 Reserve Bank of India has assigned deputy governor B.P. Kanungo to run the monetary policy portfolio and forecasting department. After the exit of Viral Acharya, Kanungo has become the 6th member of the RBI’s Monetary Policy Committee. Now, all the three deputy governors N S Vishwanathan, B P Kanungo and M K Jainhave been made responsible for 12 departments each. |
| Source: The Live Mint |
 “Inter-Ministerial Committee” on legality of cryptocurrencies and blockchain has submitted its report to the Finance Ministry. |
The Committee recommends that:
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| The committee was set up under the Chairmanship of Economic Affairs Secretary Subhash Chandra Garg in 2017. |
| Source: The Hindu |
 HDFC Bank and Common Services Centres launched a co-branded ‘Small Business Money Back Credit Card’ for small traders and village-level entrepreneurs (VLEs). The credit card is specifically designed for VLEs and VLE-sourced customers. It will give users easy access to credit for their day-to-day business expenses. |
| Source: The Hindu |
 Private sector lender HDFC Bank has terminated and de-listed its 22 outstanding global depository receipts (GDRs) from the Luxembourg Stock Exchange. The action has been taken due to low trading volume of GDRs. |
| Source: The Economic Times |
 The Reserve Bank of India has penalised State Bank of India and Union Bank of India for violating certain regulatory guidelines. SBI was fined Rs 7 crore for non-compliance on Income Recognition and Asset Classification norms, code of conduct for opening and operating current accounts and reporting of data on Central Repository of Information on Large Credits, and fraud risk management and classification and reporting of frauds. The central bank also imposed a Rs 10 lakh fine on Union Bank of India for non compliance with the directions on the cyber security framework in banks. |
| Source: The Hindu |
 Deposits in bank accounts opened under Jan Dhan scheme have crossed the Rs 1 lakh crore mark. As per the latest finance ministry data, the total balance in over 36.06 crore Pradhan Mantri Jan Dhan Yojana accounts was at Rs 1,00,495.94 crore as on July 3. The PMJDY was launched on August 28, 2014, with an aim to provide universal access to banking facilities to the people in the country. |
| Source: The Financial Express |
 State Bank of India has reduced its benchmark lending rate by 5 bps across all loan tenures. The lender’s one-year marginal cost of funds based lending rate (MCLR) will be 8.4% compared with 8.45%. |
| Source: The Hindu |
 The Reserve Bank of India board has finalised a three-year roadmap ‘Utkarsh 2022’. It is a three-year road map for medium term objectives to be achieved for improvingregulation and supervision of the central bank. |
| Source: The Hindu |
 Punjab & Sind Bank has set up a centralised hub “Centralised MSME & Retail Group”. It will process retail and MSME loans for the better efficiency of branches in business acquisition. The Cen-MARG has been envisioned to ensure qualitative improvement in credit appraisal, improved turnaround time, uniform documentation, and efficient monitoring. |
| Source: The Business Standard |
 Karnataka Bank Ltd has launched the web tool ‘Vasool So-Ft’ (Vasool So-Fast) for digitalising the Non Performing Asset recovery process of the bank. The digital tool for the recovery of stressed assets will provide an end to end digital solution. It will enable easy and faster processing, real time information and immediate decision making in the recovery area. |
| Source: The Hindu Business Line |
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