 The Reserve Bank of India (RBI) has taken off Allahabad Bank, Corporation Bank and Dhanlaxmi Bank from the Prompt Corrective Action (PCA) framework allowing them to resume their normal lending activities. The Board for Financial Supervision (BFS) met to review the performance of banks under PCA and noted that the government has infused fresh capital into various banks including some of the banks currently under the PCA framework. |
| Source- DD News |
 State-run Bank of Baroda has tied up with Germany’s KfW Development Bank for funding of USD 113 million to refinance solar projects. The tie-up is part of an Indo-German Solar Energy Partnership signed in 2015. |
| Source- Business Standard |
 The Goods and Services Tax (GST) Council met for its 33rd meeting and slashed GST rate on under-construction residential properties and the affordable housing projects. The revised rates will be applicable from April 1, 2019. |
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Here are the revised GST rates:
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| The decision was based on recommendations of a Ministerial Panel headed by Gujarat Deputy Chief Minister Nitin Patel. |
| Source- Press Information Bureau (PIB) |
 The government has approved recapitalization of Rs 48,239 crore in 12 public sector banks in this fiscal to help them maintain regulatory capital requirements and finance growth plans. The government will infuse over nine thousand crore rupees in Corporation Bank andsix thousand 896 crore rupees in Allahabad Bank. Besides, four thousand 638 crore rupees will be provided Bank of India and 205 crore rupees to Bank of Maharashtra. These banks have recently come out of the regulatory supervisory framework PCA of the RBI. Punjab National Bank will get over 5,900 crore rupees, Union Bank of India 4,112 crore rupees, Andhra Bank 3,256 crore and Syndicate Bank will get over 1,600 crore rupees. The government will also pump in 12,535 crore rupees in Central Bank of India, United Bank, UCO Bank and Indian Overseas Bank. |
| SOurce- AIR WOrld Service |
 Employees’ Provident Fund Organisation has hiked interest rate on employees’ provident fund to 8.65% from 8.55% for the 2018-19 fiscal year. The announcement was made by Labour Minister Santosh Gangwar. The proposal would now go to the Finance Ministry for approval, Gangwar said after the CBT meeting. The Central Board of Trustees (CBT) headed by Labour Minister is the apex decision making body of the EPFO which finalises rate of interest on PF deposits for a financial year. |
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Earlier Rates:
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| Source- The Quint |
 HDFC ERGO General Insurance Company, India’s third-largest non-life insurance provider in the private sector, announced the launch of ?Trip Protector’ insurance policy, a pioneering policy in the non-life insurance segment in India. In the event of a cancellation, either a flight or hotel booking, Trip Protector insurance policy will safeguard travelers financially against the cost of cancellation levied by Hotels or Airlines. The policy is initially being offered to customers of HDFC Bank on the purchase of Airline tickets or Hotel Bookings done using their individual HDFC Bank credit cards. |
| Source- The Asian Age |
 The Reserve Bank has announced that it will transfer an interim surplus of 28,000 crorerupees to the central government for the half-year ended 31st December 2018. The central bank follows a July-June financial year and usually distributes the dividend in August after annual accounts are finalised. With this interim transfer, the government will get a total of Rs 68,000 crore from the central bank in the current fiscal. The RBI had transferred Rs 40,000 crore to the government in August 2018. This will be the highest receipt from RBI in a single financial year for the government, exceeding the Rs 65,896 crore it received in FY16 and Rs 40,659 crore in FY18. A committee headed by former Reserve Bank of India governor Bimal Jalan has been set up to review RBI’s economic capital framework. |
| Source: Economic Times |
 The Reserve Bank of India (RBI) withdrew the 20% limit on investments by FPIs in corporate bonds of an entity with a view to encourage more foreign investments. As part of the review of the FPI investment in corporate debt undertaken in April 2018, it was stipulated that no FPI should have an exposure of more than 20% of its corporate bond portfolio to a single corporate (including exposure to entities related to the corporate). |
| Source: Money Control |
 The government of India gets Rs.10000 crore from Bharat-22 Exchange Traded Fund(ETF) by additional offering. The government has absorbed approximately Rs.46000 croreby way of disinvestment with the successful offering of Bharat-22 ETF. Bharat-22 is an Exchange Traded Fund ( ETF) which will closely track the performance of Bharat-22 index. It was launched by Government of India in November 2017. ICICI Prudential Mutual Fund AMC will manage the fund. |
| Source: Financial Express |
 India with immediate effect has boosted the Customs Duty on all the goods imported from Pakistan to 200% followed by the day after India repealed Most Favoured Nation (MFN)status from Pakistan. This punitory move followed by the Pulwana Terrorist attack that led to the death of 42 CRPF (Central Reserve Police Force). This step is likely to strike Pakistan’s exports to India which were $381 million in the April-Nov period and for overall FY18, it was $489 million. This 200% tariff rate is higher than the average bound rate of 113.5% for agriculture products and 34.6% for non-agriculture products. The MFN applied rates are 32.8% and 10.7%, respectively for farm and non-farm products. |
| Source: Indian Express |
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