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PM’s Focus Back on $5t Economy

  • Prime Minister Narendra Modi called for a focussed effort from all stakeholders to achieve the target of a $5-trillion economy.
  • PM said the ‘$5-trillion’ idea is not sudden and is based on a deep understanding of India’s strengths.
  • Strong absorbent capacity of Indian economy shows the strength of basic fundamentals of the Indian economy and its capacity to bounce back,”

SBI’s report ‘Ecowrap’ lowers India’s growth rate to 4.6% for FY 2020

  • The latest SBI Ecowrap report stated that we could be staring at growth rate below 6 percent for two consecutive years, and the RBI projection of a 5.9-6.3 percent GDP for FY21 could be on the higher side.

Chairperson of SBI: Rajnish Kumar;

Headquarters: Mumbai;

Founded: 1 July 1955.

 2 Indian banks to end their operations in Sri Lanka

  • The Central Bank of Sri Lanka has permitted Indian private sector lenders Axis Bank and ICICI Bank to close their operations in the island nation, according to online news portal ColomboPage.

Sri Lanka Capitals: Sri Jayawardenepura Kotte;

Currency: Sri Lankan rupee.

Prime minister: Mahinda Rajapaksa.

RBI allows to offer 24×7 rupee trading via select banks

  • The Reserve Bank of India (RBI) said selected banks in India can offer forex rates to Indian clients beyond the inter-bank market hours, which now run from 9am to 5pm.
  • In effect, this opens up the forex market in India round the clock, allowing Indians to hedge their foreign exchange risks at any time of the day.
  • This will also make the offshore currency markets in Dubai and Singapore less attractive for Indian investors, market

RBI 25th Governor: Shaktikant Das;

Headquarters: Mumbai;

Founded: 1 April 1935, Kolkata.

National Statistical Office (NSO) projects India’s GDP growth rate for 2019-20 at 5%

  • The Indian economy is estimated to grow at 5 percent in 2019-20 as against 6.8 percent in the previous fiscal.
  • According to the first advanced estimates of the national income released by National Statistical Office (NSO), the decline has been mainly on account of deceleration in manufacturing sector growth, which is expected to come down to 2 percent in 2019-20 from 6.2 percent in the year-ago

Minister of State (Independent Charge) of the Ministry of Statistics: Rao Inderjit Singh.

State Bank of India has announces RBBG (Residential Builder Finance With Buyer Guarantee) Scheme

  • It aims at giving a push to residential sales and improve homebuyers’ confidence.
  • Under this scheme the SBI will issue a guarantee for completion of select residential projects to customers who have availed home loans from it.
  • The scheme will focus on affordable housing projects priced up to 2.50 crore rupees in 10 cities.

Chairperson of SBI: Rajnish Kumar;

Headquarters: Mumbai;

Founded: 1 July 1955.

 National Payments Corporation of India –(NPCI) Launches Blockchain-Based Vajra Platform To Secure Payments

  • Vajra platform can be accessed by various payments companies.
  • Vajra platform is based on the Distributed Ledger Technology (DLT).
  • This blockchain-based technology will also help in Aadhaar authentication.

MD & CEO of National Payments Corporation of India: DilipAsbe.

Headquarters of National Payments Corporation of India: Mumbai.

RBI has raised the Investment limit for FPIs in government & corporate bonds to 30%

  • The Reserve Bank of India raised the investment limit for FPIs in government and corporate bonds to bring in more foreign funds into the market.
  • The short-term investment limit has now been increased from 20 percent to 30 percent in both cases, the RBI said in a circular.

RBI 25th Governor: Shaktikant Das;

Headquarters: Mumbai;

Founded: 1 April 1935, Kolkata.

 Vodafone m-pesa’s Certificate of Authorisation cancelled by RBI

  • Following the cancellation of the CoA, the company cannot transact the business of issuance and operation of prepaid payment instruments, the central bank said.

Vodafone M-pesa Limited Formation: 13 September 2014.

Vodafone M-pesa Limited Headquarters: Mumbai, Maharashtra

 ICICI Bank introduces cardless cash withdrawal facility through ATMs

  • This service enables customers to withdraw cash from over 15,000 ATMs of the ICICI bank by simply raising a request on iMobile, its mobile banking application.
  • The service can be used for self-withdrawal when customers do not wish to carry the debit card. The daily transaction limit as well as per transaction limit is set at Rs 20,000.

MD & CEO of ICICI Bank: Sandeep Bakhshi;

Headquarters: Mumbai.

 “MANI” to help visually challenged to identify currency notes

  • Reserve Bank of India, RBI has launched a mobile app, MANI, Mobile Aided Note Identifier, to help visually challenged people to identify denomination of currency notes.
  • The app, which is available both on Android and iOS operating systems, was launched by RBI Governor Shaktikanta Das in
  • RBI said that the visually challenged can identify the denomination of a note by using the application, which can also work offline once it is installed.
  • Through the downloaded app, users can scan the notes using the camera. The audio output will give the result in Hindi and English.

RBI 25th Governor: Shaktikant Das;

Headquarters: Mumbai;

Founded: 1 April 1935, Kolkata.