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Reliance Power, JERA ink loan agreement with banks for new power plant in Bangladesh
Reliance Power announced on 31st July that it has signed a loan agreement, along with Japanese utility JERA,
for $642 million with a group of lenders for their 745-megawatt gas-based project in Bangladesh.
Reliance Power hold 51% stake while JERA will hold 49% stake in the joint venture company.
National Bank of Bahrain selects Infosys Finacle for transformation of transaction banking business
National Bank of Bahrain and Infosys Finacle announced the bank's decision to adopt the Finacle Cash
Management Suite to digitally transform its transaction banking business.
India extended US$18 mn Line of Credit to Maldives for expansion of fishing facilities
India has extended the Line of Credit (LoC) worth US$18 million to the Government of Maldives for the
expansion of fishing facilities at Maldives Industrial Fisheries Company (MIFCO) based in Felivaru, Lhaviyani
Atoll, through the development of fish collection and storage facilities, and the setting up of a tuna cooked
plant and fishmeal plant.
The credit line agreement was signed by India’s Export-Import Bank (EXIM).
daily_current_affairss Ambitiousbaba.com Telegram Channel - @ambitiousbaba
Exim Bank extends $250 million line of credit to Mozambique
Export-Import Bank of India (Exim Bank) on 7th August said it has extended a USD 250-million (about Rs 1,870 crore) line of
credit (LOC) to Mozambique for improving power supply quality in the country.
With the signing of this LOC agreement, Exim Bank till date has extended 14 LOCs to Mozambique, taking their total value to USD
772.44 million.
Home-grown social media app ShareChat to get $100 million funding from Microsoft
Microsoft run enterprise is all set to invest about $100 million in the home-grown regional language social media app
ShareChat. ShareChat which has a user base of over 140 million monthly active users in the country did not respond to an email
query.
NPCI launches omni-channel loyalty platform ‘nth Rewards’
The National Payment Corporation of India (NPCI) has launched a loyalty platform named ‘nth Rewards’. Here nth represents
“infinite possibilities”.
Benefit: It is an analytics-enabled omnichannel multi-branded loyalty platform. It allows users to earn “nth” (infinite) loyalty
points through various bank transactions. These rewards point can be redeemed for various purposes including online shopping.
South Indian Bank gets RBI's nod to set up non-financial subsidiary
Private sector lender South Indian Bank (SIB) on 12th August announced the RBI has given an in-principle approval for setting
up a wholly owned non-financial subsidiary.
daily_current_affairss Ambitiousbaba.com Telegram Channel - @ambitiousbaba
RBI governor announces 'positive pay' feature to help avert cheque frauds
RBI Governor Shaktikanta Das on 13th August said that the banking system will move to a positive pay practice in
cheque transactions to curb frauds.
Under the 'positive pay' system, a customer who issues the cheque clicks a picture of the cheque before handing it over
to the beneficiary and uploads the same on the bank's mobile application.
"To enhance safety of cheque payments, it has been decided to introduce a mechanism of 'Positive Pay' for all cheques
of value Rs 50,000 and above.
India announces USD 500 million help in Maldives Connectivity project
Maldives has thanked India for its developmental assistance as budget support and greater Male connectivity project.
India support the implementation of GMCP in Maldives, through a financial package consisting of a grant of USD 100
million and a new Line of Credit of USD 400 million.
RBI mandates system-based asset classification for UCBs
The Reserve Bank of India (RBI) on 12th August asked urban co-operative banks (UCBs) with assets of ₹2,000 crore or
more to implement system-based asset classification from 30 June 2021.
System-based asset classification refers to asset classification (downgrading as well as upgrading) carried out by
computerized systems of a bank in an automated manner.
daily_current_affairss Ambitiousbaba.com Telegram Channel - @ambitiousbabaSBI General Insurance Launches ‘Shagun – Gift an insurance’ policy
SBI General Insurance, one of the leading general insurance companies in India, announced the launch of first-of-its-
kind offering, ‘Shagun – Gift an Insurance”, a unique gift of Personal Accident policy.
HSBC India launched green deposit programme for corporate clients
HSBC India on 21st August launched a “green deposit programme”, exclusively for corporate clients, under which
deposits will be used by the bank to finance green initiatives and environment friendly projects.
HSBC India Launched Omni Collect, a One Stop Solution to Businesses
HSBC India has launched Omni Collect, a one-stop solution in India. It supports businesses to offer multiple payment
options on a single platform.
It is designed for businesses to easily collect payments through various digital methods, thereby allowing them to
easily adapt to the changes in consumer spending.
Axis Bank introduced ‘Liberty Savings Account’ for the Indian Youth
Axis Bank has introduced ‘Liberty Savings Account’ for the Indian Youth, to address the ever-changing lifestyle needs of
young and digitally interested Indians.
It offers a complimentary hospital cash insurance cover of up to Rs 20,000 per year, which covers hospital expenses
incurred under COVID -19, which makes this a 1st of its kind savings account to cover the pandemic. This account
targets to meet the lifestyle requirements of the working class that falls under 35 years of age.
daily_current_affairss Ambitiousbaba.com Telegram Channel - @ambitiousbabaTN women top the list of MUDRA loan scheme beneficiaries
According to the data Tamil Nadu topped the list in availing loans to women. It was followed by West Bengal
and Karnataka.
• The loans provided by other states are as follows
• Tamil Nadu: Rs 58,227 crores.
• West Bengal: Rs 55,232 crores
• Karnataka: Rs 47,714 crores
Nabard launches credit guarantee programme for NBFC-MFIs
The National Bank for Agriculture and Rural Development (Nabard) on 24th August said it has introduced a
dedicated debt and credit guarantee product to ensure unhindered flow of credit in rural areas hit by the
COVID-19 pandemic, loans extended to small and mid-sized micro finance institutions (MFIs).
It will help in facilitating Rs 2,500 crore funding in the initial phase which is expected to be scaled up in the
future. The program is targeting to cover over 1 million households across 28 States and 650 districts.
daily_current_affairss Ambitiousbaba.com Telegram Channel - @ambitiousbabaReserve Bank of India released its annual report 2019-20. The report has made it very clear to the world that the apex bank
stands as a bank with the highest levels of financial resilience globally. According to the report, the total income in 2019-20
has increased by 28.97%.
The following are the key highlights of the report
• The value of bank fraud cases has increased 74%. The number of bank fraudulent cases increased to 6,800 in 2019 as
compared to 5,900 in 2018.
• The Gross Non-Performing Ratio of banking system have declined to 9.1% as compared to 11.2% in March 2019.
• The balance sheet size of Reserve Bank increased by 13.42%
• The total income in the year 2018-19 was Rs 1,49,672. In 2019-20, it was Rs 1,93,036.
• The expenditure decreased by 39.72%.
• The interest income of the bank increased by 44.62%
• The RBI holdings of Government Securities increased by 57.19%. The currency in circulation has soared 17%. It was Rs
21.10 trillion in 2019-20.
• Till June 2019, the RBI held 618.16 metric tonnes of gold as compared to 566,23 tonnes held in June 2018.
• The Contingency Funds of RBI reduced to Rs 1.96 lakh crore. It was Rs 2.32 lakh crores in 2018-19.
• This was mainly because RBI has changed the way of calculating its reserves based on the recommendations made by
Bimal Jalan Committee. An Economic Capital Framework Committee was set up under former RBI Governor Bimal Jalan.
daily_current_affairss Ambitiousbaba.com Telegram Channel - @ambitiousbabaCommittee Headed by Purpose
Setting Parameters RBI on the required financial parameters, along with the sector specific benchmark ranges for such
for Loan KV Kamath parameters, to be factored into resolution plans. The expert committee will also undertake a process
Restructuring validation of resolution plans for borrowal accounts above a specified threshold."
Centres Authority (IFSCA) set up a panel of industry experts to formulate a plan to develop international
Plan to develop retail business at the International Financial Services Centre (IFSC).
international retail Pradip Shah The committee will be chaired by Pradip Shah, chairman at Indasia Fund Advisors.
business Purpose: The expert committee was also tasked with strategizing to make the IFSC attractive for
international financial services and to draw up roadmap for the growth of international retail at the centre.
Fix ceiling rates
The reimbursement of taxes under the Remission of Duties and Taxes on Export Products (RoDTEP) such as
under duty Chaired by
duty on power charges, VAT on fuel in transportation, farm sector, captive power generation, mandi tax,
reimbursement Secretary (retd)
stamp duty and central excise duty on fuel used in transportation would make Indian products competitive
scheme for G K Pillai.
in global markets.
exporters
Dividend of Reserve Bank of India on 13th August approved dividend of ₹57,128 crore to government.
₹57,128 crore to Shaktikanta Das The decision was taken when the Central Board of the RBI met on 13th August under the chairmanship of
government. Governor Shaktikanta Das through video conference
Business The Corporate Affairs Ministry (MCA) will work closely with capital markets regulator SEBI for
Responsibility Rajesh Verma implementation of the ‘Business Responsibility and Sustainability Report (BRSR)’ framework in the
Reporting (BRR) country.
daily_current_affairss Ambitiousbaba.com Telegram Channel - @ambitiousbabaORGANIZATION/BANK Loan Amount PURPOSE
The Asian Development Bank (ADB) has signed a
dollar 200 million financing deal with the Reliance
Asian Development Bank
Dollar 200 million Bangladesh LNG and Power Limited (RBLPL) to build
(ADB)
and operate a 718 megawatt combined-cycle gas-
fired power plant in Bangladesh.
support construction of the modern, high-speed
ADB $1 billion loan
Delhi–Meerut Regional Rapid Transit System.
Purpose: Mumbai Urban Transport Project-III to
Asian Infrastructure
USD 500 million improve the network capacity, service quality and
Investment Bank (AIIB)
safety of the suburban railway system in Mumbai.
daily_current_affairss Ambitiousbaba.com Telegram Channel - @ambitiousbabaMerger Company About
Reliance Retail Ventures Ltd (RRVL), a subsidiary of Mukesh Ambani-controlled Reliance
Reliance Retail acquires Future
Industries Ltd (RIL), has acquired Future Group’s retail and wholesale business, and logistics and
Group’s retail business
warehousing business for ₹24,713 crore.
Adani Group to acquire 74% stake Gautam Adani-led Adani Group is set to acquire a 74 per cent stake in Mumbai International
in Mumbai International Airport Airport (MIAL), which operates the country’s second-largest airport, with the current operator
settling its disputes with its minority partner and exiting the venture.
Bharti AXA’s non-life insurance business will merge with ICICI Lombard’s general insurance
ICICI Lombard to acquire Bharti
business through a scheme of arrangement.
AXA General Insurance
Bharti Enterprises currently owns 51 per cent stake in Bharti AXA General Insurance, while
French insurer AXA has 49 per cent.
Reliance Industries Limited through its wholly-owned subsidiary Reliance Retail Ventures
Reliance Retail acquires majority
Limited (RRVL) has acquired majority equity stake in Chennai-based Vitalic Health Pvt. Ltd. and
stake in Netmeds
its subsidiaries (collectively known as ‘Netmeds’) for approximately ₹620 crores in cash.
LIC purchased 105.98 crore shares, reflecting 4.23 per cent stake. Prior to this, LIC had 0.75 per
LIC acquires 5% stake in YES Bank cent stake in Yes Bank though 19 crore shares held. LIC holding in the bank increased to 4.98 per
cent through 125 crore shares held.
daily_current_affairss Ambitiousbaba.com Telegram Channel - @ambitiousbabaPartnership/ Agreement Aims
Map internet connectivity landscape for schools in 35 countries by the end of 2023 to
Ericsson & UNICEF Partnered
provide digital learning access to the children.
Aim of boosting the real estate sector in Bengaluru, the Carnival will invite all
SBI partners with AddaCorner prospective home-buyers to virtually come together as a group to team up and directly
connect and negotiate with empaneled real estate sellers, on real-time basis.
Karnataka Vikas Grameena Bank (KVGB) has signed a Memorandum of Understanding
KVG Bank inks pact with SBI General
(MOU) with SBI General Insurance Co. Ltd. for selling general insurance products
Insurance
through its branches.
Flipkart has partnered with Nepal’s leading e-commerce firm Sastodeal to sell products
Flipkart partners with Nepal's
from various verticals like baby care & kids, women’s ethnic wear and sports & fitness
Sastodeal
among others in the neighbouring country.
Maruti Suzuki partners with IIM Maruti Suzuki India said this partnership will help startups working in technology-based
Bangalore innovations that can be applied in the mobility sector.
Andhra Pradesh(AP) government has signed an Memorandum of Understanding(MoU)
AP Govt Signed MoU with Reliance
with Reliance Retail, Reliance Jio Infocomm and Allana Group to empower women and
Retail, Jio and Allana Group
help women Self-Help Groups(SHGs) in the state to market their products.
daily_current_affairss Ambitiousbaba.com Telegram Channel - @ambitiousbabaTo bridge gender digital divide in India
Reliance Foundation
partners with USAID Purpose: “The W-GDP Fund was created to source and scale the most innovative programmes
to advance women’s economic empowerment.
E-commerce marketplace Flipkart has signed a memorandum of understanding (MoU) with
Flipkart signs MoU with UP
the One District, One Product (ODOP) scheme of the Uttar Pradesh government to bring
government's
artisans, weavers and craftsmen into mainstream business.
Airtel Payments Bank ties Airtel Payments Bank announced that it will offer Shop Insurance exclusively for its Retailers
up with Bharti AXA General and Merchants.
Insurance Offered in partnership with Bharti AXA General Insurance,.
The Maharashtra government on 6th August announced a partnership with Google that will
Maharashtra govt and
enable 2.3 crore students and teachers to access the technology giant's blended learning
Google tie-up
programmes that combine classroom approach with online learning.
Bharti AXA Life Insurance on 18th August announced its bancassurance partnership with
SBM Bank India.
Bharti AXA Life partners
with SBM Bank Under this agreement, the insurer will offer its life insurance products, including protection,
health, savings and investment plans, to customers of SBM Private Wealth, the retail banking
arm of SBM Bank India.
daily_current_affairss Ambitiousbaba.com Telegram Channel - @ambitiousbabaHDFC Bank has announced a strategic partnership with Adobe to help
HDFC Bank partners Adobe
improve digital experience journey of its customers
Reliance General Insurance has announced their association with National
Reliance General Insurance
Payment Corporation of India (NPCI), launching a platform for making
partnership Bharat Bill
insurance premium payments digitally through Bharat Bill Payment System.
The Andhra Pradesh government on 3rd August signed a pact with three
AP govt ties up with ITC, HUL FMCG companies -- Hindustan Unilever Ltd (HUL), ITC and Procter and
and P&G Gamble (P&G) -- for marketing and technology support for economic
empowerment of women under two new schemes to be launched soon.
Bharti Airtel on 5th August announced a multi-year strategic pact with
Amazon Web Services (AWS) – the cloud services arm of the retail giant – to
Bharti Airtel inks with Amazon deliver Cloud solutions to large as well as small and medium enterprise
(SME) customers in India.
50:50 strategic partnership.
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