•  The postal department has decided to convert the India Post Payments Bank into a small finance bank. This bank will provide micro credit at the doorsteps to individuals and SME's. The postal department has also target the milestone of 1 crore accounts for IPPB in 100 days.
  • Ratings agency CRISIL has cut its forecast for India's GDP growth by 20 basis points for FY 2019-20It has lowered India's GDP growth to 6.9% from 7.1%.
  • According to the World BankIndia has been pushed to the 7th place in the global GDP rankings in 2018. In 2017, India had emerged as the 6th largest economy.
  • According to the World BankIndia has been pushed to the 7th place in the global GDP rankings in 2018. In 2017, India had emerged as the 6th largest economy.India still remains the fastest-growing major economy in the world.
  • The State Bank of India's (SBI) Shanghai branch is now connected to China's National Advance Payment System (CNAPS). SBI is the only Indian bank to have obtained the license to do business in local currency and also inducted to the CNAPS by the People's Bank of China (PBOC). 
  • The Reserve Bank of India (RBI)  allowed "Bank of China" to offer regular banking services in the country. 
  • RBI has imposed a penalty of Rs 50 lakh on Punjab National Bank (PNB) for the delay in reporting of fraud observed from the fraud monitoring report-1 submitted by Punjab National Bank on July 10, 2018, in the account of Kingfisher Airlines Limited.

  • The Reserve Bank of India has imposed a collective penalty of Rs 11 crore on 7 public sector banks. The penalty has been imposed for non-compliance with certain provisions of directions issued by RBI on 'Code of Conduct for Opening and Operating Current Accounts.The penalties on 7 banks are as follows:
  1. RBI has also imposed a fine of Rs 1 crore on Corporation Bank for non-compliance of norms related to cyber security framework for banksfrauds classification and reporting.
  2. Oriental Bank of Commerce has been imposed with a penalty of Rs 1 crore.
  3. Bank of Baroda, Bank of India, Indian Overseas Bank and United Bank of India have been imposed with a penalty of Rs 1.5 crore each.
  4. Allahabad Bank and Bank of Maharashtra have been imposed with a penalty of Rs 2 crore each.
  • India contributed 5 million USD to the UN Palestine refugee agency and called for ensuring sustained financial support for the organisation's work. The amount was hand over to the United Nations Relief and Works Agency (UNRWA) for Palestinian Refugees.
  • In its 3rd Bi-monthly Monetary Policy Committee meeting, the Reserve Bank of Indiahas reduced the policy repo rate by 35 basis points (bps). 
  1. The repo rate under the liquidity adjustment facility (LAF) was reduced from 5.75% to 5.40%. The benchmark rate is now at its lowest since April 2010.
  2. The reverse repo rate under the LAF stands revised to 5.15%.\
  3. The marginal standing facility (MSF) rate and the Bank Rate revised to 5.65%.
  4. RBI has also reduced the real GDP growth for 2019-20 from 7% to 6.9%.
  • The Reserve Bank of India has decided to set up a "Central Payment Fraud Registry". The registry will track frauds in the payment systems. Under this registry, payment system participants will be provided access to it for near-real time fraud monitoring. The aggregated fraud data will be published to educate customers on emerging risks.

  • SEBI has approved Singapore Stock Exchange and National Stock Exchange of India Ltd to operate jointly in Gujarat International Finance Tec-City, Gandhinagar. The two entities will create a new platform for trading called NSE International Financial Service Centre (IFSC)-SGX Connect.The new platform will allow trading in Nifty index derivatives, as well as single-stock derivatives of Nifty’s 50 constituent.
  • The Reserve Bank of India will make available the National Electronic Funds Transfer system on a 24x7 basis from December 2019 as per the Payment System Vision 2021 document. Presently, the transfer of funds via NEFT can only be done during banks’ working hours. The facility of electronic transfer of funds is available from 8 am to 7 pm on all working days, except the second and the fourth Saturday of the month.
  • Mastercard announced the launch of Identity Check Express, a next-generation, mobile-first authentication solution that aims to redefine the e-commerce journey for Indian consumers. Mastercard Identity Check Express combines the latest technology, including device intelligence and behavioural biometrics, with the latest EMV 3-D Secure and FIDO authentication standards to deliver an uninterrupted mobile payment experience.
  • Bengaluru based Housing startup "Grexter Living" which is a co-living provider, has acquired i2Stay. It has also taken over some built-to-suit projects which i2stay has been working on.
  • ADB has approved a USD 200 million loan for improving road infrastructure in 34 districts of Maharashtra. The aim of the project is to connect rural areas with markets and services. Roads in rural areas would be upgraded to all weather standards which will boost links between local residents and economic centres across the state.
  • Indian Bank has entered into a corporate agency agreement with Cholamandalam MS General Insurance Company Ltd. Under the agreement, Indian Bank will distribute the latter's insurance products ranging from motor, home, health PA, and travel insurance, and SME and commercial line of business etc. 
  • Private sector bank, RBL Bank and digital healthcare platform Practo have partnered to launch an industry-first co-branded health credit card. This credit card is powered by Mastercard.RBL Bank's new credit card offers benefits like online consultations with doctors and a free health check-up.
  • Reliance Jio and Microsoft announced a partnership to accelerate the digital transformation in India. Under this deal, Microsoft will bring in the Azure Cloud on Jio Network and target the enterprise and business users seeking a technological shift.
  • National Payments Corporation of India has announced that Aadhaar enabled Payment System has crossed the milestone of over 200 million transactions during July 2019. The transaction count of AePS stood at 220 million in july 2019.
  • Business-to-business payments startup EnKash has launched the country's first corporate credit card called 'Freedom Card' for small and medium enterprises (SMEs).The Freedom Card would give SMEs and startups the freedom to avail credit facility for immediate needs and to manage their liquidity.
  • The Central government has rolled out scheme for liquidity support to NBFCs. The partial guarantee scheme will allow state-run banks (PSBs) to purchase assets of non-banking and housing finance companies (NBFCs and HFCs). The partial guarantee scheme aims at providing liquidity support to avoid distress sale of assets in a sector facing a shortage of cash due to asset-liability mismatch. NBFCs will be able to sell 20% of standard assets, worth up to Rs 5,000 crore, as on March 31. The scheme is capped at Rs 1,00,000 crore and will be open for up to 6 months. 
  • Cab aggregator Ola announced acquihiring of Pikup.ai, an Artificial Intelligence start­up based in Bengaluru. Acquihiring typically refers to a transaction in which the staff of the target company join the acquiring firm.
  • RBI has clarified rules on ‘free ATM transactions’ provided by banks to its customers. Banks provide certain number of free transactions at ATMs to their customers and beyond that impose charges. According to the RBI the following transactions should not be counted as valid ATM transactions for the customer as the ‘free ATM transactions’:
  1. Transactions failed at ATMs due to technical reasons like hardware and software issues.
  2. Transactions failed due to non-availability of currency in ATMs.
  3. Use of ATMs for non-cash withdrawal transactions such as balance enquiry, cheque book request, payment of taxes, funds transfer.
  • India has contributed $1 million to the UN Special Purpose Trust Fund for the Resident Coordinator System. The Special Purpose Trust Fund (SPTF) is a specific fund housed within the UN Secretariat.
  • India's forex reserves has reached the highest ever valuation of $430.57 bn. As per the latest RBI data, India's foreign exchange reserves increased by $1.620 billion in the week to 9 August due to rise in foreign currency assets. 
  • Acko General Insurance, an insurtech company, has partnered with ZestMoney, a consumer lending fintech, to offer credit insurance. This insurance will help ZestMoney customers cover their monthly EMI payments during times of crisis.
  • The Securities and Exchange Board of India has announced a new mechanism to reward insider trading informants to uncover insider trading cases. The reward would be 10 per cent of the money collected, subject to a maximum amount of Rs 1 crore
  •  Bandhan Bank launched a co-branded credit card in association with Standard Chartered bank. This credit card would be offered to 40 lakh savings bank account holders across the 1,000 branches of Bandhan Bank.
  • The Central Vigilance Commission has constituted a 4-member Advisory Board for Banking Frauds. The ABBF will be headed by former Vigilance Commissioner T.M. Bhasin.The panel will function as the 1st level of examination of all large fraud cases. Lenders will refer all large fraud cases above Rs 50 crore to the board and on receipt of its recommendation or advice, the bank concerned would take further action in such matters.
  • Public sector Bank, Indian Bank signed a Memorandum of Understanding (MoU) with Tata AIG General Insurance. This MoU offers the latter’s diverse range of general insurance policies benefiting the bank’s customers by way of protection, wealth creation and savings.
  • The Reserve Bank of India has approved the transfer of record Rs 1.76 lakh crore dividend and surplus reserves to the government. 
  • Small Industries Development Bank of India (SIDBI) has partnered with Incuspaze Solutions Private Limited (Incuspaze) to open a first-of-its-kind co-working space. This coworking space exclusively designed for MSMEs and startups. This coworking space, named @Workspaze.
  • Canara Bank has launched India’s first OTP facility for ATM withdrawals. This additional factor of authentication protects from unauthorized ATM cash withdrawals for cardholders. Now Canara Bank ATMs get safer and more secured with OTP facility on cash withdrawals above ₹10,000 in a day.
  •  Indian Bank has opened MSME CPC (centralised processing centre) in Chennai. The centralised processing centre will give a boost to the bank's MSME portfolio and will lead to speedy disposal of micro, small and medium enterprises’ loans. 
  • India Ratings and Research has revised its projection of India’s GDP growth in the financial year 2019-20 to 6.7%.
  • Union Finance Minister Nirmala Sitharaman has announced a big consolidation of public sector banks. Under the scheme of amalgamation, 10 public sector banks are to be merged into four banks
  1. Punjab National Bank, Oriental Bank of Commerce and United Bank of India to be merged into one single bank, with business of Rs 7.95 trillion to make India’s 2nd largest bank.
  2. Canara Bank and Syndicate Bank are to be merged to become the 4th largest public sector bank with business of Rs 15.2 lakh crore.
  3. Union Bank of India, Andhra Bank and Corporation Bank are to be merged to become the 5th largest public sector bank with business of Rs 14.6 lakh crore.
  4. Indian Bank will be merged with Allahabad Bank to become the 7th largest public sector bank with business of Rs 8.08 lakh crore.