India & World
CRISIL cuts India’s FY21 growth forecast to 3.5% amid coronavirus outbreak
- The severe dent in the economic activity due to the coronavirus pandemic led rating agency Crisil to sharply cut its growth estimate for 2020-21 to 3.5 per cent.
- The agency welcomed the Rs 1.70-trillion package announced by Finance Minister Nirmala Sitharaman earlier in the day but said more measures like loan forbearances for small businesses and households are necessary.
- CEO of Crisil: Ashu Suyash.
- Crisil Chief Economist: Dharmakirti Joshi.
- Headquarters of Crisil: Mumbai.
Hyderabad Metro & Paytm launches QR code based ticketing facility
- Hyderabad Metro Rail Limited (HMRL) Managing Director NVS Reddy launched Paytm’s QR code based ticketing facility for travel through Hyderabad metro rail. This is an innovative solution to facilitate efficient and seamless transit needs of commuters which also helps them to avoid queues at ticket counters.
- Paytm founder: Vijay Shekhar Sharma.
- Paytm Headquarters: Noida, Uttar Pradesh.
- Paytm founded: 2010.
Moody’s cuts India’s GDP growth outlook for this year to 2.5%
- Moody’s Investors Service slashed India’s economic growth projection for 2020 from 5.3% to 2.5%, as the Covid-19 outbreak causes an unprecedented shock to the global economy.
- The agency said the G-20 economies will experience an unprecedented shock in the first half of this year.
- Moody’s also slashed growth forecast for China to 3.3% in 2020, followed by 6.0% growth in 2021.
- Moody’s Corporation is an American business and financial services company.
- The Headquarters of Moody’s is in New York, USA.
Karur Vysya Bank launches pre-paid card “Enkasu”
- Karur Vysya Bank has launched Enkasu, a pre-paid card, in Karur (Tamil Nadu) to reduce cash transactions.
- En-Kasu in Tamil means – “My Money”.
- Enkasu works on Near Field Communication Technology in a semi-closed loop.
- The cardholder can make tap-and-go payment for all purchases, even as meagre as Rs. 1.
- The Enkasu card will be beneficial to both merchants and customers alike.
- They can be accepted online as well as offline.
- Headquarters of Karur Vysya Bank: Karur, Tamil Nadu.
- MD & CEO of Karur Vysya Bank: P. R. Seshadri.
- Tagline of Karur Vysya Bank: Smart Way to Bank.
PhonePe inks partnership with ICICI Bank for UPI Transactions
- PhonePe inks partnership with private sector lender ICICI Bank for UPI
- PhonePe earlier partnered with Yes Bank, but after YES Bank has been placed under moratorium by Reserve Bank of India due to which UPI transactions at PhonePe got disrupted.
- The popular payment app had faced an outage for nearly 24 hours after the Reserve Bank of India put a moratorium on March 5.
- The parent organization of Phonepe: Flipkart.
- Phonepe founded: December 2015.
- CEO of Phonepe: Sameer Nigam.
- Headquarters location: Bengaluru, Karnataka.
State Bank Of India To Buy Rs 7,250-Crore Stake In Yes Bank
- The country’s largest lender State Bank of India (SBI) said that its board had approved a plan to purchase 725 crore Yes Bank shares at a price of Rs 10 apiece.
- The announcement comes days after the Reserve Bank of India (RBI) suspended the troubled private sector lender’s board and restricted withdrawals from its accounts till April 3.
- Struggling under a growing pile of bad debt, Yes Bank had been trying to raise the capital it needed to stay above regulatory requirements
- Chief Executive Officer & MD of Yes Bank: Ravneet Gill; Headquarters: Mumbai, Maharashtra.
- Chairperson of SBI: Rajnish Kumar; Headquarters: Mumbai; Founded : 1 July 1955.
- RBI 25th Governor: Shaktikanta Das; Headquarters: Mumbai; Founded: 1 April 1935, Kolkata.
SBI Removes Penalty on Average Minimum Balance of All Savings Account
- The State Bank of India (SBI) has announced to waive charges on maintenance of average monthly balance (AMB) for all savings accounts. Essentially, account holders will now have the option to maintain zero balance in their accounts without having to shell out a penalty.
- This major initiative by the country’s largest bank will benefit its 44.51 crore account holders, as per the bank statement. “This announcement will bring in more smiles and delight to our valuable customers. We believe this initiative would empower our customers towards banking with SBI and boost their confidence in SBI,” said Chairman Rajnish Kumar in a statement.
Chairperson of SBI: Rajnish Kumar; Headquarters: Mumbai; Founded : 1 July 1955.
RBI lowers single, group borrower limit for urban cooperative banks
- UCBs should have at least 50% of their aggregate loans and advances of not more than ₹25 lakh, or 0.2%, of their tier I capital, whichever is higher, up to a maximum of ₹1 crore.
- The Reserve Bank of India (RBI) lowered the single borrower and group exposure limit for urban cooperative banks (UCBs) to 15% and 25% of tier I capital, respectively, to reduce concentration risks arising out of such large loans. Existing norms allowed 15% for single borrowers and 40% to group exposures of a bank’s total capital, including tier I and tier II capital.
RBI 25th Governor: Shaktikant Das; Headquarters: Mumbai; Founded: 1 April 1935, Kolkata.
EPFO slashes interest rate on deposits to 8.5% for 2019-20
- The Employees’ Provident Fund Organisation (EPFO) has cut the rate to 8.5 per cent for 2019-20 from the 8.65 per cent in the previous fiscal. This is the lowest interest on provident fund in seven years.
- There are over 6 crore active subscribers of EPFO and an interest of5% will leave a surplus of Rs 700 crore for the government.
- Chief Minister of Mizoram: Pu Zoramthanga.
- Governor of Mizoram: P.S. Sreedharan Pillai.
SIDBI to launch ‘Swavalamban express’ for new entrepreneurs
- A train journey to empower small business aspirants.
- The Swavalamban Express will depart from Lucknow and travel to the 11 entrepreneurial cities.
- Small Industries Development Bank of India (SIDBI) has announced that it is going to start Swavalamban Express on June 05, 2020, to promote budding business aspirants and entrepreneurs.
- SIDBI said that it has been decided to start a special train based on the opinions and suggestions of various stakeholders.
- Headquarters of SIDBI: Lucknow, Uttar Pradesh.
- Chairman and MD of SIDBI: Mohammad Mustafa.
Paytm Payments Bank to now issue Visa debit cards
- Paytm Payments Bank customers will be able to make international transactions using their Visa debit cards
- Paytm is targeting to issue over 10 million new digital debit cards in FY 20-21.
- Paytm Payments Bank Ltd (PPBL) announced that it will now start issuing Visa debit cards to its customers.
- With this partnership, Paytm is targeting to issue over 10 million new digital debit cards in FY 20-21.
- The bank, known for introducing neo-banking in the country, is already the largest issuer of RuPay Debit Cards and has the fastest growing bank account base.
MD & CEO of Paytm Payments Bank Ltd: Satish Kumar Gupta.
RBI to inject further ₹30,000 crore via bonds
- RBI had done the first tranche of OMO following the tightness in the commercial paper market
- RBI governor Shaktikanta Das said the central bank was ready to act and the rate cut decision will be taken by the monetary policy committee (MPC)
Cabinet Approves Merger Of 10 Public Sector Banks Into Four
- The Union Cabinet has approved the merger of 10 public sector banks into four, paving the way for the largest consolidation among the state-owned lenders.
- The banks’ boards will now have to finalise the share swap ratio, Finance Minister Nirmala Sitharaman said after the cabinet meeting United Bank of India and Oriental Bank of Commerce will be merged with Punjab National Bank.
- Syndicate Bank will be merged with Canara Bank
- Allahabad Bank will be amalgamated with Indian Bank
- Andhra Bank and Corporation Bank will be consolidated with Union
- Headquarters of Punjab National Bank: New Delhi.
- Chief Executive Officers of Punjab National Bank: SS Mallikarjuna Rao
- Headquarters of Canara Bank: Bengaluru
- Chief Executive Officers of Canara Bank: Lingam Venkat Prabhakar
- Headquarters of Indian Bank: Chenni
- Chief Executive Officers of Indian Bank: Padmaja Chunduru
- Headquarters of Union Bank of India: Mumbai
- Chief Executive Officers of Union Bank of India: Rajkiran Rai G
RBL Bank, Zomato and Mastercard partner to launch co-branded credit cards
- The card that starts with an annual membership of ₹500 (plus taxes) for the basic edition will also offer a complimentary Zomato Gold membership.
- The card comes under two variants, the basic Edition Classic card and a more premium Edition Card.
- MD & CEO of RBL Bank: Mr Vishwavir Ahuja.
- Tagline of RBL Bank: Apno ka Bank.
- Headquarters of RBL Bank:– Mumbai, Maharashtra.
- Headquarters of Zomato: Gurugram, Haryana.
- CEO of Zomato: Deepinder Goyal.
SEBI SCORES: App launched to file complaint, track status
- If you have a complaint against your investment advisor or want to raise a grievance against your mutual fund house, here’s a helping hand from the Securities and Exchange Board of India (SEBI).
- Even while you have the smartphone in your hands, you can now file your grievances with the market regulator.
- SEBI has recently launched a mobile app for investors who want to lodge grievances against mutual funds, listed companies or any other registered intermediaries.
- SCORES is the Mobile Application designed by SEBI to lodge grievances by investors against listed companies, registered intermediaries and other institutions.
- In addition to accessing the SCORES platform on the Internet, investors can now download the SEBI SCORES app and use it to file their grievances. The App has all the features of SCORES which is presently available electronically where investors have to lodge their complaints by using the internet medium.
Chairman of SEBI: Ajay Tyagi; Headquarter: Mumbai.