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  • 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    The Reserve Bank of India superseded the board of debt-laden Dewan Housing Finance Corporation Limited (DHFL) as it intends to shortly initiate the process of resolution of the company under the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    The central bank superseded the board “owing to governance concerns and defaults by DHFL in meeting various payment obligations.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.

  • 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.

  • 08-Nov-2019
  • Ujjivan Small Finance Bank launches Instant Digital Savings and Instant FD Account

    The finance service company, Ujjivan Small Finance Bank(SFB) has launched an instant digital savings account (SA) along with Fixed Deposit (FD) and Privilege Savings Account to offer distinctive banking and digital services to its customers.

    Instant Digital SA account: This account has the restriction of Rs 1 lakh deposit & has the unlimited free transactions on the bank's own ATM (automated teller machine) and 6 free transactions for other bank ATMs per month.

    Instant Fixed Deposit (FD): With interest rate ranging from 5.5% (7days to 29 days) & up to 8.3% (799 days), the customers can invest in this account up to a maximum of Rs. 1 Lakh without a Savings Account.

    Privilege SA: This account comes with the eligibility for a monthly salary of Rs. 30,000 or above /on maintaining a Monthly Average Balance of Rs 25,000 / opening a Fixed Deposit of Rs. 10 Lakh. It provides a higher accidental insurance cover of Rs. 2 Lakh.

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