• Government e-Marketplace (GeM) has signed MoU with Indian Bank and Canara Bank. The MoU will facilitate a cashless, paperless and transparent payment system on the portal and would create an efficient procurement system for government entities. Through this partnership, both the banks will be able to offer an array of services including transfer of funds through GeM Pool Accounts (GPA), advising of Performance Bank Guarantees (e-PBG), Earnest Money Deposit (EMD) and Payment Gateway to the registered users on the portal.
  • MSTC Ltd has signed an agreement with Allahabad Bank for the development of a dedicated e-Auction platform. This platform directly linked with the Indian Banking Association’s portal (https://ibapi.net) for sale of non-performing assets (NPAs) through the SARFAESI (Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest) Act. The e-Auction platform will be a one-of-a-kind solution, where a bidder once registered, will be able to participate in auctions for all banks.
  • The Asian Development Bank will provide a $451 million (about Rs 3,200 crore) loan to strengthen power connectivity between the southern and northern parts of the Chennai-Kanyakumari Industrial Corridor (CKIC) in Tamil Nadu.
  • IT services firm Tech Mahindra Ltd (Tech M) has acquired BORN Group, a New York-based digital content and production agency, for $95 million. It will help to boost the electronic and mobile commerce segment globally, and equipped to deliver enhanced user experience to customers of Tech Mahindra globally.
  • The finance service company, Ujjivan Small Finance Bank(SFB) has launched an instant digital savings account (SA) along with Fixed Deposit (FD) and Privilege Savings Account to offer distinctive banking and digital services to its customers.
    1. Instant Digital SA account: This account has the restriction of Rs 1 lakh deposit & has the unlimited free transactions on the bank’s own ATM (automated teller machine) and 6 free transactions for other bank ATMs per month.
    2. Instant Fixed Deposit (FD): With interest rate ranging from 5.5% (7days to 29 days) & up to 8.3% (799 days), the customers can invest in this account up to a maximum of Rs. 1 Lakh without a Savings Account.
    3. Privilege SA: This account comes with the eligibility for a monthly salary of Rs. 30,000 or above /on maintaining a Monthly Average Balance of Rs 25,000 / opening a Fixed Deposit of Rs. 10 Lakh. It provides a higher accidental insurance cover of Rs. 2 Lakh.
    • Government e-Marketplace (GeM) signed MoU with Central Bank of India.Through this partnership, Central Bank of India will be able to offer an array of services including transfer of funds through GeM Pool Accounts (GPA), advising of electronic Performance Bank Guarantees (e-PBG) and Earnest Money Deposit (EMD) to the registered users on the portal.
    • Bajaj Allianz General Insurance has launched a new mobile app called ‘Farmitra’ for the ease of farmers. This app intends to help the farmers needs and address their worries The app ‘Farmitra’ provides services for even those who are not customers of Bajaj Allianz. Besides crop insurance, the farmers can buy other covers from the private insurer and also obtain information like weather forecasts and market price of crops and locators for agriculture inputs.
    • Indian Bank has signed a memorandum of understanding with Muthoot Microfinance to serve Micro, Small and Medium Enterprises(MSME).Under the memorandum of understanding, the bank and the non-banking finance company will jointly lend to the MSME borrowers.
    • The Export-Import (Exim) Bank has provided a USD 30 million (about Rs 210 crore) line of credit to Ghana for a potable water project in the country. Under the arrangement, financing of export of eligible goods, works and services from India would be allowed subject to their being eligible for export under the Foreign Trade Policy of India and whose purchase may be agreed to be financed by the Exim Bank.
    • The American financial service company Moody’s has downgraded India’s economic outlook to “Negative” from “Stable”. This downgrade was due to slow growth in the economy. Moody’s has also predicted a budget deficit of 3.7% of the Gross Domestic Product (GDP) in the year through March 2020.
    • The Karnataka Gramin Bank (KGB) has launched ‘mobile ATMs’ in Kalaburagi, among several other districts in the Karnataka. The special vehicle includes an ATM and a screen to show videos of different banking schemes. It will go to the doorsteps of the farmers and make them aware of the banking schemes and digital operating systems. 
    • As per the report titled “Furthering Digital Payments” released by the Reserve Bank of India (RBI), With a view to promoting digital transactions on the 3 anniversary of demonetisation, the Reserve Bank has moved a proposal in this regard. From January 2020, banks can no longer charge savings bank account holders for online transactions in the NEFT system.
    • The economic research team from the State Bank of India (SBI) has revised India’s Gross Domestic Product(GDP) to 5% from its earlier estimate of 6.1% for the Fiscal Year 2020 (FY20). It expects the growth rate to pick up in FY2021 to 6.2%.
    • The Competition Commission of India (CCI) approves the merger of the BNP Paribas (BNPP) Mutual Fund and the Baroda (BOB) Mutual Fund, under Section 31(1) of the Competition Act, 2002. The Parties propose to amalgamate (i) BOB Asset Management Company (AMC) into BNPP AMC; (ii) BNPP Trustee Company (TC) into BOB TC.
    • Moody’s Investors Service has slashed India’s economic growth forecast to 5.6% for the fiscal year 2019It also stated that the economic activity in India will pick up in 2020 and 2021 to 6.6 % and 6.7 % respectively.
    • India will contribute USD 13.5 million for various operational activities of development across the UN agencies for the year 2020.
    • The Government of India has issued fresh rules under the Insolvency and Bankruptcy Code (IBC) to govern the rescue of non-bank lendersThe new rules are likely to help out distressed shadow banks and housing financiers, which have been battling a liquidity crunch for a year. RBI has been given the authority to decide which companies will be taken up to a bankruptcy tribunal under these rules.
    • The Union Minister for Rural Development, Panchayati Raj and Agriculture inaugurated the SARAS India International Trade Fair(IITF) Mela 2019 at Pragati Maidan, New Delhi. SARAS IITF Mela empowering rural women through Self-Help Groups is one of the top priorities of the government.
    • The Centre and Asian Development Bank (ADB) has signed an agreement to extend 91 million US dollar loan to modernize the Vijayanagara Channel Irrigation Systems and prepare river basin management plans in the Krishna river basin. It will help improve irrigation water use efficiency and contribute to improving sustainable water security in Karnataka.
    • ICICI Lombard has been partnering with Fino Payments Bank to offer non-life insurance solutions to its customers. Some of these offerings include Hospicash that provide customers with the means to cover their loss of income, especially in the case of migrant workers, if they are hospitalized. ICICI Lombard and Fino also launched Dengue and Malaria policy which covers treatment to Dengue and Malarial diseases up to Rs. 10,000 at a premium as low as Rs. 49.
    • The National Council of Applied Economic Research (NCAER) has pegged India’s gross domestic product (GDP) growth for 2019-20 at 4.9% as against 6.8 % in 2018 (or FY-19).
    • The Reserve Bank of India superseded the board of debt-laden Dewan Housing Finance Corporation Limited (DHFL) as it intends to shortly initiate the process of resolution of the company under the insolvency and bankruptcy rules. The company is all set to become India’s first financier to land up in bankruptcy courts.
    • The RBI expanded the scope of Special Non-Resident Rupee Accounts (SNRR account) by permitting non-residents to open such accounts for rupee-denominated overseas borrowings, trade credit and trade invoicing for popularising cross-border transactions in the domestic currency. Any person resident outside India, having a business interest in India, can open a non-interest bearing Special Non-Resident Rupee Account (SNRR account) with a bank for bona fide transactions in rupees. The restriction on the tenure of SNRR account, which is currently 7 years, has also been removed.
    • Muthoot Finance Ltd, the largest gold loan non-banking finance company in the country, entered into a definitive agreement to acquire IDBI Asset Management Ltd and IDBI Mutual Fund Trustee Company Ltd. Muthoot Finance will purchase 100 per cent equity shares of IDBI Asset Management and IDBI MF Trustee for a total consideration of Rs 215 crore.
    • Minister for Housing and Urban Affairs has launched Credit-linked Subsidy Services Awas Portal, CLAP, in New Delhi. The portal provides a transparent and robust real-time web-based monitoring system for credit-linked Subsidy Services, CLSS, beneficiaries. Using the portal, a beneficiary can track his application status in real-time.
    • Madhya Pradesh government has announced 5% reservation to national and international medallists sportspersons in state government jobs.
    • The Etawah Lion Safari, formally known as Etawah Safari Park was thrown open for public in Uttar Pradesh without the lion segment. It is a drive-through safari park located in Etawah, Uttar Pradesh and is one of the biggest safari parks in Asia with an area of 350 hectares (860 acres).
    • CM of Odisha Naveen Patnaik inaugurated the National Tribal Craft Mela – 2019 in Bhubaneswar. The objective is to preserve, promote and popularise traditional tribal art and craft and help the artisans to find better opportunities to develop their skills through cross-cultural interactions for commercial viability of their products.
    • Uttar Pradesh government is launching a massive immunisation campaign against the filariasis or Filaria. The central government has set the year 2021 as the deadline for complete eradication of filaria in the country. Filaria is spread by infected mosquitoes, especially through the parasitic Culex fatigans female mosquito.
    • SEBI imposed a total fine of Rs 40.5 lakh on 7 companies for indulging in fraudulent trading in the illiquid stock options segment on the BSE. The total fine levied on the firms, Rs 10.5 lakh was levied on Green Venture Securities Management Pvt Ltd while Morgan Financial Services, Niranjan Housing, Navrang Tradelinks, Niranjan Metallic, Nishu Leasing and Finance and Midpoint Tradelink faced a fine of Rs 5 lakh each.
    • NewQuest-backed U GRO Capital inked an SME loan co-origination agreement with SBI to facilitate broader credit outreach and faster disbursal. The alliance to leverage U GRO Capital’s proprietary technology platform ‘GRO-Xstream’ to provide in-principle loan approval within 60 minutes.
    • Reliance Industries Limited (RIL) is the first Indian company to cross Rs.9.5 lakh in market capitalization (m-cap). TCS, RIL’s closest rival in market capital had a share price of Rs.2,110, 2% lower on BSE and m-cap of Rs.7,71,996.87 crore.
    •  RBI has expressed concern over rising bad loans from Pradhan Mantri MUDRA Yojana (PMMY). This scheme was announced by Prime Minister Narendra Modi in April 2015, which offers faster credit, with ticket sizes starting from ₹50,000 and going up to ₹10 lakh, to small businesses. According to RBI, the percentage of MUDRA loans were at 2.52% in 2017-18, It has now raised to 2.89% in 2018-19.
    • The Asian Development Bank has approved the 2nd tranche of USD 150 million (about Rs 1,065 crore) for West Bengal to boost capital investment and infrastructure in the state.
    • Global rating agency Moody’s expects the Centre’s fiscal deficit to touch 3.7% of the GDP. For all the state governments, the fiscal deficit estimated to be around 3 %.
    •  The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹1.50 crore on Corporation Bank for non-compliance with certain provisions of directions issued by RBI. 
    •  India’s GDP growth hit an over six-year low of 4.5 percent in July-September 2019, dragged mainly by deceleration in manufacturing output and subdued farm sector activity.
    • Aditya Birla Finance became the first company to list its commercial papers borrowing of Rs 100 crore on the bourses. The Kumarmangalam Birla-led company listed its CPs on NSE with a value date of November 28, 2019 and maturity date on February 7, 2020 on BSE and NSE, both the bourses.