• As per Second Bi-monthly Monetary Policy Statement for 2019-20, the Reserve Bank of India will stop imposing additional charges on Fund transfer through RTGS and NEFTsystems from 1st July, 2019. This has been done to provide an impetus to digital funds movement.
  • The Reserve Bank of India has imposed penalties on four state-run lenders for violating Know Your Customer norms and anti-money laundering standards. Punjab National Bank, Allahabad Bank, and UCO Bank were fined Rs 50 lakh each while Corporation Bank was fined Rs 25 lakh.
  • Japanese company SoftBank has invested around $250 million in Ola Electric Mobility.  With this investment, Ola Electric has become the newest unicorn of India, joining the list of companies like Flipkart, Zomato and Paytm.
  • The IMF has approved a USD 6 billion loan over a period of 3 years for cash strappedPakistan.The USD 6 billion financial aid includes an immediate disbursement of USD 1 billion to help Pakistan address its balance of payment crisis.The approved loan aims to support Pakistan's economic plan, which aims to return sustainable growth to the country's economy and improve the standards of living.
  • ICICI Bank has tied up with NBFC IndoStar Capital for vehicle financing for small and medium fleet owners to buy new as well as old commercial vehicles. Under this partnership, IndoStar will originate and service the customers through the entire loan life cycle including sourcing, documentation, collection and loan servicing.
  • The Reserve Bank of India has set up a working group to review the regulatory and supervisory framework for core investment companies (CIC). The group will be headed by Tapan Ray, non-executive chairman, Central Bank of India. The panel will examine the current regulatory framework for CICs in terms of adequacyefficacy and effectiveness.
  • Airtel Payments Bank has partnered with Bharti AXA Life Insurance to offer a life term insurance plan. The product, Bharti AXA Life (Point of Sale) Saral Jeevan Bima Yojana, is a pure life term insurance plan which is aimed at the under insured and uninsured segments in India.
  • India’s biggest ride-hailing platform Ola Cabs, has received approval from London’stransport regulator to start private hire vehicles (PHV) in the capital city of the UK. Ola will be the first ever platform to offer both PHVs and black cabs in the UK.
  • Karnataka Bank Ltd has launched the web tool ‘Vasool So-Ft’ (Vasool So-Fast) for digitalising the Non Performing Asset recovery process of the bank. The digital tool for the recovery of stressed assets will provide an end to end digital solution. It will enable easy and faster processing, real time information and immediate decision making in the recovery area.
  • Reliance Jio ties up with Facebook for digital literacy initiative 'Digital Udaan'. The initiative will have audio-visual training in 10 regional languages. The initiative is announced for the first-time Internet users in the country. 
  • The GoI has sanctioned an additional amount of Rs 358 crore for the construction of new roads in rural areas of Tripura.

  • Punjab & Sind Bank has set up a centralised hub "Centralised MSME & Retail Group". It will process retail and MSME loans for the better efficiency of branches in business acquisition.The Cen-MARG has been envisioned to ensure qualitative improvement in credit appraisal, improved turnaround time, uniform documentation, and efficient monitoring.
  • The Reserve Bank of India board has finalised a three-year roadmap ‘Utkarsh 2022’. It is a three-year road map for medium term objectives to be achieved for improving regulation and supervision of the central bank.
  • Deposits in bank accounts opened under Jan Dhan scheme have crossed the Rs 1 lakh crore mark. As per the latest finance ministry data, the total balance in over 36.06 crore Pradhan Mantri Jan Dhan Yojana accounts was at Rs 1,00,495.94 crore as on July 3.
  • State Bank of India has reduced its benchmark lending rate by 5 bps across all loan tenures.The lender’s one-year marginal cost of funds based lending rate (MCLR) will be 8.4% compared with 8.45%.
  • Walmart Labs has acqui-hired health tech startup FloCare and B2B wholesale trading platform BigTrade. The aim of acqui-hiring is to strengthen its customer service..Acqui-hires are typically made for the skills of the team, rather than for the product.
  • Online grocery delivery platform Milkbasket has acquired Bengaluru-based e-grocery distributor PSR Supply Chain. Founded in early 2015, Milkbasket has built a new-age technology platform to enable a smooth grocery buying experience online.
  • The Institute of Company Secretaries of India has rolled out an initiative a Unique Document Identification Number to pursue heightened sense of self-governance and strengthen the practising side of company secretaries. UDIN will provide ease of maintaining register of attestation and certification servicesThe ICSI functions under the Ministry of Corporate Affairs.
  • Internal committee of the RBI has suggested that the foreign exchange market could function from 9 am to 9 pm. At present, the currency market works from 9 am to 5 pm. The panel suggested call money market timings could be extended till 6 pm instead of the 5 pm now.
  •  YouTube is bringing a new education feature “Learning Playlists” with dedicated landing pages for educational videos on topics like math, science, music and language. 
  • IBM Corp acquired a software company Red Hat Inc in $34 billion for the ramp-up its cloud computing business. This is the company’s biggest acquisition in its more than 100-year.

  • World Bank offers a loan of $250 million to the Kerala Government for the Resilient Kerala project, aimed at enhancing the state’s resilience against the impacts of natural disasters and climate change.
  • The Reserve Bank of India has penalised State Bank of India and Union Bank of Indiafor violating certain regulatory guidelines. SBI was fined Rs 7 crore for non-compliance on Income Recognition and Asset Classification norms, code of conduct for opening and operating current accounts and reporting of data on Central Repository of Information on Large Credits, and fraud risk management and classification and reporting of frauds.The central bank also imposed a Rs 10 lakh fine on Union Bank of India for non compliance with the directions on the cyber security framework in banks.
  • Private sector lender HDFC Bank has terminated and de-listed its 22 outstanding global depository receipts (GDRs) from the Luxembourg Stock Exchange.The action has been taken due to low trading volume of GDRs.
  •  Finance Ministry has cut the rate of General provident fund (GPF) by 10 basis pointsfrom 8% to 7.9%.
  • Asian Development Bank lowered India's GDP growth rate from 7.2% to 7% for the current fiscal year. India is expected to grow by 7% in 2019 and 7.2% in 2020.
  • HDFC Bank and Common Services Centres launched a co-branded ‘Small Business Money Back Credit Card’ for small traders and village-level entrepreneurs (VLEs).The credit card is specifically designed for VLEs and VLE-sourced customers. It will give users easy access to credit for their day-to-day business expenses.
  • Larsen & Toubro Infotech Ltd acquires AI firm Lymbyc for Rs 38 crore.Lymbyc’s expertise in data discovery, agile analytics and ability to process large data sets, will enhance LTI’s Mosaic platform to provide differentiated analytics solutions.
  • US company, Ebix has announced the acquisition of travel portal Yatra Online for $337.8 million. Now, Yatra has become the part of Ebix’s EbixCash travel portfolio, forming India’s one of the “largest and most profitable” travel services companies. 
  • Bimal Jalan led six-member panel on Economic Capital Framework (ECF), formed by RBI has finalised its report on surplus RBI reserves. The panel has recommended that surplus reserves held by the central bank should be transferred to the government in tranches over three to five years. 

  • "Inter-Ministerial Committee" on legality of cryptocurrencies and blockchain has submitted its report to the Finance Ministry. The Committee recommends that:
  1. It has also drafted a law, the ‘Banning of Cryptocurrency & Regulation of Official Digital Currency Bill, 2019’, which mandates a fine and imprisonment of up to 10 years for offences.
  2. All private cryptocurrencies, except any cryptocurrency issued by the state, be banned in India.
  • Life Insurance Corporation of India has agreed to offer Rs 1.25 trillion Line of Credit by2024, to fund highway projects. The Line of Credit will be used to fund the ambitious Bharatmala project.
  • L&T Technology Services has been selected as a strategic partner by United Technologies Corporation for Collins Aerospace, a subsidiary of UTC.
  • National Payments Corporation of India (NPCI) and JCB International have launched RuPay JCB Global Cards.

    ii. RuPay JCB Global Cards can be used at all point of sales terminals which accept RuPay cards and terminals outside India which accept JCB.
  • The International Monetary Fund has lowered its annual growth forecast for India from 7.3% to 7% in financial year 2019-20.
  • The Digital Communications Commission (DCC) approved the cumulative penalty of Rs 3,050 crore on Bharti Airtel and Vodafone Idea. The penalty was imposed by TRAI for not providing points of interconnection to Reliance Jio when it entered the market.
  • ADB has sanctioned Rs 1925 Cr project for up-gradation of power generation and distribution in Tripura. The project has been sanctioned for upgrading capacity of 63 MW Rokhia Project to 120 MW at an estimated cost of over 699 crore rupees and modernising Gumti Hydro Electric Project at an estimated cost of nearly 1225 crore rupees.
  • Apple has announced the acquisition of chip-maker Intel''s smartphone modem business for $1 billion.This agreement enables to focus on developing technology for the 5G network while retaining critical intellectual property and modem technology. 
  •  The Indian Council of Medical Research (ICMR) and National Institute for Medical Statistics (NIMS), in partnership with  global nonprofit organisation Population Council, launched the National Data Quality Forum (NDQF).
  • The Board of Control for Cricket in India (BCCI) has announced that Bengaluru-based education and learning app Byju's, which is owned by Think and Learn Private Limited,has replaced Oppo India as the official Team India sponsor.

  • WhatsApp has partnered with NITI Aayog, under the Women Entrepreneurship Platform (WEP) to announce its plan to support and promote women entrepreneurs in India.WhatsApp will also partner with the Women Transforming India (WTI) Awards 2019,flagship initiative of NITI Aayog.
  • The Reserve Bank of India has imposed a penalty on two online payment solutions providers. Mobikwik Systems and Hip Bar for non compliance of regulatory guidelines. Mobikwik Systems Private Limited has been slapped a fine of Rs 15 lakh while Hip Bar Pvt Ltd faced a fine of Rs 10.85 lakh.