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 Asian Development Bank (ADB) in its Outlook Supplement has retained India’s growth forecast at 7.3% for current fiscal (2018-19) and 7.6% in following financial year (2019-20). It held that India is maintaining growth momentum on rebounding exports and higher industrial and agricultural output.
Key Facts India saw GDP growth moderate to 7.1% in Q2 of FY2018 (ending March 31, 2019) from 8.2%in Q1. The slowdown came mainly from food prices, rising oil prices delivering negative shock in terms of trade, lower rural consumption, and rising costs for raw materials. But growth forecasts of 7.3% for 2018-19 and 7.6% for 2019-20 are retained from update despite some downside risks.
Asian Development Bank (ADB) ADB is a regional development bank based out of Asia. It aims to promote social and economic development in Asia by achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. It was established in December 1966. It is headquartered at Ortigas Centre in Manila, Philippines. It has total 67 members, of which 48 are from within Asia and the Pacific and 19 outside.

 The Reserve Bank of India has imposed a fine of Rs 1 crore on Indian Bank for violating cybersecurity norms. The contravention is with regard to RBI’s directions on Frauds – Classification and Reporting by Commercial Banks. 
Source- The Hindu

 In a major push to kickstart listing of start-ups in India in a big way, capital markets regulator SEBI has lined up a slew of relaxations for new-age ventures. The proposed changes include renaming the Institutional Trading Platform (ITP) that the regulator had created for such listings as Innovators Growth Platform (IGP). The changes include doing away with the requirement of at least 50% of pre-issue capital being held by qualified institutional investors.
Source- The Economic Times

 The European Central Bank launched a new system aimed at letting banks settle payments instantly across Europe, helping them to compete with PayPal and other global tech giants. Developed in just over a year, the ECB’s TARGET Instant Payment Settlement (TIPS)system will let people and companies in Europe transfer euros to each other within seconds and regardless of the opening hours of their local bank. TIPS is open only to providers that have an account at a central bank connected to the euro zone’s TARGET 2 network, meaning it is effectively restricted to European Union banks.
Source- The Guardian

 The Reserve Bank of India has approved the merger of SBM (Mauritius), India with SBM Bank (India). RBI has sanctioned the Scheme of amalgamation of the entire undertaking of SBM Bank (Mauritius) Limited, India with SBM Bank (India) Limited which has been granted licence by the Reserve Bank to carry on the business of banking in India through Wholly Owned Subsidiary (WOS) mode under the Banking Regulation Act.
Source- The Hindu Business Line

  The Reserve Bank has launched a survey to gauge their scope with respect to turnover, profitability, and workforce with an aim to create a profile of India’s startup sector.  The survey would also throw light on the problems faced by the startup sector. According to the RBI, the survey forms have been mailed to all startup entities registered with the Department of Industrial Policy and Promotion.
Source- AIR World Service

  Markets regulator SEBI (Securities and Exchange Board of India) has fined brokerage house Anand Rathi Rs 1 lakh for violating stock broker norms by transferring funds from the client’s account to own account and vice versa on several occasions. In an order, the regulator stated that Anand Rathi Shares and Stock Brokers has mixed-up client’s funds with its own funds and vice versa and thereby acted in contravention of SEBI(Stock Brokers and Sub-Brokers) Regulations. The regulator had outlined strict segregation of client’s funds, member account’s funds and transfer of funds is permitted as an exception under specific instances.
Source: The Money Control

  Country’s largest bank State Bank of India has increased fixed deposit or FD rates for some select maturity periods. According to the revised rates, SBI is offering 6.8%interest rate on FDs with maturity period of one to two years, as compared to 6.7%earlier. The interest rate for senior citizens also goes up to 7.30% on SBI FDs with tenure between one year and two years, from 7.2% earlier. Similarly, SBI has hiked interest rate on FDs with maturity period between two years and three years. SBI is now offering 6.80% as compared to 6.75% earlier. The interest rate for senior citizens also goes up to 7.30% on SBI FDs with tenure between two years and three years, from 7.25% earlier. SBI has kept interest rate unchanged for FDs with other maturity tenures.
Source: The Business Standard

 The Reserve Bank has relaxed norms for External Commercial Borrowings (ECBs) by reducing the mandatory hedging provision to 70% from the current 100%. The relaxed norms will apply to the ECBs with a maturity period between 3 and 5 years. On a further review of the extant provisions, it has been decided, in consultation with the government of India, to reduce the mandatory hedge coverage from 100% to 70% for ECBs raised under Track-I of the ECB framework.
Source-The Live Mint 

 The government will infuse INR 42,000 crore in the state-owned banks by March-endand the next tranche would be released as early as December 2018, according to a senior finance ministry official. The government earlier pumped INR 11,336 crore in five PSBs — PNB, Allahabad Bank, Indian Overseas Bank, Andhra Bank, and Corporation Bank — to improve their financial health. The government had announced the INR 2.11-lakh crore capital infusion programme in October 2017.
Source: The Hindu



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