• IDBI Bank will introduce two Repo Linked Products –Suvidha Plus Home Loan and Suvidha Plus Auto Loan from September 10. The products will be offered to new customers having a good credit score and a minimum income of Rs. 6 lakh per annum.
      1. The Suvidha Plus Home Loan will be offered for up to Rs. 75 Lakh with a tenor of up to 35 years. 
      2. The Suvidha Plus Auto loan will be offered for up to Rs. 25 lakh covering the on-road price with a tenor of up to 7 years.
      • Employees’ State Insurance Corporation(ESIC) signed Memorandum of Agreement (MoA) with State Bank of India for direct transfer of benefits electronically into bank accounts of all stakeholders.
      • The Cabinet has approved a capital infusion of Rs 4,557 crore into IDBI Bank. The capital infusion process will be done through recapitalisation bonds under which the government will infuse the capital into the bank and the bank will buy the recapitalisation bonds from the government on the same day.The capital infusion is also expected to help IDBI to come out of the PCA framework of the RBI.
      • Rating agency CRISIL has revised India’s fiscal year 2020 GDP growth forecast to 6.3%. CRISIL has lowered the GDP growth forecast from 6.9% to 6.3%.
      • The Reserve Bank of India has made mandatory for banks to link retail and MSME loans to external interest rate benchmarksThis new norm will be effective from the 1st of October. Under this norm, banks have to link all of their new loan products, be it personal, housing or auto to an external benchmark rate.
      • Standard Chartered Bank, a British multinational banking and financial services company has launched a DigiSmart credit card. The primary focus of the Bank on the ever-growing segment of millennials.The new credit card is available for a nominal monthly fee of only Rs 49. 
      • The Finance Ministry has introduced a Code of Conduct for non-official directors of public sector banks. Under the new rules, the PSBs board will also have to send an annual performance report that rates a director based on professional and ethical conduct, and contribution to the board. The performance evaluation by peers will measure the director on various parameters including avoidance of direct or indirect conflict of interest, acting according to rules in the best interest of the bank, avoiding any gain to self or associates and maintaining confidentiality.
      • The Department of Financial Services has approved the Rs 12,000 crore capital infusion plan in the 3 state-run general insurance companies. The decision has been taken to boost their capital base and meet regulatory norms. The 3 state-run general insurance companies list includes National Insurance, Oriental Insurance and United India Insurance.
      • RBI is to implement the idea to develop a mobile application with an aim to help the visually impaired people to identify currency notes. For this, RBI has selected Daffodil Software Pvt Ltd. The APP should be able to identify the denomination of legal tender banknotes of Mahatma Gandhi Series and Mahatma Gandhi (New) series by capturing the image of the notes that are placed in front of the mobile camera or scrolled across it.
      • India Post Payments Bank (IPPB) rollout of Aadhaar Enabled Payment System Services (AePS). With AePS services, any person with a bank account linked to Aadhaar can perform basic banking services such as cash withdrawals and balance enquiry irrespective of the bank they hold their account with.
      • The Industrial Development Bank of India (IDBI Bank) and Life Insurance Corporation of India Credit Cards Services (LIC CSL), a wholly-owned subsidiary of LIC, will launch a co-branded credit card, which will be marketed to customers, agents, and employees of the corporation and its subsidiaries.
      • India and ADB has signed 200 million dollar loan agreement. Under the agreement, they will upgrade rural roads in 34 districts of Maharashtra to improve road safety. The project aims to improve the condition of about 2,100 km of rural roads to all-weather standards, with climate resilience and safety features.
      • The World Bank will provide Rs 3,000 crore assistance to finance mini and mega food parks across India. The announcement was made by Union Minister of State for Food Processing Industries during the 15th Indo-US Economic Summit.
      • The Goods and Services Tax Network has decided to make Aadhaar authentication or physical verification mandatory for new dealers from January 2020. Those who do not want Aadhaar authentication, physical verification will be carried out, which will be completed in three days.
      • Finance Minister Nirmala Sitharaman has announced that Public Sector Banks will organise ‘loan melas’ or “Shamiana meetings” in 400 districts. The meetings will be organised to provide loans to NBFCs and retail borrowers, including homebuyers and farmers.PSBs will focus on giving loans to the ‘RAM‘ category: retail, agriculture and MSMEs. The open house public meetings will be held in two tranches.
      • Airtel Payments Bank launched “Bharosa savings account” services, designed for deepening the financial inclusion in the country. This service enables customers to withdraw cash, check their balance or access a mini statement of their account at over 6,50,000 Aadhaar-enabled payment system (AePS) enabled outlets across India. Bharosa savings account would offer Rs 5 lakh personal accident insurance on maintaining the balance of Rs 500 along with one debit transaction per month. 
      • RBI has imposed restrictions on Punjab and Maharashtra Co-operative Bank, under which the depositors cannot withdraw more than Rs 1,000 from their accounts. The depositors will be allowed to withdraw a sum not exceeding Rs 1,000 of the total balance in every savings bank account or current account or any other deposit account.
      • The Asian Development Bank has slashed its growth forecast for India for fiscal  year 2019-20 to 6.5% from 7%.