 IDFC Bank proposed to change its name to ‘IDFC First Bank Ltd’ in the wake of its amalgamation with the non-banking financial company Capital First. The decision was taken during the meeting of the Board of Directors of IDFC Bank. The proposal now needs the approval of the Reserve Bank of India (RBI). It would further require the approvals of statutory or regulatory authorities including the Registrar of Companies, Shareholders and other Stakeholders. |
| Source- The Indian Business Line |
 Fino Payments Bank, one of India’s first payments banks, has been allowed to open new accounts by RBI after it submitted a compliance report. It had been barred by the central bank from adding new customers since the end of May. An RBI audit revealed that some Fino accounts had deposits in excess of the stipulated amount of INR 1 lakh. Airtel Payments Bank were also barred from onboarding new customers earlier. In July, the RBI had lifted the ban on Airtel Payments Bank. |
| Source- Business Standards |
 Department of Financial Services (DFS), Ministry of Finance and National Informatics Centre (NIC) have jointly developed a mobile app called Jan Dhan Darshak as a part of financial inclusion (FI) initiative. This app will act as a guide for the common people in locating a financial service touch point at a given location in the country. While over 5 lakh FI touch points (Bank branches, ATMs, Post Offices) have been mapped on this App, approx. 1.35 lakh Bank Mitras would be on-boarded by 01.12.2018. Phone number of bank branches are available in the app, with the facility of call button for integrated dialling. |
| Source-PIB |
 The National Mission on Government e Marketplace (GeM), was launched by the Minister of Commerce and Industry, Suresh Prabhu, on 5th of September 2018. This was followed by the launch of the Mission in 19 States and Union Territories. GeM has recorded till date more than 8 lakh transactions worth over Rs.12,239 crore. The Government of India decided to launch a six week long National Mission on GeM from 6th Sept. to 17th Oct 2018 in order to increase awareness, accelerate the use of GeM and to further augment the proven benefits of procurement through GeM for all government departments and organisations. |
| Source-PIB |
 The BRICS' New Development Bank has approved a $525-million loan for infrastructure projects in India. The loan will be used by the Indian government for on-lending to the Madhya Pradesh government for rehabilitating major district roads with a total length of about 2,000 km. The loan aims to improve connectivity of the rural interior with the national and state highways. |
| Source-LiveMint |
 Global research agency Fitch has raised India’s growth forecast for the current fiscal to 7.8 per cent from the earlier 7.4 per cent. However, forecast for the next two fiscal, 2019-20 and 2020-21, have been shaved by 20 basis points (100 basis points means 1 per cent) to 7.3 per cent. Fitch’s latest projection for the current fiscal is higher than what is estimated by the Reserve Bank of India and even the Government. While the RBI’s estimate is 7.4 per cent, the Government feels that it could be 7.5 per cent. However, the International Monetary Fund (IMF) cut its projection to 7.3 per cent from 7.4 per cent. India Ratings too lowered its growth projection by 20 bps to 7.2 per cent. |
| Source- The Hindu Business Line |
 Insurance regulator IRDAI has raised the minimum insurance cover for owner-driver to Rs. 15 lakh for a premium of Rs. 750 per annum, a move to provide some succour to road accident victims. Currently, the capital sum insured (CSI) under this section for motorised two-wheelers and private cars/commercial vehicles is Rs. 1 lakh and Rs. 2 lakh, respectively. The owner-drivers also have the option of a cover over and above Rs. 15 lakh on payment of additional premium. |
| Source- The Hindu Business Line |
 Midsized private sector lender Yes Bank has paid Rs 38 crore in fines to the GST department for alleged violations in domestic remittances. Over Rs. 32 crore has been paid to the GST department, while Rs 6 crorehas been paid in service tax which has been replaced by GST. The issue relates to remittances by migrants from urban pockets to their homes in rural areas. The tax department feels the bank has violated norms and underpaid the tax, while the bank feels the opposite. |
| Source-Inshorts |
 State-owned India Post Payments Bank (IPPB) and Private Life Insurer Bajaj Allianz Life Insurance Co Ltd (BALIC) entered into a strategic partnership to provide life insurance solutions, especially at the doorstep of every household in the country. This partnership will leverage IPPB’s last mile reach for building awareness about life insurance. Both the companies came together, to formally sign the Corporate Agency Agreement. |
| Source- The Hindu Business Line |
 Markets regulator SEBI approved a slew of proposals, including a revised framework for settlement of cases and new KYC norms for foreign portfolio investors. The watchdog has approved a proposal to allow foreign investors to trade in commodity derivatives market, except for sensitive commodities, as well as common application form for the registration of FPIs in the domestic market. The board has given its nod for amending delisting regulations. Further, inter-operability of clearing houses for commodities and new methodology to calculate the total expenses ratio for fund managers have been cleared. |
| Source- AIR World Service |
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