Banking and Financial Awareness Digest: March 2022

India’s GDP to be at 8.9% for FY22-- NSO

The National Statistical Office (NSO) has released its second advance estimate of national accounts.
It has been projected that India’s GDP for 2021-22 i.e. FY22 to be at 8.9%.
Earlier it had estimated the projection to be at 9.2% for the same.
Also, NSO has estimated GDP contraction for FY 2020-21 to 6.6%.
Earlier the estimation was a 7.3% contraction for the same.

The Bank of Maharashtra has partnered with Mahagram to launch the ‘Banksakhi’ project.
The ‘Banksakhi’ project aims to offer access to banking services to the people of Odisha at their doorsteps in a hassle-free manner.
The financial tech support and infrastructure support will be granted by Mahagram.
Till now, Mahagram has onboarded more than 11000 bank sakhis (women) on the BharatATM platform to avail banking services.
Both the entities will offer customer-friendly financial services and the best customer experience in the digital banking process to the people of Odisha.

The Union Bank of India has partnered with Ambit Finvest Private Limited.
They have entered into a co-lending agreement for the MSME sector.
The partnership was made to offer credit support to the MSMEs in 11 states of India. The Ambit Finvest has its offices in these 11 states and hence the credit support is granted here.
The MSMEs who are suffering due to high-interest rates or excluded from avail of other banking services can have low-interest rates of funds to execute their business operations.
The partnership is the part of Union Bank of India’s initiative to grant support to the MSMEs in India by offering them tailor-made financial solutions.

The UCO Bank has entered into a partnership with Fisdom.
They have partnered to grant fintech services to the bank’s customers.
Various fintech services like Demat account, stockbroking services, pension funds, tax filing, etc. will be offered by the bank.
UCO Bank will offer a 3-in-1 personal banking experience to its customers.
The services can be availed via UCO Bank’s mobile app named ‘UCO mBanking Plus’ or via an internet banking platform.

The Pehel Foundation which belongs to PNB Housing has partnered with Gurugram based NGO named Sehgal Foundation.
They have partnered to launch an integrated watershed development project named Jal Khushhali, in the Karauli district of Rajasthan.
It will help to reduce the economic burden on the small and marginalized farmers of the region. It will prove beneficial to the communities living in Chainpura and Muhana villages of Nadoti block in Karauli district.
The Jal Khushhali project will help to harvest groundwater, perform rejuvenation of existing natural resources, and increase farm yields by setting up ponds and two check dams.
It will also help to improve water quality, develop sanitation infrastructure and conduct awareness campaigns about water conservation practices.

The Reserve Bank of India has canceled the license of Sarjeraodada Naik Shirala Sahakari Bank.
The Sarjeraodada Naik Shirala Sahakari Bank was inadequate with capital and earning prospects and so the license was canceled.
The bank was not in compliance with regulations set under Section 11(1), Section 22(3) (d) read with section 56 of Banking Regulation Act 1949.
The bank is not allowed to conduct banking business.
However, every depositor will receive deposit insurance claim amount of his/her deposits up to a monetary ceiling of Rs 5 lakh from the Deposit Insurance and Credit Guarantee Corporation (DICGC) on liquidation.

India’s one of the major private sector banks, Axis Bank has signed an MoU with IPE Global Limited.
The MoU was signed for granting loans for the healthcare sector.
They have signed MoU for the SAMRIDH Healthcare Blended Finance Facility with the finance of upto USD 150 million.
The funds will support various health enterprises and innovators.
The SAMRIDH signifies Sustainable Access to Market and Resources for Innovative Delivery of Healthcare.

The Indian Oil Corporation Ltd has partnered with Kotak Mahindra Bank.
They have partnered to launch the Indian Oil Kotak co-branded fuel credit card.
Customers will get more value through various rewards programs upon spending on fuel and on special non-fuel and frequent-spend categories.
Thus, the partnership will offer the best value to its customers and enhance customer satisfaction and the growth of their respective businesses as well.
The branch reach and customer engagement will be enhanced due to the partnership.

The National Stock Exchange (NSE) of India Limited has partnered with the government of Telangana.
They have partnered to support MSMEs of the state for listing.
The listing of MSMEs will grant them better access to funds which will lead to their overall growth and will grant them national visibility.
Therefore, both entities will conduct awareness drives, seminars, camps, sessions, roadshows, and workshops to encourage and educate MSMEs in fundraising on the NSE Emerge platform.

This digest is not complete. Read the complete digest on the Financial Awareness Course.