• RBI has superseded the Board of Punjab and Maharashtra Cooperative Bank Limited, Mumbai and appointed Jai Bhagwan Bhoria as the bank’s administrator with all powers of the board. Jai Bhagwan Bhoria replaces S.Waryam Singh. RBI had recently increased the amount of withdrawal allowed to the depositors of PMC from Rs 1,000 to Rs 10,000 and the directives will remain in force for a period of six months.
  • SBI opened its Melbourne office and becoming the first Indian bank to have a branch in the Australian state of Victoria.
  • Axis Bank has launched the  ‘Express FD’, a digital fixed deposit (FD) product that allows a customer to open an FD account in 3 minutes through the digital mode without opening a savings account with the bank.It offers attractive interest rates, zero issuance fees and no penalty on pre-mature withdrawal of up to 25% of the amount, the bank said. A customer can open an Express FD account by investing a minimum Rs 5,000 up to Rs 90,000, for a tenure of 6 to 12 months.
  • In its 4th Bi-monthly Monetary Policy Committee meeting, the RBI has reduced the policy repo rate by 25 basis points (bps).
    1. The repo rate under the liquidity adjustment facility (LAF) was reduced from 5.40% to 5.15%.
    2. The reverse repo rate under the LAF stands revised to 4.90%.
    3. The marginal standing facility (MSF) rate and the Bank Rate is revised to 5.40%.
    4. RBI has also reduced the real GDP growth for 2019-20 from 6.9% to 6.1%.
    • UCO Bank has launched three new digital products called, UCash, Digilocker and an app in Kolkata, West Bengal. A new current account facility has also been launched by the bank. UCash enables customers to withdraw money from ATMs through mobile banking without using a debit card. Digilocker aims to eliminate the use of physical documents and enables sharing of verified electronic documents.
    • Reliance Mutual Fund has been renamed as “Nippon India Mutual Fund“. The organization was renamed following the purchase of 75% stake in Reliance Nippon Life Asset Management by Nippon Life Insurance. It has become the largest foreign-owned Asset Management Company in India. Sundeep Sikka will continue to lead company as the CEO.
    • Infosys has been selected as the main supplier to deliver Volvo Cars’ digital transformation services for its enterprise digital commercial operations applications and products.
    • The Central Government has constituted a committee of officers to suggest measures to augment GST revenue collections and administration. The terms of reference of the panel includes making suggestions related to systemic changes in goods and services tax (GST) including checks and balances to prevent misuse and measures to improve voluntary compliance.
    • RBI has rejected the merger proposal of Indiabulls Housing Finance and Lakshmi Vilas Bank. RBI has rejected the application for voluntary amalgamation of Indiabulls Housing Finance Ltd. and Indiabulls Commercial Credit Ltd. with the Lakshmi Vilas Bank Ltd.
    • RBI has given the go-ahead to the Kerala government to amalgamate 13 district cooperative banks (DCBs) with the Kerala State Cooperative Bank to form the proposed “Kerala Bank”Except the Malappuram District Cooperative Bank, all district banks had approved the scheme of amalgamation proposed by the State government at their respective general body meetings.
    • Moody, the rating agency has lowered its 2019-20 GDP growth forecast for India to 5.8% from 6.2%.
    • Vice President M Venkaiah Naidu has signed an MoU with the island nation Comoros. As per MoU, India will extend over $60 mn line of credit to Comoros for Energy and Maritime Defence Cooperation.
    • The Asian Development Bank and the Government of India has signed a $190 Million loan. The amount will be used to upgrade 754 km of state highways and major district roads (MDRs) to benefit about 26 million people in 14 districts of Rajasthan.
    • Life Insurance Council has decided to launch the Indian life insurance industry’s first joint mass media campaign with the slogan ‘Sabse Pehle Life Insurance’. The slogan will encourage Indian households to opt for adequate life insurance cover as the fundamental necessity in their lives.
    • ICICI Bank has launched a fixed deposit scheme called FD Health, that comes with an in-built critical insurance policy. The FD Health – Critical illness Cover will be provided to only the primary holder of the FD account. Anyone in the age bracket of 18-50 years, gets this complimentary insurance cover for a year on 33 critical illnesses. For the first year, free of cost insurance cover will be provided which can be renewed later. The critical illness cover will be available on Cumulative FDs opened for a period of a minimum of 2 years.
    • The World Bank-International Monetary Fund (IMF) annual meetings kicked off on a somber note, with the IMF downgrading global growth in 2019 to 3%, the slowest since the global financial crisis. India’s growth projections have also been downgraded to 6.1% and 7.0% in 2019 and 2020 respectively.
    • The Department of Post announced that it has launched mobile banking for its savings account customers.The facility will be available all the post office savings account holders of the CBS (core banking solutions) post offices.The launch of the mobile banking facility comes almost a year after the Department of Post launched Internet banking facility for its savings account holders.
    • SBI Card announced the launch of ‘SBI Card Pay’, a feature which allows contactless payment using mobile phones at PoS terminals. Using SBI Card Pay, customers can make contactless payments at near field communication (NFC) enabled point of sale terminals with just one tap of their mobiles, without using the physical credit card or entering any PIN.
    • The Union Cabinet chaired by Prime Minister Narendra Modi has approved the merger of loss-making telecom firms BSNL and MTNL as part of a revival package. The Cabinet has also given in-principle nod to the merger of BSNL and MTNL and till modalities are in place, MTNL will be a subsidiary of BSNL.
    • Vreedhi Financial Services (VFS) has secured a non-banking finance company licence from the Reserve Bank of India. It’s objective is to provide credit and other services to micro-enterprises operating in tier two-three cities and small towns.
    • The Government of India, Government of Odisha and the World Bank have signed a USD 165 million loan agreementThe agreement is signed for Odisha’s Integrated Irrigation Project for Climate Resilient Agriculture. The project will be implemented in rural areas vulnerable to droughts and largely dependent on rainfed agriculture.
    • Indian Overseas Bank (IOB) in association with Universal Sompo General Insurance Co Ltd. has launched upgraded health care plus insurance policy. It is a co-branded insurance scheme exclusively designed for IOB customers with a sum insured starting from ₹50,000 and going up to ₹15 lakh.
    • The Reserve Bank has imposed a penalty of Rs 35 lakh on Tamilnad Mercantile Bank for violating norms on fraud classification and notification.