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  • IBBI signed MoU with Reserve Bank of India for better implementation of Insolvency and Bankruptcy Code

    The Insolvency and Bankruptcy Board of India (IBBI) signed a memorandum of understanding (MoU) with the Reserve Bank of India (RBI) for enhancing cooperation between the two regulators to ensure better implementation of the Insolvency and Bankruptcy Code (IBC). According to the MoU, RBI and IBBI will share data and resources with each other to the extent allowed by law and hold frequent discussions to overcome regulatory bottlenecks with respect to implementation of IBC. RBI and IBBI will also be working together to raise awareness among financial creditors about the necessity of swift resolution of firms in distress.

    ICICI Bank Launches Online Overdraft Facility For MSME Customers

    ICICI Bank has launched instant overdraft ‘InstaOD’ facility for MSME (Micro, Small and Medium Enterprises) customers in a completely online and paperless manner. Customers can get overdraft facility up to Rs 15 lakh for a year anytime, anywhere using the bank’s Internet and mobile banking app. The new facility will enable a few lakh of pre-qualified current account customers of the bank to instantly avail of the facility without visiting a branch and submitting physical documents. ICICI Bank will also offer the facility for instant online sanction of the overdraft facility to MSME customers of other banks shortly.

    State Bank of India Reduces Charges On Non-Maintenance Of Minimum Balance

    The country’s largest lender, SBI State Bank of India slashed charges for non-maintenance of Average Monthly Balance (AMB) in savings accounts by nearly 75 percent. The revised charges will be effective from April 01, 2018 and will benefit over 25 crore customers. The charges for non-maintenance of AMB for customers in Metro and Urban centers have been reduced from a maximum of Rs 50 per month to Rs 15 per month. Similarly, for Semi-Urban and Rural centers, the charges have been reduced from Rs 40 every month to Rs 12 and Rs 10 GST charges will be applicable over and above the rates specified above.

    Asian Development Bank, International Solar Alliance Sign Pact To Promote Solar Energy

    The Asian Development Bank (ADB) and the International Solar Alliance (ISA) signed a cooperation arrangement to promote solar energy deployment in Asia and the Pacific.  The cooperation envisages solar power generation, solar based mini-grids, and transmission systems for integrating solar energy into grids, among others.

    ISA-ADB, NDB, GCF, AfDB And AIIB Joint Declarations Of Financial Partnership

    The International Solar Alliance (ISA) and the African Development Bank (AfDb), the Asian Development Bank (ADB), the Asian Infrastructure Investment Bank (AIIB), the Green climate fund (GCF), and the New Development Bank (NDB) signed Joint financial partnership Declarations in New Delhi. The International Energy Agency (IEA) also signed a Joint partnership Declaration with the ISA. The objective of the agreements is to deepen their cooperation in support of Renewable Energy. ISA is working for deployment of over 1000 GW of solar energy and mobilizing more than US$ 1000 billion into solar energy by the year 2030.

    Winners Of Central Banking Awards 2018

    Central Banking’s fifth annual awards recognize outstanding achievement within a community that has had to balance monetary accommodation and financial stability in an environment of rapid innovation, political change, and global uncertainty. The Bank of Canada, this year’s Central Bank of the Year, emerged as a beacon of best practice for much of the community. 1. Transparency: Central Bank of Ireland. 2. Reserve manager of the year: Bank of Korea. 3. Banknote and currency manager of the year: Norges Bank. 4. An initiative of the year: Bank of England’s FinTech Accelerator. 5. Website of the year: Bank of Lithuania. 6. Economics in central banking: Alberto Cavallo and Roberto Rigobon – Billion Prices Project/PriceStats. 7. Asset manager of the year: BlackRock. 8. Innovation in reserve management: HSBC. 9. Global custodian of the year: BNY Mellon. 10. Securities lending services provider of the year: Northern Trust. 11. Banknote and currency services provider of the year: Landqart. 12. Technology consultant of the year: Vizor Software. 13. Risk management services provider of the year: OpenLink. 14. Consultancy and advisory provider of the year (data and regulatory management): BearingPoint. 15. Payments and market infrastructure provider of the year: Perego.

    RBI imposes Rs. 40 lakh penalty on SBI over counterfeit notes

    The Reserve Bank has slapped a penalty of Rs 40 lakh on SBI (State Bank of India) for not complying with its directions on detection and impounding of counterfeit notes. The Reserve Bank of India (RBI) has imposed, on March 01, 2018, a monetary penalty of Rs 4 million on State Bank of India for non-compliance with the directions issued by RBI on Detection and Impounding of Counterfeit Notes.

    RBI Slaps Penalty On Axis Bank And Indian Overseas Bank

    The Reserve Bank of India (RBI) imposed a penalty of Rs 3 crore on private sector Axis Bank for violation of Non-Performing Asset (NPA) classification norms, and Rs 2 crore on state-run Indian Overseas Bank (IOB) for not complying with the Know Your Customer (KYC) regulations. A statutory inspection of Axis Bank, with reference to its financial position, revealed "violations of various regulations issued by RBI in the assessment of NPAs", or bad loans.

    PNB And ICICI Bank Increases MCLR Rates

    The Punjab National Bank (PNB) and ICICI Bank hiked the MCLR rates for loan borrowers. Taking a cue from SBI, country's second-largest private sector lender ICICI Bank also raised the one-year MCLR from 8.2% to 8.3%. The PNB, which is at the center of Nirav Modi fraud also increased one-year MCLR to 8.3% from 8.15%.

    Public sector banks to consolidate 35 overseas operations

    The union government asked Public Sector Banks (PSBs) to consolidate 35 overseas operations. Financial Services Secretary Rajiv Kumar said in a tweet that 69 overseas operations have also been identified for further examination.  The Expressing government's commitment to clean and responsible banking, Mr Kumar said, the overseas operations of the state-owned banks will be rationalized. The move comes in the wake of the recent Punjab National Bank scam in which Nirav Modi allegedly cheated the bank in connivance with PNB staff and officials of overseas branches of other state-owned banks.

    SBI Hikes Lending Rate To 8.15%

    The State Bank of India raised its lending rates by 20 basis points to 8(point)15 percent, with immediate effect, setting the tone for the industry to follow suit. This is likely to make home and car loans costlier.  This is the first lending revision by the bank since April 2016 and comes a day after it massively raised the retail and bulk deposit rates.

    Punjab National Bank hikes lending rates by 15 basis points to 8.30%

    The scam-hit Punjab National Bank (PNB) raised its lending rate by 15 basis points to 8(point)30 per cent with immediate effect. The New Delhi-based lender also increased its retail and build deposit rates by up 45 basis points on various maturities.  The move comes in the same day when the industry leader SBI increased the lending rates by 20 bps to 8.15 percent. The one-year marginal cost of funds based lending rate (MCLR) was earlier at 8.15 percent.  The overnight, one-month, three-month and six-month rates were raised by 15 basis points to 7.80 percent, 7.95 percent, 8.10 percent and 8.25 percent, respectively. The bulk deposits for one-year maturity has been increased to 6.75 percent from 6.50 percent.

    IndusInd Bank And Ripple Tie-Up For Cross-Border Remittances

    IndusInd Bank announced its partnership with Ripple (the enterprise blockchain solution for Global Payments) to facilitate payments into and out of India. With this affiliation, RippleNet can now provide instant access in emerging markets such as India, Brazil, and China. In 2017, India saw a total of $65 billion moves into the country and IndusInd Bank which has significant interests in cross-border remittances plans to harness the power of Blockchain technology for facilitating global payments.

    RBI Sets Up Committee Under YH Malegam To Monitor Bad Loans

    Reserve Bank of India (RBI) constituted an expert committee under the chairmanship of YH Malegam to look into a range of issues relating to classification of bad loans, rising incidents of frauds and effectiveness of audits. Y H Malegam is a former member of the Central Board of Directors of RBI. A K Misra – Executive Director of RBI will be the Member-Secretary of the committee.

    Capital First Gets NHB Nod For Merger With IDFC Bank

    Capital First announced that the regulator National Housing Bank (NHB) approved the merger of the company along with Capital Home Finance and Capital First Securities Limited with IDFC Bank. The amalgamation is subject to the receipt of approval from the Reserve Bank of India and other statutory and regulatory approvals. The share swap ratio for the merger is fixed at 139:10, meaning IDFC Bank will issue 139 shares for every 10 shares of Capital First. The merger is likely to be completed in the next two-three quarters.

    Singapore To Impose Carbon Tax From 2019

    Singapore will impose a 'carbon tax' from 2019 to cut its greenhouse gas emissions and make companies more competitive as global agreements on climate change take effect. Finance minister Heng Swee Keat stated that the tax would be levied on all facilities producing 25,000 tonnes or more of greenhouse gas emissions a year. The tax, to be applied to all sectors, will be Sg$5.0 ($3.8) per tonne of greenhouse gas emissions from 2019 to 2023.

    PNB Arm, IFC Tie Up To Raise $800 Mn For Affordable Housing

    PNB Housing Finance Ltd has tied up with International Finance Corporation (IFC), part of the World Bank Group, to raise $800 million for green and affordable housing in India. IFC is in negotiations with two other housing finance firms to invest another $150 million, as well as with property developers to assist the Pradhan Mantri Awas Yojana (PMAY) from both the demand and supply sides. Under PMAY, the government offers interest subsidy of 6.5% to economically weaker sections on their home loans. The scheme is for people with an annual income up to Rs3 lakh.

    Reserve bank of India directs all banks to accept denomination coins from public

    The Apex bank issued a notification in Mumbai, saying such denial of service causes inconvenience to the public at large as shopkeepers and traders refuse to accept coins for payment of goods and services. The branches to accept coins of all denominations tendered at their counters either for exchange or for deposit in accounts Also, RBI advised all banks to accept coins, particularly in one and two rupee denominations by weightment or sachets of 100 coins each.

    Yes Bank lists $600 million MTN bond on India INX

    India’s fifth largest private sector lender Yes Bank has listed $600 million bonds issued under its maiden $1 billion MTN programme on Global Securities Market (GSM) of India INX. The bank will use proceeds from this bond to fund the bank’s IFSC Banking Unit (IBU) in Gift City and expand IBU’s rapidly growing business opportunities. The Key Facts Yes Bank’s MTN (medium term note) bonds issuance has received an overwhelming response from international investors. It has been already listed on London Stock Exchange International Securities Market (LSE ISM) and Singapore Exchange Securities Trading Limited.

    Bank Of Baroda To Exit South Africa By March-End

    State-owned Bank of Baroda decided to exit by March-end its South Africa operations after 21 years amid a probe into alleged compliance lapses by the bank there. The bank stated that it is exiting operations in South Africa as part of its strategic plan for rationalization of overseas branches.

    SBI Wrote Off Bad Loans Worth Over Rs 20,000 Crore Last Fiscal

    The country’s largest lender SBI wrote off bad loans worth Rs 20,339 crore in 2016-17, the highest among all the public sector banks, which had a collective write off of Rs 81,683 crore for the fiscal. The data pertains to the period when the associate banks of State Bank of India (SBI) were not merged with it. Besides SBI, Punjab National Bank had a write-off of Rs 9,205 crore in 2016-17, followed by Bank of India (Rs 7,346 crore), Canara Bank (Rs 5,545 crore) and Bank of Baroda (Rs 4,348 crore).

    Income Tax Department asks large depositors to file returns by March 31

    The Income Tax Department has asked people who deposited "large amounts of cash" post demonetisation to file tax returns by March 31. The department said it was the last chance for filing "belated or revised returns" for assessment years 2016-17 and 2017-18. It has also cautioned eligible trusts, political parties, and associations to file their returns and "come clean".

    RBI warns of fake website seeking personal info in its name

    The RBI has cautioned people about a fake website in its name which is asking for personal and confidential banking details of bank customers. The layout of the fake website,, is similar to that of the original RBI website. Further, the RBI also cautioned the public about other fake websites such as and

    Banks to accept only online applications for education loan

    The government has directed the banks to only accept online applications for education loans in a bid to make the loan disbursement process transparent and efficient. The banks have also been asked to not consider any application received in physical form. The move also aims to tackle the delay in sanctioning of the education loans. Vidya Lakshmi is the IT-based Student Financial Aid Authority to administer and monitor scholarships as well as education loan schemes.

    SBI posts Rs 24.16 billion quarterly loss for first time in nearly 19 years

    State Bank of India (SBI), the country’s largest bank, posted a quarterly loss for the first time in nearly 19 years - of Rs 24.16 billion in the December quarter of 2017-18 - owing to a sizeable increase in provisioning for bad loans. This came after the Reserve Bank of India (RBI) asked the lender to reclassify some corporate loans as non-performing assets (NPAs). The bank had reported a standalone profit of Rs. 2,610 crore in the corresponding quarter last fiscal. SBI is planning to raise about Rs 200 billion in the next financial year (2018-19) to support credit growth.

    Hardayal Prasad appointed as SBI Card MD & CEO

    SBI Card, the country's second-largest credit card issuer appointed Hardayal Prasad as new Managing Director (MD) & Chief Executive Officer (CEO) of the company. He has replaced Vijay Jasuja. Prior to this appointment, Prasad was with State Bank of India, holding multiple leadership positions in the bank. He had joined SBI as a probationary officer in 1983.

    Six 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%. GVA growth for 2017-18 is projected at 6.6%. GVA growth for 2018-19 is projected at 7.2% overall with risks evenly balanced.

    India contributes $1 million to UN Development Partnership Fund

    India contributed additional $1 million to India-UN Development Partnership Fund, earmarked for South-South cooperation. The contribution aims to intensify its partnerships with other developing countries in the south. India has pledged a multi-year contribution of $100 million to the fund establishment in June 2017. The fund was set up on 9 June 2017 on occasion of the World Oceans Day as a partnership between India and United Nations Office for South-South Cooperation.

    Indian Overseas bank receives Rs173 crores Capital Infusion From Government

    Indian Overseas Bank (IOB) received Rs173.06 crore capital infusion from the government in the current fiscal. In a regulatory filing, IOB has received Rs173.06 crore a the contribution of the central government in the preferential allotment of equity shares of the bank as government’s investment during the 2017-18 fiscal.

    Axis Bank Launches fourth edition of Evolve

    Private sector Axis Bank launched the fourth edition of ‘Evolve’ in Coimbatore, Tamil Nadu. It is an annual multi-city knowledge series for Bank’s small and medium-sized enterprises (SME) customers. The current edition of 'evolve' is titled as “Transform your Family Business into your dream company”. It will empower the SMEs to understand the winning strategies and best practices that have helped some of the leading family businesses in India grow into the reputable enterprise. This edition will span across 30 cities.

    Economic Survey 2018: Complete Analysis Report

    The Economic Survey, an annual publication of the Finance Ministry, is presented in both houses of Parliament during the Budget Session. It is a review of the developments in the country's economy over the previous one year. Sticking to the practice started last year, finance minister Arun Jaitley will present Union Budget 2018 on 1 February. It presents a summary of the performance of the government's major development programmes undertaken during that period. It also details the main policy initiatives of the government. The  Survey sees FY19 GDP growing 7-7.5% vs 6.75% in FY18. The Due to higher expected increase in imports, net exports of goods and services are slated to decline in 2017-18. The Exports biggest source of the boost to growth. It points out that the GDP growth has averaged 7.3% for the period from 2014-15 to 2017-18, which is the highest among the major economies of the world. Demonetisation helped share of financial saving to rise. The ratio of domestic saving to GDP reached 29.2 percent in 2013 to a peak of 38.3 percent in 2007, before falling back to 29 percent in 2016.  The Sanitation coverage in rural India increased substantially from 39 percent in 2014 to 76 percent in January 2018. With the launch of Swachh Bharat Mission (Gramin) on October 2, 2014, the sanitation coverage in rural India increased substantially. So far, 296 districts and 307,349 villages all over India have been declared Open Defecation Free (ODF). India is gradually improving its performance in Science and Technology. In 2013, India ranked 6th in the world in scientific publications. Its ranking has been increasing consistently. The growth of annual publications between 2009 to 2014 was almost 14%. This increased India's share in global publications from 3.1% in 2009 to 4.4% in 2014 as per the Scopus Database. The foreign exchange reserves grew by 14.1% on a year-on-year basis from the end of Dec 2016 to end of Dec 2017. The forex reserves as per 2016-17 were estimated at USD 370 billion. It grew to USD 409.4 billion in 2017-18.

    Paytm, Alibabas AGTech Holdings Launch New Mobile Gaming Platform

    Mobile payments company Paytm and Alibaba Group-owned AGTech Holdings Ltd have formed a joint venture to launch 'Gamepad' a gaming platform aimed at mobile users in India. The joint venture between Alibaba’s AGTech Holdings and Paytm was originally signed in July 2017. AGTech Media currently holds 45% in the joint venture, and Paytm owns the rest. At the time of the signing of the agreement, Paytm’s parent company One97 invested $8.8 million in the venture for its 55% stake, and AGTech Holdings put in $7.2 million for its 45% stake.

    Small Finance Banks and Payment Banks to offer Atal Pension Yojana

    Payments Banks and Small Finance Banks are a New Model of banks conceptualized by the Reserve Bank of India (RBI). 11 Payment Banks and 10 Small Finance Banks have received a license from Reserve Bank of India to start banking operations in India. Small Finance Banks and Payment Banks are new age banks and given the strength of the bank, expertise and it reaches, Small Finance Bank and Payment Bank can play a pivotal role in the outreach of 83 lacs subscribers under Atal Pension Yojana (APY). APY is a Government's Old Age Pension Scheme being implemented through all Banks across the country as per the mandate received from the Ministry of Finance and monitored periodically at PMO. PM Narendra Modi had launched the Social Security Scheme on May 9th, 2015 and dedicated the First Ever Guaranteed Pension Product to the people of the country. Following are the banks that have started banking operations: Ujjivan Small Finance Bank. Janalakshmi Small Finance Bank. Equitas Small Finance Bank. A U Small Finance Bank. Capital Small Finance Bank. ESAF Small Finance Bank. Utkarsh Small Finance Bank. Suryoday Small Finance Bank. Fincare Small Finance Bank. Paytm Payment Bank. Airtel Payment Bank. India Post Payment Bank. Fino Payment Bank.

    IOB and NHB Tie Up For Rural Housing Push

    Indian Overseas Bank signed a MoU with National Housing Bank for the Rural Housing Interest Subsidy Scheme (RHISS) of the Ministry of Rural Development. The main aim of the RHISS is to prove a subsidy for housing loans taken by those living in rural areas for construction and modifications of their dwelling units. The interest subsidy under the scheme is 3 per cent for a loan amount of Rs2 lakh for 20-year tenure.   Indian Overseas Bank has become one of the first public sector banks to implement the scheme. The subsidy is offered at three per cent for a loan amount of Rs. 2 lakh and with a loan tenure of 20 years.

    Mauritius Largest Source of FDI in India - Reserve Bank of India

    Mauritius was the largest source of foreign investment in India (21.8 percent share at market value), followed by the US and the UK, according to a census by the Reserve Bank of India. Singapore and Japan were the next two sources of foreign direct investment (FDI), reported the Census on Foreign Liabilities and Assets of Indian Direct Investment Companies 2016-17, released by RBI.

    Yes Bank Ties up with Amplus Energy Solutions

    Amplus Energy Solutions announced entering into a pact with private sector lender Yes Bank for a strategic tie-up to co-finance projects in the solar energy space in India.  The memorandum of understanding (MoU) was signed at International Solar Alliance pavilion at the World Future Energy Summit, Abu Dhabi.

    HDFC Bank Becomes 1st Indian Bank to Cross Rs5 trillion Market Capitalisation

    India’s most-valued lender HDFC Bank Limited crossed Rs5 trillion capitalization action for the first time, making it only the third Indian company to achieve this milestone. In intraday trade, the stock touched a fresh record high of Rs1,53.75 on the BSE, up 3.31% from its previous close. Tata Consultancy Services Ltd (TCS) and Reliance Industries Ltd (RIL) are the other two companies which crossed market capitalisation of Rs5 trillion.

    Bank of Baroda Partners with Invoicemart as a TReDS Partner

    Digital invoice discounting marketplace - Invoicemart has tied up with state-run lender Bank of Baroda to discount invoices for MSMEs. Buyers and sellers registered in the marketplace will now be able to access funding from Bank of Baroda. Invoicemart is a joint venture between Axis Bank Ltd and junction services ltd. Bank of Baroda had recently announced that it was stepping up its focus on supply chain financing. TReDS is an online mechanism that helps MSMEs unlock working capital without the hassle of applying for loans.

    Federal Bank ties up with Hedge Equities

    Federal Bank entered into a strategic partnership with Hedge Equities Ltd for providing Portfolio Investment Scheme (PIS) services to NRIs. A formal agreement was executed in which Jose K Mathew (EVP & Head Retail Business, Federal Bank) and Alex Babu (MD, Hedge Equities Ltd) exchanged the MoU announcing the tie-up. Federal Bank is authorized by the RBI to issue permission letter to NRIs on behalf of the RBI to transact in the secondary market. 

    India, Top Borrower from China-Sponsored AIIB in 2017

    India emerged as a top borrower from the China-sponsored Asian Infrastructure Investment Bank (AIIB) with USD 1.5 billion worth of loans last year and USD three billion more in the pipeline.  India's Ambassador Gautam Bambawale met AIIB President Jin Liqun in Beijing and held in-depth talks on deepening India's engagements with the bank. Next, to India, Indonesia has emerged as the second largest borrower with about USD 600 million loans.

    IDFC Bank Capital First to merge in Share Swap Deal

    IDFC Bank and Capital First approved a merger of Capital First with IDFC Bank. Pursuant to the merger which is subject to regulatory and shareholder approvals, IDFC Bank will issue 139 shares for every 10 shares of Capital First.  The deal values Capital First - owned more than a third by private equity firm Warburg Pincus - at Rs. 938.25 a share based on the two companies' price and giving the company a market value of Rs. 9,278 crore ($1.46 billion), Reuters calculations showed.

    India emerges as a top borrower from China sponsored AIIB in 2017

    India has emerged as a top borrower from the China-sponsored Asian Infrastructure Investment Bank (AIIB) with USD 1.5 billion worth of loans last year and USD three billion more in the pipeline. Next to India, Indonesia has emerged as the second largest borrower with about USD 600 million loans. AIIB President:- Jin Liqun

    IndusInd Bank to Introduce Indias First Battery-Powered Interactive Payment Card

    IndusInd Bank and Dynamics Inc. at the 2018 Consumer Electronics Show (CES) announced plans to introduce the first battery-powered, interactive payment cards to the Indian market in 2018. The new IndusInd Bank card from Dynamics has multiple buttons that let the consumers use a single card to pay in multiple ways. With a touch of a button, consumers can select credit, points or monthly installments as the payment option. A different color light will activate based on the selected payment option.

    Flipkart's PhonePe Inks Pact with FreeCharge

    Flipkart’s payments arm PhonePe partnered mobile wallet company FreeCharge to allow the latter’s customers pay for transactions at PhonePe’s partner merchants. According to the deal terms, PhonePe has now enabled its users to link their existing FreeCharge wallets to the PhonePe app. Once linked, PhonePe customers will be able to spend their FreeCharge wallet balance at all online and offline merchant outlets that accept payments via PhonePe.

    Paytm Launches Investment Arm, to Invest $10 million

    Paytm set up a new entity called Paytm Money Ltd that will offer investment and wealth management products and will invest close to $10 million upfront in the new entity. Paytm Money is the fourth product from One97’s stable after Paytm Mall, Paytm Payments Bank and Paytm wallet. It will be available as a separate mobile application to users.

    World Bank Projects Indias Growth Rate at 7.3% in 2018

    World Bank projected India’s growth rate at 7.3 percent in 2018 and 7.5 for the next two years. According to the 2018 Global Economics Prospect release, despite initial setbacks from demonetization and Goods and Services Tax (GST), India’s economy is estimated to have grown at 6.7 percent in 2017.  India’s growth potential will be around 7 percent for the next 10 years. In comparison with China, which is slowing, the World Bank is expecting India to gradually accelerate. 

    Direct Tax Collections for FY 2017-18 Show Growth of 18.2% up to December, 2017

    The provisional figures of Direct Tax collections up to December 2017 show that net collections are at Rs. 6.56 lakh crore which is 18.2% higher than the net collections for the corresponding period of last year. The net Direct Tax collections represent 67% of the total Budget Estimates of Direct Taxes for Financial Year 2017-18 (Rs. 9.8 lakh crore). Gross collections (before adjusting for refunds) have increased by 12.6% to Rs. 7.68 lakh crore from April to December 2017. An amount of Rs. 3.18 lakh crore has been received as Advance Tax up to December 2017 reflecting a growth of 12.7% over the Advance Tax payments of the corresponding period of last year. The growth in Corporate Income Tax (CIT) Advance Tax is 10.9% and that in Personal Income Tax (PIT) Advance Tax is 21.6%.

    AIIB plans to issue first US dollar bonds in June 2018

    China-led Asian Infrastructure Investment Bank (AIIB) is planning to issue its first US dollar-denominated bond with the minimum worth of $1 billion by June 2018. The earliest issuance window of the bond will be toward the end of first half of 2018 with the time required for certain procedures, including Board of Governors’ approval of AIIB’s 2017 financial statements as well as borrowing and swap documentation. The minimum size of the issuance will be one billion dollars, but as demand for the first bond issue may increase AIIB anticipates of having to issue a larger size.

    Forex Reserves scale record high of $409.366 billion in December 2017

    According to Reserve Bank of India (RBI), India’s foreign exchange (Forex) reserves have scaled to a fresh record high of $409.366 billion as on December. The forex is reserve assets held by a central bank in foreign currencies. It acts as a buffer to be used in challenging times and used to back liabilities. Almost all countries in the world, regardless of the size of their economy, hold significant foreign exchange reserves. The components of India’s FOREX Reserves include Foreign currency assets (FCAs), Gold, Special Drawing Rights (SDRs) and RBI’s Reserve position with International Monetary Fund (IMF). FCAs constitute the largest component of Indian Forex Reserves.

    Paytm Payments Bank and IndusInd Tie up for FD Facility

    Paytm Payments Bank partnered Induslnd Bank to introduce a facility to create a fixed deposit (FD) when the customer balance exceeds Rs. 1 lakh at the end of the day. Paytm Payments Bank customers can redeem their deposits instantly, anytime without paying any pre-closure or miscellaneous charges and can earn up to 6.85 percent annual interest.

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