Daily Current Affairs June 16 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

RBI governor Shaktikanta Das honoured with the ‘Governor of the Year’ award at Central Banking Awards 2023, London

• The governor of the Reserve Bank of India (RBI), Shaktikanta Das was honoured with the title of ‘Governor of the Year’ for 2023 by Central Banking Awards 2023 in
• The award recognised his role as the RBI chief in managing inflation and skillfully handling India’s banking system during crises like COVID pandemic and global turmoil.
• With this award, Das became the second Central Bank governor to be honoured with the award after Raghuram Rajan, who won the title in 2015.
• Central Banking is an international economic research journal.
• He was recommended for the award by the publication in March 2023.

Daily Current Affairs June 15 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

Punjab National Bank launched IVR Based UPI Solution – UPI 123PAY

• Punjab National Bank (PNB) has become the first public sector bank to introduce an Interactive Voice Response (IVR)-based Unified Payment Interface (UPI) solution – UPI 123PAY, aligning with the Digital Payment Vision 2025 towards a cashless and cardless society.

What is UPI 123PAY?

• Unified Payments Interface (UPI) is a 24-hour payment channel enabling customers to perform fast, encrypted and real-time payments.
• So far, the solution was accessible only through smartphones or through Unstructured Supplementary Service Data (USSD) service and was dependent on good internet connectivity.

Daily Current Affairs June 14 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

RBI Imposes Rs 60.20 lakhs penalty on Bihar State Co-operative Bank Limited for various short comings

• The Reserve Bank of India (RBI) has imposed a penalty of Rs 60.20 lakhs on The Bihar State Co-operative Bank Limited, Patna, for a slew of shortcomings and violations.

Reason :

• A statutory inspection of the Patna-based bank by the National Bank For Agriculture And Rural Development (NABARD) after FY20 revealed that it failed to put in robust software for identifying and reporting suspicious transactions and submit statutory returns within prescribed timelines.

Daily Current Affairs June 13 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

Moody’s Projects India’s GDP Growth at 6-6.3% in Q1FY24 

• The global credit ratings major Moody projected that the Indian economy is expected to clock a 6-6.3% growth in June quarter, and flagged risks of fiscal slippage arising from weaker than expected government revenues in the current fiscal.
• Moody’s growth estimate is lower than the 8% projection for the first quarter made by the Reserve Bank of India (RBI) last week.

Daily Current Affairs June 11 & 12 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

Global Alliance for Mass Entrepreneurship & SIDBI To Launch NBFC Growth Accelerator Program   

• Global Alliance for Mass Entrepreneurship (GAME) has received in-principal approval from Small Industries Development Bank of India (SIDBI) for designing and structuring a sustainable and scalable Non-Banking Finance Company (NBFC) Growth Accelerator Program (NGAP).
• The ultimate goal of the NGAP framework is to enable a larger set of NBFCs to get access to institutional funding at a reasonable rate, so the benefit can be passed on to the MSMEs.

Daily Current Affairs June 10 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

RBI’s Monetary Policy Committee keeps the repo rate unchanged at 6.5%

• The Reserve Bank of India’s (RBI) Monetary Policy Committee headed by RBI Governor Shaktikanta Das in its second bi-monthly monetary policy meeting of FY24 has kept the repo rate unchanged at 6.5%.

Aim:

• To focus remains on the withdrawal of accommodation
• Earlier In the MPC meeting held in February, 2023 the repo rate was increased by 0.25% to 6.50%.
• The RBI also retained FY24 GDP growth forecast at 6.5%, while expecting FY24 CPI inflation to be at 5.1% (from 5.2%).
• The next meeting of the MPC is scheduled for August 8-10, 2023.

Daily Current Affairs June 09 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

RBI issues updated list of entities not authorized to deal in forex transactions

• The Reserve Bank of India (RBI) updated its ‘Alert List’ for the public on unauthorised forex trading platforms by adding 8 more entities taking the total to 56.
• The names added are:

1. QFX Markets
2. WinTrade
3. Guru Trade7 Limited
4. Bric Trade
5. Rubik Trade
6. Dream Trade
7. Mini Trade
8. Trust Trade.

• The list aimed to raise awareness and protect individuals from fraudulent entities operating in the forex market.

Daily Current Affairs June 08 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

Bank of Baroda unveils facility for cash withdrawals using UPI on its ATMs

• Public lender Bank of Baroda (BoB) has launched Interoperable Cardless Cash Withdrawal (ICCW) facility for its customers, wherein they can withdraw money from Automated Teller Machines (ATMs) using the United Payment Interface (UPI).
• BoB becomes the first public sector bank to launch this service.

By whom would it be withdrawn?

• Bank of Baroda customers
• Customers of other participating issuer banks that use Bharat Interface for Money (BHIM) UPI
• Bob World UPI or any other UPI application enabled for ICCW on their mobile phone can withdraw cash from a Bank of Baroda ATM without using their debit card.

Daily Current Affairs June 07 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

RBI Governor Shaktikanta Das launches Financial Inclusion Dashboard – ANTARDRIHSTI                              

• Reserve Bank of India (RBI) Governor Shaktikanta Das, launched a Financial Inclusion Dashboard – ANTARDRIHSTI

Aim :

• To provide the required insight to assess and monitor the progress of financial inclusion by capturing relevant parameters.

Daily Current Affairs June 06 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

Karbon Card launched India’s 1st mobile-based expense management card – Card++

• Karbon Card, a B2B (Business to Business) payment solution provider, has launched India’s 1st mobile-based expense management card called Card++.

Aim :

• To help thousands of startups and small businesses that are constantly facing challenges in finding a reliable and accessible expense solution, causing disruptions in their day-to-day operations and forced to use multiple payment instruments.

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Daily Current Affairs June 04 & 05 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

Union Government’s fiscal deficit declines to 6.4% of GDP in 2022-23

• The fiscal deficit of the government decreased from 6.71% of Gross Domestic Product (GDP) to 6.4% of GDP in 2022–23.

Key Highlights :

• In the Union Budget, the government aims to further reduce the fiscal deficit to 5.z9% of GDP during the current fiscal year 2023-24.
• Unveiling the government’s revenue-expenditure figures for 2022-23, the CGA stated that the fiscal deficit in absolute terms stood at ₹17,33,131 crore (provisional), slightly less than the amount estimated in the Revised Estimates (RE) in the budget.

Daily Current Affairs June 03 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

Credit card platform Kiwi launches ‘credit on UPI’ service

• Kiwi, a ground-breaking credit card platform, has launched its all-inclusive “Credit on Unified Payments Interface (UPI)” customer solution.
• The solution has been certified by the National Payments Corporation of India (NPCI), making Kiwi the first app in India to provide “Credit on UPI” by issuing Rupay Cards in collaboration with banks.
• The launch of this solution is a significant move by Kiwi towards creating one of the most comprehensive direct-to-consumer (D2C) models in the credit market.

Daily Current Affairs June 02 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

India’s GDP Projected To Grow 6.5% In FY24 – RBI

• According to the RBI’s annual report 2022-23, India’s Gross Domestic Product (GDP) growth for 2023-24 is projected at 6.5% for FY24 amid softer global commodity and food prices, and good rabi crop prospects, among others

About the report :

• As per the Annual report of RBI for FY23, India’s growth momentum is likely to be sustained in 2023-24 but domestic economic activity is facing challenges from global outlook.

Daily Current Affairs June 01 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

RBI Becomes Net Seller of USD in FY23 

• The Reserve Bank of India (RBI) became a net seller of US dollars in fiscal year 2023, after being a net purchaser for three consecutive years.
• The RBI sold $25.52 billion in the spot foreign exchange market.

Key Highlights :

• The RBI sold dollars to reduce volatility in the rupee, which has been under pressure due to the Russia-Ukraine war and interest rate hikes by the US Federal Reserve.
• The RBI sold the greenback to prop up the rupee, which had depreciated due to higher import bills and foreign investors pulling out money from the domestic market.

Daily Current Affairs May 31 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

Axis Bank launches ‘Sarathi’, a digital onboarding platform for POS Terminals

• Axis Bank, one of the largest private sector banks in India, has launched ‘Sarathi’, a first-of-its-kind digital onboarding journey to enable Electronic Data Capture (EDC) or Point of Sale (POS) for merchants.
• Unlike the time-consuming traditional onboarding process, which can take several days, Sarathi offers merchants a streamlined and hassle-free experience.
• The solution enables merchants to complete the onboarding process in just four simple steps which includes:
• Realtime database checks for faster application processing
• Live video verification to authenticate merchant information at his/ her convenience
• It eliminates the field verification process which helps in instant decision-making
• Instant installation of POS

Daily Current Affairs May 30 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

Indian Bank empanelled as Clearing and Settlement Bank with Indian Clearing Corporation Limited

• Indian Bank has been empanelled as a Clearing and Settlement Bank with the Indian Clearing Corporation Ltd (ICCL).
• Mahesh Kumar Bajaj, Executive Director, Indian Bank exchanged the agreement with Devika Shah, Managing Director (MD) & Chief Executive Officer (CEO) of ICCL to formalise Bank’s empanelment at a recently held event.
• The public sector bank can now facilitate banking services to members of BSE (formerly Bombay Stock Exchange) for clearing and settlement operations.
• The Indian Bank also launched the electronic term deposit receipt (e-TDR) product for online transmission of fixed term receipts (FDR) and margin with ICCL on behalf of the clearing members with its dedicated branch – Fort, Mumbai, Maharashtra.

Daily Current Affairs May 28 & 29 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

RBI imposes ₹84.50 lakh penalty on Central Bank of India for non-compliance

• The Reserve Bank of India (RBI) has imposed a penalty of ₹84.50 lakh on the Central Bank of India (the bank) for non-compliance with certain provisions of norms related to fraud classification and reporting.
• The RBI had conducted statutory inspection for supervisory evaluation of the bank with reference to its financial position as on March 31, 2021.

Daily Current Affairs May 27 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

RBI economic activity index nowcast Q1 GDP growth forecast at 7.6%

• The Reserve Bank of India (RBI) has announced its economic activity index (EAI) nowcast, forecasting a strong Gross Domestic Product (GDP) growth rate of 7.6% for the first quarter of the fiscal year 2023-2024 (Q1 FY24).
• This is against real GDP growth of 7.8% projected in the April 2023 Bi-monthly Monetary Policy Statement.

Key Highlights :

• The nowcast GDP growth is based on partial data available for April 2023.
• The nowcast GDP growth is based on assuming an implied GDP growth of 5.1% for Q4 (January-March) FY23.

Daily Current Affairs May 26 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

Google Pay & NPCI Collaborate to launch RuPay credit cards support on UPI

• Google Pay in association with the National Payments Corporation of India (NPCI) rolled out support for RuPay credit cards on Unified Payments Interface (UPI).
• Google Pay users can now link their RuPay credit cards with Google Pay to pay at online and offline merchants.

Key Highlights :

• This feature will give more flexibility to Google pay users and increase the adoption of digital payments in India.
• This feature will be available to RuPay credit card holders of Axis Bank, Bank of Baroda (BoB), Canara Bank, HDFC Bank, Indian Bank, Kotak Mahindra Bank, Punjab National Bank (PNB) and Union Bank of India (UBI).

Daily Current Affairs May 25 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

Aditya Birla Capital Launches ‘Udyog Plus’ For Indian MSMEs

• Aditya Birla Capital through its lending arm, Aditya Birla Finance has started Udyog Plus, an one-stop business platform designed for Indian micro, small and medium enterprises (MSME) customers.
• Udyog Plus”, is a dedicated offering for small businesses, under which it will be providing finance and an array of other services to MSMEs.
• This new Business to Business (B2B) digital platform offers solutions for MSMEs, including financing, protection, investments, advisory and value-added services for managing and growing their businesses.
• The platform is an open marketplace that can be accessed through the financing section of the Aditya Birla Capital website by both existing as well as new customers of Aditya Birla Finance.

Daily Current Affairs May 24 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

RBI to pull out 2,000 rupee notes from active circulation; Exchange/Deposit until September 30, 2023

• The Reserve Bank of India (RBI) has decided to withdraw the Rs 2000 denomination banknotes from circulation.
• It asked all to exchange these notes by September 30, 2023.
• The withdrawal is similar to a previous withdrawal of notes in 2013-2014 (and not the demonetization).
• RBI’s 19 regional offices and other banks will start taking ₹ 2,000 notes for exchange with lower denomination one from May 23, 2023 to on or before Sep 30, 2023 (4 months).
• In order to ensure operational convenience and to avoid disruption of regular activities of bank branches, exchange of Rs 2,000 notes into notes of other denominations can be made up to a limit of Rs 20,000 at a time at any branch.

Daily Current Affairs May 23 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

RBI cancels certificate of registration of 7 NBFCS & 14 surrender permits

• The Reserve Bank of India (RBI), in the exercise of powers conferred on it under Section 45-IA (6) of the RBI Act, 1934, has cancelled the Certificate of Registration of 7 Non-Banking Finance Companies (NBFCs).

List of 7 NBFCs :

1. Coorg Tea Company, Bangalore,Karnataka
2. Trimurthi Finvest, Bilaspur, Chattisgarh
3. East West Finvest India, Bilaspur, Chattisgarh
4. J.V.Modi Securities, Indore, Madhya Pradesh (MP)
5. K K Patel Finance, Gwalior, MP
6. Purvi Finvest, Bilaspur, Chattisgarh
7. Genfin Capital Pvt Ltd, Bangalore,Karnataka

Daily Current Affairs May 21 & 22 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

JCB partners with NPCI to offer 40% cashback to RuPay JCB cardholders

• Japanese international payment brand, JCB International Co will partner with National Payments Corporation of India (NPCI) to offer RuPay JCB cardholders 40% cashback on in-store purchases in the United Arab Emirates (UAE), Thailand, Malaysia and
• In-store purchases are in-person point-of-sale (PoS) transactions at a merchant location.
• RuPay and JCB have announced the third phase of a limited-time cashback campaign for all RuPay JCB debit and credit cardholders.
• The offer will be valid from May 15 to August 15, 2023.
• The maximum cashback amount per transaction during the promotion period is Rs 3,000 and the total cashback is capped at Rs 15,000 per card.

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Daily Current Affairs May 20 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

SEBI to expand list of Qualified Institutional Buyer entities in debt market

• Capital markets regulator Securities and Exchange Board of India (SEBI) proposed expanding the definition of qualified institutional buyer (QIB) for investing in debt securities in a bid to increase the supply of funds to the issuers of such securities.

Key Highlights :

• SEBI has proposed to include 10 different categories of entities including multi-State cooperatives with ₹500-crore net worth, Non Banking Financial Companies (NBFCs), housing finance companies, pension funds, small finance banks, reinsurers and refinancing agencies such as Micro Units Development & Refinance Agency (MUDRA) under the definition of qualified institutional investors for investment in debt securities and further develop the debt market.

Daily Current Affairs May 19 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

HDFC Mutual Fund launches India’s first defence fund 

• HDFC Asset Management Company (AMC) Limited, investment manager of HDFC mutual fund (HDFC MF) has announced the launch of India’s first mutual fund – HDFC Defence Fund focussed on defence sector.
• The new fund offering (NFO) of HDFC Defence Fund, an open-ended equity scheme, would open on May 19, 2023 and close on June 2, 2023.
• The new scheme follows a bottom-up approach of portfolio construction within the defence ecosystem.

Daily Current Affairs May 18 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

NSE Launches WTI Crude Oil & Natural Gas Futures Contracts 

• The National Stock Exchange of India Limited (NSE India) launched rupee-denominated futures contracts on underlying New York Mercantile Exchange’s (NYMEX) West Texas Intermediate (WTI) crude oil and natural gas in its commodity derivatives segment.
• This came after the exchange, in March, 2023 received approval from markets regulator Securities and Exchange Board of India (SEBI) to launch these contracts.

Daily Current Affairs May 17 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

RBI Partners with GFIN to tackle Greenwashing in financial services

• The Global Financial Innovation Network (GFIN) is organising its first-ever Greenwashing TechSprint to combat greenwashing risks in financial services.
• The Reserve Bank of India (RBI) has announced its participation among 12 other international regulators in this initiative to develop a tool that helps the market and regulators address the issue.
• RBI noted the number of investment products marketed as ‘green’ was growing.

Key Highlights :

• Greenwashing risks in financial services refer to the practice of making exaggerated, misleading, or false claims about the environmental, social, and governance (ESG) characteristics of investment products or services.
• This is done to attract investors who are interested in sustainable or responsible investing, but can ultimately result in harm to the environment or society.
• The companies that were selected for the Greenwashing TechSprint will proceed through to on-boarding, which will take place on 1st and 2nd of June, 2023.