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Banking and Financial Awareness May 2020: Week III

Published on Tuesday, May 26, 2020
Banking and Financial Awareness May 2020: Week III

IBM Joined Hands with Intellect Design Arena for Launching Cloud Services for Banks

  • IBM has signed an agreement with Intellect Design Arena Ltd to launch Intellect iTurmeric FinCloud on the public cloud of IBM.
  • It is a platform that will help the banks and other financial institutions to modernise.
  • It is an API-first and cloud-ready microservices-based platform that will provide cloud-based solutions to banks and financial institutions to increase digital transformation.

ICRA Projects India's GDP Growth Forecast to be Minus 5% for FY21

  • Credit Rating Agency ICRA has forecasted that the GDP growth rate of India will be minus 5% in the current fiscal year.
  • The agency has warned for a deep recession in the country.
  • The agency has also revised its forecasts for Q1 and Q2. As per revised forecast, growth contraction will be 25% in Q1 which was earlier forecasted as 16-20% while the growth rate will be minus 2.1 per cent in Q2 as compared to previous forecast of 2.1 per cent growth.

Kotak Mahindra Bank Introduces Video-KYC Facility for Savings Account Holders

  • Kotak Mahindra Bank has become the first bank in the country to launch video-KYC facility for its Savings Account holders.
  • This facility will be provided through the digital banking platform of the bank- Kotak 811.
  • Under this video KYC facility, verification of documents and signature will be done through a video call.

Flipkart Join Hands with Bajaj Allianz General Insurance Company for Digital Motor Insurance

  • E-commerce Company Flipkart has entered into an agreement with Bajaj Allianz General Insurance Company for providing digital motor insurance to the customers on its platform.
  • Through this agreement, customers will be able to buy insurance for their two-wheelers and four-wheeler vehicles through Flipkart.

Goldman Sachs Revises India's GDP Growth Forecast; says Country's Economy to Contract by 5%

  • American investment bank and financial services company, Goldman Sachs has revised its GDP growth forecast for India.
  • The bank has projected that country's GDP growth will be contracted by 5% in the current financial year.
  • Bank has revised this growth rate because of two factors- poor economic growth of the country in March and extension of lockdown till May end.

Canara Bank Launches Special Business Vertical for Gold Loans

  • Canara Bank has launched a special business vertical for gold loans.
  • The bank has launched this special vertical to provide quick, hassle-free gold loans to customers at low-interest rates.
  • The bank also launched a special gold loan campaign valid till June 30. Interest rate during this campaign is 7.85% per annum.

Centre Government, WB signed Loan Agreements with World Bank and AIIB

  • Government of India and West Bengal government has signed loan agreements with the World Bank and Asian Infrastructure Investment Bank (AIIB) for West Bengal Major Irrigation and Flood Management Project.
  • The project is aimed to improve irrigation services and flood management in West Bengal's Damodar Valley Command Area.
  • The total expenditure of the project is $413.8 million. Both the World Bank and AIIB will provide $145million loan under this agreement and West Bengal Government will infuse $123.8 million in this project.

World Bank Approves $1 Billion Support for India for Fighting Against COVID-19

  • World Bank has approved USD 1 billion as a support for India in fighting against COVID-19.
  • This support will be provided under Accelerating India's COVID-19 Social Protection Response Program.

NABARD Sanctioned Rs 1,500 crores to the Farmers of Punjab

  • The National Bank for Agriculture and Rural Development (NABARD) has sanctioned an amount of Rs 1,500 crores to the farmers of Punjab state.
  • The amount will help to ensure the continuous credit flow to the farmers in the lockdown situation of COVID-19.

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