‘IB-eNote’, a Green Tech Initiative & ‘Ind Guru’, an E-learning Platform
- Indian Bank launched a green tech initiative named as ‘IB-eNote’.
- ‘IB-eNote’ initiative is launched to support a paperless working environment.
- Also, Indian Bank has launched ‘Ind Guru’, which is an E-learning platform for its employees. ‘Ind Guru’ is the technology based learning providing solution.
ICICI offers Debit card for Customers who avail LAS
- ICICI Bank and Visa have partnered to launch a debit card facility for the customers who avail Loans Against Securities (LAS) from the bank.
- Thus ICICI Bank has become the first bank in India to launch this facility after RBI allowed banks to issue electronics cards to customers who avail OD (Overdraft) facility.
- The maximum daily transaction limit is Rs 3 lakhs.
RBI’s 3rd Bi-Monthly Monetary Policy Statement 2020-21
- Shaktikanta Das, Governor of Reserve Bank of India (RBI) announced the 3rd Bi-Monthly Monetary Policy Statement for 2020-21.
- The Monetary Policy Committee (MPC) evaluated domestic and global macroeconomic and financial conditions and thus has kept the repo rate under the Liquidity Adjustment Facility (LAF) unchanged to 4%.
- The reverse repo rate under LAF is also kept unchanged to 3.35%.
- There is also no change in the Marginal Standing Facility (MSF) and Bank Rate which are at 4.25%.
India’s GDP to contract by 9.6% in FY21—By World Bank
- World Bank has predicted that India’s GDP to contract by 9.6% in the financial year of 2021.
- This prediction is based on the current nationwide lockdown situation and due to the income shock experienced by households and businesses due to the outbreak of Coronavirus.
- Earlier in June 2020, World Bank predicted that the Indian economy will shrink by 3.2% in FY21.
- As per the World Bank, India’s growth is projected to rebound to 5.4% in 2022.
RBI to move NGTA to manage Forex and Gold Reserves
- The Reserve Bank of India (RBI) has announced to move Next Generation Treasury Application (NGTA) with an aim to manage the country’s foreign exchange and gold reserves.
- The application of NGTA will help to improve the functioning of RBI.
- It will also support multi-currency transactions and settlements like Fixed Income (FI), Forex, Money Market (MM) and Gold.
ADB offers Finance Support to Develop Rajasthan’s Secondary Towns
- The Government of India and the Asian Development Bank (ADB) has signed a loan agreement to improve various facilities total 14 secondary towns of Rajasthan.
- The loan agreement of $300 million is signed between ADB and GOI.
- Under this loan amount, sustainable water supply and sanitation (WSS) services and infra will be developed in Rajasthan’s secondary towns.
Axis ACE Credit Card
- Axis Bank partnered with Google Pay and Visa to launch ‘Axis ACE Credit Card’.
- The aim behind launching ‘Axis ACE Credit Card’ is to increase users participation in the digital world.
- Visa has offered the facility of tokenization in ‘Axis ACE Credit Card’. This facility will allow users to make transactions using Google Pay with secured digital token attached to their phones without any need of using card physically.
India’s GDP to contract 10.3% in FY 2020-21—By IMF
- The International Monetary Fund (IMF) has released a report titled as ‘World Economic Outlook’.
- As per the report, the IMF has projected India’s GDP to contract 10.3% in FY 2020-21.
- Also as per the report, India’s GDP to grow at 8.8% in FY 2021-22. Earlier prediction for GDP was 6% for FY 2021-22.
RBI increases Bank’s Aggregate Exposure limit for Small Businesses
- The Reserve Bank of India (RBI) has announced to increase the bank’s maximum aggregate retail exposure limit to small businesses (turnover up to Rs 50 crore) to Rs 7.5 crore.
- Also, RBI has announced to extend the existing enhanced Held to Maturity (HTM) limit of 22% for SLR securities acquired between 1st Sep 2020 and 31st Mar 2021 and 31st Mar 2022.
This digest is not complete. Read the complete digest on the Financial Awareness Course.
