 Moody's Investors Service report has cut India's GDP growth forecast to 7.3% in 2018, from the previous forecast of 7.5% due to higher oil prices and tighter financial conditions. It, however, kept growth expectation for 2019 remains unchanged at 7.5%. |
| Source- NDTV News |
 Bank of Baroda has successfully located most of its operational activities at a shared service centre (SSC) at the GIFT City near Ahmedabad. The bank will now offer its services including retail loan processing, deposit account opening, forex and call center from the SSC, which will have a staff strength of 200. |
| The bank will thus become one of the largest employers in the Ahmedabad-Gandhinagar region. The bank had taken 20,000 sq, ft of office space in GIFT City, making it the first Indian bank to move several key operations to the smart city. |
| Source- The Hindu Business Line |
 NITI Aayog vice-chairman Rajiv Kumar exuded confidence that Indian economy will achieve 9% growth rate on sustained basis by 2022 on the back of reforms like GST, demonetisation and the Insolvency and Bankruptcy Code (IBC). |
| According to Mr Kumar, Indian economy grew by 6.6% in 2017-18 and expected to grow at 7.5% this fiscal. |
| Source- AIR World Service |
 State Bank of India (SBI), the country's biggest lender, reported a loss of Rs. 7,718 crore in the January-March quarter, hurt by higher provisions for bad loans. The loss for the three months to March 31 was deeper than the expected Rs. 1,285 crore on average by 16 analysts, according to Thomson Reuters data. |
| SBI shares rallied after the results were announced. Shares were up 5% at Rs. 256 in afternoon trade. Gross bad loans as a percentage of total loans rose to 10.91% from 10.35% three months earlier and 6.90% a year prior. |
| Source- DD News |
 The Reserve Bank of India (RBI) has imposed a penalty of Rs5 crore on South Indian Bank (SIB) for non-compliance with its directions on Income Recognition and Asset Classification (IRAC) norms, Know Your Customer (KYC) norms and treasury function. The penalty has also been imposed on the Thrissur-headquartered private sector bank for deficiencies in its compliance function and compliance culture. |
| Source- The Hindu Business Line |
 BSE Ltd became first Indian exchange to be designated as Designated Offshore Securities Market (DOSM) by United States Securities and Exchange Commission (US-SEC). DOSM status will allow the sale of securities to US investors through the trading venue of BSE without registration of such securities with US SEC. This will ease trades by US investors in India and also enhance the attractiveness of Indian Depository Receipts (IDRs) amongst US investors. |
| Source- BSE India |
 YES Bank and YES Global Institute have launched Agenda 25×25, which pledges to create a synergetic startup environment for budding women entrepreneurs in India. The effort would ensure that by 2025 at least 25% of all entrepreneurs in India are women. The bank made the announcement at the YES Bank – YES Global Institute Annual Startup Conclave hosted in partnership with NITI Aayog, Invest India, Startup India and Atal Innovation Mission. The study outlines Agenda 25×25 and the need to build a 10 Step Developmental Model focused on empowering women innovators. |
| Source- The Hindu Business Line |
 The first month of the current financial year has brought some bad news on the inflation front with both retail (Consumer Price Index or CPI) and producer (Wholesale Price Index or WPI) inflation showing a surge raising the possibility of a policy rate hike by the Reserve Bank in the near future. A statement issued by the Ministry of Statistics and Programme Implementation revealed that an increase in fruit and vegetable prices, coupled with egg prices, has pushed CPI to 4.58 percent in April, from 4.28 percent in March. The Consumer Food Price Index, however, was a tad lower at 2.8 percent in April, from 2.81 percent in March. The latest number has put a break on the slide in CPI since January this year. |
| Source- The Hindu Business Line |
 A state-run Chinese bank, Industrial and Commercial Bank of China (ICBC) has launched the country's first India-dedicated publicly offered investment fund, saying the Indian market offers the best opportunity for Chinese investors due to the prospects of double-digit growth. The fund, named the ICBC Credit Suisse India Market Fund, will invest in exchange-traded funds listed on more than 20 exchanges in Europe and the US that are based on the Indian market. It is China's first publicly offered fund for investing in India. The fund will invest in the future of the Indian economy and track the distribution of the industrial structure across the Indian market. |
| Source- DD News |
 Fino Payments Bank launched a suite of digital products that can be accessed online and through mobile phones with the focus to build the transaction platform. Fino had launched its mobile banking app BPay in 2017. The latest initiatives include Unified Payments Interface (UPI), BHIM app - using which customers can access UPI and make P2P payments, net banking, digi savings account which can be opened with only Aadhaar number and PAN card and FasTag for making digital payments at toll plazas on national highways. |
| Source- DNA India |
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