• The Central Statistics Office (CSO) revised the gross domestic product (GDP) growth rate for 2015-16 to 8.2% from the earlier estimates of 8% and kept the 2016-17 growth unchanged at 7.1%. The real GDP or GDP at constant (2011-12) prices for the years 2016-17 and 2015-16 stand at Rs121.96 trillion and Rs113.86 trillion respectively, according to the CSO statement.
  • The government and World Bank signed a $100 million (about Rs 6,40 crore) loan agreement to promote rural economy in selected blocks of Tamil Nadu across 26 districts, benefiting over 4 lakh people.
  • Indian Overseas Bank (IOB) has received Rs173.06 crore capital infusion from the government in the current fiscal.
  • The Union Minister for Finance and Corporate Affairs Mr Arun Jaitley launched CriSidEx, India’s first sentiment index for micro and small enterprises ( MSEs) developed jointly by CRISIL & SIDBI.
  • The Monetary Policy Committee (MPC) decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.0%. Consequently, the Reverse Repo Rate (RRR) under the LAF remains at 5.75%, and the Marginal Standing Facility (MSF) rate and the Bank Rate at 6.25%. GVA growth for 2017-18 is projected at 6.6%. GVA growth for 2018-19 is projected at 7.2% overall with risks evenly balanced.
  • The Reserve Bank of India will link the base rate with the MCLR from 1st of April 2018 to ensure expeditious transmission of its policy rate to borrowers. The RBI had introduced the Marginal Cost of Funds based Lending Rates (MCLR) system with effect from 1st April 2016, the Central bank observed that a large proportion of bank loans continue to be linked to Base Rate.
  • The Reserve Bank of India announced setting up ombudsman for addressing customer grievances in the non-banking finance companies. The rules will be laid out by the end of February 2018. RBI will start with deposit-taking NBFCs and widen the scope to cover NBFCs with asset size of Rs 100 crore. There are around 20 banking ombudsmen have been appointed with offices mostly in state capitals.
  • The Competition Commission of India (CCI) has imposed a fine of around Rs. 136 crores on search engine major Google for unfair business practices in the Indian market for online search.
  • IndusInd Bank launched its new Sonic Identity, which is essentially a musical logo called 'MOGO', as part of its branding initiatives.
  • The country’s largest lender SBI wrote off bad loans worth Rs 20,339 crore in 2016-17, the highest among all the public sector banks, which had a collective write off of Rs 81,683 crore for the fiscal. The data pertains to the period when the associate banks of SBI were not merged with it.
  • Direct tax collections grew by nearly 20% between April and January this year with strong growth in both corporate and personal income tax receipts. According to official data released, net direct tax collections grew by 19.3% up to January 2018 to Rs 6.95-lakh crore.
  • The Reserve Bank of India (RBI) scrapped numerous loan restructuring programmes, asking banks to immediately identify defaults and make disclosures every Friday to the RBI credit registry, starting from February 23.
  • State-owned Bank of Baroda has decided to exit by March-end its South Africa operations after 21 years amid a probe into alleged compliance lapses by the bank there.
  • Reserve Bank of India has made banks' priority sector norms lenient by saying that all loans to micro small and medium enterprises (MSME) will henceforth qualify as priority sector lending. 
  • Bharat Heavy Electricals Limited (BHEL) has bagged an order worth Rs 560 crore from NTPC for setting up a system for emission control.
  • Private sector lender, Yes Bank has announced the listing of the Bank’s debut US $600 million bond issue under its maiden US $1 billion medium-term note (MTN) bond on country’s first international exchange BSE’s IndiaINX at the International Financial Services Centre (IFSC) at GIFT City in Gandhinagar.
  • The government has signed second Loan Agreement with New Development Bank (NDB) for the financing of Rajasthan Water Sector Restructuring Project for the Desert Areas.
  • The National Bank for Agriculture and Rural Development (NABARD) announced area development plans worth Rs 1,918 crore for Punjab to supplement farmers' income.
  • PNB Housing Finance Ltd has tied up with International Finance Corporation (IFC), part of the World Bank Group, to raise $800 million for green and affordable housing in India.
  •  Amazon has become the first foreign e-commerce firm to start its own food retail venture in India called Amazon Retail, piloting its services in Pune.
  • Milkbasket, India's first and largest micro-delivery platform has been recognised as 'Startup of the Year' 2017 at the 7th Small Business Awards held in New Delhi.
  • Fitch placed Punjab National Bank on Rating Watch Negative (RWN), reflecting a possibility of downgrade following the USD 1.77 billion fraud. The fraud is the biggest ever in the banking history.
  • According to the Minister of State (IC) for Planning Shri Rao Inderjit Singh, allocations for the Ministry of Planning, which is embodied by the NITI Aayog, have increased by more than 20% over last year i.e. to Rs 339.65 crore in 2018-19 from Rs 279.79 crore in 2017-18.
  • Google has combined its two payment services, Google Wallet and Android Pay, into a new app called Google Pay.
  • Retirement fund body Employees’ Provident Fund Organisation (EPFO) has reduced the interest rate on deposits to 8.55% for 2017-18 from 8.65% for 2016-17 following a general decline in interest rates.
  • Capital First announced that the regulator National Housing Bank (NHB) has approved the merger of the company along with Capital Home Finance and Capital First Securities Limited with IDFC Bank.
  • The Government of India and Asian Development Bank (ADB) signed a $84 million loan for improvement and expansion of water supply in Bhagalpur and Gaya towns in Bihar.
  • Digital payments startup Paytm has launched two insurance companies, Paytm Life Insurance and Paytm General Insurance.
  • Reserve Bank of India (RBI) has constituted an expert committee under the chairmanship of YH Malegam to look into a range of issues relating to classification of bad loans, rising incidents of frauds and effectiveness of audits.
  • Aditya Birla Idea Payments Bank Ltd (ABIPBL) started operations, making it the fifth payments bank to roll out operationsThe Reserve Bank has issued a licence to the bank under Section 22 (1) of the Banking Regulation Act, 1949 to carry on the business of payments bank in India. The other payments banks that have started operations include Airtel Payments Bank Ltd, India Post Payments Bank Ltd, Paytm Payments Bank Ltd and Fino Payments Bank Ltd.
  • State Bank of India (SBI) is set for a major restructuring of its business in the United Kingdom from April. SBI's UK operations will transform into a subsidiary named State Bank of India UK Limited from April 1, in compliance with wider ring-fencing of capital requirements by the Bank of England.
  • Employees’ Provident Fund Organisation (EPFO) has introduced UAN-Aadhaar linking facility for the convenience of members using EPFO Link in UMANG Mobile App.
  • Catholic Syrian Bank Ltd and Celebrus Capital Ltd have announced a new partnership to offer CSB’s customers online trading and demat services. 
  • The Reserve Bank of India raised the exposure limit under Exchange Traded Currency Derivatives (ETCD) trading for residents and foreign portfolio investors (FPIs) to USD 100 million across all currency pairs involving the Indian rupee.