• 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.
  • 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.
  • 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.
  • The Punjab National Bank (PNB) and ICICI Bank hiked the MCLR rates for loan borrowers. Taking a cue from SBI, country's second-largest private sector lender ICICI Bank also raised the one-year MCLR from 8.2% to 8.3%.
  • 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. 
  • 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 priority sector lending.  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).
  • A Steering Committee has been constituted by the Ministry of Finance under the Chairmanship of Secretary, Shri Subhash Chandra Garg, Department of Economic Affairs (DEA) to consider various issues relating to the development of Fintech space in India.
  • A total amount of Rs. 5638.87 crore was sanctioned with the release of Rs. 2148.17 crore since 2014-15 till date under the Swadesh Darshan Scheme of Ministry of Tourism.  under the PRASHAD scheme, 23 projects have been sanctioned to 15 States for a total amount of Rs.687.92 crore with the release of Rs.241.28 crore since 2015-16 till date. The objective of the ‘National Mission on Pilgrimage Rejuvenation and Spiritual, Heritage Augmentation Drive (PRASHAD) is of holistic development of identified pilgrimage and heritage destination.
  • The Reserve Bank of India (RBI) has imposed a penalty of Rs 3 crore on private sector Axis Bank for violation of non-performing asset (NPA) classification norms, and Rs 2 crore on state-run Indian Overseas Bank (IOB) for not complying with the Know Your Customer (KYC) regulations.
  • According to the Reserve Bank of India, it will conduct additional variable rate repo operations for longer tenors up to 31 days every Tuesday in the month of March 2018 for Rs 25,000 crore each to provide additional liquidity support to banks. This means central bank is ready to provide liquidity aggregating Rs 1 lakh crore to the banking system in the current month. 
  • India is all set to become the 69th member of the European Bank for Reconstruction and Development (EBRD) after shareholders of the international financial institution gave their nod to the country’s candidature.
  •  Tech giant Microsoft has inked its first renewable energy deal in India for powering its new facility in Bengaluru. The facility, which will be operational starting June, is spread over 5.85 lakh square feet.
  • The Small Industries Development Bank of India (SIDBI) signed an MoU with CSC e-governance Services (CSCeGS) to take Udyami Mitra portal to the unserved and the underserved MSMEs. Udyamimitra.in is a portal to improve the accessibility of credit for the MSMEs.
  •  The Reserve Bank of India has imposed a monetary penalty of Rs 40 lakh on State Bank of India for non-compliance of its directions on detection and impounding of counterfeit notes.
  •  Financial services platform Paytm has announced that its wholly-owned subsidiary, Paytm Money, has received approval of market regulator Securities and Exchange Board of India (SEBI) to become a registered investment advisor.
  • According to Minister of Agriculture and Farmers’ Welfare Radha Mohan Singh, Milk production in the country increased by 20 percent from 137.7 million tonnes to 165.4 million tonnes between 2014 and 2017. 
  • For intra-State movement, the
    e-way bill
    will be rolled out in a phased manner beginning April 15 and will cover all the States by June 1. Businesses will continue to file summary sales return GSTR-3B until June as the GST (Goods and Services Tax) Council has extended the present system of return-filing by three months. Electronic way or e-way bill for movement of goods between States would be implemented from April 1.
  • The Fugitive Economic Offenders Bill 2018 has been introduced in the Lok Sabha. The Bill will help in laying down measures to deter economic offenders from evading the process of law by remaining outside the jurisdiction of Indian courts.The cases where the total value involved in such offenses is Rs. 100 crore or more, will come under the purview of the Bill. Minister of State for Finance, Shiv Pratap Shukla introduced the Bill. The Minister also introduced the Chit Funds (Amendment) Bill-2018. The amendment is aimed at facilitating the orderly growth of the chit funds sector and remove bottlenecks being faced by the industry and enabling greater financial access of people to other financial products.
  • The public sector Bharat Heavy Electricals Limited (BHEL) has secured significant orders worth 736 crores Rs., after competitive bidding, for supplying Steam Generators for the Nuclear Power Corporation of India Limited (NPCIL). 
  •  ICICI Bank has launched instant overdraft ‘InstaOD’ facility for MSME (Micro, Small and Medium Enterprises) customers in a completely online and paperless manner. Customers can get overdraft facility up to Rs 15 lakh for a year anytime, anywhere using the bank’s Internet and mobile banking app.
  • The country’s largest lender, SBI has slashed charges for non-maintenance of Average Monthly Balance (AMB) in savings accounts by nearly 75 percent. The revised charges will be effective from April 01, 2018 and will benefit over 25 crore customers.
  • The World Bank has projected India's GDP growth at 7.3% for 2018-19 and accelerates further to 7.5% in 2019-20. The World Bank's biannual publication, India Development Update - India's Growth Story, expects the economy to clock a growth rate of 6.7% in the current fiscal ending March 31.
  •  India’s exports grew by 4.5% in February-2018 to 25.8 billion dollars. It was 24.7 billion dollar during the same period in February-2017. This announcement was made by the Commerce Secretary Rita Teaotia.
  • Capital markets regulator SEBI raised the exposure limit under exchange-traded currency derivatives trading for residents and FPIs to USD 100 million across all currency pairs involving the Indian rupee.
  • India's largest lender SBI and India Mortgage Guarantee Corporation (IMGC) signed a pact to offer mortgage guarantee scheme for prospective non-salaried and self-employed home loan customers.  The offering will help increase home loan eligibility up to 15% within the regulatory norms
  • Axis Bank had opened a representative office in Sharjah, to better serve its customers in the emirate and to expand its retail offerings to customers in the neighbouring northern emirates. 
  • General Insurance Corporation is going to start operations at the Lloyd’s London office in April  2018 thereby increasing its share of international business. This will help GIC Re increase its share of international reinsurance business.
  • According to the officials of Allahabad Bank, the Ministry of Corporate Affairs has allowed the amalgamation of its wholly own subsidiary - All Bank Finance Ltd (ABFL)-with the lender.
  • Private sector lender HDFC Bank signed an agreement with the Government e-Marketplace (GeM) under which the bank will facilitate a host of services to the public procurement portal for Central and state government organisations.
  •  Equitas Small Finance Bank has launched a new ‘Yellow Army Savings Account’ to increase its customer base through its association with the Chennai Super Kings (CSK), a franchise of the Indian Premium League (IPL). The yellow army savings account will offer an interest rate of 6% per annum for balance below Rs10 lakh and 6.5% per annum for balance above Rs10 lakh. 
  •  SWIFT announces the extension of its GPI Tracker to cover all payment instructions sent across the network, enabling GPI banks to track all their SWIFT payment instructions at all times, and giving them full visibility over all their payments activity.The Tracker enables banks that have signed up to the service to track their GPI payments in real-time.
  • The Asian Development Bank (ADB) and the Government of India signed $80 million loan agreement to help modernize technical and vocational education and training (TVET) institutions and improve the skills ecosystem in the State of Himachal Pradesh.
  • Technology giant Google has acquired US-based Tenor, a GIF platform for Android, iOS, and desktop. Tenor's GIF-searching functionality will be integrated into Google Images and Gboard, the company's virtual keyboard.
  • The Export-Import Bank, Exim Bank has announced that it will provide a USD 500 million credit facility to Economic Community of West African States (ECOWAS) to fund various development projects in western-south Africa.  The LoC of USD 500 million is an umbrella limit for financing developmental projects in 15-member countries.
  •  The RBI has imposed a monetary penalty of Rs. 58.9 crore on ICICI Bank Limited for non-compliance with the directions issued by the RBI on direct sale of securities from its Held To Maturity (HTM) portfolio and specified disclosure in this regard.
  • The stock market regulator Securities & Exchange Board of India (SEBI) has allowed physical settlement of both stock options and stock futures. At present only cash settlement of derivatives is allowed. 
  •  The government has allowed export of two million tonnes of sugar until the end of the 2017-18 marketing year, in order to clear surplus stocks and improve cash flow to millers for making payment to sugarcane farmers. 
  • Several Budget proposals, including the reintroduction of the tax on long-term capital gains (LTCG) exceeding Rs 1 lakh from the sale of shares, will kick in from 01st April 2018, the beginning of the 2018-19 financial year.
  • National Highway Authority of India (NHAI) awarded 150 road projects of 7,400 km worth Rs. 1,22,000 crore in the In Financial Year 2017-18. In last 5 years, the average length of road projects awarded by NHAI was 2,860 km with 4,335 Km awarded in the last financial year.
  • Rivigo, a homegrown logistics start-up that owns as well as acts as an aggregator of trucks, is tying up with YES Bank, IDFC, and 10 other financial institutions to make cheaper funds available to truck owners and operators on its platform.