• Paytm has launched an Android POS device for small and medium businesses (SMEs) & merchant partners. The android based device will enable the merchants to accept payments in various ways like debit and credit cards, Paytm Wallet, UPI-based apps and cash.
  • Deposit Insurance and Credit Guarantee Corporation (DICGC) increases the insurance coverage for depositors in all insured banks from Rs 1 lakh to 5 lakh with effect from February 4, 2020, with the approval of Government of India.
  • Reliance General Insurance Company Limited has launched a comprehensive health insurance plan named “Reliance Health Infinity”. The policy offers 90 days pre and 180 days post hospitalization cover, along with sum insured ranging from Rs 3 lakh to Rs 1 crore, and free restore benefits.
  • RBI Monetary Policy Committee has released its 6th Bi-monthly Monetary Policy 2019-20. RBI MPC has decided to keep the policy repo rate unchanged to 5.15%.
  1. The repo rate under the liquidity adjustment facility (LAF) left unchanged to 5.15%.
  2. The reverse repo rate under the LAF stands same i.e. 4.90%.
  3. The marginal standing facility (MSF) rate and the Bank Rate also remains same i.e. 5.40%.
  4. RBI has increased the real GDP growth for fiscal year 2020-21 from 5% to 6%.
  • Fitch Ratings has estimated India’s GDP growth of 5.6% in the next FY21 in its India Economic Outlook. This forecast is lower than the projection made by the government’s Economic Survey. For the current fiscal 2019-20 (FY 20), GDP is projected at 4.6%. Fitch has also estimated that in the fiscal year 2022, government debt will remain 70% of total GDP.
  • RBI will conduct the “Financial Literacy Week 2020″ from February 10 to February 14, 2020. The theme of the Financial Literacy Week 2020 is “Micro, Small and Medium Enterprises (MSMEs)”.
  • The minimum net worth criterion for pension fund managers has been raised from Rs 25 crore to Rs 50 crore by the Pension Fund Regulatory and Development Authority (PFRDA). This will bring pension funds on par with mutual funds which have to meet a minimum net worth requirement of Rs 50 crores as per Securities and Exchange Board of India (SEBI) rules.
  • The instatnt messaging platform “WhatsApp” has received the National Payments Corporation of India’s approval to expand its Unified Payment Interface (UPI) services to 10 million users through “WhatsApp Pay”.
  • ADB has approved the funding of USD 2 million to combat the spread of novel coronavirus (nCoV). The funds will support the efforts to stop the outspread of novel coronavirus (nCoV) by supplementing ongoing regional technical assistance and strengthening response capacity in China, Thailand, Laos, Vietnam, Cambodia, and Myanmar.
  • The Union Ministry of Finance has notified ‘Printing of One Rupee Currency Notes Rules, 2020’ vide Gazzette Notification G.S.R. 95(E) dated February 7, 2020. “The One Rupee notes shall be printed at the note printing presses for issue under the authority of Government of India for circulation.
  • According to ‘The Banker’s Top 500 Banking Brands 2020’ report, IndusInd Bank has topped the list of ‘Highest increase in brand value’ among global banks. The brand value of Induslnd Bank has increased by 122% over the past 12 months, making it the highest placed for growth in brand value, across the globe.
  • The Economist Intelligence Unit has revised downwards its global growth forecast for 2020 to 2.2% from 2.3%. 
  • India’s reinsurance company, General Insurance Corporation of India (GIC Re) has received the license from Central Bank of the Russian Federation (Bank of Russia) to commence reinsurance business in Russia.
  • Markets regulator Sebi has constituted a Municipal Bonds Development Committee headed by Sujit Prasad. This committee will suggest on policy matters pertaining to the development of municipal debt securities and facilitate municipalities for issuance of such bonds.
  • Moody’s Investors Service has cut India’s 2020 Gross Domestic Product (GDP) growth forecast to 5.4% from 6.6% and the next financial year (2020-21) growth rate estimate to 5.8% from 6.7%.
  • The National Company Law Appellate Tribunal has allowed the Rs 19,700 crore resolution plan of JSW Steel to take over the bankrupt Bhushan Power and Steel.
  • As per the “World Population Review” report, India overtakes United Kingdom and France to become the 5th-largest world economy in 2019. India’s economy is the fifth-largest in the world with a gross domestic product (GDP) of $2.94 trillion.
  • HDFC Bank has teamed up with Mastercard and SAP Concur for spending management services for the corporate sector. Various services like corporate credit card for business travellers, providing a one-stop solution for payment and expense management during business trips will be offered by HDFC Bank.
  • An interactive AI Powered ChatBot solution “LIDEA” has been launched by Birla Estates for its customers. “LIDEA” will enable the users to access authentic information of the projects which can be used for the evaluation of the residential developments of Birla Estates. 
  • Securities and Exchange Board of India (SEBI) has allowed the use of regulatory sandbox by the market players on select customers.
  • National Bank for Agriculture and Rural Development (NABARD) has sanctioned 400.64 crore rupees to the Union Territory of Jammu and Kashmir. This sanction is for giving a boost to the infrastructure in the rural areas of J&K.
  • Microsoft announced a partnership with State Bank of India to train differently-abled people to find jobs in the banking, financial services and insurance (BFSI) sector.
  • National Payments Corporation of India (NPCI) has launched an industry campaign named “UPI Chalega” to promote UPI as Easy, Safe, and Instant mode of payment. The “UPI Chalega” campaign is aimed to guide users towards the right usage of Unified Payments Interface (UPI) and help create a habitual change, use of UPI in their daily life.
  • The Reserve bank of India removes the restrictions placed on Bandhan Bank, allowing it to open new branches without prior permission. The RBI came up with some regulatory conditions & directed the bank to order about 25% of the total banking outlets to be opened in rural areas where banking facilities are not available.
  • “Enhanced Access and Service Excellence (EASE) 3.0” has been launched by Finance Minister Nirmala Sitharaman along with the EASE 2.0 Annual Report at Indian Banks’ Association function. This has been launched for smart, tech-enabled banking for aspiring India.
  • The Asian Development Bank (ADB) has raised Rs 850 crore (USD 118 million) from a new issue of offshore Indian rupee-linked 10-year bonds. ADB’s India rupee bonds have been a “game-changer” for local currency operations.
  • The Airtel Payments Bank has launched the Aadhaar-enabled Payment System (AePS). The facility has been launched by the payment bank at over 2,50,000 banking points across India.
  • The Reserve Bank of India has directed all Scheduled Commercial Banks (excluding RRBs), all Small Finance Banks and all Local Area Banks to link all the new floating rate loans to medium enterprises with external benchmarks. 
  • Bharti AXA General Insurance, a private non-life insurer becomes the 1st company in India to use Whatsapp chatbot. Through this service, the company started delivering policies and renewal premium to its customers. 
  • HDFC Bank joined hands with the country’s largest airline IndiGo to launch a co-branded credit card, which will effectively work like a loyalty programme for the carrier. Its first travel credit card named ‘Ka-ching’- powered by Mastercard.