December GST Revenue Collection
- A total of 81.21lakh GSTR 3B Returns have been filed for the month of November up to 31stDecember, 2019.
- The impressive growth of 16% is observed in the GST revenues during the month of December 2019 from domestic transactions, as compared to the Dec 18 collection.
- The government has settled Rs 21,814crore to CGST and Rs 15,366crore to SGST from IGST as regular settlement.
RBI has Launched a Mobile App, MANI
- Reserve Bank of India (RBI) has launched a mobile app named Mobile Aided Note Identifier (MANI) to help visually challenged people to identify the denomination of currency notes.
- The RBI launched the mobile app considering the reports of problems faced by visually-challenged people in identifying these new currency notes due to the significant changes in the sizes and designs after the demonetization in November 2016.
SBI and NPCI recommendations on Rupay Card
- The worry of SBI and other state-run banks who are the main issuers of the RuPay card is that the government decided to scrap the processing charge on transactions with the card would cause them a revenue loss.
- NPCI is concerned that the action would disincentivise banks to issue RuPay cards and they would instead prefer international rivals of the home-grown payment gateway.
- Zero MDR would disincentivise banks to issue RuPay cards and they would instead prefer Visa and Mastercard.
UCO Bank Debt Resolution under NCLT
- State-owned United Commercial (UCO) Bank has recovered Rs 800-900 crore in the 3rd quarter (ending December) by corporate debt resolution of four accounts under the bankruptcy law.
- The recovery would help the bank to reduce its net losses as the bank had reported net losses for the last 16 quarters.
- Due to high bad loan ratios and a negative return on assets, the UCO bank is still being under Reserve Bank of India's prompt corrective action.
Govt infused Rs 4,360 crore to IOB
- The bank has received the amount as the contribution of the government in the preferential allotment of equity shares during the financial year 2019-20 as the government's investment.
- The Finance Ministry had announced capital infusion of Rs 3,800 crore in August 2019, which was later increased by Rs 5600 crore.
- A net loss of Rs 2,253.64 crore of the bank was reported for the quarter ending 30th September 2019.
RBI New Norms for UCBs
- The RBI will continue to monitor asset quality, profitability and capital/net worth of UCBs under the revised SAF.
- Depending upon the stress severity, the RBI may ask them to curtail their lending powers, among other safeguards.
- In case the normal functioning of the UCB no longer considered to be in the interest of its depositors/ public, RBI can consider the issue of show cause notice for cancellation of a banking license.
