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Moody’s projects India GDP to shrink 3.1% in 2020, flags geopolitical risk

  • Moody’s Investors Service projected the Indian economy to shrink 3.1 percent in 2020
  • Moody’s Investors Service said clashes with China on the border also suggest rising geopolitical risks in the Asian region where countries are particularly vulnerable to changes in geopolitical dynamics.

Yes Bank launches mobile payment app ‘Yuva Pay’

  • Yes Bank announced the launch of ‘Yuva Pay’, a digital wallet, in partnership with UDMA Technologies to enable contactless payments.
  • Through the app, utility bills like municipal, house, water tax, electricity, LPG, DTH, mobile phone bill, licence fee, windmill and solar park fee, building sanction fees and billboard taxes can be paid via Bharat Bill Pay and Unified Payments Interface (UPI).
  • Yuva Pay will also double up as a banking app for funds transfer, account balance check, recharges or top ups, bill payments and rewards platform.
  • Yes Bank Headquarters: Mumbai, Maharashtra.
  • Yes Bank MD & CEO: Prashant Kumar.
  • Yes Bank Tagline: Experience our Expertise.

IMF Predicts India’s Economy To Contract By 4.5% This Year

  • The International Monetary Fund (IMF) projected a sharp contraction of 4.5 percent for the Indian economy in 2020, a “historic low,” citing the unprecedented coronavirus pandemic that has nearly stalled all economic activities, but said the country is expected to bounce back in 2021 with a robust six percent growth rate.
  • The (IMF) projected global growth at –4.9 percent in 2020, 1.9 percentage points below the April 2020 World Economic Outlook (WEO) forecast.

RBI creates ₹500 cr. fund to boost payment infrastructure

  • The RBI has created a Payments Infrastructure Development Fund (PIDF) to encourage acquirers to deploy Points of Sale (PoS) infrastructure — both physical and digital modes — in tier-3 to tier-6 centres and north eastern states.
  • RBI will make an initial contribution of ₹250 crore to the PIDF, covering half of the fund, while the remaining contribution will be from card-issuing banks and card networks operating in the country.
  • RBI 25th Governor: Shaktikanta Das;
  • Headquarters: Mumbai;
  • Founded: 1 April 1935, Kolkata.

Moody’s downgrades India’s sovereign rating to ‘Baa3’ from ‘Baa2’

Moody’s Investors Service downgraded India’s sovereign rating to ‘Baa3’ from ‘Baa2’, saying there will be challenges in implementation of policies to mitigate risks of a sustained period of low growth and deteriorating fiscal position.

Current account opening: IndusInd Bank launches India’s first app-based facility

  • The IndusInd app uses multiple ‘Application Programme Interface’ (APIs). This enables secured validation of KYC documents from authorised government platforms.
  • With this new mobile application based facility, customer can open current bank account in just few hours
  • The bank of officials can capture and verify information about customers in real time.
  • Managing Director & CEO of IndusInd Bank: Sumant Kathpalia.
  • Chairman of IndusInd Bank: Arun Tiwari.
  • Headquarter of IndusInd Bank: Mumbai, Maharashtra.
  • The tagline of IndusInd Bank: We Make You Feel Richer.

India’s economy could contract by as much as 7.3% in FY21 in the event of second Covid outbreak: OECD

  • The Organisation for Economic Co-operation and Development (OECD) pegged India’s growth at -3.7% for the ongoing fiscal with a rider that growth could drop further to -7.3% in the event of a second Covid-19 outbreak, according to its Economic Outlook (EO).

NABARD provides Rs 270 crore to Assam Gramin Vikash Bank

  • National Bank for Agriculture and Rural Development (NABARD) has made available a Special Liquidity Facility (SLF) of Rs 270 crore to Assam Gramin Vikash Bank for supporting the agricultural activities of the farmers.
  • Following the pandemic, NABARD has provided Rs 25,000 crore nationwide for providing liquidity support to Cooperative Banks, Regional Rural Banks and Microfinance Institutions (MFIs) during 2020-21 with a view to ensuring continued flow of credit to farmers.

Chairman of National Bank For Agriculture And Rural Development: G R Chintala.

World Bank lends Rs. 1,950 crore loans to W Bengal Govt for tackling COVID situation

  • The World Bank has given Rs. 1,950 crore loans to the West Bengal Government for tackling COVID situation and developmental work in the State.
  • Chief Minister Mamata Banerjee said that out of it, Rs. 1,100 crore will be spent for creating Industrial infrastructures and remaining Rs. 850 crore have been allocated for spending on various Social-Welfare schemes.
  • Chief Minister of West Bengal: Mamata Banerjee; Governor: Jagdeep Dhankhar.
  • President of the World Bank: David Malpass.

Indian economy to shrink by 5 percent during FY21, says S&P

  • In a report titled ‘Asia-Pacific losses near $3 trillion as balance sheet recession looms’, S&P projected the region’s economy to shrink by 1.3 percent in 2020, but grow by 6.9 percent in 2021.
  • In line with various agencies, S&P Global Ratings estimated that the Indian economy will register the-growth of 5 percent during fiscal year 2020-21 (FY21), ending March 31. However, for the next three years, it forecasts growth rate between 6.5 to 8.5 percent.

YES BANK PARTNERS AFFORD PLAN TO LAUNCH A HEALTH CARD AND WALLET INTEGRATION UNDER ‘SWASTH PROGRAM’

YES BANK in partnership with Affordplan, a Delhi-based fintech company specializing in healthcare, announced the launch of ‘Swasth Card’, a co-branded healthcare card, under the Swasth program in its endeavor to enable families plan and manage their finances for their healthcare needs.

  • Yes Bank Headquarters: Mumbai, Maharashtra.
  • Yes Bank MD & CEO: Prashant Kumar.
  • Yes Bank Tagline: Experience our Expertise.

UCO Bank ties-up with four insurers to sell their products

The lender teamed up with SBI Life Insurance Company, the Oriental Insurance Company and Religare Health Insurance Company, Star Health and Allied Insurance Company for selling their products.

  • Headquarters of UCO Bank: Kolkata, West Bengal.
  • Managing Director(MD) & Chief Executive Officer(CEO) of UCO Bank: Atul Kumar Goel.

PMC Bank: RBI doubles withdrawal limit to Rs 1 lakh

  • The central bank on November 5 had enhanced the withdrawal limit for PMC Bank depositors to Rs 50,000 from the previous cap of Rs 40,000.
  • The Reserve Bank of India (RBI) enhanced the withdrawal limit for the customers of Punjab and Maharashtra Co-operative (PMC) Bank to Rs 1 lakh from Rs 50,000. The banking regulator has also extended the restrictions on PMC Bank by six months till December 22, 2020. The restrictions on PMC Bank included barring the bank from lending and accepting fresh deposits, among others.

RBI 25th Governor: Shaktikanta Das; Headquarters: Mumbai; Founded: 1 April 1935, Kolkata.

Empays Payment Systems partners with Mastercard for cardless ATMs

Empays Payment Systems along with Mastercard have come up with contact-free ATM cash withdrawals in India. Along with less human touch, this cardless ATM cash withdrawals will now be more secure from frauds and scams.

  • Mastercard Headquarters: New York, U.S.
  • Mastercard President and CEO: Ajaypal Singh Banga.

Airtel Payments Bank launches new salary account for MSMEs

  • Airtel Payments Bank announced a salary account for micro, small and medium enterprises (MSME).
  • Through the ‘Suraksha Salary’ account, MSMEs and other organisations will be able to make cashless payments and also provide financial security blanket to their employees.
  • The benefits under the account include Hospicash Insurance and Personal Accidental insurance cover, given the low penetration of insurance in India.
  • Airtel Payments Bank Headquarters: New Delhi.
  • Airtel Payments Bank MD and CEO: Anubrata Biswas.
  • Mastercard Headquarters: New York, U.S.
  • Mastercard President and CEO: Ajaypal Singh Banga

AIIB okays $750 million loan to India for COVID-19 response

  • AIIB’s sovereign loans to India that have already been approved amount to $3.06 billion, including a recent $500-million COVID-19 emergency response.
  • Beijing-headquartered Asian Infrastructure Investment Bank (AIIB) has approved a $750 million loan to India to help the government strengthen its battle against the adverse impact of COVID-19 pandemic on poor and vulnerable households.
  • Headquarters of AIIB: Beijing, China.
  • President of AIIB: Jin Liqun.

ADB projects Indian economy to contract 4% in FY21

The Asian Development Bank said the Indian economy will contract by 4% in FY21 as businesses came to a standstill for more than two months because of the nationwide lockdown. In April, ADB had projected India’s economy to grow at 4% this fiscal.

President of Asian Development Bank: Masatsugu Asakawa.

HDFC ERGO, TropoGo to launch ‘pay as you fly’ insurance for drone-owners in India

  • India-based insurer HDFC ERGO has partnered with TropoGo, a deep tech start-up, for the launch of ‘Pay as you Fly’ insurance for drone-owners in India.
  • The insurance policy will offer commercial drone owners and operators coverage for third party liability claims for property damage and bodily injuries. It is also touted to be the first-of-its-kind in the non-life insurance segment in India, offering on-demand and ‘pay as you fly’ concept.
  • HDFC ERGO General Insurance MD & CEO: Ritesh Kumar.
  • HDFC ERGO General insurance Headquarters: Mumbai, Maharashtra.

ICICI Home Finance launches affordable housing loan

  • ICICI Home Finance (ICICI HFC) has launched SARAL – an Affordable Housing Loan. This housing loan will be aimed to fund homes in urban and rural areas. It has been developed for women, lower-middle-income customers, and economically weaker sections who have a maximum household income up to Rs 6 lakhs annually.
  • ICICI Home Finance Company Limited Headquarters: Mumbai, Maharashtra.
  • ICICI Home Finance Company Limited Chairman: Anup Bagchi.
  • ICICI Home Finance Company Limited Managing Director(MD) & Chief Executive Officer(CEO): Anirudh Kamani.