Current Affairs Economy & Banking

  Corporation Bank has launched ‘Corp SME Suvidha’, a product for GST-registered MSMEs. The product has been designed as part of the bank’s efforts to provide the best products to the MSME sector. PV Bharathi, Managing Director and Chief Executive Officer of the Corporation bank,launched the product in Mangaluru recently.
Source- The Hindu Business Line

  RBI stated that all non-deposit-taking non-banking financial companies (NBFCs) with an asset size of Rs 5,000 crore and above, and all deposit-taking NBFCs irrespective of their asset size, have to maintain a liquidity buffer in terms of a Liquidity Coverage Ratio (LCR). In a draft on liquidity risk management framework for NBFCs and core investment companies, these measures will promote resilience of NBFCs to potential liquidity disruptions by ensuring they have sufficient High-Quality Liquid Asset (HQLA) to survive an acute liquidity stress scenario lasting for 30 days. The banking regulator proposed that it will implement LCR through a glide path from 01st April 2020 to 01st April 2024.
Source- Money Control

  The Reserve Bank of India has announced that it will allow large modern currency chests to increase the service charges on cash deposited by non-chest bank branches from the existing rate of Rs5 per packet of 100 pieces to a higher rate subject to a maximum of Rs8 per packet.  For this, only a currency chest (CC) that fulfils the minimum standards will be eligible to be classified as a large modern CC. The increased rates can be charged only after such classification by the issue office concerned.
Source- The Hindu Business Line

  The HDFC group has overtaken the 151-year-old Tata group to emerge as India’s most valuable by way of market capitalization (m-cap). The combined market value of the five listed companies of the HDFC group – HDFC, HDFC Bank, HDFC Life, HDFC Asset Management and Gruh Finance stood at Rs 11.66 lakh crore while the combined m-cap of 29 Tata group companies stood at Rs 11.64 lakh crore, about Rs 2,000 crore less than that of the HDFC group.
Source- Times Now

  The State Bank of India (SBI) has announced a strategic partnership with the FMCG arm of The Art of Living – Sri Sri Tattva. Under this partnership, YONO users can avail a discount of 15% on the entire range of products offered by Sri Sri Tattva such as food, personal care, healthcare, homecare, BYOGI apparels and Shankara skincare products.
Source- The Hindu Business Line

  Reserve Bank of India has released a vision document ‘Payment and Settlement Systems in India: Vision 2019 – 2021’, with its core theme of ‘Empowering Exceptional E-payment Experience’ for ensuring a safe, secure, convenient, quick and affordable e-payment system. The move comes as the apex bank expects the number of digital transactions to increase more than four times to 8,707 crores in December 2021. It envisages achieving “a highly digital and cash-lite society” through the goal posts of competition, cost-effectiveness, convenience and confidence (4Cs).
Source- RBI

 To give a fillip to digital lending, Small Industries Development Bank of India (SIDBI)has put together a pilot scheme to extend financial assistance of up to Rs10 crore to new-age fintech non-banking finance companies (NBFCs) engaged in financing small businesses and other income-generating activities. SIDBI has set the exposure cap for lending to a single new-age fintech NBFC at 30% of NOF of the new-age fintech NBFC, subject to maximum cap of Rs10 crore. As per the scheme, new-age fintech NBFCs should hold in trust the underlying securities/ receivables on behalf of SIDBI.
What are Fintech NBFCs? Fintech NBFCs are digital loan companies. They leverage information technology to provide fast and convenient access to funding. To be eligible for funding assistance, Reserve Bank of India-registered new-age fintech NBFCs have to meet prescribed parameters, including minimum capital risk-weighted assets ratio of 15%; non-performing assets less than or equal to 4%; minimum net-owned fund (NOF) of Rs20 crore and minimum asset size of Rs50 crore; and at least two audited annual reports, positive net worth and leverage ratio within 5:1.
Source- The Hindu Business Line

  According to the Ministry of Commerce & Industry data, India’s overall exports,combining Merchandise and Services, in April 2019 is estimated to be around 44 billion US dollars with a positive growth of 1.34% over April 2018.  Overall imports in April 2019 is estimated to be around 53 billion dollars with a positive growth of 4.5% over the corresponding period of 2018. Taking merchandise and services together, overall trade deficit for last month is estimated at around nine billion dollarsas compared to around seven billion dollars in the same period in 2018.
Source- News on AIR

  Wholesale Price Index (WPI)-based inflation for April eased to 3.07%, from 3.62% in April 2018. The latest WPI print was also lower than 3.18% recorded in March this year. Build up inflation for the financial year so far was 0.75%, lower than 0.86% in the corresponding period of the previous year. The overall WPI print for April was dragged down by a sharp decline in manufactured products (which accounts for two-third weightage in the WPI basket), which came in at a 30-month low of 1.7% (2.16% in March 2019).
Source- The Hindu Business Line

  The National Bank for Agriculture and Rural Development (NABARD) announced Rs 700-crore venture capital fund for equity investments in agriculture and rural-focused startups. NABARD has been contributing to other funds till now and this is the first time that the rural development bank has launched a fund of its own. The fund has been launched by Nabventures, a subsidiary of NABARD, and has a proposed corpus of Rs 500 crore with an option to retain over-subscription of Rs 200 crore, called as the greenshoe option. The fund will have a high impact as it will provide a boost to investment ecosystem in the core areas of agriculture, food and improvement of rural livelihoods.
Source- The Hindu Business Line



LIMITED OFFER HURRY UP! OFFER AVAILABLE ON ALL MATERIAL TILL TODAY ONLY!

You need to login to perform this action.
You will be redirected in 3 sec spinner

Free
Videos