Polity & Governance
Appointments & Resignations
RBI’s Bi-monthly Monetary Policy – June 2021
- The Policy rate was unchanged at 4% for the sixth time in a row and the reverse repo rate at 3.35%
- India’s GDP growth rate projection was slashed to 9.5% due to uncertainties caused by the second wave of COVID-19
- 15,000-crore liquidity window to be launched by banks for contact intensive sectors like Hotel and tourism. Also, fresh Rs 16000-crore liquidity line to Small Industries Development Bank of India (SIDBI) for on-lending/ refinancing through novel models and structures.
- The maximum limit for borrowers has enhanced from 25 crores to Rs. 50 crore for MSMEs, small businesses, and business loans to individuals.
HDFC Bank inks MoU with KIADB, to offer banking solutions to investors
- Karnataka Industrial Area Development Board (KIADB) has signed a Memorandum of Understanding (MoU) with HDFC Bank to provide a wide range of financial products and services to its customers.
- HDFC Bank Limited, the largest private sector bank by assets, is headquartered in Mumbai, Maharashtra. It is also the third-largest company by market capitalization on Indian stock exchanges and the thirteenth-largest employer in India with 120,000 employees.
Indian Bank partners with Fisdom to offer wealth management solutions
- Indian Bank, the seventh-largest public sector bank, has partnered with wealth-tech company Fisdom to offer a comprehensive suite of wealth management products and services to the bank’s 10 crore customers.
- The partnership will focus on enabling large-scale facilitation and distribution of wealth products and services through Indian Bank’s network of about 6,000 branches and its digital properties.
Raising and Accelerating MSME Performance (RAMP) Program
- The World Bank has approved a USD 500 million programs to help boost India’s MSME sector.
- The program is the Raising and Accelerating Micro, Small, and Medium Enterprise (MSME) Performance (RAMP) Program.
IDFC FIRST Bank launches Customer COVID relief Ghar Ghar Ration Program
- IDFC FIRST Bank has announced the launch of the “Ghar Ghar Ration” Program, an Employee-funded program for its low-income customers whose livelihoods are affected by COVID-19.
- Employee-Funded Customer support, ‘Ghar Ghar Ration’ Program
- IDFC FIRST Bank CEO: V. Vaidyanathan;
- IDFC FIRST Bank Headquarters: Mumbai;
- IDFC FIRST Bank Founded: October 2015.
RBL Bank gains after RBI approves re-appointment of Vishwavir Ahuja as MD, CEO
- RBL Bank rose 1.47% to Rs 217.90 after the bank received approval from the Reserve Bank of India (RBI) for the re-appointment of Vishwavir Ahuja as the managing director (MD) and chief executive officer (CEO).
ADB, India ink USD 484 million loans for the road network in Tamil Nadu Industrial Corridor
- The Asian Development Bank (ADB) and the government of India have inked a USD 484 million loan to improve transport connectivity and facilitate industrial development in the Chennai-Kanyakumari Industrial Corridor (CKIC) in the state of Tamil Nadu.
- CKIC is part of India’s East Coast Economic Corridor (ECEC), which stretches from West Bengal to Tamil Nadu and connects India to the production networks of South, South-East, and East Asia.
- ADB is a regional development bank established in 1966;
- ADB Members: 68 countries (49 members are from Asia pacific region);
- ADB is headquartered in Mandaluyong, Philippines;
- Masatsugu Asakawa is the current president of ADB.
India’s GDP fall
- India’s Gross Domestic Product (GDP) contracted by 7.3% in 2020-21, as per a report released by the Central Statistical Office.
- GDP growth in 2019-20, prior to the COVID-19 pandemic, was 4%.
- Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced in a specific time period.