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Banking Awareness One Liners May 2019

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Banking Awareness One Liners May 2019

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The article Banking Awareness One Liners May 2019 includes Banking Awareness One Liners with an explanation, analysis and issues of current events in the month of May. And these One Liners will help in the Competitive Exams like IBPS, RBI Grade B, SBI PO, RRB and other banking examinations.

shape May 2019

  • The rupee opened strong at 69.78 at the interbank forex market then gained further ground to touch 69.72 per dollar, displaying gains of 15 paise against the greenback.

  • IDFC Asset Management Co. is counting on the RBI to continue injecting liquidity, which along with this year’s two interest-rate cuts has helped soften the blow to the market from the government’s fiscal largesse.

  • Edelweiss Asset Management Ltd. predicts that a breach of the 7.12% technical level could see India’s 10-year yield go as low as 6.65%.

  • The benchmark BSE Sensex was trading with gains of 267.63 points, or 0.67 percent to quote at 40,099.60 while the NSE Nifty was trading at 12,033.30, up 87.40 points, or 0.73 percent.

  • Top gainers in the Sensex pack include Asian Paints, Coal India, TCS, ONGC, HCL Tech, L&T, Axis Bank, SBI and IndusInd Bank, rising up to 3 percent.

  • On the currency front, the rupee appreciated 14 paise to 69.73 against the US dollar.

  • The RBA's analysis of all these flash crashes concluded algorithmic trading strategies likely acted as "amplifiers".

  • The first of this year's notable crashes came on January 3 when the yen spiked suddenly against the dollar after Tokyo markets closed. It jumped 8 percent within the space of seven minutes against the Australian dollar and 10 percent to the Turkish lira.

  • The Department for Promotion of Industry and Internal Trade (DPIIT) proposal is part of the 100-day action plan prepared by the department, under the commerce and industry ministry, for the new government.

  • The state-run coal mining company had posted a net profit of Rs 1,302.63 crore in the corresponding qurater of the previous fiscal year.

  • Revathi Equipment shares rallied 17 percent to Rs 519, surging 40 percent in the past two trading days on the BSE, after the company reported an over four-fold jump in consolidated net profit at Rs 10.17 crore in March quarter (Q4FY19).

  • HPCL had reported 70 percent year-on-year (YoY) growth in net profit at Rs 2,969 crore in Q4FY19, on account of a better-than-expected performance in the marketing segment.

  • EBITDA (earnings before interest tax depreciation and amortization) increased 55 per cent YoY to Rs 4,660 crore in Q4FY19, supported by an inventory gain of Rs 920 crore.

  • Suzlon Energy said its consolidated net loss for the March quarter narrowed to Rs 294.64 crore from Rs 469.85 crore a year ago, mainly due to lower expenses. Total consolidated income from operations declined to Rs 1,450.47 crore in the fourth quarter of 2018-19.

  • On Wall Street, the Dow Jones Industrial Average added 43 points to close at 25,170 levels during the overnight trade. The S&P 500 added 6 points while the Nasdaq gained 20 points to settle at 2,789 and 7,568 levels respectively.
  • "A national retail policy will be formulated to support development of the sector that would benefit 65 million small traders," the official said.
  • “For a vibrant securitisation market to develop, it is imperative that the market moves to a broader issuance model with suitable structuring of the instruments for diverse investor classes,” the RBI said in its statement.

  • The Reserve Bank of India (RBI) specifies Know Your Customer (KYC) norms to be followed by banks and other entities regulated by it for various customer services, including opening of bank accounts.

  • The RBI further said that 'Proof of possession of Aadhaar number' has been added to the list of Officially Valid Documents (OVD).

  • The company has disbursed subsidy amounting to over Rs 2,300 crore benefitting over 1,04,000 families under the Pradhan Mantri Awas Yojana (PMAY) credit linked subsidy scheme (CLSS), HDFC said in a statement.

  • The company has approved Rs 22,136 crore of home loans under CLSS to homebuyers belonging to the economically weaker section (EWS), low income group (LIG) and middle income groups (MIG), HDFC said.

  • The schemes for MIG are valid up to March 31[latex]^{st}[/latex], 2020, while the plans for EWS/LIG are valid up to March 31[latex]^{st}[/latex], 2022.

  • Info Edge (India), reported a net profit of Rs 66.31 crore, compared to a loss of Rs 13.75 crore in the year-ago quarter. Adjusted net profit grew 48 percent on YoY basis.

  • Shares of Manpasand Beverages continued their downward spiral, slipping 10 percent to hit an all-time low of Rs 57.10 per share on the BSE.

  • Out of 11.62 percent stake with mutual funds, SBI Large & Midcap Fund and Motilal Oswal Multiple 35 Fund held 5.40 percent and 5.27 percent stake, respectively.

  • Voltamp Transformers hit its 52-week high of Rs 1,190 apiece in early morning trade on the BSE, supported by the 10 per cent rally after the company recommended a total dividend of Rs 22.50 per share for the year ended March 31[latex]^{st}[/latex], 2019.

  • After rising over 100 points in opening session, the BSE Sensex was trading 166.12 points, or 0.42 percent, higher at 39,674.94. Similarly, the broader NSE Nifty rose 38.50 points, or 0.32 percent, to 11,899.60.

  • US West Texas Intermediate (WTI) crude futures were up 26 cents, or 0.4%, at $59.07 a barrel by 0258 GMT. They closed down 0.6% after hitting their lowest since March 12 at $56.88.

  • The G20 meeting is set for June 28[latex]^{th}[/latex]-29[latex]^{th}[/latex] in Japan.

  • The dollar was little changed at 109.530 yen after bouncing back from a two-week low of 109.150 brushed.

  • The rupee opened strong at 69.76 at the interbank forex market then gained further ground to touch 69.71 per dollar amid positive opening in domestic equities.

  • GMR's Airport segment reported Rs 1357.44 crore revenues with Rs 271.02 profit in Q4FY19.

  • GMR Infrastructure had reported Rs 4.81 crore profit after tax during the same quarter in FY18.

  • Skoda will have at least 10 models in the iV range by 2022.
  • The Reserve Bank of India (RBI) announced that the time-window for using the Real Time Gross Settlement System (RTGS) for customer transactions will be extended from 4:30 pm to 6 pm on all working days. It will be effective from June 1[latex]^{st}[/latex], 2019.

  • Reserve Bank of India Charges for the transactions:
    i. There shall be No charge for transactions between 8 am and 11 am.
    ii. A charge of Rs.2 will be levied on every transaction conducted between 11 am and 1 pm.
    ii. Rs.5 shall be charged for every transaction between 1pm and 6pm.

  • The decision is after a robust year-on-year increase in the number of transactions by 8% to Rs.1,335 crore in March 2019. The aggregate amount of transactions rose 12% year-on-year to ₹1,255.51 crore.

  • In the month of April, banks and customers combined used RTGS for 1.14 crore transactions worth Rs.112 lakh crore.

  • Indian Overseas Bank (IOB) has announced that it has launched ‘Bank on Wheels’ facility in 14 of its lead districts in Tamil Nadu, and Kerala, besides Vijayawada.

  • Adani Gas was trading 5 percent higher at Rs 171 against a 0.12 per cent decline in the benchmark index. The trading volumes on the counter nearly doubled with a combined 4.62 million shares changing hands on the NSE and BSE so far.

  • The market value of all companies listed on the BSE stood at Rs 154.6 trillion, Rs 6.4 trillion below its previous peak of Rs 161 trillion on August 31[latex]^{st}[/latex], 2018.

  • The benchmark S&P BSE Sensex index slipped 60 points, or 0.15 percent, to trade around 39,690 levels, with Vedanta, ONGC, Tata Motors, State Bank of India, and ICICI Bank leading the list of losers.

  • The S&P BSE Sensex settled 66 points or 0.17 percent higher at 39,750 while the broader Nifty50 index ended the day at 11,929, up 4 points or 0.03 percent.

  • The Trump administration removed India from its currency monitoring list of major trading partners, citing certain developments and steps being taken by New Delhi addressing some of its major concerns.

  • Switzerland is the other nation that has been removed from the list. However, the list includes China, Japan, South Korea, Germany, Italy, Ireland, Singapore, Malaysia and Vietnam among others.

  • NMDC Ltd rise as much as 4.3 per cent to ₹106.5, their highest since April 8[latex]^{th}[/latex]. The iron ore miner posted 31.5 percent jump in March-quarter consolidated profit, helped by 20.3 percent fall in total expenses.
  • India Ratings and Research (Ind-Ra), a rating agency estimated India GDP Growth at 6.9% in FY19 as against 7%, marginally lower than CSO’s advance estimate of 7%.

  • The GDP growth was 7.2% during 2017-18. As per the report, 2018-19 will be the second consecutive year of an economic slowdown.

  • Benchmark indices finished session at a record closing high with the S&P BSE Sensex settling 249 points higher at 39,683 levels. The broader Nifty50 broke past the 11,900-mark to end the day at 11,925, up 81 points.

  • Nifty futures on the Singapore Exchange (SGX) were trading 0.50 points higher at 11,924.50, indicating a flat start for the Nifty50 index back home.

  • FMCG major Emami reported a consolidated net profit of Rs 56.09 crore for the fourth quarter which ended on March 2019, down 6 percent over the corresponding period PAT of Rs 59.73 crore of FY18.

  • Pokarna’s Q4 topline (revenue) grew 63.1 percent YoY to Rs 144.7 crore while the EBITDA margin expanded 773 bps YoY to 34.5 percent. The bottomline (net profit) grew by robust 94.6 per cent YoY to Rs 26.4 crore led by robust performance of Quartz business.

  • "Today, USD/INR pair is expected to quote in the range of 69.20 and 69.90," Somaiya says.

  • The dollar was up 0.05 percent against the yen at 109.55, and fell 0.04 percent against the euro, with the common currency buying $1.1192. The dollar index was 0.14 percent higher at 97.754.

  • Natco Pharma had erased its partial early morning losses and was trading 2 percent lower at Rs 515, against a marginal 0.02 percent decline in the benchmark index. A combined 597,923 shares have changed hands on the counter on the BSE and NSE so far.

  • The largest cryptocurrency climbed as much as 10 percent from levels late, and was trading at $8,766 as of 10.40 am in London (3.10 pm IST).

  • According to data from Amfi, small- and mid-cap funds posted gains of 5.4 percent and 4.6 percent, respectively, over the past week.

  • BAML Economist expects RBI to transfer $14 billion to $42 billion of surplus reserves, which could provide the government room to recapitalize state-run banks and spend more on infrastructure.

  • Government focus expected to shift to large infrastructure projects; push to fix power supply chain problems. Buy: L&T, NTPC, ONGC, Oil India.
  • Total borrowings of the Centre and states combined have increased from Rs 760,100 crore in FY14 to Rs 1,049,300 crore in FY19. The CAGR for the last five years was 6.7 percent.

  • Foreign portfolio investors (FPIs) were net buyers on all but one day, pumping in Rs 5,891.81 crore.

  • FPIs invested a net Rs 1,352.20 crore in equities on May 23[latex]^{rd}[/latex], when the ruling BJP scored a thumping victory in the general elections.

  • GST shortfall in 2018-19, the Council would also discuss ways to improve revenue by preventing leakages. In April, the collections crossed ~1 trillion for the third time in four months.

  • Reserve Bank of India has modied the norms on Voluntary Retention Route (VRR) investment by Foreign Portfolio Investors (FPIs) by xing the investment limit at Rs. 54,606.55 crore.

  • India’s largest private multi-port operator, Adani Ports and Special Economic Zone(APSEZ) will set up its first container terminal outside India in Myanmar at anestimated cost of USD 290 million (over Rs 2,000 crore).

  • The central government has decided to restrict the bio-fuel imports which include ethyl alcohol, bio-diesel and petroleum oils for all purpose and their import will require import license from the Directorate General of Foreign Trade (DGFT).

  • Wirecard, a German Payments Company announced that it would work with India to simplify the process of issuing tax identity cards which required for opening bank accounts, transfer money and complete business transactions.
  • SBI was the second best performer, adding ₹ 31,816.24to its market capitalisation (m-cap) to reach ₹ 3,16,466.72 crore.

  • The m-cap of ICICI Bank climbed ₹ 26,586.43 crore to ₹ 2,78,269.34 crore and that of HDFC advanced ₹ 23,024.22 crore to ₹ 3,66,235.80 crore.

  • Kotak Mahindra Bank gained ₹ 10,157.84 crore to reach ₹ 2,88,981.46 crore.

  • The market cap of Hindustan UnileverLtd (HUL) rose by ₹ 2,911.52 crore to ₹ 3,78,650.09 crore and that of HDFC Bank went up by ₹ 2,902.17 crore to ₹ 6,46,462.22 crore.

  • The m-cap of Infosys fell by ₹ 6,269.42 crore to ₹ 3,09,953.84 crore.

  • Nippon could acquire anywhere between 17.5%and 32% from RCap, depending on open offer acceptance.

  • A Reserve Bank of India-appointed committee on ‘suggestions on promoting digital payment’.

  • RBI will examine the recommendations of the committee and will link the action points, wherever necessary, in its Payment Systems Vision 2021 for implementation.

  • According to the Reserve Bank of India’s weekly statistical supplement, the overall forex reserves rose to $420.055 billion from $418.687 billion.

  • Foreign Currency Assets (FCAs), the largest component of the forex reserves, edged higher by $1.358 billion to $392.227 billion. Besides the US dollar, FCAs consist of 20-30 per cent of the other major global currencies.

  • Sunil Mittal led telecom major Bharti Airtel and Hughes Communications India have decided to combine their VSAT satellite communications operations in India. The transaction is subject to approvals by relevant authorities.

  • India Ratings has downgrades the YES Bank’s long-term rating to ‘IND AA-‘ with a negative outlook, while reaffirming short-term rating. ICRA has also downgraded the long-term ratings of the lender.

  • HDFC Capital Advisors, (a wholly-owned subsidiary of HDFC Ltd) launched an initiative termed ast HDFC Affordable Real Estate and Technology Programme (HeART), the objective of which is to mentor, partner, and invest in real estate technology companies.
  • The S&P BSE Sensex ended the day 623 points, or 1.6 percent, higher at 39,435, with ICICI Bank, Larsen & Toubro, Bharti Airtel, Vedanta, and Tata Motors leading the list of gainers.

  • Nifty PSU Bank index, the largest gainer among sectoral index, was up 3.6 percent, as compared to a 0.6 percent rise in the Nifty 50 index.

  • Among the individual banks, Bank of Baroda surged 21 percent during the week, while Bank of India, Bank of Maharashtra, Indian Bank, Oriental Bank of Commerce and Canara Bank were up 10 to 15 percent.

  • The State Bank of India (SBI), Allahabad Bank, Syndicate Bank and Andhra Bank were up 9 percent each on the NSE.

  • US-based food delivery startup DoorDash has raised $600 million in a Series G round of funding at a valuation of around $12.6 billion. Investors including SoftBank Vision Fund, Sequoia Capital and Temasek Holdings took part in the round.

  • All the Nifty sectoral indices ended the day with gains, with Nifty PSU Bank gaining the maximum 5.6 percent, while Nifty Realty also rose 4.4 percent.

  • Avadh Sugar & Energy locked in upper circuit of 20 percent at Rs 616, also its 52-week high on the BSE. The company posted operating profit of Rs 148 crore in Q4FY19 against operating loss of Rs 10 crore in year-ago quarter.

  • KEI Industries shares were trading higher for the fifth straight day, up 4 percent at Rs 486 on the BSE, after the company reported a strong operational performance in the March quarter (Q4FY19).

  • KEI Industries have strong pending orders worth Rs 4,707 crore plus L1 Rs 113 crore for extra high voltage (EHV).

  • "Mother Dairy to raise the consumer prices of its poly pack milk variants in Delhi NCR from May 25[latex]^{th}[/latex], 2019. The 1 litre pack has been increased by Re 1 only and the 500 ml pack by Rs 2 a litre, effectively impacting the consumer by Re 1 per pack," the company said.

  • At least 40 pension and provident fund trusts, mainly from the public sector, have combined exposure of around ₹3,300 crore to DHFL, which recently faced a series of credit rating downgrades.
  • Oil prices slumped more than 5 percent on growing trade tensions, which have deepened over the US blackballing Chinese telecom giant Huawei. Around 11.20 pm (IST), Brent crude was down $3.62 a barrel at $67.37.

  • As the economy faces muted rural consumption, financial services firm Nomura suggested that the Pradhan Mantri Kisan Samman Nidhi Yojana reach every farmer.

  • The interim Budget for FY20 had provided for Rs 6,000 a year to all farmer families owning up to two hectares of land in three phases a year.

  • This would cost the exchequer just Rs 12,000 crore over the current Rs 75,000 crore a year, since 86 per cent of farmers families have been covered under it.

  • The Central Board of Direct Taxes (CBDT) has issued a notification amending Form 15H to give effect to the Budget announcement.

  • The Union Budget 2019-20 has given full tax rebate to individuals having a taxable annual income of up to Rs 5 lakh, benefitting around 3 crore middle class taxpayers.

  • Till a few weeks back, basmati exports were projected to hit record levels of Rs 30,000 crore or nearly US$ 4.28 billion (pegged to exchange rate of Rs 70) this season.

  • The Sensex, which made a high of 40,124, closed at 38,811, down 0.76 percent or 298 points. The Nifty touched 12,041, but fell back to 11,657 and closed with loss of 80 points or 0.69 percent.

  • The Dow Jones Industrial Average fell 286.14 points, or 1.11 percent, to 25,490.47, the S&P 500 lost 34.03 points, or 1.19 per cent, to 2,822.24 and the Nasdaq Composite dropped 122.56 points, or 1.58 percent, to 7,628.28.

  • Cipla has signed an agreement to acquire 26 percent stake on a fully diluted basis in AMP Solar Power Systems Private Limited, which is formed for the purpose of setting up a captive solar power project in Maharashtra.

  • Cipla company will invest ₹12.90 crore for the acquisition, which will be through share purchase, subscription of equity shares and compulsorily convertible debentures.

  • A study by international researchers has pinpointed Eastern China as the source of about 40%-60% of the global rise in emissions of banned ozone-layer depleting chemical CFC-11 since 2013.

  • The market capitalisation of BSE-listed companies has grown by ₹75.25 lakh crore to ₹150.2 lakh crore between May 16[latex]^{th}[/latex], 2014, and May 23[latex]^{rd}[/latex], 2019. The benchmark Sensex rose 61% during PM Modi's first term through close.

  • Government think-tank NITI Aayog has reportedly proposed electrifying most motorbikes and scooters within next six-eight years to curb pollution and reduce dependency on fossil fuels.

  • Paytm Payments Bank announced it has turned profitable within its second year of operations, posting a ₹19-crore profit for the financial year 2018-19.

  • Anil Ambani's Reliance Capital said it will exit mutual fund business by selling its stake in Reliance Nippon Life Asset Management to Japanese partner Nippon Life Insurance.

  • Reliance Capital will sell 32.12% stake to Nippon Life for ₹4,520 crore, taking the latter's shareholding to 75%. It will offer its remaining 10.76% stake to other investors for ₹1,480 crore.

  • Sensex erased its 1,014-point gain and ended 299 points lower at 38,811.
  • Canara Bank is already present on YouTube (canarabankofficial) and Twitter (canarabanktweet) with a sizeable follower/subscriber base.

  • According to a bank official, the bank’s YouTube channel has more than 10 lakh views with close to 25,000 subscribers, and more than 35,000 followers on Twitter.

  • Bank of Baroda reported a standalone net loss of ₹991 crore for the quarter ended March on account of higher provisioning for bad loans.The lender had reported a net loss of ₹3,102 crore in the same period last year.

  • IndusInd Bank on Wednesday said it has classified ₹3,004-crore exposure to IL&FS group as non-performing assets (NPAs), including ₹2,000 crore to the holding company.

  • The value of Unified Payments Interface (UPI) transactions in financial year 2018-19 may have jumped eight times at ₹8.76-lakh crore from ₹1.09-lakh crore in FY18, but it has a long way to go to overtake the number of card transactions in India.

  • Bharti AXA Life insurer improved its individual claim settlement ratio, the number of claims paid to the number of claims received, to 96.85 percent in financial year 2017-18.

  • The new GST Return will have Form GST RET-1 (Normal), Form GST RET-2 (Sahaj) and Form GST RET-3 (Sugam) on either monthly or quarterly basis along with the Annexure of Supplies (GST ANX-1) and the Annexure of Inward Supplies (GST ANX-2).

  • Regional Comprehensive Economic Partnership (RCEP) members together account for 35 percent of total aluminium imports into India, which increased by 17 percent from 591 kilo tonne (kt) in 2016-17 to 690 kt in 2017-18, according to industry figures.

  • Investors with a short-term perspective can buy Reliance Capital at current levels of ₹128.3. Following a sharp fall in early February, the stock found support at around ₹107.

  • Banking stocks led the gains with Nifty Bank index rising over 2%. IndusInd Bank and Bank of Baroda surged nearly 6% each while SBI, PNB, Yes Bank and ICICI Bank were up 3% to 4%.

  • Indian shares surged to record high morning, as early trends showed BJP-led NDA crossing 300 seats in 17[latex]^{th}[/latex] Lok Sabha elections.

  • The Sensex hit 40,000 and Nifty zoomed beyond the 12,000-mark for the first time ever today as trends showed BJP leading in 288 seats, crossing the majority mark of 272 on its own.
  • Punjab National Bank (PNB) could take control of two or three small state-run banks, that could include Oriental Bank of Commerce, Andhra Bank and Allahabad Bank, two sources familiar with the situation told Reuters.

  • Allahabad Bank fell 2.6 percent to close at Rs 45.15 a share, while Oriental Bank of Commerce ended down nearly 1 percent at Rs 95.20 per share.

  • Corporation Bank, which was in February this year taken out of Reserve Bank of India's prompt corrective action (PCA) framework, has said it would reduce slippages to up to Rs 4,000 crore in the financial year ending March 2020.

  • The central bank is keeping a tab on the liquidity position of these firms on a monthly basis and recently asked NBFCs with assets over Rs 5,000 crore to appoint a chief risk officer.

  • RBI views NBFC woes as solvency issue, not liquidity crisis.

  • ICRA has downgraded the long-term rating of IDFC First Bank Limited's NCD programme to AA from AA+ with a stable outlook.

  • Tech Mahindra reported 0.6 percent sequential fall in consolidated revenue at Rs 8,892 crore (10.4 percent up year-on-year, or YoY) for Q4, against consensus estimates of Rs 9,036 crore.

  • The Reserve Bank of India (RBI) board suggested not extending a credit line to struggling Non-banking financial companies (NBFCs) because it felt there was no systemic liquidity issue but there were solvency concerns in some large entities.

  • Reliance in the 2018-19 fiscal year that ended March 31, reported a turnover of Rs 6.23 trillion. In comparison, IOC posted a turnover of Rs 6.17 trillion for the fiscal, according to regulatory filings by the two companies.
  • Among Sensex stocks, both SBI and IndusInd Bank surged 8.5% while Tata Motors, L&T, Yes Bank, HDFC, M&M, Maruti, ONGC, and RIL rose between 5% and 7%.

  • Tata Motors reported a profit of ₹1,117 crore for the March quarter, a 47% fall compared to the year-ago period.

  • The Dow Jones Industrial Average fell 84.1 points, or 0.33 percent, to 25,679.9, the S&P 500 lost 19.3 points, or 0.67 percent, to 2,840.23, and the Nasdaq Composite dropped 113.91 points, or 1.46 percent, to 7,702.38.

  • MSCI's broadest index of Asia-Pacific shares outside Japan was flat in early trade but stayed close to a four-month low touched. It has fallen about eight percent from a nine-month peak hit just over a month ago. Japan's Nikkei fell 0.5 percent.

  • Two promoters of Adani Green Energy - Adani Tradeline LLP and Universal Trade and Investment - plan to sell 8.75 crore equity at ₹43 a share through an offer-for-sale.

  • During FY19 Diman Carbogen’s CRAMS (contract research and manufacturing services) revenue grew 17.5 percent y-o-y to ₹1,470 crore.

  • SBI stock cuts above a resistance at Rs 340.06, the 86.4% Fibonacci projection level of the uptrend from March 23[latex]^{rd}[/latex], 2018 low to August 10, 2018 high (wave 1).

  • Bajaj Auto Q4 net profit up 20% at Rs 1,408.49 cr.

  • GOQii’s complaint is the allegation that Flipkart has been selling the GOQii products at unauthorised 70 to 80% discount, which the fitness company calls predatory pricing.

  • Infosys chief operating officer UB Pravin Rao earned ₹9.05 crore in FY 2018-19 against ₹8.22 crore in the previous financial year.
  • Assuming there is no breakthrough in the situation and the government sticks to the decision of not buying oil from Iran,whatever money is lying in the UCO Bank at the moment will get used up.

  • The full Budget is also likely to lay down the blueprint for redrafting the Income Tax Act 1961. The Government constituted a task force to draft a new direct tax law and replace the existing Act.

  • The APP shot off a letter to Revenue Secretary Ajay Bhushan Pandey seeking removal of Good and Services Tax (GST) on import freight for coal.

  • Acquisition of Mindtree is the topmost agenda for infrastructure major Larsen & Toubro at the moment and eventually the mid-sized IT firm is going to be transformed into a big company, L&T Group Chairman A. M. Naik said.

  • There has been a view that a second AAAR needs to be set up soon. It would be a national bench only to reconcile divergent verdicts passed by state AARs.

  • Connaught Plaza Restaurants Private Limited (CPRL), that operates McDonald's chain of quick service restaurants in northern and eastern India, Sunday said it has re-opened 13 restaurants in Delhi NCR.

  • In a petition filed in the US district court, pharma major Astra-Zeneca alleged that city-based Aurobindo Pharma is planning to launch a generic version of its patented drug Daliresp (Roflumilast Tablet 500 mcg).

  • Astra Zeneca prayed for a permanent injunction, restraining and enjoining Aurobindo Pharma from making, using, selling, offering to sell, or importing any product that infringes the 206, 064, and 142 patent, including Dalisrep.

  • The CBDT has clarified that SEBI-approved asset management companies will be designated as ‘eligible fund manager’ and therefore entitled for benefits under Section 9A of the income tax law.
  • Aiming at a 'cash-lite' society, the Reserve Bank of India last week released the vision document for ensuring a safe, secure, convenient, quick and affordable e-payment system as it expects the number of digital transactions to increase more than four times to 8,707 crore in December 2021.

  • Bajaj Finserv, through its lending arm Bajaj Finance Ltd launched ‘Mumbai Local Train Cover’.

  • Bajaj Finserv said it has launched a specialised insurance cover for passengers travelling in local trains in country’s financial capital Mumbai. The travellers will get an insurance cover of Rs 1 lakh against a payment of Rs 399 per annum.

  • Batting for PSU banks' consolidation, Chief Economic Advisor Krishnamurthy V Subramanian has said having a few good banks is a good idea as they can compete and their quality can get enhanced to compete globally with the best in the world.

  • It does not make sense to have branches of Dena and Vijaya at the same location when both have been merged into BoB, a senior bank official said.

  • The Reserve Bank of India last month released the draft ‘Enabling Framework for Regulatory Sandbox’ for fintech companies.
  • Public sector lender Corporation Bank said its loss widened to Rs 6,581.49 crore during the fourth quarter ended March 31[latex]^{st}[/latex], mainly due to higher provisioning for bad loans. The bank had reported loss of Rs 1,838.39 crore during January-March quarter of 2017-18.

  • The ED is probing the couple in connection with the Rs 1,875-crore Videocon loan case which is related to the alleged irregularities and corrupt practices in the sanctioning of the amount disbursed by ICICI Bank to the Videocon Group during 2009 and 2011.

  • The agency sources said the couple could not submit "authentic proof" to support their replies against the 20 questions asked to them during their examination at the ED's headquarters in south Delhi's Khan market.

  • The ED report terms transactions related to this flat and parties involved in it as “unclean” and “in collusion”.

  • HT has reviewed a copy of an internal ED report, which states that CFL was held jointly by Chanda Kochhar and family (60% of shares) and Videocon (24.7% shares) since 2000-01.

  • Indians are increasingly using their debit cards to pay merchants directly. As per data from the Reserve Bank of India, debit card swipes on Point of Sales (PoS) terminals jumped more than 27% in March 2019 compared to corresponding period last year. In contrast, ATM withdrawals grew at a slower pace of 15%.
  • Credit cards clocked a 22% growth rate for PoS transactions versus last year. It clocked more than 162 million PoS transactions in March 2019 against 127 million in March 2018.
  • The bank had reported a net loss of Rs 3,969 crore in the same quarter of the previous year, Bank of India said in a regulatory filing.

  • Telecom operator Bharti Airtel said that its about Rs 25,000 crore rights issue has been "over-subscribed" as per the preliminary information received.

  • Tata Motors, Infosys, Vedanta, ONGC, PowerGrid, NPTC, Axis Bank, ICICI Bank, Kotak Bank, SBI, HDFC Bank, Tata Steel, TCS and RIL too rose up to 3.48 percent.

  • Airtel had announced the rights issue to raise up to Rs 25,000 crore through issuance of fully paid-up shares at a price of Rs 220 per share, and additional Rs 7,000 crore through a foreign currency perpetual bond issue.

  • Trump’s decision risks escalating tensions with China as the world’s two largest economies clash over whether Huawei — the world’s largest provider of tele communications equipment - poses a spying risk to Western infrastructure networks.

  • Aditya Birla Group flagship firm Hindalco Industries reported a 37.4% decline in standalone profit to Rs 235.82 crore for the quarter ended March 31[latex]^{st}[/latex].

  • Bajaj Finance total income during January-March quarter of 2018-19 rose to Rs 4,887.76 crore from Rs 3,424.99 crore in the year-ago period, the company said in a regulatory filing. For the fiscal year ended March 2019, the net profit rose to Rs 3,890 crore as compared with Rs 2,485 crore in 2017-18.
  • Reserve Bank of India has released a vision document 'Payment and Settlement Systems in India: Vision 2019 - 2021', with its core theme of 'Empowering Exceptional E-payment Experience' for ensuring a safe, secure, convenient, quick and affordable e-payment system.

  • RBI 25[latex]^{th}[/latex] Governor: Shaktikant Das, Headquarters: Mumbai, Founded: 1[latex]^{st}[/latex] April 1935, Kolkata.

  • India’s overall Exports Registered Positive Growth Of 1.34% In April 2019.

  • The Home Ministry has cancelled the registration of Bengaluru-based NGO Infosys Foundation for alleged violation of norms in receiving foreign grants.

  • IT services firm Tech Mahindra and French digital content publishing firm Rakuten Aquafadas signed an MoU to collaborate on building enhanced customer experience offerings.

  • ITC Managing Director Sanjiv Puri has been appointed as the chairman by the Board of Directors. His new designation will now be chairman and managing director.

  • China To Host 2023 Asian Cup Football Tournament.

  • India was represented by Ajay Prakash Sawhney, Secretary, Ministry of Electronics and Information Technology.
  • The Reserve Bank needs to go for a larger rate cut, of more than 25 basis points, in its June monetary policy review to reverse the current economic slowdown, said an SBI research report.
  • 15[latex]^{th}[/latex] May - International Day of Families. (Theme- “Families and Climate Action: Focus on SDG 13″).

  • RBI Appointed R.Gandhi As Additional Director Of Yes Bank.

  • RBI’s vision 2021 looks at a ‘cash-lite’ society, cyber security.

  • Doordarshan Launches Online Souvenir Store In Partnership With Amazon India.

  • MoU signed between NMCG(National Mission for Clean Ganga), HCL Foundation and INTACH for Rudraksh Plantation in Uttarakhand.

  • HDFC partners with IMGC(India Mortgage Guarantee Corporation) to provide mortgage-guarantee-backed home loan.

  • Airtel, HDFC Life Insurance to offer free cover for prepaid customers.
  • The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs. 1 crore on Nainital Bank for its failure to fully automate the non-performing asset (NPA) identification process, despite specific directions issued in this regard.

  • ICICI Bank announced the launch of a co-branded multi-currency card with online travel booking portal Goibibo.

  • NABARD has been contributing to other funds till now and this is the first time that the rural development bank has launched a fund of its own.

  • The Wholesale Price Index (WPI)-based inflation was at 3.18 percent in March. It was 3.62 percent in April 2018.

  • ISRO had announced the ‘Young Scientist Programme’ or ‘YUva VIgyani KAryakram’ (YUVIKA 2019) to get young school children interested in space science and technology.

  • The United States has told allies not to use Huawei’s technology to build new 5G telecommunications networks because of concerns it could be a vehicle for Chinese spying, an accusation the firm has denied.

  • Apple charges a 30% commission to software developers whose more than 2 million apps are sold through Apple’s App Store.

  • The unemployment rate eased to 3.8 percent in the three months to March -- the lowest level since the final quarter of 1974, the Office for National Statistics (ONS) said in a statistics statement.

  • The ONS added that the UK employment rate was estimated at 76.1 percent, which was the joint-highest figure on record.
  • That apparent shift prompted Reserve Bank of India (RBI) researchers to study the dynamics of savings deposit behaviour in the country.

  • Outstanding bank deposits at Rs 125 lakh crore, as on March 31, 2019, accounted for 128.7% of outstanding bank credit (lower than 132.5% per a year ago), reflecting low deposit growth.

  • In the next three-four months, resolution timelines under the Insolvency and Bankruptcy Code (IBC) will be better adhered to, said corporate affairs secretary Injeti Srinivas.

  • A bench comprising Justices R F Nariman and Vineet Saran was dealing with the question whether a person is entitled to be represented by a lawyer of his choice in the process undertaken by banks to declare him a "wilful defaulter" under a circular issued by the Reserve Bank of India (RBI).

  • The apex court allowed the appeal of State Bank of India against the Delhi High Court order which had held that the firm, Jah Developers Pvt. Ltd., can be represented by lawyers in the in-house proceeding of the lending bank to declare it a willful defaulter.

  • Former ICICI Bank (NSE -1.25 %) CEO Chanda Kochhar appeared before the ED in connection with an alleged bank loan fraud and money laundering case registered against her.

  • Sources said Kochhar is required to assist the investigating officer of the case in taking the probe forward and her statement will be recorded under the Prevention of Money Laundering Act (PMLA).

  • The CBI also named Supreme Energy, a company founded by Dhoot, and NuPower Renewables, a company controlled by Deepak Kochhar, in the FIR.
  • HDFC Bank’s market cap eroded by Rs 19,634 crore to Rs 6,25,874.51 crore and that of HDFC dropped Rs 13,573.5 crore to Rs 3,32,435.38 crore.

  • RIL’s valuation plunged Rs 99,212.9 crore to Rs 7,92,680.96 crore.

  • The M-cap of ICICI Bank dived Rs 10,974.8 crore to Rs 2,48,112.25 crore and of ITC tumbled Rs 7,232.6 crore to Rs 3,64,939.46 crore.
  • HUL’s m-cap fell by Rs 1,233.88 crore to Rs 3,65,207.28 crore and of SBI declined Rs 981.71 crore to Rs 2,74,922.66 crore.

  • Foreign portfolio investors (FPI) poured in a net Rs 16,093 crore in April, Rs 45,981 crore in March and Rs 11,182 crore in February in the domestic capital markets (both equity and debt).

  • 15[latex]^{th}[/latex] Finance Commission held a two-day meeting with eminent economists, top executives of leading banks at RBI headquarters in Mumbai.

  • Reserve Bank of India issued a circular with regard to data localization policy for payment system providers. Data localization means the storage of data within India. On May 3[latex]^{rd}[/latex], Facebook assured the Supreme Court that it would adhere to the RBI’s data localization norms before the launch of the full payments service in India.
  • The bill was first drafted last month and, as had been expected, it passed 72-9 in Singapore’s parliament, dominated by the ruling People’s Action Party (PAP), late.
  • Bank credit grew by 13.2% in financial year 2018-19 as compared to 10.3% in the previous financial year, mainly aided by loans to services and retail sector. Deposit growth also gained momentum, growing by 10% as compared to 6.7% a year ago.

  • The National Company Law Tribunal allowed a consortium of 31 banks, led by SBI, to form a committee of creditors. As per the Insolvency and Bankruptcy Code, the resolution process has to be completed within 270 days.

  • India Ratings has downgraded the bank's long-term rating to 'IND AA-' with negative outlook, while reaffirming short-term rating, Yes Bank said in a late-evening filing.

  • Reliance Brands, a subsidiary of Reliance Industries Ltd. (RIL), has signed a definitive agreement with C Banner International, a Hong Kong-listed company. The aim is to acquire 100% shares of centuries-old British toy retailer Hamleys for £68 million.

  • Reliance Communications (RCom) on 8[latex]^{th}[/latex] May informed the stock exchanges that the administration of the corporate debtor would be taken over by the interim resolution professional (RP) and the corporate insolvency resolution process (CIRP) would resume, following the National Company Law Tribunal (NCLT) directive.

  • Voting for the sixth phase of Lok Sabha 2019 elections will held on May 12[latex]^{th}[/latex] in 59 constituencies from seven states – Bihar, Haryana, Jharkhand, Madhya Pradesh, Uttar Pradesh, West Bengal, and Delhi.

  • BharatPe - India's first Fintech start-up enabling payments for merchants through interoperable UPI QR codes, has announced its foray into merchant services with a new app.

  • The Mukesh Ambani-led Reliance Industries announced it will acquire iconic British toy maker Hamleys, a 259-year-old toy-maker, for around Rs. 620 crore (nearly 68 million pounds) in an all-cash deal.

  • Hamleys started with a single-store shop, Noah’s Ark, in 1760. It now has 167 stores across 18 countries. Besides the UK, it has stores in China, Germany, Russia, India, South Africa and West Asia.

  • WhatsApp, which has 1.5 billion users globally, would hire nearly 100 people in London to focus on the digital payments service and additional operations staff would be hired in Dublin.
  • Indian Overseas Bank’s (IOB) net loss for the quarter ended March 31[latex]^{st}[/latex], 2019, narrowed by 45 per cent to ₹1,985 crore, against ₹3,607 crore recorded during March 31[latex]^{st}[/latex], 2018.

  • Mukesh Ambani-led Reliance Industries announced it will acquire iconic British toy-maker Hamleys for Rs 620 crore (67.96 million pounds) in an all-cash deal.

  • PNB Housing Finance net profit stood at ₹251.58 crore in the corresponding quarter of 2017-18.

  • Shares of PNB Housing Finance rose 0.81 percent to ₹698.05 on the Bombay Stock Exchange (BSE).

  • The net profit of South Indian Bank fell 38 per cent in Q4 of FY19 at ₹70.51 crore, against ₹114.10 crore in the corresponding period of the previous fiscal on higher loan-loss provisions.

  • The South Indian Bank showed strong recovery performance during the year and achieved the targeted level of ₹500 crore.

  • Reliance Company attempt to prevent bankruptcy proceedings from kicking in by selling spectrum to Reliance Jio did not work out as the government did not clear the deal.

  • Mother Dairy Fruit and Vegetable Private Ltd (MDFVPL) and call for a probe by the Serious Fraud Investigation Office, the Department of Economic Affairs has directed the complaint to the Secretary, Ministry of Corporate Affairs for “necessary action”. The DEA also directed the complaint to the Secretary, Ministry of Agriculture.

  • On the issue of RBI’s reserves being dealt by the Bimal Jalan Committee, Singh said it was not and should not have been discussed in depth by the Finance Commission and the RBI.

  • India signed a protocol for the export of chilli meal to China, as part of a move to promote “more balanced trade” between the two Asian countries.

  • In 2017-18, India’s exports to China were around $13.30 billion, while its imports were higher at around $76.40 billion.

  • US fast food chain McDonald’s said it has reached an out-of-court settlement with estranged partner Vikram Bakshi, buying out the former partner from their joint venture that operated outlets of the chain in north and east India.

  • At least four credit rating agencies are being probed by the Serious Fraud Investigation Office (SFIO) for their role in rating the debt instruments of IL&FS Financial Services Ltd (IFIN) that were used to raise about Rs 12,000 crore from the market.
  • A “liquidity crisis" forced non-bank lenders and housing finance companies to rely heavily on selling down loans for funds in the year ended March, according to rating company ICRA Ltd.

  • The Sensex was down over 200 points while Nifty fell below the 11,300 level. Market heavyweight RIL fell as much as 3% to ₹1261 on BSE, its lowest in about two months.

  • Reliance Jio net profit in the March quarter largely remained flat quarter-on-quarter at ₹840 crore and average revenue per user declined to ₹126 per subscriber per month.

  • Bharti’s cash war chest is likely to increase by ₹500-550 bn in FY20.

  • Asian markets continued to be under pressure after President Donald Trump said that China "broke the deal" in trade talks with Washington and would face stiff tariffs if no agreement is reached.

  • Donald Trump has threatened to raise tariffs to 25% from 10% on $200 billion worth of Chinese imports.

  • Domestic brokerage Motilal Oswal has retained "buy" on Titan with target price of ₹1280.

  • The controversy surrounding the new series of GDP numbers based on the MCA-21 database intensified after Mint reported that 36% of companies that are part of the database could not be traced or were wrongly classified. The Mint report was based on a survey conducted by the National Sample Survey Office (NSSO), a government agency.

  • The Central Statistics Office (CSO) relies on a “blow-up" technique that uses the paid-up capital (PUC) at the time of setting up of the company as the basis for computation of GVA by that company.

  • The Economic Times reported, citing Chery chairman Yin Tongyao, that his company may explore entering India with or without partnering Tata Motors.
  • The setting up of State finance commissions, public sector borrowing requirements and the continuity of the Finance Commission were among the issues discussed by RBI Governor Shaktikanta Das and Finance Commission Chairman NK Singh.

  • Bureau Rating agency ICRA said it expects financial creditors to realise more than ₹80,000 crore in FY20 from the IBC process, against the ₹66,000 crore realised in FY19.

  • The RBI had cut interest rate by 25 basis points each in February and April to boost economic growth.

  • RBI has imposed a monetary penalty of Rs. 2 crore on Dena Bnak.

  • Rs 1 crore panalty was imposed on IDBI Bank for non-compliance of its regulatory directions on time-bound implementation and strengthing of SWIFT related operationalcontrols.

  • GST collections in February dropped to ₹97,247 crore in February from ₹1.02 lakh crore in the previous month. The number of sales return or GSTR-3B filed for the month of January up to February 28, 2019 was 73.48 lakh.

  • Minimum amount of a Certificate of Deposit (CD) should be Rs.1 lakh, i.e., the minimum deposit that could be accepted from a single subscriber should not be less than Rs.1 lakh, and in multiples of Rs. 1 lakh thereafter.

  • Centre and Asian Development Bank (ADB) signed a 926-million-dollar loan agreement to operationalize two lines of the Mumbai Metro Rail System. It is the single largest infrastructure project loan in ADB history.

  • State Bank of India (SBI) and Hitachi Payment Services Pvt Ltd, a wholly-owned subsidiary of Hitachi Ltd, launched their merchant-acquiring joint venture, SBI Payment Services Pvt Ltd (SBIPSPL) in Mumbai. SBI has a 74 percent stake & 26% is with Hitachi.

  • The Indian rupee is the official currency of India. Designed by Udaya Kumar, it was presented to the public by the Government of India on 15 July 2010.

  • The new sign is a combination of the Devanagari letter “र” (“ra”) and the Latin capital letter “R” without its vertical bar (like the R rotunda). The parallel lines at the top (with white space).

  • The basic functions of the SEBI are to protect the interests of investors in securities and to promote the development of, and to regulate the securities market and for matters connected there with or incidental there to.
  • The US wants India to eliminate trade barriers for American companies and remove restrictions with regard to data localisation to cut the cost of doing business.

  • As per an ICRA report, there were M&A transactions in the health sector to the tune of Rs.7615 Crores in FY19, highest in over five years.

  • Mastercard will invest $ 1 billion in India over the next five years.

  • Ambuja Cements have filed a complaint against a fake website being used to trick customers and get funds to a benami account from customers looking to buy online.

  • Bharti Airtel and Hughes Communications India have entered into an agreement to combine their VSAT operations in India, subject to approval from the relevant authorities.

  • China’s top trade envoy is preparing to travel to Washington for crucial talks, a Chinese official said despite US President Donald Trump threatening to impose more punishing taxes on $200 billion worth of Chinese products, citing slow progress in negotiations.

  • India and the US agreed to engage regularly at various level to resolve outstanding trade issues by exploring mutually beneficial suitable solutions.

  • The country’s services sector activity fell to a seven-month low in April owing to softer rise in new business and disruptions arising from the elections.

  • L&T bought over 0.75 percent shares of Mindtree worth Rs.112.91 crores from the open market. It is reportedly planning to keep buying more shares to get a controlling stake in Mindtree.
  • RBI is said to be working on a plan to incentivise Banks to take default borrowers to IBC.

  • Reliance group has rebutted Rahul Gandhi’s allegations against Anil Ambani in which he said that Anil Ambani is a crony capitalist.

  • Amazon has reportedly infused Rs.1380 crores in its local data centre arm to beef up its cloud services business in India.

  • India has informed WTO about the EU’s proposal for e-comm rules. India has opposed on the grounds that it will impact the domestic industry and job creation. EU’s proposal will be discussed at Geneva between 13-15 May.

  • Telecom operator Bharti Airtel posted a surprise net profit of Rs 107.2 crore for the fourth quarter ended March 31, a growth of 29.3 per cent over the year-ago period, on the back of exceptional gain of Rs 2,022 crore.

  • Billionaire Warren Buffett gave a clue on who might succeed him to run his Berkshire Hathaway empire, but did not completely reveal his hand.

  • In a first in recent history of tax filings, income tax e-filings in FY 2019 have dropped by more than 6.6 lakh, a trend that analysts said was surprising as tax base was expected to increase post demonetisation.

  • KKR is reportedly in discussions with Altico Capital to buy a controlling stake in the real estate-focussed NBFC.

  • Promoters of Vodafone Idea have contributed Rs.17,920 crores to its Rs.25000 crore rights issue.

  • As part of its customer retention plan, Bharti Airtel has revised its ‘Airtel Thanks’ plan to offer a free subscription to Amazon Prime and Netflix for its customers.

  • Term Deposits are investment deposits made for a predetermined period of time, ranging from a few months to several years. Term Deposits are also known as Time Deposits.

  • Promoters of Vodafone Idea have contributed Rs.17,920 crores to its Rs.25000 crore rights issue.

  • As part of its customer retention plan, Bharti Airtel has revised its ‘Airtel Thanks’ plan to offer a free subscription to Amazon Prime and Netflix for its customers.
  • Santosh Kumar Mohanty tooks charge as whole time member (WTM) of the Securities and Exchange Board of India (SEBI) for a three-year tenure.

  • Under Pradhan Mantri Suraksha Bima Yojana (PMSBY), the risk coverage available is Rs 2 lakh for accidental death and permanent total disability, and Rs 1 lakh for permanent partial disability.

  • Narendra Modi inaugurated the 3rd Annual Meeting of AIIB that will see leaders from varied organizations and levels of government to share ideas and experiences for creating a sustainable future through sound infrastructure investment.

  • Sushma Swaraj has launched a mobile application named “mPassport Seva” that would have the facilities for applying, paying and scheduling appointments for acquiring a passport.

  • The age limit of Atal Pension Yojana ranges from 18 – 40.

  • Direct Benifit Transfer (DBT) is an attempt to change the mechanism of transferring subsidies launched by government of india, aims to transfer subsidies directly to the people through their bank accounts.

  • Bank of Baroda has signed an agreement with CDSL Commodity Repository to boost confidence among bankers and other stakeholders like depositors and warehouse service providers and provide various features.

  • HDFC Bank has launched Digital Loans against Mutual Funds in partnership with transfer agent CAMS.

  • SIDBI has inked an MOU with Common Service Centres (CSC) to offer financial support which ensures easy credit to village level entrepreneurs (VLEs) and promotes the spread of Digital India.

  • According to Thomson Reuters data, State Bank of India had reported a loss of Rs. 7,718 crores in the January-March quarter, due to higher provisions for bad loans.

  • Yes Bank is to launch a capacity building project with farmers in Haryana and Rajasthan under its ‘Livelihood and Water Security’ CSR (Corporate social responsibility) initiative.
  • Validity period of "Demand draft" is 3 months.

  • According to "Micro small medium enterprise development Act - 2006 (MSME Act - 2006)" investment limit for micro enterprise in manufacturing sector is Less than Rs. 25 lakh.

  • Drawer is primarily liable on a cheque.

  • The effect of a crossing a cheque is The payee can obtain payment only through a bank account.

  • A cheque crossed as ‘Payees a/c only” is direction to the collecting banker to ensure that the proceeds of the cheques are collected for the account of the payee only.

  • While cash in circulation has jumped to Rs 21.36 lakh crore, the ATM network of banks has shrunk from 2.06 lakh a year ago to 2.02 lakh this year.

  • The new corporate insolvency regime has saved nearly four lakh jobs in India. Had it not been for the new law being enforced in December 2016, these jobs would have perished in the tepid business environment and ballooning debt of corporate India.

  • Any corporate (entity registered as a company under the Companies Act, 1956/ 2013) or body corporate (entity specially created out of a specific act of the Parliament) and Indian banks are eligible to issue Rupee denominated bonds overseas.

  • Entities like Limited Liability Partnerships and Partnership firms, etc. are also not eligible to issue Rupee denominated bonds overseas.

  • The Rupee denominated bonds can only be issued in a country and can only be subscribed by a resident of a country.

  • In India, forex rates are determined by Demand and supply forces.

  • Regional Rural Banks were set up on the recommendations of Narasimham committee.

  • The instrument which provides proprietary interest in company and which entitles a person to dividend on profits, is called Share.
  • Asset Liability Management is considered to be a comprehensive and dynamic framework for measuring, monitoring and managing the market risk of the Banks.

  • RBI guidelines for Mobile Banking Services has prescribed a ceiling of Rs.5000 per transaction for financial transactions using *99# service.

  • TRAI has set a maximum ceiling of Rs. 1.50 per transaction for using the *99# service.

  • Regulator TRAI plans to ask telecom operator Bharti Airtel to cough up additional details on segmented or concessional offerings it made to customers and will insist that information furnished adheres to its ’prescribed format.

  • The US urged “like-minded Governments” from the European Union to be cautious and coordinate their policies on 5G network security in light of suspicions over the system proposed by Chinese giant Huawei.

  • The rupee appreciated by 19 paise to 69.37 against the US dollar, registering its third consecutive session of gain amid easing crude oil prices and weakening of the greenback against other major currencies overseas.

  • Tata Motors reported a 20 per cent decline in total sales during April at 42,577 units as compared with 53,511 units in the same month last year.

  • Shares of Jet Airways plunged 12 per cent amid a report that bidders for the company so far appear uninterested in following up on their expressions of interest.

  • The RBI has approved the extension of tenure of Yes Bank's part-time chairman Brahm Dutt till 10 January, 2022.

  • Foreign banks are mandated to deposit an amount equal to the short fall in priority sector lending with the Small Enterprises Development Fund of the Small Industries Development Bank of India (SIDBI).

  • National Electronic Funds Transfer (NEFT), according to RBI’s website, is a payment system facilitating one-to-one funds transfer. Under NEFT, one can electronically transfer funds from any bank branch to any individual, firm or corporate, having an account with any other bank branch in the country.

  • IndusInd Bank Limited is a Mumbai based Indian new generation bank, established in 1994. The bank offers commercial, transactional and electronic banking products and services. IndusInd Bank was inaugurated in April 1994 by then Union Finance Minister Manmohan Singh.

  • On the front face of debit card, a 16 digits’ code is written. First 6 digits are Bank Identification Number and the rest 10 digits are Unique Account Number of the card holder. Even the Global Hologram printed on the debit card is a type of security hologram, which is very difficult to copy. It is three dimensional. The date and year of expiry is also written on the debit card so that the card holder can remember that after this date, debit card will not work.

  • The Insurance Regulatory and Development Authority of India is an autonomous, statutory body tasked with regulating and promoting the insurance and re-insurance industries in India. It was founded in 1999 and is headed by SC Khuntia.

  • A Collateralized Mortgage Obligation (CMO) is a fixed income security that uses mortgage-backed securities as collateral. Like other structured securities, CMOs are subdivided into graduated risk classes, called tranches that vary in degree based on the maturity structure of the mortgages.

  • The MCLR methodology for fixing interest rates for advances replaced Base Rate.
  • Teller machines not dispensing cash even when bank accounts are debited remains the most common grievance among users of the devices that help bypass human intervention in traditional banking transactions. Bankers say that the problem is common enough because of financial inclusion, and that most cases are resolved satisfactorily.

  • Goods and services tax (GST) collection touched a record high in April, exceeding Rs 1 trillion for the third time in four months. The mop-up was 10 per cent higher over the previous year.

  • National Common Mobility Card is an interoperable transport card conceived by the Ministry of Urban Development in association with NPCI.

  • Bharat Bill Payment System is an integrated bill payment system in India offering interoperable and accessible bill payment service to customers.

  • NPCI is the umbrella organisation for all retail payment systems in India.

  • Network of shared automated teller machines in India is called National Financial Switch(NFS).

  • A common QR code built for ease of payments is known as Bharat QR.

  • Closed System Payment Instruments are issued by a company to a consumer for buying goods and services exclusively from that company.

  • Semi-Open System Payment Instruments are payment instruments that can be used to purchase goods and services at any card-accepting POS terminals.

  • Patanjali has been allowed time till 7th May to submit a detailed resolution plan for Ruchi Soya.

  • Open System Payment Instruments can be used for purchase of goods and services and also permit cash withdrawal at ATMs, Merchant Local Locations, and automated business correspondents.

  • Sebi has imposed a penalty of Rs.79 Lakhs on MD and six Directors of Ranklin Solutions for violation of insider trading norms and lapses in disclosure.
  • Non-banking finance companies including Piramal Capital Housing, Bajaj Finance, Hero FinCorp, L&T Finance, Tata Financial Services, and IIFL Finance are now going beyond bonds to seek loans from overseas banks in the form of External Commercial Borrowing (ECBs).

  • Kotak Mahindra Bank MD & CEO Uday Kotak spoke on issues ranging from the financial markets to the IL&FS.

  • The Institute for Development and Research in Banking Technology (IDRBT), an arm of Reserve Bank of India, has launched a 5G Use Cases Lab for banking and financial sector.

  • ACI Worldwide, a global provider of real-time electronic payment and banking solutions, announced that Canara Bank has successfully rolled out major new functionality to support EMV card acquiring across its ATM network and Aadhaar Authentication, leveraging ACI’s UP Retail Payments solution to achieve market firsts.

  • The Institute for Development & Research in Banking Technology (IDRBT) is an institution exclusively focused on banking technology.

  • Industrial Development Bank of India was established in 1964 by an Act to provide credit and other financial facilities for the development of the fledgling Indian industry.

  • Reserve Bank of India (RBI) has appointed 5-member committee under the chairmanship of Nandan Nilekani to strengthen digital payments as well as to boost financial inclusion through Financial Technology.

  • India has extended a grant assistance of up to USD 250 million to Nepal for the reconstruction of infrastructures in the areas of housing, education, health and cultural heritage that was destroyed during the devastating April 2015 earthquake which saw the death of over 9,000 people.

  • The International Monetary Fund (IMF) and the World Bank have together launched a private blockchain with a pseudo-token. The new token, called “Learning Coin” and only accessible within the IMF and World Bank, has a purpose to teach relevant individuals within the organizations about blockchain.

  • Fincare Small Finance Bank (SFB) has been awarded the prestigious Celent Model Bank 2019 Award in the category of Financial Inclusion, for ‘Redesigning Lending to Reach Small Businesses’.

  • The Centre has announced a new Rs 20 coin which will come in 12-edged polygon (dodecagon) shape. The government is also planning to release new coins of Re 1, Rs 2, Rs 5 and Rs 10. However, the govt has not announced the exact date for the issuance of these new series coins.

  • The Insolvency and Bankruptcy Board of India is the regulator for overseeing insolvency proceedings and entities like Insolvency Professional Agencies, Insolvency Professionals and Information Utilities in India. IBBI was founded in 2016.

  • Bank of Baroda has become the third largest bank in the country.
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