• In 3rd Bi-monthly Policy Statement, the Reserve bank of India’s (RBI’s) monetary policy committee (MPC) raised policy rates by 25 basis points to 6.5% on account of inflationary pressures arising due to hike in minimum support price. The committee has increased the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points to 6.5%. Consequently, the reverse repo rate under the LAF stands adjusted to 6.25%, and the marginal standing facility (MSF) rate and the Bank Rate to 6.75%. 
  • India's economy is expected to clock GDP growth of 7.5% in this financial year according to a Morgan Stanley report. In aggregate, the report expect GDP growth to pick up to 7.5% in this financial year as against 6.7% in 2017-18. The report forecasts Consumer Price Index (CPI) inflation to remain slightly above the inflation target of 4% and the current account deficit below 2.5% of GDP. 
  •  Mauritius-based SBM Group has received Reserve Bank of India’s approval to operate in the country through a wholly-owned subsidiary route. It is the first foreign lender to receive such a licence after local incorporation was introduced in 2013.
  • According to the state Minister for Public Health Engineering Banwari Lal, National Bank for Agriculture and Rural Development (NABARD) has sanctioned Rs 772 crore for eight water projects in the rural areas of Haryana Works on these projects, which will supply water to 256 villages and 72 hamlets, are in progress.
  • Apple Inc. became the first US-based company with a market value of $1 trillion, four decades after it was co-founded by Steve Jobs in a Silicon Valley garage. The consumer-technology giant briefly touched the milestone in New York, based on share count data the company disclosed in a recent regulatory filing. 
  • In the 29th meeting, GST council approves cash incentives to promote Digital transactions. Finance Minister Piyush Goyal announces 20%  Cashback upto Rs 100 for the Digital Transactions done via BHIM, Rupay or USSD mode.In the meeting, it was decided to create a sub-committee headed by MoS Finance Shiv Pratap Shukla for the Micro, Small and Medium Enterprises (MSME) sector.
  • PayU India announced entering into a strategic partnership with Reliance Money, leading NBFC brands in India, to offer instant app-based personal loans, via LazyPay. It is an attempt to reach out to the underserved consumers in India.The loan amount will start from as low as Rs. 100 and will extend up to Rs. 1,00,000 with a duration varying from 15 days to 24 months. 
  •  The value of transactions made through mobile wallets touched a record Rs14,632 crore in June, according to the Reserve Bank of India (RBI) data. The data showed the rise of 4.2% from Rs14,047 crore in May. 
  • The Reserve Bank of India (RBI) will transfer Rs50,000 crore of its surplus money to the government, the highest since 2015-16, in a partial relief for the latter struggling to replenish public sector banks.The transfer gives the government more elbow room to infuse capital into the banks it owns. 
  • PayPal, a digital payments platform has announced its strategic partnership with and HDFC Bank to offer safer, faster and convenient payment experiences for the bank's cardholders.  The partnership will create a number of joint growth opportunities that will advance PayPal and HDFC Bank's shared vision of offering consumers greater choice and flexibility in managing their money. 
  • Hongkong and Shanghai Banking Corporation (HSBC) has launched a new digital platform 'MyDeal' to simplify capital raising process through capital markets by providing real-time access to information such as investors' feedback, profiles, client orders and deal pricing. 
  • Axis bank has become the first bank in the country to introduce Iris Scan Authentication feature for Aadhaar -based transactions through its micro ATM tablets. This is being run as a pilot project in 8 branches of rural Punjab, Haryana, Gujarat and Andhra Pradesh.
  •  Bajaj Allianz General Insurance has entered into a bancassurance deal with Vijaya Bank. This corporate agency agreement will enable distribution of Bajaj Allianz General Insurance products through the bank’s network of 2,129 branches across the country. 
  • The Union Government has unlocked green funds worth over Rs 66,000 crore to increase the country’s forest cover.The fund is an accumulated amount of money, which user agencies have been depositing as compensation for diverting forest land for non-forest purposes, including industries and infrastructure, since the past 10 years. 
  •  Exim Bank of India has signed a multilateral cooperation agreement with member development banks of BRICS to undertake “collaborative research” in distributed ledger/blockchain technology.
  • Country’s largest lender State Bank of India (SBI) is considered to be the most patriotic brand, according to a survey conducted by UK-based online market research and data analytics firm YouGov, followed by Tata Motors, Patanjali, Reliance Jio and BSNL. 
  • Bharti Axa Life Insurance and Airtel Payments Bank entered into an alliance to offer the ‘Pradhan Mantri Jeevan Jyoti Bima Yojana’ (PMJJBY), a government-backed life insurance scheme. The product (PMJJBY) provided by Bharti Axa Life Insurance offers Rs 2 lakh life insurance cover for a nominal premium of Rs 330 per annum and can be purchased by all existing or new Airtel Payments Bank savings bank account holders between the ages of 18-50.
  • Bharat Sanchar Nigam Ltd (BSNL) has launched BSNL WINGS a VOIP based service. In WINGS, there is no SIM or cable wiring as is a VOIP service through an app. The WINGS service offers unlimited free audio/video calling for one year. The service can be activ BSNL WINGS a VOIP ated with a one-time fee of Rs. 1,099 (Rs 1,297 with GST).
  • India Ratings and Research (Ind-Ra) has revised down its FY19 economic growth forecast to 7.2% from 7.4% earlier. 
  • PhonePe announced entering into a partnership with Indian Railway Catering and Tourism Corporation (IRCTC) to facilitate convenient, fast and secure payments through PhonePe on the IRCTC Rail connect Android app. The partnership will enable PhonePe’s 100 million-plus users to now pay directly from their bank accounts using UPI, credit and debit cards and also the PhonePe wallet for their travel bookings. 
  • Digital payments firm Paytm has partnered with China's Alibaba to launch AI-based cloud computing platform 'Paytm AI Cloud'. The platform will offer business-centric apps to developers, startups and enterprises that need cloud-computing solutions including customer engagement and easy-to-integrate payments. It will process and store all consumer data locally in servers located only in India. 
  • The Mukesh Ambani-led Reliance Industries Ltd (RIL) became the first Indian company to cross Rs 8 trillion market capitalization after its shares surged nearly 37% in 2018. RIL share prices rose 1.31% to hit a record high of Ra1,262.50, pegging its market cap at Rs8.01 trillion after data from the Telecom Regulatory Authority of India (TRAI).
  • The Receivables Exchange of India (RXIL) announced that Hindustan Aeronautics (HAL) has become the first public sector enterprise to make a transaction on the "TReDS platform".According to the NSE-SIDBI joint venture, TReDS is an online electronic institutional mechanism for facilitating the financing of trade receivables of micro, small and medium enterprises (MSME) through multiple financiers. 
  • The World Bank launched ‘bond-i', the world’s first bond to be created, allocated, transferred and managed by using distributed ledger technology. This two-year bond successfully raised 110 million Australian dollars (USD 80.48 million). 
  •  The Indian economy is expected to grow by around 7.5% in 2018 and 2019 as it is largely resilient to external pressures like those from higher oil prices, according to Moody's Investors Service Global Macro Outlook for 2018-19. Moody's put G-20 growth at 3.3% in 2018 and 3.1% in 2019. 
  • Ujjivan Small Finance Bank, a wholly-owned subsidiary of Ujjivan Financial Services Ltd, has launched an overdraft (OD) facility for micro and small enterprise (MSE) customers across its branches nationally. The OD facility is offered to all MSEs with a turnover of Rs 50 lakh or more, at a competitive rate of interest.This interest rate is for one year, with a credit limit between a minimum of Rs 11 lakh to a maximum of Rs 50 lakh, which can be renewed annually.
  • Alphabet Inc’s Google has partnered with four Indian banks to grant consumer loans online, as the fight for a $1 trillion digital finance market intensifies. The U.S. search giant has teamed with HDFC Bank Ltd., ICICI Bank Ltd., Kotak Mahindra Bank Ltd. and Federal Bank Ltd. to offer instant, pre-approved loans to customers. California-based company re-branded its made-in-India Tez app as 'Google Pay' -- the catch-all label for its payments services. 
  • DBS Bank has been named the world's best bank by Global Finance magazine, in a reflection of its ability to invest in digital innovation while still maintaining stable operations for its customers.DBS is the first Asian bank to receive the accolade from the New York-based publication.
  • Punjab National Bank (PNB) has announced that the Department of Financial Services report has rated it as number one state-owned bank in terms of digital transactions.  The bank is rated as ‘Good’ by the government with a score of 71 which is the highest category of performance. 
  • According to the Department of Industrial Policy and Promotion data, Foreign Direct Investment, FDI in India rose 23% to 12.8 billion dollars during the April to June quarter of this fiscal.
  •  The Central government and the World Bank have signed 300 million dollar loan agreements for India Energy Efficiency Scale up Programme. They signed 220 million dollar Loan Agreement and an 80 million Guarantee Agreement for the Efficiency Scale-Up Program. 
  • The Union Government, Rajasthan and the World Bank signed a USD 250 million Development Policy Loan (DPL) to support Rajasthan in improving the performance of its Electricity Distribution Sector under the State’s ‘24x7 Power for All’ program. 
  • The Reserve Bank of India has released its annual report in Mumbai. It was mentioned in the report that due to the evolving economic conditions, real GDP growth for 2018-19 is expected to increase to 7.4% from 6.7% in the previous year.
  •  The government of India and the Asian Development Bank (ADB) signed a $375 million loan agreement to contribute to double farming incomes in Madhya Pradesh by expanding irrigation networks and system efficiency.
  • The Asian Development Bank (ADB) and the Government of India signed a $346 million loan to finance improvement of over 400 kilometres of state highways that will enhance connectivity and access to economic centers across 12 districts in Karnataka. 
  •  Idea Cellular Ltd has announced that it has completed its merger with Vodafone India Ltd (VIL) and Vodafone Mobile Services Ltd (VMSL) after getting approval from the National Company Law Tribunal (NCLT).