after a new Section 29A was added into the
Govt IBC companies. bankruptcy code, introducing four layers of ineligibility for potential bidders.
The government is hopeful state-run banks will be able to slash bad loans by as much
as Rs. 3 lakh crore this financial year, mostly through debt resolution under the
Govt IBC Insolvency and Bankruptcy Code (IBC).
The govt named former bureaucrat Bhanu Pratap Sharma as the new chairman of the
Govt BBB Bank Board Bureau.
The Insolvency and Bankruptcy Board of India (IBBI) announced that India has won
IBBI IBBI Global Restructuring Review’s “most improved jurisdiction” award.
Indian tea industry records highest ever production, export in FY18, production of
Industry Tea 1,325.05 million kg and export of 256.57 million kg
Coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity
are together referred to as core industries.
Industry Core Core sector growth slows to 4.1% in March 2018 Eight core industries constitute 40.27% of the total industrial production in India.
The supply between GAIL and Gazprom is a 20 year deal of import of 2.5 million
tonnes of LNG a year.
Industry LNG GAIL India to import 1st Russian LNG shipment from Gazprom LNG from US was imported at Dabhol port of Mumbai for the first time.
India’s annual Wholesale Price Inflation (WPI) was at 2.47 % in March 2018, a nine-
Inflation WPI month low, due to a fall in price of vegetables and other food and beverages.
Inflation WPI WPI inflation jumps to 3.18% in April
Insurance IRDAI Former IAS officer Subhash Chandra Khuntia to head IRDAI
Insurance regulator IRDAI has formed a 10 member committee to review regulations
Insurance IRDAI governing the Insurance Marketing Firms (IMF).
 Secretary, DEA meets president of ADB, Mr. Takehiko Nakao; attends 12th informal
International ADB meeting of SAARC finance Ministers
The first meeting of the BRICS Finance Ministers and Central Bank Governors was
held in the sidelines of the IMF/World Bank Spring Meetings in Washington D.C., NDB (New Development Bank (NDB)Headquarters – Shanghai, China
International BRICS United States. President – K V Kamath
International BRICS BRICS Bank plans to launch Americas Regional Office in Brazil There is another centre : The African Regional Centre in Johannesburg , South Africa.
As per ‘Indian Industry’s Inclusive Footprint in South Africa – Doing Business, Doing
Good’, released by the Confederation of Indian Industry (CII) and
PricewaterhouseCoopers (PwC), Indian companies have invested close to $4 billion in
International CII South Africa,
Open Banking rules require European banks to give third parties access to their
customer data, if the account holders agree. It is intended to bring more competition to
the sector, enabling other financial services providers to offer additional services to a
Citi Bank first bank to enroll as Payment Initiation Service Provider Under UK’s Open bank’s customers.
International Citi Banking regime.
Britain's Clydesdale Yorkshire Banking Group said it had bought Richard Branson's
International CYB Virgin Money for 1.7 billion pounds.
DBS Bank, Singapore’s largest lender by assets, expects to become the first foreign
International DBS lender to open a local unit in India by October 2018 after RBI’s approval. HQ: Singapore
International EBRD India the 69th member to join European Bank for Reconstruction and Development
US surpasses India as top greenfield FDI investment destination globally ; China tops
International FDI in the Asia-Pacific Region : FDI Report 2018 FDI Report 2018 compiled by FDI Intelligence, a division of The Financial Times Ltd.
The Institute of Chartered Accountants of India (ICAI) and South African Institute of
Chartered Accountants (SAICA) have signed an agreement to set up a framework for
recognizing members easier and encourage mobility of professionals between both
International ICAI ICAI, SAICA sign pact to facilitate professionals movement countries, at the SAICA head office in Johannesburg.
Industrial and Commercial Bank of China (ICBC) , a state-run Chinese bank has
launched ICBC Credit Suisse India
International ICBC Market Fund
The Central Bank of Malaysia (BNM; Malay: Bank Negara Malaysia) is the Malaysian
International Malaysia Nor Shamsiah appointed new Bank Negara of Malaysia Governor central bank. (Wiki)
Exim bank earlier had extended two LOCs aggregating $31 million to the Republic of
Suriname for upgradation of transmission line network and maintenance of Chetak
International Seychelles Exim Bank of India extends $10 mn loan facility to Seychelles for healthcare helicopters there (during the President’s visit in Suriname on June 21,2018)
It is a French multinational banking and financial services company headquartered in
French bank Societe Generale is exiting Central and Eastern Europe and has Paris
International SG announced it will close offices in Bulgaria Founded: 1864
Regional Comprehensive Economic Partnership (RCEP) is a proposed free trade
agreement (FTA) between the ten member states of the Association of Southeast
Asian Nations (ASEAN) (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the
Philippines, Singapore, Thailand, Vietnam) and the six Asia-Pacific states with which
India has trade deficit with 10 out of 16 Regional Comprehensive Economic Partnership ASEAN has existing free trade agreements (Australia, China, India, Japan, South
International Trade members Korea and New Zealand). (WIKI)
International WEF Sarita Nayyar appointed to Managing Board: WEF WEF Headquarters: Cologny , Switzerland.
Breakup: USD 7.5 billion paid-in capital for International Bank for Reconstruction and
The World Bank Group approved USD 13 billion increase in paid-in capital, as part of a Development (IBRD) and USD 5.5 billion paid-in capital for International Finance
International World Bank series of internal reforms. Commission (IFC)
 World Bank Pension Trust has recently invested in the Gujarat Narmada Valley
International World Bank Fertilizers and Chemicals (GNFC) and has purchased a large chunk of GNFC’s equity. GNFC is promoted and supported by the Gujarat Government.
The talks at the WTO’s 11th Ministerial Conference collapsed after the US went back
India to bring together a group of 8-10 countries in WTO to create a conducive on its commitment to develop a permanent solution to the public food stockholding
International WTO atmosphere in WTO issue.
International WTO Commerce Minister Shri Suresh Prabhu attends informal gathering of WTO in Paris WTO Headquarters – Gneva, Switzerland.
ADB granted financial assistance of $375 mn project for irrigation boost in Madhya The project will expand irrigation networks and system efficiency. The total cost of the
Loan ADB Pradesh project is $535.1 million and $160.71 million will be given by the government.
Aid will be utilised for creation of infrastructural facilities, sewer treatment plants and
water supply facilities in urban areas of Uttarakhand.
Asian Development Bank (ADB) has agreed in principle to give an aid of Rs 1700 crore Headquarters – Manila, Philippines
Loan ADB to Uttarakhand for infrastructure development in its urban areas. President – Takehiko Nakaho
The Asian Infrastructure Investment Bank (AIIB) with 86 members is a multilateral
development bank with a mission to improve social and economic outcomes in Asia
India is the largest borrower from Asian Infrastructure Investment Bank with borrowed and beyond.
Loan AIIB grants worth $4.4billion Headquarter: Beijing
Asian Infrastructure Investment Bank (AIIB) have approved USD $ 140- Million loan to
Loan AIIB improve the rural road connectivity and management for residents in Madhya Pradesh This project is co-financed by the World Bank.
AIIB to invest $200 million into an NIIF (National Investments & Infrastructure Fund) National Investment and Infrastructure Fund (NIIF) is a fund created by the
Loan AIIB fund of funds for infrastructure projects Government of India for enhancing infrastructure financing in the country.
This loan is a part of a deal of amount $1.5 billion that was to be loaned by the IMF to
SriLanka.The move of price increase of fuel was welcomed. The restructuring of loss
International Monetory Fund (IMF) released its loan of $252 million to the island nation making SriLankan Airlines was proposed. It has accumulated loss and debts of over $
Loan IMF of Srilanka. 2 billion.
Japan International Cooperation Agency (JICA) and Indian Government have signed an
agreement to provide a loan of 8,082 million Japanese Yen (Rs 500 crore) for JICA founded: 2003
Loan JICA installation of intelligent transport systems in Chennai. HQ: Tokyo, Japan
In 2015, India announced an ambitious goal of to increasing renewable power capacity
to 175 gigawatts (GW) by 2022, with 100 GW of solar, 60 GW of wind, 10 GW of
bioenergy and 5 GW of small hydro.
June 2018: India will add 227 GW of renewable energy capacity by March 2022,
overachieve by 52 GW on the back of new schemes like floating solar, manufacturing-
Japan’s SoftBank to invest $60 bn to $100 bn in India’s solar power generation goal of linked solar and offshore wind projects
Loan SoftBank 2022
Overseas Private Investment Corporation (OPIC) under the US government gives $5
million or Rs.33.5 crore to Grameen Impact Investments to support domestic small and
Loan US medium enterprises.
Under Pradhan Mantri Gram Sadak Yojna (PMGSY):
7000kms of climate resilient roads out of which 3500 kms would be made with green
USD 500 Mn additional financing assistance given to the Indian govt by World Bank for technologies. Till date, World bank has invested $1.8billion in loans for North Indian
Loan World Bank PMGSY Rural Roads Project states.
World Bank has approved $55 million to expand the use of clean renewable energy in It would install 1000 solar irrigation pumps, 30 solar mini-grids and about 4 million
Loan World Bank rural areas of Bangladesh that do not have access to grid electricity. improved cooking stoves in rural areas.
A loan agreement worth USD 48 million for the “Meghalaya Community – Led
Landscapes Management Project (MCLLMP)” was signed by India and the World Bank,
Loan World Bank in New Delhi.
 India, World Bank's International Bank for Reconstruction and Development (IBRD)) This project will help to increase climate resilient practices in agriculture and to make
Loan World Bank sign US$ 420 million project agreement to benefit farmers in Maharashtra farming a profitable activity.
Government of India, Government of Madhya Pradesh and World Bank signed a $210 The Project will cover 10,510 km distance of rural roads in Madhya Pradesh that come
Loan World Bank million loan agreement for the Madhya Pradesh Rural Connectivity Project. under the Chief Minister’s Gram Sadak Yojana (CMGSY) program.
India signs 200 million US Dollar Loan Deal with World Bank for National Nutrition
Loan World Bank Mission (POSHAN Abhiyaan) for 315 districts across all states/UTs POSHAN (PM’s Overarching Scheme for Holistic Nourishment) Abhiyaan
Signing of Legal Agreements between Govt. of India and World Bank on National The agreement has signed at a cost of USD 250 million for five years with 50 per cent
Loan World Bank Biopharma Mission for USD 250Mn for 5 years funding through the World Bank Loan.
India signs Loan Agreement with the World Bank for USD 21.7 Million for Strengthening
Loan World Bank the Public Financial Management in Rajasthan Project
World Bank,Pakistan ink agreements of $565 mn in power, water sectors for NTDC
Loan World Bank project and Sindh irrigation project
It is to encourage indigenous innovation, facilitate local product development and
India signed a loan agreement with World Bank for IBRD credit of $125million for the accelerate commercialization process in the sphere of affordable and innovative
Loan World Bank “Innovate in India for Inclusiveness Project”. healthcare products.
World Bank approves $700 mn to Bangladesh government’s 4th primary education
Loan World Bank programme
Govt. of India and World Bank sign legal agreement on National Biopharma Mission, It
is a $250 million dollar initiative that includes a $125 million loan from the World Bank. Objective of this programme is to make India a hub for design and development of
Loan World Bank This programme has been named Innovate in India (i3). novel, affordable and effective biopharmaceutical products.
The scheme aims to improve ground water management through community
World Bank approves Rs. 6,000 crore Atal Bhujal Yojana for ground water conservation participation. Under this scheme , priority is given to areas with critically low ground
Loan World bank in 7 states. water level
It will help scale up the deployment of energy saving measures in residential and public
The International Bank for Reconstruction and Development (IBRD ) an arm of World sectors, strengthen EESL’s institutional capacity, and enhance itsaccess to commercial
Loan World Bank Bank has extended $300 mn loan to EESL to scale up energy efficiency program. financing.
NABARD (National Bank for Agriculture and Rural Development), HQ- Mumbai.
Founded -12 July 1982. It has planned to raise Rs 40,000 crore from the bond
NABARD NABARD NABARD to expand its long-term lending to Rs 80,000 crore in FY19 borrowing. It has been one of the top three borrowers in the market.
It is aimed to increase its lending to the rural economy, as a part of
The government has raised the authorised capital of NABARD (National Bank for the initiative to double farmers’ income by 2022. It would focus on Long Term Irrigation
NABARD NABARD Agriculture and Rural Development) by 6 times to Rs 300 billion. (30K crore) Fund and on-lending to cooperative banks.
National Bank for Agriculture and Rural Development (NABARD) has announced that it Funds were used for 10 irrigation projects, construction of 1614 roads and two rural
NABARD NABARD has extended total credit support of Rs 14690 crore to Rajasthan during 2017-18. drinking water supply projects in the state.
It focused on infrastructure development through dedicated funds, women
National Bank for Agriculture and Rural Development (NABARD) has stated that it has empowerment through Self Help Groups, strengthening of rural financial institutions
NABARD NABARD provided an assistance of Rs 10012 crore to Uttar Pradesh (UP) during 2017-18. and micro-finance.
NABARD has given a total amount of Rs 87.83 lakh for implementing LED Solar Street
NABARD NABARD NABARD Sanctions Solar street lighting system in Arunachal Pradesh lighting System in the State.
Nation Tax Filing IndiaFilings launches online income tax filing services
Nation Obituary Eminent economist and former West Bengal Finance Minister Ashok Mitra dead
As per RBI’s report the Bank has used the e-KYC facility to provide LPG subsidies to
Payment Bank Airtel UIDAI excludes Airtel Payments Bank from using full e-KYC via Aadhaar its customers without permission.
Payment Bank Airtel Airtel Payments Bank appoints Anubrata Biswas as MD & CEO Shashi Arora resigned in December 2017 after the e-KYC controversy.
 BPay, the suite includes Unified Payment Interface (UPI) , BHIM app, net banking
facility, a Digi Savings Account, FasTag to make digital payments at national highway
Payment Bank Fino Fino Payments Bank launches digital suite toll plazas.
Post office savings account holders will be able to avail a full-fledged digital banking
service from May 2018 since the government has approved linking such accounts with
Payment Bank IPPB that of India Post Payments Bank (IPPB).
Airtel Payment Bank became the first entity to commence operations as Payments
Jio Payments Bank is a 70:30 joint venture between Mukesh Ambani-led Reliance Bank. Paytm Payments Bank, Fino Payments Bank, Aditya Birla Idea Payments Bank,
Payment Bank Jio Industries and the State Bank of India (SBI). India Post Payments Bank are other Payment banks.
One97 Communications Limited, the owner of Paytm, announced the launch of Paytm
Tap Card, its offline payments solution to provide easy payments solutions for non-
Payment Bank Paytm internet customers. Tap Card utilises Near Field Communication (NFC) technology
Paytm introduced ‘My Payments’, an automatic recurring payments feature that lets
Payment Bank Paytm Paytm introduced automatic recurring payments - My payments users of Paytm app to pay for periodic recurring expenses automatically.
Payment Bank Paytm Paytm Payments Bank announced that it now has over 100 million KYC wallets. HQ: Noida, UP
Total wealth - refers to the private wealth (assets viz. property, cash, equities,
India sixth wealthiest country with total wealth of USD 8,230 bn. US is number 1 with a business interests, less any liabilities) held by all the individuals living in a particular
total wealth of $62,584 billion as per AFRASIA BANK GLOBAL WEALTH MIGRATION country.
Ranking AFRASIA REVIEW AFRASIA BANK HQ: Port Louis, Mauritius
Ranking FDI FDI Confidence Index 2018: India ranks 11th, down three places from 2017 United States, Canada, Germany, United Kingdom,China occupy the top 5 positions
Fitch Ratings Inc. is one of the "Big Three credit rating agencies", the other two being
Moody's and Standard & Poor's.
Fitch ratings has retained India’s sovereign rating at BBB- with a stable outlook on HQ: New York, US and London, UK
Ranking Fitch account of its assessment Founded: 1914
Index of Economic Freedom is published by the Heritage Foundation, an American
Ranking IEF 2018 Index of Economic Freedom: India leapfrogs 13 places to 130, HKG 1 think-tank.
The IMD’s competitiveness rankings are published every year since 1989. This
year 63 countries have been ranked. United States has obtained first rank in the list. It
is followed by Hong Kong and Singapore in the second and
third place respectively. China is at 13th place.
Ranking IMD India moves one notch up to 44th rank in IMD’s competitiveness rankings IMD: Switzerland based B-School
India has been declared the 6th largest economy in the world with a GDP of 2.6 trillion
in 2017, according to the International Monetary Fund’s World Economic Outlook India has replaced France on the 6th position. United States of America, China, Japan,
Ranking IMF (WEO) for April 2018. Germany, and the United Kingdom are ahead of India in the ranking.
As per Trust Research Advisory’s Brand Trust Report 2018, State Bank of India (SBI) is
the most-trusted bank (among both public and private sector banks) in India although
Ranking SBI its overall brand trust index ranking has dropped from 13th in 2017 to 21st this year. Among private sector banks, the list was topped by ICICI Bank.
Bank Note Paper Mill India (BNPM) received environment clearance (EC) from
Environment Ministry to increase production of bank note paper from 12,000 tonnes per BNPM is a joint venture between Bharatiya Reserve Bank Note Mudran (BRBNMPL)
RBI BRBNMPL annum (TPA) to 16,000 TPA at its Mysuru unit in Karnataka. and Security Printing and Minting Corporation of India (SPMCIL).
Reserve Bank of India (RBI) deferred the implementation of the Indian Accounting
Standards (Ind AS) by one year since many banks are not yet prepared to adopt the
RBI Accounting new accounting system.
RBI Appointment Sudha Balakrishnan appointed first CFO of Reserve Bank of India
BFIL caters to the weaker section of society and has is present across 16 states
RBI Approval Bharat Financial gets nod for merger with IndusInd Bank from multiple stock exchanges covering 1 lakh villages.
RBI Approval IDFC Bank, Capital First shares gain on RBI nod for merger IDFC and IDFC bank are different entities
NSFR is a long-term liquidity measurement included in the Basel III liquidity standards.
It is defined as the amount of available stable funding (ASF) relative to the amount of
RBI Circular RBI prescribes 100% net stable funding ratio for banks required stable funding (RSF).
RBI eases GST registered MSME repayment norms for 180 days till December 31st Banks and NBFCs have to typically classify a loan as a non-performing asset if the
RBI Circular 2018 repayment has been delayed beyond 90 days.
International financial services centre (IFSC)
RBI tweaks norms for setting up of IFSC Banking Units (IBU) - maintain at a minimum Gujarat International Finance Tec-City (GIFT)
RBI Circular capital of USD 20 million in its IBU. Based at: Gandhinagar
It can help attract more overseas flows and thereby help elevate the recent fall in the
RBI Circular RBI eases norms for FPIs to invest in debt securities and corporate bonds rupee and also lift the recent fall in demand for corporate bonds.
The existing family income limit of ₹ 2 lakh per annum, for loans to housing projects
exclusively for the purpose of construction of houses for Economically Weaker
Sections (EWS) and Low Income Groups (LIG), is revised to ₹ 3 lakh per annum for
RBI revises priority sector lending norms for promoting PMAY, priority sector lending EWS and ₹ 6 lakh per annum for LIG.
will be revised to Rs 35 lakh in metropolitan centres Rs 28 lakh earlier (with population Pradhan Mantri Awas Yojana (PMAY) is an initiative by Government of India in which
of ten lakh and above), and to Rs 25 lakh from Rs 20 lakh earlier in other centres, affordable housing will be provided to the poor with a target of building 20 million
provided the overall cost of the dwelling unit in the metropolitan centre and at other affordable houses by 31 March 2022.
RBI Circular centres does not exceed Rs 45 lakh and Rs 30 lakh, respectively.
Reserve Bank of India to tighten norms for working capital limits for borrowers worth
RBI Circular Rs. 150 crore and above
RBI has proposed to set up a board of management for the urban co-operative banks.
The guidelines have been recommended by committee headed by former deputy Key responsibilities of BoM will include credit management, risk management and
RBI Co-op Bank governor of RBI R Gandhi. liquidity management.
Co-operative banks could become small finance lenders, this move was recommended
by the High Powered Committee on Urban Cooperative Banks (UCB) chaired by Mr. R.
RBI Co-op Bank Gandhi.
‘Good Practices for safe digital banking’ and ‘Know your liability’ focusing on the liability
Financial Literacy Week to begins from June 4 to June 8, RBI sets consumer protection of the customer for safe digital banking where if the bank is informed within 3 days of
RBI Consumer as this years’ theme unauthorized digital transaction the customer won’t be liable.
RBI is considering introduction of a fiat digital currency which will be issued by RBI
itself and would constitute the liability of the central bank. RBI's own Bitcoin can be
named Lakshmi, after the Hindu goddess of wealth.

Reserve Bank of India (RBI) has announced that any regulated Indian entity such as Govt. has set up a committee under Subhash Garg, secretary of economic affairs in
banks, wallets etc. shall not deal with or provide services to any individual or business the finance ministry, to prepare a draft law for cryptocurrencies. The panel’s report is
RBI Crypto entities for buying or selling of cryptocurrency such as Bitcoins. likely to be submitted by March 2019.
RBI has formed an inter-departmental group to study and offer guidance on the
RBI Crypto feasibility to introduce a central bank digital currency.
RBI notified that, it has decided to increase the ECB Liability to Equity Ratio for ECB
RBI ECB raised from direct foreign equity holder under the automatic route to 7:1.
The penalty was imposed on account of non-compliance with the directions issued on
Income Recognition and Asset Classification (IRAC) norms. IDBI -Industrial
Development Bank of India, HQ- Mumbai. IDBI Bank acquired United Western Bank
RBI Fine RBI slaps Rs.3 Crore monetary penalty on IDBI bank (headquartered at Satara) in a rescue in 2006.
 It is due to non- compliance of Income Recognition and Asset Classification(IRAC)
norms, Know-Your-Customer (KYC) norms and treasury functionand also for
RBI Fine Reserve Bank of India slaps 5 cr. fine on South Indian Bank deficiencies in its compliance function and compliance culture.
Reserve Bank of India (RBI) Governor Urjit Patel has stated that India’s Gross Gross fiscal deficit (GFD) of the Central Government is budgeted at 3.3 per
RBI Forecast Domestic Product (GDP) is expected to grow at 7.4% in 2018-19. cent in 2018-19.
Components are:
Foreign Currency Assets
Gold
India’s foreign exchange reserves touched a life-time high of $424.864 billion in the Special Drawing Rights (SDRs)
RBI Forex week to April 6, 2018. Reserve Tranche Position
On the backdrop of rising oil prices and shortfall in FPI inflows to the country the RBI is
RBI Forex expected to raise $30-35 billion via NRI bonds to help the rupee
RBI to banks: Share foreign exchange data with DRI, Directorate of Revenue
RBI Forex Intelligence
Reserve Bank of India (RBI), in consultation with the Central Government, hiked the The limit for FPI investment in Central Government securities (G-secs) would be
foreign portfolio investors (FPI) investment limit in Central government securities (G- increased by 0.5% each year to 5.5% of outstanding stock of securities in 2018-19 and
RBI G-Sec Sec). 6% of outstanding stock of securities in 2019-20
The scheme was first launched by the government in 2015 to mobilise the idle gold of
the household or institutions to the banks as deposits for a fixed period of time . The
RBI amends Gold Monetisation Scheme to make it more attractive for short, medium interest rate varied from 2.25% to 2.5%. RBI allowed the customers to deposit the gold
RBI GMS and long tenures in a broken time periods.
The Reserve Bank of India (RBI) has decided to use Gross Domestic Product (GDP) GVA gives the picture of the state of economic activity from the producers’ side or the
RBI GVA instead of Gross Value Added (GVA) to measure economic activity in India. supply side. GDP provides the picture from the consumers’ side or the demand side.
Reserve Bank of India amended its ‘know your customer’ (KYC) guidelines, making
Aadhaar mandatory for conducting customer due diligence by banks and finance
RBI KYC companies.
Under LRS, all resident Indian individuals, including minors, are allowed to freely remit
abroad, up to USD 250000 per financial year. RBI has directed Authorised Dealers
Reserve Bank of India (RBI) issued a notification aimed at tightening reporting norms (ADs)/Banks to put in place a daily reporting system listing out all transactions
RBI LRS for the Liberalised Remittance Scheme (LRS). undertaken by individuals under LRS.
Reserve Bank of India (RBI) announced that, it will buy Rs 10,000 crore of government
RBI OMO bonds through open market operation (OMO).
It is said that it will take a minimum of 6-9 months for these banks to show noticeable
improvement in the major regulatory indicators, in order to move out of PCA. It is
11 public sector banks have been placed under the Reserve Bank of India (RBI)’s expected that credit availability for the MSME (Ministry of Micro, Small & Medium
RBI PCA Prompt Corrective Action (PCA) framework due to non-performing assets. Enterprises) sector will be affected.
It was suggested by considering Allahabad Bank’s Capital to Risk (Weighted) Assets
RBI PCA RBI puts deposit, lending restrictions on Allahabad Bank Ratio (CRAR) and leverage ratio positions.
RBI PCA RBI restricts Dena Bank from taking fresh credit exposure and Hiring
RBI to set up Public Credit Registry to curb bad loans and maintain database of
RBI PCR defaulters based on the recommendation of a committee headed by Y. M. Deosthalee
Policy Repo Rate: 6.25%
Reverse Repo Rate: 6.00%
RBI to announce second bi-monthly Monetary Policy of 2018-19 on June 6 2018 in a Marginal Standing Facility Rate: 6.50%
RBI Policy first ever 3 day meeting. 25bps change in Policy repo Bank Rate: 6.50%
RBI allows Rupee Co-op Bank to continue banking services under restriction till August
RBI Warning 31,2018
 Reserve Bank of India (RBI) has placed Mumbai-based City Co-operative Bank under
RBI Warning directions to restrict withdrawals
YES Bank has got approval from the Reserve Bank of India to open two international
RBI Yes representative offices – in London and Singapore.
State-run lenders accounted for a staggering 85 per cent of nearly 6,500 fraud cases,
amounting to more than Rs 30,000 crore, RBI's latest edition of Financial Stability
Report showed. Top 10 banking frauds in 2018 alone lead to a financial loss of Rs
10,000 crore. Banks had reported nearly 5,000 frauds amounting to Rs 20,000 crore in
RBI Fraud fiscal year 2017.
RBI decided to take auditors to task by warning them of stern punitive actions against
them. The new framework will cover instances of divergence identified in asset
classification and provisioning during RBI inspection vis--vis the audited financial
RBI Warning statements of banks above the threshold specified in this circular.
RBI Governor Urjit Patel faced tough questions from a parliamentary panel headed by
senior Congress leader Veerappa Moily on bad loans, bank frauds, cash crunch and
RBI Inquiry other issues
Provisions for accounts referred to the National Company Law Tribunal (NCLT) have
RBI has temporarily relaxed provisioning norms for lenders to defaulters undergoing been reduced to 40% of dues at the end of March for secured loans, down from 50%.
bankruptcy resolution in a move that could help banks bolster their financial results for There’s no change on provisions for unsecured loans, which stand at 100% as soon as
RBI NPA the year and quarter ended March. a case is referred to bankruptcy court.
Customs broker is a person licensed to act as an agent on behalf of importer/exporter
for transaction of business relating to entry or departure of conveyances or goods at
Regulation Tax Dep Aadhaar, PAN mandatory for customs broker licence: Tax Dept any customs station.
Growth has been largely attributed to Government’s Jan Dhan Yojana, launched in
2014 constituting almost 55 percent of the accounts opened globally. 36 percent of
account owners in India are already using their accounts to make or receive digital
payments.
Global Findex Report, 2017 released by the World Bank has acknowledged that rapid Headquarters – Washington D.C., US
Report World Bank increase in financial inclusion has taken place in India in recent years. Current President – Jim Yong Kim
In 2017, 10% of a total of 257 million miles have been travelled by shared mobility and
Report Morgan Stanley India to be shared mobility leader by 2030: Morgan Stanley this trend would increase to 35% by 2030.
Mobile banking rank by SBI’s Annual Report: Paytm tops by Volume and Axis Bank Axis bank has the highest value share of mobile banking transactions by 17.2%.
Report SBI tops by value Paytm tops the chart by volumes with 22% and by value it is 0.25%.
SEBI imposed a penalty of Rs 15 lakh on Jagdish T Jain, a former director of Refex
SEBI Insider Trd. Industries for violating insider trading norms.
Securities and Exchange Board of India (SEBI) has unveiled with a detailed framework
for risk based Know Your Client (KYC) documentation of foreign portfolio investors
SEBI KYC (FPIs).
Securities Exchange Board of India (SEBI) has set up a panel to make listings of SEBI board approved doubling the investment limit by angel funds in venture capital
SEBI Startups startups attractive. undertakings to Rs 10 crore to drive the startups.
Small Industries Development Bank of India (SIDBI) has tied up with Common Service
Centre (CSC) to run micro enterprises promotion programme (MEPP) in 115 MEPP is geared towards promoting potential rural entrepreneurs by hand-holding them
SIDBI MEPP aspirational districts across India. and also facilitating access to finance for such enterprises from formal banking sector.
SIDBI CSC SIDBI to extend direct funding facility to village level entrepreneurs in CSCs
It will facilitate the listing of companies in sectors like IT, ITES, bio-technology and life
Stock Market BSE BSE to launch new platform to list startups next month sciences, 3D printing, space technology and e-commerce.
Stock Market BSE Bajaj Finance overtakes Axis Bank in market cap : BSE Data
 DOSM status eases the trades by U.S. investors in India as it allows sale of securities
to U.S. investors through the trading venue of BSE without registration of such
Stock Market BSE BSE becomes first Indian stock exchange to get US SEC’s DOSM recognition securities with the U.S. SEC.
The National Stock Exchange (NSE) announced the launch of its e-Gsec platform
Stock Market G-Sec which will allow retail investors to invest in government securities. NSE is based in Mumbai and founded in 1992(Wiki), began operations in 1994
IISL has been formed with the objective of providing a variety of indices and index
India Index Services & Products Limited (IISL), index services subsidiary of National related services and products for the capital markets
Stock Exchange of India has introduced Nifty Equity Savings Index, which can serve as HQ:Mumbai
Stock Market IISL a benchmark for equity savings funds offered by various mutual fund houses. Founded: 1998
HDFC AMC operates as a joint venture between Housing Development Finance
Corporation (HDFC) and Standard Life Investments. It has a total asset under
The country's largest mutual fund firm HDFC Asset Management Company has management of more than Rs 3 lakh crore at the end of March, may become the
Stock Market IPO received SEBI’s nod for Initial Public Offering (IPO). second AMC to hit the markets after Reliance Nippon Life AMC.
The Multi Commodity Exchange of India LTd. (MCX) signed a MoU with the
Maharashtra government to create a value chain with final market linkages for
Stock Market MCX thousands of cotton farmers in Vidarbha.
ICICI Bank and HDFC Bank will offer pledge finance against electronic negotiable
National E-Repository Limited (NERL), a group company of National Commodity and warehousing receipts (eNWR) created on NERL’s repository platform for commodities
Derivatives Exchange Limited (NCDEX), has empanelled ICICI Bank and HDFC Bank stored in warehouses registered with Warehousing Development and Regulatory
Stock Market Repository as repository participants. Authority (WDRA).
According to the RBI, “Tri-party repo is a type of repo contract where a third entity
(apart from the borrower or lender), called a Tri-Party Agent, acts as an intermediary
NSE launches ‘Tri-Party Repo Market platform’ to facilitate repo in corporate debt between the two parties to the repo to facilitate services like collateral selection,
Stock Market Tri Party securities payment and settlement, custody and management during the life of the transaction.”
UIDAI CEO Ajay Bhushan Pandey said that 18,000 centres have come up for
enrolment and updation of the biometric ID.They are called the ‘Bank Aadhaar
UIDAI Aadhaar 10,000 bank branches & 8000 post offices have enrolled to Aadhaar facility : UIDAI Kendras’.