1 P a g e. Weekly GK Banking Capsule 2019

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1 1 P a g e

2 Banking News above Rs 100. currency notes of Rs 2,000, Rs 500 and Rs 200 denominations. This move could affect Indian tourists visiting the Himalayan nation where Indian currency is widely used. Nepal Rastra Bank issued a circular prohibiting Nepali travellers, banks and financial institutions from holding or carrying and trading Indian bank notes higher than Rs P a g e Nepal Rastra Bank Governor Dr. Chiranjibi Nepal Headquarter - Kathmandu Established in 1956 (Under Nepal Rastra Bank Act 1955) SBI Ecowrap report recommends unconditional cash transfer to farmers. The SBI Ecowrap report recommends the government to opt for the unconditional cash transfer to farmers to alleviate agrarian distress rather than Universal Basic Income (UBI) scheme. many countries have found that UBI does not address the structural problems and is at best a solution in interregnum. Unconditional cash transfer scheme is a best available option as it will be more equitable (on a per farmer basis) with a meaningful impact and once the problems are ironed out in terms of proper tenancy laws, then it can be made conditional. RBI initiates Industrial Outlook Survey (IOS) and Service and Infrastructure Outlook Survey (SIOS). Reserve Bank of India (RBI) has initiated two surveys IOS and SIOS aiming to examine the current situation services and infrastructure sectors. The IOS would provide useful insight into the performance of the manufacturing sector. The IOS would be undertaken by Hansa Research Group Pvt Ltd. SIOS seeks an assessment of the business situation for the current quarter and would be undertaken by Spectrum Planning India Ltd. India Post Payments Bank crosses 1.25 lakh branches and soon to hit 1.5 lakh. The government has opened around 1.25 lakh branches of India Post Payments Bank and soon, it will have operations across over 1.5 lakh locations. PM launched IPPB on September 1 last year with an aim to take banking services to the doorstep of every citizen by arming three lakh postmen and 'Grameen Dak Sewaks' with digital aids to deliver financial services. The payments bank can accept deposits of up to Rs 1 lakh, offer remittance services, mobile payments/transfers/purchases and other banking services such as ATM/debit cards, net banking and third-party fund transfers. PNB's $45 million fraud claim dismissed by English court. The High Court of England dismissed a USD 45- million deceit claim brought by the UK subsidiary of Punjab National Bank against seven individuals and two companies, based in India and the US. London-based Punjab National Bank International Limited's (PNBIL) claim concerned eight loans it made for oil re-refining and wind energy generating projects in the US.

3 PNBIL had accused the individuals and companies in question of breach of contract, misrepresentation and deceit. Home Credit has grown to become one of the largest consumer durables loan providers in India. Home Credit, a non-bank originating from Prague, has grown to become one of the largest pure-play consumer durables loan providers. Home Credit India plays the volumes game like no other NBFC micro-financing. Its average consumer durables loan ticket size is Rs 10,000-12,000 per borrower, making it a clear retail-focused smallticket financier. Unlike Bajaj Finance or Capital First, Home Credit is mostly active in the electronic durables and mobile phones space. These are usually low-ticket loans, which are less risky but offer high scope for growth. Yes Bank partners with Maharashtra government for electronic PDS. Private sector lender Yes Bank has partnered with Government of Maharashtra to onboard PDS shops which are popularly referred to as ration shops onto the electronic PDS initiative through which they can become agents of the bank. Under the partnership, Yes Bank will empower more than 20,000 ration shops which can offer last mile basic banking services to more than seven lakh beneficiaries. The bank will cover almost 40% of all the PDS shops across locations like Palghar, thane, Kolhapur, Latur, Pune and others. Customers at these shops will be able to make payments using Aadhaar Pay, small value cash deposit or withdraw cash using AePS (Aadhaar enabled Payment Systems), bill payments recharges and even undertake remittance activities across different bank branches. United Bank of India to sell third party health cover to boost fee income. State-owned United Bank of India has entered into partnership with Star Health & Allied Insurance Co to offer third party health cover to its customers. The Kolkata-based lender thus become a corporate agent of the health insurer.this arrangement would help the loss-making bank boost its fee income. UBI has been under Reserve Bank of India's prompt corrective action directives while chief executive of the bank Ashok Kumar Pradhan expressed hope of coming out of it by March Financial Schemes & MoUs JICA and India Sign Loan Agreements on Loan to India. India and Japan-India Cooperative Actions (JICA) signed the loan agreements under the Japanese Official Development Assistance Loan Program in New Delhi. The agreements under the Japanese Official Development Assistance Loan were signed for two projects. These are: (a) Project for the Construction of Chennai Peripheral Ring Road (Phase 1) for Japanese Yen billion (around Rs 2470 Crore), and (b) Program for Japan-India Cooperative Actions towards Sustainable Development Goals in India for Japanese Yen billion (around Rs 950 Crore). UK Sinha-Headed Working Group To Suggest Suitable Framework. 3 P a g e

4 The Insolvency and Bankruptcy Board of India (IBBI) has set up an 11-member working group under the Chairmanship of former SEBI chief UK Sinha to go suitable framework. This Working Group has been tasked to submit a report within two months recommending a complete regulatory framework to facilitate insolvency resolution and liquidation of corporate debtors in a Group. Economy Rankings in India is likely to surpass the United Kingdom in the s largest economy rankings in 2019, to become report by global consultancy firm PWC. s largest economy with a size of trillion dollars, followed by China at trillion dollars at the second place in GDP growth of 1.6% for the UK, 1.7% for France and 7.6% for India in E-Commerce Platform launched by Microsoft for Handloom Weavers. Microsoft India has launched a new e-commerce platform re-weave.in for handloom weavers under its Project ReWeave, part of its initiatives. This e-commerce platform will help connect artisans to buyers directly, enabling them to expand to newer customers and markets. explore fundamental issues affecting the use and impact of AI. Facebook CEO Mark Zuckerberg India Head Ajith Mohan Vodafone Idea Board Approves Rights Issue for Rs25,000 crore. s largest telecom operator by subscriber base Vodafone Idea announced that its board had approved a rights issue of Rs25,000 crore to existing eligible equity shareholders in line with the recommendations of a capital raising committee. The Committee had been setup in November The fund infusion will come at a time when it is critical for the company to raise resources to compete in the telecom market disrupted by the entry of Reliance Jio in September 2016, which brought down tariffs, hitting revenue streams of other operators. Global Investors Summit had been held In Chennai Tamil Nadu Government organised the 2nd edition of Global Investor summit in Chennai. In the opening ceremony, Defence Minister Nirmala Sitharaman was the chief guest. Tamil Nadu government has allocated nearly Rs 75 crores to conduct the event. The state government would soon unveil e-vehicle policy to give a boost to electric vehicles manufacturing in the state. Microsoft CEO- Satya Nadella Headquarters Washington, US Tamil Nadu Governor Banwarilal Purohit Chief Minister Edappadi K Palaniswami Capital Chennai (Madras) Facebook To Set Up Institute For AI Ethics With Initial Investment Of $7.5 Million. Social media giant Facebook announced that it will create an independent Institute for Ethics in Artificial intelligence (AI) with an initial investment of $7.5 million over a period of five years. Technical University of Munich (TUM) in Germany will collaborate with this project which aims to RBI eased ECB norms In a bid to improve ease of doing business, the Reserve Bank of India has decided to liberalise external commercial borrowing (ECB) norms. It allowed all companies that are eligible for receiving foreign direct investment, to raise funds through the ECB route. 4 P a g e

5 The RBI has decided to keep the minimum average maturity period at 3 years for all ECBs, irrespective of the amount of borrowing. Appointments and Resignations Piyush Goyal Named Interim Finance Minister. Piyush Goyal has been named the interim Finance Minister and interim Minister of Corporate Affairs during Arun Jaitley's indisposition. Piyush Goyal will retain his existing portfolios of coal and railways. Union Minister Arun Jaitley, 66, had left for the United States for a regular medical check-up. Jaitley will be designated as a minister without a portfolio during his period of indisposition. Ravneet Gill To Replace Rana Kapoor as Yes Bank MD and CEO Yes Bank has appointed veteran banker Ravneet Singh Gill as its new MD & CEO and the lender has He will join the bank on or before March 1, operations. Gill joined Deutsche Bank in 1991 and has worked across different businesses including corporate banking, capital markets and wealth management. Parthasarathi Mukherjee to head Lakshmi Vilas Bank for another two years Private sector Lakshmi Vilas Bank has reappointed Parthasarathi Mukherjee as its managing director when the lender is struggling to raise Rs 2000 crore from investors. Mukherjee will he at the helm for another two years from January 25. The decision was taken by the board and Reserve Bank of India has approved his reappointment. 5 P a g e