Banking, Finance and Economy Current Affairs - August 2018 !!
By GovJobAdda, Bengaluru 1 year ago 332 Views
1. The six-member monetary policy committee (MPC) of the Reserve Bank of India (RBI) has increased the repo rate by 25 basis points to 6.5% due to inflation concerns.
Policy Repo Rate: 6.50%
Reverse Repo Rate : 6.25%
Marginal Standing Facility Rate: 6.75%
Bank Rate: 6.75%
Cash Reserve Ratio (CRR): 4%
Statutory Liquidity Ratio (SLR): 19.5%
2. HDFC chairman Deepak Parekh was reappointed as a non-executive director on the board of country’s largest mortgage lender Housing Development Finance Corp. Ltd (HDFC).
3. India's GDP growth to rise to 7.5% in this financial year, according to a Morgan Stanley report.
4. Mauritius-based SBM Group has received Reserve Bank of India’s approval to operate in the country through a wholly-owned subsidiary route.
5. NABARD has sanctioned Rs 722 crore for eight water projects in the rural areas of Haryana.
6. HDFC Life Insurance Company inked an agreement with Vijaya Bank to tap customers of the state-owned lender.
7. State Bank of India (SBI) has inked a pact with Reliance Jio Infocomm to integrate its digital banking solution Yono with MyJio application to boost digital payment.
8. Edelweiss Tokio Life insurance and Fincare Small Finance Bank (SFB) have announced a bancassurance partnership.
9. The government has appointed Rashtriya Swayamsevak Sangh (RSS) affiliate S Gurumurthy and Satish Marathe as part-time directors on the Reserve Bank of India board.
10. PayU India announced entering into a strategic partnership with Reliance Money, leading NBFC brands in India, to offer instant app-based personal loans, via LazyPay.
11. United India Insurance Company announced the appointment of S Gopakumar as its Director and General Manager with immediate effect.
12. State Bank of India (SBI) launched the Multi-Option Payment Acceptance Device or MOPAD, a unified payment option that accepts multiple payment methods.
13. PayPal, a global technology platform and digital payments leader, has announced its strategic partnership with and HDFC Bank to offer safer, faster and convenient payment experiences for the bank's card holders.
14. Axis Bank has become the first bank in the country to introduce Iris Scan Authentication feature for Aadhaar-based transactions through its micro ATM tablets.
15. Bajaj Allianz General Insurance has entered into a bancassurance deal with Vijaya Bank.
16. Exim Bank of India has signed a multilateral cooperation agreement with member development banks of BRICS to undertake “collaborative research” in distributed ledger/blockchain technology.
17. The board of IndusInd Bank has approved the appointment of two additional directors — Akila Krishnakumar and Anil Tiwari — as non-executive independent directors.
18. DBS Bank has been named the world's best bank by Global Finance magazine, in digital innovation while still maintaining stable operations for its customers.
19. The World Bank will provide a $250 million loan facility to Rajasthan for improving the performance of its electricity distribution sector.
20. The government of India and the World Bank have signed $300 million dollar loan agreements for India Energy Efficiency Scale up Programme.
21. ICICI Bank reappointed of Chanda Kochhar as a director on the board of ICICI Securities during the latter's annual general meeting.
22. The RBI has cancelled the licence of Rajasthan-based Bhilwara Mahila Urban Co-operative Bank as it does not have adequate capital and earning prospects.
23. International Monetary Fund (IMF) has projected India’s GDP (Gross Domestic Product) to grow at 7.5 % in the 2019-2020 fiscal year.
24. The United Arab Emirates (UAE) has emerged as the top source of inward remittances, while Kerala has received the maximum funds sent from abroad, according to the Reserve Bank of India’s survey of inward remittances for 2016-17. UAE’s share in total remittances was 26.9%, followed by the United States (22.9%), Saudi Arabia (11.6%), Qatar (6.5%) and Kuwait (5.5%).
25. The World Bank has launched the world’s first public bond named “Bondi” bond. It is created and managed using only blockchain technology.
26. According to the National Council of Applied Economic Research (NCAER) report, India’s growth forecast for the current fiscal (2018 - 19) is at 7.4%.
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