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Banking News Bharathi appointed as head of Corporation Bank P V Bharathi has been appointed as Managing Director and Chief Executive Officer of the Corporation Bank on 24 December 2018 She is at present Executive Director of Canara Bank She will take over the charge on or after 1 February 2019 and remain in the post till March 31, 2020 the date of her superannuation PNB launches special card for Kumbh Mela Punjab National Bank (PNB) has launched a special card for Kumbh Mela 2019 The bank has partnered with the Uttar Pradesh government to create a model for digitization at Kumbh Mela 2019 For convenient and hassle-free transactions at these The scheme was launched by the government of India in November 2018 GST-registered Micro, Small and Medium Enterprises (MSMEs) can take the loan up to one crore in just 59 minutes through which works even without the internet RBI relaxes withdrawal limit for depositors The Reserve Bank of India (RBI) relaxed the restrictions placed on the City Co-operative Bank Ltd, by allowing the depositors to withdraw 5,000 In April 2018, the RBI barred the bank from extending fresh loans or making a new investment without prior approval and depositors were allowed to withdraw 1,000 City Co-operative Bank Ltd is based in Mumbai and its Chairman is Anandrao Adsul Seven PSBs to receive Rs 28,615 crore The government will infuse Rs 28,615 crore into seven public sector banks (PSBs) through recapitalisation bonds by the end of December 2018 The amount infused will help the banks meet regulatory capital requirement Out of these seven PSBs, Bank of India is likely to get the highest amount of Rs 10,086 crore, followed by Oriental Bank of Commerce which might get Rs 5,500 crore PSBs approve loans worth over Rs 37,400 cr Public Sector Banks (PSBs) approved more than 112 lakh loan applications of MSMEs worth of 37,412 ICICI tops list of banks penalising staff As per the RBI Data, ICICI bank topped the list of those taking action against staff for their involvement in frauds during the three years through 2015 to 2017 SBI was at the second position in terms of action initiated against employees involved in frauds, followed by Punjab National Bank In all, banks took action against 13,949 officials, of which 16 %, or 2,236, belonged to ICICI HDFC group surpasses Tatas in m-cap 2
HDFC group has become the most valuable business house in the country It has surpassed the Tatas in terms of Market capitalisation The cumulative market valuation of HDFC group surged to Rs 1040 trillion on 27 December 2018 HDFC group has five listed firms HDFC Ltd, HDFC Bank, HDFC Standard Life Insurance Company, Gruh Finance Ltd and HDFC Asset Management Company Financial Schemes & MoUs RBI shortlists Wipro, TCS, 4 others for PCR The Reserve Bank of India (RBI) shortlisted six major IT companies to set up a digital Public Credit Registry (PCR) The IT companies are TCS, Wipro, IBM India, Capgemini Technology Services India, Dun & Bradstreet Information Services India, and Mindtree Ltd PCR will be capturing details of all borrowers and wilful defaulters It will strengthen the credit culture in the economy NITI Aayog released Second Delta Ranking the Aspirational Districts Programme (ADP) on December 27, 2018 The ranking will measure the incremental progress made by districts between 1 June 2018, and 31 October 2018 The districts have been ranked on parameters like Health & Nutrition, Education etc The first Delta ranking for the Aspirational Districts was released in June 2018 The Council decided that 5% GST would be levied on renewable energy devices and parts for their manufacture India lost $86 billion due to power distortion Dark: How Much Do Power Sector Distortions Cost As per the report, distortions in the power sector annually cost India around $861 billion or 41% of GDP due to power distortions in 2016 It also said that India achieved 100% village electrification in 2018 and 178 million Indians still remain unconnected to the grid - ever renminbi- It will issue the bonds to raise loans from Chin capital markets It expects to raise $500 million to $1 billion in different tranches The interest rate may be over 55% but the final price will be determined at the time of launching the bond Financial News GST Council cuts rates on 17 items, 6 services The Goods and Services Tax Council has cut rates on 17 items and six types of services during its 31st meeting on 22 December 2018 The GST rate on cinema tickets above 100 was cut from 28% to 18% and on tickets up to 100 from 18% to 12% Projects worth 15000 crore inaugurated by PM Prime Minister Narendra Modi inaugurated projects worth 15,000 crore rupees in Odisha on 24 December 2018 The projects are related to health, road and highways, higher education, and culture He also laid the foundation stone for new campus of IIT-Bhubaneswar at Aragul He also released a commemorative coin and a postage stamp in the memory of Paika Rebellion MSMEs Ministry to establish governing council The Ministry of Micro, Small, and Medium Enterprises (MSMEs) has proposed to establish a 3
governing council to ensure the efficient delivery of all export-related interventions The step is a part of its action plan to boost shipments from micro, small and medium enterprises The governing council shall be chaired by Secretary, MSME and co-chaired by Development Commissioner in MSME Ministry Former RBI Governor Bimal Jalan will be the The other members are Economic Affairs Secretary Subash Chandra Garg, RBI Deputy Governor NS Vishwanathan and two board members of the RBI d Rs 100 coin in memory of Vajpayee launched A commemorative coin worth Rs 100 in honour of former Prime Minister Atal Bihari Vajpayee was launched on 24 December 2018 The coin features the Emblem of India on the front side The reverse side of the coin features a portrait of Atal Bihari Vajpayee The years 1924 and 2018 are inscribed below nd death respectively MSAMB appoints officers to facilitate trade Maharashtra has become the first state in the country to appoint out-of-state trade representatives The Maharashtra State Agriculture Marketing Board (MSAMB) appointed six trade representatives to promote trade in semi-perishable commodities They will also collect relevant market information They have been posted in Punjab, Haryana, Delhi, Rajasthan, West Bengal, Assam, and Tamil Nadu Investment through P-notes rises in November Investments in the Indian capital market through Participatory notes (P-notes) increased to Rs 79,247 crore in November 2018 P-notes are issued by registered foreign portfolio investors to overseas investors who wish to be part of the Indian stock market without registering themselves directly -notes in October 2018 was 69,445 crore rupees Centre tightens rules for selling online The government of India said that e-commerce companies would be barred from selling products sourced from firms in which they have the stake in or control over It also said that an e-commerce marketplace will not force any seller to sell any product exclusively on its platform The norms will come into effect from February 1, 2019 The Reserve Bank of India (RBI), in consultation with the government of India, has set up a six-member 4
India announced financial assistance to Bhutan India announced Rs 4,500 crore financial assistance to Bhutan for its 12th five-year plan The announcement was made after the Indian Prime Minister Narendra Modi met Lotay Tshering, Prime Minister of Bhutan The new five-year plan of Bhutan began this year and will continue till 2022 PM Tshering arrived in New Delhi on his first foreign visit on 27 December 2018 Fiscal deficit touches 115% of target -year target of Rs 624 lakh crore at the end of November 2018 on account of lower revenue collection The fiscal deficit stood at Rs 716 lakh crore during April-November of the current financial year The government has budgeted to cut the fiscal deficit to 33% of GDP in 2018-19, from 353% in 2017-18 RBI enhances single borrower limit facility The Reserve Bank of India extended the enhanced single borrower limit facility for Non-Banking Finance Company (NBFC) sector by 3 months It has now been extended up to March 31, 2019 This will provide much-needed liquidity support to NBFCs In October 2018, RBI increased the single borrower limit for NBFCs from 10% to 15% of capital funds Export incentives for onion farmers doubled The government of India has doubled the export incentives for onion farmers from the existing 5% to 10% The export incentive for fresh Onions was zero before July,2018 During July 2018, the incentives were introduced at the rate of 5% The export incentive programme allows farmers to get a credit from the government, which can be used to pay various taxes 5