 State-owned United Bank of India announced that the government has decided to infuse Rs 2,159 crore in the bank as part of Rs 28,615 crore capital infusion to be done in about half a dozen banks. The government has decided to pump Rs 28,615 crore into seven public sector banks (PSBs) through recapitalization bonds soon. Out of these seven PSBs, Bank of India is likely to get the highest amount of Rs 10,086 crore. |
| Source- The Moneycontrol |
 According to data furnished by the Reserve Bank of India, between 2015 and 2017, private lender ICICI Bank penalized the highest number of employees for defrauding bank assets in the last three year out of 60 scheduled commercial banks operating in India. It is followed by State Bank of India and Punjab National Bank. In all, banks took action against a staggering 13,949 officials, of which 16%, or 2,236, belonged to ICICI. |
| Source- RBI |
 India’s institutional framework to support microfinance would get a boost with Reserve Bank of India clearing a proposal to dig in an existing Rs 1000-crore corpus for funding microlenders. Small Industries Development Bank of India (SIDBI) had kept this money for some other purposes and had recently sought RBI’s approval for using it for the microfinance sector. The development bank will now use the money to offer soft loans to MFIs on a condition that end borrowers should get loans at 15-17% rate, which is significantly lower than the prevailing 20-22% market rate. |
| Source- The Economic Times |
 The Reserve Bank of India will soon introduce Rs 20 notes with additional features.The reserve bank has already issued new-look currency notes in the denominations of Rs 10, Rs 50, Rs 100, and Rs 500, besides introducing Rs 200 and Rs 2000 notes after demonetisation. The new notes are being introduced under the Mahatma Gandhi series. The new currency notes are different in size and design compared to issued previously. |
| Source- The Economic Times |
 In a relief to the common man, the GST Council cut rates on 23 commonly used goods and services, including TV screens, movie tickets and power banks. As per the announcement made by Finance Minister Arun Jaitley, the annual revenue implication of the rate cuts would be ? 5,500 crore. Now, the 28 per cent slab is restricted to only luxury and sin goods, apart from auto parts and cement — tax rates on which could not be cut due to the high revenue implication. GST on movie tickets costing up to ? 100 was cut to 12 per cent from 18 per cent, while tickets over ? 100 will attract 18 per cent tax, against 28 per cent earlier. This will have a revenue implication of ? 900 crore. |
| Source- the Hindu |
 The Reserve Bank of India, in consultation with the government, has decided to have a rule-based dynamic limit for outstanding stock of External Commercial Borrowings (ECB) at 6.5% of GDP at current market prices. As per the statement based on the GDP figures, the soft limit works out to $160 billion for the current financial year. The outstanding stock of ECBs as on September 30, 2018, stands at $126.29 billion. |
| Source- The Hindu Business Line |
 The government will infuse an additional Rs 41,000 crore into cash-starved public sector banks (PSBs). The outlay will go up from Rs. 65,000 crore to Rs. 1,06,000 crore in the current financial year to propel economic growth, cementing India’s position as the fastest growing economy of the world. This would enable infusion of over Rs. 83,000 crore in the coming few months in Public Sector Banks (PSBs). This is in addition to the Rs 2.11 lakh crore bailout package announced by the government in October 2017. |
The enhanced provision is aimed at:
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| Source: DNA |
 IDFC Bank and non-banking financial company (NBFC) Capital First has announced the completion of their merger, creating a combined loan asset book of Rs 1.03 lakh crore for the merged entity IDFC First Bank. The merged entity to be called IDFC First Bank, subject to shareholders’ approval. Following the merger, the board of IDFC Bank approved the appointment of V Vaidyanathan, founder and chairman of Capital First Ltd, as Managing Director and Chief Executive Officer of the merged entity. His appointment awaits shareholders’ approval. |
| Source- The Livemint |
 Asian Development Bank (ADB) in its Outlook Supplement has retained India’s growth forecast at 7.3% for current fiscal (2018-19) and 7.6% in following financial year (2019-20). It held that India is maintaining growth momentum on rebounding exports and higher industrial and agricultural output. |
| Key Facts India saw GDP growth moderate to 7.1% in Q2 of FY2018 (ending March 31, 2019) from 8.2%in Q1. The slowdown came mainly from food prices, rising oil prices delivering negative shock in terms of trade, lower rural consumption, and rising costs for raw materials. But growth forecasts of 7.3% for 2018-19 and 7.6% for 2019-20 are retained from update despite some downside risks. |
| Asian Development Bank (ADB) ADB is a regional development bank based out of Asia. It aims to promote social and economic development in Asia by achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. It was established in December 1966. It is headquartered at Ortigas Centre in Manila, Philippines. It has total 67 members, of which 48 are from within Asia and the Pacific and 19 outside. |
 The Reserve Bank of India has imposed a fine of Rs 1 crore on Indian Bank for violating cybersecurity norms. The contravention is with regard to RBI’s directions on Frauds – Classification and Reporting by Commercial Banks. |
| Source- The Hindu |
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