Banking, Economy, Business News of the Month of June 2020

Banking, Economy, Business News 8th June to 14th June 2020

  • National Bank for Agriculture and Rural Development (NABARD) has extended a Special Liquidity Facility (SLF) of Rs 270 crore to Assam Gramin Vikash Bank to support the agricultural activities of the farmers amid COVID-19 pandemic.
  • Infrastructure Leasing & Financial Services Limited (IL&FS) has completed the sale of its 50% stake in Gujarat International Finance Tec-City. These stakes were bought by the Gujarat Urban Development Company Ltd (GUDCL), on behalf of the Gujarat government, at an amount of Rs 32.71 crore.
  • Jio Platforms has received investment of Rs 50 crore from a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA). ADIA has bought 1.16% stake in Jio Platforms.
  • Organisation for Economic Co-operation and Development has forecasted Indian Economy to contract to 7% in the fiscal year 2020-21. It also stated that if there is a second COVID-19 outbreak in the country, then its growth will drop further to -7.3%.
  • OECD’s Economic Outlook has forecasted India’s growth to recover to 9% in the ‘single-hit’ scenario while it expects an 8.1% rebound in the ‘double-hit’ Covid-19 scenario in the fiscal year 2021-22.
  • The rating agency “S&P” has kept India’s sovereign rating at “BBB-” along with a stable outlook.
  • S&P Global Ratings has forecasted Indian economy to shrink by 5% in fiscal year 2020-21. The S&P Global Ratings also expects India’s growth to rebound to 8.5% in the fiscal year 2021-22. It has also projected India’s growth to be 6.5% in the fiscal year 2022-23.

Banking, Economy, Business News 1st June to 7th June 2020

  • Yes Bank Limited has acquired a 19% stake in Dish TV India Ltd, a corporation providing Direct to Home (DTH) television service in India, following invocation of 44.53 crores pledged shares thanks to default in payment of the debt by Dish TV and a few other companies.
  • The “Real-Time Electricity Market (RTM)” has been launched by the Indian Energy Exchange on its platform and it will be effective from 01st June 2020. Central Electricity Regulatory Commission (CERC) envisages to make the power market dynamic via the recently launched real time market. The RTM will make the power market dynamic by enabling trade in electricity through half-hourly auctions, totalling 48 auction sessions per day.
  • The sovereign rating of India has been downgraded by the Moody’s Investors Service to “Baa3”. Moody’s Investors Service has also expected contraction by 4% in the India’s real GDP in fiscal 2021, due to the shock from the coronavirus pandemic as well as the related lockdown measures taken by India to contain the COVID-19 pandemic. It has also expected the growth of 8.7% in fiscal 2022.
  • The IndusInd Bank has launched a mobile application based facility where customer can open the current bank account in a paperless manner in just a few hours. Now IndusInd is the first bank in India to introduce this assisted mobile application based facility.
  • The merger of Peugeot S.A (PSA) and Fiat Chrysler Automobiles N.V. (FCA) has been approved by the Competition Commission of India (CCI).
  • Payments Infrastructure Development Fund (PIDF) has been created by the Reserve Bank of India. In the newly launched Payments Infrastructure Development Fund (PIDF), an initial contribution of Rs 250 crores will be made by the Reserve Bank of India i.e. covering half the fund, while the remaining contribution will be from card issuing banks and card networks operating in the country.
  • “Summer Treats” campaign has been launched by the private sector HDFC Bank. The special campaign has been launched by the bank with the easing of the lockdown restrictions in order to provide offers to both merchants and, salaried and self-employed customers.

Banking, Economy, Business News 25th May to 31st May 2020

  • An Artificial Intelligence based chatbot “PAi” has been launched by the National Payment Corporation of India to create awareness around NPCI’s products such as FASTag, RuPay, UPI, AePS on a real time basis. The chatbot has been developed by startup CoRover Private Limited.
  • Reliance Industries Ltd has launched a “WhatsApp chatbot” to address rights issue queries of its 2.6 million shareholders on the offering. It has been developed by Jio Haptik Technologies.
  • National Highways Authority of India (NHAI) has been penalised with amount of Rs 7 lakh by the Securities and Exchange Board of India (SEBI) for delay in disclosing half yearly financial results between FY16 and FY19. It has been penalised on the basis of SEBI’s listing obligation and disclosure norms (LODR) according to which half yearly results have to be filed within 45 days from the end of the half year.
  • Airtel Payments Bank has collaborated with Mastercard to create customised financial products for Indian farmers and Small and Medium Enterprises (SMEs).
  • Life Insurance Corporation of India has announced the launch of the modified Pradhan Mantri Vaya Vandana Yojana, a social security scheme for senior citizens. LIC is solely authorised to work this scheme, which works as a Non-Linked, Non-Participating, Pension Scheme subsidised by the Centre.
  • Fintech startup Zaggle has partnered with payments technology major “Visa” to launch innovative payment solutions for small and medium enterprises (SMEs) and startups.
  • S&P Global Ratings has slashed India’s GDP growth rate to 5% in the Fiscal Year
  • Fitch Ratings has released its latest Global Economic Outlook (GEO). Fitch Ratings has slashed India’s GDP growth rate to 5% for the Fiscal Year 2021. While the Global GDP growth rate has been forecasted to fall by 6% in 2020.
  • India’s gross domestic product (GDP) grew by 2% in 2019-20, according to data released recently by the National Statistical Office.

Banking, Economy, Business News 18th May to 24th May 2020

  • Canara Bank has started a special business vertical dedicated to gold loans. This business vertical for gold loans to meet the financial needs of its customers due to the COVID-19 pandemic. The bank has launched a gold loan campaign till 30th June 2020 with an interest rate as low as 7.85% per annum.
  • Kotak Mahindra Bank becomes 1st bank in India to allow video Know your customer (KYC) facility for customers opening savings accounts on Kotak 811 – the banks digital banking platform. The initiative is presently being launched on a pilot basis for savings accounts, Kotak Mahindra.
  • An e-commerce major, Flipkart and Bajaj Allianz General Insurance Company have tied-up to offer a digital motor insurance policy to Flipkart’s customers. This partnership between the insurance company and an e-commerce major, will provide seamless, accessible as well as flexible insurance solution to the customers of Flipkart in order to safeguard their vehicles.
  • “iTurmeric FinCloud” is a cloud-ready, API-first, microservices-based platform which has been launched by the Intellect Design Arena Ltd. This platform has been launched through IBM public cloud.

Banking, Economy, Business News- 4th May to 10th May 2020

  • HDFC Bank has released a song titled #HumHaarNahiMaanenge to keep hopes up amidst the ongoing national lockdown and Covid-19 pandemic. The lyrics of the song has been penned by Prasoon Joshi and music has been composed by AR Rahman.
  • A customer engagement technology provider, Ameyo has launched video KYC engagement platform for the banking and finance sector. The newly launched platform will eliminate the businesses’ requirement of physical KYC in accordance with latest RBI guidelines issued in January 2020. It is expected to decrease the customer onboarding process from the present 5-7 days to less than 3 minutes.
  • The licence of The CKP Co-operative Bank Ltd., Mumbai to carry on banking business has been canceled by the Reserve Bank of India (RBI) with effect from the close of business on April 30, 2020.
  • Moody’s cuts down India’s Gross Domestic Product(GDP) growth to “zero” for the current fiscal 2020-21. Its previous estimate was 2.6%. In 2021-22 India’s GDP growth rate will bounce back to 6%.
  • Asian Infrastructure Investment Bank (AIIB) has approved a loan worth of $500 million for India’s ‘COVID-19 Emergency
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Banking, Economy, Business News- 27th April to 3rd May 2020

  • Karnataka Vikas Grameena Bank (KVGB) has launched a loan scheme ‘Vikas Abhaya’ to provide some relief to Micro, Small and Medium Enterprise
  • Special borrowing scheme has been launched by the Indian Overseas Bank for self help groups (SHGs) to help the SHGs in order to overcome the difficulties posed by COVID-19. Each member of a self help group can avail a maximum loan amount of Rs 5,000 while there is a cap of Rs 1 lakh for the group.
  • Under the provisions of the Industrial Disputes Act, the Banking Industry has been declared by the Government of India as a “Public Utility Service” for a period of 6 months i.e. till 21st October 2020. For 6 months, the banking sector would not see any strikes by the employees or officers.
  • Axis Bank would acquire a 29% additional stake in Max Life Insurance for an estimated price of Rs 1,592 crore. It will increase the Axis Bank‘s stake in Max Life to 30%.
  • Reserve Bank of India has given its approval to Transcorp International Ltd to issue co-branded prepaid cards, hence it has become one of the first non-bank companies to receive approval to enter into co-branding arrangements for Prepaid Instruments.

Banking, Economy, Business News- 20th April to 26th April 2020

  • HDFC Bank has started #HDFCBankSafetyGrid campaign to encourage social distancing in Public places. The bank has created physical markers of HDFC Bank logo on the ground using the outer grid logo. This campaign helps people waiting in the queue at a shop or an establishment.
  • Industrial Credit and Investment Corporation of India (ICICI) bank starts a new feature of voice banking services on Amazon Alexa and Google Assistant for their customers. The service will enable customers to #BankWithTheirVoice and get answers to banking queries, check account balance & transactions, credit card due date and more.
  • The social media platform & US tech titan Facebook has acquired a 9.99% stake Reliance Jio i.e. the telecom arm of Reliance Industries Ltd (RIL). Facebook has bought the 9.99% stakes for USD 5.7 billion (about Rs 43,574 crore). This deal of USD 5.7 billion has put the pre-money enterprise value of Jio Platforms at Rs 4.62 lakh crore.
  • Fitch Solutions has slashed India’s economic growth forecast to 1.8% for the financial year 2020-21. Fitch Solutions has lowered India’s economic growth forecast from 4.6% stating large-scale loss of income across the economy due to domestic outbreak of COVID-19, causing contracted private consumption.
  • Singapore’s Caladium Investment has raised its stake in Bandhan Bank by 1 percent from 3.39% to 4.49%. Caladium Investment PTE Ltd now holds will now holds 7.2 crore shares of Bandhan Bank.

Banking, Economy, Business News- 13th April to 19th April 2020

  • The licence of the Mapusa Urban Co-operative Bank of Goa Ltd. has been cancelled by the Reserve Bank of India with an order, barring the bank to carry on banking business, with effect from the close of business on April 16, 2020.
  • State Bank of India has made an announcement to waive service charges for all ATM transactions made on SBI ATMs and on the other bank ATMs on account of exceeding the free number of transactions up to 30th June 2020.
  • People’s Bank of China (PBOC) has raised its stake in Housing Development Finance Corporation Limited (HDFC) from 0.8% to 01%. The stakes comprises of 17.49 million shares of the country’s largest mortgage lender HDFC.
  • Tata AIA Life Insurance has become 1st life Insurance Company in India to announce additional benefits related to COVID-19 for Policyholders and Agents at no additional cost.
  • Government of Andhra Pradesh has issued a “Letter of Award” (LoA) to GMR Airports Limited for the development of greenfield international airport at Bhogapuram.
  • TVS Motor Company‘s overseas subsidiary TVS Motor Singapore Pte. Ltd has acquired the United Kingdom’s most iconic sporting motorcycle brand ‘Norton’ in an all-cash transaction of £16 million.
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Banking, Economy, Business News- 6th April to 12th April 2020

  • The Small Industries Development Bank of India (SIDBI) will facilitate Micro, Small and Medium Enterprises (MSMEs) with emergency working capital of up to Rs 1 crore against their confirmed government orders. The SIDBI’s new loan product i.e. SIDBI Assistance to Facilitate Emergency response against Coronavirus (SAFE) plus will be provided collateral free and disbursed within 48 hours at an interest rate of 5%.
  • Punjab National Bank Housing Finance has partnered with Japan International Cooperation Agency (JICA) to raise 75 million dollars. The Citibank will also co-finance 25 million dollars to finance the mortgage loans in the affordable housing segment. This partnership also states first debt funding by Japan International Cooperation Agency (JICA) in the housing finance sector in India.
  • The UN ‘Economic and Social Survey of Asia and the Pacific (ESCAP) 2020 forecast India’s GDP for FY21 at 8%. It also warned that the COVID-19 pandemic is expected to result in significant adverse economic impact globally.
  • The Reserve Bank of India launched a twitter campaign urging bank customers to adopt digital modes of payment that are convenient and safe. RBI emphasised on transacting digitally as it gives the convenience of making payments anytime and anywhere. Through the campaign, RBI reiterated the multiple digital payment options such as NEFT, IMPS, UPI and BBPS that are available 24*7. The face of the campaign is Bollywood actor Amitabh Bachchan.
  • Jana Small Finance Bank has launched “DigiGen” a digital banking platform where customers can digitally open a savings account and fixed deposit instantly, any time, anywhere.
  • The Appointments Committee of the Cabinet (ACC) has approved the extension of tenure of all members and the current part-time chairman of the Bank Board Bureau(BBB) by 2 years, which is coming to an end on April 11,2020.

Banking, Economy, Business News- 30th March to 5th April 2020

  • State Bank of India has listed green bonds of $100 million (about Rs 750 crore) on BSE’s India International Exchange (India INX).
  • The Punjab National Bank (PNB) has unveiled a new logo before its merger with the Oriental Bank of Commerce (OBC) and the United Bank of India (UBI). The new logo bears the distinct signages of all the three PSU banks i.e. UBI, OBC & PNB.
  • ICICI Bank has rolled out the banking services on WhatsApp which will enable the banks’ retail customers to undertake a slew of banking requirements from their home.

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