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Current Affairs

China-backed AIIB approves $500 million loan for India’s Covid-19 response

  • Beijing-backed Asian Infrastructure Investment Bank (AIIB) said it had approved a $500 million loan to India to help the country navigate the coronavirus pandemic.
  • The loan is intended to help India’s government strengthen its public health system, prepare for future outbreaks, and limit the transmission of cases, a statement from AIIB said.
  • Headquarters of AIIB: Beijing, China.
  • Membership of AIIB: 78 Members.
  • President of AIIB: Jin Liqun.

Moody’s cuts India FY21 growth projection to 0%, predicts low GDP growth

  • Moody’s Investors Service projected India’s growth at zero per cent for the current fiscal and said the negative outlook on sovereign rating reflects increasing risks that GDP growth will remain significantly lower than in the past.
  • Moody’s said the negative outlook was due to high government debt, weak social & physical infrastructure, and a fragile financial sector amid Covid-19 outbreak.
  • Headquarters of Moody’s: NewYork, United States.
  • President & CEO of Moody’s: Raymond W. McDaniel, Jr.

Cooperative banks come under SARFAESI Act: SC

  • The Supreme Court held that cooperative banks established under a State law or multi-State level societies come within the ambit of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act of 2002.
  • The Act prescribes a procedure for faster recovery of dues.
  • Judgment ends the “malady of inordinate delay” in recovery of dues
  • The present CJI is Justice Sharad Arvind Bobde.

India’s MPC Cuts Repo Rate To 4% In Second Emergency Move

India’s Monetary Policy Committee cut interest rates following an emergency meeting citing the “severe” impact of the Covid-19 crisis on the Indian economy.

Following the MPC’s review:

  • The repo rate stands reduced to 4 percent from 4.4 percent earlier.
  • The reverse repo rate has been reduced to 3.35 compared to 3.75 percent.
  • All MPC members voted for a rate cut but the quantum of cut of 40 basis points was approved by a vote of 5-1.

NDB approves USD 1 bn Emergency Assistance Program Loan to India

  • New Development Bank (NDB) approved USD 1 billion Emergency Assistance Program Loan to India. The Program is aimed at supporting the Government of India in its efforts to contain the spread of COVID-19 and reduce human, social and economic losses caused by the coronavirus outbreak.
  • President of New Development Bank: K V Kamath.
  • New Development Bank was established by Brazil, Russia, India, China and South Africa to mobilize resources for infrastructure and sustainable development projects in BRICS.

US Centre For Disease Control Commits $3.6 Million To Aid India’s COVID Fight

  • US Centers for Disease Control and Prevention (CDC) has committed $3.6 million to assist India’s response to the COVID-19 epidemic, US Embassy in Delhi
  • The CDC India program will provide “technical assistance for the Government of India’s ongoing crisis emergency and risk communication efforts,” US Embassy in Delhi said in a statement.

Federal Bank, MoneyGram tie up for direct-to-bank account credit service

  • MoneyGram Payment Systems has tied up with Federal Bank to offer a cost-effective direct-to-bank account credit option for customers in India.
  • Federal Bank, MoneyGram tie up for direct-to-bank account credit service
  • MoneyGram Payment Systems has tied up with Federal Bank to offer a cost-effective direct-to-bank account credit option for customers in India.
  • Federal Bank Limited Chairperson: Grace Elizabeth Koshie.
  • Federal Bank Limited MD & CEO: Shyam Srinivasan.
  • Federal Bank Limited Headquarters: Aluva, Kerala.
  • MoneyGram Chairman & CEO: Alex Holmes.
  • MoneyGram founded: 1988.

Canara Bank launches special gold loan biz vertical

  • Identifying an emerging financial need in these times of the Covid-19-led pandemic, Bengaluru-based public sector lender Canara Bank, has launched a special gold loan business vertical.
  • The business vertical is expected to address these needs and to provide hassle-free credit. The gold loan products are designed keeping in mind the need for a quick, hassle-free experience for customers, and at low interest cost. The loans are expected to help the customers with much-needed liquidity to revive their business activities, and bring normalcy back to their lives.
  • Canara Bank Headquarters: Bangalore, Karnataka.
  • Canara Bank Chairman: T.N. Manoharan.
  • Canara Bank MD and CEO: L.V. Prabhakar.

Kotak Mahindra Bank becomes first Indian lender to allow video KYC

  • Kotak Mahindra BankNSE 5.58 % has introduced video-KYC facility for customers opening savings account on Kotak 811 – the banks digital banking platform.The private lender is the first Indian bank to offer video based “zero-contact” onboarding service.
  • Private sector lender preps for life during COVID announcing the initiative on a pilot basis for savings account opening. May extend the service for other products in a phased manner.
  • Kotak Mahindra Bank Establishment: 2003.
  • Kotak Mahindra Bank Headquarters: Mumbai, Maharashtra.
  • Kotak Mahindra Bank Managing Director & Chief Executive Officer: Uday Kotak.
  • Kotak Mahindra Bank Tagline: Lets make money simple.

Repo rate cut: RBI MPC trims benchmark lending rate further by 40 bps to 4%

  • RBI Governor Shaktikanta Das on May 22 announced 40 basis points cut in repo rate to 4 percent. Accordingly, the reverse repo rate stands adjusted to 3.35 percent.
  • Repo is the rate at which RBI lends funds to commercial banks when needed. It is a tool that the central bank uses to control inflation.

RBI cancels licence of Mumbai-based CKP Co-operative Bank; depositors to get up to Rs 5 lakh

  • The Reserve Bank of India (RBI) said it has cancelled the licence of Mumbai-based CKP Co-operative Bank Ltd as its financial position is unsustainable and also not in a position to pay its depositors.
  • The bank is not satisfying the stipulated minimum regulatory capital requirement of 9 percent, the RBI said while cancelling the licence from the close of business on 30 April.
  • RBI 25th Governor: Shaktikanta Das;
  • Headquarters: Mumbai;
  • Founded: 1 April 1935, Kolkata.

Airtel Payments Bank, Mastercard team up to develop customised financial products for farmers, SMEs

  • Airtel Payments Bank has teamed up with Mastercard to develop customised financial products for Indian farmers and Small and Medium Enterprises (SMEs) in a bid to deepen penetration of financial services in underbanked and unbanked regions.
  • The collaboration will bring together Mastercard’s global and local experience in developing advanced financial solutions and Airtel Payments Bank’s distribution network to reach the last mile and its large customer base.
  • 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.

Fitch projects Indian economy to contract 5% in FY21

  • In the wake of coronavirus pandemic, rating agency Fitch Ratings has made further cuts to its world GDP forecasts in its latest Global Economic Outlook (GEO).
  • The biggest forecast cut was for India where Fitch now anticipates a 5% decline in FY21 in contrast to an earlier forecast of growth of 0.8%.

S&P says Indian economy to contract by 5% in FY21, covid-19 to peak by September

  • Rating agency Standard and Poor’s on Thursday said the Indian economy will contract 5% in FY21 assuming that the ongoing coronavirus pandemic will peak by September quarter.
  • Economic activity will face ongoing disruption over the next year as the country transitions post-covid-19, S&P said.
  • S&P said the big hit to growth will mean a large, permanent economic loss and a deterioration in balance sheets.