Banking & Finance Current Affairs 2018 - Current Affairs Today

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  • Government panel selects 22 general managers for Executive Director post at PSU Banks

    The Banks Board Bureau (BBB) has recommended 22 candidates from different banks for the Executive Director (ED) positions in PSU Banks. The BBB panel has selected four general managers (GM) of Punjab National Bank and three from Vijaya Bank. Two general managers were selected from Bank of India, Union Bank of India and Canara Bank each but not from Bank of Baroda, IDBI Bank and Indian bank. The four general managers from PNB includes Manas R Biswal, Gopal Gusain, Vivek Jha and Alok Shrivastava. The two GM from Union Bank of India are PR Rajagopal and Shenoy Vittal. The two GMs from Bank of India are Ajay Kumar Azad and Dinesh Kumar Garg and the two GMs from Canara Bank are Hemant Tamta and Ajit Kumar Das. The other members selected includes Sanjay Aggarwal and Shanti Lal Jain from Allahabad Bank; Vijay Dubey, A Manimekhalai and Ajay K Khurana from Vijaya Bank; Vikramaditya S Khichi and Usha Ravi from Dena Bank; Atul Kumar and K Srinivasa Rao from Syndicate Bank; Sanjay Kumar from United Bank of India; K Ramchandran from Corporation BankNSE -2.91 % and Ajay Vyas from Central Bank of India.

    RBI eased norms for Foreign Portfolio Investors to invest in debt, individual large businesses

    The Reserve Bank of India (RBI) has eased the norms for Foreign Portfolio Investors (FPIs) to invest in debt, particularly into individual large businesses. The move is aimed at attracting more overseas flows. FPIs are allowed to invest in various debt market instruments such as government bonds, treasury bills, state development loans and corporate bonds, but with certain limits and restrictions. The RBI increased the FPIs cap on investment in government security to 30 per cent of the outstanding stock of that security, from 20 per cent earlier. The move will also help arrest the spike in call money rates after the June 6 rate hike by the central bank.

    World Bank approves 700 mn dollar to improve primary education in Bangladesh

    The World Bank has approved $700 million to improve the primary education sector in Bangladesh. It will also finance implementation of the government's Fourth Primary Education Development Program (PEDP4). This project will build about 95,000 classrooms, teachers' rooms, and multipurpose rooms. It will also build 80,000 Water, Sanitation and Hygiene (WASH) blocks and 15,000 safe water sources. The projects will provide recruitment to about 100,000 teachers.

    Sandeep Bakhshi may be appointed as Interim CEO of ICICI Bank, replacing Chanda Kochhar

    ICICI Bank is reportedly planning to appoint Sandeep Bakhshi, CEO of ICICI Prudential Life, as the bank's interim CEO, replacing Chanda Kochhar. The ICICI bank may ask Chanda Kochhar to go on leave until an internal investigation into conflict of interest allegations against her is completed. Bakhshi has been the chief of the life insurance arm since August 2010.

    HDFC has been ranked 5th biggest consumer financial services company worldwide by Forbes

    Housing finance major HDFC has been ranked as the 5th biggest public company globally in the 'consumer financial services category' on a list compiled by Forbes magazine. American Express has ranked No:1 in this category, while Indiabulls Housing Finance is the only other Indian company (at 13th place) on the list. There are a total of 58 Indian companies on the overall list of 2,000 firms from across the world. These include Reliance Industries at 83rd place, the only from India in the top-100. Besides, HDFC Bank is at 202nd, ONGC at 266th, Indian Oil at 270th and ICICI Bank at 320th.

    MARG ERP Limited partners with ICICI Bank

    Marg ERP limited, a leading Inventory and Accounting software solution company has partnered with ICICI Bank, to offer an integrated payments platform to Micro, Small and Medium Enterprise (MSME) customers, using MARG's accounting software. This integration aims to promote 'Connected Banking' and enables ICICI Bank's current account holders to securely connect their bank account with the MARG ERP software and undertake an array of digital transactions from within the ERP platform itself.

    SBI to stop handling Iran oil payments after US President Donald Trump pulled out of Iran nuclear deal

    SBI (State Bank of India) has informed refiners it will not handle payments for crude from Iran from November 2018. Such a move from the SBI would come after US President Donald Trump pulled out of an international nuclear deal with Iran on May 8 and said he would reimpose sanctions within 180 days. Reliance Industries Ltd (RIL), owner of the world's biggest refining complex, plans to halt oil imports from Iran while Rosneft-promoted Nayara Energy has started cutting purchases from this month.

    Cashless Ticketing Through 'Utsonmobile' App Developed By CRIS

    The Centre for Railway Information System (CRIS) developed a mobile-based application ‘utsonmobile'. The ‘utsonmobile’ application enables booking and cancellation of unreserved tickets, issue and renewal of season and platform tickets, check and load R-wallet balance and helps maintain user profile management and booking history.

    HDFC Banks Proposal To Raise Additional Share Capital Approved

    Union Cabinet approved the proposal for grant of permission to HDFC Bank to raise additional share capital of up to a maximum of 24,000 crore rupees. The composite foreign shareholding in the Bank will not exceed 74% of the enhanced paid-up equity share capital of the bank. According to the Finance Minister Piyush Goyal, the proposed investment is expected to strengthen the capital adequacy ratio of the bank. The Cabinet also approved reconstitution of North Eastern Council (NEC). Home Minister will be the ex officio chairman of NEC and the Minister of State for DoNER will serve as Vice Chairman of the council.

    Mobile Banking Rank By SBIs Annual Report: Paytm Tops By Volume And Axis Bank Tops By Value

    At 17.2%, Axis Bank commands the largest value share of mobile banking transactions but it’s Paytm that tops volumes with 22%. However, Paytm’s value share is a meagre 0.25%, according to State Bank of India’s (SBI) annual report for 2017-18 which has put out Reserve Bank of India’s data for January 2018. ICICI Bank has a 17.1% share of transactions by value and 9.7% by volume. SBI’s volume share has slipped by over 5 percentage points from nearly 25% at the end of March 2017 to 19.5% in January 2018.

    Reserve Bank of India Amends Gold Monetisation Scheme To Make It More Attractive

    Reserve Bank of India (RBI) made changes in the Gold Monetisation Scheme (GMS) to make it more attractive. The revamping of the scheme is aimed at enabling people to open a hassle-free gold deposit account.  The short-term deposits should be treated as bank's on-balance sheet liability. These deposits will be made with the designated banks for a short period of 1-3 years (with a facility of rollover). Deposits can also be allowed for broken periods (e.g. 1 year 3 months; 2 years 4 months 5 days; etc.). 

    Short-Term Subsidised Crop Loan To Be Implemented Through DBT Mode

    Reserve Bank of India stated that interest subsidy scheme on short-term crop loans of up to three lakh rupees will be implemented through the Direct Benefit Transfer (DBT) mode from the current financial year.  The Centre has earmarked 15,000 crore rupees for 2018-19 towards interest subvention for short-term crop loans. The notification adds that the scheme will be required to be settled as applicable in Plan Scheme namely Scheduled Caste, Scheduled Tribe and North East Region among others.

    IMF welcomes RBI decision to hike repo rate, terms it as appropriate step in times of rising inflation

    The International Monetary Fund welcomed the decision of the Reserve Bank of India to increase the repo rate by 25 basis point to 6(point)25 percent.  IMF Spokesman Gerry Rice told this to reporters during his bi-weekly news conference in Washington. The IMF thinks that this was an appropriate step by the RBI in the present context of rising inflation and additional upside risks to the forecasts due to higher oil prices, exchange rate depreciation and other domestic factors.  He was responding to a question on the decision of the RBI to increase the interest rate for the first time in the last four years. It was in January 2014 that the RBI had increased the repo rate to eight percent to keep the inflation under check.

    World Bank approves Rs 6000 crores for Atal Bhujal Yojana aims to improve groundwater management in country

    The World Bank approved a whopping amount of Rs.6000 crore to Atal Bhujal Yojana (ABHY). Notably, Atal Bhujal Yojana is a Central Sector Scheme of the Ministry of Water Resources, River Development and Ganga Rejuvenation aim to improve groundwater management in priority areas in the country through community participation. Notably, the scheme is to be implemented over a period of five years from 2018-19 to 2022-23, with the Rs.6000 crore assistance of World Bank. The priority areas identified under the scheme fall in the states of Gujarat, Haryana, Karnataka, Madhya Pradesh, Maharashtra, Rajasthan and Uttar Pradesh. These States represent about 25% of the total number of over-exploited, critical and semi-critical blocks in terms of groundwater in India. They also cover two major types of groundwater systems found in India - alluvial and hard rock aquifers- and have varying degrees of institutional readiness and experience in groundwater management.

    Repo Rate Increased By 25 Bps In Second Bi-Monthly Monetary Policy Statement (2018-19)

    Monetary Policy Committee (MPC) of Reserve Bank of India increased the policy Repo Rate under the liquidity adjustment facility (LAF) by 25 basis points to 6.25 percent in the Second Bi-monthly Monetary Policy Statement (2018-19). Consequently, the reverse repo rate under the LAF stands adjusted to 6.0 percent, and the marginal standing facility (MSF) rate and the Bank Rate to 6.50 percent. MPC revised CPI inflation for 2018-19 to 4.8-4.9% in the first half and 4.7% in the second half. The MPC stated that the GDP growth rate for 2018-19 is retained at 7.4 percent.

    Reserve Bank of India to announce its second bi-monthly Monetary Policy of 2018-19

    The Reserve Bank of India (RBI) will announce its second bi-monthly Monetary Policy of 2018-19. The Monetary Policy Committee, headed by RBI Governor Urjit Patel, began its meeting in Mumbai on Monday, and it will meet today as well before the policy will be announced. This is the first time the six-member committee is meeting for three days instead of the usual two, due to certain administrative exigencies. In the first bi-monthly policy of the current fiscal, the central bank had, in April, kept all its key rates unchanged for the fourth time in a row. The repo rate, at which RBI lends short-term money to other banks, currently stands at 6 percent, while the reverse repo rate, at which it borrows from banks, is 5.75 percent. The last rate hike was announced by RBI in January 2014 when the repo rate was increased to 8 percent. Since then, the apex bank has either reduced the rate or maintained status quo.

    MK Jain appointed as RBI Deputy Governor

    The Centre appointed MK Jain, Managing Director, and CEO of IDBI Bank, as the RBI’s Deputy Governor. Jain will fill a position that had been lying vacant since August 2017 after the retirement of SS Mundra.  With the appointment of Jain, the Centre has stuck to the tradition of having a commercial banker occupy this post of RBI Deputy Governor (reserved for bankers). The central bank now has four serving RBI Deputy Governors. Jain has been appointed for a term of three years.

    Union Government announces Rs. 8,000-Crore Package For Sugarcane Farmers

    The Union government announced a package of more than Rs 8,000 crore aimed to provide relief to sugarcane farmers and to clear their dues. According to a government official, the package includes three elements. A buffer stock of 30 LMT (lakh metric tonnes) of sugar will be created with Rs 1,200 crore. This money will be directly transferred to accounts of sugarcane farmers. Rs 4,400 crore will be used to increase ethanol production to divert sugarcane away from sugar mills which are unable to dispose of their inventories. The government has also decided to ensure a minimum sale price of Rs 29/kg for sugar.

    Income Tax Department launches new Benami Transactions Informants Reward Scheme, 2018

    The Income Tax Department has issued a new reward scheme titled “Benami Transactions Informants Reward Scheme, 2018” to seek people’s participation in the Income Tax Department’s efforts to unearth black money and to reduce tax evasion.  Under the new rewards scheme, a reward up to Rs 1 crore would be given to those who can give specific information in a prescribed manner to the Joint or Additional Commissioners of Benami Prohibition Units (BPUs) in Investigation Directorates of Income Tax Department about: Benami transactions and properties as well as proceeds from such properties which are actionable under Benami Property Transactions Act, 1988, as amended by Benami Transactions (Prohibition) Amendment Act, 2016. Substantial evasion of tax on income or assets in India which are actionable under the Income-tax Act, 1961 People of foreign origin would also be eligible for such a reward if they can provide the required specific information.

    India and World Bank Signs $500 Million Additional Financing For PMGSY

    The Government of India and the World Bank signed a $500 million loan agreement to provide additional financing for the Pradhan Mantri Gram Sadak Yojana (PMGSY) Rural Roads Project, implemented by Ministry of Rural Development, Govt. of India, which will build 7,000 km of climate resilient roads, out of which 3,500 km will be constructed using green technologies. The World Bank has supported PMGSY since its inception in 2004. The World Bank has built and improved about 35,000 km of rural roads and benefited about eight million people with access to all-weather roads. The $500 million loan, from the International Bank for Reconstruction and Development (IBRD), has a 3-year grace period, and a maturity of 10 years.

    State Bank of India Hikes Interest Rate On Fixed Deposits

    India's biggest lender State Bank of India (SBI) revised its interest higher on retail fixed deposits or FDs below Rs. 1 crore. SBI has revision interest rates by up to 25 basis points in select maturities. The interest rate on SBI FDs with a maturity of one year to less than two years has been increased to 6.65% for the public, from 6.4% earlier. Senior citizens will get an interest rate of 7.15% as compared to 6.9% earlier. SBI fixed deposits with a maturity of two years to less than three years will fetch an interest rate of 6.65%, higher than 6.6% earlier. Senior citizens will get 7.15% as compared to 7.10%. The interest rates across other maturities have been kept unchanged.

    Airtel Payments Bank Appoints Anubrata Biswas As MD And CEO

    Airtel Payments Bank appointed Anubrata Biswas as its Managing Director and Chief Executive Officer. Biswas fills the position, which was lying vacant since end-December after Shashi Arora quit the post. Prior to joining Airtel Payments Bank, he was the Joint General Manager and Retail Business Head - South India for ICICI Bank.

    Bank Of Baroda Locates Major Operations At GIFT City

    Bank of Baroda successfully located most of its operational activities at a shared service center (SSC) at the GIFT City near Ahmedabad. The bank will now offer its services including retail loan processing, deposit account opening, forex and call center from the SSC, which will have a staff strength of 200. The bank will thus become one of the largest employers in the Ahmedabad-Gandhinagar region. The bank had taken 20,000 sq, ft of office space in GIFT City, making it the first Indian bank to move several key operations to the smart city.

    State Bank of India Reports Loss Of Rs. 7,718 Crore In March Quarter: Report

    State Bank of India (SBI), the country's biggest lender, reported a loss of Rs. 7,718 crore in the January-March quarter, hurt by higher provisions for bad loans. The loss for the three months to March 31 was deeper than the expected Rs. 1,285 crore on average by 16 analysts, according to Thomson Reuters data. SBI shares rallied after the results were announced. Shares were up 5% at Rs. 256 in afternoon trade. Gross bad loans as a percentage of total loans rose to 10.91% from 10.35% three months earlier and 6.90% a year prior.

    India ranked 6th wealthiest country in the world - AfrAsia Bank Global Wealth Migration Review

    The AfrAsia Bank Global Wealth Migration Review ranked India as the 6th wealthiest country in the world with a total wealth of $8,230 billion, while the United States was ranked as the wealthiest with a total wealth of $62,584 billion. The review ranked China with a total wealth of $24,803 billion in the second position and Japan with $19,522 billion at the third place.

    YES Bank Launches Agenda 2525

    YES Bank and YES Global Institute have launched Agenda 25×25, which pledges to create a synergetic startup environment for budding women entrepreneurs in India. The effort would ensure that by 2025 at least 25% of all entrepreneurs in India are women. The bank made the announcement at the YES Bank – YES Global Institute Annual Startup Conclave hosted in partnership with NITI Aayog, Invest India, Startup India and Atal Innovation Mission.   The study outlines Agenda 25×25 and the need to build a 10 Step Developmental Model focused on empowering women innovators.

    Foxconn Unit Writes Off Another $40 Million In Snapdeal Investment

    FIH Mobile, the investment subsidiary of Foxconn Technology Group, the world’s largest contract manufacturing giant, has written off an additional $40 million of its $200 million bet on Gurgaon-based online marketplace Snapdeal.  The latest write-down comes about nine months after the Hong Kong-listed unit of the Apple iPhone manufacturer announced that it had undertaken an impairment loss of $160 million. In its 2017 annual report, FIH Mobile stated the company had come to the view that its entire $200 million investment in Jasper Infotech, first announced in September 2015, cannot be recovered.

    Fino Payments Bank Launched Digital Suite

    Fino Payments Bank launched a suite of digital products that can be accessed online and through mobile phones with the focus to build the transaction platform. Fino had launched its mobile banking app BPay in 2017. The latest initiatives include Unified Payments Interface (UPI), BHIM app - using which customers can access UPI and make P2P payments, net banking, digi savings account which can be opened with only Aadhaar number and PAN card and FasTag for making digital payments at toll plazas on national highways.

    Reserve Bank of India Announced Rs10,000 Crore Bond Purchases

    The Reserve Bank of India (RBI) announced that it would buy Rs. 10,000 crore ($1.50 billion) of government bonds via open market operation (OMO), after failing to sell all the debt it had offered to bidders. The 10-year government bond yield rose to 7.75% from 7.74% before the auction result was announced. The eligible participants should submit their offers in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system.

    Finance Minister Arun Jaitley chairs the 27th GST Council meeting intending to simplify returns filing process

    Commencing the 27th Goods and Service Tax Council meeting, Finance Minister Arun Jaitley chaired the meeting via a video conference in New Delhi. The meeting entails in bringing the GSTN within complete government ownership and further discussion on issues like whether or not to levy Cess Tax on sugar. Expressing satisfaction in the revenue growth, having a backdrop of the GST returns from the month of April, the meeting has garnered insights of making improvements and simplifying returns filing process. Stating the agendas the council members discussed Finance Minister Arun Jaitley described that the collection of GST completely on government. The process of simplification model will be set up in 6 months.

    ICICI Bank names Radhakrishnan Nair As Independent Director

    ICICI Bank's board appointed Radhakrishnan Nair as an additional (independent) director of the bank for five years.  The appointment is subject to the approval of shareholders. Mr Nair is also an independent director of three subsidiaries of the bank - ICICI Prudential Life Insurance Company, ICICI Prudential Trust, and ICICI Securities Primary Dealership.

    Uday Kotak Redesignated As MD & CEO Of Kotak Mahindra Bank

    The board of directors of Kotak Mahindra Bank redesignated Uday Kotak as Managing Director and Chief Executive Officer. Mr. Kotak was earlier executive Vice Chairman and Managing Director. Mr. Kotak was the only official among private banks to have a Vice Chairman designation. All others have MD & CEO designation.

    HDFC Bank Launches IRA 2.0

    HDFC Bank launched IRA 2.0, its interactive humanoid at the Koramangala Branch in Bengaluru. The interactive humanoid in its advance version is aimed to enhance user experience for customers visiting in the branch. HDFC Bank has developed IRA (Interactive Robotic Assistant) 2.0 in collaboration with its technology partners Invento Makerspaces and Senseforth Technologies. It became the first bank in India to introduce a humanoid IRA 1.0 for customer service at the Kamala Mills Branch in Mumbai. Currently, IRA 1.0 is stationed at the Palarivattom Branch in Kochi.

    India Signs Loan Agreement With World Bank For US$ 125 Million

    A Loan Agreement for IBRD credit of US$ 125 (equivalent) for the “Innovate in India for Inclusiveness Project” was signed with the World Bank in New Delhi.  The Objectives of the project is to nurture indigenous innovation, foster local product development and accelerate commercialization process by bridging critical skill and infrastructure gaps to promote affordable and innovative healthcare products generation for inclusive development and increasing competitiveness in India. The closing date of Innovate in India for Inclusiveness project is 30 June, 2023.

    India's 1st E-Commerce Think Tank Meet Convened By Suresh Prabhu

    Suresh Prabhu, the commerce and industry minister, held the first e-commerce think tank meeting in New Delhi. The minister chaired the meeting which aimed at framing a national policy on e-commerce. The setting up of this e-commerce think tank and the initiative taken by the ministry may well be interpreted as the government and its allied bodies beginning to understand the growth potential of the e-commerce industry in India.

    Paytm Payments Bank Registers 100M KYC Wallets

    Paytm Payments Bank has over 100 million KYC wallets, against the constant campaigning done by the bank about the benefits of the Know Your Customer (KYC) system. The bank has introduced several options that include Paytm KYC centers and 'Paytm-Ka-ATM' outlets to offer more localized support. Customers can locate these through the 'Nearby' section on the Paytm app.

    Yes Bank Gets RBI Nod To Open Offices In London And Singapore

    Private sector lender Yes Bank received the Reserve Bank of India’s (RBI) approval to open two representative offices in London and Singapore. Yes Bank opened its first representative office in Abu Dhabi in April 2015 and also launched IFSC banking unit (IBU) at GIFT City, Gandhinagar, in the same year.

    SBI India's Most Trusted Bank, ICICI Tops In Private Sector: Report

    According to the TRA Brand Trust Report 2018, the State Bank of India was the most-trusted bank (both public and private sector) in the country and ICICI Bank topped the chart among the private ones.   This year, State Bank of India tops the chart of BFSI (Banking and Financial Services Institutions) super-category despite seeing a dip in its overall brand trust index ranking. The leader among the private banks is ICICI Bank, rising nine ranks in the overall ranking, it ranked 38th overall in 2018. Fraud-hit PSB Punjab National Bank ranks sixth among the public sector banks (PSB) and is 297th in the overall ranking, according to the survey. This year, State Bank of India tops the chart of BFSI (Banking and Financial Services Institutions) super-category despite seeing a dip in its overall brand trust index ranking. The leader among the private banks is ICICI Bank, rising nine ranks in the overall ranking, it ranked 38th overall in 2018. Fraud-hit PSB Punjab National Bank ranks sixth among the public sector banks (PSB) and is 297th in the overall ranking, according to the survey.

    Bandhan Bank among Top 50 Most Valuable Brand In India

    Kolkata-based Bandhan Bank Limited became one of the top 50 most valuable publicly traded firms in India. The market capitalization of Bandhan Bank was at Rs64,000 crore, claiming 50th rank, according to BSE data. Tata Consultancy Services Ltd is the most valuable company in India, followed by Reliance Industries Ltd and HDFC Bank Limited. Bandhan Bank had raised Rs4,500 crore through a successful initial public offering (IPO) in March after setting the pricing at Rs375 per share.

    Kotak Mahindra Bank Pips SBI To Become Indias 2nd Most Valuable Bank

    Shares of private lender Kotak Mahindra Bank Limited beat India’s largest lender State Bank of India (SBI) for the first time to become the second most valued bank in the country. Data from BSE showed that Kotak Mahindra Bank has a market capitalization of Rs2,22,560.69 crore after its shares rose 1.7%. SBI market capitalization stood at Rs2,22,043.74 crore. Its shares were trading at Rs248.80 on BSE, down 1% from its previous close. HDFC Bank Limited remained country’s most valuable bank with a capitalization action of Rs5.04 trillion.

    Punjab National Bank Launches Products To Mark Foundation Day

    State-run Punjab National Bank (PNB) launched new products such as pre-approved credit card and UPI solution to mark its 124th foundation day. Besides, the bank announced its UPI partnership with the expense management app WALNUT that comes embedded with features such as bill reminders, bill-split, and instant paperless loans.

    India's GDP To Grow 7.3% This Fiscal, 7.6% In Next: ADB

    The Asian Development Bank (ADB) projected that India’s economic growth is set to rise to 7.3% this fiscal and further to 7.6% in the next financial year, on back of GST and banking reforms.  According to the Asian Development Outlook (ADO), 2018, Indian economy grew 6.6% in the last fiscal and it would remain the fastest-growing country across Asia.

    J&K Bank Launches Special Financing Scheme For Industrial Units

    Jammu and Kashmir Bank launched a special financing scheme named 'Add-on Working Capital GST' to help the state industry cope with the delay in reimbursement of GST under special tax relief. The scheme was launched by J&K Finance Minister Syed Altaf Bukhari.

    State Bank of India Launches UK Subsidiary With 225 Millions Pounds Capital

    The State Bank of India SBI announced the launch of its UK subsidiary, SBI (UK) Limited, with an initial capital commitment of 225 million pounds from its parent entity. India's largest state-owned bank, which celebrated the new subsidiary with a special event in London, becomes the first foreign bank in the UK to ringfence its retail division from its wholesale business.

    State Bank of India to invest Rs 80 billion in Nepal's 900 MW hydro-electric project

    India's leading Public Sector Undertaking (PSU) bank State Bank of India (SBI) is all set to invest a sum of Rs 80 billion in Nepal's Arun-III hydropower project. The move will aid the Nepal-based firm to produce 900 megawatts (MW) electricity. According to news agency ANI, The SJVN, which has been awarded the construction of the mega power project of Nepal, has made an informal agreement with the SBI to acquire the investment as loan and soon will make the formal agreement.The Director Committee Meeting of the bank is due to make the recommendation. They soon will decide over. As of now, they have decided over the loan extend and the interest rate over it has been finalized. The 1.4 trillion rupees over the project will be expended for the construction of the structures and additional 11 billion rupees for the transmission lines. With the completion of the project, Nepal will get 21.9 percent of the total electricity produced in a year i.e., 197 MW electricity with 86 crore unit for free in a year.

    FPI Investment Limit In Government Securities Hiked

    In a move that could temporarily soften bond yields, the Reserve Bank of India, in consultation with the Government, hiked the foreign portfolio investors (FPI) investment limit in Central government securities (G-Sec) from 5% of outstanding stock now to 5.5% in FY2019 and 6% in FY2020. The hike comes in the wake of 99.31% of the upper FII investment limit in G-Secs of Rs1,91,300 crore getting utilized. The FPI investment in State Development Loans (SDLs) has been left unchanged at 2% of outstanding stock of securities.

    Deutsche Bank names Christian Sewing New CEO

    Deutsche Bank AG named Christian Sewing as the Chief Executive officer of the Bank. He has replaced John Cryan. The Sewing will take over with immediate effect. Garth Ritchie was promoted to sole head of the securities unit and will become a deputy CEO, along with chief administrative officer Karl von Rohr.

    Central Government and Maharashtra World Bank Sign 420 Million Dollar Project

    The Centre, Maharastra Government and the World Bank have signed a 420 million dollar project to help small and marginals farmers in the Marathwada and Vidarbha region of the state. This project will help in increasing climate resilient practices in agriculture and ensuring that farming continues to remain a financially viable activity for them.  The Maharashtra Project for Climate Resilient Agriculture will be implemented in rural areas largely dependent upon rain-fed agriculture. The project will take up a series of activities at the farm and watershed level.

    SBI Life Appoints Sanjeev Nautiyal As New MD & CEO

    SBI Life Insurance appointed Sanjeev Nautiyal as its new Managing Director and CEO. He replaces Arijit Basu, who takes over a key role in the State Bank of India Group. Nautiyal started his career with State Bank of India in 1985 as a probationary officer in the bank’s Lucknow Circle.

    First Bi-Monthly Monetary Policy Statement Released By RBI

    On the basis of an assessment of the current and evolving macroeconomic situation at its meeting, the Monetary Policy Committee (MPC) decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.0%. Consequently, the Reverse Repo Rate (RRR) under the LAF remains at 5.75%, and the Marginal Standing Facility (MSF) rate and the Bank Rate at 6.25%. India’s real gross domestic product (GDP) growth marginally upward to 6.6% from 6.5% in the first advance estimates. GDP growth in 2017-18 at 6.6 percent was lower than 7.1% in 2016-17. Retail inflation, measured by the year-on-year change in the CPI, fell from a high of 5.1% in January to 4.4% in February due to a decline in inflation in food and fuel. CPI inflation excluding food and fuel remained unchanged at 5.2% for the third consecutive month in February, after rising from its trough in June 2017.

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