Rs 5400 cr granted to Telangana banks for farmers' scheme: RBI
- On 4th June, 2018 The Reserve Bank of India provided Rs 5400 cr for carrying out the newly launched 'Rythu Bandhu' investment program by the Telangana Government to support the farmers.
- For this scheme the Government allotted Rs 12000 cr as the budget.
- under the scheme, state Government will provide the input costs of Rs 4,000 each for every acre for two seasons by cheques.
- A total of 59 lakh cheques settle by the banks led by SBI.
- the total cost for the scheme is about Rs 57,000 crore for the current season.
Govt. planning another SBI-like 4 bank mega-merger
- On June 4, 2018, After the success achieve by the merger of SBI, the government is planning another big merger of 4 banks namely Bank of Baroda, Central Bank, IDBI bank, Oriental Bank.
- this listed banks have reported a total loss of around Rs 21,646.38 crore in the year ended 31 March.
- If the plan for the second bank merger goes smoothly, then the Centre will create India’s second largest bank after State Bank of India with a combined asset of Rs 16.58 trillion. Also The Government is planning to merge and create 4-5 global sized lenders like SBI.
Citi Bank first bank to enrol as Payment Initiation Service Provider for Open Banking in UK
- On June 3, 2018, Citi Bank becomes the first corporate bank to register as a Payment Initiation Service Provider for Open Banking in UK
- Aiming to meet treasurer's evolving needs for easy access to payment data without the need to build applications or interfaces to connect to proprietary banking portals.
- In January 2018, Open Banking started in UK, which requires the nine largest UK banks to publish open APIs, enabling regulated third-party providers to access bank accounts securely and with the consent of account holder.
- Citi Bank Headquarter is in New York, US.
RBI announced second bi-monthly Monetary Policy of 2018-19
- On 6th June, 2018 A 6-member committee headed by RBI governor Urijit Patel announced the second bi-monthly Monetary Policy of 2018-19.
- The MPC decided to raise the policy repo rate by 25 basis points.
- This is the first time the meeting is for three days instead of the usual two.
- RBI projected that the GDP growth of 7.4 percent in FY19.
Bank of Baroda increases MCLR by 5 basis points.
- On June 6, 2018, Bank of Baroda increased its Marginal Cost-Based Lending Rate (MCLR) by 5 basis points effective from 7 June, 2018.
- last week, State Bank of India by 10 basis points, Punjab National Bank by 5-10 basis points, ICICI Bank, Kotak Mahindra Bank, and Union Bank of India all raised rates.
IDFC Bank, Capital First shares gain on RBI nod for merger
- IDFC Bank received RBI’s approval for merger of Capital First, Capital First Home Finance and Capital First Securities with the company on 6th June.
- the company said its board of directors has approved merger of the three entities with IDFC Bank.
- IDFC Bank’s Headquarters is in Mumbai. MD & CEO – Rajiv B.Lall.
World Bank approves Rs. 6,000 crore Atal Bhujal Yojana for groundwater conservation.
- On 6th June 2018 The World Bank has approved Rs 6,000 crore for the implementation of Atal Bhujal Yojana which aims to improve groundwater management in priority areas.
- the scheme would be implemented from 2018-19 to 2022-23 for a period of 5 years, recommended by the Expenditure Finance Committee.
- The state: Gujarat, Haryana, Karnataka, Madhya Pradesh, Maharashtra, Rajasthan and Uttar Pradesh priority areas are identified under the scheme.
- This scheme would benefit around 8350 Gram Panchayats in 78 districts in these states.
World Bank forecasts 7.3 per cent growth in FY19 for India
- On June 6, 2018, World Bank predicts India’s GDP growth to be 7.3% for FY19 and 7.5% in FY20 released by World Bank’s ‘Global Economic Prospect’ report.
- China is expected to slow down slightly from 6.9 per cent in 2017 to 6.5 per cent in 2018, and 6.3 per cent in 2019.
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