 RBL Bank has partnered with credit profiler CreditVidya to improve the lender’s customer experience. Through this partnership, the private sector lender will be able to gain significant insights into its customer base. By acquiring richer customer insights, RBL will be able to segment its customers better, offer them relevant credit products and build custom scorecards. |
| Source- Business Standard |
 The government has retained the interest rate for General Provident Fund (GPF),Contributory Provident Fund and other related schemes at 8 per cent for the first quarter of the current financial year. The interest rate on these funds was at 8% in January-March quarter of 2018-19 and government kept it unchanged for April to June for 2019-20. The interest rate will be applicable on provident funds of central government employees, railways and defence forces. |
| Source- DD News |
 The International Monetary Fund (IMF) cut its economic growth forecasts for India by 20 basis points (bps) each from its January predictions to 7.3% for FY20 and 7.5% for the next fiscal. Citing persistent risks from the trade war, it lowered 2019 global growth forecast by 20 basis points to 3.3%, the weakest since 2009 when the subprime crisis had flared up. |
| Source: Economic Times |
 Emirates Islamic has announced the launch of Chat Banking services for customers via WhatsApp, marking a global first in the Islamic banking sector. The bank’s customers will now able to conduct daily banking activities via WhatsApp in a seamless and hassle-free manner. The Chat Banking solution, supported by Infobip, further enhances Emirates Islamic’s suite of digital banking channels and allows customers to use features such as checking account balances and temporarily blocking or unblocking of an existing card. |
| Source- salaamgateway |
 The Reserve Bank of India came out with guidelines for banks to set up new currency chests, which include a minimum area of 1,500 square feet for strong room. The new chests should have a processing a capacity of 6.6 lakh pieces of banknotes per day. The currency chests should have CBL of Rs 1,000 crore, subject to ground realities and reasonable restrictions, at the discretion of the Reserve Bank. |
| Source- DD News |
 As per the World Bank, India’s GDP growth is expected to accelerate moderately to 7.5% in Fiscal Year 19-20, driven by continued investment strengthening, particularly private-improved export performance and resilient consumption. The real GDP growth is estimated at 7.2% in FY18/19, the World Bank said in its latest report on South Asia ahead of the spring meeting of the World Bank and the International Monetary Fund. |
| Source- The Hindu |
 The board of Lakshmi Vilas Bank (LVB) approved the merger of the private sector lender with Indiabulls Housing Finance (IBH) through a share swap deal. The merger will help Indiabulls get access to low-cost stable funds and entry into banking. The merger will also enable Tamil Nadu-based LVB to obtain a larger geographical presence. The merged entity will have a net worth Rs19,472 crore and a loan book Rs1,23,393 crore for the nine months of FY19. IBH’s board has constituted a reorganisation committee headed by independent director and former RBI Deputy Governor SS Mundra. |
| Source- The Hindu Business Line |
 In a bid to further improve the cash position of banks, RBI has tweaked Liquidity Coverage Ratio (LCR) norms to provide an additional 2% window to lenders. As per RBI Governor Shaktikanta Das, this move will harmonise the liquidity requirements of banks and release additional money for lending. LCR indicates the proportion of highly liquid assets held by banks to ensure their ability to meet short-term obligations. |
| Source- AIR World Service |
 The Asian Development Bank downgraded economic growth forecasts for India and Southeast Asia for 2019 as global risks from trade tensions to Brexit mount. According to the ADB’s latest Asian Development Outlook report, gross domestic product in India will probably increase by 7.2 % in 2019, down from a December forecast of 7.6%. Southeast Asia’s growth estimate was lowered by 0.2 percentage point to 4.9%. |
| Source: Livemint |
 Kotak Mahindra Bank (Kotak) stated that it will charge customers for UPI transactions starting 1st of May 2019. For each Kotak Bank account, the first 30 UPI fund transfers will be free, after which a charge will be levied on all fund transfers from the bank account. This will be applicable across all platforms, including Paytm, PhonePe, Google Pay or Truecaller Pay among others. The bank will charge Rs 2.50 per transaction for an amount value below or equal to Rs 1,000, and Rs 5 per transaction will be levied for a payment value above Rs 1,000. |
| Source: Times of India |
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