•  The government has set up a 13-member committee to upgrade the norms for computation of economic data at states and districts level in the backdrop of plans to revise the base year for National Accounts or GDP calculation.  The Ministry of Statistics and Programme Implementation (MOSPI) will change the base year to 2017-18 for the calculation of GDP.
  • Premier stock exchange Bombay Stock Exchange (BSE) has entered into an agreement with the Bombay Metal Exchange (BME) for the growth and systematic development of commodity derivatives markets in the non-ferrous metals complex.
  • Sunil Mehta committee on bad loans resolution has recommended a five-pronged strategy Project 'SASHAKTto deal with Non-performing Assets in the country's banking system. The five-pronged strategy includes:SME resolution approach, Bank-led resolution approach, AMC/AIF led resolution approach, NCLT/IBC approach, and Asset-trading platform. The Sunil Mehta Committee, set up to look into the faster resolution of stressed assets, has recommended the creation of an asset management company for the resolution of stressed loans worth more than Rs500 crore. 
  • The Bharti Infratel, a mobile infrastructure company, has got the approval of competition watchdog Competition Commission of India (CCI) for merging its operations with Indus Towers. The proposed merger values Indus Towers at an enterprise valuation of Rs71,500 crore, and will create one of the largest mobile tower entities worldwide with 1.63 lakh towers in all 22 telecom circles. 
  • The Reserve Bank of India licensed Bank of China to operate in India. This decision comes as part of the commitment made by PM Modi to the Chinese leadership. Bank of China will now have operating offices in India. This will be the second Chinese bank to be operating in the country. 
  • NABARD has sanctioned Rs 735.53 crore in the first quarter of the current fiscal under the Rural Infrastructure Development Fund (RIDF) for West Bengal for facilitating the execution of 86 projects.
  • Karnataka Chief Minister HD Kumaraswamy presented his government's first budget. He announced a farm loan waiver of Rs34,000 crore. The Loans of up to Rs2 lakh for each farmer will be waived. Farmers who repaid the loan within time will be credited the repaid loan amount or Rs25000 whichever is less. Apart from the loan waiver announced by Kumaraswamy, Rs 4,000 crore has been allocated in the budget to complete the Rs 8,165 crore waiver of farm loans from cooperative banks. 
  • The Cabinet Committee on Economic Affairs(CCEA) has approved proposal for expanding the scope of Higher Education Financing Agency (HEFA) by enhancing its capital base to Rs. 10,000 crore and tasking it to mobilise Rs. 1,00,000 crore for Revitalizing Infrastructure and Systems in Education or RISE by 2022.
  • The Insolvency and Bankruptcy Board of India (IBBI) has notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2018.
  •  World Bank Group member IFC (International Finance Corporation) has invested $100 million in Mahindra & Mahindra Financial Services Ltd. (Mahindra Finance). This would enable the Mahindra Group company to augment its growth by extending loans to individuals along with financing small and medium enterprises.
  •  The Law Commission recommended that gambling and betting on sports, including cricket, be allowed as regulated activities taxable under the direct and indirect tax regimes and used as a source for attracting foreign direct investment (FDI).
  • Private lender YES Bank announced that it has received final regulatory approval from the Securities & Exchange Board of India (SEBI) to start mutual fund business. This approval is subsequent to the Reserve Bank of India's (RBI) approvalYES Asset Management (India), a wholly owned subsidiary of YES Bank, will launch fund offerings across the spectrum in both debt and equity markets over the next 6-12 months.
  • ICICI Bank has announced that its mortgage loan portfolio crossed the Rs 1.5-trillion milestone, making it the largest private player in the segment, and the lender is targeting to grow it to Rs 2 trillion by FY20.
  •  SEBI - registered foreign portfolio funds invest in India through 56 countries. Of these, 25 are now considered ‘high risk’. China, UAE, Cyprus and significantly, Mauritius, along with 21other countries have been tagged as “high-risk jurisdictions” by global banks acting as custodians for foreign funds which comprise the largest group of investors in the Indian stock market.
  • HDFC Bank has gone past Russia's Sberbank to become the most valuable bank in the emerging market outside China. HDFC Bank’s current market capitalisation is $78.4 billion against Sberbank's $74.4 billion followed by Kotak Mahindra Bank and State Bank of India.
  • Reliance Industries Chairman Mukesh Ambani at the Reliance Industries’ 41st Annual General Meeting announced that Reliance is India’s largest payer of Goods and Services Tax (GST), Excise and Customs Duty, and Income Tax in the private sector paying Rs.9844 crore in FY18.
  • The Reserve Bank of India has announced that the licence of Alwar Urban Co-operative Bank in Alwar, Rajasthan has been cancelled. The reasons for the cancellation of the licence were, the bank does not have adequate capital.
  • Asian Development Bank (ADB) has approved 503-million US Dollar lining project of the Son canal in Shahabad-Bhojpur region of Bihar which would benefit the agriculture sector immensely in the region.
  • The telecom ministry approved the merger of Vodafone India and Idea Cellular Ltd. that will create the country’s largest mobile services operator. The combined operations of Idea and Vodafone will create the country’s largest telecom operator worth over $23 billion. 
  •  India has become the world's sixth-biggest economy, pushing France into seventh place, according to updated World Bank figures for 2017. Top three economies are : US, China, Japan.
  •  Video sharing platform YouTube has announced the investment of $25 million to counter the spread of fake news on its platform.The investment is part of the $300 million Google News Initiative which was launched in March 2018.
  • National Bank for Agriculture and Rural Development (NABARD) has completed 36 years of service to the nation and celebrated the 37th Foundation Day on 12th July. 
  • HDFC securities announced the launch of Mutual Funds transactional capabilities on Facebook Messenger through their virtual assistant, Arya. A subsidiary of HDFC Bank, HDFC securities rolled out a theme called “The Pace of Innovation”.
  • Airtel Payments Bank has received requisite approvals from the Reserve Bank of India (RBI) to begin taking new customers. Also, Aadhaar-issuing authority UIDAI has allowed it to use the 12-digit unique identification number-based e-KYC.
  • India has become the 69th shareholder of the European Bank for Reconstruction and Development (EBRD).
  •  Industrial production growth slipped to a seven-month low of 3.2% in May mainly due to sluggish performance of manufacturing and power sectors and other reasons, according to the data released by the Central Statistics Office.
  • The Reserve Bank of India (RBI) has made it compulsory to incorporate purchaser’s name on the face of payment instrumentalities like demand draft, pay order, banker’s cheques and other instruments to prevent money laundering. This directive will come into effect from 15th of September 2018.
  • Haryana has topped other states in per capita revenue collection under GST and is also the fourth highest generator of e-way bills in the country. The Finance Minister of Haryana Capt. Abhimanyu claimed Haryana has widened the tax base by 82.22% and logged 19% hike in revenue collections.
  • According to the data of the commerce and industry ministry, India's wholesale inflation grew 5.77% in June, a four-and-half-year high, driven by some food items and fuel price.
  •  The board of Life Insurance Corporation of India (LIC) has approved the proposal for the insurer to hold a 51% stake in IDBI Bank. The announcement was made by Subhash Chandra Garg, Secretary, Department of Economic Affairs. 
  • State Bank of India and National Bank for Agriculture and Rural Development (NABARD) have joined hands to provide collateral-free credit through Joint Liability Groups (JLGs) in Telangana  for the promotion and credit linkage of 2,000 JLGs during the current year. 
  • The International Monetary Fund (IMF) has cut India’s GDP growth forecast by 10 basis points to 7.3% in the year 2018 and by 30 basis points to 7.5% in 2019, as the international body expects the central bank to tighten the monetary policy faster.
  • Flipkart’s digital payment subsidiary PhonePe has acquired Zopper Retail – a hyperlocal Point of Sale (POS) platform for small and medium businesses. Zopper’s CEO Neeraj Jain and the engineering leadership team has joined the team of PhonePe after the acquisition. 
  • The Reserve Bank of India will shortly issue Rs100 denomination banknotes bearing the signature of Dr Urjit R. Patel, Governor, Reserve Bank of India. The new denomination has Motif of “RANI KI VAV” on the reverse, depicting the country’s cultural heritage. The base colour of the note is Lavender. The dimension of the banknote will be 66 mm × 142 mm.
  • E-commerce giant Amazon briefly crossed $900-billion market cap for the first time in its history becoming only the second company after Apple to achieve this milestone. Apple is currently the world's most valuable company with a market cap of $935 billion. 
  •  Jana Small Finance Bank announced the commercial launch of its banking operations, the last microfinance company to convert itself into a small finance bank (SFB), three years after the Reserve Bank of India (RBI) gave its in-principle approval.
  •  Jammu & Kashmir's first all-women branch of Jammu and Kashmir Bank was inaugurated. First Lady Usha Vohra e-inaugurated the first 'All-Women Branch of Jammu and Kashmir Bank' at a function organised at the Sher-i-Kashmir International Convention Centre (SKICC). Ms Vohra also launched special services and products designed exclusively for women clients of the bank, which included Pink Gold Saving Scheme, Pink Platinum Saving Scheme, Special Loan Facility for Women Entrepreneurs, Pink Gold Debit Card and Pink Platinum Credit Card. 
  • The finance ministry has approved an infusion of Rs 11,336 crore in five state-owned lenders.This is the first ever capital infusion in the current fiscal and the remaining amount of Rs 53,664 crore would be disbursed during the course of the year. Punjab National Bank: Rs 2,816 crore (Highest Amount), Allahabad Bank: Rs 1,790 crore, Andhra Bank: Rs 2,019 crore, Indian Overseas Bank: Rs 2,157 crore, Corporation Bank: Rs 2,555 crore. 
  • Oil and Natural Gas Corporation (ONGC) has approved exiting its helicopter service provider Pawan Hans by selling its entire 49% stake. 
  •  India’s largest online retailer Flipkart has forged an alliance with video streaming service Hotstar and launched a video advertisement platform. It is part of a broader strategy to generate more revenue from the booming video advertising business. 
  • Private Sector Lender Federal Bank has received the regulatory nod to open offices in Bahrain, Kuwait and Singapore, but is awaiting local clearances before it starts operations.  Federal Bank already has representative offices in Abu Dhabi and Dubai.
  •  The Lok Sabha passed the Negotiable Instruments (Amendment) Bill, 2017 which has the provision of allowing a court trying an offence related to cheque bouncing, to direct the drawer to pay interim compensation to the complainant. The interim compensation will not exceed 20% of the cheque amount and will have to be paid by the drawer within 60 days of the trial court’s order to pay such a compensation. 
  • The Department of Telecom (DoT) has given final approval to the merger of Vodafone India and Idea Cellular. The nod for Vodafone Idea came days after Idea Cellular and Vodafone India jointly paid Rs. 7,268.78 crore 'under protest' to the DoT. The combination will be known as Vodafone Idea. 
  • Mobile tower arm of telecom major Bharti Airtel, Infratel announced that it has received clearance from SEBI for its merger with Indus Towers. The combined company will own 100% of Indus Towers jointly owned by Bharti Infratel (42% holding), Vodafone (42%), Idea Group (11.15%) and Providence (4.85%). 
  •  India's richest person Mukesh Ambani-led Reliance Industries Limited (RIL) beat Tata Consultancy Services (TCS) to become the most valued company in India. RIL's market capitalisation during the day was Rs7.44 trillion as compared to TCS' Rs7.39 trillion. RIL had recently reported its highest ever quarterly net profit of Rs9,459 crore, for the April-June quarter.