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Banking & Financial Awareness

Current Affairs

RBI Policy Review

  • Loan growth has been slowing sharply.
  • Between March end and November 8, loans to companies and individuals have increased by just 43% to Rs 97.67 lakh crore.
  • Bloomberg Liquidity Index: As on November 29, the banking liquidity surplus stood at Rs 2.5 lakh crore.
  • RBI may cut the repo rate by about 25 basis points to 4.9%.
    • Transmission has been slow
    • But it is the slow credit that is stalling the economy.
    • Loan growth measured year-on-year, is at a two-year low.
    • RBI formed on April 1, 1935
    • RBI 25th Governor: Shaktikant Das;
    • Headquarters: Mumbai;

Small Savings Schemes

  • Last few years trend: Deposits in small savings schemes have been growing much faster than bank deposits.
  • Analysts: reductions in bank deposit rates
  • According to a recent Citi report: Banks paid 6.25-7.25% for one-year term deposits in November 2019
  • Small savings schemes offered up to 8.6% in the same month.

Relaxation In Fiscal Deficit Target To 4%

  • States suggested Finance Minister Nirmala Sitharaman to go for fiscal expansion and relax the deficit target to 4 percent of the gross domestic product (GDP).
  • The finance minister in her July Budget reduced the fiscal deficit target for 2019-20 to 3.3 percent from 3.4 percent earlier.

Walmart Launches Credit Card In Partnership With HDFC Bank

  • Walmart India, the wholly-owned subsidiary of Walmart Inc., has partnered with HDFC Bank to launch a co-branded credit card exclusively for members of its Best Price Modern Wholesale “B2B Cash & Carry” stores, the company said in a statement.

  • Walmart
  • Founded: July 2, 1962.
  • Founder: Sam Walton
  • Headquarters:   Bentonville, Arkansas, U.S.

RBI Launches New PPI For Small Digital Transactions

  • The Reserve Bank of India (RBI) introduced a new type of semi-closed prepaid payment instrument (PPI), which can be used only for purchase of goods and services up to a limit of Rs 10,000. Money will be loaded or reloaded in the new PPI only from a bank account for making digital payments such as bill payments, merchant payments, etc.
  • RBI 25th Governor: Shaktikant Das;
  • Headquarters: Mumbai;
  • Founded: 1 April 1935, Kolkata.

HDFC Bank Crosses $100 Billion Market Capitalisation

  • The share price of HDFC Bank Ltd hit a fresh all-time high of Rs 1,305.50during trading session to cross $100 billion market capitalisation..
  • HDFC Bank stock has risen 82% in one week, 2% in one month and 22% year-to-date.
  • Managing Director of HDFC Bank: Aditya Puri;
  • Headquarters: Mumbai, Maharashtra.

RBI Waives NEFT, RTGS Transfer Charges For Savings Account Holder

  • The Reserve Bank of India (RBI) has instructed banks to make all online payments done through National Electronic Funds Transfer (NEFT) and Real-time gross settlement (RTGS) free of cost for savings account holders.
  • Some banks have already made it free and some bank has been asked to do so. It will come to effect from 1 January 2020. The move is to boost digital retail payments in the country.
  • RBI 25th Governor: Shaktikant Das,
  •  Headquarters: Mumbai,
  •  Founded: 1 April 1935, Kolkata.