•  Facilities management provider UDS has acquired a majority stake in Matrix Business Services, which operates in the business assurance and background verification segment. This acquisition includes buying out the entire 19.77% stake of Kotak Mahindra Investments and 2.67% of Mahindra & Mahindra Contech and the balance 52.56% from other shareholders, mainly from all non-executive shareholders.
  • Bharti AXA General Insurance, a private non-life insurer, has tied up with financial marketplace Wishfin’s insurance arm Wishpolicy, to offer two-wheeler insurance to customers via WhatsApp. 
  • India Ratings & Research (A Fitch Group Company) has lowered the country’s growth forecast for the current fiscal to 7.3%, from the earlier projection of 7.5 %. The agency has listed three key reasons for lowering its projection.
  • Paytm has launched a recurring payment service for merchants that are working on a digital subscription model. The move will allow the subscription-based businesses to collect payments from their subscribers effortlessly. Recurring payments are an automatic payment system wherein the merchants automatically charge their customers for a specified service on a pre-arranged schedule.
  • SEBI directed National Stock Exchange to pay more than Rs625 crore in the case of misuse of its co-location facility. SEBI has been probing alleged lapses in high-frequency trading offered through NSE's co-location facility.
  • SBI  has moved to a new interest rate regime on large savings account deposits as well as short-term loans. Earlier, SBI had announced that it will link its interest rate on savings account with a balance above Rs1 lakh and short-term loans like overdraft and cash credit facility to Reserve Bank of India's repo rate, effective 1 May 2019. 
  • LIC Housing Finance (LIC HFL) has launched ‘Udyam’, a skilling center in Bengaluru. It was launched in association with Lok Bharti Education Society, the implementing partner.
  • Huawei Technologies Co overtook Apple Inc to claim the No. 2 spot in smartphones making in the first quarter, moving a step closer to its avowed ambition of displacing Samsungat the top of the market.
  • The Asia-Pacific region s expected to grow at 5.7% in 2019. According to the bank’s Asian Development Outlook 2019 report released in April.  However, the growth outlook for developing Asia is expected to moderate to 5.6 % in 2020.
  • ADB launched a $5 Billion Action Plan for Healthy Oceans and Sustainable Blue Economies for the Asia and Pacific region at the 52nd Annual Meeting of ADB’s Board of Governors in FijiIt will expand financing and technical assistance for ocean health and marine economy projects to $5 billion from 2019 to 2024. 
  • Flipkart-owned fashion e-commerce platform Myntra announced that it had appointed celebrity couple Virat Kohli and Anushka Sharma as its first brand ambassadors. Myntra has launched the integrated campaign called ‘Go Myntra-la-la’ which will be promoted across television, print, digital and outdoor.
  •  India's largest telecom operator Vodafone Idea Ltd announced a five-year multi-million-dollar IT outsourcing deal with tech giant IBM.  The company did not divulge the size of the deal but some reports pegged it at about $700 million.
  • RBI has slapped a monetary penalty on five pre-paid payment instrument issuers including Vodafone m-pesa and Phonepe, for violating regulatory guidelines. A penalty of INR 5 lakh has been imposed on Y-Cash Software Solutions. It had imposed a penalty of INR 29.67 lakh on Western Union Financial Services Inc., USA., and INR 10.12 lakh on MoneyGram Payment Systems Inc, USA, for non-compliance of regulatory guidelines.
  •  Microsoft has unveiled fully-managed Azure Blockchain Service that would simplify the formation, management, and governance so that businesses can focus on workflow logic and application development.
  • The Reserve Bank of India has decided to enhance the housing loan limits for Regional Rural Banks (RRBs) and Small Finance Banks (SFBs) for eligibility under priority sector lending, in a bid to give them a level playing field with other Scheduled Commercial Banks. Henceforth, housing loans given by RRBs and SFBs to individuals up to INR 35 lakh in metropolitan centers (with population of 10 lakh and above) and INR 25 lakh in other centers.
  • Global card payments brand Mastercard has announced its plan of investing $1 billion in India operations over the period of next 5 years. About $350 million of the total amount would be invested in setting up a local payments processing center as per the Reserve Bank of India’s mandate to store all payments data locally.
  • India Ratings has downgraded the YES bank’s long-term rating to ‘IND AA-’ with a negative outlook, while reaffirming short-term rating. ICRA has also downgraded the long-term ratings of the lender.
  • Sunil Mittal led telecom major Bharti Airtel and Hughes Communications India (HCIL)have decided to combine their VSAT (Very Small Aperture Terminal) satellite communications operations in India. The transaction is subject to approvals by relevant authorities.
  • Reliance Industries Ltd. (RIL) acquired British toy retailer 'Hamleys' in an all-cash deal. RIL has acquired Hamleys in 67.96 million pounds (about Rs. 620 cr). With this announcement, Reliance will get hold of 100% shares of Hamleys Global Holdings Limited (HGHL).
  • Bank credit grew by 13.2% in the financial year 2018-19 as compared to 10.3% in the previous financial year, mainly aided by loans to services and retail sector. Deposit growth also gained momentum, growing by 10% as compared to 6.7% a year ago.
  • BharatPe - India's first Fintech start-up enabling payments for merchants through interoperable UPI QR codes, has announced its foray into merchant services with a new app.  Along with UPI payments, the app now allows merchants to manage their entire Bahi Khata and even note receivables and payables seamlessly. 
  • Doordarshan has launched an online souvenir store for its viewers on Amazon India so that one can easily access it. 
  • RBI has imposed a monetary penalty of Rs1 crore on Nainital Bank for its failure to fully automate the non-performing asset (NPA) identification process, despite specific directions issued in this regard.
  • ICICI Bank announced the launch of a co-branded multi-currency card with online travel booking portal Goibibo. The card also includes benefits of up to Rs20,000, including gift vouchers of Rs15,000from Goibibo. 
  • NABARD announced Rs 700-crore venture capital fund for equity investments in agriculture and rural-focused startups. NABARD has been contributing to other funds till now and this is the first time that the rural development bank has launched a fund of its own. 
  • Wholesale Price Index (WPI)-based inflation for April eased to 3.07%, from 3.62% in April 2018. The latest WPI print was also lower than 3.18% recorded in March this year.
  • Bharti Airtel and HDFC Life Insurance have tied up to offer life cover for customers who get a prepaid recharge done. Airtel’s new Rs249-prepaid bundle (which will include 2 GB data, unlimited calls across networks, and 100 SMSes per day) will also offer a cover worth Rs4 lakh from HDFC Life.
  • Digital payments company Paytm, in association with Citibank, launched its first credit card called Paytm First Card. It is issued by Citibank and doesn't involve any hidden fees or charges. Paytm First Card comes with unlimited cash back and will be accepted in India as well globally.
  • RBI has released a vision document 'Payment and Settlement Systems in India: Vision 2019 - 2021', with its core theme of 'Empowering Exceptional E-payment Experience' for ensuring a safe, secure, convenient, quick and affordable e-payment system.
  • According to the Ministry of Commerce & Industry data, India’s overall exports,combining Merchandise and Services, in April 2019 is estimated to be around 44 billion US dollars with a positive growth of 1.34% over April 2018. 

  • To give a fillip to digital lending SIDBI has put together a pilot scheme to extend financial assistance of up to Rs10 crore to new-age fintech non-banking finance companies (NBFCs) engaged in financing small businesses and other income-generating activities. SIDBI has set the exposure cap for lending to a single new-age fintech NBFC at 30% of NOF of the new-age fintech NBFC, subject to maximum cap of Rs10 crore. 
  • The Home Ministry has cancelled the registration of Bengaluru-based NGO Infosys Foundation for alleged violation of norms in receiving foreign grants. All non-government organizations (NGOs) are mandatorily required to be registered under the Foreign Contribution (Regulation) Act or FCRA to receive foreign funding.
  •  IT services firm Tech Mahindra and French digital content publishing firm Rakuten Aquafadas signed an MoU to collaborate on building enhanced customer experience offerings.
  • IBM India has tied-up with HDFC ERGO General Insurance Company, India's third-largest non-life insurance provider in the private sector, to co-create new Artificial Intelligence (AI)-based solutions.
  • Leading stock exchange BSE has launched ‘BSE StAR MF’ app to enable more participation and help mutual fund distributors process transactions faster. As per the BSE, this mobile app supports real-time client registration and paperless transactions, creates and uploads mandate for SIPs, generates the basket of multiple orders, tracks and allows the distributor to analyse his business at his fingertips.
  • State-run telco BSNL has announced that it has joined hands with internet major Google to expand its WiFi footprint across the country. Google has previously completed the rollout of RailWAccording to an Analysys Mason study, public Wi-Fi will connect 40 million new users to the internet by 2019.
  • HDFC Capital Advisors, a wholly-owned subsidiary of HDFC Ltd, launched a new initiative called 'HDFC Affordable Real Estate and Technology Program (HeART).It aims to mentor, partner and invest in real estate technology companies that drive innovation and efficiencies within the affordable housing ecosystem.
  • According to the RBI data, in Mar 2019, the total number of financial transactions done by people using their debit cards increased by 15%. Also, the financial transactions done by the debit cards at POS terminals increased by 27% compared to March 2018.
  • Niti Aayog has circulated a cabinet note to provide Rs 7,500 crore for the establishment of AIRAWAT, a cloud computing platform along with research institutes. This is part of the policy think tank's proposal to create an institutional framework for artificial intelligence (AI) in the country. 
  • Reliance Industries has toppled state-owned Indian Oil Corporation (IOC) to become the country’s biggest company by revenue. The Mukesh Ambani-led conglomerate, in the 2018-19 fiscal year that ended March 31, reported a turnover of Rs 6.23 lakh crore. In comparison, IOC posted a turnover of Rs 6.17 lakh crore for the fiscal. 
  • The State Bank of India (SBI) has announced a strategic partnership with the FMCG arm of The Art of Living - Sri Sri Tattva. Under this partnership, YONO users can avail a discount of 15% on the entire range of products offered by Sri Sri Tattva such as food, personal care, healthcare, homecare, BYOGI apparels and Shankara skincare products.
  • The World Bank and the Commonwealth Bank of Australia (CommBank) have teamed up to enable recording of secondary market bond trading using blockchain tech.The institutions announced that their successful recording of a secondary transaction for bond-i, a blockchain-operated debt instrument, on a distributed ledger shows the “vast potential” of the technology, and marks the first bond to have both issuance and trading recorded on a blockchain platform.
  • Social media giant Facebook has apparently formed a new financial tech firm, Libra Networks LLC, in Geneva, Switzerland. 

  • Ride-hailing company Ola has launched Ola Money SBI Credit Card in partnership with SBI Card, one of India’s largest credit card issuers. Powered by Visa, the Bangalore-based company aims to provide a flexible and convenient payment system alongside several benefits to its customers.
  • As per the report by the United Nations, India's economy is projected to grow at 7.1% in the fiscal year 2020 on the back of strong domestic consumption and investment. Indian economy expanded by 7.2% in 2018.
  • Tech Mahindra announced its biggest defence order worth over Rs 300 crore with the Indian Navy. As part of the ‘Armed Forces Secure Access Card’ (AFSAC) Project, Tech Mahindra will implement RFID (Radio Frequency Identification) based Access Control System across all naval bases and ships.
  • The HDFC group has overtaken the 151-year-old Tata group to emerge as India's most valuable by way of market capitalization (m-cap). 
  • Multilateral funding agency Asian Development Bank (ADB) has announced that it has signed an agreement to provide USD 750 million equivalent in Indian rupee long-term financing to electrify railway tracks in India. It is the largest single non-sovereign loan ever committed by ADB to Indian Railway Finance Corporation (IRFC) to fund the railways track electrification project.
  • After the RBI released a draft framework for setting up a regulatory sandbox (RS) for fintech players in the counter, SEBI and IRDAI have also launched similar initiatives. RS is an infrastructure that helps fintech players live test their products or solutions, before getting the necessary regulatory approvals for a mass launch. It saves start-ups time and cost. 
  • As per the Organisation for Economic Co-operation and Development's (OECD) Economic Outlook, India's economic growth will regain strength and approach 7.5% by 2020 buoyed by rural consumption and subdued inflation. As per the report, GDP growth in India is projected to strengthen to close to 7.25% in FY19.
  • RBI has announced that it will allow large modern currency chests to increase the service charges on cash deposited by non-chest bank branches from the existing rate of Rs 5 per packet of 100 pieces to a higher rate subject to a maximum of Rs8 per packet. For this, only a currency chest (CC) that fulfils the minimum standards will be eligible to be classified as a large modern CC.
  • RBI stated that all non-deposit-taking non-banking financial companies (NBFCs) with an asset size of Rs 5,000 crore and above, and all deposit-taking NBFCs irrespective of their asset size, have to maintain a liquidity buffer in terms of a Liquidity Coverage Ratio (LCR).
  • Corporation Bank has launched ‘Corp SME Suvidha’, a product for GST-registered MSMEs. The product has been designed as part of the bank’s efforts to provide the best products to the MSME sector.
  • Facebook is planning to launch its own cryptocurrency in early 2020, allowing users to make digital payments in a dozen countries. The currency, dubbed GlobalCoin, would enable Facebook’s 2.4 billion monthly users to change dollars and other international currencies into its digital coins. The coins could then be used to buy things on the internet and in shops and other outlets or to transfer money without needing a bank account.
  • Indian Overseas Bank (IOB) has announced that it has launched ‘Bank on Wheels’ facility in 14 of its lead districts in Tamil Nadu and Kerala, besides Vijayawada. The mobile van facility will enable the public, especially senior citizens, conveniently get door-step banking facility available at identified locations of the lead districts.
  • RBI has extended timings for customer transactions in the Real Time Gross Settlement (RTGS) system to 6:00 pm from 4:30 pm. The new time window for RTGS will come into effect from 01st June 2019. The customer is charged a ‘time-varying charge’ on each outward transaction in addition to the flat processing charge. The fee for transfers between 8 am to 11 am is nil, from 11 am to 1 pm is Rs 2, and from 1 pm to 6 pm is Rs 5. The fee for transfers made after the initial cut off of 6 pm will be Rs 10.
  • Corporation Bank has launched ‘SMESuvidha’ scheme to provide loans to the GST-registered MSMEs at affordable interest rates. The product is designed as a part of the lender’s efforts to improve service and provide the best products to the MSME sector. This is a unique product for GST-registered Micro, Small and Medium Enterprises (MSMEs).
  • RBI has constituted a six-member committee on the Development of Secondary Market for Corporate Loans to come up with recommendations to increase the efficiencies of the debt market and aid in the resolution of stressed assets. The committee, headed by TN Manoharan.
  • The country’s median GDP is forecast at 7.10 percent for Financial Year 2020 and 7.20 percent for Financial Year 2021.