RBI Recruitment | RBI Grade 'B' 2016-17 : PaGaLGuY

rbi_grb_helper · September 28, 2019, 4:40pm

New scheme for exporters: NIRVIK

Export Credit Guarantee Corporation of India (ECGC) has introduced ‘NIRVIK’ scheme to ease the lending process and enhance loan availability for exporters.

The details of the scheme were shared by Union Minister of Commerce and Industry and Railways, Piyush Goyal on September 16, 2019, during a press conference.
The scheme was announced by the Finance Minister Nirmala Sitharaman on September 14 as a part of measures to boost exports.

Details

The Export Credit Guarantee Corporation of India (ECGC) currently provides credit guarantee of up to 60 percent loss.
The new Export Credit Insurance Scheme (ECIS) which has been named the NIRVIK scheme will raise the insurance cover guarantee to 90 percent coverage of the principal and interest.
Half of the insurance cover will be provided within 30 days.
The insurance cover will include both pre and post-shipment credit whereas in the present system two different documents are issued by the ECGC for both.
Under the ‘NIRVIK’ scheme, gems, jewelry and diamond(GJD) sector borrowers with a limit of over Rs 80 crore will have a higher premium rate in comparison to the non-GJD sector borrowers of this category due to the higher loss ratio.
The scheme is being introduced for a period of 5-years and when the time period is over, the standard ECGC covers will be made available to the Banks with its regular features.
For accounts with limits below Rs 80 crore, the premium rates will be set at 60 per annum and for those exceeding Rs80 crore, the rates will be fixed at 0.72 per annum for the same enhanced cover.
The inspection would be waived for up to ₹10 crore. But the inspection of bank documents and records by ECGC officials is mandatory in case of losses of more than Rs.10 crore as against the present Rs 1crore.
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chandan5588 · September 30, 2019, 4:41am

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crackgradeb1991 · October 1, 2019, 6:53am

Question no. 26-30 are to be answered based on the Paragraph:

Bushra Nazir from Jammu and Kashmir, shares "I am from a poor family. I wanted to do a job to support my family. But I was not able to find a way out. One day, a team of Mass Infotech Society visited my area and approached many youth including me for skill development training programme. They informed that they have started a job-linked skill development programme under "GoI" Scheme in our area, which gave me a ray of hope". After completing my studies up to class 12th, I was not able to study further because of financial problems. I was losing my hopes and enthusiasm. When a team of Mass Infotech Society visited our area and gave us the details of the scheme, I decided to join the skill development programme without any delay. I visited the Mass Infotech Centre at Bohri Kadal, Srinagar and got further details regarding the program. Considering my capabilities, the organization informed me about Banking & Accounting Trade. I was also informed that I would get training on soft skills, IT and personality development in addition. I joined the programme and did my training. It was a new experience for me. I enjoyed the training by participating in many activities. In classes I learned many things related to my sector. The classes on soft skills, computers and personality development helped me in grooming myself. After the training, the organization has helped me to get a job as an Accountant at Digital Computer Institute with monthly salary of Rs. 12300. Before this job, my family suffered a lot as my father was the only bread earner. I am very thankful to Ministry & Mass Infotech Society as they have taken up such a useful programme for economic empowerment of poor minorities. I wish this programme continues in Jammu and Kashmir which would provide a better option to the unemployed youth.

Q.26 Which of the following scheme has been referred in the above paragraph:

a. Nai Udaan Scheme

b. Seekho aur Kamao

c. Nai Roshni

d. Nai Manzil

Q.27 The referred scheme is implemented by which of the following ministry:

a. MoWCD

b. MoSJ&E

c. MoRD

d. MoMA

Q.28 The referred scheme is a Central Sector scheme implemented since …..for skill development of minorities:

a. 2013-14

b. 2004-05

c. 2010-11

d. 2016-17

Q.29 The scheme will be implemented for the benefit of the 6 (Six) notified minority communities under National Commission for Minorities Act 1992, which of the following is not a minority community

a. Muslims

b. Christians

c. Sikhs

d. Buddhists

e. Bhil

Q.30 Which of the following is not true about the scheme:

a. Minimum 33% seats will be reserved for minority girl/ women candidates in programme.

b. Priority will be given to organizations who would guarantee 75% overall placement percentage and out of that at least 50% placement should be in organized sector.

c. The trainee should be between 14-45 years of age.

d. The minimum qualification of trainee should be at least Class10th.

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crackgradeb1991 · October 1, 2019, 6:57am

Question no. 26-30 are to be answered based on the Paragraph:

Bushra Nazir from Jammu and Kashmir, shares "I am from a poor family. I wanted to do a job to support my family. But I was not able to find a way out. One day, a team of Mass Infotech Society visited my area and approached many youth including me for skill development training programme. They informed that they have started a job-linked skill development programme under "GoI" Scheme in our area, which gave me a ray of hope". After completing my studies up to class 12th, I was not able to study further because of financial problems. I was losing my hopes and enthusiasm. When a team of Mass Infotech Society visited our area and gave us the details of the scheme, I decided to join the skill development programme without any delay. I visited the Mass Infotech Centre at Bohri Kadal, Srinagar and got further details regarding the program. Considering my capabilities, the organization informed me about Banking & Accounting Trade. I was also informed that I would get training on soft skills, IT and personality development in addition. I joined the programme and did my training. It was a new experience for me. I enjoyed the training by participating in many activities. In classes I learned many things related to my sector. The classes on soft skills, computers and personality development helped me in grooming myself. After the training, the organization has helped me to get a job as an Accountant at Digital Computer Institute with monthly salary of Rs. 12300. Before this job, my family suffered a lot as my father was the only bread earner. I am very thankful to Ministry & Mass Infotech Society as they have taken up such a useful programme for economic empowerment of poor minorities. I wish this programme continues in Jammu and Kashmir which would provide a better option to the unemployed youth.

Q.26 Which of the following scheme has been referred in the above paragraph:

a. Nai Udaan Scheme

b. Seekho aur Kamao

c. Nai Roshni

d. Nai Manzil

Q.27 The referred scheme is implemented by which of the following ministry:

a. MoWCD

b. MoSJ&E

c. MoRD

d. MoMA

Q.28 The referred scheme is a Central Sector scheme implemented since …..for skill development of minorities:

a. 2013-14

b. 2004-05

c. 2010-11

d. 2016-17

Q.29 The scheme will be implemented for the benefit of the 6 (Six) notified minority communities under National Commission for Minorities Act 1992, which of the following is not a minority community

a. Muslims

b. Christians

c. Sikhs

d. Buddhists

e. Bhil

Q.30 Which of the following is not true about the scheme:

a. Minimum 33% seats will be reserved for minority girl/ women candidates in programme.

b. Priority will be given to organizations who would guarantee 75% overall placement percentage and out of that at least 50% placement should be in organized sector.

c. The trainee should be between 14-45 years of age.

d. The minimum qualification of trainee should be at least Class10th.

if you are able to answer the questions as given below then you are well prepared otherwise you need to work hard.

Questions are being asked on similar pattern in RBI GRADE B Phase II.

NABARD GRADE A and B 2019 results

Congratulations to all selected candidates

2 final selection out of 8 in NABARD GRADE B

6 final selection out of 41 in NABARD GRADE A

While only 10 students appeared in interview.

And approx 60 subcribers for our NABARD Courses as we launched the courses little late.

70% -80% questions were covered in our study materials in NABARD exams and this was the best performance by any online platform.

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rbi_grb_helper · October 29, 2019, 9:37am

VERY IMPORTANT TOPIC FOR RBI GRADE B 2019 EXAM

Transition from Libor to Sonia

The FCA has advised that LIBOR (the London Interbank Offered Rate) will end in 2021 and are encouraging the adoption of SONIA (the Sterling Overnight Index Average) as the alternative interest rate benchmark.

By some estimates, LIBOR determines rates on $350 trillion of financial products worldwide, so moving away from it is clearly a big change. Key businesses and functions that will be affected include commercial lending, retail banking and wealth management.

What is LIBOR?

LIBOR has been the UK’s standard benchmark interest rate for corporate lending, leasing and residential loans since the mid1980s, and has been adopted globally; set by a panel of international member banks, many financial institutions, mortgage lenders and credit card agencies set their own rates relative to it.

LIBOR is currently determined by the ICE Benchmark Administration (IBA), which consults with a panel of banks to obtain estimates of the current costs of borrowing. Using this information, the IBA is able to provide a forward looking rate which is used to calculate interest rates on loans.

Why are we moving away from LIBOR?

Confidence in LIBOR has dropped due to the reliance on panel banks setting fair and accurate estimates of the cost of lending, which may not reflect the true market position and could be at risk of manipulation (the 2012 LIBOR rigging scandal often being quoted).

Despite recent reforms to LIBOR, the FCA considers that the lack of underlying transaction data means that the validity of the opinion based submissions of panel banks remains questionable. In June 2019, the Bank of England (BOE) and the FCA jointly hosted a panel-based titled “Last Orders: Calling Time on LIBOR.” LIBOR isn’t being eliminated however, and technically could still be available after 2021, but regulators will no longer force or encourage banks to continue supporting the benchmark after that date. The FCA has asked banks to voluntarily sustain LIBOR until 2021.

What is the alternative to LIBOR?

Whereas LIBOR was adopted globally, market developments suggest the transition is now towards different countries applying their own local reference rate. In the U.S., there is SOFR (Secured Overnight Financing Rate), Japan has TONA (Tokyo Overnight Average) and the European Bank has developed the Euro Short-Term Rate (ESTER). In April 2017, the Bank of England’s Working Group on Sterling Risk-Free Reference Rates adopted the SONIA benchmark as their preferred RFR and since then has been working with the FCA on how to transition to using SONIA across British Sterling markets, with a mandate to encourage a broad-based transition to using SONIA in bond, loan and derivatives markets.

SONIA, the Sterling Overnight Index Average, is the effective interest rate paid by banks for unsecured transactions taking place “overnight” (in off-market hours) in the British Sterling market. It is “risk free” or “nearly risk-free” and doesn’t factor in any credit risk taken by lenders. The advantage of SONIA is that it does not rely on submissions made by panel banks but is instead based on a weighted average of actual overnight funding on the wholesale money markets. SONIA is therefore much more in tune with actual market conditions. Regulators anticipate that the switch from LIBOR to SONIA will create more predictability in the UK debt market.

Challenges for Borrowers / Lenders

The main challenge with SONIA is that it is a “backward looking” screen rate (as are SOFRA, TONA and the others). Interest calculated using SONIA is only known once the rate has been applied. Furthermore, because it is an overnight rate this means it changes on a daily basis. Loan agreements using SONIA cannot set a fixed interest rate across the term of the loan (e.g. 3, 6 or 12 months). The loss of cash flow visibility will be a challenge for Borrowers. Also, using SONIA it may be more difficult for borrowers to prepay principal or refinance mid period, since calculations cannot be carried out in advance of the prepayment being made. Lenders will also need to factor in their credit risk if using SONIA.

In an attempt to resolve the above the Bank of England Working Group has held public consultations on the possibility of introducing a Term SONIA Reference Rate (TSRR) which could potentially be tested in 2019. If TSRR is adopted it will go a long way to maintaining the structure of the current drafting in current contracts and allow the final rate to be known in advance of repayment dates from the outset of each interest accrual period. However, its introduction is not a certainty at this juncture.

Action Points for Borrowers and Lenders

Whilst we anticipate LIBOR is unlikely to be widely used as a reference rate from the end of 2021, exactly how this will play out in the market is still uncertain, and we will continue to monitor the situation.

To best prepare for the transition we would advise Borrowers and Lenders to review their existing lending documentation. Well drafted contracts should include fall-back provisions specifying an alternative rate for when LIBOR becomes unavailable. Such provisions might say, for example, that if LIBOR is unavailable, the rate last used will continue unchanged. Whilst this may be acceptable in the short term, a party losing out on an unfavourable interest rate may seek to re-negotiate whilst the gaining party will want to retain existing terms. Borrowers should liaise with their bank relationship managers to discuss further.

Banks and other corporates with significant LIBOR exposure should start preparing for the change if they haven’t already done so, including contract analysis. It might also be reasonable to assume that month end processing and reconciliation will be more time consuming and complicated for Lenders and Borrowers alike, so this should be factored in to planning, as well as the potential for tax implications.

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rbi_grb_helper · November 24, 2019, 7:23am

India’s reasons for not joining RCEP:

Changed scenario due to the China-US trade war:

China has been seeking to tie up the deal expeditiously as the country faces slowing growth from a trade war with the U.S.

This shifted the focus somewhat from crafting an agreement that worked for all to an early conclusion of agreement.
RCEP lacking balance and fairness:

India was not able to get several of its key concerns addressed.

The biggest concern in the bloc is still with China with whom the Indian bilateral trade deficits lurk around USD 55-60 billion.

There are too many non-tariff barriers in place in China which have to be removed.Otherwise, progressively low tariff rates which form the core of the RCEP treaty, will seriously hurt our dairy, steel, MSME and textile sectors.
Lopsided ‘Free Trade Agreements’:

India has already signed a host of free trade agreements (FTAs) and comprehensive economic cooperation agreements (CECAs) with the South-east Asian nations, with whom India’s trade deficit only increased after the agreements came to effect.

Even with other RCEP nations with whom India does not have trade agreements, namely, Australia, New Zealand, and China, India faces a massive and growing trade deficit.

Domestic opposition: Agricultural producers and farmers are fearing that cutting tariffs on dairy and other produce would open the door to cheap Chinese imports and threaten sectors that support a vast swathe of the population.
The economic slowdown: Indian industries facing consumption slowdown, would have been further hit by cheap imports.
Stagnating Indian exports: India's exports have declined along with an increase in imports.

India’s main issues with RCEP:

The main issues that need resolution include

e-commerce chapter

number of goods on which import duties should be completely eliminated

norms to relax services trade

investor-state dispute settlement

Rules of Origin (ROO)

The e-commerce chapter & the issue of cross-border transfer of electronic information:

The e-commerce chapter contains clauses that, if India had agreed to them, would have prevented it from implementing data localisation rules on companies doing business in India.

India has proposed locating computing facilities inside the country if it is meant to protect its essential security interests and national interests.
Also Reserve Bank of India’s (RBI) in its April 2018 notification mandated “all system providers shall ensure that the entire data relating to payment systems operated by them are stored in a system only in India”.

RCEP does not want data localization. It said that these requirements raise costs for suppliers of data-intensive services by forcing the construction of unnecessary, redundant data centres.

Number of goods on which import duties should be completely eliminated

RCEP members want India to eliminate or significantly reduce customs duties on maximum number of goods it traded globally.

To protect domestic industry against surge in imports, India suggested an auto trigger method that would automatically increase import levies once shipments cross a given threshold limit.

India is negotiating ‘standstill’ and ‘ratchet’ clauses which mean that the governments have to freeze their current levels of market opening, and if they liberalise more they cannot go back.

Dairy Sector - New Zealand and Australia would gain significantly for commodities- Milk powder and fat. Already Malaysia and Indonesia have successfully exploited the Indian market in palm oil, as did Argentina and Brazil in soyabean oil and Ukraine in sunflower oil.

2. Norms to relax services trade

Under services, India wants greater market access for its professionals in the proposed agreement.

But the RCEP grouping had earlier rejected India’s proposal for a visa fee waiver on a common reciprocal basis, fearing migration and subsequent loss of jobs.

Computer related services is a sector of India’s interest and in that Mode 4 is India’s main concern.

3. Proposed inclusion of the controversial investor-state dispute settlement (ISDS):

This mechanism gives the exclusive right to bypass domestic legal systems and sue governments at international arbitration tribunals whenever they feel government regulation can limit their profits.
India does not want an ISDS mechanism in RCEP as it does not want its domestic laws to be challenged in offshore arbitral tribunals.

4. Rules of Origin (ROO):

Rules of origin are the criteria used to define where a product was made and are important for implementing other trade policy measures, including trade preferences, quotas, anti-dumping measures and countervailing duties.
India wants strict rules of origin to prevent Chinese goods from flooding the country through member countries that may have lower or no duty levels.
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rbi_grb_helper · December 6, 2019, 8:35am

**5th bi-monthly monetary policy (MPC) review 2019-20**

Key highlights

1. MPC unanimously votes for status quo on repo rate (5.15%)
2. Stance to remain accomodative as long as required: MPC
3. FY20 real GDP growth projection lowered to 5% from 6.1%
4. MPC sees scope for rate easing in the future
5. MPC expects inflation to rise in the near term
6. Delay in demand revival is a key downside risk to GDP
7. MPC sees need to address impediments holding back investments
8. October CPI print was much higher than expected
9. Fall in deposit rate augurs well for loan rate transmission
10. October-March 2020 CPI inflation seen at 4.7-5.1%
11. April-Sept 2020 CPI inflation seen 3.8-4%
12. Oct-March GDP growth seen at 4.9-5.5%
13. Fall in deposit rate augurs well for rate transmission

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rbi_grb_helper · December 16, 2019, 4:32pm

SPECIAL NON-RESIDENT RUPEE ACCOUNT (SNRR ACCOUNT)

In a bid to boost internationalisation of the rupee, the RBI has relaxed norms for the opening of special non-resident rupee (SNRR) accounts and permitted direct remittance from India into these accounts.

Now, RBI has expanded the scope of SNRR Account by permitting person resident outside India to open such account for:

External Commercial Borrowings in INR;

Trade Credits in INR;

Trade (Export/ Import) Invoicing in INR; and

Business related transactions outside International Financial Service Centre (IFSC) by IFSC units at GIFT city like administrative expenses in INR outside IFSC, INR amount from sale of scrap, government incentives in INR, etc.

It has also been decided to rationalise certain other provisions for operation of the SNRR Account, as under:

Remove the restriction on the tenure of the SNRR account opened for the purposes given at paragraph 3 above as the proposed transactions are more enduring in nature.

Apart from Non-Resident Ordinary (NRO) Account, permit credit of amount due/ payable to non-resident nominee from account of a deceased account holder to Non-Resident External (NRE) Account or direct remittance outside India through normal banking channels.

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rbi_grb_helper · December 19, 2019, 3:38pm

Citizenship Amendment Bill 2019 Highlights

The Citizenship Amendment Bill 2019 (CAB) is a bill with an amendment in the Citizenship Act of 1955, which proposed that any person belonging to Hindu, Sikh, Buddhist, Jain, Parsi or Christian community from Afghanistan, Bangladesh or Pakistan, who entered into India on or before the 31st day of December, 2014 and who has been exempted by the Central Government by or under clause (c) of sub-section (2) of section 3 of the Passport (Entry into India) Act, shall not be treated as illegal migrant for the purposes of this Act. It also seeks to relax the requirement of residence in India for citizenship by naturalisation from 11 years to 5 years for these migrants.The Union Cabinet cleared this Bill on 4 December 2019. It was passed by the Lok Sabha on 10 December 2019 and, subsequently, in the Rajya Sabha on 11 December 2019. It came into effect on 12 December 2019 there by becoming a law.

PROVISIONS UNDER CITIZENSHIP AMENDMENT BILL 2019

Under the Act, one of the requirements for citizenship by naturalization is that the applicant must have resided in India during the last 12 months, and for 11 of the previous 14 years. The Bill relaxes this 11-year requirement to five years for persons belonging to the same six religions and three countries.
The bill exempts the tribal areas of Assam, Meghalaya, Mizoram, and Tripura, included in the Sixth Schedule to the Constitution from its applicability. These tribal areas include Karbi Anglong in Assam, Garo Hills in Meghalaya, Chakma district in Mizoram, and Tribal Areas district in Tripura.
The Bill further seeks to protect the constitutional guarantee given to indigenous populations of North Eastern States covered under the Sixth Schedule to the Constitution and the statutory protection given to areas covered under “The Inner Line” system of the Bengal Eastern Frontier Regulation, 1873.
The Bill further seeks to grant immunity to the migrant of the aforesaid Hindu, Sikh, Buddhist, Jain, Parsi and Christian communities so that any proceedings against them regarding in respect of their status of migration or citizenship does not bar them from applying for Indian citizenship.
The Bill includes new provisions for cancellation the registration of Overseas Citizenship of India (OCI) such as registration through fraud, in case of OCI holder sentenced to imprisonment for two or more years within five years of registration and in necessity in the interest of sovereignty and security of India. It also includes a provision on violation of any law notified by the central government. It also adds the opportunity for the OCI holder to be heard before the cancellation.
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robmiranda · December 21, 2019, 3:28am

FINANCIAL AWARENESS NOVEMBER 2019

SREI-UBI jointly offers loans under co-lending programme

• Srei Equipment Finance Ltd, a wholly-owned subsidiary of Srei Infrastructure Finance, has partnered with the United Bank of India (UBI) to offer loans to the MSME sector and retail customers under a co-lending arrangement. • The NBFC and the bank jointly organised Loan Utsavs across 20 cities. These loan melas were held many cities including Delhi, Mumbai, Hyderabad, Ahmedabad, Jaipur, Ranchi, Patna, Vijaywada, Chandigarh, Lucknow and Bhopal.

Dhanlaxmi Bank announces resignation of MD & CEO

• Ms T.Latha has submitted her resignation as MD & CEO and Director of Dhanlaxmi Bank, Vide her letter dated October 30, 2019 due to personal reasons. The same has been accepted by the Board w.e.f close of business hours on October 31, 2019, at its meeting held on October 31, 2019. The same has been intimated to RBI.

SBI Card and Vistara Join Hands to Launch Co-branded Credit Cards

• SBI Card and Vistara have joined hands to launch a one-of-its-kind premium credit card for travel savvy urban Indians. Launched in two variants, Club Vistara SBI Card PRIME and Club Vistara SBI Card, the new card has been designed to offer a rewarding travel experience to cardholders, through unique benefits and unmatched value proposition, on domestic and international travel spends.

AIIB to invest 100 million USD in solar and wind projects in India

• The Asian Infrastructure Investment Bank (AIIB) which is headquartered at Beijing expects an investment of 100 million USD in India in a year. The foreign investment is to enter India through the bank in Wind and solar projects.AIIB has so far invested 2.9 billion USD. It amounts to 30% of the total investment. India is the largest borrower of AIIB.

India and ADB sign 91 million USD to improve water resources in Karnataka

• On November 18, 2019, India and the Asian Development Bank (ADB) signed a 91 million USD agreement to improve water security of Karnataka. The loan will help to modernize the Vijayanagara Channel irrigation systems and also to increase the efficiency of Krishna river basin.

IndiaFirst Life Insurance partners with Spice Money for ‘Insurance Khata’ product

• IndiaFirst Life Insurance has entered into a strategic & technical partnership with Spice Money, a tech-led financial services provider, for distribution / marketing of ‘insurance khata’ through the latter’s platform, which has nearly 3 lakh customers.Insurance Khata is targeted at the informal/agriculture sector.

European Investment Bank to stop Fossil Fuel Funding by 2021

• The European Investment Bank is to stop funding oil and coal projects at the end of 2021. Since 2013, the European Union through the bank has funded 13.4 billion Euros for fossil fuel projects. In 2018, it was around 2 billion Euros. The Union has been reducing its funding to fossil fuel projects and is stopping by 2021.

RBI increases household income limits for borrowers of NBFCs and MFIs

• Reserve Bank of India increased the household income limits for borrowers of Non- Banking Financial Companies (NBFCs) and microfinance institutions (MFIs) from 1 lakh to 1.25 lakh rupees.

• Aim: • The move is aimed at strengthening credit to those at the bottom of the economic pyramid in rural areas. The limit is increased from 1.6 lakh for urban or semi-urban areas to 2 lakh rupees. The limit has been increased after taking into consideration the important role played by microfinance institutions in delivering credit to those at the bottom of the economic pyramid and to enable them to play their assigned role in a growing economy.

COCO by DHFL General Insurance launches customisable health insurance plan

• COCO by DHFL General Insurance announced the launch of its First Retail Health Indemnity Insurance Product COCOCure. COCOCure is a comprehensive, new-age health insurance product that is designed to make health insurance easy to understand and convenient to purchase.

Ujjivan Small Finance Bank launches Instant Digital Savings and Instant Fixed Deposit Account

• Ujjivan Small Finance Bank in an effort to offer distinctive banking and digital services to its customers launched Digital Savings Account along with fixed deposit and privilege savings account.

Tencent buys 10% of Policybazaar, enters India insurance market

• Tencent Holdings Ltd. has acquired a minority stake in Policybazaar.com valuing the Indian online insurance aggregator at $1.5 billion, according to a person familiar with the deal, as it tries to get a foothold in the country’s burgeoning insurance sector. • The Chinese technology giant bought 10% of Policybazaar, half of Tiger Global Management LLC’s stake in the company, the person said, asking not be identified as the matter was not public. The $150 million deal was signed earlier this week, the person added.

Bajaj Allianz General Insurance launches ‘Farmitra’ app

• Bajaj Allianz General Insurance, the private general insurer launched industry’s first mobile app ‘Farmitra’ catering to the specific needs of farmers. Through this app, farmers will not only get insurance solutions, but also a range of other information and advisories which will cater to their day to day farming needs. • The Company, through this app intends to help farmers address their worries and provide them relevant information which they can use in optimizing their farming practices. This will create value for farmers, thereby increasing engagement with them.

Exim Bank gives $30 million line of credit to Ghana

• Export-Import (Exim) Bank provided a $30 million line of credit to Ghana for the potable water projects in the country.Exim Bank entered into an agreement with Ghana for a line of credit (LoC) of $30 million (about Rs 210 crore) for financing rehabilitation and up-gradation of potable water system in Yendi, Ghana.

• Under the arrangement financing of export of eligible goods, works and services from India would be allowed subject to their being available for shipping under the Foreign Trade Policy of India and whose purchase may be agreed to be financed by the Exim Bank.

MSTC ties up with Allahabad Bank to develop e-auction platform

• MSTC Ltd has signed an agreement with Allahabad Bank for the development of a dedicated e-Auction platform directly linked with the Indian Banking Association’s portal (https://ibapi.net) for sale of non-performing assets (NPAs) through the SARFAESI (Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest) Act.

ADB to provide USD 451 mn for the CKIC corridor

• The Asian Development Bank is to provide a $451 million loan to strengthen the power connectivity between southern and northern parts of the Chennai-Kanyakumari Industrial Corridor (CKIC) in Tamil Nadu. • CKIC Project: • The total estimated cost of the project is $653.5 million, of which the government will provide $202.5 million. The project has been estimated to be the completed date of the project is the end of 2024.

Aditya Birla Finance becomes first company to list commercial papers on stock exchanges

• Aditya Birla Finance Ltd (ABFL), the Non-Banking Financial Company (NBFC) arm of Aditya Birla Capital, has now become the first company to list its commercial papers (CPs) on stock exchanges. • The move comes after stock exchanges- the BSE (Bombay Stock Exchange) and NSE (National Stock Exchange), came out with a framework for listing of commercial papers (CPs), in a bid to broaden investors’ participation in such securities.

From January, banks cannot charge you for online NEFT transactions

• From January 2020, banks can no longer charge savings bank account holders for online transactions in the NEFT system. The Reserve Bank of India (RBI) has now mandated banks to do this through a press release. In its press release, RBI stated that it is doing this to promote digital payments.

HDFC AMC, IGL added to MSCI India index, Yes Bank removed

• MSCI, the world’s biggest index compiler, has added eight Indian stocks including HDFC Asset Management or HDFC AMC, Info Edge (India) and Indraprastha Gas Ltd to its India Index, while removing Vodafone Idea, Yes Bank and four others that have seen significant market capitalisation erosion this year.

PNB Housing Finance Raises Rs 2,500 Crore By Issuing Bonds To LIC

• Life Insurance Corporation of India has invested Rs 2,500 crore in PNB Housing Finance Ltd. by subscribing to the mortgage lender’s secured redeemable non- convertible debentures. This issuance is on private placement basis with a door-to-door tenure of 10 years. The proceeds will be utilised by the company for its normal course of business operations.

Muthoot Finance to acquire IDBI Mutual Fund for ₹215 crore

• Gold loan financier Muthoot Finance has agreed to acquire IDBI Mutual Fund to foray into the mutual fund segment. As per the deal, it will acquire 100% shareholding in IDBI Asset Management for ₹215 crore. The mutual fund firm has assets worth over ₹5,300 crore under its management.

Ashok Leyland, ICICI Bank ink MoU for vehicle financing

• Commercial vehicle manufacturer Ashok Leyland Ltd. (ALL) has entered into a two- year memorandum of understanding (MoU) with ICICI Bank to offer customised financial solutions to customers across India with a focus on semi-urban and rural geographies. • With this MoU, ICICI Bank will be a preferred financier for providing finance to customers buying ALLAshok Leyland vehicles. The bank will work in close coordination with the authorised dealers of Ashok Leyland to provide financial solutions to the customers, said the company in a statement.

ADB Grants $451 Million Loan to Boost Power Transmission Capacity in Tamil Nadu

• The Asian Development Bank (ADB) has sanctioned a $451 million (~₹31.77 billion) loan to the state of Tamil Nadu for a project that will enable better power transfer between the southern part of the Chennai-Kanyakumari Industrial Corridor (CKIC) and the northern regions where there is higher power demand.

ADB approves $300 million for power transmission expansion in Bangladesh

• The Asian Development Bank (ADB) approved a 300 million dollar loan for a project to expand power transmission lines in Greater Dhaka and the western zone of Bangladesh. • The Asian Infrastructure Investment Bank has 200 million dollars in co-financing to fund transmission lines, substations, and an enterprise resource planning system. The assistance also comprises a 750,000 dollar grant from China’s Poverty Reduction and Regional Cooperation Fund.

Wholesale inflation eases to 0.16 per cent in October

• Wholesale prices based inflation eased further to 0.16 per cent in October, as against 0.33 per cent in September. Government data showed subdued prices of non-food articles and fall in prices of manufactured items.

Irdai calls for wellness features in health insurance plans

• In order to popularise wellness and preventive features in health insurance, the insurance regulator has issued draft guidelines suggesting insurers offer outpatient consultations or treatments, health check-up diagnostics and redeemable vouchers to obtain protein supplements.

SBI Life, ICICI Pru Life to enter MSCI India index

• Morgan Stanley Capital International (MSCI) recently re-balanced its India index under its semi-annual review. Of the eight additions it did to the index, two belong to the insurance sector – SBI Life and ICICI Prudential Life Insurance, possibly underlining brighter prospects in the segment.

World Bank to fund USD 300 million to the West Bengal

• World Bank announced that it is to fund $300 million to the West Bengal State government. The announcement was made by the West Bengal Finance Minister Amit Mitra. The fund will be used for the development of logistics infrastructure within the city metropolitan area. • World Bank submitted a master plan to the state on logistics infrastructure in and around the Kolkata metropolitan area. It has also expressed its interest in a review of industrial parks, logistics hubs, and SEZs. It aims to improve logistics competitiveness, employment generation, and ease of doing business.

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robmiranda · December 21, 2019, 3:30am