 State-run Punjab National Bank (PNB) launched new products such as pre-approved credit card and UPI solution to mark its 124th foundation day. Besides, the bank announced its UPI partnership with the expense management app WALNUT that comes embedded with features such as bill reminders, bill-split and instant paperless loans. |
| Source- Business Standard |
 The Reserve Bank of India tightened reporting norms for the Liberalised Remittance Scheme (LRS) under which an individual can transfer up to USD 2,50,000 abroad in a year. The LRS transactions are currently permitted by banks based on the declaration made by the remitter. The monitoring of adherence to the limit is confined to obtaining such a declaration without independent verification, in the absence of a reliable source of information. Under the LRS, all resident individuals, including minors, are allowed to freely remit up to USD 2,50,000 per financial year for any permissible current or capital account transaction or a combination of both. |
| Source- Business Standard |
 The Asian Development Bank (ADB) has projected that India’s economic growth is set to rise to 7.3% this fiscal and further to 7.6% in the next financial year, on back of GST and banking reforms. According to the Asian Development Outlook (ADO), 2018, Indian economy grew 6.6% in the last fiscal and it would remain the fastest-growing country across Asia. |
| Source- DD News |
 Jammu and Kashmir Bank has launched a special financing scheme named 'Add-on Working Capital GST' to help the state industry cope with the delay in reimbursement of GST under special tax relief. The scheme was launched by J&K Finance Minister Syed Altaf Bukhari. |
| Source- The Indian Express |
 The SBI has announced the launch of its UK subsidiary, SBI (UK) Limited, with an initial capital commitment of 225 million pounds from its parent entity. India's largest state-owned bank, which celebrated the new subsidiary with a special event in London, becomes the first foreign bank in the UK to ringfence its retail division from its wholesale business. |
| Source- DD News |
 The State Bank of India will be investing a total of Rs 80 billion in the Arun III hydropower project of Nepal, which has 900 megawatts (MW) electricity production capacities. The SJVN, which has been awarded the construction of the mega power project of Nepal, has made an informal agreement with the SBI to acquire the investment as a loan and soon will make the formal agreement. The mega project is targeted to be completed by 2022's September. |
| Source- The Economic Times |
 In a move that could temporarily soften bond yields, the Reserve Bank of India, in consultation with the Government, hiked the foreign portfolio investors (FPI) investment limit in Central government securities (G-Sec) from 5% of outstanding stock now to 5.5% in FY2019 and 6% in FY2020. The hike comes in the wake of 99.31% of the upper FII investment limit in G-Secs of Rs1,91,300 crore getting utilised. The FPI investment in state development loans (SDLs) has been left unchanged at 2% of outstanding stock of securities. |
| Source- DD News |
 The Reserve Bank of India switched back to the gross domestic product (GDP)-based measure to offer its growth estimates from the gross value added (GVA) methodology, citing global best practices. The government had started analysing growth estimates using GVA methodology from January 2015 and had also changed the base year to 2018 from January. While GVA gives a picture of the state of economic activity from the producers’ side or supply side, the GDP model gives the picture from the consumers’ side or demand perspective. |
| Source- The Hindu |
 India’s foreign exchange reserves hit a life-time high of 424.361 billion US dollar after rising by 1.828 billion dollar in the week to March 30, according to the Reserve Bank of India data. Gold reserves remained unchanged at 21.614 billion US dollar. |
| Source- DD News |
 On the basis of an assessment of the current and evolving macroeconomic situation at its meeting, the Monetary Policy Committee (MPC) decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.0%. Consequently, the Reverse Repo Rate (RRR) under the LAF remains at 5.75%, and the Marginal Standing Facility (MSF) rate and the Bank Rate at 6.25%. India’s real gross domestic product (GDP) growth marginally upward to 6.6% from 6.5% in the first advance estimates. GDP growth in 2017-18 at 6.6 percent was lower than 7.1% in 2016-17. |
| Retail inflation, measured by the year-on-year change in the CPI, fell from a high of 5.1% in January to 4.4% in February due to a decline in inflation in food and fuel. CPI inflation excluding food and fuel remained unchanged at 5.2% for the third consecutive month in February, after rising from its trough in June 2017. |
| Source- The RBI |
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