• Stepping up its crackdown on money laundering and round-tripping, SEBI recently came out with a detailed framework for risk-based Know Your Customer (KYC) documentation of foreign portfolio investors (FPIs). The market regulator made it clear that non-resident Indians (NRIs), overseas citizens of India (OCI) and resident Indians cannot be beneficial owners of FPIs. NRIs and OCIs can only obtain an FPI licence on condition that they limit their roles to investment advisors and do not invest their money.
  • IT firm Cognizant has acquired privately-held Belgium based Hedera Consulting, a move that will strengthen the former’s consulting and digital transformation capabilities for clients in Belgium and the Netherlands.
  • Google's philanthropic arm Google.org has announced $3 million in grants for teacher training and educational content creation in India.  The organisation committed $1 million to TheTeacherApp to help them reach 5,00,000 teachers in two years, besides a $2-million grant and technical assistance from YouTube to the Central Square Foundation.
  •  NITI Aayog and IBM have signed a Statement of Intent (SoI) to develop a crop yield prediction model using Artificial Intelligence to provide real-time advisory to farmers in Aspirational Districts. The Intent was signed in presence of NITI Aayog, CEO Amitabh Kant and IBM India, MD Karan Bajwa.
  • The Reserve Bank of India (RBI) announced that it would buy Rs. 10,000 crore ($1.50 billion) of government bonds via open market operation (OMO), after failing to sell all the debt it had offered to bidders. The 10-year government bond yield rose to 7.75% from 7.74% before the auction result was announced.
  •  India has signed a loan deal worth $ 200 million with the World Bank for the National Nutrition Mission (POSHAN Abhiyaan-PM’s Overarching Scheme for Holistic Nourishment). The loan would help India in achieving its goal of reducing stunting in children 0-6 years of age from 38.4% to 25% by the year 2022.
  • India’s total export of finished steel increased by 16.7% to 9.6 million tonnes, in 2017-18. Empowered by Ministry of Steel, Joint Plant Committee is the only institution which collects data on the Indian iron and steel industry.
  •  US-based retail giant Walmart has confirmed that it will buy 77% stake in India's largest e-commerce startup Flipkart for $16 billion. Walmart bought the stake in Flipkart for 16 billion dollars.
  • Chinese e-commerce giant Alibaba had purchased leading Pakistani online retailer 'Daraz', continuing its overseas expansion by gaining a foothold in the growing South Asian consumer market. China is seeking closer economic ties with Asian neighbours including Pakistan through its Belt and Road initiative, a strategy to increase trade links that are led primarily by infrastructure projects.
  • A parliamentary panel headed by veteran BJP leader Murali Manohar Joshi decided to study the recovery of black money and performance of public sector banks (PSBs) among a host of subjects. The 30-member Estimates Committee, in a meeting, decided to study a host of subjects related to various ministries in the year 2018-19.
  • Fino Payments Bank launched a suite of digital products that can be accessed online and through mobile phones with the focus to build the transaction platform. Fino had launched its mobile banking app BPay in 2017.
  • Paytm introduced automatic recurring payments, a new feature that lets users configure the payments app to pay for periodic recurring expenses automatically. Similar to standing instructions for bank accounts, the ‘My Payments’ feature can be used for high-value payments for a variety of cases.
  • Retail Inflation Surges To 4.58%, WPI At 4-Month High In April. A statement issued by the Ministry of Statistics and Programme Implementation revealed that an increase in fruit and vegetable prices, coupled with egg prices, has pushed CPI to 4.58 percent in April, from 4.28 percent in March. The Consumer Food Price Index, however, was a tad lower at 2.8 percent in April, from 2.81 percent in March.
  • FIH Mobile, the investment subsidiary of Foxconn Technology Group, the world’s largest contract manufacturing giant, has written off an additional $40 million of its $200 million bet on Gurgaon-based online marketplace Snapdeal. 
  • The government has approved the merger of the local unit of Norway’s Telenor with Bharti Airtel, clearing the last hurdle for the deal to go through. The Department of Telecom (DoT) had transferred all licences and liabilities of Telenor India to Bharti Airtel.  Airtel will begin integrating Telenor India’s operations across seven circles- Andhra Pradesh, Bihar, Maharashtra, Gujarat, UP (East), UP (West) and Assam.
  • YES Bank and YES Global Institute have launched Agenda 25×25, which pledges to create a synergetic startup environment for budding women entrepreneurs in India. The effort would ensure that by 2025 at least 25% of all entrepreneurs in India are women.
  • Tata Steel, whose bid for debt-ridden Bhushan Steel was approved by NCLT, would implement the resolution plan through its step-down subsidiary Bamnipal Steel Ltd. Bamnipal Steel would invest in the debt-ridden company and acquire control on the closing date.
  • BSE Ltd became first Indian exchange to be designated as Designated Offshore Securities Market (DOSM) by United States Securities and Exchange Commission (US-SEC). DOSM status will allow the sale of securities to US investors through the trading venue of BSE without registration of such securities with US SEC.
  •  India's economy is projected to grow 7.6% in fiscal year 2018-19, remaining the fastest growing economy in the world, according to a United Nations report.  The UN World Economic Situation and Prospects (WESP) as of mid-2018 launched recently stated that GDP growth in India is expected to climb to 7.5 and 7.6% in fiscal years 2017-18 and 2018-19 respectively. This is a substantial recovery from the 6.7% growth India registered in fiscal year 2017. Amid ongoing structural reforms, growth in the Chinese economy is projected to gradually moderate from 6.9% in 2017 to 6.5% in 2018 and 6.3% in 2019.
  • Reliance Industries Ltd. (RIL) has received environment clearance for the expansion and optimisation of its petrochemical complex at Nagothane in Raigad district of Maharashtra at an estimated cost of Rs 2,338 crore.
  •  The Reserve Bank of India (RBI) has imposed a penalty of Rs5 crore on South Indian Bank (SIB) for non-compliance with its directions on Income Recognition and Asset Classification (IRAC) norms, Know Your Customer (KYC) norms and treasury function.
  • State Bank of India (SBI), the country's biggest lender, reported a loss of Rs. 7,718 crore in the January-March quarter, hurt by higher provisions for bad loans.
  • NITI Aayog vice-chairman Rajiv Kumar exuded confidence that Indian economy will achieve 9% growth rate on sustained basis by 2022 on the back of reforms like GST, demonetisation and the Insolvency and Bankruptcy Code (IBC).
  • Bank of Baroda has successfully located most of its operational activities at a shared service centre (SSC) at the GIFT City near Ahmedabad.  The bank will thus become one of the largest employers in the Ahmedabad-Gandhinagar region.
  • Leading digital financial services platform, MobiKwik, announced the launch of Unified Payments Interface (UPI) on its platform via its own Virtual payment address (VPA) handle @ikwik. 
  • Common Service Centre (CSC) SPV and Small Industries Development Bank of India (SIDBI) signed an MoU for providing financial support to CSCs across the country in the presence of Minister of Electronics & IT and Law & Justice, Ravi Shankar Prasad. hrough the MoU, the SIDBI seeks to extend financial support to the Village Level Entrepreneurs (VLEs) of CSCs, with minimum one year of operation, under the Direct Financing Window of SIDBI.
  • Employees’ Provident Fund Organisation (EPFO) has asked its field offices to credit 8.55% rate of interest for 2017-18 into the Provident Fund accounts of around 5 crore subscribers. According to an order issued by the EPFO, the Labour Ministry has conveyed approval to credit 8.55% rate of interest for last fiscal.
  • State Bank of India (SBI), the country's biggest lender, reported a loss of Rs. 7,718 crore in the January-March quarter, hurt by higher provisions for bad loans.
  • NITI Aayog vice-chairman Rajiv Kumar exuded confidence that Indian economy will achieve 9% growth rate on sustained basis by 2022 on the back of reforms like GST, demonetisation and the Insolvency and Bankruptcy Code (IBC).
  •  Common Service Centre (CSC) SPV and Small Industries Development Bank of India (SIDBI) signed an MoU for providing financial support to CSCs across the country in the presence of Minister of Electronics & IT and Law & Justice, Ravi Shankar Prasad.
  • BMGI, a global management consulting firm, has entered into a strategic partnership with SmartConnect Technologies, which provides Social / Digital Process Transformation through its IP-suite UNFYD®COMPASS across Marketing, Sales, Customer Service, mobility and field service operations.
  • India has released 33.10 Crore rupees to Nepal towards the cost of two road packages of Birgunj-Thori Road being implemented under Postal Highway Projects in Nepal with Government of India’s grant assistance.
  • Indian Oil Corporation has emerged as India's most profitable state-owned company for the second consecutive year. Indian Oil posted a record profit of Rs21,346 crore in 2017-18, followed by ONGC, whose profit stood at Rs19,945 crore. Mukesh Ambani-led Reliance Industries is the most profitable company for the third straight year, posting highest ever profit of Rs36,075 crore.
  • Infosys has completed the acquisition of WongDoody Holding Company, a US-based digital creative and consumer insights agency, for a total consideration of upto $75 million.
  • India's biggest lender State Bank of India (SBI) has revised its interest higher on retail fixed deposits or FDs below Rs. 1 crore. SBI has revision interest rates by up to 25 basis points in select maturities. The interest rate on SBI FDs with a maturity of one year to less than two years has been increased to 6.65% for the public, from 6.4% earlier. Senior citizens will get an interest rate of 7.15% as compared to 6.9% earlier.