Sol. Yogi Adityanath government in Uttar Pradesh presented its second budget. Ahead of 2019, general elections, this is considered one of biggest budgetary allocation for the state. UP Finance Minister Rajesh Aggarwal presented a mega budget of over Rs 4.28 lakh crore with a focus on farmers, artisans, youth, infrastructure and urban development.
Sol. Retirement fund body Employees’ Provident Fund Organisation (EPFO) has reduced the interest rate on deposits to 8.55% for 2017-18 from 8.65% for 2016-17.
Sol. Goa Chief Minister Manohar Parrikar presented in the state assembly Rs. 17,123-crore budget for 2018-19, an increase of 6.84% over the ongoing fiscal. The Budget focuses on education and job creation.
Sol. Capital First announced that the regulator National Housing Bank (NHB) has approved the merger of the company along with Capital Home Finance and Capital First Securities Limited with IDFC Bank.
Sol. The Reserve Bank of India has launched Ombudsman Scheme for non-banking financial companies (NBFCs) for redressal of complaints against them. The scheme will provide a cost-free and expeditious complaint redressal mechanism relating to deficiency in the services by NBFCs covered under the scheme. The scheme will cover all deposit-taking NBFCs, and based on the experience gained. The offices of the NBFC ombudsmen will function at four metro centres – New Delhi, Mumbai, Kolkata and Chennai.
Sol. Aditya Birla Idea Payments Bank Ltd (ABIPBL) started operations, making it the fifth payments bank to roll out operations. The Reserve Bank has issued a licence to the bank under Section 22 (1) of the Banking Regulation Act, 1949 to carry on the business of payments bank in India.
Sol. Ministry of Tourism estimates monthly Foreign Exchange Earnings (FEEs) through Tourism in India, both in Rupee and Dollar terms based on the credit data of Travel Head from Balance of Payments of Reserve Bank of India (RBI).
Sol. The Indian economy grew at a five-quarter high of 7.2% in the October-December period reflecting overall recovery due to good show by agriculture, manufacturing, construction and certain services. The economy is expected to grow at 6.6% in the current fiscal ending March 31, as per the second advanced estimates of the Central Statistics Office (CSO).
Sol. Moody's Investors Service estimated that India will grow 7.6% in the calendar year 2018 and 7.5% in 2019, amid signs of economic recovery from the impact of demonetisation and GST.
Sol. State Bank of India (SBI) is set for a major restructuring of its business in the Unite Kingdom from April. SBI's UK operations will transform into a subsidiary named State Bank of India UK Limited from April 1, in compliance with wider ring-fencing of capital requirements by the Bank of England.
Sol. The Reserve Bank of India raised the exposure limit under Exchange Traded Currency Derivatives (ETCD) trading for residents and foreign portfolio investors (FPIs) to USD 100 million across all currency pairs involving the Indian rupee.
Sol. Catholic Syrian Bank Ltd and Celebrus Capital Ltd have announced a new partnership to offer CSB’s customers online trading and demat services. With this partnership, CSB’s customers can open a Celebrus trading account free of cost and also enjoy preferred rates on brokerage charges/AMC fees on the demat account. Catholic Syrian Bank is based in Thrissur, Kerala.
Sol. IndusInd Bank announced its partnership with Ripple (the enterprise blockchain solution for Global Payments) to facilitate payments into and out of India. With this affiliation, RippleNet can now provide instant access in emerging markets such as India, Brazil and China.
Sol. In view of the increasing importance of the services sector and to encourage banks to lend more to this sector, the Reserve Bank of India has decided to do away with the per borrower loan limits to Micro/Small and Medium Enterprises (Services) for classification under PSL. So far, loans to Micro/Small and Medium Enterprises (Services) up to Rs5 crore and Rs10 crore, respectively, were classified as priority sector lending (PSL).
Sol. The State Bank raised its lending rates by 20 basis points to 8(point)15 per cent, with immediate effect, setting the tone for the industry to follow suit. This is likely to make home and car loans costlier.