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Banking and Financial Awareness January 2020: Week II

Banking and Financial Awareness January 2020: Week II

Amazon will invest $1 bn in Digitizing Small Businesses in India

  • Jeff Bezos, the chief of Amazon.com Inc, said that the company will invest USD 1 billion (over Rs 7,000 crore) in India to bring small and medium businesses online.
  • He further committed to exporting USD 10 billion worth of India-made goods by 2025.
  • Earlier, Amazon had committed USD 5.5 billion in investments in India.

Michael Patra appointed as RBI’s New Deputy Governor

  • Michael Debabrata Patra has been appointed as the new Deputy Governor of the Reserve Bank of India (RBI).
  • He has replaced Viral Acharya.
  • He has been appointed for a tenure of 3 years.
  • Other three governors of RBI at present are- NS Vishwanathan, BP Kanungo, and MK Jain.

RBI releases National Strategy for Financial Inclusion

  • Reserve Bank of India has released the National Strategy for Financial Inclusion 2019-2024.
  • The document was formally released by the Deputy Governor M K Jain.
  • This strategy for financial inclusion aims to provide access to affordable financial services, broadening & deepening financial inclusion and promoting financial literacy & consumer protection.
  • The report has also called for increasing the reach of banking services via scheduled commercial banks, payment banks and others to every village within a 5 km radius of 500 households in hilly areas by March 2020.

RBI allows Video-Based KYC

  • The Reserve Bank of India has amended its norms for KYC (Know Your Customer) and have allowed banks to use video-based Customer Identification Process (V-CIP) for KYC of customers.
  • This new V-CIP technology will make it easier for banks to adhere to the RBI's KYC norms by using digital technology.
  • RBI also said that the banks will have to ensure that the video recording for KYC is stored in a safe and secure manner with the date and time stamp.

World Bank projects India’s growth for FY20 at 5%

  • The World Bank has reduced India’s growth for the financial year 2020 to 5% from 6% projected earlier.
  • This is the lowest projection of the World Bank for India in 11 years.
  • This is the slowest growth forecast of India since the 3.1% rate recorded in the year 2008-09.

SBI lowers India's GDP estimates for FY20 to 4.6%

  • The State Bank of India has lowered the growth forecast of India for the financial year to 4.6% from 5% earlier in its latest SBI Eco wrap report.
  • The report also predicted that the country's growth rate will remain below 6 per cent for the two years in a row.
  • The budgeted nominal GDP growth rate was 12 per cent for the financial year 2020 which has now been revised downwards to 7.5 per cent.

State Bank of India announces RBBG Scheme

  • State Bank of India (SBI) has announced 'residential builder finance with buyer guarantee' (RBBG) scheme.
  • This scheme aims at giving a push to residential sales and to improve homebuyers' confidence.
  • Under the RBBG scheme, SBI will issue a guarantee for completion of select residential projects to customers who have availed home loans from it.
  • Initially, the scheme will focus on affordable housing projects priced up to 2.50 crore rupees in 10 cities.

IBBI (Liquidation Process) (Amendment) Regulations, 2020

  • The Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2020 is notified by the Insolvency and Bankruptcy Board of India (IBBI) on 6th January 2020.
  • The amendment is done in the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016.
  • The amendment clarifies that a person, who is not eligible under the Code to submit a resolution plan for insolvency resolution of the corporate debtor, shall not be a party in any manner to a compromise or arrangement of the corporate debtor under section 230 of the Companies Act, 2013.
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