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Banking and Financial Awareness December 2019: Week II

Banking and Financial Awareness December 2019: Week II

ICAR and NABARD signs an MoU

  • The Indian Council of Agricultural Research (ICAR) has signed an MoU with the National Board of Agriculture and Rural Development (NABARD) to make the action research and up-scaling of the various technologies and innovative farmer models easier.
  • The MoU was signed in New Delhi between the Secretary (DARE) & Director General (ICAR) Dr Trilochan Mohapatra and the Chairman of NABARD, Harsh Kumar Bhanwala.
  • The MoU is basically aimed at taking up the site-specific transfer of technologies under the integrated farming system, sustainable agriculture, agro-forestry, animal sciences, etc., including post-harvest technologies.

RBI provides intraday liquidity window for NEFT

  • The Reserve Bank of India has announced to provide an intraday liquidity (IDL) window or facility for the National Electronic Funds Transfer (NEFT) transactions.
  • This facility will help in the smooth operation of the NEFT system on a 24×7 basis.
  • All the banks will be eligible for this facility. However, the time limit for such a facility will be set by the RBI from time to time.
  • This liquidity adjustment facility will be beneficial for settlement purposes and will also reduce the pressure of the banks.

'Bharat Bond ETF', India's First Corporate Bond Launched

  • Edelweiss Asset Management Company (AMC) has launched the 1st Corporate Bond Exchange Trade Fund (ETF) of India. It is called as the Bharat Bond ETF.
  • Edelweiss AMC is a subsidiary of Edelweiss Capital Limited (ECL).
  • Edelweiss said that it aims to raise an initial amount of Rs 3,000 crore through this bond from institutional players with a greenshoe option of Rs 2,000 crore in a maturity period of 3-year (2023).
  • It also aims to raise the amount of Rs 4,000 crore with a greenshoe option of Rs 6,000 crore in a maturity period of 10-year (2030).

Mastercard signs an MoU with Federal bank for additional digital security called ‘Mastercard Identity Check’

  • American multinational financial services corporation Mastercard has tied-up with private sector Federal bank to provide an additional layer of security function for digital transactions done by cardholders of the bank. This facility is called ‘Mastercard Identity Check’.
  • This new security function will be provided by using EMV 3-D Secure (3DS). This security function will provide an easy and safe way to authenticate cardholders without using passwords.
  • EMV 3-D Secure is a messaging protocol that will promote easy consumer authentication and will allow the consumers to authenticate themselves with their card issuer while making purchases without card or card-not-present (CNP) e-commerce purchases.

Moody’s lowers India’s GDP growth forecast to 5.6% for 2019

  • American credit rating agency, Moody’s Investors Service has lowered the Gross Domestic Product (GDP) growth forecast of India for the year 2019 to 5.6%.
  • This is very less from the growth forecast of 7.4% in 2018.
  • This forecast has been done in the Global Macro Outlook 2020-21 of Moody's.
  • The major cause of lowering the growth forecast is the slow growth rate of employment.
  • Moody's has also projected that India's GDP growth may improve later and become 6.6 % and 6.7 % in 2020 and 2021 respectively.

ADB lowers India’s GDP growth forecast for FY20

  • Asian Development Bank (ADB) has lowered the Gross Domestic Product (GDP) growth forecast of India for the financial year 2019-20 to 5.1% from 6.5% projected earlier.
  • ADB projected earlier in September 2019 that India's GDP growth will be 6.5% in 2019-20 and 7.2% in 2020-21.

More than 10 lakh Crore Loans sanctioned under MUDRA Yojana

  • The Ministry of Labour and Employment released an information regarding loans sanctioned under MUDRA Yojana.
  • According to the ministry, loans of an amount of Rs. 10.24 lakh crore have been sanctioned under the Pradhan Mantri MUDRA Yojana (PMMY) as on November 1, 2019.
  • Also, these loans were sanctioned to 20.84 crore account holders.
  • MUDRA Yojana was by the Prime Minister Narendra Modi on April 8, 2015.

National Small Industries Corporation (NSIC) signs an MoU with Suadi ARAMCO

  • National Small Industries Corporation (NSIC) has signed an MoU with Saudi Aramco (Asia) for the development of Micro, Small and Medium Enterprises (MSME) in India in the Oil & Gas Sector.
  • The MoU will help the Indian MSMEs to make place as vendors in the Global space.
  • NSIC is a Mini Ratna PSU that works under the Ministry of MSME.
  • Saudi Aramco is a Saudi Arabian national petroleum and natural gas company.

NTPC signs Rs 5,000-crore term loan agreement with SBI

  • National Thermal Power Corporation Limited has signed a term loan agreement for Rs. 5,000 crore with State Bank of India.
  • This loan facility by SBI has been extended at an interest rate linked to 3-month MCLR (Marginal Cost of Funds based Lending Rate) of the bank.
  • Additionally, the loan facility has a door-to-door tenure of 15 years.

Exim Bank provides USD 500 mn credit to Bangladesh

  • Export-Import Bank of India (Exim Bank) has provided a Line of Credit of $500 million (Rs 3561 crore) to Bangladesh for defence-related procurement.
  • The agreement was signed with Bangladesh's Armed Forces Division.
  • Under the loan agreement, financing of export of eligible goods and services from India would be allowed subject to the Foreign Trade Policy (FTP).
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