BANKING Awareness October 2017

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ADB, India Sign $65.5 Million Loan to Support Coastal Protection in Karnataka

The Asian Development Bank (ADB) and the Government of India have signed a $65.5 million loan agreement at Bengaluru to continue

interventions to check coastal erosion on the western coast in Karnataka.

The loan is the second tranche of a $250 million financing facility under the Sustainable Coastal Protection and Management Investment

Program. The financing will be used to address immediate coastal protection needs and strengthen Karnataka’s Public Works, Ports, and

Inland Water Transport Department.

The Government of India and World Bank sign $200 Million Loan Agreement for the Assam Agribusiness and Rural Transformation

Project.

The Government of India and the World Bank today signed a $200 million Loan Agreement for the Assam Agribusiness and Rural

Transformation Project.

The Project will support the Government of Assam to facilitate agri-business investments, increase agriculture productivity and market

access, and enable small farm holders produce crops that are resilient to recurrent floods or droughts in the state.

SBI extends Rs. 2,317 crore for rooftop solar projects

StateBankofIndia(SBI)hassanctionedloansworthRs.2,317croretorooftopsolarpowerprojectsforanaggregatecapacityof575MWtoahostofcorporateentitiesincludingtheAdaniGroup,

JSWEnergy,TataRenewableEnergyamongothers.

Thisfollowsalineofcreditof$625 million availedbythelenderfromtheWorldBankforon-lendingtoviablegridConnected

RooftopSolarprojects

Govt sets up Arun Jaitley-panel to oversee PSU bank mergers

Members of the panel on PSU bank consolidation include railway and coal minister Piyush Goyal, and defence minister Nirmala

Sitharaman

“Govt walks the talk on banking reforms; constitutes Alternative Mechanism for PSBs consolidation; Finance Minister to head,”

The consolidation of struggling state-run banks, which have a market share of about 70% and account for over 80% of bad loans in the

Indian banking system, is aimed at building scale and bolstering their risk-taking ability.

The idea of bank mergers has been around since at least 1991, when former Reserve Bank of India (RBI) governor M. Narasimham

recommended the government merge banks into a three-tiered structure, with three large banks with an international presence at the

top.

In 2014, the P. J. Nayak panel suggested that the government either merge or privatize state-owned banks.

TheStateBankofIndiamergedoperationsoffiveofitsassociatebanksandBharatiya Mahila Bankwithitselfearlierthisyear,

markingthefirstconsolidationmoveinthesectorfollowingthebadloancrisis.

Themergerhasreducedthenumberofstate-controlledbanksto21from26.

Mandatory use of PFMS to help monitor fund flow to schemes: Finance Minister Arun Jaitley

Withthecapabilityofprovidingrealtimeinformation,theWeb-basedsoftwareappPFMShastremendouspotentialtoimprove

programme/financialmanagement,reducethefloatinthefinancialsystemsbyenabling"justintime"releasesandalsothe

governmentborrowingswithdirectimpactoninterestcost

"PFMS...wouldhelpintrackingandmonitoringtheflowoffundstotheimplementingagencies

Transcorp launchespre-paidcardinassociationwithYesBank

ForexandinwardsolutionsproviderTranscorp Internationaltodaylaunchedaplatinumpre-paidcardinassociationwithYesBankthatcanbeusedfortransactionsinstoresandATMsacrossthecountry.

ThecardisbeinglaunchedinassociationwithRUPAYIndia’sveryownswitchpoweredbyNPCI

Star Health launches insurance plans for cancer patients

StarHealthandAlliedInsurance(SHAI)hasintroducedwhatitcallsanindustry-firsthealthinsurancecoverforpeoplealready

diagnosedwithcancer.

Thenewhealthinsurancescheme,Star Cancer Care Gold,comesintwosum-insuredoptions— ₹3lakhand₹5lakh.Personsintheagegroupfivemonthsto65years,whohavealreadybeendiagnosed

withcancer(stage1and2),cantakethisinsurance.“Thisisthefirst-everinsurancecoverforcancer-affectedpeople.

SEBI revises block deal norms, minimum order size hiked to Rs10 croreSEBIsetsuptwoseparatetradingwindowsof15minuteseachforblockdeals,

increasestheminimumordersizetoRs10croreBLOCK DEAL – 5 lakh shares or 5 crore deal in single transaction

Thetransactionpriceofashareshouldbewithinplusorminus1%ofthepreviousday’sclosing.Asperthecurrentframework,blockdealsareallowedduringa35-

minutewindow—between9.15am and 9.50am.

Underthenewrules,SEBI wouldprovidetwoblockdealwindows—morningandafternoon—of15minutesdurationeach.Besides,theregulatorhasincreasedtheminimumordersizeforexecutionoftradesintheblockdealwindowtoRs10

crore.Presently,blockdealforsharesworthRs 5 crore throughasingletransactionis

allowed.

SBISlashedIMPSServiceChargesupto80%

TheStateBankofIndia hasslashed ImmediatePaymentService(IMPS)chargesupto80percent.

IftheusersaredoinganonlinetransactionofmoneyafterselectingIMPSoption,thentheywillhavetopay80%lesschargethanwhattheyusedto

payearlier.

Aftertherevision,noIMPSservicechargewillbeimposedononlinetransactionsunderRs1000.

Rs 1000andbelow FreeRs 1001toRs 10,000 Rs 1Rs 10,001toRs 1lakh Rs 2Rs 100,001toRs 2lakh Rs 3

EarlierinJune,fortransactionsbelowRs 1lakh,SBIchargedRs 5plusservicetax.TransfersaboveRs 1lakhanduptoRs 2lakhwerechargedRs 15plusservicetax.For

transactionsaboveRs 2lakhanduptoRs 5lakh,thebankchargedRs 25plusservicetax.

ICICIBank,HDFCBankandAxisBankhavesimilarchargesforIMPSastheabove.IMPSsawa33%increaseinthetotaltransactionstakingplacebetweenAugustand

September2017.

TherewasaslightincreaseinthetotalnumberofMobileMoneyIDs(MMID),accordingtodatapublishedbytheNationalPaymentsCorporationofIndia,whichownsand

operatesIMPS.

IMmediate PaymentSystem(IMPS) by NationalPaymentCoorporation ofIndia(NPCI)

IMPS isreal-timeremittanceserviceavailableanytime,anywhereacrossIndia.UsingIMPScustomerscantransfermoneyreal-timetoanypersonortoamerchant,forany

personalorcommercialpurpose.

IMPSisavailableround-the-clockandoperatesevenduringbankholiday,weekendsorfestiveholidays.

IMPScanbeusedonanyplatform- Mobile,InternetandATMacrossanybankinIndia.Foranytransfer,IMPSistheanswer.

Benefits:-

InstantdomesticfundtransferAvailable365X24X7(yes!weworkonholidaystoo)

SafeandsecureEasilyaccessibleCosteffective

AvailableonMobile,InternetandATMMultipletransferinputoptionstochoosefrom,forinitiatingtransactions,

suchasIFSC/MMID/Accountno./AADHAARno.Multipleaccessmechanismtochoosefrom.

YoucanuseIMPStotransferfundstoyourlovedones,paymerchantsaftershopping,paybillsandfeesandpayformanymoreserviceslistedbelow:-

1. FundTransferServices2. InstantAccounttoAccountFundTransfer/Remittance

3. InstantAccounttoWalletandViceversa4. MerchantPayments

5. Mobiletop-up/DTHtop-up6. Schools&CollegesFeepayments

7. UtilityBillpayments8. Onlineshopping

9. GroceryBillsPayment10. Insurancepremiumpayment11. Over-the-counterpayments

12. Feespaymentstoschools/colleges/universities13. Travel&Ticketing

14. CreditCardBillPayment15. Donationtoreligiousinstitutes

RBIimposesRs2crorepenaltyonIDFCBank,Rs6croreonYesBank

TheReserveBankofIndia(RBI) slappedaRs6crorepenaltyonYesBankLtdforbreachingitsrulesonclassifyingnon-performingassetsandfailingtoreportasecurity

incidentinvolvingitsATMsontime

TheReserveBankofIndia hasimposeda monetarypenaltyofRs2croreonIDFCBank pertainingtobreachingregulationsongivingloansandadvances.

Inanotification,RBIsaidYesBank violatedtheIncomeRecognitionAssetClassification(IRAC)norms ondealingwithassessmentofbadloansasofMarch-end2016.

YesBankwasoneofthreeprivatesectorlenderswhichhadreportedasharpdivergencebetweentheirassetqualityclassificationandprovisioningfor2015-16,andwhattheRBIdeemednecessary.

Initsannualreportfor2016-17,thebanksaiditsbadloanclassificationofRs748.9croreattheendofMarch2016variedfromthatofRBItothetune

ofRs4,176crore.

RBI’sbadloanassessmentwas558%morethanwhatYesBankhadreported.

RBIalsosaidYesBankfailedtoreportacyber-securityattackonitsATMnetworkwithintheprescribedtimeframe.

Carddataof3.2millionuserswasstolenbetween25Mayand10July2016fromanetworkofYesBankATMsmanaged

byHitachiPaymentServicesPvt.Ltd, butitwasonlyinSeptemberthatyearthatbanksandpaymentsservicesprovidersbecameawareoftheextentofthebreach.

InthecaseofIDFCBank,RBIsaidthebankfailedtocomplywiththeregulationspertainting tosanction/renewalof

loansandadvances.

RBItoMakeLEIMustforCompanieswithOverRs5CroreExposure

Aftermaking LegalEntityIdentifier(LEI) mandatoryfortransactionsininterestrate,forex andcreditderivativemarket, theReserveBankofIndia(RBI)issettomakeLEIcompulsoryforcompanieshavingaggregatefund-

basedandnon-fundbasedexposureoverRs5crore.

BankswillberequiredtocapturethisnumberintheCentralRepositoryofInformationonLargeCredits(CRILC)databasethatcapturesdetailsofloan

aboveRs5crore.

TheLEInumberwillhelpbanksinmonitoringtheaggregateexposureofcorporateborrowers.

Itwouldalsoenablebanksinpreventingmultipleloanstocompaniesagainstthesamecollateral.

FirmscanobtaintheirLEIcodefromLegalEntityIdentifierIndiaLtd.(LEIL),whichisawhollyowned

subsidiaryofClearingCorporationIndiaLtd.

LEILis recognised byRBIasissuerofLEIunderthePaymentandSettlementSystemsAct,2007.

ApartfromtheLEIL,anylocaloperatingunitaccreditedbyGLEIF canissueLEInumbers.

InJune,thecentralbankhasmademandatoryallparticipantsintheOver-the-Counter(OTC) marketsforRupeeInterestRatederivatives,foreigncurrencyderivativesandcreditderivativesinIndia,toobtainLEIinaphasedmanner

startingfromAugust1tillMarch31,2018

WhatisanLEI?

TheLEIisaglobalreferencenumberthatuniquelyidentifieseverylegalentityorstructurethatispartytoafinancialtransaction,inanyjurisdiction.

Itisa unique20digitalphanumericcode thatisassignedtoalegalentity.

Rajnish Kumar, the NEW chairman of State Bank of India

NPAs and improving profitability = his top priorities.

three-year appointment

25th chairman of the nation’s largest lender.

In the three months April to June 2017, SBI’s gross NPAs rose to 9.97 per cent from 7.40 per cent and net NPAs jumped to 5.97 per cent from 4.36 per

cent. Retail NPAs grew 1.56 per cent to Rs 7,632 crore, while bad loans in the agri book grew 9.51 per cent to Rs 17,988 crore.

Cabinet Approves Rs 2.11 lakh Crore PSBs' Capitalisation Plan

TheIndiangovernmenthasannouncedanallocationof Rs2.11lakhcroreover2years fortherecapitalizationofpublicsectorbanksinabidtocleanbanks'booksand

reviveinvestmentinaslowingeconomy.

Aspartoftheplan,thegovernmentwillessentiallyissuebondstobanksworthRs1.35lakhcrorewhileRs76,000crorewillcomethroughbudgetarysupport.

Lenderswillsubscribetothesebondsaspartoftheirinvestmentportfolio.Themoneyraisedbythegovernmentwillthenbeusedtorecapitalizebanks.

ThefinanceministersaidbankswouldgetRs 18,000 crore undertheIndradhanushplan.

MissionIndradhanush isa7-prongedplantoaddressthechallengesfacedbypublicsectorbanks(PSBs).

ManyofthemeasurestakenweresuggestedbyPJNayak committeeonBankingsectorreformsasindicated.

The7partsincludeappointments,Banksboardbureau,capitalisation,de-stressing,empowerment,frameworkofaccountabilityandgovernancereforms(ABCDEFG)

The 7 parts include

AppointmentsBanksboardbureau

capitalisationde-stressing

Empowermentframeworkofaccountability

governancereforms(ABCDEFG)

UndertheIndradhanush Plan,theGovernmentofIndiaproposestomakeavailableRs.70,000croresoutofbudgetaryallocationsforfour

yearsasperthefiguresgivenbelow:

FinancialYear2015-16:Rs.25,000crore

FinancialYear2016-17:Rs.25,000crore

FinancialYear2017-18:Rs.10,000crore

FinancialYear2018-19:Rs.10,000crore

s

EEPCIndiaSignsPactwithPunjabNationalBank

TheEngineeringExportPromotionCouncil(EEPC)ofIndia, ThepremierbodyformerchantandSMEexporters,signedaMemorandumofUnderstandingwith PunjabNationalBank (PNB)toprovideeasy access to export finance totheexportingcommunity.

PNBwillprovidefinancewithassurancethatloansuptoRs.10crorewouldbeprovidedwithinsixtosevenweeksatcompetitiverates.

Aspertheagreement,PNBwouldalsoextendEEPCforeigncurrencyloanfacilities andprovideadvisorysupporttofinancingprojectsthroughits200-oddauthorizedforeign

exchangebranches.

Besides,theexporterswouldbeprovidedwithgoldcardsunderwhichadditionalbenefitslikequickerdisbursal

IndusIndBankLaunchesm-walletwithMobiKwik

IndusIndBank,inassociationwith MobiKwik had announcedthelaunchofaco-brandedwallet ‘IndusIndMobiKwik’ thatallowsitscustomerstopayatthe

MobiKwikmerchantnetworkusingtheiraccounts, witha’DirectDebitFeature’.

ThedirectdebitfeaturewillallowIndusIndBankaccountholderstolinktheiraccountsjustonceandpayusingtheco-brandedappasandwhenrequired,therebyeliminatingtheneedtoloadtheMobiKwikprepaidwalletseparately.

MobiKwikappisaleadingmobilepaymentplatformwithanetworkofover20,00,000directmerchantsandover65millionusers.

BipinPreetSinghistheCEOofMobiKwik.

SBILaunched‘2nd SBIDigitalHackathon’

TheStateBankofIndia haslaunchedthe secondeditionofitsHackathon named 'DigitizeForBank.'

Thishackathon willbeheldfrom1st to12th November2017.

ItispresentedbySBICollaborativeInnovationCentre(CIC).

Thiseditionfocuseson four‘Cognitive’themes namelyFacialRecognition

SignatureRecognitionVoicebasedAuthentication

ChequeTruncationValueEnhancers

IPPBAppointsSureshSethi asitsMD&CEO

IndiaPostPaymentsBank(IPPB) hasappointed Mr.SureshSethi asitsManagingDirector&ChiefExecutiveOfficer.

Mr Sethi wastheformerMDofVodafoneM-Pesa Ltd.

Mr.Sethi takesoverfrom Mr.A.P.SinghwhohadbeentheinterimMD&CEOofIPPBsinceJanuary2017.

IPPBwaslaunchedonJanuary30th 2017inRanchiandRaipurwiththeobjectiveofbeingpresentinallcornersofIndiabytheendoftheyear.

TaglineofIPPB:Aapka bank,aapke dwaar

IPPBisHeadquarteredinNewDelhi.

PMLA: Banks to now Match Original IDs with Photocopies

TheGovernmenthasmadeit mandatoryforbanksandfinancialinstitutions tocheckthe originalidentificationdocuments ofindividualsdealingincashabovethe

prescribedthreshold,toweedouttheuseofforgedorfakecopies.

TheDepartmentofRevenueintheFinanceMinistry hasissuedagazettenotificationmakinganamendmenttothe PreventionofMoney-laundering(Maintenanceof

Records)Rules.

Thenewrulenowrequiresthereportingentitytocompare"thecopyofofficiallyvalid(identification)documentsoproducedbytheclientwiththeoriginaland

recordingthesameonthecopy".

ThePreventionofMoneyLaunderingAct (PMLA) formsthecoreofthelegalframeworkputinplacebyIndiatocombatmoneylaunderingandgenerationofblackmoney.

The PMLA anditsrulesimposetheobligationonreportingentitieslikebanks,financialinstitutionsandintermediariestoverifytheidentityofclients,maintainrecordsand

furnishinformationto Financial Intelligence Unit of India (FIU-IND)

AsperRule9,everyreportingentityshallatthetimeofcommencementofanaccount-basedrelationship,identifyitsclients,verifytheiridentityandobtaininformationonthe

purposeandintendednatureofthebusinessrelationship.

Intermediarieslikestockbroker,chitfundcompany,cooperativebank,housingfinanceinstitutionandnon-bankingfinancecompaniesarealsoclassifiedasreportingentities

Biometricidentificationnumber Aadhaarandotherofficialdocumentsarerequiredtobeobtainedbythereportingentitiesfromanyoneopeningabankaccountaswellas

foranyfinancialtransactionof Rs50,000andabove.

ThesameisalsorequiredforallcashdealingofmorethanRs10lakhoritsequivalentinforeigncurrency,cashtransactionswhereforgedorcounterfeitcurrencynoteshave

beenusedandallsuspicioustransactions.

AllcrossborderwiretransfersofmorethanRs5lakhinforeigncurrency andpurchaseandsaleofimmovablepropertyvaluedatRs50lakhormorealsofallunderthis

category,accordingtothereportingrules.

BankstoProvideFundsat7%toWomenSHGsunderDAY-NRLM:RBI

TheRBI hasissuedguidelinestobankswillprovidefundstowomenselfhelpgroups,SHGs,inruralareasat 7percent undertheDeendayal Antyodaya Yojana-NationalRuralLivelihoodsMission(DAY-NRLM)inthecurrentfiscal(2017-18).

Thecentralbankhasrevisedguidelinesoninterestsubventionschemeunder DAY-NRLM, asreceivedfromtheMinistryofRuralDevelopmentforimplementation

by 21publicsectorbanks and19privatebanks.

"AllwomenSHGswillbeeligibleforinterestsubventiononcreditupto Rs3lakhat7percentperannum.

interestsubventionschemeoncredittowomenSHGduring2017-18isapplicablein250districtsacrossthecountry.

Aajeevika - NationalRuralLivelihoodsMission(NRLM) waslaunchedbytheMinistryofRuralDevelopment(MoRD),GovernmentofIndiainJune2011.

NRLMsetoutwithanagendatocover7Croreruralpoorhouseholds,across600districts,6000blocks,2.5lakhGramPanchayatsand6lakhvillagesinthecountrythroughself-managedSelfHelpGroups(SHGs) andfederatedinstitutionsand

supportthemforlivelihoodscollectivesinaperiodof8-10years.

InNovember2015,theprogramwasrenamedDeendayal Antayodaya Yojana(DAY-NRLM).

YesBankCommitsRs156cr forNamamiGange Project

PrivatesectorYesBank hascommitted Rs156croretofundfirstSewageTreatmentPlant(STP) tobeconstructedatVaranasi

underHybridAnnuity-PPPModel.

ThebankhassignedadealwithEssel Infraprojects forthefinancialclosureofRs156crorethatwillfundtheSTPunder

NamamiGange Project.

YesBankPartnerswithAbuDhabiGlobalMarketsforCollaborationonFintech

AbuDhabiGlobalMarket(ADGM), theInternationalFinancialCentrein AbuDhabi, and YesBank havesignedamemorandumofunderstandingtofurtherfostercross-borderexchangebetweenthe fintechecosystemsoftheUnitedArabEmirates

andIndia.

ThecollaborationwillenablefintechinnovatorsfromtheMiddleEastregionandIndiatoapplyintoYesFinTech programmesandthe ADGM’sRegulatoryLaboratoryandwill

gettheopportunitytoexpandintoeachother’smarkets.

YesBankwhichisIndia'sfifthlargestprivatesectorbank hasanin-housefintechaccelerator(YesFinTech),whichisaplatformforYesBankandfintechstartupstoco-createinnovativesolutionsandpartnerintakingthesolutiontothebank’scustomers

UnionBanklaunchesbilingualAndroidApp

UnionBankofIndia haslaunchedan Androidapp,UnionSahyog, aspartofitsdrivetodigitise customer-facingbankingservices.

The UnionSahyog appisbilingual— offeringbothEnglishandHindilanguage— andpacksinallmobile-basedbankingapplications, missedcall/SMS-based services,

Internetbankingloginandself-usercreation,depositandloanproductinformation,onlineaccountopening,onlineloanapplication,onlinecomplaintsandevenRTI.

Italsooffersextrassuchasbranchlocator, EMIcalculator,socialmedia linksanddigitalbankinginformation.

UnionSahyog iscurrentlyavailablefordownloadontheGooglePlayStore.AniOSversionisintheworks

OdishaGovernmentDepartmentSignsMOUwithSBI

TheOdishagovernment'sDirectorateofTreasuriesandInspection andthe StateBankofIndia havesignedanMOUforintegrationofSBIe-Paywiththecyber

treasury.

TheMoUisalandmarkinitiativebythestategovernmenttofacilitaterevenuecollectionfromcitizensthroughdigitalbankingplatform.

TheSBIe-Payisthepaymentaggregatorservicewingofthebankwhichwillfacilitateonlinepaymentofgovernmentduesbythecustomersofanypublic/

privatesectorbanksbyusingthepaymentgatewayofSBI.

GICReLaunchedIndia’sThirdLargestIPO

GeneralInsuranceCorpofIndia(GICRe) kickedoffitsmegaRs11,370croreinitialpublicoffer(IPO).

ItisthelargestIPOinIndiainsevenyears.

ThisisIndia'sthirdbiggestIPO everafterCoalIndia'sRs15,200croreandReliancePower'sRs11,700croreissues.

GICReisthelargestreinsurancecompanyinIndiaandaccountedforabout60%ofthepremiumscededbyIndianinsurerstoreinsurersduringfiscal2017,accordingtoCrisil

Research.

Reinsuranceisinsurancepurchasedbyaninsurancecompanyfromotherinsurancefirmstomanagetheirrisk.

SBILaunchedSME Assist forMSMEClients

TheStateBankofIndia haslaunchedanewproducttoprovidea short-termworkingcapitaldemandloantoitsMSMEclients.

Thenewinitiative, calledSMEAssist, wouldofferloanstoMSMEcustomersonthebasisoftheirinputcreditclaimsunderGoodsandServicesTax(GST).

Thisproductwillhelpthemmanagetheirworkingcapitalrequirementstillthetimetheygetinputcredit.Itwillalsohelpstabilise theSMEstoruntheiroperations

withoutanyhurdle,

TheloanprocessingfeeundertheschemeisRs2,000.

Thecompaniesapplyingforaloanundertheproducthavetoprovideacertificatefromtheircharteredaccountantconfirmingtheinputcreditclaims.

Underthescheme,theSMEborrowerswouldhaveamoratoriumperiodforthefirstthreemonths.

Thead-hocamountcanberepaideitherinonebulletpaymentorinsixEMIsinthenextsixmonthsafterthemoratoriumperiodisover.TheSMEcustomersof

thebankcanavailoftheloanunderthefacilitytillMarch31,2018

HSBCLaunchesApptoTrackTradeTransactions

HSBC(Hongkong andShanghaiBankingCorporation) announcedthelaunchofa mobileapp- Trade Transaction Tracker - tohelpcustomerstrackthestatusoftheir

tradetransactionsonareal-timebasis.

ThisfeaturehasbeenbuiltintotheexistingHSBCnet mobileapplicationandhasbeenlaunchedinselectedcountriesinwhichHSBCoperates,includingIndia.

Itwillprovideaglobalviewofimportandexportdocumentarycreditandcollectionstransactions,acrossmarketsinonesingleapp.

INDIACEO: JayantRikhye appointedHSBCIndiaCEO,replacesStuartMilne

GlobalCEO– JOHN FLINT, Replaces Stuart Gulliver

SBItoSetUpCountry'sLargestInnovationCentreatMumbai

Thenation'slargestlender StateBankofIndiaiscreatinga15,000-sqft innovationcenterinNavi MumbaiinvestingaroundRs100crore.

Thecenter,tobebuiltatitsGlobalITCentreinBelapur inNavi Mumbai,willbethelargestinnovationcenterbyanyfinancialservicescompanyinthecountry.

TheinnovationcenterispartofaRs200-croreallocationthatthebankhasearmarkedforinnovation2016.

Apartfromtheproposedinnovationcentre,Rs50croreisallocatedforprocurementsfrominnovativestartupsandtakingequitystakesinnewcompanies,whilethe

remainingRs50croreisforotherneedslikesoftwareprocurementsetc

ICICIBankAidtoArmedForces

ICICIBank,thecountry'slargestprivatesectorbankbyconsolidatedassets,committedfinancialassistanceof Rs.10croretotheIndianArmedForces.

ThiscontributionbyICICIBankwouldbemadeintwoequaltranches.Thisfundwillbeusedfortwoprograms.

Thefirstwillsupportpost-graduationeducation ofthewidowsofthesoldiersandeducationfortheirwards.

Thesecondprogramwillprovidefinancialassistance formarriagesofthedaughtersofex-servicemen.

PNBMetLifeAppointsAshish Srivastava asMD&CEO

PNBMetLifeIndiaInsuranceCompanyLtd(PNBMetLife),alifeinsurer,hasappointed Ashish Srivastava asanewManagingDirector&ChiefExecutive

Officerofthecompany.

RBI to soon Launch Financial Literacy Drive in 9 States

TheReserveBankofIndia(RBI) istolaunchafinancialliteracydrivein 80blocksinninestates onthepilotbasistoeducatepeopleon e-transactions,formalsectorborrowings

andinsurancepurchases.

SixNGOsregisteredwiththeDepositorEducationandAwarenessFund-- CRISILFoundation,Dhan Foundation,Swadhaar FinAccess,IndianSchoolofMicroFinanceforWomen(ISMW),Samarpit andthePACEFoundation-- havebeenselectedtoexecutethe

pilotprojectincollaborationwithbanks.

Thepilotproject,accordingtoRBIwillbecommissionedinthe 9states ofMaharashtra,Chhattisgarh,Bihar,Odisha,Karnataka,Telangana,AndhraPradesh,HaryanaandUttar

Pradeshbythe 6NGOs incollaborationwiththe sponsorBanks.

ThetotalcostofthepilotprojectoveraperiodofthreeyearsisRs18.40crore.

TheaimoftheCFL(CentreforFinancialLiteracy) istoinculcatethehabitofmakingahouseholdbudgetandrecordingfinancialtransactions,encouragetransactionsinsavingsaccounts,andactivesavingbydepositinginbanks

throughfixeddepositsandrecurringdeposits.

Besides,thepilotprojectaimstoensurepeopleborrowfromformalfinanceinstitutionsandapproachbankingOmbudsmanforredressalof

theirgrievances.

Itwillalso"encouragee-transactionsthroughelectronicmeansviz NEFT,RTGS,IMPS,InternetBanking,MobileBanking,UPI(UnifiedPayment

Interface)etc

Vijaya BankInksMoUwithHPCLforDigitalPayments

Vijaya Bank hasenteredintoanMoU with HindustanPetroleumCorporationLtd(HPCL) forenablingallHPCLretailoutlets withBHIM/UPImerchantsolutions.

ThisrolloutwillempowerallpetrolpumpattendantsandLPGdeliverypersonneltoacceptdigitalpayments.

CustomerscanmakepaymentsbyscanningapaymentQRcode,usingBHIMVijaya oranyBHIMappthatsupportspaymentsviaUPI.

BothVijaya BankandHPCLhaveinkedthepactinlinewiththeGOIinitiativetoencouragedigitalpayments,especiallyBHIM/UPI.

TataAIALifeLaunchesCHATBOT‘Eazy Connect’

PrivateinsurerTataAIALife announcedthelaunchof ‘Eazy Connect’,thatwillextendonlinecustomerservicetosocialmediaplatforms.

Thechatbot willbeavailablethroughsocialmediaplatformsandisdevelopedtorespondtothemostfrequentlyaskedqueries.

Thechatbot isdevelopedtorespondtothemostfrequentlyaskedqueriesandwillprovide24/7service.

ReserveBankofIndiaOpensBranchinDehradun

TheReserveBankofIndia openedabranchinthe Dehradun city tomaketransactionsofthe

Uttarakhand Stategovernmentmoreconvenient.

Uttarakhand ChiefMinister Trivendra SinghRawatinauguratedtheRBI'sBranch.

Earlier,thestategovernmenthadtodofinancialtransactionsthroughtheKanpurbranchoftheRBI.

HDFCLifeLaunchedNeo,aBot forTwitter

HDFCLifeInsuranceCompany haslaunched'Neo', aservicing bot forTwitter thatusesartificialintelligenceforcustomerservice.

Itisaspartofitscontinuedeffortstowardsofferingmoreconveniencetocustomersthroughutilizationof robotics and artificialintelligence solutions

Thisisthesecondbot putinoperationbyHDFCLife,afterthelaunchof SPOK,whichwasanemailbot toanswercustomerqueries.

TheNeobot willbeavailable24/7andhasthecapabilitytoauthenticatecustomersandgivefrequentlysoughtdetails,likefundvalue,sumassuredandpremiumamount.

HDFCLifehastakenupthisendeavour inpartnershipwith SmartConnect Technologies

AirIndiaTiesupwithPNB,IndusInd

AirIndiahastiedupwithpublicsectorlenderPNBandprivatelenderIndusIndBank tosecureloanstothetuneofoverRs3,000croreformeetingworkingcapital

requirements.

Recently,thedisinvestment-boundAirIndiahadfloatedtendersforavailingGovt.guaranteebackedINRshort-termloanstotalling uptoRs3,250croreinthefirstphase

tomeetitsurgentworkingcapital.

BankswereaskedtosubmittheirfinancialbidsbySeptember19,indicatingtheamountofgovernment-guaranteedshort-termloanstheywerewillingtooffer.

PunjabNationalBankandIndusIndBankhavewonthemandate tolendAirIndiatheloan

UnderaturnaroundplanapprovedbythepreviousUPAgovernment,AirIndiaistoreceiveuptoRs30,231crorefromthegovernmentsubjectto

meetingcertainperformancethresholds.

The10-yearbailoutpackagebeganfrom2012.

OnJune28,theCabinetCommitteeonEconomicAffairs(CCEA) hadgivenin-principleapprovalforstrategicdisinvestmentofAirIndiaandfiveofits

subsidiaries

MCXlaunchesIndia’sfirstcommodityoptionsinGold.

LargestcommoditybourseMulti-CommodityExchangeofIndiaLtd(MCX)launchedIndia’sfirstcommodityoptionsingold.

ItwaslaunchedbyUnionFinanceMinisterArunJaitley.

Thegoldfuturescontractwillhavebi-monthlyduration.

Indiaranks8thin2017ValuableNationBrandList.

AccordingtoBrandFinance’srecentlyreleasedNationBrands2017report,Indiawasranked8thoutof100countries onalistofmost

valuablenationbrands.

ThisyearIndiaslippedbyonespotcomparedto7thrankin2016andcededitspreviousspottoCanada

Top10ValuableNationbrandsare

UnitedStates(1st),China(2nd),Germany(3rd),Japan(4th),UnitedKingdom (5th),France (6th),Canada(7th),India (8th),Italy(9th)and

SouthKorea(10th)

Intermsofvaluation,India’sNationalBrandValuein2017is$2.04trillion, downby1%fromlastyear’s$2.06trillion.

However,India’sbrandratinghasimprovedfrom‘AA-‘to‘AA”.

Despiteratingimprovement,Indiahasnotfeatureinlistof10bestperformingnationbrands

IMFlowersIndia’sgrowthforecastto6.7%.

TheInternationalMonetaryFund(IMF)initsOctoberWorldEconomicOutlook(WEO) hasloweredIndia’seconomicgrowthforecastat6.7%in

2017and7.4%in2018.

Itisslowerthan0.5and0.3percentagepointsprojectedearlierbyIMF.

InApril2017forecast,IMFhadrevisedupwardsIndia’sgrowthperformancefor2016to7.1%asopposedto6.8%.

ThereporthascitedimpactofdemonetisationandimplementationofGoodsandServicesTax(GST)forexpectedslowdownduringthecurrent

andthenext year.

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