 Private sector ICICI Bank inducted former SBI Managing Director B Sriram and management consultant Rama Bijapurkar on its board as independent director. Both are appointed for 5 years, subject to the approval of shareholders, ICICI Bank stated in a regulatory filing on stock exchanges. Sriram retired as the managing director of IDBI Bank in September 2018. Prior to IDBI Bank, he was the managing director of SBI. |
| Source: The Economic Times |
 The 32nd Meeting of GST Council was concluded in New Delhi. The Limit of annual turnover for composition scheme increased to 1.5 crore rupees effective from April 1, 2019. The Council has decided to increase the GST registration threshold limit to 40 lakh rupees from 20 lakh. The Taxpayers who are giving Services of up to Rs 50 lacs per annum will be taxed under 6% under Composition Scheme. The council has decided to simplify the compliance under the composition scheme. |
| Source- Press Information Bureau (PIB) |
 Union Minister Nitin Gadkari has announced that India has allowed an Iranian bank, Pasargad Bank, to open a branch in Mumbai. The move is aimed at circumventing US trade and investment sanctions as India builds a strategic port in the West Asian country. Iran’s Pasargad Bank has received the necessary clearances to open its branch in Mumbai. Alongside, India’s UCO Bank will open a branch in Iran. |
| Source- The Livemint |
 India’s GDP is expected to grow at 7.3% in the fiscal year 2018-19, and 7.5% in the following two years, the World Bank has forecast, attributing it to an upswing in consumption and investment. India will continue to be the fastest growing major economy in the world, according to the World Bank. China’s economic growth is projected to slow down to 6.2% each in 2019 and 2020 and 6% in 2021, according to the January 2019 Global Economic Prospects report released by the World Bank. |
| Source- The Livemint |
 The income earned by an average Indian doubled in 7 years, from Rs 63,642 per year in 2011-12 to Rs 1.25 lakh in 2018-19, the first advance estimates of national income released by the Central Statistics Office (CSO) show. The year-on-year growth in per capita income had touched its bottom in 2017-18 under the current national accounts series (the base year 2011-12) at 8.6 %. In 2018-19, it has bounced back to 11.1%. Per capita net national income in nominal terms has been taken as an indicator representative of the average income per person. |
| Source: The Business Standard |
 Releasing the first advance estimates of National Income for 2018-19, Central Statistics Office (CSO) stated that the growth in GDP during 2018-19 is estimated at 7.2% as compared to the growth rate of 6.7% in 2017-18, mainly due to improvement in the performance of agriculture and manufacturing sectors. Economic Affairs Secretary Subhash Chandra Garg described the 7.2% GDP growth projection as very healthy. Mr. Garg stated that India continued to remain the fastest growing economy in the world and at current prices, GDP grows by 12.3% rising to 188. 41 lakh crore. |
| Source: News on AIR |
 The government has amalgamated three Regional Rural Banks – Punjab Gramin Bank, Malwa Gramin Bank and Sutlej Gramin Bank – into a single RRB. The sponsor banks of the RRBs are National Bank for Agriculture and Rural Development (NABARD), the Government of Punjab and Punjab National Bank, State Bank of India and Punjab and Sind Bank. |
| Source- Press Information Bureau (PIB) |
 ICICI Bank, in a first-of-its-kind programme, signed a Memorandum of Understanding (MoU) with Small Business FinCredit India Pvt. Ltd. (SBFC), a systemically important Non-Banking Finance Company for entrepreneurs, to jointly provide credit worth up to Rs 1 crore to MSMEs for a tenure of 15 years. Under this arrangement, ICICI Bank will co-originate loan against property with SBFC at a mutually agreed ratio. |
| Source: The Economic Times |
 HDFC Mutual Fund has pipped ICICI Prudential MF to become the country’s largest asset management company after a gap of over two years. As of December-end, HDFC MF manages assets to the tune of Rs 3.35 lakh crore, while those of ICICI Prudential MF stood at Rs 3.08 lakh crore, as per the latest data available with Association of Mutual funds in India (Amfi). The assets under management (AUM) of HDFC MF have grown over 9% in October-December quarter from the previous three-month period, however, ICICI Prudential MF’s AUM slipped by 0.6% during the period under review. |
| Source- The Moneycontrol |
 Syndicate Bank and SBI Life Insurance signed a bancassurance pact aiming to offer a comprehensive financial planning solution to its customers. The pact was signed between Syndicate Bank MD & CEO, Mrutyunjay Mahapatra and MD and CEO of SBI Life, Sanjeev Nautiyal. Through the pact, Syndicate Bank will provide penetration in the market with its 3,000branches and SBI Life’s diverse range of protection, wealth creation and savings insurance products will be brought to the table to the customers. |
| Source: The Business Standard |
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