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Economy & Banking Current Affairs 2019
|Anchor Bank|| || |
|Punjab National Bank (PNB)||Oriental Bank of Commerce and United Bank of India||2nd largest PSU bank|
|Bank of Baroda||Vijaya Bank & Dena Ban||3rd largest PSU bank|
|Canara Bank||Syndicate Bank|
|Union Bank of India||Andhra Bank and Corporation Bank|
|Indian Bank||Allahabad Bank|
RBI New Notes
| ||Rear Photo||Color|
|10||Konark Sun Temple||Orange-violet|
|50||Rath Temple, Hampi||Fluorescent blue|
|100||Rani ki vav, Patan, Gujrat||Blue-green|
|200||Sanchi Stupa||Bright Yellow|
|500||Red Fort||Stone Grey|
GDP Growth Forecast of India – 2019-20
- According to the Central Statistics Office (CSO) data, GDP growth during 2018-19 fiscal stood at 6.8%.
- Growth Forecast for 2019-20 is as follows
- GDP growth forecast by RBI – 6.1%
- Crisil Ratings – 6.9%
- FICCI – 6.9%
- International Monetary Fund (IMF) – 6%
- World Bank – 6%
- Asian Development Bank (ADB) – 7%
- UN’s World Economic Situation and Prospects (WESP) – 7.1%
- Moody’s Investors Service – 5.8%
- Fitch rating – 6.6%
- Australia and New Zealand Banking Group (ANZ) – 6.2%
- U K Sinha committee for economic and financial sustainability of the MSME sector by RBI
- High-Level Committee by RBI on Digital Payments to encourage digitization of payments, chaired by Nandan Nilekani.
- TN Manoharan committee on the Development of Secondary Market for Corporate Loans by RBI
- VG Kannan committee to review the entire gamut of ATM charges and fees by RBI
- UK Sinha Committee to suggest long-term solutions for the economic and financial sustainability of MSMEs by RBI
- Reserve Bank of India (RBI) has launched Survey on Retail Payment Habits of Individuals (SRPHi)
- ESAF small finance bank from Kerala got RBI approval to operate as a scheduled bank
- Ministry of Textiles, Government of India had launched Yarn Bank Scheme for power loom sector development
- According to World Economic Forum (WEF) report, India will be the world’s 3rd largest consumer market by 2030
- India allows Iran’s Bank Pasargad to open branch in Mumbai
- RBI has agreed to provide USD 400 million under a swap arrangement to boost the reserves of Sri Lanka.
- GST Council has doubled the GST exemption limit for the country – Rs 40 lakh and Rs. 20 lakh for North eastern states.
- Union Cabinet approved the creation of a national bench of the Goods and Services Tax Appellate Tribunal (GSTAT) in New Delhi.
- UAE and Saudi Arabia have launched a common digital currency called Aber.
- Pakistan Government has decided to launch Panda Bonds to raise loans from Chinese capital markets.
- According to Nepal’s central bank circular, Indian currency of denominations Rs. 200, Rs.500 and Rs. 2,000. cannot be carried and used for trading.
- Goods and Services Tax (GST) on Haj has been reduced from 18% to 5%
- Pradhan Mantri Kisan Samman Nidhi (PM-KISAN), is a direct cash transfer of Rs 6,000 per year in three instalments to farmers.
- Union government has announced a Separate Department of Fisheries in Interim budget
- Individual taxpayers with income up to Rs. 5 lakh taxable income will get a full tax rebate
- RBI slapped a Rs. 1 cr. penalty on Syndicate Bank & Rs 20 lakh on Axis Bank for violating norms
- RBI has slapped Rs 1 cr. penalty on SBI for not monitoring the end use of funds
- RBI has imposed penalty of 2 million rupees each on HDFC, IDBI and Kotak Mahindra Bank for non-compliance of KYC and Anti-Money Laundering norms.
- Asian Development Bank (ADB) has bought 14% stake in micro-financier Annapurna Finance for Rs 137 crore
- Pallavan Grama Bank & Pandyan Grama Bank will be merged to form the Tamil Nadu Gramin Bank
- Fino Payments Bank has announced the launch of a sweep account facility in association with Suryoday Small Finance Bank
- Union Government has increased the Minimum Support Price (MSP) of sugar for the year 2018-19 from Rs. 29 per Kilogram to Rs. 31.
- RBI will transfer interim dividend 28,000 crore rupees to the central government for the half-year.
- RBI withdrew the 20% limit on investments by FPIs in corporate bonds of an entity with a view to encourage more foreign investments.
- LIC has launched a new micro insurance plan Micro Bachat for 18-55 age group
- Zimbabwe started to trade its new currency ‘the RTGS dollar’
- RBI and Bank of Japan have signed a Bilateral Swap Arrangement (BSA) of 75 billion US dollars
- GST collection in the month of February at 97,247 cr. rupees
- Bank of Baroda has tied up with Germany’s KfW Development Bank for funding of USD 113 million to refinance solar projects
- Tamil Nadu government bestowed the Best Bank Award to the Indian Bank, based on the criteria that the bank met the needs of women’s self-help groups
- Bharti AXA General Insurance has been conferred with the ‘Non-Life Insurer of The Year Award 2019’ by the Assocham
- ACKO General Insurance has been awarded ‘Golden Peacock Innovative Product Award – 2019’ for micro insurance product ‘Ola Ride Insurance’
- World Bank will provide 250 Million USD for the National Rural Economic Transformation Project (NRETP) to boost Rural incomes across13 States.
- Korea Exim Bank has extended a Rs 4,100 crore loan for Visakhapatnam (VIZAG) Metro Rail project.
- As per the World Gold Council (WGC), India ranks 11th in gold holding.
- HDFC Bank is the 3rd listed company in India to achieve a market cap of Rs 6 lakh crore after Reliance Industries and TCS.
- SBI has launched doorstep banking service for senior citizens over 70 years and differently-abled customers.
- SBI has launched the YONO Cash service to withdraw cash from ATMs without debit cards.
- Bank of Baroda has launched ‘Crèche’ Child Daycare facility within its Mumbai Corporate Office premises.
- IDBI Bank has been categorized as a private sector lender following the acquisition of majority stake by LIC
- RBI has slapped a penalty of Rs 2 cr. on Punjab National Bank (PNB) for noncompliance of regulatory directions about ‘SWIFT’ operations.
- State Bank Of India has signed a pact with the Bank of China (BoC) to boost business opportunities.
- RBI set the average base rate to be charged from borrowers by non-banking financial companies (NBFCs) and micro-finance institutions (MFIs) at 9.21%
- RBI will inject long-term liquidity worth 5 billion US Dollars into the banking system through a dollar-rupee buy-sell swap for a tenure of 3 years
- SEBI has given approval to Paytm Money to start offering broking services
- NPCI has reduced the UPI usage fees for small transactions less than Rs 1,000 to 10 paise from 25 paise.
- RBI has announced its first Bi-monthly Monetary Policy Rates for 2019-20
- Repo rate – 6%
- Reverse Repo rate – 5.75%
- MSF rate – 6.25%
- Bank rate – 6.25%
- CRR – 4%
- SLR – 19.25%
- Canara Bank is the 1st PSU bank to shift to EMV chip and PIN for cards across the country.
- Fincare Small Finance Bank has been awarded the Celent Model Bank 2019 Award in the category of Financial Inclusion.
- SBI General Insurance has launched CyRUSS, a product to protect businesses from financial and reputational losses due to cyber-attacks.
- RBI has sold its entire stake in National Housing Bank (NHB) and NABARD to government.
- Lakshmi Vilas Bank is set to merge with India bulls Housing Finance
- As per Forbes World’s Best Bank survey, HDFC Bank has been identified as number 1 bank by customers in India
- Tata Consultancy Services partnered with Google Cloud to build industry-specific cloud solutions.
- GST collection scaled an all-time high 1.13 lakh crore rupees for April 2019
- Income tax department has signed an agreement with Goods and Services Tax Network (GSTN) to exchange of data and to stop tax evasion.
- SEBI directed National Stock Exchange (NSE) to pay more than Rs 625 crore in the case of misuse of its co-location facility.
- LIC Housing Finance has launched ‘Udyam’, a skilling centre in Bengaluru to empower youths
- The Chief Economic Advisor Krishnamurthy Subramanian has been included in the Advisory Council of the 15th Finance Commission.
- Reliance Industries has acquired British toy retailer Hamleys (founded in 1760)
- RBI has released a vision document ‘Payment and Settlement Systems in India: Vision 2019 – 2021’
- Bombay Stock Exchange (BSE) has launched “BSE StAR MF” app to enable more participation and help in mutual fund distributors process.
- Paytm has tied up with Citibank to launch 1st white-label credit card called Paytm First Card.
- HDFC ERGO General Insurance Company has announced to launch the Mosquito Disease Protection Policy.
- UPI payments app BharatPe has roped in actor Salman Khan as its brand ambassador.
- Bharti AXA Life Insurance has been conferred with the FICCI Claims Excellence Award for customer-friendly claims services
- SBI has announced a strategic partnership with the FMCG arm of The Art of Living Sri Sri Tattva
- Corporation Bank has launched ‘Corp SME Suvidha’, a product for GST-registered MSMEs.
- USA has added India to its monitoring list for currency practices and macroeconomic policies, alleging undervaluation in its currency.
- Standard Charter has launched the Trade AI Engine, a joint solution developed in partnership with IBM.
- RBI has launched Complaint Management System for filing online complaints against banks, NBFCs “cms.rbi.org.in”
- According RBI, all data related to payments must be stored in systems located only in India.
- RBI has announced its 2nd Bi-monthly Monetary Policy Rates for 2019-20
- Repo rate – 5.75%
- Reverse Repo rate – 5.50%
- MSF rate – 6%
- RBI has released a report on “Benchmarking India’s Payment Systems”
- According to the Department for Promotion of Industry and Internal Trade (DPIIT), FDI in the services sector grew in 2018-19 by 36.5% (USD 9.15 billion)
- RBI has slapped a penalty of Rs. 2 crores on Kotak Mahindra Bank for higher shareholding by promoters.
- RBI has waived off all transactions charges to encourage digital transfer of funds NEFT and RTGS
- Union government has reduced the rate of the contribution made by employees and employers under the Employees’ State Insurance (ESI) Act from 6.5% to 4%
- Amazon moved past Apple and Google to become the world’s most valuable brand
- Amazon India becomes India’s most attractive employer brand According to the survey conducted by the Randstad Employer Brand Research
- IndusInd Bank and Bharat Financial Inclusion Ltd merger will be effective from July 2019
- Apollo Munich Health Insurance would be merged with HDFC ERGO general insurance
- Tech Mahindra announced the signing of a multi-year contract with Airbus for cabin and cargo design engineering.
- Karnataka Bank has launched the web tool “Vasool So-Ft” to digitalize the NPA recovery process of the bank
- Government has inked pact with IBM India for undertaking a pilot study to utilize Artificial Intelligence (AI) in the Kharif crop season 2019 in three districts of MP
- RBI board has finalized a three years roadmap named Utkarsh 2022 to study the practice of Central Banks across the world.
- Kerala Govt. has set up Non-Resident Keralites Investment company
- Bharat Chamber of Commerce has signed a MoU with BRICS of Commerce and Industry for promoting trade and investments between BRICS countries and eastern part of India.
- SBI was fined Rs. 7 cr. for non-compliance with the directions issued by the RBI on Income Recognition and Asset Classification (IRAC) norms
- Andhra Bank has launched an Artificial Intelligence interactive assistant chatbot named ABHi
- NABARD will raise long-term funds of Rs 60,000 cr. through nonconvertible debentures in the current financial year 2019-20.
- GST Council has decided to reduce GST Rate on Electrical Vehicles from 12% to 5%.
- LIC has agreed to offer Rs 1.25 trillion lines of credit by 2024, to fund highway projects.
- Digital Communications Commission (DCC) has approved the cumulative penalty of Rs 3,050 crore on Bharti Airtel and Vodafone Idea.
- The penalty was imposed by TRAI for not providing points of interconnection to Jio when it entered the market.
- Reliance Industries (106) the top-ranked Indian company on the Fortune Global 500 list.
- Walmart continues to top the Fortune 500 list followed by Chinese state-owned oil and gas company Sinopec Group
- US regulators formalized a record 5 billion US Dollar fine on Facebook violation of users’ privacy in the Cambridge Analytica data scandal
- India’s foreign exchange reserves reach all time high at USD 430.572 billion
- Postal Department has decided to convert the India Post Payments Bank (IPPB) into Small finance bank
- SBI has become the 1st Indian bank to link up with China’s National Advance Payment System.
- RBI has announced that the National Electronic Funds Transfer (NEFT) facility will be available for the customers round-the-clock
- RBI has announced its 3rd Bi-monthly Monetary Policy Rates for 2019-20
- Repo rate – 5.40%
- Reverse Repo rate – 5.15%
- MSF rate – 5.65%
- Bank rate – 5.65%
- RBI will set up a Central Payment Fraud Registry monitor digital payments related frauds on a real-time basis
- SBI General Insurance has launched new cyber insurance scheme for the customers, to safeguard their online bank account or of ATM fraud
- Traders body Confederation of All India Traders (CAIT) has launched an initiative Digi Vyapari-Safal Vyapari
- RBL Bank and digital healthcare platform Practo have partnered to launch an industry-first co-branded health credit card.
- RBI has approved the transfer of record Rs 1.76 lakh crore dividend and surplus reserves to the union government.
- Asian Development Bank (ADB) has approved a USD 500 million loan to Pakistan to support the country’s trade competitiveness and exports