Bajaj Allianz General Insurance launches ‘Farmitra’ mobile app for farmers

Bajaj Allianz General Insurance has launched a new mobile app called ‘Farmitra’ for the ease of farmers. This app intends to help the farmers needs and address their worries. It also resolves with relevant information, which they can use in optimizing their farming practices.

The app ‘Farmitra’ provides services for even those who are not customers of Bajaj Allianz. Besides crop insurance, the farmers can buy other covers from the private insurer and also obtain information like weather forecasts and market price of crops and locators for agriculture inputs. The application is currently implemented in 6 states, namely Rajasthan, Madhya Pradesh, Uttar Pradesh, Karnataka, Maharashtra and Haryana.

Exim Bank grants $30 million line of credit to Ghana

The Export-Import (Exim) Bank has provided a USD 30 million (about Rs 210 crore) line of credit to Ghana for a potable water project in the country. Under the arrangement, financing of export of eligible goods, works and services from India would be allowed subject to their being eligible for export under the Foreign Trade Policy of India and whose purchase may be agreed to be financed by the Exim Bank. As per the agreement, the terminal utilisation time is 60 months period after the scheduled completion date of the project.

Moody’s revises India’s economic outlook to “negative” from “Stable”

Global ratings agency Moody’s cut its outlook for India’s credit ratings to “negative” from “stable”, citing the ongoing economic slowdown, financial stress among rural households, weak job creation, and the liquidity crunch in non-banking financial companies.

Karnataka Gramin Bank initiates ‘mobile ATMs’ in rural areas

The Karnataka Gramin Bank (KGB) has launched 'mobile ATMs' in Kalaburagi among several other districts in the state.

The special vehicle includes an ATM and a screen to show videos of different banking schemes.

The mobile ATMs will go to the doorsteps of the farmers and make them aware of the banking schemes and digital operating systems.

Banks cannot charge on NEFT transactions from January 2020

As per the report titled “Furthering Digital Payments” released by the Reserve Bank of India (RBI), With a view to promoting digital transactions on the 3 anniversary of demonetisation, the Reserve Bank has moved a proposal in this regard. From January 2020, banks can no longer charge savings bank account holders for online transactions in the NEFT system. The Reserve Bank of India (RBI) has now mandated banks to do this. RBI stated that it is doing this to promote digital payments.