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  • 14-Feb-2020
  • Finance Ministry notifies ‘Printing of One Rupee Currency Notes Rules, 2020’

    The Government of India will release a new one rupee currency note in India soon. As per the recent notification of Ministry of Finance,  these notes will be printed by the Finance Ministry. The new one rupee currency note will be equipped with various watermarks. The Reserve Bank of India does not issue this note like other Indian currency notes, but the Government of India print One Rupee currency notes.

    Key Features of New One Rupee Currency Note
    • The size of this one rupee currency note will be rectangular 9.7 x 6.3 cms. It will be 110 microns thick while its weight will be 90 GSM (Grams per Square Meter).
    • The observe side of One Rupee Currency note will contain ‘Bharat Sarkar’ at the top in Hindi while ‘Government of India’ will be written in English below.
    • There will be multi-tonal watermarks with Ashoka Pillar and without Satyamev Jayate. It will have hidden ‘1’ in the center and the hidden word ‘Bharat’ vertically arranged on the right-hand side.
    • It will have the symbol of grains as a sign of agricultural dominance of the country. 
    • The value of note would be written in 15 Indian languages. An image of the oil exploration platform ‘Sagar Samrat’ will also be there. 
    • The colour of this note will be pink-green from the front while many colors will be mixed at the back.

    Signature on One Rupee Note
    One rupee currency note is signed by the Finance Secretary while the other notes are signed by the Governor of the Reserve Bank of India. The one rupee currency note for the year 2020 will be signed by Finance Secretary Atanu Chakraborty.

    Printing stopped in 1926
    According to the Reserve Bank of India’s (RBI) website, the printing of this note was first stopped in 1926 because its printing was costlier than its value. After that, its printing was resumed in 1940 which continued till 1994. Once again, its printing was started in 2015.

  • 10-Feb-2020
  • Minimum net worth for pension fund managers has been raised to Rs 50 cr by PFRDA

    The Pension Fund Regulatory and Development Authority (PFRDA) has decided to increase the minimum net worth criterion for pension fund managers. The minimum net worth criterion for pension fund managers has been increased from Rs 25 crore to Rs 50 crore. This enhancement in the minimum net worth criterion for pension fund managers will bring pension funds on par with mutual funds which have to meet a minimum net worth requirement of Rs 50 crores as per Securities and Exchange Board of India (SEBI) rules.

    The fresh guidelines states that the licenses issued to the pension fund managers will remain valid until cancelled by the regulator as compared to the five years validity of the previously granted licenses. So, new guidelines will made provision for licenses to have indefinite validity and hence, will help the pension sector to grow to new levels.

  • WhatsApp receives NPCI’s approval  to expand its UPI project to 10 million users

    National Payments Corporation of India (NPCI) has permitted the instant messaging platform WhatsApp to expand its Unified Payment Interface (UPI) services to 10 million users. “WhatsApp Pay”, a payment feature of WhatsApp has been designed to run on Unified Payment Interface (UPI). The UPI is developed by the National Payments Corporation of India. This facility enables the users do business transactions or to pay others directly through their bank accounts.

    Since 2018, WhatsApp is running its pilot project “WhatsApp Pay” for one million users and has finally got the approval from NPCI to expand its customer base.

  • 26-Nov-2019
  • RBI enhances scope of Non-Resident Rupee Accounts

    The Reserve Bank of India (RBI) has enhanced scope of ‘Special Non-resident Rupee’ (SNRR) by allowing persons residing outside India to open such accounts for purposes such as- (a) external commercial borrowing (ECB), (b) trade credit and and (c) Trade (Export/ Import) Invoicing, in domestic currency. The step is taken to popularise cross-border transactions in Indian rupee (INR).

  • 25-Nov-2019
  • RBI supersedes DHFL board to initiate insolvency proceedings

    The Reserve Bank of India superseded the board of debt-laden Dewan Housing Finance Corporation Limited (DHFL) as it intends to shortly initiate the process of resolution of the company under the insolvency and bankruptcy rules. The company is all set to become India’s first financier to land up in bankruptcy courts.

    The central bank superseded the board “owing to governance concerns and defaults by DHFL in meeting various payment obligations. R Subramaniakumar, ex-MD and CEO of Indian Overseas Bank has been appointed as the administrator.

  • 19-Nov-2019
  • New rules framed under IBC for rescue of non-bank lenders

    The Government of India has issued fresh rules under the Insolvency and Bankruptcy Code (IBC) to govern the rescue of non-bank lenders. The new rules are likely to help out distressed shadow banks and housing financiers, which have been battling a liquidity crunch for a year. These entities will be covered by a special window under the bankruptcy code, which will be notified from time to time.

    Reserve Bank of India has been given the authority to decide which companies will be taken up to a bankruptcy tribunal under these rules. The bankruptcy tribunal will appoint an administrator who will be nominated by the regulator, will try to stitch together a turnaround plan. In case a turnaround of the financial institution is not possible, the tribunal will gather the views of the regulator before deciding to liquidate it.

  • 14-Nov-2019
  • SBI’s economic research team revised India’s FY20 GDP forecast to 5%

    State Bank of India's economic research team, in the latest edition of 'EcoWrap' has sharply cut India's Gross Domestic Product (GDP) forecast for FY2020 to 5% from 6.1%. It also noted that it expects Q2 GDP growth at 4.2%. The acceleration rate for 33 leading indicators at 85% in October 2018 is down to just 17% in September 2019, with such decline gaining traction from March 2019. The bank expects growth rate to pick up pace in FY21 to 6.2%.

  • 12-Nov-2019
  • 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.

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