 The government of India has doubled the monetary limit to 20 lakh rupees for filing loan recovery application in the Debt Recovery Tribunals (DRT) by banks and financial institutions. As per the Finance Ministry, the move is aimed at helping reduce pendency of cases in DRTs. There are 39 DRTs in the country. To make the tribunals more effective and to facilitate fast disposal of debt recovery cases, the government has made several amendments in different laws, including the SARFAESI Act. |
| Source- The Times of India |
 HDFC ERGO, India's third-largest non-life insurance provider in the private sector, announced the launch of 'E@Secure', a Cyber Insurance Policy for individuals. This policy aims at providing comprehensive protection to individuals and their families against any cyber-attacks, cyber frauds or digital threats that could lead to a financial loss and or reputational loss. According to the National Crime Records Bureau (NCRB) report 2016, there has been an increase in the incidence of Cyber Crimes by 6.3 per cent in 2016 (12,317) over 2015 (11,592). |
| Source- sify.com |
 The Reserve Bank of India (RBI) asked all scheduled commercial banks with more than 10 branches to appoint an Internal Ombudsman (IO). The apex bank has, however, excluded regional rural banks (RRBs)from appointing IOs. The internal ombudsman scheme was introduced by the RBI to strengthen the internal grievance of banks and to ensure that the complaints of the customers are redressed. In order to further enhance the independence of the IO and also to strengthen the monitoring system over the functioning of the IO mechanism, the central bank said it has reviewed the arrangement in the form of ‘Internal Ombudsman Scheme, 2018’.
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| Source- AIR World Service |
 Prime Minister Narendra Modi launched a payments bank of the Department of Posts that will take banking to the doorstep of every citizen through an unmatched network of post offices and almost 3 lakh postmen and ‘Grameen Dak Sewaks’. The India Post Payments Bank (IPPB) will be like any other banks but its operations will be on a smaller scale without involving any credit risk. It will carry out most banking operations like accepting deposits but won’t advance loans or issue credit cards. The payments bank will accept deposits of up to Rs 1 lakh, offer remittance services, mobile payments/transfers/purchases and other banking services like ATM/debit cards, net banking and third-party fund transfers. The IPPB would be available through 650 branches and 3,250 access points. |
| Source- The Hindu |
 Indian economy grew by 8.2% in the first quarter (April-June) of the current fiscal, the highest in over two years. This announcement was made by Finance Minister, Arun Jaitley. The manufacturing sector grew by 13.5% which signals very good turnaround in the sector. In a related development Reserve Bank of India stated Non-food credit growth in the system accelerated to 10.6% for July as compared to previous year, driven by loans to the services sector growing at the faster clip. Credit to the services sector grew 23% for the reporting period, up from the year-ago period's 4.9%. |
| Source- DD News |
 The Reserve Bank of India has released its annual report in Mumbai. It was mentioned in the report that due to the evolving economic conditions, real GDP growth for 2018-19 is expected to increase to 7.4% from 6.7% in the previous year. The RBI stated that its monetary policy will continue to be guided by the objective of achieving medium-term target for retail inflation of 4%. |
| Source- AIR World Service |
 According to the Department of Industrial Policy and Promotion data, Foreign Direct Investment, FDI in India rose 23% to 12.8 billion dollars during the April to June quarter of this fiscal. The foreign fund inflows in April-June 2017-18 stood at 10.4 billion dollars. Key sectors that received maximum foreign investment during the first quarter of the current fiscal include services 2.4 billion dollars, trading 1.62 billion dollars and telecommunications 1.59 billion dollars. Singapore was the largest source of FDI during April to June quarter with 6.52 billion dollars. |
| Source- AIR World Service |
 Punjab National Bank (PNB) has announced that the Department of Financial Services report has rated it as number one state-owned bank in terms of digital transactions. The Nirav Modi scam-hit bank is also rated as the sixth overall amongst all banks in India for digital performance. The bank is rated as ‘Good’ by the government with a score of 71 which is the highest category of performance. PNB average percentage of technical declines is only 0.83 per cent of total transactions which is an achievement in itself. |
| Source- The Hindu Business Line |
 DBS Bank has been named the world's best bank by Global Finance magazine, in a reflection of its ability to invest in digital innovation while still maintaining stable operations for its customers. DBS is the first Asian bank to receive the accolade from the New York-based publication, which last year gave the title to ING Bank. |
| Source- straitstimes.com |
 Ujjivan Small Finance Bank, a wholly-owned subsidiary of Ujjivan Financial Services Ltd, has launched an overdraft (OD) facility for micro and small enterprise (MSE) customers across its branches nationally. The facility is an add-on product to the existing MSE term loans offered by the bank. The OD facility is offered to all MSEs with a turnover of Rs 50 lakh or more, at a competitive rate of interest. This interest rate is for one year, with a credit limit between a minimum of Rs 11 lakh to a maximum of Rs 50 lakh, which can be renewed annually. |
| Source- The Hindu Business Line |
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