 National Company Law Tribunal (NCLT) approved the merger of private sector lender IndusInd Bank with Bharat Financial Inclusion (BFIL), a microfinance company. Earlier, IndusInd Bank had received ‘No Objection’ from Reserve Bank of India, National Stock Exchange and Bombay Stock Exchange. Bharat Financial will become a subsidiary of the private lender. |
| Source: Economic Times |
 The total deposits in Jan Dhan Account are set to cross Rs 1 lakh crore soon. The scheme was launched on 28th August 2014 by the Modi-government with an aim to provide universal access to banking facilities to all households. On 3rd April, the total balance in the Jan Dhan accounts was at Rs 97,665.66 and the total number of Jan Dhan accounts crossed 35.39 crores. Also, more than 27.89 croresaccount holders have been issued the Rupay debit cards. |
| Source: Business Today |
 State-owned Allahabad Bank stated that the government has increased its authorised capital by Rs 5,000 crore to Rs 8,000 crore. The central government after consultation with the Reserve Bank of India increased the authorised capital of the bank. The increase in authorised capital will help enable the bank to raise further fund up to a maximum ceiling of Rs 8,000 crore. |
| Source: Moneycontrol |
 Exim Bank has provided soft loans of USD 266.60 million to Rwanda for various projects. The funding, done in three separate tranches to Rwanda, is to support agricultural projects, development of special economic zones (SEZs) and for financing a road project in the African nation. |
| Source: Business Standard |
 Bank of Maharashtra (BoM) has partnered with M1Xchange Trade Receivables Discounting System (TReDS) platform for MSME bill discounting. TReDS is a digital platform to support micro, small and medium enterprises (MSMEs) to get their bills financed at a competitive rate through an auction where multiple registered financiers can participate. Mynd Solutions is a technology management firm which runs the TReDS platform of M1Xchange. The main purpose of TReDS platform is to facilitate smooth flow of liquidity in the system and make finance available at a competitive rate. |
| Source- The Hindu Business Line |
 IDBI Bank has launched ‘NRI-Insta-Online’ account opening process for NRIs residing in the Financial Action Task Force (FATF) member countries. The person will not be required to furnish physical documents as well as KYC proofs for opening an account with the bank. |
| Source: Economic Times |
 ACI Worldwide, a global provider of real-time electronic payment and banking solutions, announced that Canara Bank has successfully rolled out major new functionality to support EMV card acquiring across its ATM network and Aadhaar Authentication, leveraging ACI’s UP Retail Payments solution to achieve market firsts. Canara Bank, with nearly 6,300 branches and a network of more than 10,000 ATMs, is the first public sector bank to shift to EMV chip and PIN for card present transactions across the country’s vast ATM network. |
| Source: MoneyControl |
 Bandhan Bank has received approval from the Competition Commission of India (CCI) for the proposed scheme of amalgamation of Gruh Finance with the bank. The approval has been made under sub-section (1) of Section 31 of the Competition Act, 2002. Bandhan Bank had, in January 2019, announced the merger of Gruh Finance with it. The move was taken to bring down promoter holding in the bank to 61% from 82.3%. |
| Source- The Hindu Business Line |
 ADB committed to provide USD 3 billion in sovereign loans to India in 2018, the highest level of assistance since sovereign operations began in the country in 1986, stated the annual report of the multilateral lending agency. In all, the Asian Development Bank (ADB), owned by 68 member countries, committed a total of USD 3.88 billion, including sovereign loans and co-financing during the year ended December 2018. |
| Source: Economic Times |
 The Institute for Development and Research in Banking Technology (IDRBT), an arm of Reserve Bank of India, has launched a 5G Use Cases Lab for banking and financial sector. The 5G technology, along with blockchain, will be progressively adopted by banks. Department Of Telecommunications had already launched test beds for 5G use in the academia in Hyderabad, Chennai and Bangalore to develop 5G for Indian use. |
| Source- The Hindu Business Line |
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