Last 6 Months Banking Current Affairs 2019

Last 6 Months Banking, Finance & Economy Current Affairs (June to Nov) 2019
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Last 6 Months Banking, Finance & Economy Current Affairs 2019
S. No Topics Page No
1. June 2019 – Banking, Finance & Economy Current Affairs 2
2. July 2019 – Banking, Finance & Economy Current Affairs 17
3. Aug 2019 – Banking, Finance & Economy Current Affairs 26
4. Sep 2019 – Banking, Finance & Economy Current Affairs 55
5. Oct 2019 – Banking, Finance & Economy Current Affairs 79
6. Nov 2019 – Banking, Finance & Economy Current Affairs 100
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June 2019 – Banking, Finance & Economy Current Affairs
MAX LIFE INSURANCE LAUNCHED ‘MAX LIFE SMART TERM PLAN’

 Max Life Insurance Company Limited, one of the country’s leading life insurance companies, launched customizable
‘Max Life Smart Term Plan’. It will offer customers the flexibility to customize their own protection solution through
the selection from a wide range of benefits and features.
 It will provide options of choosing from multiple premium payment term- Single payment, payment for limited term of
5, 10, 12 and 15 years in addition to the ‘pay till 60’ and regular pay options.
IDBI BANK AND TATA AIG SIGNED BANCASSURANCE CORPORATE AGENCY AGREEMENT
 Industrial Development Bank of India (IDBI) has signed a bancassurance agreement with Tata AIG General Insurance
Company Ltd to provide Tata AIG’s suite of P&C (Property and Casualty (insurance) products to its customers.
 Tata AIG’s products will now be available in IDBI bank’s 20 million customer base spread across its 1,850-plus
branches.
FLIPKART REVAMPS MSME SELLER FINANCING PROGRAMME ‘GROWTH CAPITAL’
 E-commerce firm Flipkart has revamped its Micro, Small and Medium Enterprises (MSME) seller financing programme
‘Growth Capital’ in order to empower MSMEs across the country. The program enables financial inclusion and
independence for MSMEs who operate online.
 The changes will allow more than one lakh sellers to avail credit at competitive interest rates from 10 Non-Banking
Financial Companies (NBFCs) and banks with an approval time of one day and disbursal into the sellers bank accounts
within 48 hours.
NHB ISSUED STRICTER NORMS ON HFCS’ CAPITAL ADEQUACY RATIOS
 The National Housing Bank (NHB) has tightened the norms on leverage and capital adequacy ratio for Housing Finance
Companies (HFCs). It mandated the HFCs to reduce their total borrowings in a phased manner to not more than 12
times( at present 16 times) of their Net-Owned Funds (NOF) as on March 31, 2022.
 Life Insurance Corporation (LIC) Housing Finance is the only HFC to have the highest leverage ratio of 14 times of
NOF.
CANARA BANK UPDATED THE RULES FOR CASH DEPOSITS AND WITHDRAWALS
 Canara Bank has issued new rules for its customers regarding cash deposits and withdrawals effective from July 1,
2019. The customers of the bank can deposit cash in Savings bank account up to Rs 50,000 for free only thrice a month
and the fourth transaction will be charged.
 This is done to encourage digital transactions and it coincides with transaction charges on National Electronic Funds
Transfer (NEFT) and Real Time Gross Settlement (RTGS) being waived off complying with Reserve Bank of India’s
guidelines from July 1, 2019.
FEDERAL BANK RAISES RS 300 CRORE THROUGH A PRIVATE PLACEMENT OF BASEL III COMPLIANT
TIER II BONDS
 Kochi based Federal Bank announced that it has raised Rs 300 crore through Basel-III compliant bonds for improving
their risk management techniques and to address the growing risks.
PAYMENTS RELATED DATA TO BE STORED ONLY IN INDIA: RBI
 The Reserve Bank of India (RBI) in its frequently asked questions (FAQ) section stated that the data related to payment
transactions must be stored in systems of the country and if any information is processed abroad, it should be deleted
from their systems and brought back to India not later than one business day or 24 hours from the payment processing,
whichever is earlier.
 The clarification was sought by the Payment System Operators (PSOs) on the issue of data localization.
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GOVERNMENT LOWERS INTEREST RATES ON SMALL SAVING SCHEMES BY 0.1% FOR SEPTEMBER
QUARTER
 The schemes include Public provident fund (PPF), National Savings Certificate (NSC), Kisan Vikas Patra(KVP),
Sukanya Samriddhi Account, Senior Citizens Savings Scheme (SCSS).
 PPF&NSC: For the July-September quarter, PPF and National Savings Certificate will fetch an annual interest rate of
7.9% as compared to 8% earlier.
 KVP: Kisan Vikas Patra will yield 7.6 percent with a maturity of 113 months. At present, the interest rate on KVP is 7.7
percent and maturity is 112 months.
 The girl child savings scheme: Sukanya Samriddhi Account will offer 8.4 percent from 8.5 percent.
 SCSS: Senior Citizens Savings Scheme will offer 8.6 percent from 8.7percent.
 Term deposits of 1- 3 years will offer an interest rate of 6.9 percent will be paid quarterly, while the five-year quarterly
pegged at 7.7 percent and for recurring 7.2 percent from the existing rate of 7.3 percent.
RBI RELAXED THE LEVERAGE RATIO (LR) FOR BANKS TO HELP BANKS EXPAND LENDING
 The RBI (Reserve Bank of India) relaxed the leverage ratio (LR) for banks in a bid to help them expand their lending
activities. The leverage ratio (LR) reduced to 4% for Domestic Systemically Important Banks (DSIBs) and 3.5% for
other banks with effective from October 1, 2019.
$250-M LOAN PACT SIGNED BY INDIA AND WORLD BANK FOR REBUILD KERALA INITIATIVE
 The Government of India, State Government of Kerala and World Bank signed a loan agreement of $250 million (Rs
1,725 crore) for the Kerala Resilient Programme.
INDIA SIGNS $250 MILLION WORLD BANK LOAN TO DEVELOP RAJASTHAN’S ROADS AND HIGHWAYS
 The Government of India, Government of Rajasthan and the World Bank signed a $ 250 Million Loan Agreement for
Phase II of Rajasthan State Highways Development Project.
FOREX RESERVES OF INDIA INCREASED TO A RECORD HIGH OF $426.42 BILLION
 As per the data from the apex bank, the Reserve Bank of India (RBI), Foreign Exchange Reserves (Forex/ FX Reserves)
of India reached a lifetime high of $426.42 billion after it was increased by $4.215 billion in the week to June 21, 2019.
The reason for the hike in reserve was due to an increase in Foreign Currency Assets (FCA).
 Till date, the highest Forex reserves were recorded in the week to April 13, 2018, accounting to $426.028 billion.
INDIA AND WORLD BANK SIGN USD 400M LOAN AGREEMENT TO ELIMINATE TB
 The World Bank and the Government of India signed a loan agreement of $400 Million for the Program Towards
Elimination of Tuberculosis(TB), which kills approximately half a million people in India every year. The program will
cover nine States of India.
 It will also support the government’s National Strategic Plan to end TB in India by 2025.
INDIA INKS LOAN PACT WORTH OF $328M WITH WORLD BANK FOR ANDHRA PRADESH
 The World Bank, Government of India and State Government of Andra Pradesh signed a loan agreement worth of $328
million with the World Bank (WB) for improving health services of Andhra Pradesh.
RBI SETS AVERAGE BASE RATE AT 9.18% FOR NBFC-MFI BORROWERS FOR THE QUARTER BEGINNING
JULY 1, 2019
 The Reserve Bank of India set an average base rate of 9.18% for Non-Banking Financial Companies (NBFCs) and
Micro Finance Institutions (MFIs) to be charged from their customers. It will be charged for the quarter beginning July
1, 2019.
INDIAN CRYPTO EXCHANGE KOINEX SHUTS DOWN ITS OPERATION
 India’s Largest Cryptocurrency Exchange, Koinex (Mumbai) Terminating Its Digital Asset Trading Services And Other
Crypto-Related Operations Citing Regulatory Uncertainty And Disruption.
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RBI ISSUED GUIDELINES FOR SETTING UP OF AN FBAS FOR ADMINISTERING “SIGNIFICANT

BENCHMARKS”
 The Reserve Bank of India (RBI) has issued a regulatory framework for setting up of financial benchmark administrator
(FBA) for administering ‘significant benchmarks’ in the markets for financial instruments.
 It means any benchmark notified by the central bank taking into consideration its use, efficiency, and relevance in
domestic financial markets and the benchmarks administered outside India do not fall under the norms
RBI RECOMMENDS COMMERCIAL BANKS TO ADOPT EDUCATION LOAN SCHEME
India’s central banking institution, The Reserve Bank of India (RBI) has advised all Scheduled Commercial Banks to adopt
Education Loan Scheme which is formulated by Indian Banks’ Association (IBA).
 . Loan up to Rs 10 lakh for study in India and upto Rs 20 lakh for study abroad.
 Collateral free loans upto Rs 7.5 Lakh under the Credit Guarantee Fund Scheme for Education Loans (CGFSEL).
 No Margin for a loan up to Rs 7.50 Lakh.
 Repayment period of 15 years.
MOBIKWIK PARTNERED WITH MAX BUPA TO LAUNCH ‘SHAMPOO-SACHET’ HEALTH PLAN
 MobiKwik, a mobile payments service provider, partnered with health insurer Max Bupa to launch “shampoo-sachet”
concept in the insurance sector. It will offer mini medical insurance products with premiums as low as Rs 20. The
partnership enables financial inclusion by making pocket size health insurance solutions available through the
Mobikwik platform.
ORACLE LAUNCHES CRIME MITIGATION SOLUTION FOR SMALLER BANKS
 A multinational software firm based in the United States, Oracle has introduced a new tool that will help small & mid-
sized banks to tackle fraud.
 The Oracle Financial Services “Anti Money Laundering Express Edition(AMLXE)” is designed to detect, investigate,
and report suspected money laundering and terrorist financing activity.
RBI PANEL LED BY U.K. SINHA SUGGESTS RS.5,000 CRORE STRESSED ASSET FUND FOR MSMES
 The Reserve Bank released the report of the expert committee under former SEBI (Securities and Exchange Board of
India) chairman U K Sinha on measures for the economic and financial sustainability of the MSMEs (Micro, Small and
Medium Enterprises).
WILFUL DEFAULTERS IN STATE-RUN BANKS INCREASED BY 60% IN 5YEARS
 Finance Minister Nirmala Sitharaman stated that the number of wilful defaulters in nationalized banks has risen 60% in
five years to March 2019.
 The figure stood at 8,582 at the end of FY19(fiscal year) against 5,349 at the end of FY15.The silver lining is about
Rs.7,600 crore has been recovered from those defaulters.
WORLD BANK COMMITS $31.58 MN LOAN FOR UTTARAKHAND PUBLIC FINANCIAL MANAGEMENT
STRENGTHENING PROJECT
 The Government of India, the State Government of Uttarakhand and the World Bank signed a tripartite Loan Agreement
of $31.58 million (about Rs 221 crore) for Uttarakhand Public Financial Management Strengthening Project. This will
help improve the State’s ability to manage its Financial Systems and lead to Better Utilization of Development
Resources.
RBI LAUNCHES NEW COMPLAINTS PORTAL FOR FILING ONLINE COMPLAINTS AGAINST BANKS, NBFCS
 The Reserve Bank of India Governor Shaktikanta Das has launched a Complaint Management System (CMS) for
lodging complaints against banks and NBFCs (Non-Banking Financial Companies) on its website. The online portal
aims at improving customer experience in timely redressal of grievances.
GOVERNMENT OF JHARKHAND TO GET $147 MILLION LOAN FROM WORLD BANK
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 To provide basic urban services to the people and help improve the management capacity of the urban local bodies
(ULBs) in Jharkhand, the World Bank approved a $147 million loan agreement to the state.
MARUTI SUZUKI INKS PARTNERSHIP WITH BOB FOR DEALER FINANCING
 Automobile manufacturer in India, Maruti Suzuki signed ‘Preferred Financier’ MoU (Memorandum of understanding)
with public sector Bank, Bank of Baroda (BOB) to improve credit for dealership inventory financing.
TWO-WHEELER LOAN NAMED 'SABSE KHAAS LOAN' LAUNCHED BY L&T FINANCE
 Indian multinational conglomerate, L&T Finance, a subsidiary of L&T Finance Holdings, launched 'Sabse Khaas Loan'
for two-wheeler customers. Borrowers can choose 3different EMI periods– 6, 12 and 18 months with the interest rates
between 7.99 percent and 8.99 percent.
ADB APPROVED $350 MILLION LOAN FOR CHHATTISGARH ROAD IMPROVEMENT PROJECT
 Asian Development Bank (ADB) approved $350 million loan to rehabilitate and upgrade two state highways and 23
major district roads totaling about 850 kilometers in Chhattisgarh. It will improve the connectivity and access to basic
services and livelihood opportunities in the state. The total cost of the project is $521.69 million
FITCH CERTIFIED LONG-TERM RATINGS TO SIX BANKS AT 'BBB-' WITH STABLE OUTLOOK
 International rating agency Fitch Ratings certified long-term Issuer Default Ratings (IDRs) to six banks namely State
Bank of India(SBI), Bank of Baroda(BOB), Punjab National Bank(PNB), Bank of Baroda (BOB), Canara Bank and
Bank of India(BOI) with 'BBB-' a stable outlook. The rating of IDBI Bank's long-term IDR was certified at 'BB+'.
PRICES OF SGBS FOR 2019-20 FIXED AT RS 3,196 PER GRAM
 The Government has fixed the price of Sovereign Gold Bonds (SGBs)-Series I for 2019-20 at Rs 3,196 per gram with
settlement date June 11, 2019.
 They will be opened for subscription from June 03 to June 07, 2019. In consultation with RBI, the Government has
decided to allow a discount of Rs 50 per gram from the issue price to those investors who apply online and the payment
is made through digital mode.
BANK FRAUDS REACHED UNPRECEDENTED RS 71,500 CRORE IN 2018-19
 The Reserve Bank of India (RBI) has reported that bank frauds have been reached to Rs 71,500 crore in 2018-19 with
over 6,800 cases. In 2017-18, 5,916 cases were reported by banks which involved Rs 41,167.03 crore.
 RBI's data reported that in last 11 fiscal years, 53,334 cases of fraud were reported by banks involving the amount of Rs
2.05 lakh crore.
ICICI BANK LAUNCHES CENTER IN BENGALURU EXCLUSIVE FOR MSME
 Industrial Credit and Investment Corporation of India (ICICI) launched a dedicated center in Bengaluru to provide hazel
free services to small business owners and startups.
 The center provides various services which include working capital loans of up to Rs. 20 crore, business loans (based on
GST returns) of up to Rs. 1 crore, instant overdraft facility of up to Rs. 15 lakh, extensive trade solutions and cash
management services, and others.
AN EDUCATIONAL PROGRAMME “DIGITAL SAKHI” LAUNCHED BY L&T FINANCIAL SERVICES IN
TAMILNADU
 A non-banking financial institution L&T Finance Services Ltd. (Larsen & Toubro Financial Services) recently launched
“Digital Sakhi”, an educational program aimed at financial inclusion of rural women in Villupuram District, Tamilnadu.
RBI FORMED PANEL LED BY NANDAN NILEKANI RECOMMENDED TO ROPE IN LOCAL RETAILERS TO
ACT AS CASH POINTS
 The Reserve bank of India (RBI) formed panel led by Nandan Nilekani has recommended to rope in local retailers and
business correspondents to act as cash points in semi-urban centers.
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 These will act as the primary source of cash in semi-urban centers and will replace ATMs (Automated Teller
Machines).
TAMIL NADU GETS $287 MN LOAN FROM WORLD BANK FOR THE STATE’S HEALTH SYSTEM REFORM
PROGRAMME
 The Government of India, Tamil Nadu, and the World Bank signed a $287 million loan agreement for the state’s Health
System Reform Programme in New Delhi. It is aimed to improve the quality of health care, reduce the burden of non-
communicable diseases (NCDs) and fill equity gaps in reproductive and child health services.
RBI AMENDED ITS NORMS ON BANKS' EXPOSURE TO LARGE BORROWERS
 The Reserve Bank of India (RBI) amended its norms on banks' exposure to large borrowers with a view to reduce the
concentration of risk and align them with the global norms.
 It will help in lending to Non-Banking Financial Companies (NBFC) in an effective way and invite scrutiny on the
structure of these entities.
NILEKANI-LED COMMITTEE RECOMMENDED 24×7 RTGS & NEFT, ELIMINATION OF ALL CHARGES
 The Reserve Bank of India (RBI) appointed 5-member panel led by Nandan Nilekani recommended measures like
24×7 Real-Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT) facility, duty-free import of
Point-of-sales(POS) machines and elimination of all charges in order to promote digital payments in India
ASHOK LEYLAND PARTNERED WITH SURYODAY SMALL FINANCE BANK FOR VEHICLE LOANS
 Ashok Leyland, Hinduja Group flagship firm, partnered with Suryoday Small Finance Bank to provide vehicle loans to
the customers of Ashok Leyland. The financing partnership agreement was signed for 3 years.
RBI REMOVED CHARGES FOR RTGS AND NEFT TRANSACTIONS
 The Reserve Bank of India (RBI) has removed the charges levied on Real Time Gross Settlement (RTGS) and National
Electronic Funds Transfer (NEFT) transactions to boost digital payments.
 At present, the banks levy minimum charges for transactions done through RTGS system for large-value (Rs 2 lakh and
above) instantaneous fund transfers and NEFT System for other fund transfers (below Rs 2 lakh).
RBI RAISED THE RETAIL INFLATION FORECAST FOR APRIL-SEPTEMBER FY20 TO 3-3.1%
 RBI raised the Retail Inflation Forecast marginally to 3-3.1% for the first half of the current fiscal due to a rise in food
prices mainly vegetables.
 It forecasted risks to inflation trajectory from monsoon uncertainties, an unseasonal spike in vegetable prices, crude oil
prices, financial market volatility, and fiscal scenario.
RBI RELEASES REPORT ON BENCHMARKING INDIA’S PAYMENT SYSTEMS
 The Reserve Bank of India (RBI) released a report on “Benchmarking India’s Payment Systems”. It provides a
comparative position of the payment ecosystem in India.
 RBI had undertaken an exercise of benchmarking India’s Payment’s system compared to the payment systems of
advanced economies, Asian economies and the BRICS nations
SECOND BI-MONTHLY MONETARY POLICY OF RBI 2019-20
 The Reserve Bank of India (RBI) announced its second Bi-Monthly Monetary Policy Rates for 2019-20 in Mumbai on
June 6, 2019.
 The three-day policy review meeting by the six members of Monetary Policy Committee (MPC) was headed by RBI
Governor Shaktikanta Das with the members Dr Chetan Ghate, Dr Pami Dua, Dr Ravindra H. Dholakia, Dr Michael
Debabrata Patra, Dr Viral V Acharya. In a rare 6-0 majority, Repo rate was reduced by 25 bps under the liquidity
adjustment facility (LAF) to 5.75 percent for third time in a row.
E-MONEY SHARE IN INDIA’S PAYMENT SYSTEMS REACHES 21.5%: RBI
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 According to a new report “Benchmarking India’s Payment Systems”, released by Reserve Bank of India(RBI) stated
that the share of e-Money in India’s payment systems raise to 21.5 percent in 2017 from 0.8 percent in 2012.
 India was next to Japan and the US in 2017 with respect to e-Money transactions of Rs 3,459 million.
TATA MUTUAL FUND LAUNCHED INDIA’S FIRST MUTUAL FUND SIDE POCKET
 Tata Mutual Fund launched the side-pocketing (segregated portfolio) option to set aside its troubled investment in
Dewan Housing Finance Limited (DHFL). They were created for 3 schemes namely Tata Corporate Bond Fund, Tata
Medium Term Fund, and Tata Treasury Advantage Fund.
 This is India’s first formal use of the side pocketing provisions which was introduced by the Securities and Exchange
Board of India (SEBI) in December 2018.
RBI TO CREATE FOREIGN EXCHANGE TRADING PLATFORM FOR RETAIL PARTICIPANTS
 The Reserve Bank of India (RBI) announced to set up a foreign exchange trading platform for retail participants. This is
to create a market infrastructure that ensures fair and transparent pricing for users of foreign exchange like Small and
Medium Enterprises (SME) exporters & importers and individuals.
 The trading platforms are developed by the Clearing Corporation of India Limited (CCIL) and are tested by the users
YES BANK CONDUCTS E-AUCTION FOR FOREST PRODUCE
 Yes Bank has conducted the first e-auction of forest produce in Dhanora Mahasangh in Maharashtra under its Tech for
Change initiative where the bank work with the government and corporate to create technology-based solutions which
have a social impact. It is a joint effort of Yes Bank with its fintech partner, Sparsh Technologies.
FINCARE SFB, KOOKMIN BANK ADDED IN THE SECOND SCHEDULE OF RBI ACT
 Fincare Small Finance Bank and Kookmin Bank have been included in the second schedule of the Reserve Bank of
India Act, 1934. Both banks can now broad-base its lines of funding and liquidity facilities.
 They can issue certificates of deposits and get access to interbank borrowings at competitive interest rates.
BAJAJ FINSERV &MOTHERHOOD HOSPITALS INK PARTNERSHIP TO PROVIDE LIFE CARE FINANCE
FACILITY
 Indian financial services company Bajaj Finserv inked partnership with Motherhood hospitals, a national network of
women &child hospital to provide Lifecare finance facility.
 Through this partnership, patients at all motherhood hospitals can avail Life Care Finance (LCF) from Bajaj Finserv that
converts their medical bills into an EMI loan without interest.
RBI ISSUED FRESH PRUDENTIAL FRAMEWORK FOR RESOLUTION OF STRESSED ASSETS
 The Reserve Bank of India (RBI) has issued new NPA guidelines “Prudential framework for resolution of stressed
assets” to deal with bad loans, as the previous circular that was issued by RBI on Feb 12, 2019 rejected by Supreme
Court.The new framework will replace all the previous models.
 The directions have been issued in terms of the provisions of Section 35AA of the Banking Regulation Act, 1949, for
initiation of insolvency proceedings against specific borrowers under the Insolvency and Bankruptcy Code, 2016 (IBC
FOREIGN EXCHANGE RESERVES OF INDIA INCREASED BY $1.8 BILLION TO $421.8 BILLION
 As per the data of the Reserve Bank of India (RBI), the Foreign Exchange (Forex) Reserves of India increased by
$1.875 billion to $421.867 billion in the week ending May 31, 2019.
 In the previous week, the forex reserves rose by $1.99 billion to $ 419.99 billion. The foreign currency assets rose by
$1.946 billion to $394.134 billion.
STATE BANK OF INDIA TO INTRODUCE REPO-LINKED HOME LOAN PRODUCT FROM JULY 1
 State Bank of India (SBI) announced to introduce repo-linked home loan product from July 1, 2019. It has become the
first bank to offer this facility. It means any changes in the key interest rate by the central bank would be passed on
directly to the customers.
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 The home loans up to Rs 75 lakh will be priced at 2.65% over the repo rate of 5.75% resulting in the interest rate of
8.40%.
PAYTM PAYMENTS BANK AHEAD OF MAJOR BANKS IN DIGITAL TRANSACTION TARGET WITH 501.16
CRORE DIGITAL TRANSACTIONS
 Paytm Payments Bank with 501.16 crore digital transactions for the financial year 2019-20 is ahead of major banks
including HDFC Bank, Industrial Credit, and Investment Corporation of India (ICICI) Bank and Punjab National Bank
(PNB) in digital transaction target set by the Ministry of Electronics and Information Technology (MeitY).
KOTAK MAHINDRA BANK WAS PENALIZED WITH RS 2 CRORE BY RESERVE BANK OF INDIA FOR NOT
MEETING OWNERSHIP RULES
 Reserve Bank of India has penalized Kotak Mahindra Bank with Rs. 2 crores for not furnishing details about the
shareholding of its promoter and its plans for complying with stake dilution norms.
 RBI has mandated the bank to reduce its promoter shareholding to 20 percent by December 31, 2018, and to 15 percent
by March 2022.
MAX LIFE INSURANCE COMPANY LAUNCHED 'MY PROTECTION QUOTIENT' TOOL
 Max Life Insurance Company launched a unique proprietary tool named 'My Protection Quotient' (MyPQ) to ensure
financial protection in the country.
 It had earlier launched 'India Protection Quotient' survey in association with Kantar IMRB to understand where India
stands with regards to life and term insurance ownership. It also has dedicated 6th of every month as ‘Protection day’
and MyPQ was launched on Second protection day.
RBI EASED REGULATIONS FOR BSBD ACCOUNTS
 Nation's apex bank Reserve Bank of India (RBI) has relaxed the regulations for Basic Savings Bank Deposit (BSBD)
Accounts aka "no-frills" accounts as a part of the financial inclusion drive.
 BSBDA holders will get certain minimum facilities, free of charge.
SASHAKT COMMITTEE RECOMMENDS RBI'S CHANGES IN INTER-CREDITOR AGREEMENT (ICA)
FRAMEWORK
 Sashakt Committee headed by Punjab National Bank non-executive Chairman Sunil Mehta has stated that the new
guidelines of RBI regarding the mandation of Inter-Creditor Agreement (ICA) framework is a right move to resolve
non-performing assets (NPAs or bad loans).
 In the first week of June 2019, RBI has issued revised guidelines for resolution of stressed assets named "Prudential
framework for resolution of stressed assets", which has mandated the lenders to review the accounts within 30 days of
default and initiate a resolution plan or Insolvency and Bankruptcy Code (IBC) process before the default, among
others.
CENTRE HAS EXTENDED THE RS 1.6 BILLION AID TO NEPAL FOR REBUILDING EARTHQUAKE-HIT
HOUSES
 The Indian government has extended the financial aid of 1.6 billion Nepalese rupees to Nepal for the rebuilding of
houses in Nuwakot and Gorkha districts, which were damaged in the devastating earthquake in 2015.
 The cheque for the same was handed over by India’s ambassador to Nepal Manjeev Singh Puri to Finance Secretary of
Nepal Rajan Khanal.
NPAS PLUNGED TO 9.30% IN FY'19, BELOW RBI ESTIMATE
 As per the Crisil report, the overall non-performing assets (NPAs) stock has declined at a great pace to 9.3% in March
2019 in comparison to the 11.5% in March 2018.
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 This decline is more than the RBI's (Reserve Bank of India) estimate. This shows a positive sign of recovery from the
Non-performing asset load as the NPA ratio of both public and private sector banks showed a half-yearly decline, for
the first time since March 2015.
RBI FORMED A COMMITTEE HEADED BY VG KANNAN, IBA CHIEF TO REVIEW ATM PRICING
 The Reserve Bank of India (RBI) constituted 6-member committee headed by VG Kannan, Chief Executive of Indian
Banks’ Association (IBA) to review ATM pricing.
 It will review the existing interchange fee and pricing structures to reduce prices for customers on Automated Teller
Machines (ATM) transactions with a broader objective to improve rural penetration of teller machines
A PENALTY OF RS.11.25 LAKH IMPOSED ON ZIPCASH, YES BANK BY RBI
 The Reserve Bank of India slapped a monetary penalty Rs. 11.25 lakh each on Private sector lender ‘Yes Bank’ and
Online Wallet Service, ’ZipCash Card Services’ for violating PPI (prepaid payment instrument) norms pertaining to
issuance and operation of PPIs.
IDBI BANK AND MAX BUPA SIGN BANCASSURANCE CORPORATE AGENCY AGREEMENT
 Industrial Development Bank of India (IDBI) Bank and Max Bupa, a Standalone Health Insurer (SAHI) signed a
Bancassurance corporate agency agreement. For the first time, IDBI Bank became an on-boarded corporate agent for
Max Bupa under open architecture. It will also install ‘Infinity’, a proprietary digital platform.
 Through this, the customers of IDBI Bank can purchase the product of their choice instantly and access their policy
documents at the bank branch
EXIM BANK SIGNED $245 MILLION LOAN AGREEMENT WITH GHANA & MOZAMBIQUE FOR
AGRICULTURAL AND RAILWAY PROJECTS
 The central bank of the country, the Reserve Bank of India (RBI) notified that Export-Import Bank of India (Exim
Bank) will provide Line of Credit (LoC) worth $245 million to Ghana and Mozambique for agricultural and railway
projects. The agreement is effective from June 3, 2019.
 Under the LoC, the terminal utilisation period is 60 months after the scheduled completion date of the project.
ZESTMONEY IN PARTNERSHIP WITH DIGIT INSURANCE TO OFFER EMI INSURANCE
 ZestMoney, a Bengaluru based digital lending startup, in partnership with Digit Insurance announced to offer EMI
(Equated Monthly Installment) insurance to the company's five million customers.
 The aim of the partnership is to relieve its customers of debt in case of unforeseen circumstances.
EDELWEISS AND BANK OF BARODA TIED UP FOR MSME LOANS
 Bank of Baroda (BoB) and ECL Finance, the flagship non-banking financial company of Edelweiss Group, signed an
agreement to form a strategic partnership to explore co-lending opportunities.
 They will provide timely delivery of credit to customers at a significantly lower cost.
FUNDZBAZAR LAUNCHED 'SELFIEWALA KYC' FEATURE FOR FIRST-TIME MUTUAL FUND INVESTORS
 FundzBazar, an online mutual fund investment platform launched by Prudent, has initiated 'Selfiewala KYC' feature for
the first-time mutual fund investors.
 This feature allows the investors to carry out the IPV (In-Person Verification) by uploading a video and a selfie which in
turn speeds up the KYC process and saves time.
IRDAI HIKED THIRD PARTY INSURANCE PREMIUM FOR SMALL-MEDIUM CARS FROM JUNE 16, 2019
 The Insurance Regulatory and Development Authority of India (IRDAI) hiked the Third Party (TP) motor insurance
premium for small and medium private cars by 12-12.5% for 2019-20. The rates are applicable from June 16, 2019.
 TP premium for two-wheelers and heavy vehicles was also increased. These powers which are provided to IRDAI are
mentioned under Section 14 (2) (i) of the IRDA Act, 1999.
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RBI ASKED BANKS TO GROUT ATMS TO A WALL, PILLAR, OR FLOOR IN ORDER TO INCREASE
SECURITY
 The Reserve Bank of India (RBI) asked the banks to grout Automated Teller Machines (ATMs) to a wall, pillar, or floor
by September 30, 2019 in order to mitigate risks in ATM operations and increase security.
 Exceptions were given to the ATMs installed in high secured premises. The measure was adopted by the RBI after the
recommendations made by the Committee on Currency Movement (CCM) under the chairmanship of DK Mohanty
which was formed in 2016.
AS PER RBI, BANK FRAUDS WORTH RS. 2.05 LAKH CRORE REPORTED IN THE LAST 11 YEARS
 The central bank of the country, the Reserve Bank of India’s (RBI) data revealed that 53,334 fraud cases worth Rs. 2.05
lakh crore hit the banks in India in the last 11 fiscal years i.e, between 2008-09 and 2018-19.
SEBI TIGHTENED RATING GUIDELINES TO ENHANCE STANDARDS
 The Securities and Exchange Board of India (SEBI) issued stricter norms for rating agencies to enhance standards. This
move comes after a series of defaults at Infrastructure Leasing & Financial Services Limited (IL & FS) in 2018.
 It introduced disclosure of rating sensitivities in its press releases. It will help the end-users to understand the factors
that would have the potential to impact the creditworthiness of the entity.
ADB SANCTIONS RS 1,650CR INFRA PROJECTS IN TRIPURA
 The Asian Development Bank (ADB) has approved a project submitted by the Urban Development Department (UDD)
of Tripura amounting to Rs. 1650 crore for overall infrastructure development of seven districts headquarter towns of
Tripura.
 The ADB will give 80 percent of 1650 crore as grant-in-aid and the State Government of Tripura will have to repay
back only 20 percent loan in due course of time.
AS PER RBI, DIGITAL TRANSACTIONS WILL RISE FOUR TIMES BY 2021
 The Reserve Bank of India in its report "Payment and Settlement: The Plumbing in the Architecture of India’s Financial
System", stated that the digital transactions till March 2019 witnessed tremendous growth and they will rise by four
times from Rs 2,069 crore in December 2018 to Rs 8,707 crore in December 2021. In 2018-19, total digital transactions
in volume terms recorded a growth rate of 58.8%.
JAMMU AND KASHMIR BANK BROUGHT UNDER RTI, CVC GUIDELINES
 The Board of Directors (BoD) of Jammu & Kashmir Bank under the chairmanship of the bank's Interim Chairman and
Managing Director (MD) R.S.
 Chhibber decided to bring the bank under Jammu and Kashmir (J&K) Right to Information (RTI) Act, 2009 and the
Central Vigilance Commission (CVC) guidelines with effect from June 17, 2019. The decision was taken after receiving
directions from the State Government, which owns 59% of the bank's shares.
NHA AND ICICI FOUNDATION SIGNED A MOU TO TRAIN 15,000 PERSONNEL UNDER AYUSHMAN BHARAT
SCHEME
 The National Health Authority (NHA) and ICICI Foundation for Inclusive Growth signed a Memorandum of
Understanding (MoU) to train 15,000 state and district personnel and Pradhan Mantri Arogya Mitras to provide the
delivery of health services under Ayushman Bharat Scheme over a period of one year. It is aimed at capacity building of
health personnel at state.
RBI PANEL ON MSMES HEADED BY U K SINHA RECOMMENDED TO DOUBLE COLLATERAL-FREE LOANS
LIMIT TO RS 20 LAKH
 The 8 member panel on Micro, Small and Medium Enterprises (MSMEs), constituted by the Reserve Bank of India
(RBI) in January 2019, headed by the former Securities and Exchange Board of India (SEBI) Chairman U K Sinha
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submitted its report to RBI Governor Shaktikanta Das suggested doubling collateral-free loans for MSMEs to Rs 20
lakh from Rs 10 lakh.
 The panel was formed to suggest long-term measures for the economic and financial sustainability of the MSME sector.
NHB ISSUED STRICTER NORMS ON HFCS’ CAPITAL ADEQUACY RATIOS
 The National Housing Bank (NHB) has tightened the norms on leverage and capital adequacy ratio for Housing Finance
Companies (HFCs). It mandated the HFCs to reduce their total borrowings in a phased manner to not more than 12
times( at present 16 times) of their Net-Owned Funds (NOF) as on March 31, 2022.
 Life Insurance Corporation (LIC) Housing Finance is the only HFC to have the highest leverage ratio of 14 times of
NOF.
FLIPKART REVAMPS MSME SELLER FINANCING PROGRAMME ‘GROWTH CAPITAL’
 E-commerce firm Flipkart has revamped its Micro, Small and Medium Enterprises (MSME) seller financing programme
‘Growth Capital’ in order to empower MSMEs across the country.
 The program enables financial inclusion and independence for MSMEs who operate online.
MAX LIFE INSURANCE LAUNCHED 'MAX LIFE SMART TERM PLAN'
 Max Life Insurance Company Limited, one of the country's leading life insurance companies, launched customizable
'Max Life Smart Term Plan'.
 It will offer customers the flexibility to customize their own protection solution through the selection from a wide range
of benefits and features. It offers seven types of death benefits to customers to choose for their protection needs.
FEDERAL BANK RAISES RS 300 CRORE THROUGH A PRIVATE PLACEMENT OF BASEL III COMPLIANT
TIER II BONDS
 Kochi based Federal Bank announced that it has raised Rs 300 crore through Basel-III compliant bonds for improving
their risk management techniques and to address the growing risks.
 The bonds have the tenure of ten years with the coupon rate of 9.75 percent per annum.
THE US OVERTOOK CHINA AS INDIA’S LARGEST GOODS TRADING PARTNER IN 2018-19

 The United States (US) overtook China to become India’s largest goods trading partner in 2018-19. Trade surplus of
India with the US declined to $16.8 billion from $21.2 billion for 2017-18.
DBS BANK REVISED INDIA’S GDP FORECAST FOR FY20 TO 6.8% FROM 7%
 DBS Bank in its report on the Indian economy revised India’s Gross Domestic Product (GDP) forecast for the fiscal
year 2020 to 6.8% year-on-year (YoY) from 7% due to headwinds for exports amidst challenging trade outlook.
 Inflation rate was estimated at 3.8% for FY20 against 3.4% of FY19.
SEBI SETS UP A WORKING GROUP HEADED BY NSE CLEARING LTD TO REVIEW MARGINS ON
DERIVATIVES
 The Securities and Exchange Board of India (SEBI) framed a working group headed by NSE Clearing Ltd to review the
current framework of margins in the futures and options segment.
 It will submit its recommendations to the Secondary Market Advisory Committee.
SKYLARK DRONES AND THROTTLE AEROSPACE SYSTEMS GET DGCA NOD TO FLY
 The Directorate General of Civil Aviation (DGCA) gave its approval to Skylark Drones and Throttle Aerospace
Systems (TAS) of Bengaluru to launch its drones as they are compliant with the NP-NT (No permission – No take-off)
protocol under the “Digital Sky” regulatory framework for drones, which came into effect on December 1, 2018.
NABCB GETS APAC CERTIFICATE FOR PERSONNEL CERTIFICATION BODIES IN SINGAPORE
 The National Accreditation Board for Certification Bodies (NABCB), has got its international recognition for its
accreditation programme for personnel certification bodies.
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 It was held in Asia Pacific Accreditation Cooperation (APAC) Annual Meetings 2019 in Singapore.
NITI AAYOG PLANS TO CONVERT THREE-WHEELERS TO EVS BY 2023 AND 2-WHEELERS BELOW 150CC
BY 2025
 National Institution for Transforming India (NITI) Aayog organized the first meeting with manufacturers and start-up
Electric Vehicle (EV) makers, during which NITI Aayog planned for the transition of three-wheelers by 2023 and two-
wheelers with an engine capacity less than 150 cc (Cubic Centimeter) by 2025 to full Electric Vehicles (EVs).
 It asked the conventional two and three-wheeler makers to suggest concrete steps towards transition to electric mobility
keeping in mind 2025 deadline, within two weeks.
IRSDC SIGNED 2 MOAS TO RENOVATE 22 RAILWAY STATIONS
 Indian Railway Stations Development Corporation (IRSDC) signed 2 Memorandum of Agreements (MoAs) on
‘Railway Station Redevelopment’ for the renovation of 22 railway stations.
NATIONAL FREIGHT INDEX (NFI) LAUNCHED BY RIVIGO LOGISTICS
 In order to bring transparency in the road-freight marketplace, an Indian technology company based in Gurgaon, Rivigo
which owns 3,000 trucks 5,000 drivers launched the National Freight Index (NFI) which will provide unrestricted
access of live freight rates for different lanes and vehicles across the country. Logistics account for nearly 14% of
India’s GDP.
NTPC AND PGCIL SIGN MOU TO FORM A JOINT VENTURE TO ENTER POWER DISTRIBUTION BUSINESS
 National Thermal Power Corporation (NTPC) and PowerGrid Corporation of India Limited (PGCIL) signed a
Memorandum of Understanding (MOU) to set up a Joint Venture (JV) the National Electricity Distribution Company
Limited (NEDCL).
 It will undertake the business for distribution of electricity in distribution circles in various states and Union Territories
(UTs) and other related activities.
TECH MAHINDRA SIGNED A CONTRACT WITH AIRBUS FOR CABIN AND CARGO DESIGN ENGINEERING
 Tech Mahindra, an information technology firm, entered into a multi-year contract with Airbus for cabin and cargo
design engineering.
 The contract is aimed to capitalise on the specialised skills and competencies in growing cabin engineering business
over the next few years.
ACCORDING TO FIEO, IMPROVEMENT IN LOGISTICS, INFRASTRUCTURE WILL BOOST EXPORTS TO $1
TRILLION IN NEXT 3 YEARS
 Federation of Indian Export Organisations (FIEO) has estimated that the focus of the government to improve logistics,
ease of doing business and modern trade infrastructure will boost exports of the country from current $535 billion to $1
trillion in the next 3 years.
INDIA THE LOWEST COST PRODUCER OF SOLAR POWER; BEATS CHINA, UK, US AMONG OTHERS
 According to a report, “Renewable Power Generation Costs in 2018” by the International Renewable Energy Agency
(IRENA), India leads in producing solar power at lowest cost globally and is far ahead of other nations in low average
production costs.
NAGALAND OCCUPIES THE TOP POSITION IN THE UNEMPLOYMENT RATE: NSSO SURVEY
 According to the survey, “The Periodic Labour Force Survey (PLFS) for 2017-18” by National Sample Survey
Organization (NSSO), there are huge variations among the states in terms of the unemployment rate. The overall
unemployment rate pegs at 6.1%.
CAD INCREASED TO 2.1% OF GDP
 The Reserve Bank of India (RBI) stated that India’s Current Account Deficit (CAD) increased to $57.2 billion or 2.1%
of the Gross Domestic Product (GDP) in FY19 as against 1.8% of 2018 which stood at $48.7 billion.
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 It was the highest in 6 years on due to higher trade deficit caused by high crude oil imports.
SUNDARAM FINANCE TO ACQUIRE STAKES OF ITS PARTNER BNP PARIBAS HELD IN TWO JVS
 India’s leading Non-Banking Financial Company(NBFC) Sundaram Finance Ltd (SFL) has announced that it set to
acquire the stakes held by BNP Paribas in their two joint venture (JV) companies for a total of around Rs 1,000 Cr.
INDIAN ECONOMY LOST ITS SPOT AS WORLD'S FASTEST GROWING ECONOMY TO CHINA
 Indian economy lost its spot as the world's fastest-growing economy to China. As per Reuters survey, it registered 6.3%
annual growth in the January-March quarter, its slowest pace in six quarters.
 China recorded a growth of 6.4% in the March Quarter. Indicators like automobile sales, rail freight, petroleum product
consumption, domestic air traffic and imports registered a slowdown in domestic consumption.
GOVERNMENT MET THE FISCAL DEFICIT TARGET OF 3.4% FOR FY 2018-19
 Government has met the fiscal deficit target of 3.4% for the Financial Year 2018-19. The fiscal deficit stood at 3.39%
against the estimated rate of 3.4%. The data was released by the Controller General of Accounts (CGA).
 It was met through a reduction in government spending, which also contributed to GDP growth slowing to 5.8% in the
fourth quarter of FY19
HORTICULTURE PRODUCTION REGISTERED AN UPWARD GROWTH AT 314.87 MILLION TONNE IN 2018-
19
 Horticulture production registered a rise to 314.87 million tonne in 2018-19 which was 1.01% higher than horticulture
production in 2017-18. In the previous year, the output was 311.71 million tonnes.
 The crop year in India is from July-June. The data was released by the Ministry of Agriculture in the Second Advanced
Estimate (2018-19) of area and production of various horticulture crops on May 31, 2019.
CSO-GDP GROWTH SLIPS TO 5.8% IN Q4 IN 2018-19
 As per the data released by the Central Statistics Office (CSO), the rate of gross domestic product (GDP) growth in the
January-March quarter of 2018-19 decreased to 5.8% as compared to the forecast of 6.5%.
 The economic growth rate for the full 2018-19 financial year stood at a 5-year low of 6.8% in comparison to 7.1%.
ONGC OVERTAKES IOC TO BECOME A MOST PROFITABLE PSU
 India’s top oil and gas producer, ONGC (Oil and Natural Gas Corporation) has become India’s most profitable Public
sector undertaking after surpassing Indian Oil Corp (IOC) while Reliance has been India's most profitable company for
the fourth year in a row with its net profit of Rs 39,588 crore in FY19.
AS PER THE GFI STUDY, INDIA LOST $13 BILLION IN REVENUE COLLECTIONS DUE TO TRADE
MISINVOICING
 According to a study by think-tank Global Financial Integrity (GFI), India lost $13 billion in revenue collections due to
trade misinvoicing in 2016. It amounted to 5.5% of total revenue collections.
 The study estimated that the value of the trade gap for misinvoiced goods equaled to $74 billion or 12% of the country's
total trade of $617 billion in 2016
FDI IN SERVICES SECTOR ROSE BY 36.5% IN 2018-19
 According to the Department for Promotion of Industry and Internal Trade (DPIIT), the Foreign Direct Investment
(FDI) grew at 36.5% amounting to $9.15 billion in 2018-19.
 Services sector comprises of finance, banking, insurance, outsourcing, R&D, courier, tech testing and analysis. In 2017-
18, FDI of the service sector was $6.7 billion.
WORLD BANK CUTS GLOBAL GROWTH FORECAST FOR 2019 TO 2.6% AND IT RETAINS INDIA’S FY19
GROWTH FORECAST AT 7.5%
 World Bank in its semiannual report “Global Economic Prospect (GEP)” slashed global forecast for 2019 to 2.6% as
compared to 2.9% in January this year.
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 World Bank in its report “Global Economic Prospects report” retained India’s growth forecast at 7.5% for the next two
Fiscal years , FY2019 and FY20 (April 1, 2019 to March 31, 2020) as it also cuts the global economic expansion by
0.3%.
AAI (AIRPORTS AUTHORITY OF INDIA) SIGNS TECHNICAL ASSISTANCE PACT WITH BOEING
 The National Airports body Airports Authority of India (AAI) signed technical assistance agreement with American
multinational corporate, Boeing to jointly develop a 10-year roadmap which will improve flexible use of airspace,
enhance communication, surveillance and help to maintain efficient aircraft operations.
IOCL, BPCL AND HPCL TO FORM A JOINT VENTURE FOR KANDLA-GORAKHPUR LPG PIPELINE
PROJECT
 Indian Oil Corporation Limited(IOCL), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum
Corporation Limited(HPCL) signed an agreement to form a Joint Venture(JV) in New Delhi for laying the world’s
longest Liquefied petroleum gas(LPG) pipeline ie 2757 Km from Kandla, Gujarat to Gorakhpur, Uttar Pradesh. IOCL
BPCL and HPCL will hold 50%, 25% and 25% equity holding in the JV Company respectively.
USA TERMINATED GSP BENEFITS FROM INDIA
 US President Donald Trump signed a proclamation to withdraw Generalized System of Preferences(GSP) scheme on
$5.6 billion exports from India, effective from June 5, 2019.
GST COLLECTIONS CROSSED RS 1 LAKH CRORE MARK FOR THREE CONSECUTIVE MONTH
 The Goods And Services tax collection for May 2019 is Rs 1,00,289 crore, however, this is lesser than Rs 1,13,865
crore collected in April, an all-time high since the rollout of GST in July 2017.
 This is the third consecutive time for GST to cross Rs 1 Lakh. The revenue in May 2019 is 2.21% greater than the
monthly average of GST revenue in fiscal 2018-19.
DELHI METRO IS INDIA'S FIRST PROJECT TO RECEIVE POWER FROM WASTE-TO-ENERGY
 Delhi Metro became India's the first ever project to receive power from a waste-to-energy plant.
 The Delhi Metro Rail Corporation (DMRC) started receiving 2 MW power from a 12 MW capacity waste-to-energy
plant set up in Ghazipur, Uttar Pradesh.
CII UNVEILED NEW INDEX TO MEASURE FISCAL PERFORMANCE
 Confederation of Indian Industry (CII) has launched a new Index to measure fiscal performance titled ‘Fiscal
Performance Index’ (FPI).
 It uses multiple indicators to assess the quality of budgets presented by the Centre and state governments. FPI has been
constructed using the United Nations Development Programme’s (UNDP) Human Development Index methodology. It
comprises of 6 components. Read full details here:
INDIA SIGNED RS 300-CRORE DEAL WITH ISRAEL TO BUY MORE 100 SPICE BOMBS
 The Indian Air Force (IAF) inked Rs 300-crore deal with the Israeli government to buy more than 100 SPICE bombs
(Balakot bombs).
 The bombs were used to attack the Madrasa of Jaish-e-Mohammed in Balakot, Pakistan, on February 26, 2019. They
will be delivered in the next 3 months as the deal has been signed under emergency powers.
MOU SIGNED BETWEEN MCA AND SEBI FOR DATA EXCHANGE
 A Memorandum of Understanding (MOU) was signed between Ministry of Corporate Affairs (MCA) and Securities and
Exchange Board of India (SEBI) for automatic data exchange in order to tackle the rising instances of fraud.
 Along with this, SEBI and MCA will share any information available in their respective databases on request for the
purpose of carrying out scrutiny, investigation, inspection, and prosecution.
INDIA’S GDP GROWTH MAY EXPAND TO 7.2 PERCENT IN 2019-20: GOLDMAN SACHS
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 According to American multinational banking firm, Goldman Sachs, India’s economic growth is estimated to rise to 7.2
percent in 2019-20.
 It will be driven by lower oil prices, political stability, and removal of infrastructure bottlenecks. The report came a day
after the policy review by RBI, in which policy rates were cut by 0.25 percent to increase growth.
BUSINESS CONFIDENCE INDEX DROPS 9.1% IN Q4 OF 2018-19: NCAER
 According to a recent survey by the National Council of Applied Economic Research (NCAER), Business confidence
index (BCI) of India Inc slipped 9.1 percent in the fourth quarter Q4 of the financial year 2018-19. Meanwhile, the
Political Confidence Index (PCI) of businesses has increased by 12.1% on a quarterly basis in Q4.
FACEBOOK LAUNCHED ITS FIRST INTERACTIVE GAME SHOW “CONFETTI” IN INDIA
 Facebook launched its first interactive Game Show “Confetti” in India. It was first launched in the United States. It will
challenge participants to answer pop culture trivia questions for a chance to win Rs 3 lakh as cash prize every day.
 The interactive game is exclusive to Facebook Watch. he announcement on the launch of the interactive game was made
on side-lines of Facebook’s Social Entertainment Summit held in Mumbai, Maharashtra.
CERTIFICATION FOR BS-VI NORMS RELEASED FOR TWO-WHEELERS; HERO MOTOCORP BECOMES
THE FIRST TWO-WHEELER MANUFACTURER TO RECEIVE IT
 India’s first Type Approval Certificate (TAC) for Bharat Stage – VI (BS-VI) norms for the two-wheeler segment has
been released by International Centre for Automotive Technology (ICAT).
 BS – VI norms are the latest emission norms notified by the Government of India, which have to be followed by the
automotive manufacturers to sell their vehicles in India. Recently, Hero MotoCorp becomes the first two-wheeler
manufacturer to receive BS6 Certification for its Hero Splendor iSmart.
IMPORTS FROM PAKISTAN TO INDIA DECLINED BY 92% IN MARCH 2019 TO $2.84 MILLION
 Imports from Pakistan to India declined by 92% in March 2019 to $2.84 million due to the imposition of 200% customs
duties on all products after Pulwama terror attack.
 India had hiked the customs duty to 200% on all goods imported from Pakistan including cotton, fresh fruits, cement,
petroleum products and mineral ore on February 16, 2019. It had also revoked the MFN (Most Favoured Nation) status
which was given to Pakistan in 1996.
SEBI RELEASED A DISCUSSION PAPER FOR INFORMANT MECHANISM RELATED TO INSIDER TRADING
 Securities and Exchange Board of India (SEBI) released a discussion paper for informant mechanism related to insider
trading.
 The proposed amendments to the SEBI (Prohibition of Insider Trading) Regulations, 2015 will provide absolute
confidentiality with appropriate safeguards.
 Capital market regulator announced that genuine whistleblowers could get monetary reward up to Rs 1 crore as well as
amnesty from regulatory action
DCC APPROVED TO IMPOSE PENALTY ON AIRTEL, VODAFONE IDEA
The highest decision-making body of the Department of Telecom (DoT), Digital Communications Commission (DCC)
approved to levy penalties on Bharti Airtel Ltd and Vodafone Idea Ltd for denial of interconnection to Reliance Jio Infocomm
Ltd when it had entered the market in 2016. Reliance Jio had complained that its subscribers were unable to call other networks
as its rivals did not release sufficient number of Points of Interconnect (PoI).
Fitch Reduces India Growth Forecast for Fy20 From 6.8% To 6.6%
 Fitch reduced India’s growth forecast for the current fiscal year (FY20) from 6.8% to 6.6% due to the slowdown of
manufacturing and agriculture sectors over the past years.
Indian Railways and Rel Signed Mou for Modernisation Of Signaling System On Four Sections
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 Indian Railways signed a Memorandum of Understanding (MoU) with RailTel Enterprises Limited (REL), a wholly-
owned subsidiary company of RailTel Corporation of India Ltd, to upgrade its signalling system on 4 busiest sections.
 It includes Automatic Train Protection System with Long Term Evolution (LTE) based Mobile Train Radio
Communication System (MTRC) along with the provision of Electronic Interlocking (indoor) wherever required.
India Constitutes 6.3 Percent of The Global Fish Production: Fisheries Department
 According to the report released by the Fisheries Department, India is the second largest fish producing country in the
world after China as it accounts for 6.3 percent of the global fish production.
 It also states that the fisheries sector registers a 7 percent growth rate, sustaining 14.5 million fishermen.
Bangladesh Emerged as the Fastest Economy In Asia-Pacific: Asian Development Bank
 Asian Development Bank (ADB) in it's Asian Development Outlook (ADO) stated that Bangladesh emerged as the
fastest growing economy among the 45 countries of the Asia-Pacific region.
 Higher public sector investment, stronger consumption demand, revival in exports, improved power supply and higher
growth in private sector credit were the key factors of the high growth performance of Bangladesh.
Icann, Nasscom to Collaborate on Internet Innovation Research
 Global internet body, The Internet Corporation for Assigned Names and Numbers (ICANN) and India's National
Association of Software and Services Companies (NASSCOM) signed a Memorandum of Understanding (MoU) for a
joint collaboration on research and engagement activities that will foster innovation in Internet identifier technologies.
 This will help both bodies to jointly identify research projects, predominantly in new technologies related to the
Internet's system of unique identifiers.
Sebi Permits Stock Exchanges To Introduce Futures On Commodity Indices
 The Securities and Exchange Board of India (SEBI) allowed the stock exchanges with Commodity Derivative Segment
(CDS) to introduce futures on commodity indices.
 This will facilitate mutual fund and institutional participation in commodity exchanges. The stock exchanges are
required take prior approval from SEBI to launch such contracts
Sebi Sets Up a Working Group Headed By Nse Clearing Ltd to Review Margins On Derivatives
 The Securities and Exchange Board of India (SEBI) framed a working group headed by NSE Clearing Ltd to review the
current framework of margins in the futures and options segment.
 It will submit its recommendations to the Secondary Market Advisory Committee.
Dbs Bank Revised India’s Gdp Forecast for Fy20 To 6.8% From 7%
 DBS Bank in its report on the Indian economy revised India’s Gross Domestic Product (GDP) forecast for the fiscal
year 2020 to 6.8% year-on-year (YoY) from 7% due to headwinds for exports amidst challenging trade outlook.
Inflation rate was estimated at 3.8% for FY20 against 3.4% of FY19.
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July 2019 – Banking, Finance & Economy Current Affairs
Aditya Birla Idea Payments Bank (ABIPBL) will shut down its operations within 18 months
 Aditya Birla Idea Payments Bank (ABIPBL) which had started its operation on February 22, 2018, will shut
down its operations within 18 months of launch due to “unanticipated developments in the business landscape
that have made the economic model unviable”.
 ABIPBL is a joint venture by Aditya Birla Nuvo Ltd (51% stake) and Idea Cellular (49%).The bank has made
full and complete arrangements for the return of deposits to the customers. It will restrict further credit to the
accounts from July 26, 2019.
RBI fines Mobikwik & Hip Bar for violating norms
 The Reserve Bank of India has imposed a penalty on two online payment solutions providers ii. Mobikwik
Systems and Hip Bar for non compliance of regulatory guidelines.
 Mobikwik Systems Private Limited has been slapped a fine of Rs 15 lakh while Hip Bar Pvt Ltd faced a fine
of Rs 10.85 lakh.
India will be the first recipient of AIIB local currency funding
 India will be the first recipient of local currency financing by the Asian Infrastructure and Investment Bank
(AIIB). The objective of local currency financing is to provide more options to borrowers.
 India is the second-largest shareholder of AIIB with a 7.5% stake. It has received about $2-billion funding for
various projects so far.China holds 20.06% and Russia holds 5.92%.
World Bank to continue the support to Andhra Pradesh with over $1 Billion programme
 The World Bank (WB) reaffirmed the support to the state of Andhra Pradesh with over $1 billion programs. It
covers the health, agriculture, energy and disaster management sectors.
 A new $328 million support to the health sector was signed by the World Bank with the Government of
Andhra Pradesh.Background: The Government of India (GoI) had withdrawn its request to the World Bank
for financing the proposed Amaravati Sustainable Infrastructure and Institutional Development Project on
July 15, 2019.
PNB Housing Finance raises $100 million (nearly Rs.690 crore) from World Bank Group member IFC
 Indian public limited housing finance company PNB(Punjab National Bank) Housing Finance Ltd has raised
$100 million (around Rs 690 crore) from International Finance Corporation (IFC, member of the World Bank
Group) for the purpose of lending to buyers in housing projects.
Standard Chartered is all set to be the first foreign bank to initiate operations at GIFT IFSC
 UK- based Standard Chartered will be the first foreign bank to launch operations at International Financial
Service Centre (IFSC).
 The bank has received in-principle regulatory approvals to set up its IFSC Banking Unit (IBU) in Gujarat
International Finance Tec-city (GIFT city).Tapan Ray, MD & CEO of GIFT City said that with the presence
of Standard Chartered, the IFSC ecosystem will be formidable.
Govt panel headed by SC Garg recommends banning all private cryptocurrencies & jail time of up to 10 years
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 Inter-Ministerial committee set up by the Government on virtual currency headed by finance secretary
Subhash Chandra Garg submitted its report to the Finance Ministry.It recommended that private
cryptocurrencies be banned completely in India except for the one’s issue by the state.
 It also drafted law, the ‘Banning of Cryptocurrency & Regulation of Official Digital Currency Bill, 2019’ &
recommended a fine of up to 250 million rupees ($3.63 million) and imprisonment for up to 10 years for
anyone who mines, generates, holds, sells, transfers or issues cryptocurrency
LIC offers Rs 1.25 trillion by 2024 to fund highway projects: Nitin Gadkari
 Nitin Gadkari, Minister of Road Transport and Highways stated that Mumbai headquartered Indian state-
owned insurance group, LIC (Life Insurance Corporation) has agreed to offer Rs 1.25 trillion (Rs 1.25 lakh
crore) line of credit by 2024, to fund highway projects for timely execution of the Rs 8.41 trillion ambitious
Bharatmala project.
NPCI & JCB launched RuPay JCB Global Cards
 The National Payments Corporation of India (NPCI) and Japan Credit Bureau (JCB) International along with
domestic banks, launched RuPay JCB Global Cards. It will be accepted in India at all Point Of Sale (POS)
terminals and Automated Teller Machines (ATMs) that accept JCB cards.
 The domestic banks include State Bank of India, Punjab National Bank, Axis Bank, Union Bank of India,
Central Bank of India, Andhra Bank, City Union Bank and Thane Janata Sahakari Bank (TJSB).
Price for SGBs fixed at Rs 3,443 per gram
 The government fixed the price of the new series of Sovereign Gold Bonds (SGBs) at Rs 3,443 per gram
opening July 8, 2019. In consultation with the Reserve Bank of India (RBI), the Centre decided to allow a
discount of Rs 50 per gram from the issue price (Rs 3,393 per gram) to those investors who apply online and
if the payment is made through digital mode. SGBs will be issued every month from June 2019 to September
2019.
IL&FS board sets up sub-committee to oversee disinvestment process
 On the lines of Reserve Bank of India's June 7 circular on the resolution of bad loans, the debt- ridden
Infrastructure Leasing & Financial Services Ltd. is constituting a sub-committee to oversee the process of
divestment of its assets. The six-member committee will comprise of 4 directors namely Vineet Nayyar, CS
Rajan, Bijay Kumar, N Srinivasan, and COO N Sivaraman. They will discuss and finalize the asset-wise
framework of resolution with lenders.
FinMin to launch 11th tranche of Electoral Bonds sale to start from July 1
 The Finance Ministry of India has launched the 11th tranche of Electoral Bonds sale from July 1-10. In this
regard, India's largest Public Sector Bank (PSB), State Bank of India (SBI) has been authorised to issue and
encash electoral bonds in the XI phase of sale through its 29 branches. This is the first issuance of electoral
bonds after the formation of the new government.
SBI & NIIF tie-up to finance infrastructure projects
 India’s largest lender, State Bank of India (SBI) and India’s sovereign wealth fund, National Investment and
Infrastructure Fund (NIIF) have signed an MoU(Memorandum of Understanding) to provide financing
solutions to the infrastructure sector. The tie-up will help in equity investments, project funding, bond
financing, renewable energy support and take-out finance for operating assets.
ICICI Bank tied up with IndoStar Capital for commercial vehicle financing
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 ICICI Bank tied up with IndoStar Capital, a non-banking financial company, for vehicle financing for small
and medium fleet owners to buy new and old commercial vehicles. IndoStar will originate customers in tier-
II, III, IV cities where it has a branch network of 322 branches and will provide the service to the customers
through the entire loan life-cycle including sourcing, documentation, collection and loan servicing. ICICI
Bank will provide funds to the customers.
RBI board has finalized a three- year roadmap ‘Utkarsh 2022’ to improve regulation & supervision
 India's central bank, Reserve Bank of India(RBI) has finalized a three-year road map for medium- term
objective named “Utkarsh 2022” for strengthening regulation, supervision of the central bank in a meeting in
New Delhi. n internal committee of RBI was formed under former Deputy Governor Viral Acharya, to
identify issues that needed to be addressed over the next three years.
NHAI inks pact with NIIF to fund highway projects
 National Highways Authority of India (NHAI) signed an MoU with National Investment and Infrastructure
Fund (NIIF) to fund large scale projects, including highways in a bid to achieve Prime Minister’s vision to
make India a $5-trillion economy in the next five years. The MoU will provide innovative financial models
including for the 24,000 km Rs.7.5 lakh crore Bharatmala Pariyojana.
Samsung join hands with Paisabazaar.com to offer financial products
 South Korean multinational conglomerate, Samsung partners with Paisabazaar.com, India's largest online
marketplace to offer financial products. Paisabazaar.com will now support Samsung Pay users by providing a
one-stop solution to their financial requirements.
RBI panel suggests reviewing timings of different financial markets
 An internal committee of the Reserve Bank of India (RBI) suggested to review the timings of different
financial markets. It recommended the timing of the functioning of the foreign exchange market from 9 am to
9 pm instead of 9 am to 5 pm.
Total deposits in Jan Dhan accounts cross Rs.1 lakh crore
 According to the Finance ministry, total deposits in over 36.06 crore bank accounts opened under the Pradhan
Mantri Jan Dhan Yojana (PMJDY) was at Rs 1,00,495.94 crore. The number of zero balance accounts under
PMJDY decreased as 5.07 crore (14.37 % of the total accounts) in March 2019 compared to 5.10 crore
(16.22% of the total accounts) in March 2018.
Govt infused over Rs.3.15 lakh crore into PSBs in 11 Years between FY09 and FY19
 Anurag Singh Thakur, Minister of State for Finance stated that the government has infused over Rs 3.15 lakh
crore into public sector banks(PSB) in the last 11 years up till 2018-19. As on March 31, 2019, all 18 PSBs
meet the minimum CRAR (capital to risk-weighted assets ratio) of 9 % requirement.
Six Sigma Healthcare proposed to setup Rs 750 crore project in Rudraprayag district, Uttarakhand
 The proposal for setting up the High Altitude Institute of mountain medicine, training and research center,
given by the medical director of Six Sigma Healthcare, Dr Pradeep Bhardwaj was accepted by the Chief
Minister of Uttarakhand Trivendra Singh Rawat. Six Sigma healthcare, a company which operates hospitals in
Kedarnath, Tungnath and Madmaheshwar, will set up Rs 750 crore project in Rudraprayag district of
Uttarakhand.
World Bank decides not to fund for Andhra’s ambitious Amaravati capital city project
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 After the central government dropped support, The World Bank had withdrawn $300 million of fund for
Amaravati Capital City project in Andhra Pradesh, the ambitious project of former chief minister
Chandrababu Naidu.The project was to be co-financed by another multilateral funding agency Asian
Infrastructure Investment Bank (AIIB), which had committed $200 million.
 The move was taken after the Environmental activists, farmers, and civil society organizations opposed this
project for building the city on Krishna river floodplains.
The UK’s new £50 pound note features codebreaker Alan Turing
 According to the Bank of England, Alan Turing, a crack code-breaker and visionary mathematician who set
the foundations for artificial intelligence (AI) will feature on Britain’s new £50 banknote. The new note is
expected to enter circulation by the end of 2021.
Karnataka Bank launches web tool for NPA recovery process named ‘Vasool So-Ft’
 Karnataka Bank Ltd’s Managing Director (MD) and Chief Executive Officer (CEO) Mahabaleshwara MS
launched the web tool named ‘Vasool So-Ft’ (Vasool So-Fast) for digitizing the Non-Performing Asset (NPA)
recovery process of the bank in Mangalore, Karnataka.
Airtel Payments Bank ties up with Bharti AXA Life Insurance to offer the Bharti AXA Life POS Saral Jeevan
Bima Yojana
 The first live payments bank in the country, Airtel Payments Bank has partnered with Bharti AXA Life
Insurance to offer Bharti AXA Life POS (Point of Sale) Saral Jeevan Bima Yojana, a pure life term insurance
plan up to Rs 5 lakh which is aimed at the under-insured and uninsured segments in India. The customers are
offered the option of life cover between 3-5 lakh and it will soon be extended up to Rs 25 lakh.
RBI forms Working group under Tapan Ray to review the regulatory guidelines on core investment
companies
 The Reserve Bank of India (RBI) has constituted a six-member working group to review the regulatory and
supervisory framework for core investment companies (CIC). The group is to be headed by Tapan Ray, non-
executive chairman, Central Bank of India and former Secretary in the Ministry of Corporate Affairs and it
will submit its report by 31 October 2019.
RBI gets the power to regulate housing finance companies instead of NHB
 Finance Minister Nirmala Sitharaman stated that India's central bank, Reserve Bank of India(RBI) will now
be given power to takes over as the regulator of Housing Finance Firms(HFFs) instead of NHB(National
Housing Bank). The government will also provide a one-time six-month partial guarantee to state-run banks
for the acquisition of up to 1 trillion rupees ($14.6 billion) of highly- rated assets from NBFCs (Non-Banking
Financial Company).
Hong Kong Govt donates over $9 million to cyclone” Fani”-hit Odisha
 The Government of Hong Kong approved to grant about $9,02,278 (7.032 million Hong Kong dollars) from
Hong Kong’s Disaster Relief Fund for cyclone Fani victims in Odisha. This will benefit around 45,100
cyclone victims who were affected by cyclone storm,’Fani’ in May 2019. The grants will be used to provide
hygiene kits, kitchen kits, water kits, and education kits as well as household and shelter kits to the victims.
Punjab & Sind Bank sets up centralised hub ‘Cen-MARG’ to process retail and MSME loans
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 Punjab & Sind Bank has set up a centralized hub named “Centralised MSME & Retail Group” (Cen- MARG)
for processing retail and Micro, Small and Medium Enterprises (MSME) loans for better efficiency of
branches in business acquisition. It is headquartered in New Delhi.
Reliance Jio partners with Facebook to launch literacy drive “'Digital Udaan” for first-time internet users in
India
 Indian mobile network operator, Reliance Jio has partnered with Facebook to launch a digital literacy
initiative named “Digital Udaan” to empower first-time internet users with digital literacy and understanding
of the Internet in real time. It has audio-visual training in 10 regional languages.
SIDBI introduced web-based application system for contribution from FFS
 The Small Industries Development Bank of India (SIDBI) introduced a web-based application system for
contribution from the Fund of Funds for Startups (FFS). The objective of the new web-based application
system is to improve the turnaround time and increase transparency.
 SIDBI on behalf of the Union Government is the implementing agency for FFS with a corpus of Rs 10,000
crore.
RBI slaps a penalty on SBI &Union Bank for violating various norms
 The central Banking institution, RBI (Reserve Bank of India) has penalized Public Sector Banks in India,
State Bank of India (SBI) with Rs. 7 crore and Union Bank of India (UBI) with Rs.10-lakh for violating
certain regulatory guidelines.
 The Rs.7 crore penalty imposed on SBI with reference to its financial position as on March 31, 2017 reported
non-compliance with the directions issued by the RBI on Income Recognition and Asset Classification
(IRAC) norms, code of conduct for opening and operating current accounts and reporting of data on Central
Repository of Information on Large Credits (CRILC), and fraud risk management and classification and
reporting of frauds.
GPF rates reduced by 10 bps to 7.9% from 8%
 Ministry of Finance informed that the rates of the General Provident Fund (GPF) were reduced by 10 basis
points (bps) to 7.9% from 8% with effect from July 1, 2019, to September 30, 2019.
 It will be applicable to the General Provident Fund (Central Services), Contributory Provident Fund (India),
All India Services Provident Fund, State Railway Provident Fund, General Provident Fund (Defence
Services), Indian Ordnance Department Provident Fund, Indian Ordnance Factories Workmen’s Provident
Fund, Indian Naval Dockyard Workmen’s Provident Fund, Defence Services Officers Provident Fund, and the
Armed Forces Personnel Provident Fund.
HDFC Bank GDRs Terminated, Delisted From Luxembourg Stock Exchange
 India’s leading private sector bank, HDFC Bank (Housing Development Finance Corporation) has terminated
and de-listed its 22 outstanding global depository receipts (GDRs) from the Luxembourg Stock Exchange
citing low trading volume of GDRs.
HDFC & CSC launches co-branded ‘Small Business MoneyBack Credit Card’ for small traders and village
level entrepreneurs (VLEs)
 India’s largest private sector lender, HDFC (Housing Development Finance Corporation)and CSC(Common
Service Centres) launched a co-branded ‘Small Business MoneyBack Credit Card’ for small traders and
village level entrepreneurs (VLEs).
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 The Money-Back Credit Card is specifically designed for CSC’s VLEs, and VLE-sourced customers will
facilitate users hassle-free access to credit for their daily business expenses.
Muthoottu Mini Financiers Ltd and HDFC ERGO entered Bancassurance Corporate Agency Agreement
 India’s leading private sector general insurance company, HDFC ERGO General Insurance Company entered
into a corporate agency partnership with Kerala based Muthoottu Mini Financiers Limited, a non-deposit
taking systemically important NBFC (Non Banking Financial Company) to provide comprehensive general
insurance for the customers of the NBFC through its network branches.
Cars24 gets RBI NBFC license to offer loans against used cars
 CARS24, an online marketplace for buying and selling used cars has received a license of a Non-banking
Finance Company (NBFC) from the Reserve Bank of India (RBI) and will be venturing into the consumer
lending business as a separate entity within the Cars24 group.
ICICI Bank unveils digital platform InstaBIZ for MSMEs
 India’s largest private sector bank, ICICI(Industrial Credit and Investment Corporation of India) launched a
new digital platform called ‘InstaBIZ’. It targeted at micro, small and medium enterprises (MSMEs) and self-
employed customers, enable them to undertake their business banking transactions digitally and instantly.
ADB lowers India’s FY2020 GDP growth forecast to 7%
 According to a recent Asian Development Bank’s (ADB) report titled ‘Asian Development Outlook 2019,
India’s GDP (gross domestic product) growth expected to grow by 7% in 2019 (FY-Fiscal Year 2020) and
7.2% in 2020 (FY21). It revised downwards its outlook for FY20 due to unexpected weak FY2018 outturn.
Andhra Bank rolls-out Al chatbot “ABHi” in Telangana
 A medium-sized public sector bank in India, Andhra Bank launched its AI (Artificial Intelligence) interactive
assistant called “ABHi” at a function in Hyderabad, Telangana.
 It uses new-age technologies include to understand the customer query and fetch the relevant information
from the possible knowledge base in a matter of milliseconds.
 ABHi is powered by AI startup Floatbot.ai (Bangalore) in partnership with IT(Information Technology)
company Netxcell Limited(Hyderabad).
Apple buys Intel’s smartphone modem business
 Apple will acquire “the majority” of Intel’s smartphone modem business for $1 billionAround 2,200 Intel
employees will join Apple, and Apple will acquire IP and equipment from Intel as well.The acquisition will
allow the company to focus on developing other 5G technologies.
 The acquisition will also reduce Apple’s reliance on Qualcomm, the dominant supplier of smartphone
modems.
7th Economic Census kicks off from Tripura
 Seventh Economic Census has been started from Tripura .Ministry of Statistics and Programme
Implementation (MoSPI) conduts this survey. Census in other states and union territories will also begin in
August and September.
 Under the provisions of Collection of Statistics Act, 2008, data will be collected through door to door survey
of each household and commercial establishment. Findings of this survey will be available by March 2020
while fieldwork is expected to be completed by December 2019.
Current account deficit to print at $16-17 billion in Q1 FY20: ICRA
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 India's current account deficit (CAD) is expected to remain largely steady at 16 billion to 17 billion dollars or
2.3 per cent of GDP in the first quarter (April to June) of the current fiscal year 2019-20 despite recent
contraction in merchandise exports and imports, according to investment information firm ICRA.
Promoters get 90 days to retake company after insolvency proceedings begin
 The insolvency regulator has notified rules that will give promoters and other stakeholder 90 days after the
commencement of insolvency proceedings to re-take control of the company through agreements with
creditors. The new rules also specify a limit of one year for the liquidation of such a company from the date of
commencement of insolvency proceeding.
Noida authority signs MOU with EESL for setting up 100 electric vehicle charging stations
 The Noida authority signed a Memorandum of Understanding(MoU) with the state-run Energy Efficiency
Services Limited (EESL) to install 100 electric vehicle(EV) charging stations at parking lots across the city in
next one year.
 Noida authority chairman Alok Tandon, chief executive officer Ritu Maheshwari and managing director of
EESL Saurabh Kumar signed an MOU in Sector 6 administrative building.
Indian government’s NHA and NATHEALTH signs MoU under Ayushman Bharat scheme
 The National Health Authority (NHA) and the Healthcare Federation of India (NATHEALTH) signed MoU
(Memorandum of understanding), to improve the efficiency of Service Delivery under Ayushman Bharat
scheme which is also called as Pradhan Mantri Jan Arogya Yojana (PMJAY).
Parliament adopts statutory resolution for levying 200% duty on all Pakistani goods
 The two statutory resolutions were moved by Anurag Thakur, Minister of State (M/S) for Finance on behalf
of Union Minister of Finance Smt. Nirmala Sitharaman. It was decided to levy 200% duty on all goods
originating in or exported from Pakistan. In this regard, Lok Sabha and Rajya Sabha approved the amendment
in the 1st Schedule of Customs Tariff Act (CTA), 1975.
US finalizes $670 million foreign military sales to support India’s C-17 aircraft
 The United States (US) approved foreign military sales worth $670 million to support India’s C-17 military
transport aircraft in order to enhance operational readiness and ability to provide Humanitarian Assistance and
Disaster Relief (HA/DR) assistance in the Indo-Pacific region.
BCC entered into MoU with BRICS chamber to promote trade
 The Bharat Chamber of Commerce, (BCC, Kolkata, West Bengal) signed an MoU(memorandum of
understanding) with BRICS Chamber of Commerce and Industry (BRICS CCI) for promoting trade and
investments between BRICS countries (Brazil, Russia, India, China and South Africa) and the eastern part of
India. It will allow BCC to work with BRICS Chamber to promote trade, technological and industrial
cooperation between West Bengal and BRICS countries.
NASSCOM & NSDC launches “World Skills India”-International Cloud Computing Challenge 2019
 Information technology (IT) and IT-enabled services (ITeS) NASSCOM ( National Association of Software
and Services Companies) and Not-for-profit public limited company, NSDC (National Skill Development
Corporation) has organized “World Skills India”- International Cloud Computing Challenge 2019 from July
(1st – 6th ) 2019 at NASSCOM Campus,New Delhi.
Tata Steel Kalinganagar included in WEF’s Global Lighthouse Network
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 Tata Steel Kalinganagar becomes the first and the only Indian manufacturing plant that has been included in
prestigious Lighthouse Network of the World Economic Forum, a community of manufacturers that are
frontrunners in applying 4th Industrial Revolution technologies to draw a competitive advantage from either
innovating their production system or by innovating their entire value chains and offering new products and
services.
India’s turnover ratio fell by 60% in 10 years:WB
 As per the data of the World Bank for the year 2018, the turnover ratio of Indian stock market fell
significantly by 60% in the past 10 years. Indian market volume compared to the size of the market was the
lowest amongst major global economies. A turnover ratio of Indian stock market fell from 143 in 2008 to 58
in 2018. It was the highest among the most leading markets of the world, except the United States (US) and
European Union (EU).
Infosys launched its new Cyber Defence Center in Romania
 Indian multinational corporation based in Bengaluru, Infosys has opened its new state-of-the-art Cyber
Defence Center in Bucharest, Romania. The centre is an expansion of services delivered by Infosys Digital
Innovation Centre, which opened in Bucharest earlier.
Prasar Bharati signs MoU with IIT Kanpur for research collaboration
 India's largest public broadcasting agency, Prasar Bharati has signed an MoU (Memorandum of
Understanding) with IIT, Kanpur (Indian Institute of Technology) for research collaboration in newly
emerging technologies and broadcasting-related areas in New Delhi. This will help in boosting research
activities in the broadcasting field.
Indian ship sails for Narayanganj in Bangladesh carrying cargo from Bhutan
 The Inland Waterways Authority of India (IWAI) ship, MV AAI flagged-off by Mansukh Mandaviya,
Minister of State for Shipping (Independent Charge) and Chemical and Fertilisers, from Dhubri river port
(Assam )to Narayanganj(Bangladesh), carrying 1000 MT of Bhutanese stone over river Brahmaputra, using
Indo-Bangladesh Protocol Route.
Agri-Business Incubation Centre started at Raipur, Chhattisgarh
 An Agri Business Incubation Centre has been set up by the Union Agriculture Ministry in Indira Gandhi
Agriculture University of Raipur, Chhattisgarh under the National Agriculture Development Scheme
Remunerative Approaches for Agriculture and Allied sector Rejuvenation (RAFTAAR). It will help to grow
agri-preneurship in the state and foster a start-up culture.
In 2025, India will overtake Japan to become the World’s 3rd Largest Economy: IHS Markit
 IHS Markit, a global information provider, in its report mentioned that India will surpass Japan to be the
world’s third largest economy in 2025 and it will overtake the United Kingdom (UK) to become the fifth
biggest economy in 2019. Indian Gross Domestic Product (GDP) is predicted to reach $5.9 trillion in 2025
surpassing Japanese GDP.
Govt waived off basic customs duty (BCD) on products imported for nuclear plants
 In order to reduce the dependency on carbon-based fuel for electricity generation, the Government of India
(GoI) has waived off Basic Customs Duty (BCD) for the products which are imported for nuclear power
plants. This comes after the budgetary support towards nuclear fuel inventory increasing 37% year-on-year(y-
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o-y) to Rs 3,122 crore & allocation on atomic research and development have been increased by 10% to Rs
6,264 crore.
AGCL, OIL, GGL sign agreement for setting up of the new company for City Gas Distribution (CGD)
network in Assam
 Assam Gas Company Limited (AGCL), Oil India Limited (OIL) and GAIL Gas Limited (GGL) signed an
agreement for setting up of a new company for implementation of the City Gas Distribution (CGD) network
in five districts namely Kamrup, Kamrup, Cachar, Hailakandi and Karimganj of Assam. The joint venture is
the result of the extension of the National Gas Grid Pipeline (Urja Ganga Project).
KRAS gets $100 mn order for Barak-8 missile kits for Indian Army and Air Force
 Hyderabad-based Kalyani Rafael Advanced Systems Ltd (KRAS), a 49:51 venture between Rafael Advanced
Systems and Kalyani Strategic Systems Ltd, secured a $100-million order from Rafeal of Israel to supply
1,000 Barak-8 Medium-Range Surface-to-Air Missile (MRSAM) kits for the Indian Army and the Indian Air
Force.
TVS Motor launches India’s first Ethanol based motorcycle ‘TVS Apache RTR 200 Fi E100’
 Multinational motorcycle company headquartered at Chennai, TVS Motor company launched India’s first
ethanol-based motorcycle TVS Apache RTR 200 Fi E100 to help reduce crude imports and reduce air
pollution. It is available in Maharashtra, Uttar Pradesh, and Karnataka at a price of Rs 1.20 lakh& It was first
showcased in Auto Expo 2018 in Delhi.
GeM, SAIL ink pact to set up project management unit
 Public procurement portal Government eMarketplace (GeM) inked pact with SAIL in presence of Steel
Secretary, Binoy Kumar. With this MoU, SAIL became the first public sector undertaking to establish Gem
Organizational Transformation Team-Project Management Unit (GOTT-PMU).
Motihari-Amlekhgunj oil pipeline to start commercial operation from August 2019
 The Nepal Oil Corporation (NOC) and the Indian Oil Corporation Limited (IOCL) successfully concluded the
‘testing transfer’ of Rs 325 crore Motihari in Bihar to Amelkhgunj in Nepal pipeline project and it is set to
start commercial operation from August 2019. The 69-km long petroleum pipeline was constructed by India
which was first proposed in 1996.
India’s current account balance deficit shoots up to $68 billion in 2018-19: IMF
 According to the International Monetary Fund (IMF), India’s current account (CA) balance deficit rose to $68
billion in 2018-19 from $49 billion in 2017-18.
 The External Sector Report of the IMF stated that India’s Net International Investment Position has
marginally improved with the deficit comes down from $438 billion in 2017-18 to $431 billion in 2018-19.
Bangladesh-India bilateral trade in FY 2017-18 was $9.5 billion
 The Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) President Sheikh Fazle Fahim
stated that the bilateral trade between India and Bangladesh accounted to $9.5 billion for 2017-18. Exports to
India accounted at $0.87 billion and imports were $8.6 billion. This was announced on the sidelines of a two-
day B2B (Business to Business) trade summit held in Kolkata, West Bengal.
India could lose 34 million jobs in 2030 due to global warming
 The International Labour Organisation (ILO) in its report ‘Working on a Warmer Planet: The Impact of Heat
Stress on Labour Productivity and Decent Work’, stated that India is projected to lose 5.8% of working hours
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in 2030 equivalent to 34 million full-time jobs due to global warming. It will mainly impact the agriculture
and construction sectors. India will be the most affected country because of its large population.
Centre to increase coal production to one billion tone by 2022-23
 Union Minister of Coal Prahlad Joshi informed that due to insufficient domestic availability of coking coal,
the gap between demand and supply of coal cannot be bridged completely. But there are plans to increase the
total production of coal in India to one billion tones by 2022-23.
 All India raw coal increased its production from over 462 Metric tonnes in 2013-14 to around 730 metric
tonnes in 2018-19.
India & Italy to establish a fast-track mechanism to facilitate investment
 In a meeting which was held in New Delhi, it was decided by India and Italy to establish a fast-track
mechanism for companies and investors of both countries to help the Italian companies and investors in India
and Indian companies and investors in Italy. In this regard, the documents were exchanged by the Secretary of
the Department for Promotion of Industry and Internal Trade (DPIIT) Ramesh Abhishek and Ambassador of
Italy to India, Lorenzo Angeloni.
August 2019 – Banking, Finance & Economy Current Affairs
Bandhan Bank join hands with standard Chartered for co-branded credit cards
 Bandhan Bank launched a co-branded credit card in association with Standard Chartered bank.
 The credit card would be offered to 40 lakh savings bank account holders across the 1,000 branches of
Bandhan Bank.
 As part of the tie-up, while Standard Chartered bank will take the credit risk, Bandhan Bank will be
responsible for identifying and issuing cards to its customers.
Extra Shots:
Bandhan Bank: Bandhan Bank Ltd. is an Indian banking and financial services company.
 Headquarters: Kolkata
 CEO: Chandra Shekhar Ghosh
 Chairperson: Anup Kumar Sinha
Standard Chartered PLC is a British multinational banking and financial services company.
 Headquarters location: London, United Kingdom
 CEO: Bill Winters
RBI relaxes External Commercial Borrowing norms for corporates, non-banking lenders
 The Reserve Bank has liberalised the end-use stipulations for the External Commercial Borrowings both for
corporates as well as liquidity starved non-banking lenders.
 Liberalisation will be applicable to ECBs taken for working capital, general corporate purpose loans or
repayment of rupee loans.
Extra Shots:
RBI: The Reserve Bank of India is India's central banking institution, which controls the issuance and supply of the
Indian rupee.
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 Founded: 1 April 1935, Kolkata

 Headquarters: Mumbai
 Governor: Shaktikanta Das
 Deputy Governors: B P Kanungo, M K Jain, N S Vishwanathan
RBI allows Bank of China to offer regular banking services in India
 The Reserve Bank of India (RBI) allowed Bank of China to offer regular banking services in the country.
 RBI included 'Jana Small Finance Bank Limited' in the Second Schedule.
 The name of 'The Royal Bank of Scotland plc' has been changed to 'NatWest Markets Plc' in the Second
Schedule.
 'National Australia Bank' has ceased to be a banking company within the meaning of the Banking Regulation
Act.
Extra Shots:
Indian rupee.

Reserve Bank of India imposes 11 crore fine on seven PSBs for violating norms
 The Reserve Bank of India imposed a penalty of ₹11 crores on seven public sector banks for violating norms
on current account opening.
 The banks which includes Allahabad Bank and Bank of Maharashtra have been imposed a fine of Rs 2 crore
each, Bank of Baroda, Bank of India, Indian Overseas Bank and United Bank of India have been slapped with
fines of Rs 1.5 crore each, while Oriental Bank of Commerce has been imposed with a penalty of Rs1 crore.
Extra Shots:
Indian rupee.
State Bank of India and Shanghai becomes first Indian bank to link up with CNAPS
 State Bank of India's Shanghai branch linked to China's National Advanced Payment System (CNAPS).
 It is the first Indian Bank to operationalize it. The CNAPS, launched in 2008 by the People's Bank of China
(PBOC) provides real-time settlement services for all payments cleared in China.
 The CNAPS system is complemented by its international counterpart, the CIPS (China International Payments
System or Cross-Border Interbank Payment System) launched in 2015
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 Aim: To boosting international use of the Chinese currency, yuan. The participants from multiple countries
across the globe participated.
Extra Shots:
SBI: The State Bank of India is an Indian multinational, public sector banking and financial services statutory body.
 Chairperson: Rajnish Kumar
Flipkart set to take on Amazon with free video streaming service.
 Walmart’s Flipkart unit to introduce a free video streaming service to draw new users from small towns and
cities in India.
 Flipkart is the next 200 million consumers who are coming online.
Extra shots:
Flipkart Internet Private Limited is an e-commerce company.
 Founded: October 2007
 Founders: Binny Bansal, Sachin Bansal
 CEO: Kalyan Krishnamurthy
RBI cuts 35bps repo rate in August policy
 RBI Governor Shaktikanta Das announced third bi-monthly policy review by the Monetary Policy Committee
(MPC) for 2019-20.
 RBI announced a 35 basis points (bps) cut to the benchmark repo rate on 7th August.
 This reduction is the fourth in a row since Shaktikanta Das took over as the governor in December 2018.
 It is the lowest since April 2010.
Policy Rates:
 Repo Rate: 5.40%
 Reverse Repo Rate: 5.15%
 Marginal Standing Facility Rate: 5.65%
 Bank Rate: 6.00%
Reserve Ratios:
 Cash Reserve Ratio (CRR): 4%
 Statutory liquidity ratio (SLR): 18.75%
Some Other Important Decisions:
 RBI has reduced its GDP growth forecast for 2019-20 from 7% to 6.9%.
 The RBI will set a Central Payment Fraud Registry to track frauds in the payment systems.
 RBI plans to issue detailed guidelines on permitting banks to on-lend through NBFCs. The move aims to
increase credit flow to certain priority sectors which contribute significantly to the economic growth in terms
of exports and employment.
 NEFT system will be made available on a 24x7 basis from December 2019.
Extra Shots:
Indian rupee.
Page 28 of 118

Govt announces mega merger of public sector banks
 The government has announced the merger of ten public sector banks into four banks.
 It announced the merger of Oriental Bank of Commerce and United Bank with Punjab National Bank as well
as the merger of Canara Bank and Syndicate Bank.
 The merger of Union Bank of India, Andhra Bank and Corporation Bank and the consolidation of Indian
Bank with Allahabad Bank was also announced.
 After the merger of banks, the country will now have 12 public sector banks instead of 27.
 the government is trying to build next-generation banks and eight PSBs have launched repo-linked loans in
last one week.
 Ms Sitharaman said, there will be no interference in the bank's commercial decisions. She said, loans above
250 crore rupees are being closely monitored.
Canara Bank introduced OTP facility for ATM withdrawals
 Canara Bank has launched India's first one-time password (OTP) facility for ATM withdrawals.
 The OTP will be activated for cash withdrawals over Rs.10,000 per day at its ATMs to protect its cardholders
from unauthorized withdrawal.
Extra Shots:
Canara Bank: Canara Bank is one of the largest public sector banks owned by the Government of India.
 Headquarters: Bengaluru
 Founder: Ammembal Subba Rao Pai
 Chief: Sankara Narayanan
 Tagline: Together we can
RBI issues guidelines on Interest Subvention Scheme for Kisan Credit Card (KCC)
 The Reserve Bank of India(RBI) issued guidelines on Interest Subvention Scheme (ISS)for Kisan Credit Card
(KCC) to Fisheries and Animal Husbandry farmers during the year 2018-19 and 2019-20.
 RBI directed the Central Government to operate the interest subvention guidelines.
Extra Shots:
Kisan Credit Card (KCC)
 KCC is a credit scheme introduced in August 1998 by Indian banks.
 This model scheme was prepared by the National Bank for Agriculture and Development (NABARD) on the
recommendations of R.V. Gupta committee to provide term loans and meet agricultural needs.
Indian rupee.
Page 29 of 118
SIDBI partners with Incuspaze for coworking space for MSMEs

 The Small Industries Development Bank of India (SIDBI) partnered with Incuspaze Solutions Private Limited
(Incuspaze) to open a coworking space, designed for Micro, Small and Medium Enterprises(MSMEs) and
startups.
 This coworking space called @Workspaze is located in Connaught Place, New Delhi.
Extra Shots:
SIDBI: Small industrial Development Bank of India is a development financial institution in India.
 Headquarters location: Lucknow
 Founded: 2 April 1990
 CMD: Mohammad Mustafa
India and Nepal organize training programme on EXIM Bank's guidelines
 The Embassy of India in Nepal and National Reconstruction Authority (NRA) of Nepal organized a two-day
training programme in Kathmandu on the Export-Import (EXIM) Bank of India’s Line of Credit guidelines
and procedures.
 The EXIM Bank of India conducted the training programme attended by 27 officials from Government of
Nepal.
 A total of 28 Indian contractors attended this training session.
Extra Shots:
EXIM Bank: Export–Import Bank of India is a finance institution in India, established in 1982 under Export-Import
Bank of India Act 1981.
 Founded: 1 January 1982
 CEO: David Rasquinha
Nepal (Capital/Currency):Kathmandu/ Nepalese rupee
 Prime Minister: KP Sharma Oli
 President: Bidhya Devi Bhandari
Banking license of Rupee Cooperative Bank extended by RBI till Nov 30, 2019
 The Reserve Bank of India (RBI) extended the banking license of Rupee Cooperative Bank Ltd till November
30, 2019.
 The Bank paid Rs.338.20 crores to 85,462 needy depositors under the hardship scheme of RBI.
 It has deposits of Rs.1291.00 crores.
 The Rupee Co-op Bank & MSC (Maharashtra State Cooperative) Bank are going to submit joint proposal for
merger to RBI.
Extra Shots:
Indian rupee.
Page 30 of 118
BookMyForex ties up with YES Bank, Visa to launch forex card

 BookMyForex.com, a marketplace for foreign exchange and remittances, has partnered with YES Bank to
launch a co-branded multi-currency forex travel card for Indian overseas travellers.
 In this Partnership, customers will now be able to buy forex travel cards at the click of a button on the
BookMyForex platform and get free doorstep delivery across major cities in India.
Extra Shots:
Yes Bank
 Founded: 2004
 CEO: Ravneet Gill
RBI announces NEFT facility will be available round-the-clock for customers
 The Reserve Bank of India today announced that the National Electronic Funds Transfer(NEFT) facility will
be available round-the-clock for the customers.
 The RBI will make available the NEFT system on a 24x7 basis from December 2019.
 Currently, NEFT payment system operated by the Reserve Bank as a retail payment system is available for
customers from 8 AM to 7 PM on all working days of the week except 2nd and 4th Saturdays of the month.
Extra Shots:
Indian rupee.

SBI announced repo rate cut after RBI policy announcement
 The State Bank of India (SBI), the country's largest lender, have cut the home loan rates after RBI's repo rate
cut of 35 bps for the fourth time in a row.
 SBI announced its Marginal Cost based Lending Rate (MCLR) cut by 15 basis points (bps) across all tenors.
 Repo rate-linked Home loan product:
 The SBI has been a repo rate-linked home loan product from 1 July 2019. The interest rate on this particular
product gets revised automatically whenever there is a change in repo rate.
RLLR:
 The effective Repo Linked Lending Rate (RLLR) for cash credit/overdraft customers has been revised to
7.65%.
FD:
 SBI has also revised fixed deposit rates and cut the interest rates on FDs by 20 to 75 bps on August 1, 2019.
Extra Shots:
SBI is ranked as 216th in the Fortune Global 500 list of the world's biggest corporations of 2018.
Page 31 of 118
The Government of India took control of the Imperial Bank of India in 1955, with Reserve Bank of India (India's
central bank) taking a 60% stake, renaming it the State Bank of India.
Reserve Bank of India Expands biller categories for Bharat Bill Payment System
 The Reserve Bank of India allows all categories of billers to accept prepaid recharges under the Bharat Bill
Payment System (BBPS).
 The BBPS currently covers billers in five segments, DTH, electricity, gas, telecom and water bills.
 The regulator is expected to issue detailed instructions in this regard by the end of September 2019.
Extra Shots:
Indian rupee.

Jana Small Finance Bank receives Scheduled Bank status from RBI
 Jana Small Finance Bank Ltd announced that it has got the status of a Scheduled Bank from RBI.
 The bank’s aim has always been to provide financial inclusion to the underserved sections of the society,
including small business units, small and marginal farmers, micro and small industries.
 The Bengaluru-headquartered bank, established as a financial services company in 2009.
 Presently operates 260 branches and 338 asset centres serving over 5.5 million customers in different states.
Extra Shots:
Jana Small Finance Bank: Jana Small Finance Bank, erstwhile Janalakshmi Financial Services (JFS), is
headquartered in Bengaluru and has over a decade of existence.
Indian Bank and Aditya Birla Sun Life Insurance ink pact
 Public sector Indian Bank inked a pact with private sector insurer Aditya Birla Sun Life to offer life insurance
products to the bank's customers.
 Aditya Birla Sun Life insurance would work with the bank for sales training, product support and ensuring
smooth operational processes.
 The documents were exchanged between Indian Bank Managing Director and CEO, Padmaja Chunduru,
Aditya Birla Sun Life Insurance Company, MD and CEO Ajay Srinivasan.
Extra Shots:
Indian Bank
 Founded: 15 August 1907
 Headquarters: Chennai, India
 Managing Director and CEO: Ms. Padmaja Chunduru
 Tagline: Your Own Bank
SBI Life Insurance, Indian Bank ink Bancassurance pact
Page 32 of 118
 SBI Life Insurance and Indian Bank entered into a bancassurance pact to offer holistic financial planning
solutions to the latter’s customers.
 SBI Life will work with Indian Bank to ensure sales training, product support and smooth operational
processes in order to offer life insurance policies to its customers.
 The bancassurance agreement was signed in the presence of Padmaja Chunduru and Sanjeev Nautiyal.
Extra Shots:
Indian Bank
SBI Life Insurance is a joint venture life insurance company between State Bank of India, the largest state-owned
banking and financial services company in India.
 CEO: Sanjeev Nautiyal
State Bank of India MD Dinesh Kumar Khara got an extension by 2 years after a review of his performance
 The Appointments Committee of the Cabinet, Government of India extended the tenure of State Bank of India
(SBI) Managing Director (MD)Dinesh Kumar Khara by another 2 years with effect from August 9, 2019.
 He is appointed Managing Director of State Bank of India (SBI) for a period of three years on August 10,
2016.
 He joined SBI as Probationary Officer (PO) and has over 33 years of experience in all sides of Commercial
banking such as Retail Credit, deposit mobilization, international banking operations, and branch
management.
Extra Shots:
State Bank of India: Founded on: As 2 June 1806 (Bank of Calcutta), 15 April 1840 (Bank of Bombay), 1 July 1843
(Bank of Madras), 27 January 1921 (Imperial Bank of India), 1 July 1955 (State Bank of India)
 Headquarters: Mumbai, Maharashtra

 Chairman: Rajnish Kumar
 SBI is the largest commercial bank and the largest mortgage lender across the country.
 SBI has 22,010 branches and 58,000 ATM/CDM across India.
Indian Bank signs up Corporate Agency with Chola MS
 Indian Bank has entered into a corporate agency agreement with Cholamandalam MS General Insurance
Company Ltd (Chola MS) for distribution of the latter's insurance products to Indian Bank customers.
 Under the agreement, Cholamandalam MS insurance products ranging from motor, home, health PA, and
travel insurance, and SME and commercial line of business.
Extra Shots:
Indian Bank
Page 33 of 118

DBS Bank India ties up with Social Alpha to incubate social entrepreneurs
 DBS Bank India has tied up with technology business incubator Social Alpha.
 OBJECTIVE: to mentor enterprises that focus on sectors such as inclusion, healthcare, and environment.
 DBS Bank will also give an annual programme grant of Rs 1 crore. DBS Bank will mentor and support three
ventures over the next 18 months.
Extra Shots:
DBS: DBS Bank is a multinational banking and financial services corporation. The company was known as The
Development Bank of Singapore Limited, before the present name was adopted in July 2003 to reflect its changing
role as a regional bank.
 Headquarters: Singapore
 CEO: Piyush Gupta
RBL Bank launches India's first health-focused credit card
 Private sector RBL Bank and digital healthcare platform Practo have partnered to launch an industry first co-
branded health credit card.
 This credit card is powered by Mastercard and is available on both Practo and RBL mobile apps and websites.
 It offers benefits like unlimited and round-the-clock online consultations with experienced and qualified
doctors, one free full body health check-up, while users can use the card to earn points.
Extra Shots:
RBL: RBL Bank is an Indian scheduled commercial bank.
 Founded: 1943
 Tagline: Apnoka Bank
 CEO: Vishwavir Ahuja
RBI launches regulatory sandbox for Fintech companies
 The Reserve Bank of India (RBI) issued the final framework for regulatory sandbox (RS) for the startups,
banks and financial institutions.
 The Fintech companies can now set up their own RS for live testing of innovative products in areas like retail
payments, digital KYC and wealth management.
 The framework aims to enable innovations in the financial technology space.
 It will encourage innovations that are intended for use in the Indian market in areas where there is absence of
governing regulations.
 Fintech companies including startups, banks, financial institutions and any other company partnering with or
providing support to financial services businesses.
 A regulatory sandbox refers to live testing of new products or services in a controlled/test regulatory
environment. The regulators can permit certain regulatory relaxations for the limited purpose of the testing.
Extra Shots:
Page 34 of 118
Indian rupee.

State Bank of India and BoB to link home loan product to RBIs repo rate
 Bank of Baroda (BoB) planned to linked its home loan product to RBI’s (Reserve Bank of India (RBI) repo
rate after State Bank of India (SBI).
 Home loans at BOB will be available at repo rate linked interest rate starting at 8.35%
Extra Shots:
Bank of Baroda: Bank of Baroda is an Indian multinational, public sector banking and financial services company. It
is owned by Government of India.It is second largest public sector bank in India
Headquarters: Alkapuri, Vadodara
CEO: P. S. Jayakumar

BookMyForex join hands with YES Bank for foreign exchange travel card
 An online forex marketplace, BookMyForex has partnered with YES Bank and card payment company Visa
to launch a co-branded multi-currency forex travel card that will provide a smooth payments solution to
Indians traveling abroad. They can load up to 10 currencies on the card.
 BookMyForex will also offer modern contactless cards that allow a user to simply tap their card on a POS
machine.
Extra Shots:
YES Bank: Yes Bank. Yes Bank Limited is India's fourth largest private sector bank, founded by Rana Kapoor
and Ashok Kapur in 2004. It primarily operates as a corporate bank, with retail banking and also asset
management as subsidiary functions
 CEO: Ravneet Gill (1 Mar 2019–)
 Founded: 2004
 Subsidiaries: Yes Bank, IFSC Banking Unit Branch, MORE
 Founders: Rana Kapoor, Ashok Kapur
Acko announces partnership with fintech ZestMoney to offer credit insurance
 Insurtech company Acko General Insurance, has partnered with ZestMoney to offer credit card insurance to
its (ZestMoney) customers.
Page 35 of 118
 Acko which offers personalized underwriting, micro insurance products, and automated micro claims process,
will offer credit insurance to ZestMoney customers who are provided with instant financing and the option of
paying through EMIs(Equated Monthly Installments) even if they don’t own a credit card.
 Extra Shots:
Acko General Insurance: Acko General Insurance is a private sector general insurance company in India
 Founder: Varun Dua
 Founded: November 2016
 Headquarters location: Mumbai
RBI Made some changes
 The Reserve Bank of India allows customers to make recurring payments of less than Rs.2000 without the
two-factor authentication process.
 The changing payment needs and the requirement to balance the safety and security of card transactions with
customer convenience decided to permit processing of e-mandate on cards for recurring transactions
(merchant payments).
Extra Shots:
Indian rupee.
• Founded: 1 April 1935, Kolkata
• Headquarters: Mumbai
• Governor: Shaktikanta Das
• Deputy Governors: B P Kanungo, M K Jain, N S Vishwanathan
RBI Extends Timings of RTGS Transactions by an hour from 7 am instead of 8 am from August 26, 2019
 India's central bank, the Reserve Bank of India(RBI) has extended the timings of Real-Time Gross Settlement
(RTGS) transactions by an hour from 7 AM instead of 8 AM with effect from August 26, 2019, with the aim
to increase the availability of the RTGS system.
 At present, the Real Time Gross Settlement (RTGS) System is available for customer transactions from 8 AM
to 6 PM and for interbank transactions from 8 AM to 7.45 PM.
Extra Shots:
Indian rupee.
RBI permits processing of e-mandate on credit and debit cards for recurring merchant payments
 India’s central bank, the Reserve Bank of India(RBI) has permitted processing of e-mandate on credit and
debit cards along with Prepaid Payment Instruments (PPIs), including wallets for recurring merchant
payments with AFA (Additional Factor Authentication, a security measure put in place for card payments that
requires OTP – one-time password verification) during registration and 1st transaction.
 It will come into effect from 1 September 2019.
Page 36 of 118
Extra Shots:
Indian rupee.
Bharti AXA Life partners with Akshaya Patra Foundation to support and contribute to the mid- day meal
programme
 A renowned life Insurance company, Bharti AXA Life Insurance on its 13th Foundation Day, has partnered
with a non-profit organization in India, Akshaya Patra Foundation to support and contribute to the mid-day
meal drive for government-run school children across India.
 Bharti AXA Life has urged its over 5,500 employees to donate a day’s salary to Akshaya Patra to counter
classroom hunger.
Extra Shots:
Bharti AXA General Insurance Company Ltd: Bharti AXA General Insurance Company Ltd. is a joint venture
between Bharti Enterprises and AXA business Group that operates in India. Bharti Enterprises shares 51% stake
in the venture while AXA Group shares 49% stake
• Industry General Insurance
• Founded 2008
• Headquarters Mumbai India
Digit Insurance signs Bancassurance agreement with Karur Vysya Bank
 Karur Vysya Bank(KVB), one of the oldest banks in India has signed a bancassurance agreement with
General insurance company
 Digit Insurance to provide Digit Insurance’s suite of products to its SMEs(Small and medium-sized
enterprises) customers.
Extra Shots:
Karur Vysya Bank: Karur Vysya Bank is an Indian 100 years completed bank and is one of the leading banks in
India, headquartered in Karur in Tamil Nadu.
• Headquarters: Karur
• CEO: P. R. Seshadri (31 Aug 2017–), K Venkataraman (6 Jun 2011–)
• Founders: M. A. Venkatarama Chettiar, Athi Krishna Chettiar
Insurance regulator IRDAI has set up a single point contact for RS
 An autonomous body tasked with regulating insurance and re-insurance industries, IRDAI (Insurance
Regulatory and Development Authority of India) has set up a single point contact for its regulatory sandbox
(RS) initiative.
 The Fintech entities can seek permission to experiment with innovative products for the growth of the sector.
Extra Shots:
IRDAI: The Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous, statutory
body tasked with regulating and promoting the insurance and re-insurance industries in India
Page 37 of 118
 Location -Hyderabad, Telangana

Fintech startup based in Bangalore 'MoneyTap' provides lifetime credit of up to Rs.5 lakh Instantly
 MoneyTap, India’s first company to provide an app-based personal credit line to customers has announced to
provide its customers with a lifetime credit limit of up to Rs. 5 lakh instantly starting from Rs. 3,000.
 Unlike personal loans and credit cards, customers pay interest only on the amount borrowed and at lower
rates.
RBI released the report on the Economic Capital Framework submitted by the panel headed by Bimal Jalan
 The Reserve Bank of India (RBI) released the report submitted by the panel headed by Bimal Jalan, former
RBI governor, which was formed to review the Economic Capital Framework (ECF) of the RBI.
 The committee recommended to maintain RBI’s Contingency Risk Buffer (CRB), at a range of 5.5% to 6.5%
of the RBI’s balance sheet, which is above the available level of 2.4% of balance sheet as on June 30, 2018.
Extra Shots:
Indian rupee.
Samsung India inks with Mastercard, RBL Bank for mobile payments through Samsung Pay
 American multinational financial services corporation, Mastercard, Indian private sector bank, RBL Bank and
Samsung India have jointly launched the Samsung Pay for RBL Bank’s Mastercard credit card customers.
 The tie-up will allow the customers of RBL bank to make contactless transactions with enhanced security on
their Samsung Pay-compatible smartphones efficiently.
Extra Shots:
RBL: RBL Bank is an Indian private sector bank headquartered in the Mumbai and founded in 1943. It offers
services in five sectors: corporate and institutional banking, commercial banking, retail banking, agricultural
development banking and financial market access.
Banking license of Rupee Cooperative Bank extended by RBI till Nov 30, 2019
 Apex bank of the country, the Reserve Bank of India (RBI) extended the banking license of Rupee
Cooperative Bank Ltd till November 30, 2019.
 The decision has been taken by RBI after exercising its power under sub-section (1) of Section 35A read with
Section 56 of the Banking Regulation Act, 1949.
Extra Shots:
Indian rupee.
RBI releases its Annual Report for the year 2018-19
Page 38 of 118
 India’s central bank, the Reserve Bank of India(RBI) has released its annual report for the fiscal year (FY)
2018-19.
 The report, which is released annually, analyses the working and operations of the RBI and suggests measures
to improve the economic performance.
Extra Shots:
Indian rupee.
Centre released Rs.47,436.18 crore to 27 States for green activities
 The Union Minister of Environment, Forest and Climate Change, Prakash Javadekar has handed over the Rs
47,436.18 crore to 27 States for compensatory afforestation and other green activities, including prevention of
forest fire, biodiversity management and soil conservation.
 The Fund will be used as per provisions of the Compensatory Afforestation Fund (CAF) Act and Rules(CAF
Act 2016), under which the CAMPA (Compensatory Afforestation Fund Management and Planning
Authority)has been set up to collect funds from user agencies. The state of Odisha, the top recipient of funds,
got 5933.98 crore.
NPCI has rationalises BHIM UPI charges for merchant transactions to promote digital payments
 In a bid to promote digital payments, an umbrella organisation for operating retail payments in India, the
National Payments Corporation of India (NPCI) has rationalised merchant discount rates (MDR) for BHIM
UPI (Unified Payment Interface ) transactions.
 It has waived merchant fees for offline UPI transactions of up to Rs 100 made using QR (Quick Response)
code scan-and-pay. For the large transactions, merchant fees have been capped at Rs 100.
Extra Shots:
NPCI: The National Payments Corporation of India is an umbrella organisation for operating retail payments and
settlement systems in India.
 Founded 2008
 Headquarters Mumbai, Maharashtra, India[
RBI extends time limit for PPIs to become full KYC complaint by 6 months
 The country’s central bank, the Reserve Bank of India(RBI) has again extended the deadline for prepaid
instruments (PPIs), including digital wallets, to do full KYC(Know your customer) by six months(till
February 28, 2020).
 The deadline was expiring on August 31, 2019.
Extra Shots:
Indian rupee.
Page 39 of 118
NBFCs can use Aadhaar-based bank KYC to give loans: Finance Minister Nirmala Sitharaman
 Finance Minister Nirmala Sitharaman notified that the Non-banking financial companies (NBFCs) will be
permitted to use the Aadhaar based bank mandated KYC (Know Your Customer) to avoid repeating the
process for the customers.
 The move will simplify and quicken up the process of availing credit.
Balkan country Serbia becomes 73rd non-regional member of AIIB
 The Minister of Finance Sinisa Mali of Serbia, announced membership with the Asian Infrastructure
Investment Bank(AIIB).
 By this membership, Serbia officially becomes the 73rd non-regional member of the AIIB after completing all
procedures and met all the conditions for membership after passing a bill on approval of the AIIB Articles of
Agreement and depositing the Instrument of Accession and the first capital installment with the bank.
Extra Shots:
AIIB: The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank that aims to support
the building of infrastructure in the Asia-Pacific region.
 Formation January 16, 2016
 Type Regional Investment Bank
 Headquarters Beijing, China
Bandhan Bank join hands with standard Chartered for co-branded credit cards
 Private sector lender Bandhan Bank has entered into the partnership with multinational banking and financial
services company, Standard Chartered Bank to provide co-branded credit cards to its 40 lakh savings bank
account holders across the 1,000 branches of Bandhan.
 As part of this partnership, Standard Chartered Bank will take the risk of credit failure & Bandhan Bank will
be responsible for identifying and issuing cards to its customers.
Extra Shots:
Bandhan Bank: Bandhan Bank Ltd. is an Indian banking and financial services company headquartered in
Kolkata, West Bengal.
 CEO: Chandra Shekhar Ghosh (9 Jul 2015)
 Chairperson: Anup Kumar Sinh
CVC sets up 4-member panel to examine bank frauds above Rs 50 crore
 The Advisory Board for Banking Frauds (ABBF) which is a 4 member board headed by former Vigilance
Commissioner T M Bhasin (also former Indian Bank Chief Managing Director(MD), is constituted by The
Central Vigilance Commission (CVC) to look into bank fraud cases of over 50 crore rupees and above and to
take necessary action
Canara Bank launches India's first OTP facility for ATM cash withdrawals above Rs.10,000
Page 40 of 118
 Canara Bank, one of the largest public sector banks in India has launched India's first one-time password
(OTP) facility for ATM withdrawals over Rs.10,000 in a day.
 This extra security armor will protect the card users from illegally withdrawing money from ATMs
(Automated Teller Machine).
Extra Shots:
Canara Bank: Canara Bank is one of the largest public sector banks owned by the Government of India.
 Founder: Ammembal Subba Rao Pai
An MoU signed between Indian Bank and Tata AIG General Insurance
 Indian Bank signed a Memorandum of Understanding (MoU) with Tata AIG General Insurance to offer Tata
AIG General Insurance’s diverse range of general insurance policies to the bank’s customers.
 Tata AIG General Insurance will work with the Indian bank for sales training, product support and ensuring
smooth operational processes.
Extra Shots:
Indian Bank: Indian Bank is an Indian state-owned financial services company established in 1907 and
headquartered in Chennai, India.
 Headquarters: Chennai
 CEO: Padmaja Chunduru (21 Sep 2018–)
 Subsidiaries: Indbank Merchant Banking Svc, Ind Bank Housing,
RBI Board Approves Surplus Transfer of Rs 1.76 Lakh Crore to Govt as it Accepts Bimal Jalan Panel
Recommendation
 The Reserve Bank of India(RBI)’s Governor Shaktikanta Das-led RBI central board in its 578th meeting (held
in Mumbai, Maharashtra) has accepted the recommendation of high-level 6- member panel headed by its
former Governor Bimal Jalan on transfer of Rs 1,76,051 crore to the government comprising of Rs 1,23,414
crore of surplus for the year 2018-19 and Rs 52,637 crore of excess provisions as per the revised Economic
Capital Framework (ECF).
Extra Shots:
Indian rupee.
RBI issues guidelines on Interest Subvention Scheme for Kisan Credit Card (KCC) to Fisheries and Animal
Husbandry farmers during 2018-19 and 2019-20
 The RBI directed the central Government to operate the interest subvention guidelines. Apart from existing
KCC holders for crop loans, the farmers involved in activities related to Animal Husbandry and Fisheries,
through a separate Kisan Credit Card (KCC) will get at a concessional interest rate of 7% per annum during
the years only 2018-19 and 2019-20 for the short loan up to Rs. 2 lakh.
Extra Shots:
Page 41 of 118
Indian rupee.
Air India is the first Indian Airline to fly over Zero Degree North Pole
 Air India hoisted its Boeing 777 aircraft (Delhi-San Francisco flight AI-173 ) over the zero degrees the North
Pole and became the first Indian airline to operate commercial flights overflying polar region.
 It usually overflies the Atlantic or the Pacific ocean. Flying over the North Pole saved fuel and time.
Extra Shots:
Air India is the flag carrier airline of India, headquartered at New Delhi. It is owned by Air India Limited, a
government-owned enterprise, and operates a fleet of Airbus and Boeing aircraft serving 94 domestic and
international destinations.
 Headquarters: New Delhi
 CEO: Pradeep Singh Kharola
ANZ lowers India's GDP growth in FY20 to 6.2%
 According to a recent report of Australia and New Zealand Banking Group (ANZ), India’s GDP (gross
domestic product) growth expected to grow by 6.2 % in 2019 (FY-Fiscal Year 2020)
 It revised downwards its outlook for FY20 from 6.5% due to sluggish domestic demand, and slowing down of
Industry figures.
Extra Shots:
Anz: The Australia and New Zealand Banking Group Limited, commonly called ANZ, is an Australian
multinational banking and financial services company headquartered in Melbourne, Australia.
 Founded: 2 March 1835, London, United Kingdom
 Headquarters: Melbourne, Australia
 CEO: Shayne Elliott
Debenture Redemption Reserve requirement for Listed Companies, NBFCs and HFCs removed by the
government
 Ministry of Corporate Affairs has amended the Companies (Share Capital & Debentures) Rules by removing
Debenture Redemption Reserve(DRR) requirement for Listed Companies, NBFCs(Non Banking Financial
Company) and HFCs (Housing Finance Companies).
 This is done with the aim of reducing the cost of capital for businesses in the country as part of its 100 Days
Action Plan of “ease of doing business”.
Mahindra Finance to acquire up to 58.2% stake in Sri Lanka's Ideal Finance for LKR 2 billion
 Rural NBFC (Non Banking Financial Company) Mahindra & Mahindra Financial Services Ltd has signed a
joint venture (JV) with Ideal Finance Ltd (IFL), a subsidiary of the leading Sri Lankan conglomerate, Ideal
Group, for the acquisition of up to 58.2 % stake in the Ideal Finance for LKR- (Sri Lankan Rupees) 2 billion
(nearly Rs 80 crore).
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Extra Shots:
Mahindra & Mahindra Financial Services Limited: Mahindra & Mahindra Financial Services Limited is a
Rural NBFC headquartered in Mumbai, India.
Knight Frank ranks Delhi as the 10th fastest growing market globally
 Prime Global Cities Index Q1 2019 of London based consultancy Knight Frank has ranked Delhi as the 10th
fastest growing prime market globally.
 The index is topped by Berlin(Germany) whereas Istanbul(Turkey) and Vancouver(Canada) were the weakest
markets with rates minus 9.9% and minus 13.6% respectively. Bengaluru (2.8%) and Mumbai (0.8%) were
ranked 15th and 30th on the list, respectively.
India’s GDP growth set to slow further to 5.7% in April-June quarter: Nomura Report
 According to the report by Nomura, a global financial services major, India’s GDP (Gross Domestic Product)
growth is set to slow further in the April-June quarter of 2019 to 5.7% year on year (YoY) from 5.8%, before
improving to 6.4% YoY in Q3 and 6.7% in Q4.
 The economy is expected to see some recovery in the July-September quarter.
Extra Shots:
Nomura: Nomura Holdings, Inc. is a Japanese financial holding company and a principal member of the Nomura
Group
 CEO: Koji Nagai (1 Aug 2012)
 Headquarters: Tokyo, Japan
Amazon to acquire a 49% stake in Kishore Biyani-led Future Coupons Ltd
 Kishore Biyani-led Future Group announced that American e-commerce giant Amazon.com is acquiring a
49% stake in a group entity — Future Coupons Ltd.
 This will give Amazon around 3.58 per cent indirect stake in Future Retail
Extra Shots:
Amazon: Amazon.com, Inc., is an American multinational technology company based in Seattle, Washington that
focuses on e-commerce, cloud computing, digital streaming, and artificial intelligence. It is considered one of the Big
Four technology companies along with Google, Apple, and Facebook.
 Founded: 5 July 1994
 Founder & CEO: Jeff Bezos
NITI Aayog VC discusses Rice Fortification Pilot Scheme
 NITI Aayog Vice-Chairman Rajiv Kumar today met Consumer Affairs Minister Ram Vilas Paswan in New
Delhi and discussed the Rice Fortification Pilot Scheme.
 In order to ensure effective tackling the problem of Malnutrition, a road map will be charted out by the
Department of Food and Public Distribution for taking the pilot scheme of Rice Fortification all over the
country.
Extra Shots:
NITI Aayog: The NITI Aayog is a policy think tank of the Government of India, established with the aim to achieve
Sustainable Development Goals.
 Formed: 1 January 2015
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 CEO: Amitabh Kant
 Chairman: PM Narendra Modi
 Vice-Chairman: Rajiv Kumar
Air India to be privatized in shortest possible time: Hardeep Puri
 Civil Aviation Minister Mr Hardeep Singh Puri announced that government is determined for the privatization
of Air India and people are interested in buying it.
 Total privatization will be done in the shortest possible time and with the best deal.
 Mr. Puri launched an aviation job portal. Aviationjobs is a unique web-based portal which brings together job
seekers and prospective employers in the Indian civil aviation sector.
 It is a common platform for enabling candidates to register their job interests across various sub-sectors.
Extra Shots:
Air India bans single use plastic in flights from Oct 2
 Air India will completely ban use of plastic in Alliance Air and Air India Express from 2nd October.
 Plastic tea cups will be replaced with sturdy paper cups and plastic tumblers will be replaced with paper
tumblers.
Extra Shots:
CBDT constitutes special cell to address grievances of start-ups
 The Central Board of Direct Taxes -CBDT has constituted a five-member special cell to address grievances of
start-ups with relation to angel tax and other tax-related issues.
 The cell will work towards redressal of grievances and mitigate tax-related issues in case of start-up entities
with respect to the administration of Income-tax Act,1961. Start-up entities can approach the cell for the
speedy resolution of their grievances.
Extra Shots:
CBDT: The Chairperson, Central Board of Direct Taxes is the senior-most IRS civil servant in the Government of
India. The Chairperson of CBDT is the ex officio Special Secretary to the Government of India and also cadre
controlling authority of the Indian Revenue Service.
 Chairperson: Pramod Chandra Mody
Intel launched its first artificial intelligence chip Spring Hill
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 Intel Corporation launched its latest processor, its first using artificial intelligence (AI), designed for large
computing centers.
 The chip, developed at its development facility in Haifa, Israel, is known as Nervana NNP-I or Springhill is
based on a 10 nanometre Ice Lake processor will allow it to cope with high workloads using minimal amounts
of energy.
 Facebook already started using the product.
Extra Shots:
Intel: Intel Corporation is an American multinational corporation and technology company headquartered in
Santa Clara, California, in the Silicon Valley.
 CEO: Robert H. Swan
 Headquarters: Santa Clara, California, United States
 Founders: Gordon Moore, Robert Noyce
Jio GigaFiber that offers 1000Mbps at Rs.700 per month to be unveiled on 5 September
 Mukesh Ambani-led Reliance Industries Ltd Jio has announced that it is to GigaFiber.
 It is expected to offer high-quality services at lower-than-average industry prices.
 The rate will start from Rs.700 per month and offer minimum 100Mbps speeds as standard.
 It will be officially unveiled on 5 September 2019.
 The subscription will offer a lot of new-age smart services to its subscribers, including a TV service with a
feature-rich Set Top Box and fixed-line landline connection.
Extra Shots:
Reliance Industries Limited: Reliance Industries Limited is an Indian multinational conglomerate company
headquartered in Mumbai, Maharashtra, India. Reliance owns businesses across India engaged in energy,
petrochemicals, textiles, natural resources, retail, and telecommunications.
 CEO: Mukesh Ambani
Fintech startup based in Bangalore MoneyTap provides lifetime credit of up to Rs.5 lakh instantly
 MoneyTap, India’s first company to provide an app-based personal credit line to customers has announced to
provide its customers with a lifetime credit limit of up to Rs 5 lakh instantly starting from Rs 3,000.
 The personal loans and credit cards, customers pay interest only on the amount borrowed and at lower rates.
Angikaar campaign launched by HAL to bring PMAY(U) beneficiaries into Ujjawala Ayushman Bharat fold
 The Union Housing and Urban Affairs Ministry launched the Angikaar campaign a move aimed at bringing
beneficiaries of PMAY (urban) into the fold of other central schemes such as Ujjawala and Ayushman Bharat.
Extra Shots:
HAL: Hindustan Aeronautics Limited is an Indian state-owned aerospace and defence company headquartered in
Bangalore, India. It is governed under the management of the Indian Ministry of Defence.
 Founder: Walchand Hirachand
Amazon inaugurates its world’s largest campus in Hyderabad
 E-commerce company Amazon, inaugurated its single-largest campus in the world in terms of area (9 acres)
in Hyderabad, Telangana.
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 The campus was inaugurated by Mohammed Mahmood Ali, MLC(Member of Legislative Council), Minister
of Home, Prisons, Fire Services, government of Telangana. This Hyderabad campus of Amazon, is the only
one, placed outside US (United States).
Extra Shots:
Amazon: Amazon.com, Inc., is an American multinational technology company based in Seattle, Washington that
focuses on e-commerce, cloud computing, digital streaming, and artificial intelligence. It is considered one of the Big
Four technology companies along with Google, Apple, and Facebook.
 Founder & CEO: Jeff Bezos
Moody's reduced India’s GDP growth forecast to 6.2% for 2019
 Moody's Investors Service reduced India's GDP (Gross Domestic Product) growth forecast for 2019 calendar
year to 6.2% from the previous estimation of 6.8% as the weaker global economy has stunted Asian exports
and the uncertain operating environment has weighed on investment.
Extra Shots:
Amazon: Moody's Corporation, often referred to as Moody's, is an American business and financial services
company. It is the holding company for Moody's Investors Service, an American credit rating agency, and
Moody's Analytics, an American provider of financial analysis software and services.
 Headquarters: New York, New York, United States
 CEO: Raymond W. McDaniel
225th meeting of CBT held at Hyderabad, Telangana
 The 225th meeting of Central Board of Trustees (CBT) held at Hyderabad, Telangana. It was attended by the
Minister of State (I/C) for Labour and Employment Shri Santosh Kumar Gangwar, who is also Chairman of
CBT.
Extra Shots:
Telengana: Capital City(Hyderabad) CM(K.Chandrasekara Rao) Governor(Tamilisai Soundar rajan)
SEBI Eases Norms For FPIs
 The Securities and Exchange Board of India (SEBI) relaxed the compliance requirements for Foreign
Portfolio Investors (FPI).
 It modified the norms to boost startups and decided on Rs 1 crore reward for informants in insider trading
cases.
Extra Shots:
SEBI: The Securities and Exchange Board of India is the regulator for the securities market in India. It was
established in 1988 and given statutory powers on 12 April 1992 through the SEBI Act, 1992.
 Sector: Securities market
 Chairperson: Ajay Tyagi
Acko partners with ZestMoney to offer credit insurance
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 Acko General Insurance, an insurtech company, has partnered with ZestMoney, a consumer lending fintech,
to offer credit insurance.
 This insurance will help ZestMoney customers cover their monthly EMI payments during times of crisis.
 ZestMoney offers instant financing to consumers across 1000+ online portals and provides them with the
option of paying through EMIs even if the consumers don’t own a credit card.
Extra Shots:
 CEO of Acko General Insurance: Varun Dua.
 CEO of ZestMoney: Lizzie Chapman
KABIL set up to ensure supply of critical Minerals to Indian domestic market
 A joint venture company Khanij Bidesh India limited, KABIL has been set up with the participation of three
Central Public Sector Enterprises, CPSEs to ensure supply of critical Minerals to Indian domestic market.
 These CPSEs are National Aluminium Company Limited, Hindustan Copper Limited and Mineral
Exploration Company limited.
GST revenue collection stands at Rs 1,02,083 crore in July
 The total gross revenue collected under Goods and Services Tax, GST in the month of July, 2019 was
1,02,083 crore rupees.
 It consisted of Central GST component of 17,912 crore rupees and State GST 25,008 crore rupees along with
the Integrated GST revenue which was 50,612 crore rupees and Cess collection was 8,551 crore rupees.
 CRISIL cuts India's GDP growth to 6.9% for FY20
 Credit rating agency CRISIL lowered Gross Domestic Product (GDP) growth forecast for India by 20 basis
points to 6.9 percent for FY20.
 The International Monetary Fund (IMF) cut India's growth by 30 basis points for the calendar years 2019 and
2020 to 7 per cent and 7.2 per cent respectively.
Extra Shots:
CRISIL: CRISIL is a global analytical company providing ratings, research, and risk and policy advisory services.
CRISIL’s majority shareholder is Standard & Poor's, a division of McGraw Hill Financial and provider of financial
market intelligence
 Founded: 1987
 CEO: Ashu Suyash
Edelweiss Tokio Life partners with Mobikwik to offer miniature insurance
 Edelweiss Tokio Life Insurance partnered with payments platform Mobikwik.
 Purpose: to sell 'miniature' insurance plans
 There will be life insurance covers of Rs 1 lakh, 3 lakh and 5 lakh with a premium of Rs 148, 443 and 738 per
annum. This will be a group insurance solution in the term segment.
Extra Shots:
Edelweiss Tokio Life Insurance Company Limited:
 CEO: Sumit Rai
 Founded: 2009
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 Parent organization: Edelweiss Capital
Vistara to launch Mumbai-Dubai flight services from August 21
 Vistara announced expansion of its overseas services with a daily flight to Dubai from Mumbai, starting
August 21.
 Vistara will commence its operations on the international routes from 6th-7th August with a flight services to
Singapore from Delhi and Mumbai.
 Vistara has added Dubai, United Arab Emirates (UAE) as the second international destination to its network.
Extra Shots:
Tata SIA Airlines Limited, operating as Vistara, is an Indian domestic full-service airline, based in Gurgaon, with
its hub at Indira Gandhi International Airport.
 Founded: 2013, New Delhi
 CEO: Leslie Thng
 Founders: Singapore Airlines, Tata Sons
Airtel to shut down 3G networks across India by March 2020
Bharti Airtel will shut down its entire 3G network across India’s 22 telecom circles by March 2020.
Airtel is now focusing on providing focusing on providing 4G services to its subscribers.
Extra Shots:
Bharti Airtel Limited, also known as Airtel, is an Indian global telecommunications services company based in
Delhi, India. It operates in 18 countries across South Asia and Africa, and also in the Channel Islands.
 CEO: Gopal Vittal
Centre released e commerce guidelines for consumer protection
 The Department of Consumer Affairs has released draft guidelines on e-commerce titled 'e-commerce
guidelines for consumer protection 2019'.
 AIM: to protect the interest of online shoppers. It provides measures to prevent fraud, unfair trade practices
and protect the legitimate rights and interests of consumers. It will be applicable to business-to-consumer e-
commerce, including goods and services.
Mastercard launches identity check express to secure online transactions
 Mastercard announced the launch of Identity Check Express.
 It is a next-generation, mobile-first authentication solution aims to redefine the e-commerce journey for Indian
consumers.
 The solution will help eliminate unnecessary friction and enhance the security of online transactions.
 Global Mastercard Cybersecurity Summit held for the first time in India.
Extra Shots:
Mastercard Incorporated is an American multinational financial services corporation.
 Headquarters: Purchase, Harrison, New York, United States
 CEO: Ajaypal Singh Banga
IIFL Finance to raise up to 1,000 crore through bonds
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 IIFL Finance will raise up to Rs 1,000 crore through a public issue of bonds
 The main or the purpose of business growth and expansion.
 The bonds will offer yield of 10.5% per anum for tenor of 69 months and 10% for shorter tenor of 15 months
for the secured category, the non-banking financial company (NBFC).
Extra Shots:
IIFL Holdings Limited d/b/a IIFL and India Infoline, is an Indian diversified financial services company.
 Founders: Nirmal Jain, Rajamani Venkataraman
NSE and Singapore Exchange gets approval for its GIFT city project
 Centre approved the joint derivative project of India’s National Stock Exchange (NSE) and the Singapore
Exchange (SGX) for their international financial centre in GIFT City at Gandhinagar, Gujarat.
 The project was proposed by NSE International Financial Service Centre (IFSC) and SGX Connect. Gujarat
International Finance Tec-City (GIFT) is an initiative led by Indian Prime Minister Narendra Modi.
 The project plans to bring together the trading of Nifty products and boost the activities of GIFT City.
Extra Shots:
NSE: The National Stock Exchange of India Limited is the leading stock exchange of India, located in Mumbai.
 Founded: 1992
 Location: Mumbai, Maharashtra
 Established: 1992
 Owner: National Stock Exchange of India Limited
Max Life Insurance launches 'Speed Dial - your partner for life' initiative on fourth 'Protection Day'
 Max Life Insurance Co Ltd announced the launch of the one-of-its-kind initiative, 'Speed Dial Max Life
Insurance - Your Partner for Life' further reinforcing its customer obsession.
 Max Life Insurance Company will endeavour to assign every customer a dedicated relationship manager,
known as the 'Partner for Life' for all their policy-related service needs.
 'Partners for Life' will act as enablers to provide a one stop solution on call, shortening the average wait
time a customer has to go through, to get their queries answered. They will also educate customers on the
company's digital service solutions and new products offerings, if inquired.
 The 'Speed Dial' initiative is introduced to further protect the promises we have made to our customers
through dedicated relationship managers on call.
Extra Shots:
Max Life Insurance Company Limited is a leading life insurance company in India.
 Founded: 2000
India first corporate credit card for SMEs launched by B2B payments startup EnKash
 Country’s first corporate credit card for small and medium enterprises (SMEs) lunched by EnKash named
‘Freedom Card'.
 Objective: to avail credit facility for immediate needs and to manage their liquidity.
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 EnKash has come up with a corporate card to cater to the varied billing cycles as per the working capital
cycles of different businesses.
 The card offers a credit limit for companies to fulfil all business payments including supplier payments, travel
& entertainment expenses, utility payments, digital and cloud payments and other business expenses in short
duration.
Reliance Jio and Microsoft partner to accelerate digital transformation in India
 Reliance Jio Infocomm Limited (Jio) and Microsoft Corporation companies have a unique relationship.
 Their main aim is at accelerating the digital transformation of the Indian economy and society.
 Jio and Microsoft aim to enhance the adoption of leading technologies like data analytics, AI, cognitive
services, blockchain, Internet of Things, and edge computing among small and medium enterprises to make
them ready to compete and grow.
Extra Shots:
Reliance Industries Limited: Reliance Industries Limited is an Indian multinational conglomerate company
headquartered in Mumbai, Maharashtra, India. Reliance owns businesses across India engaged in energy,
petrochemicals, textiles, natural resources, retail, and telecommunications.

Google expands collaboration with Prasar Bharati for live and archival content digitization
 Google India announced a continued long-term collaboration with Prasar Bharati to bring all the live action on
YouTube and Google Search for events of national importance such as the Independence Day and Republic
Day telecast.
 As part of the collaboration, viewers from across the globe will be able to watch full parade and Prime
Minister’s speech live on Doordarshan’s YouTube channel, as India celebrates its 73rd Independence Day on
15th August, 2019
Extra Shots:
Google: Google LLC is an American multinational technology company that specializes in Internet-related
services and products, which include online advertising technologies, search engine, cloud computing, software,
and hardware.
 CEO: Sundar Pichai
 Founded: 4 September 1998, Menlo Park, California, United States
 Parent organization: Alphabet Inc
Centre introduces scheme for NBFCs and HFCs
 Centre has announced a partial guarantee scheme in the budget for non-banking finance companies (NBFCs)
and housing finance companies (HFCs).
 The scheme will allow the Public Sector Banks to purchase their assets.
 AIM: to provide liquidity support to the NBFCs and HFCs.
 For the implementation of the scheme, the government has planned a mechanism which will elicit information
on a real-time basis.
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 NBFCs that registered with RBI and HFCs registered with National Housing Bank can take benefit under the
scheme.
WhatsApp finally brings fingerprint authentication to Android beta users
 WhatsApp's Messenger most awaited features, fingerprint authentication, is finally rolling out to Android
users.
 The feature is currently available to those who have registered in WhatsApp's beta programme for Android.
 The Fingerprint authentication has been around on the platform since last year to iOS users.
Extra Shots:
WhatsApp Messenger is a freeware, cross-platform messaging and Voice over IP service owned by Facebook. It
allows users to send text messages and voice messages, make voice and video calls, and share images, documents,
user locations, and other media.
 Owner: Facebook
Air India New Delhi-San Francisco flight to fly over North Pole
 The Air India (AI) announced its inaugural passenger flight over the North Pole region from August 15
between New Delhi and San Francisco.
 The first commercial service will be operated by Captain Rajneesh Sharma and Captain Digvijay Singh It
marked the "maturing of civil aviation in India as another frontier is crossed.
Extra Shots:
India to launch e-commerce portal Bharatcraft for MSMEs
 Union Government is planning to launch an e-commerce portal named “Bharatcraft” for MSME’s.
 The portal is based on other e-commerce portals like ‘Alibaba’ and ‘Amazon’.
 The portal will provide a platform for MSMEs to market and sell their products and in turn boost the sector.
 The MSME Union Minister, the Bharat Craft portal has a huge potential to generate revenue worth Rs 10 lakh
crore in the next 2-3 years.
PM Modi visits France
 Prime Minister Modi is paying a two-day state visit to France from 22 August ahead G-7 meeting. Modi and
his French counterpart President Emmanuel Macron held talks discussed to strengthen strategic ties in key
sectors.
 Prime Minister Modi has been invited for the G-7 summit that is to be held on August 25.
 The summit is to held in Biarritz, France. G-7 summit will include talks about the scrapping of Article 370.
Extra Shots:
France (Capital/Currency): Paris/Euro
 Prime Minister: Edouard Philippe
 President: Emmanuel Macron
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Power Minister Shri RK Singh approves proposal to declare ocean energy as Renewable Energy
 Union Minister of State for Power and New & Renewable Energy (IC) and Skill Development &
Entrepreneurship, Shri RK Singh approved a proposal to declare ocean energy as Renewable Energy.
India failed to comply with the multiple requirements prescribed in SDDS: IMF Report for 2018
 According to the report titled “Annual Observance Report of the Special Data Dissemination Standard for
2018” released by the International Monetary Fund (IMF), India failed to comply with the multiple
requirements prescribed in Special Data Dissemination Standard (SDDS) which are mandatory for all IMF
members.
 The report lists the compliances & deviations from the SDDS under each data category for a particular year.
There are 20 data categories.
India's GDP growth estimated at 6.0% for Q1 of 2019-20: FICCI Survey
 As per the recently released FICCI’s( Federation of Indian Chambers of Commerce and Industry) ‘Economic
Outlook Survey 2019’, India’s GDP (Gross domestic product) growth estimated at 6.0% for Q1 (April 2019 to
June 2019) of Fiscal year FY 2019-20.
Extra Shots:
FICCI: The Federation of Indian Chambers of Commerce and Industry is an association of business
organisations in India. Established in 1927, on the advice of Mahatma Gandhi by GD Birla and Purushottam
 Founded: 1927
 Headquarters location: New Delhi
STPI sets up India’s 1st FinTech centre of excellence-“Fin Blue” in Chennai, Tamil Nadu
 Software Technology Parks of India (STPI) in association with Electronics Corporation of Tamil
Nadu(ELCOT) has officially set up a ‘Centre of Excellence in FinTech’ with a cost of over ₹23 crore in
Chennai, Tamil Nadu.
 It is first of its kind in India and is named ‘FinBlue’.
Extra Shots:
STPI:Software Technology Parks of India is a society established in 1991 by the Indian Ministry of Electronics
and Information Technology with the objective of encouraging, promoting and boosting the export of software
from India.
 Founded: 1991
 Director General: Dr. Omkar Rai
7 oil and natural gas blocks for bidding offered by the government under OALP-IV
 Government offered 7 oil and natural gas blocks for bidding under Open Acreage Licensing Policy (OALP)-
IV.
 Five blocks offered are in little-explored Vindhyan sedimentary basin, 1 block is in Bengal Purnea basin and 1
block is the proven basin of Rajasthan.
SIDBI partners with Incuspaze for coworking space for MSMEs
 Small Industries Development Bank of India (SIDBI) has partnered with Incuspaze Solutions Private Limited
(Incuspaze) to open a coworking space, designed for Micro, Small and Medium Enterprises(MSMEs) and
startups.
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 This coworking space called @Workspaze is located in Connaught Place, New Delhi.
Extra Shots:
SIDBI: Small industrial Development Bank of India is a development financial institution in India, headquartered
at Lucknow and having its offices all over the country.
Microsoft launches "Digital Governance Tech Tour" programme to skill government IT officials in new-age
technologies
 IT(Information Technology) company, Microsoft India has launched a program called ‘Digital Governance
Tech Tour’ in line with the Digital initiative of the Indian government to train 5000 government employees
over a period of 12 months on AI (artificial intelligence) and cloud computing skills.
Extra Shots:
Microsoft: Microsoft Corporation is an American multinational technology company with headquarters in
Redmond, Washington
 Founders: Bill Gates, Paul Allen Trending
 CEO: Satya Nadella
 Headquarters: Redmond, Washington, United States
India Ratings downs GDP forecast to 6.7% for FY'20
 The rating agency India Ratings & Research (Ind-Ra)downgraded India’s GDP (Gross Domestic Product)
growth to a six year low of 6.7% for FY20 (Fiscal year 2020) compared to its previous estimate of 7.3%.
 This downgrade is due to weak consumption demand, monsoon and slowdown in manufacturing growth.
Read full details here: India Ratings Downs GDP Forecast To 6.7% For FY’20
Mou signed between GeM and SIDBI to enable growth of MSMEs, Start-ups and Women Entrepreneurs
 A Memorandum of Understanding (MoU) was signed between Government e Marketplace (GeM),
Department of Commerce, Ministry of Commerce and Industry and Small Industries Development Bank of
India (SIDBI) in New Delhi to benefit Micro, Small and Medium Enterprises (MSMEs), women
entrepreneurs, Self Help Groups (SHGs), Women Self Help Groups and various loan beneficiaries under
Micro Units Development and Refinance Agency (MUDRA) and Stand-up India scheme.
Extra Shots:
SIDBI: Small industrial Development Bank of India is a development financial institution in India, headquartered
at Lucknow and having its offices all over the country.
CBDT frames 5-member special cell to redress grievances of start-ups
 In a bid to redress the grievances of start-ups and reduce their tax-related issues, the Central Board of Direct
Taxes (CBDT) has constituted a 5-member special cell led by the member (Income Tax and Computerisation)
of CBDT, P.K. Dash (Addl. Charge), which will work towards the issues
Extra Shots:
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Small startups with turnover up to Rs 25 cr to get promised tax holiday
 The Central Board of Direct Taxes (CBDT) notified that small startups with a turnover of up to Rs 25 crore
will continue to get the promised tax holiday as specified in the Section 80-IAC of the Income Tax (IT) Act,
1961.
 It provides a deduction for 100% of the income of an eligible startup for 3 years out of 7 years from the year
of its incorporation.
Bharatcraft portal will generate Rs 10 lakh crore revenues in 2-3 yrs: Nitin Gadkari
 The Union Minister of Ministry of Micro, Small and Medium Enterprises(MSME), Nitin Gadkari stated that
the government’s planned e-commerce portal Bharatcraft has the potential to achieve revenues of around Rs
10 lakh crore in 2-3 years.
 He stated at the 200th listing of an MSME company ‘Wonder Fibromats’ on NSE Emerge in Mumbai,
Maharashtra.
Government announces measures to boost Indian Economy
 A presentation was made by Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman on
measures to boost Indian Economy during a press conference including the review of sections under
Companies Act 1956.
 Also, Corporate tax rate for companies with over Rs 400 crore turnover will be gradually cut to 25% and the
government will support wealth creators. Read full details here: Government announces measures to boost
Indian Economy
Tea grown in Arunachal Pradesh record height set by Assam tea
 A variety of tea grown in Arunachal Pradesh touched the record heights set by Assam tea where Dikom Tea
Estate of Assam had sold its Golden Butterfly tea at Rs 75,000 per kg at the Guwahati Tea Auction Centre
(GTAC).
 'Golden Needle' tea produced by Donyipolo Tea Estate in Arunachal Pradesh was sold by Contemporary Tea
Brokers and was bought by city-based buyer Chattar Singh Narendra Kumar for online tea seller Absolute
Tea.
Extra Shots:
Arunachal Pradesh: Capital City(Itanagar) CM(Pema Khandu) Governor(BD Mishra)
Ahmedabad-Mumbai Central Tejas Express and the Delhi-Lucknow Tejas Express to be run by IRCTC
 Indian Railways has decided that Ahmedabad-Mumbai Central Tejas Express and the Delhi- Lucknow Tejas
Express will be run by the Indian Railway Catering and Tourism Corporation (IRCTC), a subsidiary of the
Indian Railways, for a period of 3 years as a pilot project.
 The proposal was mooted by the railways in its 100-day plan.
Extra Shots:
Maharashtra: Capital City(Mumbai) CM(Devendra Fadnavis) Governor(Ch Vidyasagar Rao)
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Microsoft and Indian School of Business (ISB) signs MoU to set up AI Digital Lab
 IT(Information Technology) company, Microsoft and Indian School of Business (ISB) have signed an
MoU(memorandum of understanding) to set up an AI Digital Lab powered by PlatiFi technologies (a
Microsoft partner) at B School's campus Hyderabad, Telangana to study issues that are relevant for business
and public policy.
Extra Shots:
Microsoft: Microsoft Corporation is an American multinational technology company with headquarters in
Redmond, Washington
 Founders: Bill Gates, Paul Allen Trending
 Headquarters: Redmond, Washington, United States
Atos and C-DAC to work in the field of quantum computing, AI and exascale computing
 French information technology(IT) firm Atos and Centre for Development of Advanced Computing(C-DAC)
which is a Ministry of Electronics and Information Technology (MeitY)run research organization, have
signed an agreement to work on the technical advancement in the field of artificial intelligence (AI), exascale
computing (billions of billion calculations per second) and quantum computing (computer technology based
on quantum theory).
Sep 2019 – Banking, Finance & Economy Current Affairs
Samsung India inks with Mastercard RBL Bank for mobile payments through Samsung Pay
 RBL Bank and Samsung India jointly launched the Samsung Pay for RBL Bank’s Mastercard credit card
customers.
 The tie-up will allow the customers of RBL bank to make contactless transactions with enhanced security on
their Samsung Pay-compatible smart phones efficiently.
Extra Shots:
RBL Bank:
 Founded: August 1943
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 MD & CEO: Mr. Vishwavir Ahuja

Mastercard:
 Founded: 1979 (as Mastercard)
 Headquarters: New York, U.S.
 President and CEO: Ajaypal Singh Banga
ICICI Bank installs Robotic-arm to count currency notes
 India's ICICI Bank declared to be the first bank in the country to deploy industrial robotic arms to count
currency notes.
 The main aim is to brings in a frictionless and completely mechanized process of note-sorting, leading to
higher accuracy and flexibility to handle large volumes continuously.
Extra Shots:
ICICI Bank Limited is an Indian multinational banking and financial services company.
 Founder: Industrial Credit and Investment Corporation of India
 CEO: Sandeep Bakhshi
IDBI Bank to be recapitalised with infusion from govt, LIC
 Cabinet has approved recapitalization of IDBI Bank with a one-time infusion of funds by both Government
and LIC.
 It will help both IDBI and LIC and shows the Government's commitment to take banking to a sound level.
 IDBI Bank will resume all the facilities of housing loans, auto loans etc.
Extra Shots:
IDBI: Industrial Development Bank of India was established in 1964 by an Act to provide credit and other financial
facilities for the development of the fledgling Indian industry.
LIC: Life Insurance Corporation of India is an Indian state-owned insurance group and investment company.
 Founded: 1 September 1956
 Owner: Government of India
 Founder: Government of India
ECL Finance and Central Bank of India entered into an agreement to co-lend to MSME
 ECL Finance Ltd, a subsidiary of Edelweiss Financial Services, and Central Bank of India has signed an
agreement for priority sector lending to Micro, Small and Medium Enterprise (MSME) customers.
 The partnership aims to facilitate speedy disbursal of credit across a bouquet of products, including machinery
and business loans.
 Many MSMEs face challenges of high interest rates or are excluded from access to banking services, given
geographical inaccessibility.
Extra Shots:
Central Bank of India, a government-owned bank, is one of the oldest and largest commercial banks in India.
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 Founded: 21 December 1911

 MD & CEO: Shri. Pallav Mohapatra
ESIC Signs an Agreement with SBI
 Employees’ State Insurance Corporation (ESIC) signed Memorandum of Agreement (MoA) with State Bank
of India for direct transfer of benefits electronically into bank accounts of all stakeholders.
 As per an agreement signed between the two, SBI will provide e-payment services directly to bank accounts
of all ESIC beneficiaries and payees.
Extra Shots:
ESIC: Employees' State Insurance is a self-financing social security and health insurance scheme for Indian workers.
The fund is managed by the Employees' State Insurance Corporation according to rules and regulations stipulated in
the ESI Act 1948.
 Founded: 24 February 1952
 Headquarters location: Madrid, Spain
Cabinet approves Rs 4,557 crore capital infusion into IDBI Bank
 The Cabinet has approved a capital infusion of Rs 4,557 crore into IDBI Bank.
 The capital infusion process will be done through recapitalisation bonds under which the government will
infuse the capital into the bank and the bank will buy the recapitalisation bonds from the government on the
same day.
 The capital infusion aims to help the bank in its return to profitability.
 The capital infusion is also expected to help IDBI to come out of Prompt Corrective Action framework of the
Reserve Bank of India.
Extra Shots:
IDBI Bank:
 MD & CEO: Rakesh Sharma
 Tagline: Aao Sochein Bada
Wipro bags USD 300 million contracts from ICICI Bank
 Wipro has won a 7-year contract worth $300 million from ICICI Bank.
 The project is to provide a range of services.
 For this project, Wipro is to hire 3,800 employees of Vara Infotech.
 Vara Infotech is currently providing these services to ICICI. It provides facilities and assets for Rs.321 crore.
 In 2018-2019, Vara Infotech's revenue from these services stood at Rs.221.5 crore.
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Extra Shots:
ICICI Bank:
 Managing Director & CEO: Mr. Sandeep Bakhshi
 Tagline: Hum Hai Na, Khayal Apka
Wipro: Wipro Limited is an Indian multinational corporation that provides information technology, consulting and
business process services. India. In 2013, Wipro separated its non-IT businesses and formed the privately owned
Wipro Enterprises.
 Headquartered: Bangalore
 Established: 29 December 1945
 Founder: M.H. Hasham Premji
 CEO: Abidali Neemuchwala
RBI to launch a mobile app to aid the visually impaired
 Reserve Bank of India (RBI) is to implement the idea to develop a mobile application with an aim to help the
visually impaired people to identify currency notes.
 For this, RBI has selected Daffodil Pvt Ltd.
 Features of the app as per RBI guidelines:
 The application should be able to identify the denomination of legal tender banknotes of Mahatma Gandhi
Series and Mahatma Gandhi (New) series by capturing the image of the notes that are placed in front of the
mobile camera or scrolled across it.
 The mobile application should be searchable via voice option in all app stores.
 The mobile application should be able to identify the banknote denomination in 2 seconds or less.
 It shall provide multilingual support as well as audio notification.
Extra Shots:
Indian rupee.
PNB puts up 11 NPA accounts for sale to recover dues of Rs 1,234 crores
 Punjab National Bank, a government-run put up for sale nearly a dozen Non Performing Assets (NPA) to
recover dues of over Rs 1,234 crore.
 The bank invited bids from Asset Reconstruction Companies (ARCs)/ NBFCs/ banks/ financial institutions
for 11 NPA accounts.
 The PNB given in-principle approval for amalgamation of Oriental Bank of Commerce and United Bank of
India with the lander.
Extra Shots:
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PNB: Punjab National Bank is an Indian public sector banking and financial service company, with its headquarters
in New Delhi, India. The bank was founded in 1894.
 CEO: Sunil Mehta
SBI cuts lending rates 10 bps
 SBI announced its fifth-rate cut on its marginal cost of funds based lending rate by 10 basis points (bps)
across all tenors.
 The interest rate is now 8.15%. It will be effective from 10 September 2019.
 The reduction in the lending rate is expected to profit all the current SBI clients who have a home, auto and
other category loans of MCLR.
 SBI has also reduced term deposit (TD) rates by up to 25 basis points.
 The aim of the rate cut is for boosting credit requests in the festival season.
Extra Shots:
UK Sinha committee recommends Telangana startup policy for startups in other states
 Reserve Bank of India (RBI) backed UK Sinha committee has recommended that Telangana's innovative
model for start-ups should be assessed for possible replication in other states.
 UK Sinha, the former Chairman of SEBI, led committee submitted its report in June.
Extra Shots:
Indian rupee.
IPPB launched AePS services
 India Post Payments Bank (IPPB) rolled out Aadhaar enabled payment system (AePS) services.
 IPPB become the single largest platform in the country for providing interoperable banking services to the
customers of any bank.
 The AePS services linked to Aadhaar can perform basic banking services such as cash withdrawals and
balance inquiry irrespective of the bank
 The launch of AePS by India Post Payments Bank enhances the last mile interoperable banking infrastructure
by 2.5 times.
Extra Shots:
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IPPB: India Post Payments Bank is a 100% government owned payments bank operating under the Department of
Posts, Ministry of Communications, which aims to utilize all of India's 155,015 post offices as access points and 3
lakh postal postmen and Grameen Dak Sewaks to provide house to house banking services.
 Parent organization: India Post
 Key person: Suresh P. Sethi
IDBI to launch co-branded credit card with LIC
 The Industrial Development Bank of India (IDBI Bank) and Life Insurance Corporation of India Credit Cards
Services (LIC CSL), a wholly-owned subsidiary of LIC, will launch a co-branded credit card.
 It will be marketed to customers, agents, and employees of the corporation and its subsidiaries.
Extra Shots:
IDBI Bank:
 Tagline: Aao Sochein Bada
LIC: Life Insurance Corporation of India is an Indian state-owned insurance group and investment company.
 Tag Line: Zindagi ke Saath bhi, zindagi ke baad bhi
World Bank to sanction Rs 3,000 crore for food parks
 The World Bank will provide Rs 3,000 crore assistance to finance mini and mega food parks across India.
 The announcement was made by Union Minister of State for Food Processing Industries during the 15th Indo-
US Economic Summit.
 The 15th Indo-US Economic Summit was organized by the Indo-American Chamber of Commerce-North
India Council (IACC-NIC) in New Delhi.
Extra Shots:
 Union Minister of State for Food Processing Industries: Rameswar Teli
World Bank: The World Bank is an international financial institution that provides interest-free loans and grants to
the governments of poorer countries for the purpose of pursuing capital projects.
 Headquarters: Washington, D.C., United States
 Founded: 1944
 Formation: July 1945
 Founders: John Maynard Keynes, Harry Dexter White
 CEO: Kristalina Georgieva(Bulgaria)
Code for Responsible Lending (CRL) for the micro-credit industry launched by MFIN, Sa-Dhan and FIDC
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 In order to bring more transparency & address customer-centric issue, the Code for Responsible Lending
(CRL) for the microcredit industry was jointly launched by Microfinance Institutions Network (MFIN),
 The RBI-recognised self-regulatory organization & and industry association for the microfinance industry, Sa-
Dhan along with FIDC(Finance Industry Development Council) at Sa-Dhan's 15th Annual National
Conference 2019 held in New Delhi.
Extra Shots:
MFIN: Microfinance Institutions Network is an association for the microfinance sector in India. Its member
organizations constitute the leading microfinance institutions in the country.
 CEO: Harsh Shrivastava
 President: Udaya Kumar
 Founded: 2012
 Vice President: Dibyajyoti Pattanaik
 Location: Gurgaon, Haryana, India
Government exempts 2% TDS on cash payments of over Rs 1 crore made through APMCs
 Finance Minister of India Smt Nirmala Sitharaman notified that 2% Tax Deducted at Source (TDS) on cash
payments above Rs 1 crore made through Agricultural Produce Market Committees (APMCs) will be
exempted and it is set to be effective from October 1, 2019.
 This is aimed to discourage cash transactions and move towards a less-cash economy.
Extra Shots:
APMC: An Agricultural Produce Market Committee is a marketing board established by a state government in India
to ensure farmers are safeguarded from exploitation by large retailers, as well as ensuring the farm to retail price
spread does not reach excessively high levels.
RBI allows all recurring bill payments through BBPS
 Reserve Bank of India(RBI) has extended the use of the Bharat Bill Payment System(BBPS) for all
recurring(repetitive) payments such as school fees, insurance premiums and municipal taxes, Equated
Monthly Installments (EMI) on a voluntary basis except for prepaid recharges to extend the scope and
coverage of BBPS.
Extra Shots:
Indian rupee.
EPFO to credit 8.65% interest in over 6 crore accounts for 2018-19
 Minister of State (Independent Charge) of the Ministry of Labour and Employment Santosh Kumar Gangwar
notified that over 6 crore members of the Employees' Provident Fund Organisation (EPFO) will get 8.65%
interest on deposits, which will be credited to the accounts, for 2018-19 after the approval from the Ministry
of Finance.
Extra Shots:
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EPFO: The Employees' Provident Fund Organisation, is an organization tasked to assist the Central Board of
Trustees, a statutory body formed by the Employees' Provident Fund and Miscellaneous Provisions Act, 1952 and is
under the administrative control of the Ministry of Labour and Employment, Government of India.
 Founded: 4 March 1952, New Delhi
Airtel Payments Bank launched 'Bharosa' savings account
 Airtel Payments Bank, a public limited company with its headquarters in New Delhi has launched "Bharosa"
savings account services with the aim of deepening the financial inclusion in India.
 Customers of Airtel Payments Bank will get personal accident insurance up to Rs 5 Lakh, even with the
minimum balance of 500. However, the customer will need to make a debit transaction at least once a month.
Extra Shots:
Airtel Payment Bank: Airtel Payments Bank is a public limited company with its headquarters in New Delhi, India.
It is the first company in India to receive a payments bank license from the Reserve Bank of India (RBI) and it
became the first live payments bank in the country.
Visa in partnership with BillDesk to launch interface for recurring payments , "standing instructions (SI)
Hub"
 Visa Inc, the world's leader in digital payments technology and BillDesk, an Indian online payment gateway
company have partnered for the launch of SI(standing instructions )-Hub which is a smooth and secure way to
make recurring payments using cards with a one-time enrollment.
 This comes after the introduction of guidelines for e-mandate on cards for recurring transactions by
RBI(Reserve Bank of India).
Extra Shots:
Visa: Visa Inc. is an American multinational financial services corporation headquartered in Foster City, California,
United States. It facilitates electronic funds transfers throughout the world, most commonly through Visa-branded
credit cards, gift cards, and debit cards.
 CEO: Alfred F Kelly Jr
 Headquarters: San Francisco, California, United States
ZestMoney join hands with PayU for cardless EMI payment
 ZestMoney has partnered with PayU, a fintech firm that provides payment technology to online merchants to
offer cardless EMI (equated monthly installment) payment option to consumers.
 ZestMoney, which has diverse customer base spread across different segments and risk profiles, aims to offer
loans of amount starting from Rs 1,000 - Rs 5 lakh as per the demand of the customer anywhere.
Extra Shots:
PayU: PayU is a fintech company that provides payment technology to online merchants. The company was founded
in 2002 and is headquartered in Hoofddorp, Netherlands.
 Founded: 2002
 Parent organization: Naspers
Reserve Bank bars unregulated fintech firms from accessing the consumer credit data
 The country’s central Bank, Reserve Bank Of India(RBI) has directed the banks and non-banking finance
companies (NBFCs) to stop sharing the pattern of consumer’s credit information held by credit information
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companies (CICs) with analytics firms , IT (Information Technology) companies, institutional agents and
unregulated parties.
 The banking bodies have been given 15 days time period to implement the measure.
Extra Shots:
Indian rupee.
Indian Banks’ 2018-19 Savings Deposits Stood At Rs 39.72 Lakh Crore
 According to the Handbook of Statistics on the Indian Economy 2018-19 released by the Reserve Bank of
India (RBI), the aggregate savings deposits in the Indian private and public sector banks (PSBs) reached Rs
39.72 lakh crore as on March 31, 2019.
 The foreign banks had a share of Rs 58,630 crore. Read full details here: Indian Banks’ 2018-19 Savings
Deposits Stood At Rs 39.72 Lakh Crore
Extra Shots:
Indian rupee.
Bharti Airtel & Bharti AXA Life Insurance tie up to offer pre-paid plan with insurance protection cover
 An Indian global telecommunications services company, Bharti Airtel has tied up with Bharti AXA Life
Insurance to offer prepaid plan for its users along with insurance protection plan.
 Airtel has brought a special prepaid plan of Rs 599, in which customers will get 2GB (gigabyte) data per day,
unlimited calling and 100 SMS (Short Message Service) per day on any network, as well as a life insurance
cover of Rs 4 lakh from Bharti AXA Life Insurance.
Extra Shots:
Bharti Airtel: Bharti Airtel Limited, also known as Airtel, is an Indian global telecommunications services company
based in Delhi, India.
 CEO: Gopal Vittal
Paisalo Digital inks co-origination of loan agreement with Bank of Maharashtra
 Paisalo Digital (Formerly known as S.E Investments Limited) has signed its second co-origination of loan
agreement with major public sector bank in India, Bank of Maharashtra (BoM) with the aim to necessitate the
joint contribution of credit flow by BoM and Paisalo Digital.
 The arrangement also involve sharing of risks & gains between them.
Extra Shots:
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BOM: Bank of Maharashtra is a major public sector bank in India. Government of India holds 87.74% of the total
shares.
 Headquarters: Pune
 CEO: A. S. Rajeev
ECGC introduces ‘NIRVIK’ scheme to provide 90% insurance cover on the loan amount of exporters: Piyush
Goyal
 The Export Credit Guarantee Corporation (ECGC) has released a new Export Credit Insurance Scheme
(ECIS) called NIRVIK to ease the lending of loan to exporters so that they can get loans easily from banks.
 The details of the scheme were shared by Union Minister of Commerce and Industry and Railways, Piyush
Goyal during a press conference at New Delhi. The scheme provides 90% insurance cover on the loan amount
of exporters & it covers on both principal and interest.
Extra Shots:
ECGC: The ECGC Limited is a company wholly owned by the Government of India based in Mumbai, Maharashtra.
It provides export credit insurance support to Indian exporters and is controlled by the Ministry of Commerce.
Government of India had initially set up Export Risks Insurance Corporation in July 1957
India Post launches speed post service for six new countries
 The Department of Posts has expanded its speed post service to 6 new overseas destinations in Asia, Europe
and South America. It has introduced International Speed Post (EMS) for Bosnia and Herzegovina, Brazil,
Ecuador, Kazakhstan, Lithuania and North McDonia.
 EMS is a premium service that enables its users to send documents and merchandise faster and in this service
goods can be monitored online with the help of the internet.
Extra Shots:
IPPB: India Post Payments Bank is a 100% government owned payments bank operating under the Department of
Posts, Ministry of Communications, which aims to utilize all of India's 155,015 post offices as access points and 3
lakh postal postmen and Grameen Dak Sewaks to provide house to house banking services.
 Parent organization: India Post
 Key person: Suresh P. Sethi
RBI & SEBI Jointly Working On A Framework For Accurate Exchange Of Borrower Data Between Banks
And CRAs
 India’s central Banking Institution, the Reserve Bank of India (RBI) and the regulator for the securities market
in India, SEBI (Securities and Exchange Board of India ) are jointly working on a framework that will freely
enable exchange of borrower information between banks and credit rating agencies (CRAs) in more accurate
manner.
Extra Shots:
Indian rupee.
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Reserve Bank Comes Out With A New Order Regarding ‘Failed’ Transactions
 The country’s central bank, the Reserve Bank of India (RBI) has come out with a new order for banks and
payment system operators regarding the failed transaction of customers.
 Under this, the time period has been fixed for the disposal of grievances and auto reversal of the amount on
the failed transaction for the banks, which has been termed as Turn Around Time (TAT).
Extra Shots:
Indian rupee.
RBI Revises Guidelines On Concurrent Audit System As Per The Recommendations Of An Expert Committee
Headed By Y.H. Malegam
 Following the recommendations of an expert committee headed by Y.H.Malegam, the Reserve Bank of India
(RBI) has revised the guidelines on concurrent audit system.
 As per the new guideline, concurrent auditors will be appointed for a period of not more than 3 years as
against earlier tenure of 5 years & the age limit for retired staff of concurrent auditors will be capped at 70
years.
Extra Shots:
Indian rupee.
RBI increased the loan sanction limit for small exporters to Rs 40 crore per borrower from Rs 25 crore
 The Reserve Bank of India (RBI) increased the loan sanction limit for small exporters as priority sector
lending (PSL) by banks to Rs 40 crore per borrower from Rs 25 crore in order to boost credit to the export
sector.
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Extra Shots:
Indian rupee.
SEBI tightens guidelines for debt mutual fund applicable from April 1, 2020
 In order to improve the risk management & ensure sufficient liquidity, the regulator for the securities market
in India, SEBI (Securities and Exchange Board of India) has tightened the rules for mutual funds, in which it
make it mandatory for liquid schemes to hold at least 20 % in liquid assets such as cash and cash equivalents
like treasury bills and repo on government securities.
 The new guideline comes into force from April 1, 2020
Max Bupa and Indian Bank signed bancassurance tie-up for health insurance
 Indian Bank has signed a bancassurance agreement with Max Bupa to provide Max Bupa’s suite of health
insurance products to its customers.
 Under the agreement, Max Bupa will provide comprehensive health insurance solutions and services to over
40 million customers of Indian Bank spread across 2800 branch network, through a slew of digital touch
points.
Extra Shots:
 MD & CEO of Max Bupa: Ashish Mehrotra
Indian Bank: Indian Bank is an Indian state-owned financial services company .It has 20,924 employees, 2900
branches with 2861 ATMs and 1014 cash deposit machines and is one of the top performing public sector banks in
India.
 CEO: Padmaja Chunduru
BOB launched Baroda Kisan for farmers
 The state-owned Bank of Baroda has launched its Agri digital platform Baroda Kisan.
 The Baroda Kisan platform can be accessed on mobiles by farmers.
 The web-based portal Baroda Kisan is expected to meet all the needs of farmers.
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 It provides details including weather forecasts, crop conditions, the moisture levels of the soil, information on
crop worms, market prices, special crop-related consultation
 The application will help farmers with inputs related to the purchase of different products such as seeds,
fertilizers, pesticides, agricultural equipment on rent, consultancy services.
 It will also provide innovative financing options for the sale of agricultural products.
BOB has introduced two loan schemes.
1) A scheme for the construction and renovation of toilets as well as domestic drinking water facilities under Swachh
Bharat Abhiyan.
2) Other loan schemes will help people with the construction of houses in rural areas.
Extra Shots:
Bank of Baroda is an Indian multinational, public sector banking and financial services company. It is owned by
Government of India. It is the second largest public sector bank in India with a business mix of close to US$225
billion. Based on 2019 data, it is ranked 1145 on Forbes Global 2000 list.
 Headquarters: Alkapuri, Vadodara
 CEO: P. S. Jayakumar
 Tagline: India's International Bank
ICICI to open 450 branches by next financial year
 Private sector lender ICICI Bank is planning to open 450 branches in the forthcoming financial year.
 Among the planned 450 branches, 320 branches have already been added.
 After the installation of the 320 operational branches for customers, the bank has crossed the milestone of
having 5,000 branches.
 The branch that was opened at Thane in Maharashtra is the 5000th (milestone) branch of ICICI.
Extra Shots:
ICICI Bank Limited:
 Founded on: 5 January 1994
 Headquarters: Mumbai, India
 Chairman: Girish Chandra Chaturvedi
 MD & CEO: Sandeep Bakhshi
RBI barred PMC Bank from doing business for six months
 The Reserve Bank of India (RBI) barred the Punjab & Maharashtra Cooperative Bank Ltd (PMC Bank),
Mumbai to carry out the majority of its routine business for 6 months.
 RBI has barred the PMC Bank from carrying out its functions including granting, renewing and loans and
advances, make any investments, accept fresh deposits, transactions for a period of six months.
 The RBI has also restricted the PMC Bank's depositors to withdraw more than Rs.1,000 from their
savings/current/other deposit accounts.
Extra Shots:
Indian rupee.
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RBI places withdrawal curbs on depositors of PMC Bank
 The Reserve Bank of India has imposed restrictions on Punjab and Maharashtra Co-operative Bank, under
which the depositors cannot withdraw more than Rs 1,000 from their accounts.
 The depositors will be allowed to withdraw a sum not exceeding Rs 1,000 of the total balance in every
savings bank account or current account or any other deposit account.
 The curbs will remain for six months. PMC Bank has also been barred from making fresh loans and taking
deposits.
 PMC Bank is a multi-State scheduled urban co-operative bank with operations in the states of Maharashtra,
Delhi, Karnataka, Goa, Gujarat, Andhra Pradesh and Madhya Pradesh.
Extra Shots:
Indian rupee.
SBI Life Insurance signs corporate agency pact with Repco Home Finance
 SBI Life Insurance has signed a corporate agency agreement with city-based Repco Home Finance Ltd to
offer the company’s range of products to RHFL customers.
 According to the agreement, the partnership would see over 148 branches and 27 satellite centres of RHFL
spread across the country to offer SBI Life Insurance products to its customers.
Extra Shots:
HDFC Bank, IOC launch co-branded fuel credit card for users from non-metro cities
 HDFC Bank in partnership with Indian Oil launched a co-branded fuel card for users from non-metro cities
and towns which will be available on both RuPay and Visa platforms.
 The card was launched at an event here by IOCL's Executive Director (Retail Sales) Vigyan Kumar and
HDFC Bank's Country Head, Payments Business and Marketing, Parag Rao.
 The card offers customers highest rewards and benefits on fuel consumption and will be available on both
RuPay and Visa platforms.
Extra Shots:
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HDFC Bank: HDFC Bank Ltd. is an Indian banking and financial services company headquartered in Mumbai,
Maharashtra. It has a base of 1,04,154 permanent employees as of 30 June 2019. HDFC Bank is India’s largest
private sector lender by assets. It is the largest bank in India by market capitalisation as of February 2016.
 Founded: August 1994, India
 CEO: Aditya Puri
Indian Oil Corporation Limited, commonly known as IndianOil is an Indian state government owned oil and gas
company.
 Chairman: Sanjiv Singh
RBI increased withdrawal limit for PMC Bank to 10,000 rupees
 The Reserve Bank of India (RBI) increased the withdrawal limit for Punjab and Maharashtra Co-operative
Bank (PMC) depositors to Rs.10,000.
 Earlier, the limit was set to Rs.1,000.
 RBI also said that 60% of the PMC Bank depositors will now be able to withdraw the entire amount. The
relaxation aimed to reduce the hardship of the depositors.
Extra Shots:
Indian rupee.
Exhibition of India Tourism Mart 2019 inaugurated
 The Union Minister of State for Culture and Tourism (Independent Charge), inaugurated the exhibition of
India Tourism Mart (ITM) 2019 in New Delhi.
 The Ministry of Tourism and the Federation of Associations in Indian Tourism and Hospitality (FAITH) have
jointly organized this Mart.
 Over 240 international delegates from 51 countries and 160 exhibitors from across the country are taking in
the part in the second edition of ITM.
 The Mart will provide a platform at the national level for trade and hospitality service providers in the country
to interact and conduct business with their counterparts from overseas.
Extra Shots:
Delhi:
 Chief Minister: Arvind Kejriwal
 Lt Governor: Anil Baijal
Global Goals Jam 3.0 hosted by World University of Design
 World University of Design (WUD) hosted Global Goals Jam 3.0.
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 The Indian edition of the global event focusing on design thinking and service design methodologies was
hosted with the theme: eWaste.
 70 participants from across India, divided into ten groups, participated in the workshop and presented their
ideas and vision for the future.
India’s biggest brands HDFC Bank retains top rank for sixth time in a row
 HDFC Bank topped the WPP-Kantar BrandZ Top 75 Most Valuable Indian Brands ranking for the sixth time
in a row.
 BFSI brands have dominated the top 10 ranking list this year.
 According to the report, banking brands made up the largest share of the BrandZ Top 75 and owned 23% of
the total brand value of $53.3 billion.
 Life Insurance Corporation of India and State Bank of India retained their positions in the ranking at No. 2
and No. 5, respectively.
 Kotak Mahindra Bank and ICICI Bank and got 5, 6th positions recently.
Extra Shots:
HDFC: HDFC Bank Ltd. is an Indian banking and financial services company headquartered in Mumbai,
Maharashtra. HDFC Bank is India’s largest private sector lender by assets. It is the largest bank in India by market
capitalisation as of February 2016.
 Founded: August 1994, India
 CEO: Aditya Puri
MSME ministry launched updated Credit linked Capital Subsidy Scheme (CLCSS)
 In the 2-day event (September 5& 6, 2019) of national workshop on ‘Credit Linked Capital Subsidy and
Delayed Payment of MSMEs’ held at New Delhi, the Union Minister for Micro, Small and Medium
Enterprises Shri Nitin Gadkari has launched the updated Credit linked Capital Subsidy Scheme (CLCSS) to
enable micro, small and medium enterprises (MSMEs) access to capital.
RBI barred ESFB from opening new branches
The apex bank of the country, the Reserve Bank of India (RBI) barred the Equitas Small Finance Bank (ESFB) from
opening new branches. The decision comes after ESFB missed the deadline to list its shares on stock exchanges.
Extra Shots:
ESFB:
 Founded: 2007
UPI transactions reaches 918 million, crossed all time high of 900 million mark for August,2019
 National Payments Corporation of India (NPCI) has released a data on the new record created by Unified
Payments Interface (UPI) transactions that reached an overall high of 918 million transactions worth Rs 1.54
lakh crore by the end of August, 2019 crossing the 900 million transaction mark.
 The new milestone in transaction was due to increase in adoption to payment channel and improved
smartphone usage in certain states. The payment adoption increased by 11.6% and by 5.5% in value in the
month of July with 822 million transactions leading to value Rs 1.46 lakh crore in the month.
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 1 billion transaction: A milestone of 1 billion transaction mark is expected between September and December
months of 2019.
Extra Shots:
UPI:
It is a real time payment system connecting multiple bank accounts in a single mobile application. Owned by NPCI, it
caters to the Peer to Peer system (transactions done without an intermediary like a bank)
 Pilot Launch: 11th April 2016 (by Dr. Raghuram G Rajan, former Governor, Reserve Bank of India at
Mumbai).
 Official launch: 25th August 2016.
Banks begin in-principle approval of retail loan in 59 minutes
 All 19 public sector banks (PSB) including State Bank of India(SBI), Punjab National Bank (PNB), Bank of
Baroda (BOB) have initiated in-principle retail loan approval for customers availing housing and personal
loans under the online lending platform ‘PSB Loans in 59 Minutes’.
Extra Shots:
RBI barred ESFB from opening new branches
 The apex bank of the country, the Reserve Bank of India (RBI) barred the Equitas Small Finance Bank
(ESFB) from opening new branches. The decision comes after ESFB missed the deadline to list its shares on
stock exchanges.
 It also froze the salary of ESFB’s Managing Director (MD) and Chief Executive Officer (CEO), Vasudevan
PN.
 As per the RBI’s licensing conditions issued in November 2014, a small finance bank’s shares have to be
mandatorily listed on the stock exchanges within 3 years of touching a net worth of Rs 500 crore & 3-year
period of ESFB lapsed on September 4, 2019. It had received the license in July 2016.
 RBI has warned ESFB that it may impose more restrictions if it fails to make “satisfactory progress” towards
listing its shares.
Extra Shots:
ESFB:
 Founded: 2007
RBI selects Daffodil Software Pvt Ltd for developing mobile app for visually impaired
 The Reserve Bank of India (RBI) selected Daffodil Software Pvt Ltd to develop a mobile phone-based
application for visually impaired people to identify currency notes. It informed the Bombay High Court that
an internet connection would not be required for its proposed mobile application.
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 Out of the 16 vendors, 5 made into the final ranking to develop the application.
 Intaglio printing based identification marks are present in the banknotes of Rs 100 and above denominations
to help nearly 80 lakh blind or visually impaired people of India.
 The proposed mobile app will help to identify the denomination of notes of Mahatma Gandhi Series and
Mahatma Gandhi (New) series by capturing the image of the notes placed in front of the mobile camera. It
will generate “audio notification” intimating the currency note denomination to the user if the image is
captured correctly, else intimating the user to try again in case of image is not readable.
Extra Shots:
Indian rupee.
ADB will provide $200 million loans to Maharashtra for rural road project
 The Asian Development Bank (ADB) has approved $ 200 million (about Rs 1,400 crore) loan to upgrade
about 2,100 kilometers of rural roads to all-weather standards in Maharashtra’s 34 districts for better
connecting rural areas with markets and services.
Extra Shots:
About ADB:
 Headquarters: Mandaluyong, Manila, Philippines
 President: Takehiko Nakao
 Membership: 68 countries
IPPB launched AePS services
Union Minister for Communications, Electronics & Information Technology and Law & Justice Shri Ravi Shankar
Prasad announced that India Post Payments Bank (IPPB) has launched Aadhaar Enabled Payment System (AePS)
Services at the first anniversary of its business operations. With this, IPPB became the single largest platform in the
country for providing interoperable banking services to the customers of any bank including the 34 crore Jan Dhan
account holders.
Extra Shots:
About IPPB:
IPPB has been established under the Department of Posts, Ministry of Communication with 100% equity owned by
Government of India. It was launched by the Prime Minister Shri Narendra Modi on September 1, 2018. The
fundamental mandate of IPPB is to remove barriers for the unbanked & underbanked and reach the last mile
leveraging the Postal network comprising 155,000 Post Offices (135,000 in rural areas) and 300,000 Postal
employees
GST collection in August stands at Rs 98,202 cr
 GST collection in the month of August stood at 98 thousand 202 crore rupees.
 The total number of GSTR 3B Returns filed for the month of July up to 31st of August is around 76 lakh.
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 The government has settled 23 thousand 165 crore rupees to CGST and 16 thousand 623 crore rupees to
SGST from IGST as a regular settlement.
Extra Shots:
Goods and Services Tax is an indirect tax imposed in India on the supply of goods and services. It is a
comprehensive multistage, destination based tax. Comprehensive because it has subsumed almost all the indirect
taxes except few.
 The GST was launched at midnight on 1 July 2017 by the President of India, and the Government of India.
MeitY partners with Google for Build for Digital India programme
 The Ministry of Electronics and Information Technology (MeitY) signed a statement of intent (SoI) with
Google.
 The agreement aimed to implement Build for Digital India programme.
 The aim of the initiative is to motivate the college students across India to innovate and produce some good
technology solutions for major social challenges of India.
Extra Shots:
Google: Google LLC is an American multinational technology company that specializes in Internet-related services
and products, which include online advertising technologies, search engine, cloud computing, software, and
hardware.
 Founders: Larry Page, Sergey Brin
Indian Oil to build 1GW electric vehicle battery plant
 State-run oil refiner Indian Oil Corporation Ltd will set up a 1 Giga Watt (GW) plant to make batteries used
for running electric vehicles (EVs) in partnership with an overseas start-up using a non-lithium ion raw
material.
Extra Shots:
Indian Oil Corporation Limited, commonly known as IndianOil is an Indian state government owned oil and gas
company.
 Chairperson: Sanjiv Singh
Reliance Power inks pact with JERA for power project in Bangladesh
 Reliance Power has signed a partnership agreement with Japanese energy major Japan’s Energy For a New
Era (JERA).
 Reliance Power will hold 51 per cent stake, while JERA will hold 49 per cent stake in the joint venture
company.
 They will jointly set up 750 mega watt gas-based combined cycle power project at Meghnaghat, Bangladesh.
Extra Shots:
Bangladesh (Capital/Currency): Dhaka/Taka
 Prime Minister: Sheikh Hasina
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Reliance Power Limited, formerly Reliance Energy Generation Limited is a part of the Reliance Anil Dhirubhai
Ambani Group. It was established to develop, construct, operate and maintain power projects in the Indian and
international markets.
 Headquarters: Navi Mumbai
 Founder: Dhirubhai Ambani
CRISIL revises India’s GDP growth to 6.3% in fiscal 2020
 Rating agency CRISIL has revised India’s fiscal year 2020 GDP growth forecast to 6.3%.
 CRISIL has lowered the GDP growth forecast from 6.9% to 6.3%.
Extra Shots:
CRISIL is a global analytical company providing ratings, research, and risk and policy advisory services. CRISIL’s
majority shareholder is Standard & Poor's, a division of McGraw Hill Financial and provider of financial market
intelligence.
 CEO: Ashu Suyash
BHEL commissions 1,320 MW thermal plant in Jharsuguda Odisha
 Bharat Heavy Electricals Limited (BHEL) India’s largest power equipment manufacturer announced it has
commissioned a 1,320 Megawatt (Mw) power plant in Odisha.
 The IB Thermal Power Station with two units of 660 Megawatt capacity each is owned by Odisha Power
Generation Corporation Limited (OPGC) a joint venture between the state government and US-based AES.
 BHEL previously set up two units of 210 MW capacity each at IB Thermal Power Station operating for over
20 years.
 BHEL supplied sets are contributing 100 per cent of the coal-based power stations installed by OPGC.
Extra Shots:
Bharat Heavy Electricals Limited owned and founded by the Government of India, is an engineering and
manufacturing company based in New Delhi, India. BHEL is India's largest power generation equipment
manufacturer.
 CEO: Nalin Singhal
Google To Pay Billion Dollars For Settlement Over Tax Evasion In France
 US internet giant Google agreed a settlement totalling 945 million euros ($1.0 billion) to end a tax dispute in
France under an agreement announced in court.
 The company will pay a 500-million-euro fine for tax evasion, as well as a further 465 million euros to settle
claims with French tax authorities.
Extra Shots:
Google: Google LLC is an American multinational technology company that specializes in Internet-related services
and products, which include online advertising technologies, search engine, cloud computing, software, and
hardware.
Page 74 of 118

 Founders: Larry Page, Sergey Brin
Wipro Infrastructure and BEML signs MoU to work together in technical sections in Bengaluru
 Public Sector Unit (PSU) Bharat Earth Movers Limited (BEML) and Wipro Infrastructure Engineering (WIN)
signed a Memorandum of Understanding(MoU), to work in areas such as aerospace components through
special economic zone(SEZ) , industrial automation processing, 3- D printing, artificial intelligence and
hydraulic system engineering.
Extra Shots:
WIPRO: WIPRO Limited is an Indian multinational corporation that provides information technology, consulting
and business process services. It is headquartered in Bangalore, Karnataka, India
 CEO: Abidali Neemuchwala
 Owner: Azim Premji
Commerce Minister PiyushGoyal launched digital platforms for origin certificate issuance and steel import
monitoring system (SIMS)
 Commerce and industry minister Shri Piyush Goyal (also railway minister) and Piyush Goyal and minister of
State Hardeep Singh puri launched Steel Import Monitoring System (SIMS) for obtaining steel import
information by the govt and other stakeholders for efficient policy intervention. Piyush also launched a
Common digital platform for electronic Certificates of Origin (CoO) issuance.
 This platform will act as a single access point for exporters, Free Trade Agreements (FTA)/ Preferential Trade
Agreements (PTA) and others.
Govt waives 3-year lock-in period on NRI investments in IDF bonds
 In order to boost foreign investment in the infrastructure sector, waived off the3-year lock-in period for
investments made by Non-Resident Indians(NRI) in Infrastructure Debt Funds (IDFs), as notified by the
Central Board of Direct Taxes (CBDT).
 Transferring Rupee denominated bonds of IDF by an NRI to another NRI outside India, are not considered as
transfers for capital gain purpose and no capital gain tax is charged on such transfers
Extra Shots:
32 FMCG companies launched “KaroSambhav”-packaging waste management venture,aims to mobilise
Rs.1000 cr
 To address the growing concern of plastic wastes 32 leading Fast-Moving Consumer Goods (FMCG)
companies like Coca-Cola India, PepsiCo India, and Bislerietc are to jointly launch first-of- its-kind
packaging waste management venture named Karo Sambhav in the country that aims to create an ecosystem
for post-consumer packaging collections and optimization of material recycling processes.
Extra Shots:
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FMCG: Fast-Moving Consumer Goods (FMCG) or Consumer Packaged Goods (CPG) are products that are sold
quickly and at a relatively low cost.
SEBI sets up committee to suggest structure and norms for social stock exchanges
 Capital market regulator SEBI (Securities and Exchange Board of India) has formed a 15-member committee
headed by Ishaat Hussain, Director at State Bank of India(SBI) Foundation and former Tata Sons Director, to
suggest possible measures and regulations in creating the ‘social stock exchanges’.
 The formation of this committee comes after Finance Minister Nirmala Sitharaman’s maiden union budget
speech to take the capital markets closer to inclusive growth and financial inclusion.
UAE tops in non-residents investments in Indian MFs with the share of 16%
 The Reserve Bank of India (RBI) notified that the United Arab Emirates (UAE) emerged as a top nation in
making non-resident investments in Indian mutual funds (MFs).
 As of March 31, 2019, the foreign liabilities of units in Indian MFs made by UAE stood at Rs 14,979 crore,
registering a share of 16%.
Extra Shots:
Indian rupee.
An Allotment Agreement signed between Ministry of Coal and WBPDCL regarding world’s second- largest
Deocha Pachami Dewanganj-Harinsingha coal block
 In accordance with the provisions of the Coal Block Allocation Rules, 2017, made under the Mines and
Minerals (Development and Regulations) Act, 1957, the WBPDCL has been allocated the Deocha Pachami
Dewanganj-Harinsingha coal block located in West Bengal containing an area of sq. km. with estimated
reserves of 2102 Million Tonnes for generation of power.
Wipro ties up with FEBRABAN to develop online business platform
 Wipro, the Bengaluru-based software services provider has tied up with Febraban, an industry body
representing the Brazil’s financial services industry.
 Wipro will develop an online platform “Noomis” for the financial services industry in Brazil.
 Noomis will serve as a meeting point and a discussion platform for the finance professionals in Brazil who
will participate in CIAB, an information technology trade show for financial services organized by
FEBRABAN.
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 Noomis will provide reliable, analytical, and unbiased information via news reports, videos, and newsletters
that will enable participants to stay up to date on financial market trends.
Extra Shots:
Wipro: WIPRO Limited is an Indian multinational corporation that provides information technology, consulting and
business process services.
 CEO: Abidali Neemuchwala (1 Feb 2016–)
 Owner: Azim Premji
SEBI penalises Aurobindo Pharma and promoters for insider trading
 Securities and Exchange Board of India has imposed a penalty of over Rs 22 crore on Aurobindo Pharma and
its promoters.
 They have been penalised for violating insider trading norms.
 The regulator had conducted an investigation into the trading in the scrip of Aurobindo Pharma Ltd.
 SEBI found that these entities purchased shares while in possession of the UPSI pertaining to Aurobindo, and
made unlawful gains from having purchased its shares at a lower price before the publication of the
unpublished price sensitive information (UPSI).
Extra Shots:
Infosys is worlds third best regarded company
 Indian companies Infosys, TCS and HDFC named as in the list of World’s Best Regarded Companies
compiled by Forbes.
 Infosys ranked third in the list of World’s Best Regarded Companies, along with global payments technology
company Visa and Italian car-maker Ferrari on the first and second position respectively.
 The other top ten companies in the list for 2019 are Netflix at the 4th position, followed by PayPal (5),
Microsoft (6), Walt Disney (7), Toyota Motor (8), Mastercard (9), Costco Wholesale (10).
Extra Shots:
Infosys: Infosys Limited is an Indian multinational corporation that provides business consulting, information
technology and outsourcing services.
 CEO: Salil Parekh
ADB cuts India growth forecast to 6.5% for 2019-20
 The Asian Development Bank has slashed its growth forecast for India for fiscal year 2019-20 to 6.5% from
7%.
 The bank lowered the growth rate because of weaker growth in the first quarter due to a slowdown in
consumption and investment activities that hit manufacturing and service sectors.
Page 77 of 118
Extra Shots:
ADB: The Asian Development Bank (ADB) is a regional development bank aimed to promote social and economic
development in Asia.
 Purpose: Economic development
 Headquarters: Mandaluyong, Philippines
 President: Takehiko Nakao
BSNL Super Star 500 Broadband Plan Launched Offers 500GB Data and Hotstar Premium Subscription
 BSNL launched a new Super Star 500 broadband plan that offers 500GB data at up to 50Mbps speed per
month.
 This plan also offers complimentary subscription of Hotstar.
 It is available in two options one is a DSL plan and the other is a Bharat Fibre plan.
 The latter comes with 50Mbps speed, whereas the DSL plan gives subscribers up to 10Mbps data speed.
 The 500GB data FUP, the Internet speed will be reduced to just 2Mbps.
Extra Shots:
BSNL: Bharat Sanchar Nigam Limited is an Indian state-owned telecommunications company.
 CEO: Pravin Kumar Purwar
Facebook plans to invest in tech startups in India
 Facebook is planning to invest in technology start-ups. The minority investment in a company called Meesho,
its first investment globally.
 The second edition of Huddle Kerala 2019 one of Asia’s largest congregations on start-up ecosystem
organized by Kerala Startup Mission (KSUM), Ajit Mohan, vice president and managing director, India.
Extra Shots:
Facebook, Inc. is an American online social media and social networking service company based in Menlo Park,
California.
 Founded: February 2004, Cambridge, Massachusetts, United States
 Headquarters: Menlo Park, California, United States
 Founded: Mark Zuckerberg
 CEO: Mark Zuckerberg
 CFO: David Wehner
New GDP series to align with global method unveiled by the Union Government
 Union government unveiled a linked back-series of India’s growth numbers from 1950-51 to 2003-04, with
2011-12 as the base year with an aim to arrange the GDP (Gross Domestic Products) figures from past years
with the new internationally accepted methodology that facilitates comparisons.
Under IBC, government plans to waive off the debts of small distressed borrowers
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 Corporate Affairs Secretary Injeti Srinivas notified that there are plans to waive off the debts of small
distressed borrowers using the ‘fresh start’ provisions of the Insolvency and Bankruptcy Code (IBC).
 It would be for the most distressed individuals within the economically weaker section (EWS). The waiver
will cost Rs 10,000 crore per annum.
Extra Shots:
IBC: The Insolvency and Bankruptcy Code, 2016 is the bankruptcy law of India which seeks to consolidate the
existing framework by creating a single law for insolvency and bankruptcy
CBSE ties up with Microsoft for capacity building of teachers
The Central Board of Secondary Education (CBSE) has joined hands with American multinational technology
company, Microsoft to incorporate cloud-based technology in high school teachers’ capacity building programs and
teaching. This program, designed for teachers of 8th to 10th grade, will be run in 10 cities across India from
September 11, 2019.
Extra Shots:
CBSE:
 Founded: 2011
 Chairperson: Anita Karwal
Microsoft:
 Founded: April 4, 1975
 Founders: Bill Gates Paul Allen
 Headquarters: Washington, U.S
 Chairman: John W. Thompson
Oct 2019 – Banking, Finance & Economy Current Affairs

SBI becomes first Indian bank to have office in Australia’s Victoria
 The State Bank of India opened its Melbourne office and becoming the first Indian bank to have a branch in
the Australian state of Victoria.
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 The Melbourne office will assist the growing trade and investment relations between Victoria and India and is
the outcome of the state’s 10-year India Strategy.
 This investment by India’s largest commercial bank is a testament to our thriving financial services sector and
our highly skilled workforce.
Extra Shots:
Indian Army and Bank of Baroda signed MoU
 Indian Army and Bank of Baroda entered a Memorandum of Understanding (MoU).
 This MoU lays down the basis on which banking services would be provided by Bank of Baroda to serving
and retired personnel of the Indian Army.
 The MoU was signed by Lt Gen Harsha Gupta, Director General (Manpower and Personnel Services) and
Shri VS Khichi, Executive Director, Bank of Baroda in presence of Shri PS Jayakumar, Managing Director,
Bank of Baroda.
Extra Shots:
Bank of Baroda is an Indian multinational, public sector banking and financial services company. It is owned by
Government of India. It is the second largest public sector bank in India with a business mix of close to US$225
billion. Based on 2019 data, it is ranked 1145 on Forbes Global 2000 list.
 Headquarters: Alkapuri, Vadodara
 CEO: P. S. Jayakumar
 Tagline: India's International Bank
SS Mallikarjuna Rao appointed MD and CEO of Punjab National Bank
 SS Mallikarjuna Rao was appointed as the Managing Director(MD)and Chief Executive of the Punjab
National Bank(PNB).
 He is currently serving as chief executive of the Allahabad Bank.
 He will replace Sunil Mehta of PNB.
Extra Shots:
PNB: Punjab National Bank is an Indian public sector banking and financial service company, with its headquarters
in New Delhi, India.
 Headquarters : New Delhi
 Founded: 19 May 1894
 Founder: Dyal Singh Majithia and Lala Lajpat Rai
 Tagline: The name you can bank upon
 CEO: Sunil Mehta
Axis Bank launches short-term online fixed deposits “Express FD”
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 Axis Bank, India’s third-largest private sector bank has launched the ‘Express FD’, a digital fixed deposit
(FD) product that allows a customer to open an FD account in 3 minutes through the digital mode without
opening a savings account with the bank.
 ‘Express FD’ offers attractive interest rates, zero issuance fees and no penalty on pre-mature withdrawal of up
to 25% of the amount, the bank said.
 A customer can open an Express FD account by investing a minimum Rs 5,000 up to Rs 90,000, for a tenure
of 6 to 12 months.
Extra Shots:
Axis Bank is the third-largest bank in India offering a wide assortment of financial products. The bank has its head
office in Mumbai, Maharashtra. It has 4,050 branches, 11,801 ATMs and 4,917 cash recyclers spread across the
country as of 31 March 2019 and nine international offices.
 CEO: Amitabh Chaudhry
 Tagline: Badhti Ka naam Zindagi
RBI reduces repo rate by 25 basis points in 4th Bi-monthly Monetary Policy
 In its 4th Bi-monthly Monetary Policy Committee meeting, the Reserve Bank of India has reduced the policy
repo rate by 25 basis points (bps).
 The MPC has also decided to maintain the accommodative stance of monetary policy.
 RBI has revised the GDP outlook for 2019-20 to 6.1%, from 6.9% in previous Monetary Policy committee
meet.
 For 2020-21, RBI has revised the GDP outlook to 7.2%.
RATE CURRENT RATE
Repo Rate 5.15%
Reverse Rate 4.90%
Marginal Standing Facility 5.40%
(MSF)
Bank Rate 5.40%
GDP (2019-20) 6.1%
Extra Shots:
Indian rupee.
UCO Bank launches UCash, Digilocker and an App
 UCO Bank has launched three new digital products called, UCash, Digilocker and an app in Kolkata, West
Bengal.
 A new current account facility has also been launched by the bank.
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 UCash enables customers to withdraw money from ATMs through mobile banking without using a debit card.
 Digilocker aims to eliminate the use of physical documents and enables sharing of verified electronic
documents.
 The third product, the new mobile app, integrates four existing apps of the bank – UCO Mbanking, UCO UPI,
UCO Mpassbook and UCO Secure- in a single interface.
Extra Shots:
UCO Bank, formerly United Commercial Bank, established in 1943 in Kolkata, is a major government-owned
commercial bank of India. During FY 2013-14, its total business was Rs 4.55 lakh crore. Based on 2014 data, it is
ranked 1860 on Forbes Global 2000 List.
 CEO: Atul Kumar Goel
 Founder: Ghanshyam Das Birla
Bandhan Bank and Gruh Finance to merge on 17 October
 Kolkata-based Bandhan Bank and Ahmedabad-based Gruh Finance announced that it will be merged on 17
October 2019.
 The National Company Law Tribunal (NCLT) has cleared the scheme of amalgamation for the merger.
 The scheme has been approved by NCLT's Kolkata and Ahmedabad benches.
 The merger aims to help the Bandhan Bank diversify its loan portfolio of Rs.45,400 crore.
 Currently, it is heavily skewed towards microloans with 85% share.
 Gruh Finance is the housing finance arm of HDFC Ltd. It has a loan portfolio of Rs.17,700 crore.
Extra Shots:
Bandhan Bank Ltd. is an Indian banking and financial services company headquartered in Kolkata, West Bengal.
Bandhan Bank is present in 34 out of 36 states and Union Territories of India.
 CEO: Chandra Shekhar Ghosh
 Founder: Chandra Shekhar Ghosh
RBI announces the NEFT fund transfer to be available round the clock
 Reserve Bank of India (RBI) said that the online money transfer through National Electronic Funds Transfer
(NEFT) will be available 24x7 from now onwards.
 The announcement was made by the six-member Monetary Policy Committee (MPC) of RBI.
 In August 2019, RBI in its August Monetary Policy Review meets had announced round-the-clock availability
of NEFT payment system from December 2019.
Extra Shots:
Indian rupee.
Page 82 of 118
YES Bank plans to raise $1 billion by December through rights issue

 YES Bank is looking at raising $1-1.2 billion by December through a fully underwritten rights issue to bank
received interest from both global private equity players and Indian family offices.
 The potential investors may be picking up a stake in the bank ahead of the rights issue in the open market.
 It is learned that investor interest garnered by the bank is over $2 billion, which is nearly twice as much
capital as what it plans to raise.
Extra Shots:
YES Bank: Yes Bank Limited is an Indian private sector bank. It primarily operates as a corporate bank, with retail
banking and also asset management as subsidiary functions.
 CEO: Ravneet Gill
 Founders: Rana Kapoor, Ashok Kapur
SBI launches debit card EMI on POS loans for consumer durables
 State Bank of India launched a debit card EMI facility under which consumers can opt for monthly
installment tenure of 6 to 18 months.
 The installments will begin a month after the transaction is complete.
 The customers having a clean financial and credit history are eligible for availing the loans.
Extra Shots:
RBI rejects Indiabulls Housing & Lakshmi Vilas Bank merger deal
 The Reserve Bank of India has rejected the merger proposal of Indiabulls Housing Finance and Lakshmi Vilas
Bank.
 RBI has rejected the application for voluntary amalgamation of Indiabulls Housing Finance Ltd. and
Indiabulls Commercial Credit Ltd. with the Lakshmi Vilas Bank Ltd.
 The merger was crucial for Lakshmi Vilas Bank as it is now under the prompt corrective action framework of
the RBI due to a high level of bad loans and insufficient capital.
Exra Shots:
Indian rupee.
Page 83 of 118
Lakshmi Vilas Bank Limited was founded in 1926 by a group of seven businessmen of Karur under the leadership
of Shri V.S.N. Ramalinga Chettiar.
 Founded: 1926
Indiabulls Housing Finance Limited is a mortgage lender which is headquartered in New Delhi, India. It is India's
second largest housing finance company and is regulated by the National Housing Bank.
 Headquarters: Gurugram
RBI approves merger of DCBs to form ‘Kerala Bank’
 The Reserve Bank of India has given the go-ahead to the Kerala government to amalgamate 13 district
cooperative banks (DCBs) with the Kerala State Cooperative Bank to form the proposed “Kerala Bank”.
 Except the Malappuram District Cooperative Bank, all district banks had approved the scheme of
amalgamation proposed by the State government at their respective general body meetings.
Exra Shots:
Indian rupee.
Deputy Governors: B P Kanungo, M K Jain, N S Vishwanathan
Bank of Maharashtra reduces MCLR by 0.10 percent
 State-owned Bank of Maharashtra announced a cut in its marginal cost of funds based lending rates (MCLR)
by 0.10% across tenors on 10 October.
 After the rate cut, the benchmark one-year MCLR will now be priced at 8.40% with effect from 8 October
2019.
 The other tenors from overnight to 6-months have been slashed by an equal measure in the range of 8.05%-
8.30%.
Extra Shots:
Bank of Maharashtra is a major public sector bank in India. Government of India holds 87.74% of the total shares.
 Headquarters: Pune
 CEO: A. S. Rajeev
 Tagline: One Family One Bank
Life Insurance Council plan to launch life insurance industry’s first joint mass media campaign ‘Sabse Pehle
Life Insurance’
 Life Insurance Council has decided to launch the Indian life insurance industry’s first joint mass media
campaign with the slogan ‘Sabse Pehle Life Insurance’.
 The slogan will encourage Indian households to opt for adequate life insurance cover as the fundamental
necessity in their lives.
 The life insurance council’s campaign represents joint efforts of all 24 Indian life insurance companies who
are working towards creating a common narrative aimed at increasing life insurance awareness in the country.
Page 84 of 118
Extra Shots:
LIC: Life Insurance Corporation of India is an Indian State owned insurance group and investment corporation
owned by the Government of India. The Life Insurance Corporation of India was founded in 1956 when the
Parliament of India passed the Life Insurance of India Act that nationalised the insurance industry in India.
 Chairman: M R Kumar
ICICI Bank launches new FD scheme “FD health”
 ICICI Bank has launched a fixed deposit scheme called FD Health, that comes with an in-built critical
insurance policy.
 The FD Health – Critical illness Cover will be provided to only the primary holder of the FD account.
 Anyone in the age bracket of 18-50 years, gets this complimentary insurance cover for a year on 33 critical
illnesses.
 For the first year, free of cost insurance cover will be provided which can be renewed later.
 The new FD scheme from ICICI bank offers a complimentary critical illness cover of Rs. 1 lakh from ICICI
Lombard General Insurance Company on opening an FD of Rs. 2 lakh to Rs. 3 lakh for a tenure of at least two
years.
 The critical illness cover will be available on Cumulative FDs opened for a period of a minimum of 2 years.
Extra Shots:
ICICI: ICICI Bank Limited is an Indian multinational banking and financial services company. ICICI Bank is the
second largest bank in India in terms of assets and market capitalisation.
 Founder: Industrial Credit and Investment Corporation of India
 MD & CEO : Sandeep Bakhshi.
 Tagline: Hum Hai Na, Khyal Apka.
RBI issues guidelines on 'on tap' authorisation on payment systems, stipulating minimum net worth
 With an aim to encourage innovation and competition, the Reserve Bank of India (RBI ) has issued guidelines
on 'on tap' authorisation of payment systems.
 This includes minimum networth terms for various companies.
 RBI has decided to introduce the ever-open facility of application for license to operate Bharat Bill Payment
Operating Unit (BBPOU), Trade Receivables Discounting System (TReDS) and White Label ATM
(Automated Teller Machine).
Exra Shots:
Indian rupee.
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For the 1st time, Home Credit India (HCIN) join hands with KVB for joint lending
 Home Credit India (HCIN), a leading consumer durable loan provider, for the first time joined hands with one
of the oldest banks in India , Karur Vysya Bank (KVB) for offering joint lending. Under the partnership,
Home Credit and KVB will be jointly providing the loan as a single amount to the customer.
 End-to-end automated processing is the special feature of this tie-up by which the customer gets real-time
approval and disbursement.
Exra Shots:
KVB: Karur Vysya Bank is an Indian 100 years completed bank and is one of the leading banks in India
 Founder: M. A. Venkatarama Chettiar and Athi Krishna Chettiar
 Headquarters: Karur in Tamil Nadu
 Additional Director of the Bank: Shri K.K. Balu
No charges on digital payments to large businesses with an annual turnover over Rs 50 crore from Nov 1, 2019
 The Ministry of Finance notified that banks will not levy charges or merchant discount rate (MDR) on digital
payments to the customers or merchants of the businesses with an annual turnover of more than Rs 50 crore
from 1 November 2019.
 This move is to encourage digital payments and they will have to mandatorily offer electronic mode of
payments to their customers from the said date.
Exra Shots:
 Mobile payments have witnessed a major shift in the past five years with the proliferation of payments like
UPI, mobile wallets, Bharat Interface for Money (BHIM), BharatQR and Unstructured Supplementary Service
Data (USSD), it said.
 The Reserve Bank of India has forecast an outcome of 50 per cent increase in mobile-based payment
transactions as per its '2021 vision document'.
 This shift can be attributed to driving factors such as robust payment infrastructure, evolution of form factor .
GeM and Federal Bank tied up for payment-related services
 A Memorandum of Understanding (MoU) was signed between Government e-Marketplace (GeM) and
Federal Bank to offer a number of services including transfer of funds through GeM Pool Accounts (GPA),
advising of Performance Bank Guarantees (e-PBG) and Earnest Money Deposit (EMD) to the registered users
on the portal. It will facilitate a cashless, paperless and transparent payment system.
 This will help the MSMEs (Micro, Small and Medium Enterprises) to access easy credit and do better
business with the government.
Exra Shots:
Federal Bank: Federal Bank is a Private Sector, scheduled commercial bank in India.
 Founded: 23 April 1931 (as Travancore Federal Bank) 02 December 1949 (Federal Bank)
 Founder: K.P Hormis
 Headquarters: Aluva, Kochi
 MD & CEO: Shyam Srinivasan
Pune headquartered Bajaj Finance overtook SBI in market capitalization
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 Bajaj Finance Ltd based at Pune, Maharashtra, has surpassed India’s largest bank, the State Bank of India
(SBI) for the first time, in terms of market capitalization.
 The market capital of Bajaj Finance stood at Rs 2.32 lakh crore while it was Rs 2.28 lakh crore for SBI.
Extra Shots:
Aditya Birla Finance & Indian Dental Association (IDA) join hands to provide monthly EMI for dental
patients
 A leading well-diversified financial services company, Aditya Birla Finance Limited (ABFL) has signed a
partnership agreement with Indian Dental Association (IDA) to offer EMIs (equated monthly installments) for
patients getting dental treatments, during 11th world dental show 2019 held in Mumbai, Maharashtra.
Extra Shots:
Maharashtra:
 Capital: Mumbai
 Chief Minister: Devendra Fadnavis
 Governor: Bhagat Singh Koshyari
 National Parks: Chandoli National Park, Nawegaon National Park, Gugamal National Park, Pench National
Park, Sanjay Gandhi (Borivilli) National Park, Tadoba National Park
 Wildlife Sanctuaries: Amba Barwa WLS, Bor WLS, Great Indian Bustard WLS,
 Lonar WLS, Melghat WLS, Gangewadi New Great Indian Bustard WLS, etc.
Farmers get lower share of consumers’ rupee for perishables: RBI's Supply chain dynamics and food inflation
in India survey 2019
 As per the Reserve Bank of India’s (RBI) Supply Chain Dynamics and Food Inflation in India survey 2019
carried out across 18 states, Indian farmers get average share in the consumers’ rupee in the range between 28
% and 78 % across 14 crops, with a lower share in the case of perishables (particularly, vegetables like potato
and onion) and higher share in case of non- perishables (such as oilseeds and spices).
Extra Shots:
Indian rupee.
PayPal & Synchrony tied up to launch co-branded Venmo’s first credit card
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 PayPal Holdings Inc and Synchrony partnered to launch co-branded Venmo’s first credit card. Synchrony will
become the exclusive issuer of a Venmo co-branded consumer credit card in the United States (US). It is
expected to be launched in the second half of 2020.
Extra Shots:
PayPal Holdings Inc. is an American company operating a worldwide online payments system that supports online
money transfers and serves as an electronic alternative to traditional paper methods like checks and money orders.
 CEO: Daniel Schulman
 Founders: Elon Musk, Peter Thiel, Yu Pan, Max Levchin, Ken Howery, Luke Nosek
Bajaj Allianz Life launches first of its kind video calling service in the insurance industry called ‘i- SERV’
 Bajaj Allianz Life Insurance launched a first-of-its-kind video calling service within the life insurance
industry called i-SERV to enhance the customer experience and provide resolutions to the queries of its
customers.
 This service is available to customers across 125 Bajaj Allianz Life branches in 112 cities.
Extra Shots:
 Bajaj Allianz Life Insurance is a joint venture between Bajaj Finserv Limited (formerly part of Bajaj Auto
Limited) owned by the Bajaj Group of India and Allianz SE, a European financial services company.
 Being one of the private insurance companies in India, it offers insurance products for financial planning and
security
 Founded: 12 March 2001
 Headquarters: Pune, India.
 MD & CEO: Tarun Chugh
SBI & Pine labs join hands to provide monthly EMI for debit card customers
 Pine Labs,an Indian merchant platform company has joined hands with Indian multinational, public sector
bank, State Bank of India (SBI) to offer EMIs (equated monthly instalments) for debit card transactions.
 The tie-up will enable SBI to widen its EMI facility at the Pine Labs Point-of- Sales (PoS) terminals at more
than 40,000 merchants across over 1,500 cities.
Extra Shots:
India's revenue growth in banking sector dropped from 22% to 10.3%: McKinsey's Global Banking Annual
Review 2019
 McKinsey & Company released its Global Banking Annual Review 2019.
 According to the report, Indian revenue growth within India’s banking sector reduced from 22% (2002-07) to
10.3% (2010-18).
 Indian banks experienced a dramatic drop in ‘return on tangible equity’ from 17.7% in 2013 to 2.3% in 2018.
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Extra Shots:
McKinsey & Company is an American worldwide management consulting firm, publishes reports on management
topics, and has authored influential books on management.
 Founded: 1926; 93 years ago
 Founder: James O. McKinsey
 Headquarters: New York City, New York, United States
 Global Managing Partner: Kevin Sneader
RBI stopped printing Rs.2000 currency notes
 The Reserve Bank of India (RBI) has announced that it has stopped the printing of Rs.2,000 currency notes.
 The Central Bank also revealed that not even a single Rs.2,000 note had been printed in the current financial
year, FY 2019-20.
 RBI said that the high circulation of Rs.2,000 notes will defeat the government's motive as smuggling the
high-denomination notes are easier.
Extra Shots:
2000 Notes:
 Color: Magenta
 Obverse design: Mahatma Gandhi
 Reverse design: Mars Orbiter Mission
 Dimensions: 66 X 166 mm²
Indian rupee.
SBI Card launches contactless mobile phone payments facility
 SBI Card announced the launch of ‘SBI Card Pay’, a feature which allows contactless payment using mobile
phones at PoS terminals.
 Using SBI Card Pay, customers can make contactless payments at near field communication (NFC) enabled
point of sale terminals with just one tap of their mobiles, without using the physical credit card or entering any
PIN.
 SBI Card Pay is a payment feature based on Host Card Emulation (HCE) technology for faster, convenient
and more secure card payments using mobile phones.
Extra Shots:
Page 89 of 118

Vreedhi Financial Services receives an NBFC licence from RBI
 Vreedhi Financial Services (VFS) has secured a non-banking finance company licence from the Reserve Bank
of India.
 It’s objective is to provide credit and other services to micro-enterprises operating in tier two-three cities and
small towns.
 The company will create a digital lending model by the next financial year.
 It will address the gap between the addressable and viable credit in the micro-enterprises space which is $123
billion as per the study conducted by the International Finance Corporation (IFC).
Extra Shots:
Indian rupee.
IOB launches health care plus insurance policy
 Indian Overseas Bank (IOB) in association with Universal Sompo General Insurance Co Ltd. has launched
upgraded health care plus insurance policy.
 It is a co-branded insurance scheme exclusively designed for IOB customers with a sum insured starting from
Rs 50,000 and going up to Rs 15 lakh.
 The policy issuance will be made on a real-time basis at the IOB branches to its customers.
 Self, spouse, dependent children, dependent parents can be covered under the policy.
Extra Shots:
IOB: Indian Overseas Bank is a major public sector bank based in Chennai, India, with about 3,400 domestic
branches, about 6 foreign branches and representative office.
 MD & CEO: Karnam Sekar
 Headquarters: Chennai, Tamil Nadu
 Tagline: Good people to grow with
RBI Fined Rs 35 lakh penalty on Tamilnad Mercantile Bank
 The Reserve Bank has imposed a penalty of Rs 35 lakh on Tamilnad Mercantile Bank for violating norms on
fraud classification and notification.
 It stated that the bank has been penalized for non-compliance with certain provisions of directions issued by
RBI on fraud classification and reporting by commercial banks and select FIs directions 2016.
Extra Shots:
Indian rupee.
Page 90 of 118
Tamilnad Mercantile Bank Limited is a bank headquartered at Thoothukudi, Tamil Nadu, India. TMB was founded
in 1921 as the Nadar Bank, but changed its name to Tamilnad Mercantile Bank in November 1962 to widen its appeal
beyond the Nadar community.
 Headquarters location: Thoothukudi
 CEO: K V Rama Moorthy
 Founded: 11 May 1921
Government launched the DIN system of CBDT

 Ministry of Finance has launched the Documentation Identification Number (DIN) system of the Central
Board of Direct Taxes (CBDT) on 1 October 2019.
 On the day of launching, about 17,500 communications with DIN were generated.
 DIN system has been created as per the direction of Finance Minister Ms. Nirmala Sitharaman.
 The introduction of DIN will make every CBDT communication to have a documentation identification
number.
 The DIN system is expected to ensure greater accountability and transparency in tax administration.
Extra Shots:
BSE partners with Ficci to enhance the MSME sector
 Bombay Stock Exchange (BSE) partnered with the Federation of Indian Chambers of Commerce & Industry
(Ficci) to promote Udyam Saathi and Udyam Sakhi initiatives in order to foster the micro, small and medium
enterprises (MSMEs) sector.
 The partnership aims to enhance MSME and startup environment.
 BSE along with Ficci organized a session to identify gaps in the existing policies and make suggestions for
robust policies.
 The MSMEs presented new ideas and suggestions at the session.
Extra Shots:
BSE: The BSE SENSEX is a free-float market-weighted stock market index of 30 well-established and financially
sound companies listed on Bombay Stock Exchange. BSE (formerly known as Bombay Stock Exchange Ltd.) is
Asia's first stock exchange.
 Location: Mumbai, Maharashtra, India
 Chairman: Sethurathnam Ravi
Google partners with the government for the Crafted in India project
 Google Arts & Culture’s new project Crafted in India was unveiled on 7 October.
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 For this Google has partnered with the Ministry of Tourism, Dastkari Haat Samiti, and 20 other cultural
institutions for the project.
 Crafted in India project aims to showcase the county's rich handicraft heritage.
 This will also make it accessible for the world to experience Indian crafts.
Extra Shots:
Crafted in India:
 Crafted in India is the largest online exhibition on Indian Crafts.
 Over 50 of India's crafts will now be available in Crafted in India.
Google LLC is an American multinational technology company that specializes in Internet-related services and
products, which include online advertising technologies, search engine, cloud computing, software, and hardware. It
is considered one of the Big Four technology companies, alongside Amazon, Apple, and Facebook.
 Founders: Larry Page, Sergey Brin Trending
 Parent organization: Alphabet Inc.
CBDT launches Faceless e-Assessment scheme
 The Central Board of Direct Taxes has launched “Faceless e-Assessment scheme” that eliminates physical
interface between an assessing officer and an assessee.
 They also inaugurated the National e-Assessment Centre (NeAC).
 The “Faceless e-assessment scheme” is expected to bring in a “paradigm shift” in taxation by eliminating
human interface in the income tax assessment system.
Extra Shots:
 Chairman of CBDT: P.C. Mody
Reliance MF renamed as “Nippon India Mutual Fund”
 Reliance Mutual Fund has been renamed as “Nippon India Mutual Fund“.
 The organization was renamed following the purchase of 75% stake in Reliance Nippon Life Asset
Management by Nippon Life Insurance.
 Nippon India Mutual Fund has become the largest foreign-owned Asset Management Company in India.
 Sundeep Sikka will continue to lead company as the CEO.
Infosys bags digital transformation services deal from Volvo
 Infosys has been selected as the main supplier to deliver Volvo Cars’ digital transformation services for its
enterprise digital commercial operations applications and products.
 Infosys will offer next generation application services leveraging its global delivery model (GDM), agile
delivery, automation and other service optimisation levers to deliver effective service operations.
 Based on the Scale Agile Framework (SAFe), Infosys will enable transformation of application management
and application development deliveries to a 100% agile operating model.
Extra Shots:
Infosys Limited is an Indian multinational corporation that provides business consulting, information technology and
outsourcing services.
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 CEO: Salil Parekh
PayPal exits Facebooks Libra cryptocurrency
 Payment service provider PayPal dropped out of Facebook’s Libra cryptocurrency.
 It has become the first company to exit the Libra Association.
 The reason cited was the project continues to face queries from regulators around the world.
Extra Shots:
PayPal Holdings Inc. is an American company operating a worldwide online payments system that supports online
money transfers and serves as an electronic alternative to traditional paper methods like checks and money orders.
 CEO: Daniel Schulman
 Founders: Elon Musk, Peter Thiel, Yu Pan, Max Levchin, Ken Howery, Luke Nosek
Facebook, Inc. is an American online social media and social networking service company based in Menlo Park,
California.
 Founded: February 2004, Cambridge, Massachusetts, United States
 Headquarters: Menlo Park, California, United States
 CFO: David Wehner
 CEO: Mark Zuckerberg
Moody’s cuts India’s GDP growth forecast to 5.8% for FY20
 Moody, the rating agency has lowered its 2019-20 GDP growth forecast for India to 5.8% from 6.2%.
 It stated that the Indian economy is experiencing a pronounced slowdown partly due to long-lasting factors.
Extra Shots:
Moody's Corporation, often referred to as Moody's, is an American business and financial services company.
 Founded: 1909
 Founder: John Moody
 Headquarters: 7 World Trade Center, New York City, United States
 CEO: Raymond W. McDaniel Jr.
Oracle opens first India data centre in Mumbai
 Oracle unveiled its first India data centre in Mumbai followed by another one in Hyderabad early next year.
 This aggressive expansion is in line with Oracle’s plans to add 20 new Gen 2 Cloud data centres globally by
the end of 2020.
 Indian data centre already become the fastest growing cloud data centre for Oracle globally even as the
company officially opened it up for all customers.
Extra Shots:
Oracle Corporation is an American multinational computer technology corporation headquartered in Redwood
Shores, California. The company sells database software and technology, cloud engineered systems, and enterprise
software products—particularly its own brands of database management systems.
 Founders: Larry Ellison, Bob Miner, Ed Oates
 Headquarters: California, United States
 CEO: Mark Hurd
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10th National Cultural Festival begins in Madhya Pradesh

 10th edition of the Rashtriya Sanskriti Mahotsav-National Cultural Festival is being organized by the Union
Ministry of Culture from 14th to 21st of October under the ‘Ek Bharat, Shreshtha Bharat’ campaign in
Madhya Pradesh.
 The National Cultural festival will display diverse forms of folk, art and culture of 22 states.
 The concept of National Cultural Festival was conceived in the year 2015.
Extra Shots:
Madhya Pradesh:
 Capital: Bhopal
 Chief Minister: Kamal Nath
 Governor: Lalji Tandon
 National Park: Bandhavgarh NP, Fossil NP, Kanha NP, Madhav NP, Panna NP, Pench NP, Sanjay NP,
Satpura NP
Pope Francis elevates Indian nun Mariam Thresia to sainthood
 Indian nun Mariam Thresia from Kerala and four other nuns were declared Saints by Pope Francis at a grand
ceremony at the Vatican City.
 The other four nuns are English Cardinal John Henry Newman, Swiss laywoman Marguerite Bays, Brazilian
Sister Dulce Lopes and Italian Sister Giuseppina Vannini.
Extra Shots:
Vatican City, a city-state surrounded by Rome, Italy, is the headquarters of the Roman Catholic Church.
 Capital and largest city: Vatican City
 Currency: Euro (€) (EUR)
 Official language: Italian
PM Modi launches commemorative stamp to honour Marshal of IAF Arjan Singh
 Prime Minister Narendra Modi released a commemorative stamp in honour of Marshal of the Indian Air Force
late Arjan Singh.
 He served as the Chief of Air Staff from August 1964 to July 1969. Government of India designated him as
the Marshal of the Air Force in January 2002.
 He remains the only officer of the IAF to be given a Five-Star rank.
 Arjan Singh is an icon of Indian military history and the best remembered for providing excellent leadership
to a young IAF during the 1965 war.
 Even after retirement, he continued to serve in various positions including India’s Ambassador to several
countries.
Extra Shots:
IAF: The Indian Air Force is the air arm of the Indian Armed Forces. Its complement of personnel and aircraft assets
ranks fourth amongst the air forces of the world. Its primary mission is to secure Indian airspace and to conduct aerial
warfare during armed conflict.
 Founded: 8 October 1932;
 Headquarters: New Delhi.
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 Motto: Touch the sky with glory.

India to have first Olympic Hospitality House in Tokyo
 JSW and the Indian Olympic Association (IOA) announced the launch of the India House that will be
constructed in Tokyo for the 2020 Olympics.
 The media persons here that the initiative is aimed at creating a home away from home for Indian athletes and
fans who will be travelling to Japan during the multisport event.
Extra Shots:
Tokyo Metropolis, is one of the 47 prefectures of Japan. As of 2018, the Greater Tokyo Area ranked as the most
populous metropolitan area in both Japan and the world.
 Country: Japan
 Capital: Tokyo
 National language: Japanese
 Currency: Yen (¥) / En 円 (JPY)
NITI Aayog plans to attract 2 lakh foreign students
 The policy think tank of the Indian government NITI Aayog has decided to create Exclusive Education Zone
(EEZ), an action plan to make India an education hub to attract 2 lakh foreign students annually from 2023.
 The decision was announced at a multi-ministerial meeting hosted by NITI Aayog vice-chairman Rajiv
Kumar.
 The proposal aims to increase the growth in the inflow of foreign students.
 It has also proposed to float the idea of a single authority to deal with the issue.
 NITI Aayog also proposed the idea to allow foreign universities to set up their campuses in India.
Extra Shots:
NITI Aayog: The NITI Aayog is a policy think tank of the Government of India, established with the aim to achieve
Sustainable Development Goals.
 Formed: 1 January 2015
 CEO: Amitabh Kant
 Chairman: PM Narendra Modi
 Vice-Chairman: Rajiv Kumar
Italy to introduce 3% web tax on digital giants from 2020

 As a part of the 2020 draft budget, Italy approved to levy 3% web tax for internet transactions on digital giants
like Facebook, Google and Amazon, including United States giants from 2020.
 This plan is expected to yield about 600 million euros ($662 million) per annum.
 It is in line with proposals from the Organisation for Economic Co-operation and Development (OECD).
Extra Shots:
Italy is a European country consisting of a peninsula delimited by the Alps and surrounded by several islands.
 Capital: Rome
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 Language: Italian
 Currency: Euro (€)b (EUR)
RIL becomes the first Indian company to have a market cap of over Rs 9 lakh crore
 Mukesh Ambani-led Reliance Industries Limited (RIL) has become the first Indian company to have a market
capitalization (m-cap) of Rs 9,00,666 crore.
 RIL's stock rose 1.76% during early trading and reached the level of Rs.1420.75.
 Earlier in August 2018, Reliance had set the record of the first company in the country to touch the market
capitalization level of Rs 8 lakh crore.
Extra Shots:
Reliance Industries Limited (RIL) is an Indian multinational conglomerate company
 Founded: 8 May 1973; 46 years ago
 Founder: Dhirubhai Ambani and Champaklal Damani
 Headquarters: Mumbai, Maharashtra, India.
 Chairman & MD: Mukesh Ambani
Mastercard in collaboration with MS Dhoni launched an initiative titled “Team Cashless India”
 A technology company in the global payments industry, Mastercard in collaboration with Indian cricketer
Mahendra Singh Dhoni launched a nationwide initiative titled “Team Cashless India” to boost digital
payments.
 The campaign encourages all Indian citizens to nominate 1 or more merchants who currently do not accept
digital payments at their firms/stores.
 The nominated merchants will get support to install digital payments acceptance infrastructure.
Extra Shots:
Mastercard Incorporated (stylized as MasterCard from 1979 to 2016 and mastercard from 2016) is an American
multinational financial services corporation
 Founded: 1966; 53 years ago(as Interbank Card Association), 1979; 40 years ago(as Mastercard)
 Headquarters: Mastercard International Global Headquarters, Purchase, New York, U.S.
 President and CEO: Ajaypal Singh Banga
 Chairman: Richard Haythornthwaite
UNCTAD along with ESCAP released Asia-Pacific Trade and Investment Report 2019
 United Nations Conference on Trade and Development (UNCTAD) along with the Economic and Social
Commission for Asia and the Pacific’s (ESCAP) collaboration, released the Asia-Pacific Trade and
Investment Report 2019 (APITR).
 The report is published biennially to provide information on the impacts of recent and emerging developments
in trade and Foreign Direct Investment(FDI) on countries to achieve sustainable development.
 The theme of APITR 2019 is “Navigating Non-Tariff Measures (NTMs) towards Sustainable Development”.
Extra Shots:
UNCTAD
 Headquarters location: Geneva, Switzerland
 Head: Mukhisa Kituyi
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 Formation: 30 December 1964; 54 years ago

 Founder: United Nations General Assembly
ESCAP
 Headquarters location: Bangkok, Thailand
 Head: Armida Alisjahbana
 Parent organization: United Nations Economic and Social Council
 Founded: 28 March 1947
 Formation: 28 March 1947; 72 years ago
IMF revises India’s GDP forecast to 6.1% from previous 7.3%
 International Monetary Fund (IMF) downgraded India’s Gross Domestic Product(GDP) growth forecast to
6.1% for the year 2019 from its previous estimate of 7.3% as per the IMF’s World Economic Outlook(WEO)
report.
 IMF also projected India’s growth forecast for 2020 at 7%.
 Despite India’s GDP being lowered for 2019, it still retained its rank as the world's fastest-growing major
economy, tying with China.
Extra Shots:
IMF
 Managing Director: Kristalina Georgieva
 Chief Economist: Gita Gopinath
Poverty rate halves in India after 1990s: World Bank
 As per the World bank (WB), India has halved its poverty rate since the 1990s, the situation has improved
significantly and has achieved economic growth rate of over 7 percent in the last 15 years.
 Along with this, there are many challenges in the path of development journey of the country that it will have
to improve the efficiency of resources for this
Extra Shots:
World Bank is an international financial institution that provides loans and grants to the governments of poorer
countries for the purpose of pursuing capital projects.
It comprises two institutions: the International Bank for Reconstruction and Development, and the International
Development Association.
 Membership: 189 countries (IBRD); 173 countries (IDA)
 Parent organization: World Bank Group
 Founded: 1944
United Bank of India partners Srei Equipment Finance to offer loans under a co-lending program
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 In a bid to provide loans to the retail customers and MSMEs, the United Bank of India has joined hands with
the Srei Equipment Finance Limited — a wholly-owned subsidiary of Srei Infrastructure Finance Limited to
jointly offer loans to MSME sector and retail customers under a co-lending arrangement
Extra Shots:
UBI was the result of the merger in 1950 of four Bengali banks: Comilla Banking Corporation (founded by Narendra
Chandra Dutta in 1914 in what is now Bangladesh), Bengal Central Bank (founded by Sri J.C. Das in 1918), Comilla
Union Bank (founded by Shri Indu Bhusan Dutta (IAS), in 1922) and Hooghly Bank (founded by Sri D.N.
Mukherjeee 1932)
 Founded: 1950; 69 years ago
 Founder: Narendra Chandra Dutta
 Headquarters: Kolkata, India
 MD & CEO: Ashok Kumar Pradhan
Poverty rate halves in India after 1990s: World Bank
 As per the World bank (WB), India has halved its poverty rate since the 1990s, the situation has improved
significantly and has achieved economic growth rate of over 7 percent in the last 15 years.
 Along with this, there are many challenges in the path of development journey of the country that it will have
to improve the efficiency of resources for this
Extra Shots:
World Bank is an international financial institution that provides loans and grants to the governments of poorer
countries for the purpose of pursuing capital projects.
It comprises two institutions: the International Bank for Reconstruction and Development, and the International
Development Association.
 Membership: 189 countries (IBRD); 173 countries (IDA)
 Parent organization: World Bank Group
 Founded: 1944
IMF cuts World and India growth rates

 The World Bank-International Monetary Fund (IMF) annual meetings kicked off on a somber note, with the
IMF downgrading global growth in 2019 to 3%, the slowest since the global financial crisis.
 India’s growth projections have also been downgraded to 6.1% and 7.0% in 2019 and 2020 respectively.
Extra Shots:
IMF: The Supreme Court of the Republic of Singapore is one of the two tiers of the court system in Singapore.
 Managing Director (MD): Kristalina Georgieva
 Chief Economist: Gita Gopinath
Page 98 of 118
CCI approves Kora to invest on Edelweiss Securities

 The Competition Commission of India (CCI) approved the Kora Master Fund LP investment of $75 million
up to 10% in Edelweiss Securities Ltd.
 US-based Kora signed an agreement with Edelweiss in August 2019.
 As per the share subscription agreement, Kora is to invest in Edelweiss Securities Ltd (ESL) and Edelweiss
Global Investment Advisory (EGIA) business subsidiaries.
 Kora is a foreign portfolio investor.
Extra Shots:
CCI: CCI is responsible to enforce the Competition Act 2002 across India. It aims to prevent activities that will cause
an appreciable adverse effect on competition in India. CCI is a Trade Practices Commission.
 Formed on: 14 October 2003
 Chairman: Vijay Kumar Agarwal
 Secretary: PK Singh
RIL became the 1st Indian company to cross the Rs.9 lakh crore of mcap
 Mukesh Ambani-led Reliance Industries Limited (RIL) became the first Indian company to cross the Rs.9
lakh crore of market capitalization (m-cap).
 It is followed by Tata Consultancy Services (TCS).
Extra Shots:
Reliance Industries Limited is an Indian multinational conglomerate company headquartered in Mumbai,
Maharashtra, India. Reliance owns businesses across India engaged in energy, petrochemicals, textiles, natural
resources, retail, and telecommunications.
 Owner: Mukesh Ambani
IRDAI imposes penalty of Rs 1.01 crore on Cholamandalam MS GIC
 The Insurance Regulatory and Development Authority of India has imposed penalties of Rs 1.01 crore on
Cholamandalam MS GIC.
 The insurer was penalised for violations observed during an inspection.
 The penalty of Rs 1 crore is for violation of Clause 15 of Schedule I of IRDA (Health Insurance) Regulations,
2013 which clearly specifies that no commission shall be payable to any intermediary on the acceptance of a
ported policy.
 The other penalty of Rs 1 lakh is for motor insurance and was for violating the outsourcing guidelines by
agreeing to payment terms not in the interests of the insurer.
Extra Shots:
IRDAI: The Insurance Regulatory and Development Authority of India is an autonomous, statutory body tasked with
regulating and promoting the insurance and re-insurance industries in India.
 Founded: 1999
 Sector: Insurance
 Headquarters: Hyderabad
Page 99 of 118
 Type: Statutory corporation

 Chairperson: Subhash Chandra Khuntia
RIL becomes the world’s sixth largest energy entity with high m- cap
 Mukesh Ambani led-Reliance Industries Ltd (RIL) has become the world’s sixth-largest energy entity with
high market capitalization.
 RIL overtook British oil major BP Plc in terms of market capitalization to become the world’s sixth-largest
energy entity.
 RIL hit a market cap (m-cap) of $130.76 billion on 30 October compared with BP Plc’s $128 billion. The
shares of RIL traded at Rs.1,466 on the BSE.
Extra Shots:
RIL: Reliance Industries Limited is an Indian multinational conglomerate company headquartered in Mumbai,
Nov 2019 – Banking, Finance & Economy Current Affairs
Tripura Gramin Bank in association with Stock Holdings corporation launches e-stamp
counter in Agartala
 Tripura Gramin Bank in association with Stock Holdings corporation Limited (SHCIL) launches e-stamp
counter at the Abhyanagar branch in Agartala.
 The bank is sponsored by United Bank of India and is owned by Government of India ,Tripura Government
and United Bank of India.
 Customers will have to pay 10 rupees for purchasing e- stamps ranging from Rs10 to Rs1000 and Rs20 for
purchasing e -stamps of more than Rs1001.
Extra shots:
Page 100 of 118
Capital- Agartala
Chief Minister: Biplab Kumar Deb
Governor: Ramesh Bias
RBI Tightens liquidity management framework for NBFCs
 In order to strengthen the asset liability management following the liquidity crisis faced by Non banking
financial companies in the past year, RBI has tightened the Liquidity management framework which seeks to
bring in a liquidity coverage ratio of 100% for hem in a phased manner by December 2024.
 RBI extends roll out norms for Liquidity coverage ratio(LCR) to December 2020.
Extra Shots:
 NBFCs with an asset size of Rs 10000 cr and above- maintain 50% of LCR
 With an asset size of 5000- 10000 cr- maintain 30% of LCR and built upto 100% over four years
 Exemption: LCR are exempted to Core Investment companies, small non deposit taking NBFCs , non -
operating financial holding companies and primary dealers.
RBI announces opening of first cohort under the regulatory sandbox
The Reserve Bank of India (RBI) announced the opening of the first cohort under the regulatory sandbox with retail
payments as its theme.
 The adoption of retail payments as the theme is expected to spur innovation in digital payments space and
help in offering payment services to the unserved and underserved segment of the population.
 Migration to digital modes of making a payment can obviate some of the costs associated with a cash
economy and can give customers a friction-free experience.
Ujjivan Small Finance Bank launches Instant Digital Savings and Instant FD Account
 The finance service company, Ujjivan Small Finance Bank(SFB) has launched an instant digital savings
account (SA) along with Fixed Deposit (FD) and Privilege Savings Account to offer distinctive banking and
digital services to its customers.
Instant Digital SA account: This account has the restriction of Rs 1 lakh deposit & has the unlimited free
transactions on the bank’s own ATM (automated teller machine) and 6 free transactions for other bank ATMs per
month.
Instant Fixed Deposit (FD): With interest rate ranging from 5.5% (7days to 29 days) & up to 8.3% (799 days), the
customers can invest in this account up to a maximum of Rs. 1 Lakh without a Savings Account.
Privilege SA: This account comes with the eligibility for a monthly salary of Rs. 30,000 or above /on maintaining a
Monthly Average Balance of Rs 25,000 / opening a Fixed Deposit of Rs. 10 Lakh. It provides a higher accidental
insurance cover of Rs. 2 Lakh.
Extra Shots:
Extra Shots:
Ujjivan Small Finance Bank: Ujjivan Small Finance Bank Limited is a bank licensed under Section 22 of the
Banking Regulation Act, 1949 to carry out small finance bank business in India. The holding company is Ujjivan
Financial Services Limited. The bank commenced operations on 1 February 2017.
 Headquarters location: Bengaluru
 Founder: Samit Ghosh
Page 101 of 118
 Managing Director and Chief Executive Officer: Samit Kumar Ghosh.

RBI Bank increased the withdrawal limit of PMC bank to Rs.50,000 per account
 The Reserve Bank of India (RBI) has increased the withdrawal limit for the customers of Punjab and
Maharashtra Cooperative (PMC) Bank to Rs.50,000 per account.
 The Central Bank made its announcement after reviewing the liquidity position of the Bank and the ability of
the Bank to pay its depositors.
 With this relaxation, more than 78% of the depositors of the Bank will be able to withdraw their entire
account balance.
 This is the fifth time RBI has increased the withdrawal limit since the Bank was placed under its direct control
with an administrator.
Extra Shots:
Indian rupee.
PCM: Punjab & Maharashtra Co-operative Bank Limited also known as PMC Bank, is a Multi-State Co-operative
Bank that began operations in 1983. It has 137 branches spread over half a dozen states of India and nearly 100
branches are in Maharashtra.
Founded: 1983
Exim Bank grants $30 million line of credit to Ghana
 The Export-Import (Exim) Bank has provided a USD 30 million (about Rs 210 crore) line of credit to Ghana
for a potable water project in the country.
 Under the arrangement, financing of export of eligible goods, works and services from India would be
allowed subject to their being eligible for export under the Foreign Trade Policy of India and whose purchase
may be agreed to be financed by the Exim Bank.
 As per the agreement, the terminal utilisation time is 60 months period after the scheduled completion date of
the project.
Extra Shots:
Ghana(Capital/Currency): Accra/ Ghanaian cedi
 President of Ghana: Nana Akufo-Addo
Exim Bank: Export–Import Bank of India is a finance institution in India, established in 1982 under Export-Import
Bank of India Act 1981. Since its inception, Exim Bank of India has been both a catalyst and a key player in the
promotion of cross border trade and investment.
 CEO: David Rasquinha
Banks cannot charge on NEFT transactions from January 2020
Page 102 of 118
 As per the report titled “Furthering Digital Payments” released by the Reserve Bank of India (RBI), With a
view to promoting digital transactions on the 3 anniversary of demonetisation, the Reserve Bank has moved a
proposal in this regard.
 From January 2020, banks can no longer charge savings bank account holders for online transactions in the
NEFT system.
 The Reserve Bank of India (RBI) has now mandated banks to do this.
 RBI stated that it is doing this to promote digital payments.
Extra Shots:
Indian rupee.
Karnataka Gramin Bank initiates ‘mobile ATMs’ in rural areas
 The Karnataka Gramin Bank (KGB) has launched ‘mobile ATMs’ in Kalaburagi, among several other
districts in the Karnataka.
 The special vehicle includes an ATM and a screen to show videos of different banking schemes. The mobile
ATMs will go to the doorsteps of the farmers and make them aware of the banking schemes and digital
operating systems.
 A bank official would be present in the van, who will provide information regarding the digital operating
systems and schemes.
Extra Shots:
Karnataka Gramin Bank
In terms of Gazette Notification, Pragathi Krishna Gramin Bank (Sponsor Bank - Canara Bank) and Kaveri
Grameena Bank (Sponsor Bank - State Bank of India) are being amalgamated and the name of new entity is
Karnataka Gramin Bank (Sponsor Bank - Canara Bank). The effective date of amalgamation is 01-04-2019.
SBI’s economic research team revised India’s FY20 GDP forecast to 5%
 The economic research team from the State Bank of India (SBI) has revised India’s Gross Domestic
Product(GDP) to 5% from its earlier estimate of 6.1% for the Fiscal Year 2020 (FY20).
 This downgrade was due to global slowdown in the index of industrial production (IIP).
 The SBI economic research team group has projected the second quarter (July-September) GDP growth at
4.2% in their report titled “EcoWrap”.
 It expects the growth rate to pick up in FY2021 to 6.2%.
Extra Shots:
State Bank of India: Founded on: As 2 June 1806 (Bank of Calcutta), 15 April 1840 (Bank of Bombay), 1 July
1843 (Bank of Madras), 27 January 1921 (Imperial Bank of India), 1 July 1955 (State Bank of India)
Page 103 of 118

HSBC and RBS to launch new digital banking platforms
 British Investment banking companies HSBC and RBS to launch new digital banking platforms.
 The launch comes to aid the customers digitally in the face of a wave of online startups.
 HSBC launched HSBC Kinetic, a new app-based business banking service.
 It was previously known internally as Project Iceberg. HSBC Kinetic app will provide small businesses
mobile-managed current accounts, overdrafts and spending, and cash flow insights that are generated by the
app crunching data on a company's spending habits.
 RBS is to launch its new digital bank Bo in the month of November 2019. The Bo app aims to encourage
customers to budget and save better.
 It will alert the customers if they overspend.
Extra Shots:
HSBC: HSBC Holdings plc is a British multinational investment bank and financial services holding company. It
was the 7th largest bank in the world by 2018, and the largest in Europe.
 CEO: Noel Quinn
 Headquarters: London, United Kingdom
RBS: The Royal Bank of Scotland, commonly abbreviated as RBS, is one of the retail banking subsidiaries of The
Royal Bank of Scotland Group plc, together with NatWest and Ulster Bank.
 CEO: Alison Rose
 Headquarters: Edinburgh, United Kingdom
 Parent organization: Royal Bank of Scotland Group
India, Russia, China to explore an alternative to SWIFT
 India, Russia, and China have partnered to explore an alternative to the US-dominated Society for Worldwide
Interbank Financial Telecommunication (SWIFT) payment mechanism.
 The move aims to smoothen trade with countries that face American sanctions.
 The countries have decided to link Russia's Financial messaging system of the Bank of Russia (SPFS) with
the Chinese cross-border interbank payment system Chartered Institute of Procurement & Supply (CIPS).
 As India does not have a domestic financial messaging system, it plans to link the Central Bank of Russia's
platform with a service that is being developed.
 The new payment system will work as a gateway model when messages on payments are transcoded in
accordance with a certain financial system.
 It is expected that the proposed alternative to the SWIFT financial payment mechanism could be on the
agenda of the BRICS Summit in Brasilia.
Extra Shots:
China (Capital/Currency): Beijing/Renminbi
 President: Xi Jinping
Page 104 of 118
Russia (Capital/Currency): Moscow/Ruble

 Prime Minister: Dmitry Medvedev
 President: Vladimir Putin
The Committee headed by Tapan Ray recommends tighter norms for core Investment
Companies
 RBI appointed the committee headed by Tapan Ray on the supervisory framework for core Investment
companies(CIC) has recommended to tighten the corporate governance norms in the CIC.
 The committee has suggested that entities should have only 2 tier structure / layers and also recommended
to strengthen the board structures with atleast 50% of independent directors.
Extra Shots:
 CIC is a non banking Financial company holding equity shares and securities in group companies not less
than 90% of its assets and not less than 60% of its net assets as equity shares in group companies.
 The current asset size of Rs.100 crore and access to public funds for registration as CIC should be
retained.
Bajaj Allianz General Insurance Launches a mobile app for farmers
 Bajaj Allianz General Insurance Launches a new mobile app called Farmitra to help the farmers and
address their worries.
 Features- regularly can see the weather forecast, the market price of crops, and the agricultural
development news
Extra shots:
Headquarters- Pune, Maharashtra
MD- Tapan Singhel
RBI raises income and lending limit for Micro Finance Institutions(MFIs)
 Reserve Bank has increased the household income limits for borrowers of Non-Banking Financial Companies
(NBFCs) and microfinance institutions (MFIs) from 1 lakh to 1.25 lakh rupees.
 The move is aimed at strengthening credit to those at the bottom of the economic pyramid in rural areas.
 Similarly, the limit has been increased from 1.6 lakh for urban or semi-urban areas to 2 lakh rupees.
Extra Shots:
NBFC-MI: It is a non deposit taking NBFC that fulfills minimum net owned funds of Rs.5 crore.
CCI nod for merger of BNP Paribas Mutual Fund and Bank of Baroda Mutual Fund
 The Competition Commission of India (CCI) has approved the merger of the BNP Paribas (BNPP) Mutual
Fund and the Baroda (BOB) Mutual Fund, under the Competition Act, 2002.
 The Parties propose to amalgamate (i) BOB Asset Management Company (AMC) into BNPP AMC; and (ii)
BNPP Trustee Company (TC) into BOB TC. After the merger BNPP AMC and BOB TC will be the surviving
entities.
Extra Shots:
CCI Headquarter- New Delhi
BNP Paribas HQ- Paris, France
Bank of Baroda HQ- Vadodara, Gujarat
Page 105 of 118
MSDE, IBM jointly launch SkillsBuild platform

 The Ministry of Skill Development & Entrepreneurship (MSDE) launched the SkillsBuild platform in
collaboration with IBM.
 As part of the programme, a two-year advanced diploma in IT, networking and cloud computing, co-created
and designed by IBM, will be offered at the Industrial Training Institutes (ITIs) & National Skill Training
Institutes (NSTIs). The platform will be extended to train ITI & NSTI faculty on building skills in Artificial
Intelligence (AI).
MSTC ties up with Allahabad Bank to develop e-auction platform
 MSTC Ltd has signed an agreement with Allahabad Bank for the development of a dedicated e-Auction
platform.
 This platform directly linked with the Indian Banking Association’s portal (https://ibapi.net) for sale of non-
performing assets (NPAs) through the SARFAESI (Securitisation and Reconstruction of Financial Assets and
Enforcement of Securities Interest) Act.
 The e-Auction platform will be a one-of-a-kind solution, where a bidder once registered, will be able to
participate in auctions for all banks.
AIIB to lend USD 500 mn to India to develop suburban rail network
 Asian Infrastructure Investment Bank (AIIB) is to lend a $500-million loan to develop a suburban rail
network in Mumbai.
 It will also fund $75 million to help finance renewable energy projects in India.
 AIIB plans to scale up lending operations to $10 billion every year.
 Until now, it was lending $4.2 billion.
 India's share in the total borrowing is about 30%. India is the largest borrower from AIIB.
 The total funding India received from AIIB, so far, is $2.9 billion.
Extra Shots:
AIIB: The Asian Infrastructure Investment Bank is a multilateral development bank that aims to support the building
of infrastructure in the Asia-Pacific region. The bank currently has 74 members as well as 26 prospective members
from around the world.
 Headquarters: Beijing, China
 Membership: 74 Members
Maharashtra:
 Capital: Mumbai
 Chief Minister: Devendra Fadnavis
 Governor: Bhagat Singh Koshyari
 National Parks: Chandoli National Park, Nawegaon National Park, Gugamal National Park, Pench National
Park, Sanjay Gandhi (Borivilli) National Park, Tadoba National Park
 Wildlife Sanctuaries: Amba Barwa WLS, Bor WLS, Great Indian Bustard WLS,
 Lonar WLS, Melghat WLS, Gangewadi New Great Indian Bustard WLS, etc.
AIIB to lend USD75 million to Tata Cleantech Capital (TLLC)
Page 106 of 118

 AIIB approved a loan of $75 million to Tata Cleantech Capital Ltd, a non-banking financial company that lends
to renewable energy projects in India.
 The Tata Cleantech Sustainable Infrastructure On-Lending Facility project aims to increase private capital
investment in renewable energy, power transmission and water infrastructure.
Extra Shots:
AIIB: The Asian Infrastructure Investment Bank is a multilateral development bank that aims to support the building
of infrastructure in the Asia-Pacific region. The bank currently has 74 members as well as 26 prospective members
from around the world.
 Headquarters: Beijing, China
 Membership: 74 Members
Tata Clean Tech Capital:
Headquarters: Mumbai
CEO: Rajiv Sabharwal
RBI expands scope of SNRR account to popularise rupee in cross-border transactions
 The RBI expanded the scope of Special Non-Resident Rupee Accounts (SNRR account) by permitting non-
residents to open such accounts for rupee denominated overseas borrowings, trade credit and trade invoicing
for popularising cross-border transactions in the domestic currency.
 Any person resident outside India, having a business interest in India, can open a non-interest bearing SNRR
account with a bank for bona fide transactions in rupees.
Extra Shots:
Indian rupee.
New rules framed under IBC for rescue of non-bank lenders
 The Government of India has issued fresh rules under the Insolvency and Bankruptcy Code (IBC) to govern
the rescue of non-bank lenders.
 The new rules are likely to help out distressed shadow banks and housing financiers, which have been battling
a liquidity crunch for a year.
 These entities will be covered by a special window under the bankruptcy code, which will be notified from
time to time.
 Reserve Bank of India has been given the authority to decide which companies will be taken up to a
bankruptcy tribunal under these rules.
 The bankruptcy tribunal will appoint an administrator who will be nominated by the regulator, will try to
stitch together a turnaround plan.
 In case a turnaround of the financial institution is not possible, the tribunal will gather the views of the
regulator before deciding to liquidate it.
Page 107 of 118
Indian rupee.
RBI supersedes DHFL board to initiate insolvency proceedings
 The Reserve Bank of India superseded the board of debt-laden Dewan Housing Finance Corporation Limited
(DHFL) as it intends to shortly initiate the process of resolution of the company under the insolvency and
bankruptcy rules.
 The company is all set to become India’s first financier to land up in bankruptcy courts.
 The central bank superseded the board “owing to governance concerns and defaults by DHFL in meeting
various payment obligations.
 R Subramaniakumar, ex-MD and CEO of Indian Overseas Bank has been appointed as the administrator.
Extra Shots:
Indian rupee.
DHFL: Dewan Housing Finance Corporation Ltd. is a deposit-taking housing finance company, headquartered in
Mumbai with branches in major cities across India. DHFL was established to enable access to affordable housing
finance to the lower and middle income groups in semi-urban and rural parts of India.
 Headquarters: India
 CEO: Kapil Wadhawan
RBI Enhances Scope Of Non-Resident Rupee Accounts
 The RBI expanded the scope of Special Non-Resident Rupee Accounts (SNRR account) by permitting non-
residents to open such accounts for rupee-denominated overseas borrowings, trade credit and trade invoicing
for popularising cross-border transactions in the domestic currency.
 Any person resident outside India, having a business interest in India, can open a non-interest bearing Special
Non-Resident Rupee Account (SNRR account) with a bank for bona fide transactions in rupees.
 The restriction on the tenure of SNRR account, which is currently 7 years, has also been removed.
 RBI has also modified norms regarding re-export of unsold rough diamonds from the special notified zone of
Customs without export declaration form (EDF) formality.
Extra Shots:
Indian rupee.
Page 108 of 118

SEBI slaps Rs 40.5 lakh fine on 7 firms for fraudulent trading
 Markets regulator SEBI imposed a total fine of Rs 40.5 lakh on 7 companies for indulging in fraudulent
trading in the illiquid stock options segment on the BSE.
 The total fine levied on the firms, Rs 10.5 lakh was levied on Green Venture Securities Management Pvt Ltd
while Morgan Financial Services, Niranjan Housing, Navrang Tradelinks, Niranjan Metallic, Nishu Leasing
and Finance and Midpoint Tradelink faced a fine of Rs 5 lakh each.
 The reversal trades executed by the Notice were non-genuine in nature and created an impression of genuine
trading volumes in respective contracts.
Extra Shots:
SEBI: The Securities and Exchange Board of India is the Regulator for the Securities market in India owned by
Government of India. It was established in 1988 and given Statutory Powers on 30 January 1992 through the SEBI
Act, 1992.
 Jurisdiction: India
 Type: Statutory corporation
SBI & U GRO ink loan co-origination agreement
 NewQuest-backed U GRO Capital inked an SME loan co-origination agreement with State Bank of India to
facilitate broader credit outreach and faster disbursal.
 The alliance to leverage U GRO Capital’s proprietary technology platform ‘GRO-Xstream’ to provide in-
principle loan approval within 60 minutes.
 U GRO Capital, a BSE listed, technology-enabled small business lending platform entered into a loan co-
origination.
Extra Shots:
State Bank of India: Founded on: As 2 June 1806 (Bank of Calcutta), 15 April 1840 (Bank of Bombay), 1 July
1843 (Bank of Madras), 27 January 1921 (Imperial Bank of India), 1 July 1955 (State Bank of India)
U GRO Capital:
 Headquarters: India
Page 109 of 118
 Founded: 1993
 CEO: Abhijit Ghosh
RBI Imposes Rs 1.50 crore penalty on Corporation Bank
 The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs. 1.50 crore on Corporation Bank for
non-compliance with certain provisions of directions issued by RBI.
 The penalty has been imposed in the exercise of powers vested in the RBI under the provisions of Section 47
A (1) (c) read with Section 46 (4) (i) and 51 (1) of the Banking Regulation Act, 1949.
 This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the
validity of any transaction or agreement entered into by the bank with its customers.
Extra Shots:
Indian rupee.
Corporation Bank: Corporation Bank is a public-sector banking company headquartered in Mangalore, India.
The bank has a pan-Indian presence. Presently, the bank has a network of 2,432 fully automated CBS branches, 3,040
ATMs, and 4,724 branchless banking units across the country.
 Headquarters: Mangalore
 CEO: P. V. Bharathi
Founder: Khan Bahadur Haji Abdullah Haji Kasim Saheb Bahadur
Public sectors banks disburse Rs 2.53 lakh crore loans in October
 Union Ministry of Finance said that Public Sector Banks (PSBs) have disbursed loans to the tune of Rs 2.53
lakh crore during October under the ‘Customer Outreach’ initiative.
 Adding that new term loan and working capital loan constitute 60 per cent of total disbursement, the ministry
in an official statement said that an amount of Rs 1.06 lakh crore was disbursed towards new term loan, while
Rs 46,800 crore was given as a working capital loan.
 The banks also credited Rs 19,627.26 crore to the non-banking financial companies (NBFCs).
NBFCs with over ₹500 cr assets size now under IBC
 On the heels of putting in place a generic framework for insolvency proceedings of Systemically
Important Financial Service Providers (FSP), the Centre has now specifically brought Non Banking Finance
Companies (NBFCs) with over ₹500 crore assets size under the Insolvency and Bankruptcy Code (IBC) fold.
PSBs collect Rs 1,996 crore in minimum balance penalty in FY’19
 Public sector banks collected Rs 1,996.46 crore in penalty from customers for not keeping minimum monthly
balance in savings account in 2018-19.
 In 2017-18, the 18 public sector banks collected Rs 3,368.42 crore by levying minimum balance penalty.
 This amount was sharply higher than Rs 790.22 crore collected in 2016-17.
Page 110 of 118
SBI Card, Vistara tie-up for premium co-branded credit cards

 SBI Card, the country’s second largest credit card issuer, and Vistara, a full-service carrier, have joined hands
to launch a one-of-its-kind premium credit card for travel savvy urban Indians.
 The new credit cards to offer a range of benefits like one-way Premium Economy tickets on joining and
achieving spends-based milestone(s), complimentary Club Vistara Silver tier membership, and more
Extra Shots:
SBI: Headquarters: Mumbai
Establishment: 1 July 1955
Head: Anshula Kant
ADB to give $451 mn for Chennai-Kanyakumari Industrial Corridor power links

 The Asian Development Bank will provide a $451 million (about Rs 3,200 crore) loan to strengthen power
connectivity between the southern and northern parts of the Chennai-Kanyakumari Industrial Corridor (CKIC)
in Tamil Nadu.
 The total cost of the project is $653.5 million, of which the government will provide $202.5 million.
 The estimated completion date is the end of 2024.
 The project will help promote economic development by delivering a more reliable and competitive power
supply for industry and services in the state, which will in turn spur jobs and improve livelihoods.
Extra Shots:
ADB: The Asian Development Bank is a regional development bank established on 19 December 1966, which is
headquartered in the Ortigas Center located in the city of Mandaluyong, Metro Manila, Philippines. The company
also maintains 31 field offices around the world to promote social and economic development in Asia.
 President: Currently Vacant
Moody’s revises India’s economic outlook to “negative” from “Stable”
 The American financial service company Moody’s has downgraded India’s economic outlook to “Negative”
from “Stable”. This downgrade was due to slow growth in the economy.
 It also predicted that slow growth would be prolonged and would also have debt rises.
 Moody’s has also predicted a budget deficit of 3.7% of the Gross Domestic Product (GDP) in the year through
March 2020, which is a breach in the govt’s target of 3.3%.
 This was due to corporate tax rate cuts, slow growth etc.
Extra Shots:
Moody's Corporation, often referred to as Moody's, is an American business and financial services company. It
is the holding company for Moody's Investors Service, an American credit rating agency, and Moody's Analytics, an
American provider of financial analysis software and services.
Page 111 of 118

Indian Oil to set up 2G ethanol plant in Panipat
 The Ministry of Environment has granted clearance to the Indian Oil Corporation Ltd (IOCL) to set up a Rs
766-crore 2G ethanol plant in Haryana’s Panipat district.
 The Ethanol produced in the plant will be exclusively used to blend transportation fuels.
 The project also aims at doubling farmer’s income.
Extra Shots:
 Minister of Environment, Forest and Climate Change: Prakash Javadekar
Indian Oil Corporation Limited, commonly known as IndianOil is an Indian state government owned oil and
gas company headquartered in New Delhi. It is the largest commercial oil company in the country.
 Chairman: Sanjiv Singh
Moody lowers India’s GDP growth forecast to 5.6 per cent for 2019
 Moody’s Investors Service has slashed India’s economic growth forecast to 5.6% for the fiscal year 2019.
 It stated that the government measures do not address the widespread weakness in consumption demand, as a
reason for lowering the growth forecast.
 It also stated that the economic activity in India will pick up in 2020 and 2021 to 6.6 % and 6.7 %
respectively.
Extra Shots:
Guyana is expected to be fastest growing country in the world- IMF
 According to IMF, Guyana’s GDP is expected to grow at 86% in 2020. This growth expectation has done
after Exxon Mobile corp.’s discovery of oil at Guyana.
 The Guyana’s economy will grow more than three times within five years. Guyana’s GDP is get to fourteen
times as fast as china’s GDP in 2020.
Extra shots:
Guyana Capital- Georgetown
Currency- Guyanese Dollar
IMF HQ- Washington DC, United States
Head- Kristalina Georgieva
India’s GDP to grow 6.6% in 2020-2024 : OECD Report
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The Organisation for Economic Co-operation Development in its report “ Economic Outlook for southeast Asia ,
china and India 2020:rethinking education for the digital era” has predicted that India is likely to grow 6.6% in
2020- 24.
Extra Shots:
OECD HQ- Paris, France
Secretary General- Jose Angel Gurria
Fitch Solutions raised India’s FY20 fiscal deficit forecast to 3.6% GDP from early 3.4%
Fitch Solutions has increased India’s Fiscal deficit forecast to 3.6% of the GDP FY 2020 from its previous estimate
of 3.4%. This is due to weak revenue collections, slowed economic growth and corporate rate tax cut by Govt.
Extra shots:
President- Brian Filanowski
HQ- Newyork
DIN system by Central Board of Indirect Taxes came into existence
 The Documentation Identification Number of Central Board of Indirect Taxes and customs (CBIC) into
Existence.
 This system was created to bring transparency and accountability in indirect tax administration with the use of
Information and Technology .
 The DIN system was created under the direction of union Finance Minister Nirmala Sitharaman.
Extra shots:
CBIC HQ- New Delhi
Chairperson- Pranab Kumar Das
Nomura revised India’s GDP to 4.9% from 5.7% for FY20
The Japanese firm Nomura revised the Goss Domestic Product forecast of India to 4.9% from its previous estimate of
5.7% FY20.
Extra Shots:
Headquarters- Tokyo, Japan
President- Toshio Morita
NCAER forecasts India’s GDP growth at 4.9% for FY20
 The National Council of Applied Economic Research (NCAER) has pegged India’s gross domestic product
(GDP) growth for 2019-20 at 4.9% as against 6.8 % in 2018 (or FY-19).
 It lowers its outlook due to the slowdown in almost all sectors & it is primarily driven by a simultaneous
deceleration of all the drivers of aggregate demand.
Extra Shots:
NCAER: National Council of Applied Economic Research is a New Delhi based non-profit think tank of
economics. Nandan Nilekani is president of the governing body and Dr Shekhar Shah is current director general of
NCAER.
 Founded: 1956
Google selected IAFs video game for 2019 Best Game contest
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 Google has selected Indian Air Force's (IAF) video game titled Indian Air Force: A Cut Above in the Best
Game-2019 contest under the Users Choice Game category.
 IAF launched the multiplayer version of its interactive mobile game.
 The video game of IAF was aimed to make the youth aware of the IAF and encourage them to join the forces.
Extra Shots:
Google LLC is an American multinational technology company that specializes in Internet-related services and
products, which include online advertising technologies, search engine, cloud computing, software, and hardware. It
is considered one of the Big Four technology companies, alongside Amazon, Apple, and Facebook.
 Founders: Larry Page, Sergey Brin Trending
 Parent organization: Alphabet Inc.
Muthoot Finance to acquire IDBI Mutual Fund for Rs 215 crore
 Muthoot Finance Ltd, the largest gold loan non-banking finance company in the country, entered into a
definitive agreement to acquire IDBI Asset Management Ltd and IDBI Mutual Fund Trustee Company Ltd.
 Muthoot Finance will purchase 100 per cent equity shares of IDBI Asset Management and IDBI MF Trustee
for a total consideration of Rs 215 crore.
 The transaction is expected to be completed by the end of February 2020.
 The deal is subject to receipt of approval from regulators including the Securities and Exchange Board of
India (SEBI).
Extra Shots:
IDBI: Industrial Development Bank of India was established in 1964 by an Act to provide credit and other financial
facilities for the development of the fledgling Indian industry. Initially it operated as a subsidiary of Reserve Bank of
India RBI transferred it to GOI.
 Parent organization: Life Insurance Corporation
 Tagline: Bank Aisa, Dost Jaisa
Muthoot Finance Ltd. is an Indian financial corporation. It is known as the largest gold financing company in
the world.
 Headquarters: Kochi
 Founder: M George Muthoot
RIL market cap hits Rs 9.5 lakh crore, a first for an Indian company
 Reliance Industries Limited (RIL) is the first Indian company to cross Rs.9.5 lakh in market capitalization (m-
cap).
 Recently Vodafone India and Bharti Airtel had announced their tariff hike which will be implemented from
December 2019.
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 This has increased the share price of RIL in the market and is believed to attract more subscribers for Reliance
Jio.
 On 26 Nov 2019, its m-cap touched Rs 9,99,045 crore nearing the Rs 10 lakh crore mark.
 Tata Consultancy Services (TCS), RIL’s closest rival in market capital had a share price of Rs.2,110, 2%
lower on BSE and m-cap of Rs.7,71,996.87 crore.
Extra Shots:
Reliance Industries Limited is an Indian multinational conglomerate company headquartered in Mumbai,
ADB approves 2nd tranche of USD 150 mn for West Bengal
 The Asian Development Bank has approved the 2nd tranche of USD 150 million (about Rs 1,065 crore) for
West Bengal to boost capital investment and infrastructure in the state.
 The board of ADB approved a loan of $ 300 million (about Rs 2,130 crore) to continue a comprehensive
series of fiscal reforms in West Bengal to revive financial health of public sector enterprises, the introduction
of medium-term expenditure frameworks in two departments, and implementation of an integrated tax
monitoring system, among others.
Extra Shots:
West Bengal:
 Capital: Kolkata
 Chief Minister: Mamata Banerjee
 Governor: Jagdeep Dhankhar
 National Park: Buxa NP, Gorumara NP, Neora Valley NP, Singalila NP, Sunderban NP, JaldaparaNP
Moody’s expects Centre’s fiscal deficit to rise to 3.7%
 Global rating agency Moody’s expects the Centre’s fiscal deficit to touch 3.7% of the GDP.
 The Centre has targeted to keep the deficit at 3.3 per cent for the current fiscal (2019-20), but it has already
reached 92.6 per cent of the Budget estimate in first six months of the current fiscal.
 For all the state governments, the fiscal deficit estimated to be around 3 %.
Page 115 of 118
Extra Shots:
ADB signed USD 451 million loan with India for CKIC Project
 The Asian Development Bank (ADB) and the Government of India signed a $451 million loan on 29
November.
 The loan aims to strengthen power connectivity between the southern and northern parts of the Chennai-
Kanyakumari Industrial Corridor (CKIC) in Tamil Nadu.
 It is a part of the East Coast Economic Corridor (ECEC).
 The total estimated cost of the CKIC project is $653.5 million.
 The Central government will provide $202.5 million for the project.
 The project has been estimated to be the completed date of the project is the end of 2024.
Extra Shots:
India’s GDP growth further dips to 4.5% in July-Sept
 India’s GDP growth hit an over six-year low of 4.5 percent in July-September 2019, dragged mainly by the
deceleration in manufacturing output and subdued farm sector activity.
 The Gross Domestic Product (GDP) growth was recorded at 7 percent in the corresponding quarter of FY
2018-19.
 In the previous quarter of the ongoing fiscal, economic growth was 5 percent.
 This GDP growth data for the September 2019 quarter is the lowest since January-March of 2012-13 when it
was registered at 4.3 percent.
India gets USD 43 million from Green Climate Fund to boost climate resilience in 3 coastal
states
 In a move that may positively impact over 10 million people living on the coastline, India kicked-off a USD
43 million project to boost climate resilience in three coastal states in partnership with the United Nations
Development Programme (UNDP).
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 The project is funded by the Green Climate Fund, established within the framework of the United Nations
Framework Convention on Climate Change (UNFCCC) to assist developing countries.
 The six-year project will build climate-resilient livelihoods for 1.7 million people in Andhra Pradesh,
Maharashtra and Odisha, offset 3.5 million tonnes of carbon, protect vulnerable ecosystems, and benefit
another 10 million people with improved shoreline protection.
ADB provide USD 91 million loan for Vijayanagara Channel
 The Centre and Asian Development Bank (ADB) has signed an agreement to extend 91 million US dollar
loan to modernize the Vijayanagara Channel Irrigation Systems and prepare river basin management plans in
the Krishna river basin.
 It will help improve irrigation water use efficiency and contribute to improving sustainable water security in
Karnataka.
 The investment programme will help Karnataka Government strengthening its institutions involved in
integrated water resource management and modernizing the irrigation system infrastructure for improving
water use efficiency in the State.
OECD cuts global growth outlook for 2020
 The Organization for Economic Cooperation and Development has downgraded its global growth outlook for
2020.
 The OECD officials at are now predicting expansion of 2.9 percent. That’s down 0.1 percentage point from
their earlier forecast in September.
 They also made an initial prediction for 2021, saying the global economy will grow 3 percent.
Extra shots:
OECD: Headquarters: Paris, France
Secretary general: Jose Ángel Gurria Trevino
Ind-Ra slashes FY20 GDP growth forecast for fourth time to 5.6 pc
 India Ratings and Research (Ind-Ra) revised its GDP growth forecast for the current financial year (FY20) to
5.6 per cent.
 This is the fourth revision and has come in after the agency had revised its FY20 GDP growth forecast only a
month ago to 6.1 per cent.
Extra shots:
Ind-Ra: Headquarters: Mumbai
 India Ratings and Research (Ind-Ra) is India's Most Respected credit rating agency committed to providing
the India's credit markets with accurate, timely and prospective credit opinions.
 Ind-Ra is a 100% owned subsidiary of the Fitch Group.
ICICI Lombard, Fino Payments Bank aim deeper insurance penetration
 ICICI Lombard and Fino Payments Bank announced plans to take insurance deeper into the hinterlands of the
country by leveraging technology-enabled platforms to harness customer reach.
 Continuing with their health insurance focus, both companies are launching a dengue and malaria policy that
covers treatments pertaining to these diseases up to Rs 10,000 at a premium as low as Rs 49.
Page 117 of 118

Extra shots:
ICICI Lombard: Headquarters: Mumbai
Fino Payments Bank: Headquarters: Mumbai
MD and CEO: Rishi Gupta
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Last 6 Months Banking, Finance & Economy Current Affairs (June to Nov) 2019

Last 6 Months Banking, Finance & Economy Current Affairs 2019

June 2019 – Banking, Finance & Economy Current Affairs

MAX LIFE INSURANCE LAUNCHED ‘MAX LIFE SMART TERM PLAN’

RBI ISSUED GUIDELINES FOR SETTING UP OF AN FBAS FOR ADMINISTERING “SIGNIFICANT

THE US OVERTOOK CHINA AS INDIA’S LARGEST GOODS TRADING PARTNER IN 2018-19

July 2019 – Banking, Finance & Economy Current Affairs

August 2019 – Banking, Finance & Economy Current Affairs

 Founded: 1 April 1935, Kolkata

 Founded: 1 April 1935, Kolkata

 Founded: 1 April 1935, Kolkata

SIDBI partners with Incuspaze for coworking space for MSMEs

BookMyForex ties up with YES Bank, Visa to launch forex card

 Founded: 1 April 1935, Kolkata

 Founded: 1 April 1935, Kolkata

 Headquarters: Mumbai, Maharashtra

 Managing Director and CEO: Ms. Padmaja Chunduru

 Founded: 1 April 1935, Kolkata

 Headquarters: Mumbai, Maharashtra

 Location -Hyderabad, Telangana

 Headquarters: New Delhi

 Headquarters location: Mumbai

 CEO: Mukesh Ambani

Sep 2019 – Banking, Finance & Economy Current Affairs

 MD & CEO: Mr. Vishwavir Ahuja

 Founded: 21 December 1911

• Founded: 1 April 1935, Kolkata

 Founded: 4 September 1998, Menlo Park, California, United States

Oct 2019 – Banking, Finance & Economy Current Affairs

YES Bank plans to raise $1 billion by December through rights issue

Deputy Governors: B P Kanungo, M K Jain, N S Vishwanathan

 SBI has 22,010 branches and 58,000 ATM/CDM across India.

Government launched the DIN system of CBDT

10th National Cultural Festival begins in Madhya Pradesh

 Motto: Touch the sky with glory.

Italy to introduce 3% web tax on digital giants from 2020

 Formation: 30 December 1964; 54 years ago

IMF cuts World and India growth rates

CCI approves Kora to invest on Edelweiss Securities

 Type: Statutory corporation

Nov 2019 – Banking, Finance & Economy Current Affairs

 Managing Director and Chief Executive Officer: Samit Kumar Ghosh.

 Chairman: Rajnish Kumar

Russia (Capital/Currency): Moscow/Ruble

MSDE, IBM jointly launch SkillsBuild platform

Page 106 of 118

 Founded: 1 April 1935, Kolkata

SBI Card, Vistara tie-up for premium co-branded credit cards

ADB to give $451 mn for Chennai-Kanyakumari Industrial Corridor power links

 Headquarters: New York, New York, United States

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