Excellence by Saikat Sir

Daily Current Affairs August 29 2023 | Latest News

CURRENT AFFAIRS : BANKING & FINANCE

RBI approves merger of Akola Merchant Co-operative Bank Limited with Jalgaon Peoples Co-operative Bank

The Reserve Bank of India (RBI) has approved the merger of Akola Merchant Co-operative Bank Limited, located in Akola, Maharashtra, with The Jalgaon Peoples Co-operative Bank Limited, situated in Jalgaon, Maharashtra.
This strategic move was authorized by the RBI under Sub-Section (4) of Section 44A along with Section 56 of the Banking Regulation Act, 1949.
After the merger, the branches of Akola Merchant Co-operative Bank will function as branches of The Jalgaon Peoples Co-operative Bank.
This merger is expected to strengthen the banking sector in the region and improve customer services for both banks’ clients.

CURRENT AFFAIRS : BANKING & FINANCE

India’s banking system liquidity slips into deficit for 1st time in FY24

India’s banking system liquidity has slipped into deficit for the 1st time this financial year(2023) after the Reserve Bank of India’s temporary liquidity withdrawal move and tax outflows.

Key Highlights :

As of August 21, 2023, the liquidity of the Indian banking system was reported at Rs 236 billion ($2.84 billion), according to data provided by the Reserve Bank of India (RBI).
This marked a significant departure from the scenario at the beginning of August 2023 when the banking system enjoyed a surplus liquidity of 2.8 trillion rupees.

CURRENT AFFAIRS : BANKING & FINANCE

RBI to launch pilot project on Public Tech Platform for frictionless credit

In a step towards enhancing India’s financial landscape, the Reserve Bank of India (RBI) has announced the launch of the Pilot Project for Public Tech Platform for Frictionless Credit by Reserve Bank Innovation Hub (RBIH), a wholly-owned subsidiary of the RBI.

Aim:

To enable delivery of frictionless credit by facilitating a seamless flow of required digital information to lenders.

CURRENT AFFAIRS ; BANKING & FINANCE

Bank of Maharashtra tops list of public sector lenders in loan and deposit growth of 25% in Q1 2023

Bank of Maharashtra (BoM) has emerged as the top performer among public sector lenders in loan and deposit growth of 25% in percentage terms during the first quarter of the current financial year.
The deposit and advances of the Pune-based lender are the highest by any public sector bank (PSB) during the April-June quarter.

CURRENT AFFAIRS : BANKING & FINANCE

RBI Monetary Policy Highlights: Keeps Repo rate unchanged at 6.5%; Retail inflation for FY24 pegged at 5.4%

Reserve Bank of India (RBI) Governor Shaktikanta Das announced that the Monetary Policy Committee (MPC) unanimously decided to keep the repo rate unchanged at 6.5% for the 3rd time in a row.

RBI’s Policy Rates :

Category	Rate
Repo Rate	6.5%
Reverse Repo Rate	3.35
Standing Deposit Facility	6.25%
Marginal standing facility	6.75%
GDP growth projection	6.5%
C Consumer Price Index (CPI) inflation	5.4%
Bank Rate	6.75%
Cash Reserve Ratio (CRR)	4.50%
Statutory Liquidity Ratio (SLR)	18%

Key Highlights :

Real GDP growth for 2023-24 is projected at 6.5% with Q1:2023-24 at 8.0%; Q2 at 6.5%; Q3 at 6.0%; and Q4 at 5.7% & Q1FY25 at 6.6%.

CURRENT AFFAIRS : BANKING & FINANCE

RBI proposes to raise UPI-Lite payments limit to Rs 500 per transaction

The Reserve Bank of India (RBI) announced to increase the transaction payment limit from Rs. 200 to Rs. 500 for UPI Lite in offline mode to promote digital transactions.
However, the overall limit of small-value digital transactions is kept unchanged at 2,000 rupees.
Earlier, a limit of Rs 200 per transaction and an overall limit of Rs 2,000 per payment instrument had been prescribed by the RBI for small value digital payments in offline mode, including for National Common Mobility Card (NCMC) and UPI Lite.

CURRENT AFFAIRS: BANKING & FINANCE

SEBI changes IPO rules & listing time cut to 3 days from 6 days

Capital markets regulator Securities and Exchange Board of India (SEBI) halved the timeline for listing of shares on stock exchanges after the closure of Initial Public Offerings (IPOs) to 3 days from 6 days at present.
The new listing timeframe will be voluntary for all public issues opening on or after September 1, 2023, and mandatory for all the issues which come after December 1, 2023.
Under the new guidelines, IPOs will have to mandatorily list after 3 days of the issue closing date.
The move came after SEBI’s board cleared a proposal regarding the same in June 2023.

CURRENT AFFAIRS : BANKING & FINANCE

Banks wrote off ₹14.56 lakh crores non-performing assets between FY15 and FY23

As per the RBI provisional data, ₹14-lakh crore worth Non-Performing Assets (NPAs) were written off by Scheduled commercial banks (SCBs) between FY15 and FY23 (9 years).
Out of these, nearly half (₹7,40,968 crore/ ₹7.40 lakh crore) were related to large industries and services.
The SCBs have recovered an aggregate amount of Rs 2,04,668 crore in written-off loans, including corporate loans, since April 2014 and up to March, 2023.

CURRENT AFFAIRS : BANKING & FINANCE

Bajaj Finance partnered with ICICI Lombard General Insurance to offer motor insurance policies

Indian non-banking financial services company, Bajaj Finance Limited (BFL) has partnered with ICICI Lombard General Insurance along with other partners to provide car and two-wheeler insurance plans on the platform Bajaj Finance Insurance Mall.

Key features and benefits :

Offers Comprehensive coverage: Get complete coverage for the insured vehicle as well as for the third party.
Offers own damage cover: These policies cover damages caused to the insured vehicle by accidents, thefts, natural calamities and fire.
Offers third-party cover: Get financial coverage for third-party liabilities.

CURRENT AFFAIRS : BANKING & FINANCE

NABARD sanctions Rs 1,974 crores to the Government of Rajasthan for Rural Infrastructure Development Fund for 2023-24

National Bank for Agriculture and Rural Development (NABARD) has sanctioned Rs 1,974.07 crore to the Rajasthan government under the Rural Infrastructure Development Fund (RIDF) for 2023-24.
Rs 930.44 crore has been sanctioned for 3 rural drinking water supply projects in Ajmer, Jalore, and Kota districts.

CURRENT AFFAIRS : BANKING & FINANCE

Mastercard Launches CVV-Free Payment Feature For Tokenized Transactions

Payments giant Mastercard announced the introduction of Cardholder Verification Value (CVV)-less online transactions for its debit and credit cardholders who have tokenized their cards on merchant platforms.

CURRENT AFFAIRS: NATIONAL NEWS

Govt land worth Rs 2000 cr to become garbage-free under Smart City Mission in Coimbatore, Tamil Nadu

Under the waste-to-wealth concept given by Prime Minister Narendra Modi, the Coimbatore Smart City Mission has taken the initiative of cleaning the waste accumulated over decades and earning from it.
Smart City Mission officials say valuable government land worth about 2,000 crore rupees will also become garbage-free.
According to official data, over 15.5 lakh cubic metres of garbage were accumulated in Coimbatore city for many years. Due to this garbage, 650 acres of land were also buried in the pile of garbage.

CURRENT AFFAIRS : BANKING & FINANCE

RBI fines 4 PSUs for late reporting of overseas investments

The Reserve Bank of India (RBI) has imposed late submission fees (LSF) of ₹2,000 crore on major public sector undertakings namely, ONGC Videsh Ltd (OVL), Indian Oil Corp. Ltd, GAIL (India) Ltd, and Oil India Ltd for delayed reporting of their overseas investments.
As per RBI notification dated 22 August 2022, restrictions have been placed on further remittance or transfer, wherein authorized dealer banks shall not facilitate any outward remittance/financial commitment by a person residing in India towards a foreign entity until the delay in reporting is regularized.
State Bank of India (SBI) is the authorized dealer (AD) bank for these public sector undertakings’ (PSUs’) foreign transactions.
It is the work of the AD bank to report and reconcile their overseas direct investments (ODIs) within the requisite timelines.

CURRENT AFFAIRS : BANKING & FINANCE

Fintech company CRED launched RuPay credit card-based UPI payments

Fintech firm CRED in collaboration with the National Payments Corporation of India (NPCI), introduced RuPay credit card-based Unified Payments Interface (UPI) payments for its members.
CRED supports RuPay credit cards issued by banks including HDFC Bank, ICICI Bank, Yes Bank, Axis Bank, BOB Financial Solutions, Canara Bank, Indian Bank, Kotak Mahindra Bank, Punjab National Bank, and Union Bank.

CURRENT AFFAIRS : BANKING & FINANCE

Paytm launches 2 new innovative devices – Paytm Pocket Soundbox and Paytm Music Sound Box to help India’s small shops

One97 Communications Limited (OCL), the parent company of Paytm, India’s prominent payments and financial services company, launched two payment devices – Paytm Pocket Soundbox and Paytm Music Sound Box to provide enhanced payment experiences for merchants while being non-promotional.

CURRENT AFFAIRS : BANKING & FINANCE

SIDBI Accelerator Fund to be set up at IIM Ahmedabad’s Centre for Innovation, Incubation & Entrepreneurship startup incubator

The Small Industries Development Bank of India (SIDBI), the principal financial institution for Micro, Small and Medium Enterprises (MSMEs) in the country, announced its partnership with the Indian Institute of Management, Ahmedabad’s (IIM-A) startup incubator Centre for Innovation, Incubation & Entrepreneurship (CIIE) to set up a SIDBI Accelerator Fund at the incubator with an initial corpus of Rs 20 crores.

Aim:

To promote Deep Tech and science-led Innovation by facilitating access to seed capital.
The programme focuses on supporting startups with meritorious ideas and technologies important for India’s goals for 2047 to become self-reliant as well as a dominant player in high quality/ high entry barrier products/services.

CURRENT AFFAIRS : BANKING & FINANCE

Government of India & Asian Development Bank signed a 200 million dollar loan to enhance urban services in Rajasthan

The Government of India (GoI) and the Asian Development Bank (ADB) signed a $200 million loan as additional financing for the ongoing Rajasthan Secondary Towns Development Sector Project to expand water supply and sanitation systems and enhance urban resilience and heritage living in selected towns.
The loan agreement was signed between, Additional Secretary, Department of Economic Affairs Vumlunmang Vualnam, and the Country Director of Asian Development Bank, India Resident Mission, Takeo Konishi.

About the Project :

CURRENT AFFAIRS : BANKING & FINANCE

SEBI revealed framework for corporate debt market development fund

Capital markets regulator Securities and Exchange Board of India (SEBI) came out with an exhaustive framework for the Corporate Debt Market Development Fund (CDMDF).
Under the CDMDF, mutual funds will have to contribute 25 basis points (bps) of the specified debt asset under management (AUM) to the fund.

CURRENT AFFAIRS : BANKING & FINANCE

ADB & India signs $295 million loan to upgrade state highways in Bihar

The Asian Development Bank (ADB) and the Government of India (GoI) signed an agreement for a $295 million loan to upgrade around 265 kilometre state highways with climate and disaster-resilient design, and road safety elements in Bihar.
The signatories to the agreement for the Enhancing Connectivity and Sustainability in Bihar Roads Project were Vumlunmang Vualnam, Additional Secretary, Department of Economic Affairs, who signed on behalf of GoI and Mr. Takeo Konishi, Country Director for ADB in India, who signed for ADB.

CURRENT AFFAIRS : BANKING & FINANCE

Canara Bank becomes a major lender to State PSUs and corporations in FY23

Canara Bank topped the list of public sector banks (PSBs) with the highest lending to corporations and public sector undertakings (PSUs) of States and Union Territories (UTs) for the 5th year in a row.
According to government data, Canara Bank led the lending to government-backed entities, with a total disbursement of ₹187,813 crore in FY23.
The Lending amount was 11% higher than the ₹1,69,532 crore the state-run bank lent to government entities.
Canara Bank’s lending to State-run public sector enterprises and corporations alone accounted for over 45% of the total lending of all PSBs.

CURRENT AFFAIRS : BANKING & FINANCE

Indian Banks get ₹5,729 crores from Depositor Education and Awareness fund (DEAF) to refund unclaimed deposits

The Union minister of State for finance, Shri Bhagwat Kisanrao Karad announced that Indian banks have received ₹5,729 crores from the “Depositor Education and Awareness” (DEA) Fund to facilitate the refund of unclaimed deposits in the last 5-years.
The “Depositor Education and Awareness Fund Scheme, 2014“, which was issued by the Reserve Bank of India (RBI), outlines regulations pertaining to unclaimed deposits and details the usage of the fund, including its role in promoting depositors‘ interests and supporting specified purposes.
Dr Karad stated that RBI has taken various steps to reduce the quantum of unclaimed deposits and return such deposits to rightful claimants.

CURRENT AFFAIRS : BANKING & FINANCE

Union Government approves 8.15% as interest rate for Employees’ Provident Fund in FY 2022-23

The Union government approved the interest rate of 8.15% recommended by the Central Board of Trustees of the Employees’ Provident Fund Organisation (EPFO) for its over 6 crore subscribers for the financial year 2022-23.
The Ministry of Labour and Employment has conveyed the approval of the Central Government under para 60(1) of Employees’ Provident Fund Scheme, 1952 to credit interest@ 8.15 % for the year 2022-23 to the account of each member of the EPF Scheme as per the provision under para 60 of EPF Scheme,1952.

CURRENT AFFAIRS : BANKING & FINANCE

Bank of India plans share sale to meet SEBI’s minimum public holding norms

State-owned Bank of India (BoI) is exploring the possibility of share sale to investors over the next one year to meet the minimum public holding requirement of 25%.
Currently, the Government of India (GoI) holds an 81.41% stake in the Mumbai-based bank.
Public sector banks have time till August 2024 for meeting the Securities and Exchange Board of India (SEBI) requirement.

CURRENT AFFAIRS : BANKING & FINANCE

SEBI introduced 6 new mutual fund strategies under ESG theme

The Securities and Exchange Board of India (SEBI) has allowed asset management companies (AMCs) to launch funds under 6 new strategies under the Environmental, Social, and Governance (ESG) thematic category.
Currently, regulatory requirements allow mutual funds to launch only one scheme with ESG investing under the thematic category for equity schemes.

CURRENT AFFAIRS : BANKING & FINANCE

SBI-led consortium to fund Adani Group’s ₹34,000-crore polyvinyl chloride project in Mundra

In one of the largest fundraising by the Adani Group from Indian banks since the allegations by Hindenburg Research, a State Bank of India (SBI)-led consortium of banks has agreed to finance a significant part of the Adani Group’s ₹34,000-crore polyvinyl chloride (PVC) project in Mundra.

CURRENT AFFAIRS : BANKING & FINANCE

PhonePe Launched India’s 1st Health Insurance Platform With Monthly Subscription

PhonePe Insurance Broking Services, a wholly owned subsidiary of PhonePe Private Limited, has launched health insurance plans offering comprehensive insurance in partnership with leading insurers.
With this, PhonePe has also introduced Unified Payments Interface (UPI) monthly mode of payment, making them affordable for customers.
These health insurance plans, which come with coverage up to Rs 1 crore.

CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India released a notification addressing all banks regarding inclusion of “NongHyup Bank” in the Second Schedule of the RBI Act, 1934.

The Reserve Bank of India (RBI) has released a notification addressing all banks regarding the inclusion of “NongHyup Bank” in the Second Schedule of the RBI Act, 1934.
This notification informs banks about the recent addition of NongHyup Bank to the regulated list.

CURRENT AFFAIRS : BANKING & FINANCE

India needs average annual 7.6% GDP growth to make it as a developed nation by 2047 – RBI

According to an article in the Reserve Bank of India’s (RBI’s) latest monthly bulletin, India’s real Gross Domestic Product (GDP) needs to grow at 7.6% per annum over the next 25 years for it to become a developed country by 2047-48.
India’s per capita income is currently estimated at $2,500, while it must be more than $21,664 by 2047, as per World Bank standards, to be classified as a high-income country.

CURRENT AFFAIRS : BANKING & FINANCE

Google Pay introduced UPI Lite to enhance small-value transactions

Google Pay, the second largest Unified Payment Interface (UPI) platform in the country, has started rolling out the UPI Lite feature for users in India.
With UPI Lite, Google Pay users can make everyday payments for everyday items such as groceries, snacks, and cab rides faster.

CURRENT AFFAIRS : BANKING & FINANCE

India & UAE set up Framework For Local Currency Settlement In Cross-Border Transactions

The Reserve Bank of India (RBI) and the Central Bank of UAE (CBUAE) signed two Memorandum of Understandings (MoUs) in Abu Dhabi for establishing a framework to promote the use of local currencies for cross-border transactions; and cooperation for interlinking their payment and messaging systems.
The MoUs were signed by RBI Governor Shaktikanta Das and the CBUAE Governor Khaled Mohamed Balama.
The MoUs were exchanged between the two Governors, in the presence of Indian Prime Minister Shri Narendra Modi and President of the UAE Mr Sheikh Mohamed Bin Zayed Al Nahyan.

CURRENT AFFAIRS : BANKING & FINANCE

Razorpay India launched 1st international payment gateway in Malaysia via Curlec

India’s fintech giant and leading Full-Stack Payments, and Business Banking Platform, Razorpay, launched its first international Payment Gateway in Malaysia for the Malaysian market with Curlec, now known as ‘Curlec By Razorpay’.
The new Curlec payment gateway will serve more than 5,000 businesses with a target of Malaysian ringgits 10 billion in annualized gross transaction value (GTV) by 2025.

CURRENT AFFAIRS : BANKING & FINANCE

Government allowed Non Resident Indians as nominees in Small Savings Schemes

According to the Ministry of Finance (MoF) notification, a non-resident Indian (NRI) can now be made a nominee for government saving schemes such as Public Provident Fund (PPF), National Saving Certificate (NSC) and post offices savings.
Besides, the government permitted applicants to make changes to their names or surnames.
These changes are part of a list of amendments to the Government Savings Promotion General Rules, as notified by the Finance Ministry.

Pages

CURRENT AFFAIRS : BANKING & FINANCE

RBI approves merger of Akola Merchant Co-operative Bank Limited with Jalgaon Peoples Co-operative Bank

CURRENT AFFAIRS : BANKING & FINANCE

India’s banking system liquidity slips into deficit for 1st time in FY24

CURRENT AFFAIRS : BANKING & FINANCE

RBI to launch pilot project on Public Tech Platform for frictionless credit

CURRENT AFFAIRS ; BANKING & FINANCE

Bank of Maharashtra tops list of public sector lenders in loan and deposit growth of 25% in Q1 2023

CURRENT AFFAIRS : BANKING & FINANCE

RBI Monetary Policy Highlights: Keeps Repo rate unchanged at 6.5%; Retail inflation for FY24 pegged at 5.4%

RBI’s Policy Rates :

Category

Rate

Repo Rate

6.5%

Reverse Repo Rate

3.35

Standing Deposit Facility

6.25%

Marginal standing facility

6.75%

GDP growth projection

6.5%

C Consumer Price Index (CPI) inflation

5.4%

Bank Rate

6.75%

Cash Reserve Ratio (CRR)

4.50%

Statutory Liquidity Ratio (SLR)

18%

CURRENT AFFAIRS : BANKING & FINANCE

RBI proposes to raise UPI-Lite payments limit to Rs 500 per transaction

CURRENT AFFAIRS: BANKING & FINANCE

SEBI changes IPO rules & listing time cut to 3 days from 6 days

CURRENT AFFAIRS : BANKING & FINANCE

Banks wrote off ₹14.56 lakh crores non-performing assets between FY15 and FY23

CURRENT AFFAIRS : BANKING & FINANCE

Bajaj Finance partnered with ICICI Lombard General Insurance to offer motor insurance policies

CURRENT AFFAIRS : BANKING & FINANCE

NABARD sanctions Rs 1,974 crores to the Government of Rajasthan for Rural Infrastructure Development Fund for 2023-24

CURRENT AFFAIRS : BANKING & FINANCE

Mastercard Launches CVV-Free Payment Feature For Tokenized Transactions

CURRENT AFFAIRS: NATIONAL NEWS

Govt land worth Rs 2000 cr to become garbage-free under Smart City Mission in Coimbatore, Tamil Nadu

CURRENT AFFAIRS : BANKING & FINANCE

RBI fines 4 PSUs for late reporting of overseas investments

CURRENT AFFAIRS : BANKING & FINANCE

Fintech company CRED launched RuPay credit card-based UPI payments

CURRENT AFFAIRS : BANKING & FINANCE

Paytm launches 2 new innovative devices – Paytm Pocket Soundbox and Paytm Music Sound Box to help India’s small shops

CURRENT AFFAIRS : BANKING & FINANCE

SIDBI Accelerator Fund to be set up at IIM Ahmedabad’s Centre for Innovation, Incubation & Entrepreneurship startup incubator

CURRENT AFFAIRS : BANKING & FINANCE

Government of India & Asian Development Bank signed a 200 million dollar loan to enhance urban services in Rajasthan

CURRENT AFFAIRS : BANKING & FINANCE

SEBI revealed framework for corporate debt market development fund

CURRENT AFFAIRS : BANKING & FINANCE

ADB & India signs $295 million loan to upgrade state highways in Bihar

CURRENT AFFAIRS : BANKING & FINANCE

Canara Bank becomes a major lender to State PSUs and corporations in FY23

CURRENT AFFAIRS : BANKING & FINANCE

Indian Banks get ₹5,729 crores from Depositor Education and Awareness fund (DEAF) to refund unclaimed deposits

CURRENT AFFAIRS : BANKING & FINANCE

Union Government approves 8.15% as interest rate for Employees’ Provident Fund in FY 2022-23

CURRENT AFFAIRS : BANKING & FINANCE

Bank of India plans share sale to meet SEBI’s minimum public holding norms

CURRENT AFFAIRS : BANKING & FINANCE

SEBI introduced 6 new mutual fund strategies under ESG theme

CURRENT AFFAIRS : BANKING & FINANCE

SBI-led consortium to fund Adani Group’s ₹34,000-crore polyvinyl chloride project in Mundra

CURRENT AFFAIRS : BANKING & FINANCE

PhonePe Launched India’s 1st Health Insurance Platform With Monthly Subscription

CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India released a notification addressing all banks regarding inclusion of “NongHyup Bank” in the Second Schedule of the RBI Act, 1934.

CURRENT AFFAIRS : BANKING & FINANCE

India needs average annual 7.6% GDP growth to make it as a developed nation by 2047 – RBI

CURRENT AFFAIRS : BANKING & FINANCE

Google Pay introduced UPI Lite to enhance small-value transactions