IBPS Clerk Mains Exam 2024 PDF

Report Errors in the PDF - [email protected] Copyright 2014-2024 @ AffairsCloud.com 1 This PAID PDF is provided by AffairsCloud’s dedicated team that works diligently to provide aspirants with high-quality content. We recommend you to purchase this PDF subscription and seize the opportunity to learn efficiently. Help Us to Grow & Provide Quality Service Click here to Download the CareersCloud APP Click here to Join the Telegram Channel Current Affairs Channel AffairsCloud Hindu Vocabs Suggestions & Feedback are welcomed [email protected] Report Errors in the PDF - [email protected] Copyright 2014-2024 @ AffairsCloud.com 2 Report Errors in the PDF - [email protected] Copyright 2014-2024 @ AffairsCloud.com 3 To Our Beloved AC Aspirants, AffairsCloud is always desire to support your preparations to crack competitive exams and achieve your dreams. Our team comes up with IBPS CLERK Mains 2024 which comprises the most important news that happened from May 1 to September 30, 2024 Our Exam PDF will make your revision ease and to score high marks we highly recommend you to follow AC Daily Content and Q&A PDF which cover almost all questions of GA section of Mains Examination. The Exam PDF with 169 pages provided by Our team for IBPS PO Mains Examination has covered 22 Questions out of 40 Questions asked in the Exam. For Detailed Information of the Questions covered in Examination check our IBPS Clerk Mains Examination - GA Analysis which is available in "Careescloud App - Self Evaluation in Bank Exams course Course". All the best for your upcoming exams With regards From AC Team!!!! Thanks for choosing AffairsCloud. If you like our services, kindly suggest our site AffairsCloud.com to all your friends. Our CurrentAffairs also available@ - AffairsCloud Youtube Channel – Click Here Careerscloud App – Click Here Report Errors in the PDF - [email protected] Copyright 2014-2024 @ AffairsCloud.com 4 May to September Exam PDF 2024 Table of Contents BANKING & FINANCIAL AWARENESS.................................................................................................................................................. 8 CURRENT RATES........................................................................................................................................................ 8 SMALL SAVING SCHEMES INTEREST RATE........................................................................................................... 8 INDIA’S GROWTH PREDICTION.............................................................................................................................. 9 RBI IN NEWS............................................................................................................................................................. 13 SBI IN NEWS.............................................................................................................................................................. 22 MOU SIGNED BY BANKS.......................................................................................................................................... 23 SEBI RELATED NEWS.............................................................................................................................................. 27 OTHERS..................................................................................................................................................................... 31 FUNDS........................................................................................................................................................................ 36 INSURANCE............................................................................................................................................................... 40 ECONOMY........................................................................................................................................................................................................ 47 BUSINESS......................................................................................................................................................................................................... 50 NATIONAL AFFAIRS................................................................................................................................................................................... 51 CABINET APPROVALS............................................................................................................................................. 51 PM’s LAUNCHES/INAUGURATIONS...................................................................................................................... 55 LAUNCHES/INAUGURATIONS............................................................................................................................... 55 FIRST IN INDIA......................................................................................................................................................... 61 LONGEST, LARGEST, HIGHEST.............................................................................................................................. 62 GOVERNMENT SCHEMES........................................................................................................................................ 63 OTHERS..................................................................................................................................................................... 65 IMPORTANT ONE LINER......................................................................................................................................... 74 TARGET............................................................................................................................................................................................................ 75 INTERNATIONAL AFFAIRS..................................................................................................................................................................... 75 VISITS................................................................................................................................................................................................................ 80 INDIAN VISITS.......................................................................................................................................................... 80 FOREIGN VISIT......................................................................................................................................................... 83 COMMITTEES................................................................................................................................................................................................. 86 COMMITTEES FORMED........................................................................................................................................... 86 MEETING................................................................................................................................................................... 87 SUMMITS, EVENTS & CONFERENCE................................................................................................................................................... 90 MOU’s & AGREEMENTS............................................................................................................................................................................ 94 MOU'S WITH OTHER COUNTRY............................................................................................................................ 94 Report Errors in the PDF - [email protected] Copyright 2014-2024 @ AffairsCloud.com 5 MOU’S WITH STATE................................................................................................................................................ 97 MOU’S BETWEEN ORGANIZATIONS..................................................................................................................... 98 INDEX...............................................................................................................................................................................................................108 RANKING................................................................................................................................................................. 108 STATE/CITY WISE RANKING........................................................................................................................... 108 REPORT................................................................................................................................................................... 132 APPOINTMENTS & RESIGNS................................................................................................................................................................140 APPOINTMENTS..................................................................................................................................................... 140 NATIONAL........................................................................................................................................................... 140 INTERNATIONAL............................................................................................................................................... 160 BRAND AMBASSADOR.......................................................................................................................................... 169 RESIGNATION......................................................................................................................................................... 171 AWARDS & RECOGNITIONS.................................................................................................................................................................172 AWARDS.................................................................................................................................................................. 172 RECOGNITIONS...................................................................................................................................................... 184 ACQUISITIONS & MERGERS.................................................................................................................................................................185 SCIENCE & TECHNOLOGY......................................................................................................................................................................192 SATELLITES............................................................................................................................................................ 192 NEW INITIATIVE/INNOVATION.......................................................................................................................... 198 DEFENCE........................................................................................................................................................................................................203 EXERCISES............................................................................................................................................................... 203 MISSILES.................................................................................................................................................................. 206 COMMISSION/DECOMMISSION........................................................................................................................... 208 IMPORTANT DEFENCE EVENTS.......................................................................................................................... 211 SPORTS...........................................................................................................................................................................................................214 APPOINTMENTS IN SPORTS................................................................................................................................ 214 RETIREMENT.......................................................................................................................................................... 215 TENNIS..................................................................................................................................................................... 216 CRICKET.................................................................................................................................................................. 218 BADMINTON........................................................................................................................................................... 220 CHESS....................................................................................................................................................................... 223 GRAND PRIX........................................................................................................................................................... 225 BOXING, WRESTLING & WEIGHTLIFTING......................................................................................................... 226 OTHER SPORTS...................................................................................................................................................... 226 OBITUARY.....................................................................................................................................................................................................233 NATIONAL............................................................................................................................................................... 233 Report Errors in the PDF - [email protected] Copyright 2014-2024 @ AffairsCloud.com 6 INTERNATIONAL................................................................................................................................................... 237 BOOKS & AUTHORS.................................................................................................................................................................................239 IMPORTANT DAYS....................................................................................................................................................................................242 NATIONAL OBSERVANCE..................................................................................................................................... 242 INTERNATIONAL OBSERVANCE.......................................................................................................................... 249 APPS & WEB PORTAL.............................................................................................................................................................................265 BANKING................................................................................................................................................................. 265 OTHERS................................................................................................................................................................... 265 Please Let us Know your Feedback – Handwritten Notes Click here to give Rating Report Errors in the PDF - [email protected] Copyright 2014-2024 @ AffairsCloud.com 7 BANKING & FINANCIAL AWARENESS CURRENT RATES Policy rates Bi- 1st Bi- 2nd Bi- 3Rd Bi- monthly Monetary monthly Monetary monthly Monetary monthly Policy Policy Policy Monetary February 2024 2024-2025 2024-2025 Policy (FY24) (FY25) (FY25) 2024-2025 (FY25) Repo Rate 6.50% 6.50% 6.50% 6.50% Reverse Repo 3.35% 3.35% 3.35% 3.35% Rate Marginal 6.75% 6.75% 6.75% 6.75% Standing Facility (MSF) Standing 6.25% 6.25% 6.25% 6.25% Deposit Facility (SDF) Rate Bank Rate 6.75% 6.75% 6.75% 6.75% Cash Reserve 4.50% 4.50% 4.50% 4.50% Ratio (CRR) Statutory 18.00% 18% 18% 18% Liquidity Ratio (SLR) * Monetary Policy Committee (MPC) will be held 6 times for a financial year as per RBI rules. SMALL SAVING SCHEMES INTEREST RATE The Minister of Finance under GOI revised the interest rate for the Four quarters on small saving schemes. It will be revised three months once. Instruments Rate of interest Rate of interest Compounding Frequency* (from July 2024 (from April 2024 to September to June 2024) 2024) Post Office Savings Account 4.0% 4.0% Annually 1 Year Time Deposit 6.9% 6.9% Quarterly 2 Year Time Deposit 7.0% 7.0% Quarterly 3 Year Time Deposit 7.1% 7.1% Quarterly Report Errors in the PDF - [email protected] Copyright 2014-2024 @ AffairsCloud.com 8 5 Year Time Deposit 7.5% 7.5% Quarterly 5 Year Recurring Deposit Scheme 6.7% 6.7% Quarterly Senior Citizen Savings Scheme 8.2% 8.2% Quarterly and paid Monthly Income Account 7.4% 7.4% Monthly and paid National Savings Certificate (VIII 7.7% 7.7% Annually Issue) Public Provident Fund Scheme 7.1% 7.1% Annually Kisan Vikas Patra 7.5% (will mature 7.5% (will mature Annually in 115 months) in 115 months) Sukanya Samriddhi Account Scheme 8.2% 8.2% Annually INDIA’S GROWTH PREDICTION Organization Year Predictions & Points to be Noted SEPTEMBER 2024 National Statistical Q1 of FY25 6.7% Office (NSO) National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI), released the Estimates of Gross Domestic Product (GDP) For the First Quarter (April- June) of 2024-25, along with its expenditure components both at Constant (2011-12) and Current Prices. India’s Real GDP slowed to a 15-month low of 6.7% in Q1of FY25 as compared to the growth rate of 8.2% in Q1 of FY24 (2023-24), mainly due to poor performance of the agriculture and services sector. Real Gross Value Added (GVA) registered a growth of 6.8% (in Q1of FY25) over the growth rate of 8.3% (in Q1of FY24). It is estimated at Rs 40.73 lakh crore in Q1of FY25, against Rs 38.12 lakh crore in Q1 of FY24. World Bank - 7% On September 3, 2024, the World Bank (WB) in its 'India Development Update (IDU)- India’s trade opportunities in a changing global context' upgraded India's growth estimate to 7% from 6.6% for Financial Year 2024-25 (FY25). Despite global challenges and the fading effects of post-pandemic recovery, India's medium-term outlook remains positive. The Gross Domestic Product (GDP) growth is projected at 6.7% for FY26 and FY27. The Current Account Deficit (CAD) is expected to widen to 1.1% of GDP in FY25 from 0.7% in FY24, supported by Report Errors in the PDF - [email protected] Copyright 2014-2024 @ AffairsCloud.com 9 strong services exports and expanding high-tech goods exports. The Fiscal Deficit(FD) is anticipated to reduce from 5.6% of GDP in FY24 to 4.9% in FY25, further narrowing to 4.5% by FY26. S&P FY24 8.2% According to the S&P Global’s inaugural edition of the report titled “India Forward: Emerging Perspectives” released on 19th September, 2024, India is on track to become the 3rd largest economy in the world and transition to the Upper-Middle- Income(UMI) category by Financial Year 2030-31 (FY31), driven by a projected annual growth rate of 6.7%. The report noted that India’s Gross Domestic Product (GDP) grew by an impressive 8.2% in FY24 and also expects to grow at 6.8% in FY25. Organisation for FY25 6.7% Economic The Organisation for Economic Cooperation and Development Cooperation and (OECD) has raised India’s Gross Domestic Product (GDP) growth Development forecast by 10 basis points (bps) to 6.7% for Financial Year (OECD) 2024-25 (FY25), from its previous estimate of 6.6%. This projection was announced by OECD in its latest ‘OECD Economic Outlook , Interim Report September 2024: Turning the Corner’ released on 25th September, 2024. It has also increased India’s economic growth forecast for FY26 by 20 bps, to 6.8% from its previous estimate made in May 2024. OECD’s report has also raised India’s headline inflation forecast by 20 bps, from 4.3% (projected in May 2024) to 4.5% for FY25. This projection is in alignment with the Reserve Bank of India (RBI)’s forecast of headline inflation for FY25. While, it has lowered India’s inflation for FY26 by 10 bps, from 4.2% to 4.1%, which would be almost equal to RBI’s mid-point target of 4%. Asian Development FY25 7% Bank According to the ‘Asian Development Outlook (ADO) update of September’ released by the Asian Development Bank (ADB), India's growth forecast for the Financial Year 2024-25 (FY25) has been projected at 7% and FY26 at 7.2%. According to the report, though the Gross Domestic Product (GDP) growth slowed to 6.7% in the first quarter (April-June) of FY24. As per the report, the government debt is projected to decrease from 58.2% of GDP in FY24 to 56.8% in FY25. ADB projected India's Current Account Deficit(CAD) to be 1% of GDP in FY24 and 1.2% in FY25, down from the previous forecast of 1.7% for both years, due to better exports, lower imports, and strong remittance inflows. AUGUST 2024 State Bank of India FY 25 7.1% Report Errors in the PDF - [email protected] Copyright 2014-2024 @ AffairsCloud.com 10 According to State Bank of India (SBI’s) Economic Research Department (ERD) report- ‘Ecowrap’ , India’s Gross Domestic Product (GDP) is expected to grow by 7.0% to 7.1% in 1st Quarter (Q1: April-June) of Financial Year 2024-25(FY 25). It has also projected that Gross Value Added (GVA) will be in the range of 6.7% to 6.8% with a downward bias. JULY 2024 International FY25(2024- 7% Monetary Fund 25) International Monetary Fund (IMF) released ‘World Economic Outlook (WEO) Update, July 2024: The Global Economy in a Sticky Spot’. The report has increased India’s GDP(Gross Domestic Product) growth by 20 basis points(bps), from 6.8% (in April 2024 ) to 7% for FY25(2024-25). As per the report, the global growth is projected to be in line with April 2024 WEO forecast at 3.2% in 2024 but it has marginally increased the global growth rate by 10 bps to 3.3% in 2025. However, the IMF retained its India’s GDP projection for FY26 (2025-26) at 6.5%. India’s GDP expanded at 8.2 percent in 2023-24. Moody 2024 6.8% Global Rating Agency, Moody has announced that it has kept India’s economic growth forecast unchanged at 6.8% for 2024. It projected that Indian economy to grow at 6.5% for 2025. Moody’s predicts that inflation in India will decrease to 5.2% in 2024 and 4.8% in 2025 from 5.7% in 2023. Asian Development FY 25 7% Bank (ADB) Asian Development Bank (ADB) released its ' Asian Development Outlook (ADO) - July 2024' maintaining the Gross Domestic Product (GDP) forecast for the Indian economy at 7% for the Fiscal Year 2024-2025(FY 25). For FY26, ADB projects Indian economy growth at 7.2%. Inflation is expected to decline to 4.6% in FY25 and 4.5% in FY26. Federation of Indian FY25 7% Chambers of The Federation of Indian Chambers of Commerce & Industry Commerce & (FICCI)’s Economic Outlook Survey released in July 2024 has Industry projected a 7% annual median Gross Domestic Product (GDP) growth for India in the fiscal year 2024-25(FY25). This forecast presents a growth estimate range from 6.6% to 7.5%. The median GDP growth is estimated at 6.8% in first quarter (Q1) (April-June) FY25 and 7.2% in second quarter (Q2) (July-September) of FY25. The median forecast for Consumer Price Index (CPI) based inflation has been put at 4.5 per cent for 2023-24, with a minimum and maximum range of 4.4 per cent and 5.0 per cent respectively. Report Errors in the PDF - [email protected] Copyright 2014-2024 @ AffairsCloud.com 11 National Council of FY25 (2024- 7% to 7.5% Applied Economic 25) The National Council of Applied Economic Research (NCAER) in Research (NCAER) its Monthly Economic Review (MER) July 2024 report released on 29th July 2024, projected that India’s Gross Domestic Product (GDP) is likely to grow in the range of 7% to 7.5% in FY25 (2024-25). The Consumer Price Index (CPI) headline inflation or retail inflation increased from 4.8% in May 2024 to 5.1% in June 2024. The Whole Sale Price Index (WPI) increased from 2.6% (Revised Estimates) in May 2024 to 3.4% (Provisional Estimates)in June 2024. JUNE 2024 Confederation of 2024 The Confederation of Indian Industry (CII) estimated that India’s Indian Industry (CII) Gross Domestic Product (GDP) growth at 8% in 2024. It has underscored that policy interventions, specifically which aimed to improve the Ease of Doing of Business (EoDB), have significantly contributed to strengthen the Indian Economy. It also expected that inflation is more likely to within the Reserve Bank of India (RBI)’s target range of 4 to 4.5% in 2024. Fitch Ratings FY25 7.2% Global rating agency Fitch Ratings released its report titled “Global Economic Outlook (GEO) for June 2024”, has raised its projection for India’s Gross Domestic Product (GDP) growth by 20 basis points (bps) from 7% (projected in March 2024) to 7.2% for fiscal year FY25 (2024-25). But, India’s GDP growth for FY26 (2025-26) and FY27 (2026-27) will remain unchanged at 6.5% and 6.2% respectively. Reserve Bank of Q1(FY25) 7.3% India The Reserve Bank of India (RBI) released the June 2024 issue of its monthly Bulletin. As per RBI’s latest bulletin, it is quite optimistic that India’s Gross Domestic Product (GDP) will be 7.3% in Q1 (April-June) FY25 (2024-25). It also expected that the Current Account Deficit (CAD) for FY24 (2023-24) to be lower than 1% of GDP. RBI underscored that India’s CAD in the external sector has remained very low i.e. CAD for three quarters of FY24 was 1.2% of GDP. S&P Global Ratings FY25 6.8% S&P Global Ratings (previously Standard & Poor’s) released its Economic Outlook Asia-Pacific Q3 2024. It has retained India’s Gross Domestic Product (GDP) growth projection at 6.8% for FY25 (2024-25). The agency also noted that India’s economic growth continues to surprise on the upside as it revised India’s GDP up to 8.2% for full FY24(2023-24). Report Errors in the PDF - [email protected] Copyright 2014-2024 @ AffairsCloud.com 12 S&P Global Ratings has raised its projection for India’s GDP from 6.1% (projected in March 2024) to 6.9% for FY26 (2025-26), and also, raised India’s GDP for FY27 (2026-27) from 6.2% (projected in March 2024) to 7%. S&P Global Ratings also estimated that India’s retail inflation for FY25 will be at 4.5%. This projection about inflation is in alignment with the RBI’s retail inflation projections for FY25 which is estimated at 4.5%, with Q1 at 4.9%, Q2 at 3.8%, Q3 at 4.6% and Q4 at 4.5%. Reserve Bank of FY24 Current Account Deficit – 0.7% India The Reserve Bank of India (RBI) states that India’s Current Account Deficit (CAD) reduced to 0.7% of Gross Domestic Product (GDP) (USD 23.2 billion) in the Financial Year 2023- 2024(FY 24) from 2% of GDP (USD 67 billion) in FY23. India’s current account recorded a surplus of USD 5.7 billion, or 0.6% of the GDP during the January-March 2024 quarter of FY24, driven by a lower merchandise trade deficit. In Q3 FY24, the CAD was USD 8.7 billion (1% of GDP). Foreign portfolio investment (FPI) recorded a net inflow of USD 44.1 billion in FY24 after an outflow of USD 5.2 billion in FY23. Meanwhile, net Foreign Direct Investment (FDI) inflow reduced to USD 9.8 billion in FY24, down from USD 28 billion in FY23. National Council of FY25 7.5% Applied Economic The National Council of Applied Economic Research (NCAER) in Research (NCAER) its Monthly Economic Review (MER) June 2024, projected that India’s Gross domestic product (GDP) to grow at 7.5% in Financial year 2024-25 (FY25). Unified Payment Interface (UPI) registered 14 billion transactions (in volume) in May 2024, saw growth of nearly 50% on Y-o-Y basis. Immediate Payment System (IMPS) registered 557.7 million transactions (in volume) in May 2024, saw growth of 11.2% on Y-o-Y basis MAY 2024 ------ RBI IN NEWS SEPTEMBER 2024 Reserve Bank of India (RBI) launched a “Scheme for Trading and Settlement of Sovereign Green Bonds (SGrBs) in International Financial Services Centre (IFSC) in India. The scheme aims to facilitate investments in SGrBs issued by the Government of India (GoI) to eligible foreign investors in the IFSC. The Reserve Bank of India (RBI) has imposed a penalty of Rs 2.68 crore on Kolkata (West Bengal, WB) based United Commercial (UCO) Bank Limited for contravention of certain provisions, including on opening of current accounts, interest rate on deposits and frauds classification. Report Errors in the PDF - [email protected] Copyright 2014-2024 @ AffairsCloud.com 13 The RBI has also imposed a penalty of Rs 2.1 lakh on Bhopal (Madhya Pradesh, MP) based Cent Bank Home Finance Limited (CBHFL) for non-compliance with certain provisions of Know Your Customer (KYC) directions. According to the Reserve Bank of India (RBI) data, small savings schemes grew by 13.8% up to February 2024, reaching Rs 18.1 lakh crore. These schemes, designed to finance government expenditure and promote saving habits, have shown consistent growth, particularly driven by the Sukanya Samriddhi Yojana (SSY) and the Senior Citizens Savings Scheme (SCSS). The outstanding balance of small savings schemes increased from Rs 6.2 lakh crore in 2015 to Rs 18.1 lakh crore in February 2024, with a 13.8% growth in February 2023. RBI mandated the frequency of credit information reporting to fortnightly basis w.e.f. January 1, 2025 to boost transparency in the system. The Ministry of Corporate Affairs (MCA), Government of India (GoI) in consultation with the Reserve Bank of India (RBI) notified the National Bank for Financing Infrastructure and Development (NaBFID) as a Public Financial Institution (PFI) under the Section 2 of the Companies Act, 2013. NaBFID is a specialised Development Finance Institution (DFI) in India. This designation will help NaBFID to finance large-scale infrastructure projects, which will help strengthen India's infrastructure development. The Reserve Bank of India (RBI) has clarified that Overseas Citizens of India (OCI) cardholders are now eligible for education loans from Indian banks to study abroad, provided they are residing in India. It has also clarified that the Liberalised Remittance Scheme (LRS) imposes no restriction on the remittance of domestically borrowed funds for present account transactions, including those for education purposes. The Reserve Bank of India (RBI) has imposed a monetary penalty totalling Rs 2.91 Crore on Mumbai (Maharashtra) based Axis Bank Limited and Mumbai (Maharashtra) based HDFC Bank Limited for certain deficiencies in statutory and regulatory compliance. AUGUST 2024 On 19th August 2024, the Reserve Bank of India (RBI) released a ‘Framework for Recognition of Self- Regulatory Organisations(SROs) in Financial Markets’ to enhance compliance culture and provide a consultative platform for policy making. It is based on the ‘Omnibus Framework for recognition of Self-Regulatory Organisations for Regulated Entities of the Reserve Bank’ issued on 21st March, 2024. Interested entities must have at least net worth of Rs 10 crore, and should have the ability to create infrastructure that allows it to discharge responsibilities of a SRO on a continuing basis. The new framework has prescribed that the shareholding of the SRO should be sufficiently diversified, with no entity allowed to hold 10% or more of the paid-up share capital, singly or acting in concert. According to the Reserve Bank of India (RBI) data released on 19th August 2024, overseas Indians has deposited nearly USD 4 billion (USD 3.95 billion) into Non-Resident India (NRI) deposit schemes in 1st Quarter (Q1)(April to June) of Financial Year 2024-25 (FY25), with a significant increase of 79% compared to USD 2.21 billion during the same period of FY24. However, this surge in NRI deposits is in contrast with a 24.39% drop in outward remittances under the Liberalised Remittance Scheme (LRS) of RBI, which totaled USD 6.9 billion in Q1 of FY25, from USD 9.1 billion in Q1 of FY24. As per the RBI data, Foreign Currency Non-Resident (FCNR) deposits has increased from USD 1.12 billion (in Q1of FY24) to USD 1.68 billion (in Q1of FY25), taking the total outstanding amount in such accounts to USD 27.41 billion. The Reserve Bank of India (RBI) granted approval to IndusInd Bank Limited to set up a wholly owned subsidiary to undertake the asset management business of Mutual Funds(MF). The new Asset Management Company (AMC) will handle MF operations and benefit from an equity infusion by the bank. Report Errors in the PDF - [email protected] Copyright 2014-2024 @ AffairsCloud.com 14 The Reserve Bank of India (RBI) has released its ‘Report on Currency and Finance (RCF) for 2023-24’ on 29th July 2024. The report highlights the challenges that an economy faces by the rapid adoption of digital technologies in the financial sector. The theme for the RCF 2023-24 report is “India’s Digital Revolution”. According to the RCF 2023-24, India's digital economy currently at 10% of the Gross domestic product (GDP) and is expected to double to 20% by 2026. Digital payments have seen a Compound Annual Growth Rate (CAGR) of 50% in volume and 10% in value terms in the last seven years (between 2017-18 and 2023-24). India is expected to be the world’s leading supplier of labour, which will increase the remittances to around USD 160 billion in 2029 from USD 115 billion in 2023. Reserve Bank of India(RBI) issued 3 Master Directions(MD) on Fraud Risk Management for the Regulated Entities(RE) such as commercial banks including regional rural banks and All India Financial Institutions; urban, state and central cooperative banks; and non-banking finance firms and housing finance companies to replace the previous guidelines and consolidating 36 existing circulars. The RBI released MD on Fraud Risk Management in Non-Banking Finance Companies(NBFCs) (including Housing Finance Companies(HFCs)) Cooperative Banks (Urban Cooperative Banks(UCBs) / State Cooperative Banks(StCBs) / Central Cooperative Banks(CCBs)) Commercial Banks(CBs)[including Regional Rural Banks(RRBs) and All India Financial Institutions (AIFIs)] Click here to read full News The Reserve Bank of India's Digital Payments Index (RBI-DPI) increased to 445.5 at the end of March 2024, marking a 12.6% Year-on-Year (Y-o-Y) increase compared to March 2023 across all parameters. It was 418.77 in September 2023 and 395.57 in March 2023. Reserve Bank of India (RBI) has issued ‘Fit & Proper’ certificates to 3 potential suitors for Industrial Development Bank of India (IDBI) Limited, thus paving the way for possible acquisition of the bank. The potential suitors are Fairfax Financial Holdings Limited, Toronto(Canada); Emirates NBD Bank, Dubai(the United Arab Emirates(UAE)) and Kotak Mahindra Bank Limited (KMBL), Mumbai(Maharashtra). Reserve Bank of India (RBI) issued revised instructions on Bad and Doubtful Debt Reserve (BDDR) for co- operative banks to ensure uniformity in the treatment of this reserve for prudential purposes. These revised instructions will be applicable to Urban Co-operative Banks (UCBs), State Cooperative Banks (StCBs) and Central Cooperative Banks (CCBs), come into force with immediate effect. Banks have been mandated to identify and quantify the BDDR balances as of 31st March, 2024 which were created by appropriating net profits instead of recognizing them as expenses. Reserve Bank of India (RBI) issued a Master Directions on the Treatment of Wilful Defaulters and Large Defaulters, under which banks and Non-Banking Financial Companies (NBFCs) are required to scrutinize all Non-Performing Asset (NPA) accounts which have outstanding amounts of Rs 25 lakh and above for wilful default. These directions will come into effect after 90 days from the date of publication. L&T Finance Limited, a subsidiary of Larsen & Toubro(L&T) Ltd, one of the leading Non-Banking Financial Companies (NBFCs) in India, received its Certificate of Registration (CoR) from the Reserve Bank of India (RBI), as a NBFC Investment and Credit Company(NBFC-ICC). It was earlier registered as an NBFC-Core Investment Company (CIC). This conversion follows the amalgamation of the wholly owned subsidiaries of the company, L&T Finance Limited, L&T Infra Credit Limited, and L&T Mutual Fund Trustee Limited. As of current regulations, NBFC-ICCs are required to have a minimum Net Owned Fund (NOF) of Rs 2 crore. According to the Sovereign Wealth Fund Institute's (SWFI), Top 100 Largest Central Bank Rankings by Total Assets in the World in 2024, India's Central Bank, the Reserve Bank of India (RBI) ranked 12th globally Report Errors in the PDF - [email protected] Copyright 2014-2024 @ AffairsCloud.com 15 with a current total assets of USD 839 Billion. The RBI registered a balance sheet growth of 11.08% Year-on- Year (Y-o-Y) to Rs 70.47 trillion as of March 2024. The Federal Reserve System (FRS), the central bank of the United States of America (USA) topped the list, boasting assets worth USD 7.84 trillion. It is followed by China's People's Bank of China (PBC) in the 2nd place, with USD 6 trillion, and Japan's Bank of Japan (BOJ) in the 3rd, with USD 5.54 trillion. Reserve Bank of India (RBI) announced that it has extended the Modified Interest Subvention Scheme (MISS) for short-term loans availed through the Kisan Credit Card (KCC) for agriculture and allied activities for the Financial Year 2024-25(FY25). This announcement was made after the approval of Government of India (GoI) for continuation of interest subvention scheme for short-term loans of up to Rs 3 lakh. Loan Limit: The interest subvention and prompt repayment incentive are available for an overall limit of Rs 3 lakh per annum. The Reserve Bank of India (RBI) announced the commencement of Sovereign Green Bonds (SGrB) trading at the International Financial Services Centre (IFSC) in Gujarat during the second half of Financial Year 2024-25 (FY25), allowing Foreign Portfolio Investors (FPIs) to invest in these bonds at the IFSC. Reserve Bank of India (RBI) has constituted a 10 member expert committee chaired by Dr. Michael Debabrata Patra, Deputy Governor of RBI, to benchmark its regularly disseminated statistics against global standards and best practices. The expert committee will submit its report by the end of November 2024. Reserve Bank of India (RBI) issued the revised guidelines to tighten the norms related to public deposit acceptance by Housing Finance Companies (HFCs) in order to bring them on par with Non-Banking Financial Companies (NBFCs). The revised guidelines will come into effect from 1st January 2025. As per the revised guidelines, deposit-taking HFCs are now required to maintain 15% (as against the current 13%) liquid assets of public deposits held by them in a phased manner i.e. 14% of liquid assets by 1st January, 2025 and to 15% by 1st July, 2025. RBI has lowered the ceiling on quantum of public deposits taking HFCs, which is in compliance with all prudential norms and minimum investment grade credit rating, from 3 times to 1.5 times of Net owned Fund (NoF). The RBI mentioned that public deposits accepted or renewed by HFCs are now required to be repayable after a period of 12 months or more but not later than 60 months (5 years), but, existing deposits with maturities above 60 months can be repaid as per their repayment profile. RBI has allowed the non-deposit taking HFCs, with asset size of Rs 1,000 crore and above to participate in currency option exchanges, which is subject to guidelines issued in the matter by the foreign exchange department of the RBI and necessary disclosures in balance sheet in accordance with guidelines issued by the Securities and Exchange Board of India (SEBI). The Reserve Bank of India (RBI) has imposed monetary penalties on five entities namely Catholic Syrian Bank (CSB)Limited, Union Bank of India(UBI), Muthoot Housing Finance Company Limited(MHFCL), Nido Home Finance Limited(NHFL)(formerly known as Edelweiss Housing Finance Limited) and Ashoka Viniyoga Limited for various regulatory non-compliances. CSB Bank: A penalty of Rs 1.86 crore has been imposed on CSB Bank for non-compliance with certain directions issued by the RBI UBI: It has been fined Rs 1.06 crore for non-compliance with certain norms. MHFCL: It has been fined 5 lakh for non-compliance with certain requirements of the 'Non-Banking Financial Company (NBFC) - Housing Finance Company (Reserve Bank) Directions, 2021'. NHFL: A fine of Rs 5 lakh has been imposed on NHFL for non-compliance. Ashoka Viniyoga Limited: It has been penalised Rs 3.1 lakh for non-compliance with certain provisions The Reserve Bank of India (RBI) has tightened norms for Non-Banking Financial Company-Peer to Peer (NBFC-P2P) lending platform to enhance transparency and compliance. Report Errors in the PDF - [email protected] Copyright 2014-2024 @ AffairsCloud.com 16 The revised regulations will be effective immediately. However, the timeline (T+1) for transferring funds from the escrow accounts (both lender and borrower) will come into effect from 15th November, 2024. As per the new regulations, all fund transfer between participants on a P2P platform must be conducted through an escrow account mechanism operated by a bank-promoted trustee. It is now required to have minimum two escrow accounts, one for funds received from lenders and pending disbursal (i.e. lender’s escrow account)and the other for collections from borrowers (i.e. borrower’s escrow account) Loan Limit of Rs 50 lakh: RBI has imposed a setting cap on the aggregate exposure of a lender to all borrowers through P2P platforms, restricting it to Rs 50 lakh. Lenders who are disbursing loans above Rs 10 lakh across P2P platforms are now obligated to provide a certificate from a Chartered Accountant (CA) verifying a minimum net worth of Rs 50 lakh. The Reserve Bank of India (RBI) has approved the conversion of Tata Capital Limited’s (TCL) from a Non-Banking Finance Company (NBFC)-Core Investment Company (CIC) to an NBFC-Investment Credit Company (ICC). This conversion comes after TCL's merger with Tata Cleantech Capital Limited (TCCL) and Tata Capital Financial Services Limited (TCFSL). According to a study by the Reserve Bank of India (RBI) economists, Gujarat replaced Uttar Pradesh (UP) in attracting bank funds for projects in the state in the Financial Year 2023-24(FY24). Gujarat received funds for total 154 projects which accounted 14.7 %( increased from 14% in FY23) of the total projects financed by the banks and Financial Institutions (FIs) in FY24. Maharashtra, Andhra Pradesh (AP) and Karnataka were the others among top 5 states to get bank fund for projects in their respective states from banks and FIs in FY24. Reserve Bank of India (RBI) announced that it has recognised Fintech Association for Consumer Empowerment (FACE) as the 1st Self-Regulating Organisation in the Fintech sector (SRO-FT). The recognition of FACE as an SRO sets a new benchmark for self-regulation in India’s rapidly evolving fintech industry. Any entity which is interested to be recognised as SRO-FT, should be set-up as Not-Profit company registered under Section 8 of the Companies Act, 2013. The shareholding of the SRO should be diversified and is not entitled to hold 10% or more of its paid- up share capital, either singly or acting in concert. The applicant must have at least Rs 2 crore within a period of 1 year after recognition as an SRO-FT by RBI, or before commencement of operations as an SRO-FT, whichever is earlier. The Reserve Bank of India (RBI) has imposed monetary penalties on three financial institutions namely Bank of Maharashtra (BoM), Hinduja Leyland Finance Limited (HLF) and Poonawalla Fincorp Limited (PFL) for non-compliance with its regulatory directives. BoM (Pune, Maharashtra): A penalty of Rs 1.27 crore was imposed on BoM for non-compliance. HLF (Chennai, Tamil Nadu (TN)): A monetary penalty of Rs 4.90 lakh was imposed on HLF for non- compliance with certain provisions of the KYC Directions, 2016. PFL (Pune, Maharashtra): A monetary penalty of Rs 10 lakh on PFL for non-compliance with certain provisions of the 'Non-Banking Financial Company. The Reserve Bank of India(RBI) modified its electronic mandate (e-mandate) framework to include the auto-replenishment of balances in FASTag and the National Common Mobility Card (NCMC),effective immediately. The Reserve Bank of India (RBI) introduced its 'Unified Lending Interface (ULI)' technology platform across India. It was announced by the RBI Governor Shaktikanta Das during the ‘Global Conference on Digital Public Infrastructure and Emerging Technologies’ in Bengaluru, Karnataka on August 26, 2024. The ULI pilot program was initiated in 2023 to facilitate seamless credit access and will be launched nationwide soon. Report Errors in the PDF - [email protected] Copyright 2014-2024 @ AffairsCloud.com 17 JULY 2024 Reserve Bank of India (RBI) has joined Project Nexus, a multilateral international initiative aimed at facilitating instant cross-border retail payments by interlinking domestic Fast Payments Systems (FPSs) through a unified platform. Project Nexus is conceptualized by the Innovation Hub of the Basel, Switzerland-based Bank for International Settlements (BIS) to streamline and standardize the connection between domestic Instant Payment Systems (IPS) worldwide. Reserve Bank of India (RBI) announced that it has penalized 5 banks, including Punjab National Bank (PNB), in the circular issued in the 1st week of July for non-compliance with various RBI directions. RBI in exercise of powers given under the provisions of section 47 A (1) (c) read with sections 46 (4) (i) and section 51 (1) of the Banking Regulation Act, 1949 has imposed a monetary penalty of Rs 1.31 crore on PNB. Reserve Bank of India (RBI) imposed a monetary penalty of Rs 10,000 on YES Bank for not exchanging mutilated notes. The Reserve Bank of India (RBI) announced that it has cancelled the licence of Maddur (Karnataka)- based Shimsha Sahakara Bank Niyamitha due to its worsening financial position. Reserve Bank of India (RBI) released Measuring Productivity at the Industry Level- The India KLEMS (Capital (K), Labour (L), Energy (E), Material (M) and Services (S)) Database. As per RBI’s data, India’s employment rate provisionally grew at 6% in the fiscal year ended on 31st March, 2024 from a growth rate of 3.2% in FY23 (2022-23). RBI data showed that employment in the country increased by 4.67 crore (46.7 million) to 64.33 crore (provisional) in FY24 (2023-24) from 59.67 crore in FY23. RBI’s KLEMS database highlighted that the total number of employed people as a ratio of the total population has increased from 34.7% in FY18 (2018-19) to 44.2% in FY24. Reserve Bank of India (RBI) released its Financial Inclusion Index (FI-Index) which increased to 64.2 in FY24 (in March 2024) from 60.1 in FY23 (in March 2023). The FI-Index for the FY21 (period ending in March 2021) was 53.9 as against 43.4 for FY17. The index comprises 3 main parameters with variant weightage: Access (35%), Usage (45%), and Quality (20%). The Reserve Bank of India (RBI) approved the conversion of Jio Financial Services Limited (JFSL) from a Non-Banking Financial Company (NBFC) to a Core Investment Company (CIC). According to the RBI regulations, a CIC is a specialised type of NBFC with an asset size greater than Rs 100 crore. The Reserve Bank of India (RBI) has authorized banks to utilize the ratings from Brickwork Ratings India Private Limited (BWR) for determining risk weights in capital adequacy purposes. BWR can rate bank loans up to Rs. 250 crore. For existing ratings, BWR is allowed to conduct rating surveillance regardless of the loan amount until the loan's residual tenure. The Reserve Bank of India (RBI) has established a committee headed by Sunil Mehta, Chief Executive Officer (CEO) of the Indian Banks' Association (IBA) to review the fee structure for White-Label ATMs (WLAs). Aim: To recommend a fair and sustainable model that balances all stakeholders' interests and will evaluate current policies and practices. According to a Bloomberg Economics Index, the Reserve Bank of India (RBI) has sold Rs 34 Billion (USD 406 million) worth of bonds in the secondary market in July, 2024 to absorb excess cash in the banking system. Bengaluru (Karnataka)-based Cashfree Payments India Private Limited, one of the 1st Payment Aggregators (PA) in India, has received the Payment Aggregator Cross Border (PA-CB) licence from the Reserve Bank of India (RBI) to operate in the cross-border payments space. Cashfree Payments is one of the 1st non-banks to secure the PA-CB licence. The Reserve Bank of India (RBI) has cancelled the Certificate of Registration (CoR) (licence) of Uravakonda Cooperative Town Bank Limited based in Andhra Pradesh (AP), due to inadequate capital and earning prospects. It has failed to comply with the requirements of the Banking Regulation Act 1949. Report Errors in the PDF - [email protected] Copyright 2014-2024 @ AffairsCloud.com 18 Reserve Bank of India (RBI) introduced new Prompt Corrective Action (PCA) framework for Urban Co- operative Banks (UCBs). Its provisions will be effective from 1st April 2025. This will replace the Supervisory Action Framework (SAF), which had been in place since 6th January 2020. The PCA framework eliminates the limit of Rs 25,000 on capital expenditure restrictions that was imposed under the SAF. The provisions of new PCA framework will be applicable to all UCBs in tier-1, tier-2, tier-3 and tier-4 categories, with exception of those under All Inclusive Directions (AID). As per PCA framework, UCBs from all tiers, except UCB of tier-1 which are registering 2.5% to 4% lower CRAR than the minimum requirement of 9%, will be placed under PCA. RBI has allowed tier-2 to tier-4 UCBs to achieve the regulatory minimum CRAR of 12% by 31st March, 2026. Reserve Bank of India (RBI) has selected 5 entities out of 22 applications for the Test Phase under the 5th cohort of Regulatory Sandbox (RS) on the theme ' Neutral'. The selected entities will commence testing of their products on solutions from August 2024. The 5th cohort under RS was announced in September 2022. The Selected Sandbox entites are, Connectingdot Consultancy Private Limited(CCPL), Kolkata, West Bengal (WB) Epifi Technologies Private Limited(ETPL), Bengaluru, Karnataka Finagg Technologies Private Limited(FTPL), Noida, Uttar Pradesh (UP) Indian Banks’ Digital Infrastructure Company (IBDIC) Private Limited, Mumbai, Maharashtra Signzy Technologies Private Limited(STPL), Bengaluru, Karnataka. The Reserve Bank of India (RBI) has imposed a monetary penalty on three Payment System Operators (PSOs) namely Manappuram Finance Limited (MAFIL), Ola Financial Services Private Limited (OFS) and Visa Worldwide Private Limited (VWPL) for non-compliance with the regulatory norms. MAFIL: The RBI has fined Rs 41.5 lakh on MAFIL(formerly known as Manappuram General Finance and Leasing Limited) for non-compliance with certain provisions of Know Your Customer (KYC) directions. OFS: The RBI has fined Rs 87.55 lakh on OFS ( formerly known as Zipcash Card Services Private Limited) for two separate violations. VWPL: Visa Worldwide Private Limited(VWPL) has been fined Rs 2.4 crore for non-compliance as it had implemented a payment authentication solution without regulatory clearance from the RBI. JUNE 2024 The Reserve Bank of India (RBI) cancelled the planned auction of 10-year green bonds, as traders refused to pay the greenium. The cancellation to the absence of a "greenium," indicates investors' reluctance to accept lower yields. The cancellation of the green bond sale for 2024-25 marks the 1st instance of such an auction since the inception of green bond sales in January 2023. The Reserve Bank of India (RBI) has introduced new regulations which allowed listed Indian companies and resident individuals to invest in offshore funds that are regulated through their fund managers. RBI issued these directions under Section 10(4) and Section 11 (1) of the Foreign Exchange Management Act, 1999(FEMA Act) (42 of 1999). Earlier, Overseas Portfolio Investment (OPI) was allowed only if the “funds” were regulated in their home jurisdiction and the investments were in ‘units’ of the funds. Jupiter Money, a neobanking FinTech Startup backed by Tiger Global and Peak XV, has received final approval from the Reserve Bank of India (RBI) to issue Prepaid Payment Instruments (PPIs) including prepaid cards and prepaid wallets Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 1,45,50,000 on the Central Bank of India (CBI) for non-compliance with specific directives issued by RBI on ‘Loans and Advances – Statutory and Other Restrictions’ and ‘Customer Protection – Limiting Liability of Customers in Unauthorised Electronic Banking Transactions’. Report Errors in the PDF - [email protected] Copyright 2014-2024 @ AffairsCloud.com 19 The Reserve Bank of India (RBI) has cancelled the licence of Purvanchal Co-operative Bank, Ghazipur, Uttar Pradesh (UP) due to lack of adequate capital and earning prospects. SabPaisa, a payment solutions provider, has received the ‘in-principle’ approval from the Reserve Bank of India (RBI) to operate as a Payment Aggregator (PA) under the Payments and Settlement Systems Act, 2007. The licence will allow SabPaisa to offer comprehensive payment aggregation services to merchants across India. Reserve Bank of India (RBI) introduced revised South Asian Association for Regional Cooperation (SAARC) Currency Swap framework for 2024-27, in concurrence with the Government of India (GoI). According to this framework, the RBI would enter into bilateral swap agreements with SAARC central banks, who wish to avail the swap facility. As per the framework, a separate Indian Rupee (INR) Swap window has been introduced worth Rs 250 billion, to provide various concessions for swap support in INR. RBI will continue to provide swap arrangement in USD and Euro through a separate US Dollar/ Euro Swap Window worth USD 2 billion. The Reserve Bank of India’s(RBI) gold reserves held overseas declined to their lowest level in six years by the end of March 2024, accounting for 47% of the total reserves accumulated since December 2017. By the end of March 2024, the RBI’s total gold holdings stood at 822.1 tonnes and its at-home holdings increased from 39% in 2021 to 53% in March 2024. The share of gold reserves held domestically by central banks rose from 50% in 2020 to 68% by December 2023, with expectations of further increase to 74% within the next five years. Reserve Bank of India (RBI) announced that it has raised Ways and Means Advances (WMA) limit or financial accommodation for state governments and Union Territories (UTs) by 28%, from Rs 47, 010 crore (fixed in April 2022) to Rs 60, 118 crore and will come effect from, 1st July, 2024. The Reserve Bank of India (RBI) imposed a monetary penalty of Rs 29.60 lakh on The Hongkong and Shanghai Banking Corporation Limited (HSBC) for non-compliance with directions issued by RBI on ‘Credit Card, Debit Card and Rupee Denominated Co-branded Pre-paid Card operations of Banks’ reiterated in ‘RBI (Credit Card and Debit Card – Issuance and Conduct) Directions, 2022. MAY 2024 The Reserve Bank of India(RBI) has announced an 8% interest rate on the Floating Rate Savings Bond (FRSB) 2034. It is a special type of bond issued by Government of India (GoI) that matures in 2034. Minimum investment amount for FRSBs is Rs 1000 and there is no limit on maximum amount. RBI Cancels CoR of Acemoney(India)Limited Over Irregular Lending Practices As per RBI order, Acemoney(India) Limited is barred from transacting the business of a Non-Banking Financial Institution(NBFI), as defined in clause (a) of Section 45-I of the RBI Act, 1934. According to the latest data from the Reserve Bank of India (RBI), credit card spending surged by 27% year-on-year (Y-o-Y) to Rs 18.26 trillion in financial year 2023-24 (FY24) from nearly Rs 14 trillion in FY23. During FY24, the top four credit card issuer’s in India: HDFC Bank, SBI Card, ICICI Bank and Axis Bank, experienced a decrease in their market share, dropping to 71.98% in March 2024 from 74.79% in March 2023. Total credit card transactions in March 2024 amounted to Rs 1.64 trillion, higher by 19.8% Y-o-Y and 10.2% on month. The total number of credit cards issued in India reached 101 million in March 2024. HDFC Bank also led in card issuance at 20.59 million, followed by SBI Card (18.89 million), ICICI Bank (16.95 million), and Axis Bank (14.21 million). The Reserve Bank of India (RBI) launched two surveys, the 'Inflation Expectations Survey of Households (IESH)' and the 'Consumer Confidence Survey (CCS),' aimed at providing essential inputs for the upcoming bi- monthly monetary policy scheduled for June 5-7, 2024. Report Errors in the PDF - [email protected] Copyright 2014-2024 @ AffairsCloud.com 20 Inflation Expectations Survey of Households: It targets subjective assessments on price movements and inflation based on individual consumption baskets across 19 cities Consumer Confidence Survey: The 'Consumer Confidence Survey' gathers qualitative responses from households regarding sentiments on the general economic situation, employment scenario, price level, household income, and spending. Reserve Bank of India (RBI) has revised the guidelines for custodian banks to issue Irrevocable Payment Commitments (IPCs) in light of the T+1 settlement regime for stocks. The 30% limit is based on an assumption of a 20% downward price movement of equities on T+1, with additional 10% margin for further downward movement. RBI lifts curb on Bajaj Finance’s lending products ‘eCOM‘, ‘Insta EMI Card’ On 2nd May 2024, RBI lifted the restrictions on Bajaj Finance Limited’s Insta EMI Card and its e- commerce platform, eCOM. The Reserve Bank of India(RBI) in exercise of its power given under Section 45W of the RBI Act, 1934 issued a circular and has allowed Standalone Primary Dealers(SPDs) to borrow in foreign currency from their parent companies or authorized entities. These SPDs can now avail access to overdraft facilities in Nostro accounts only for operational purposes. As per the guidelines, Authorised persons are classified as Authorised Dealer Category-I banks and Standalone Primary Dealers are classified as Authorised Dealer Category-III under Section 10(1) of the Foreign Exchange Management Act (FEMA), 1999. RBI Proposes Stricter Norms for Loans to Projects such as Roads and Ports RBI has proposed stricter measures for project financing. The new measures will make it more expensive for lenders to provide loans for infrastructure and industrial projects such as: roads, transport, ports and power plants. As per the new norms, lenders will be required to set aside 5% of the money they lent as general provisions for all existing and new loans. The Reserve Bank of India(RBI) has lifted restrictions on Bank of Baroda(BoB)’s mobile application “BoB World” with immediate effect. This allows BoB to onboard customers through BoB World application in accordance with the applicable guidelines and extant laws /regulations. Reserve Bank of India (RBI) recently published its 'State of the Economy' report, authored by Deputy Governor Michael Debabrata Patra and others. As per it, durable alignment of headline retail inflation with the 4% target may begin in the second half of FY25, potentially reaching target levels by FY26. Net Foreign Direct Investment (FDI) into India dropped by 62.17% to USD 10.58 billion in FY24, the lowest since 2007, from USD 27.98 billion In FY23. Outward remittances under India’s Liberalized Remittance Scheme (LRS) hit a record high of USD 31.73 billion in FY24, marking a 16.91% increase Y-o-Y from FY23’s USD 27.14 billion. Non Resident Indian (NRI) deposit flows surged by 63.5% to USD 14.7 billion in FY24, the highest in 8 years. Central Board of Directors of Reserve Bank of India (RBI) approved the transfer of Rs 2,10,874 crore (~Rs 2.11 Lakh crore) as surplus to the Central government for the fiscal year 2023-24 (FY24). This is around 141% higher than surplus transferred in FY23 (Rs 87,416 crore.). The surplus transfer for FY24 is determined by the Economic Capital Framework (ECF) adopted by RBI, based on recommendations from the Expert Committee chaired by Dr. Bimal Jalan. As per data from the Reserve Bank of India (RBI) presented in Parliament, unclaimed deposits in public and private sector banks reached Rs 42,270 crore as of March 2023. Report Errors in the PDF - [email protected] Copyright 2014-2024 @ AffairsCloud.com 21 Public Sector Banks (PSBs) hold Rs 33,303 crore (83% of total) as of December 2022. It is highest in State Bank of India (SBI) with 2.16 crore accounts worth Rs 8,069 crore, and followed by Punjab National Bank (PNB) with Rs 5,298 crore, a nearly 5x increase from 2019. Unclaimed Deposits: Accounts inactive for 10 years or term deposits not claimed within 10 years are classified as unclaimed. These funds are transferred to the Depositor Education and Awareness (DEA) Fund maintained by RBI but can be claimed by depositors later with applicable interest. The Reserve Bank of India (RBI) in exercise of its powers given under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act, 2002) and the Reserve Bank of India Act, 1934, has imposed restrictions on Edelweiss Group entities- Edelweiss Asset Reconstruction Company Limited (EARCL) and ECL Finance Company Limited (ECL) on material supervisory concerns. RBI observed incorrect valuation of SRs in both ECL and EARCL. The Reserve Bank of India’s (RBI) Annual Report 2023-24 has been released and presented to the Central Government under the Section 53 (2) of the Reserve Bank of India Act,1934. RBI in its Annual Report has showed that the Indian economy is likely to grow at 7 percent for 2024- 25 The RBI Annual report indicated a 17% increase in FY24 income to ₹2,75,572.32 crore. Expenditure on the other hand, declined by 56.3% to Rs.64,694.33 crore from ₹1,48,037.04 crore in FY2023. RBI’s Annual report showed a rise in the net income of 2.11 lakh crore (17 percent) in the financial year 2024 as compared to ₹87,420 crore in FY23. Investors have purchased a total of Rs.27,031 crore of Sovereign Gold Bonds in 2023-24 which is four times of the amount purchased in 2022-23. The monetary penalties imposed by the RBI on regulated entities (REs) has doubled to ₹86.11 crore in FY24 as compared to Rs.40.39 crore in FY23 Final Framework for the Indian fintech sector’s self-regulatory body released by RBI RBI has released the final framework for recognising Self-Regulatory Organisations in the Financial Technology sector (SRO-FT). A minimum net worth of Rs.2 crore will be required by the applicants within a year of being recognised as an SRO-FT. The entity should be a not-for-profit company. The shareholding should not exceed 10 percent or more of the paid-up share capital of an SRO-FT. The Reserve Bank of India (RBI) has moved 100 Metric Tonnes (MT) or 1 Lakh kg of gold stored in the United Kingdom (UK) to domestic vaults in FY24, which marks a significant shift in gold storage. More than half of the RBI's gold holdings are kept in safe custody with the Bank of International Settlements (BIS) and the Bank of England (BoE). Note: India’s overall gold holdings increased 27.46 MT in FY24 and it stands at 822.1 MT of which 413.8 tonnes stored overseas as of March 2024. TheReserve Bank of India (RBI) has imposed a monetary penalty of Rs 88.70 lakh on SBM Bank (India), a subsidiary of the State Bank of Mauritius (SBM) for non-compliance with certain regulatory norms SBI IN NEWS SEPTEMBER 2024 The State Bank of India (SBI) has launched three new offerings namely MTS RuPay NCMC prepaid card, the OneView mobile Application (App), and an advanced design for the SBI FASTag to enhance convenience, security, and efficiency for the daily commuters. MTS RuPay NCMC prepaid card, India’s first of its kind, was created to provide a seamless, offline payment solution for National Common Mobility Card (NCMC) - enabled transport systems, including metro rails, buses, ferries, tolls, and parking. Report Errors in the PDF - [email protected] Copyright 2014-2024 @ AffairsCloud.com 22 AUGUST 2024 --- JULY 2024 State Bank of India (SBI), India’s largest Public Sector Bank (PSB), has launched “MSME-Sahaj”, web- based digital business loans solutions for Micro, Small and Medium Enterprises (MSMEs) invoice financing. Objective: To offer “on tap” short-term credit to meet the capital needs of MSME units who are part of Goods and Services Tax (GST) regime. Using MSME Sahaj, the SBI customers can avail finance or loan against their GST-registered sales invoices of up to Rs 1 lakh. JUNE 2024 India’s largest Public Sector Bank (PSB), The State Bank of India (SBI) has launched a new “SME Digital Business Loans” product to cater the credit requirements of Micro, Small and Medium Enterprise (MSME) sector. The State Bank of India (SBI) has partnered with 23 Non-Banking Financial Companies (NBFCs) or Housing Finance Companies (HFCs) to expand its reach to the unserved and under-served segments in India. According to the SBI’s Annual Report, SBI has sanctioned loans amounting to Rs 2,030 crore to over 2.79 lakh borrowers. MAY 2024 ----------- MOU SIGNED BY BANKS SEPTEMBER 2024 POPtech Growth Private Limited (POP), a Fintech startup has launched India's first multi-brand co- branded credit card, ‘YEB BANK POP-CLUB RuPay Credit Card’ which was developed in partnership with RuPay and Yes Bank Limited. It was launched at 2024 Global Fintech Festival (GFF), Mumbai(Maharashtra) in the presence of Amit Sinha, Head of Yes Bank's credit card sales and partnerships, and Nalin Bansal, Chief of Corporate and Fintech Relationships at National Payments Corporation of India (NPCI). Kerala based Indian Institute of Management-Kozhikode (IIMK)’s Laboratory for Innovation, Venturing, and Entrepreneurship (IIMK LIVE) and the Reserve Bank Innovation Hub (RBIH) have signed a Memorandum of Understanding (MoU) to drive innovation, research, and support for the Financial Technology (FinTech) start-ups in India. RBL Bank Limited, one of India’s leading private sector banks and DMI Finance Private Limited, a Non- Banking Financial Company (NBFC) and part of the DMI Group, announced a strategic partnership to offer co- branded credit cards ‘RBL Bank DMI Finance Credit Card’ to DMI Finance’s existing customers. Paisabazaar, India's largest marketplace for consumer credit and free credit score platform, has partnered with Yes Bank Limited to launch their co-branded credit card named ‘YES BANK Paisabazaar PaisaSave Credit Card’. The customers can apply for a virtual Yes Bank Rupay Credit Card, which allows them to make Unified Payments Interface (UPI) payments smoothly and expands the card's utility. Bank Of Baroda (BOB), one of the leading commercial banks in India, in collaboration with EaseMyTrip.com, India’s one of largest online travel platforms, launched a co-branded travel debit card named ‘Bank of Baroda EaseMyTrip Debit Card’ for frequent travelers and those spending on entertainment and lifestyle. This is the 1st co-branded travel debit card introduced by a Public Sector Bank (PSB) in India and EaseMyTrip is the 1st Online Travel Agency (OTA) in India to be partnered with the PSB for a debit card. Report Errors in the PDF - [email protected] Copyright 2014-2024 @ AffairsCloud.com 23 Axis Bank Limited and Mastercard, an American multinational payment card services corporation, have collaborated to launch Mybiz, a business credit card designed for sole proprietors and Small-and-Medium Enterprises (SME) business owners. This credit card, a part of the World Mastercard category, combines a range of business and travel benefits to meet the needs of SME owners. AUGUST 2024 The Small Industries Development Bank of India (SIDBI) has entered into a co-lending partnership with C2treds, a strategic initiative by C2FO, the world’s on-demand working capital platform, and UGRO Capital, a data technology Non-Banking Financial Company (NBFC), to facilitate loans to the Micro, Small and Medium Enterprises (MSMEs) sector. SIDBI has onboarded C2treds, an RBI-approved Trade Receivables Discounting System (TReDS) platform by C2FO. This collaboration aims to improve liquidity for MSMEs at competitive interest rates. On 26th July 2024, Tata Power Solar Systems Limited (TPSSL), a wholly-owned subsidiary of Tata Power Renewable Energy Limited (TPREL), announced that it has collaborated with Bank of India (BOI), Indian Public Sector Bank (PSB) to facilitate easy financing for rooftop solar installations and establishment of Electric Vehicle (EV) charging stations. The Society for Worldwide Interbank Financial Telecommunications (SWIFT) has partnered with Axis Bank, leading Indian Private Sector Bank (PSB) to launch an Artificial Intelligence (AI)- driven pilot, to prevent the payments frauds occurring in cross-border payments. Government of Nagaland has signed a Memorandum of Understanding (MoU) with State Bank of India (SBI) General Insurance Company Limited for Disaster Risk Transfer Parametric Insurance Solution (DRTPS) in Kohima, Nagaland. With this, Nagaland becomes the 1st state in India to implement a Disaster Risk Transfer Parametric Insurance Solution (DRTPS). The DRTPS will be implemented by the NSDMA with support from the InsuResilience Solution Fund for a period of 3 years (2024 to 2027) with immediate effect. Mumbai (Maharashtra) based Thomas Cook (India) Limited (TCIL) has partnered with the National Payments Corporation of India (NPCI) to launch RuPay AED (United Arab Emirates Dirham) Forex Card, first RuPay Prepaid Forex Card for Indian travellers visiting the United Arab Emirates (UAE).The card, powered by NPCI’s technology partner CARD91. Mumbai (Maharashtra) based SBI General Insurance Company Limited (SBI General Insurance) and the Hongkong and Shanghai Banking Corporation Limited, India (HSBC India) have entered into a bancassurance partnership for the distribution of non-life insurance products. Aditya Birla Finance Limited (ABFL), a wholly-owned subsidiary of Aditya Birla Capital Limited (ABCL), and AU Small Finance Bank (SFB) Limited , India’s largest SFB, has partnered to launch Aditya Birla Finance AU credit cards, a new range of co-branded credit cards. These co-branded credit cards are powered by Visa and RuPay networks. Four Variants of Co-branded Credit Card: ABC AU Flex: This card offers an affordable option designed to cover the mass market in India. ABC AU Nxt: This card is designed specifically for millennials, includes specialized features customized for younger customers. ABC AU Pro: This high-end card is targeted at affluent individuals and offers premium benefits. ABC AU Biz: This card is designed for entrepreneurs and business owners and includes features which are beneficial for business-related expenses. JULY 2024 The Mumbai Metropolitan Region Development Authority (MMRDA) has signed an agreement with Frankfurt-based-German state-owned development bank KfW(formerly known as KfW Bankengruppe) to provide financial support of over Rs 850 crore for urban infrastructure projects in Mumbai, Maharashtra. Report Errors in the PDF - [email protected] Copyright 2014-2024 @ AffairsCloud.com 24 As per the agreement, MMRDA will also raise around Rs 365 crore through its own resources as its equity contribution for these sustainable projects. DBS Bank India is set to launch a pre-shipment financing solution to empower small and medium enterprises (SMEs) in India, in partnership with Receivables Exchange of India Ltd (RXIL), the first Reserve Bank of India-licensed exchange platform under the Trade Receivables electronic Discounting System (TReDS). DBS Bank India will be the 1st bank to partner with RXIL to offer end-to-end supplier financing and this offering will be particularly relevant for the Micro, Small, and Medium Enterprises (MSMEs) and SMEs across India. National Bank for Agricultural and Rural Development (NABARD) has signed a Memorandum of Understanding (MoU) with Online PSB Loans Limited(OPL) to promote financial inclusion through Regional Rural Banks (RRBs). It aims to smoothen and digitalize the enrolment and claim settlement processes under the Jan Suraksha Schemes (JSS) for all 43 RRBs. Border Security Force (BSF) and State Bank of India (SBI) have partnered for a 'Grow with the Trees' plantation drive at the BSF Headquarters in Srinagar, Jammu and Kashmir (J&K). This aims to increase campus greenery and mitigate global warming's effects. The Export-Import Bank of India (EXIM Bank) signed an agreement with the Government of Guyana to provide India-supported Line of Credit (LoC) of USD 2.50 million for installing a solar photovoltaic(PV) power plant at Cheddi Jagan International Airport (CJIA) in Timehri, Guyana. This agreement aligns with Guyana's efforts to transition from fossil fuels to renewable energy, aiming to reduce carbon emissions and promote sustainable energy solutions. Star Health and Allied Insurance Company Limited (Star Health Insurance) signed a strategic corporate agency agreement with Himachal Pradesh State Cooperative Bank (HPSCB) to improve access to health insurance penetration, particularly in rural areas of Himachal Pradesh (HP) where the bank has a significant presence. Federal Bank Limited, a leading private sector bank in India announced that it has entered into a strategic Bancassurance partnership with Bajaj Allianz Life Insurance Company Limited, a private life insurer. Aim: To give boost to the combined strengths of Bajaj Allianz Life Insurance and Federal Bank and is in complete alignment with both the companies’ strategic targets and growth plans. NPCI International Payments Limited (NIPL), a wholly-owned subsidiary of the National Payments Corporation of India (NPCI), signed an agreement with Doha, Qatar-based Qatar National Bank (QNB) to introduce QR (Quick Response) code-based Unified Payments Interface (UPI) payments across Qatar. Punjab National Bank (PNB), Indian Public Sector Bank (PSB) has signed a Memorandum of Understanding (MoU) with Steel Authority of India (SAIL) to offer various kinds of loans such as: home loan, car loan, and education loan to SAIL’s employees at concessional rates. This collaboration aims to make UPI payment acceptance available through QNB's extensive merchant network, benefiting Indian travelers in Qatar. JUNE 2024 Axis Bank, one of India’s largest private sector banks, has partnered with American multinational payment card services corporation, Mastercard, to launch the Near Field Communication (NFC) Soundbox solution, an industry-first proposition for the merchant community. Punjab National Bank (PNB) and India Infrastructure Finance Company Ltd (IIFCL) signed a Memorandum of Understanding (MoU) to provide long-term financial assistance for viable infrastructure projects. Under this MoU, the parties can mutually participate through a consortium or multiple lending arrangements, ensuring financial support for prospective borrowers after due diligence. NPCI International Payments Limited (NIPL), the international arm of National Payments Corporation of India (NPCI), has signed an agreement with the Central Reserve Bank of Peru (BCRP- Banco Central de Reserva del Perú) to introduce Unified Payments Interface (UPI)-like real-time payments system in Peru. The collaboration makes Peru the first South American (SA) nation to adopt UPI technology. Muthoot Microfin Limited has announced a strategic co-lending partnership with the State Bank of India (SBI) to extend its financial services to women entrepreneurs in rural and semi-urban regions across India. Report Errors in the PDF - [email protected] Copyright 2014-2024 @ AffairsCloud.com 25 The loan amounts will range from a minimum of Rs 10,000 to a maximum of Rs 3,00,000, providing a substantial boost to women entrepreneurs from rural regions. Ashv Finance Limited (Erstwhile Jain Sons Finlease Ltd) part of the impact investor Aavishkaar Group, has signed a co-lending agreement with the HDFC Bank, one of India’s leading private banks to provide unsecured business loans to Micro, Small & Medium Enterprises (MSMEs). Unsecured business loans range from Rs 20 lakh to Rs 50 lakh for 12 to 36 months. Repeat customers can avail of loans up to Rs 75 lakh. Indian Computer Emergency Response Team (CERT-In) under the Ministry of Electronics and Information Technology (MeitY) has signed a Memorandum of Understanding (MoU) with Mastercard India, to promote cooperation and information sharing in the area of Cyber Security related to financial sector. Kotak Mahindra Life Insurance Company Limited (Kotak Life) announced that it has collaborated with Mahindra & Mahindra Financial Services Limited (Mahindra Finance), to offer customized life insurance solutions to customers. The Ministry of External Affairs (MEA), Government of India (GoI), signed a Memorandum of Understanding (MoU) with the State Bank of India (SBI) to provide additional digital payment services of the SBI through SBIePay, a payment gateway, to the Indian migrant workers, Recruiting Agents (RAs) and other users of the eMigrate portal(https://emigrate.gov.in). The MoU will come into effect after the successful integration of SBIePay, the payment gateway of SBI with the eMigrate portal. Federal Bank, an Indian private sector bank in collaboration with the National Payments Corporation of India (NPCI), has launched the Federal RuPay Wave Credit Card, empowering customers with the Unified Payments Interface (UPI)-powered transactions on the RuPay network. This integration offers seamless digital transactions, combining RuPay credit card benefits and features with UPI payment convenience. India Post Payments Bank (IPPB) has partnered with Ria Money Transfer to offer unique remittance services across rural India. This partnership aims to provide customers in remote areas of India with convenient and affordable doorstep financial services. Through this collaboration, the International Inward Money Transfer service will initially be offered at over 25,000 Post Office locations, with an expected reach of over 1 Lakh locations through the Post Offices. The Reserve Bank of India (RBI) has partnered with APIX to host its 3rd global hackathon, ‘HaRBInger 2024 : Innovation for Transformation’. This partnership aims to bring the brightest minds together to address challenges in the financial industry. HaRBInger 2024 hosted on Application Programming Interface Exchange (APIX) platform. The Registration for HaRBInger 2024 started from 7th June to 19th July. The two themes of the HaRBInger 2024 are “Zero Financial Frauds” and “Being Divyang Friendly”. The cash prizes includes, (Indian Rupee) INR 40 lakh for the winner in each problem statement category, a special prize of INR 20 lakh for the best all-woman team. Punjab and Sind Bank (PSB), an Indian public sector bank, has signed a Memorandum of Understanding (MoU) with the Indian Army (IA) to offer a defence salary package with a host of facilities including free insurance cover. The PSB Gaurav Bachat SB Salary account is designed to provide for the distinct banking requirement of serving and retired personnels. The MoU provides the serving personnel, veterans and trainees with personal accident insurance (Death/Disability) cover up to Rs 1 crore and an air accidental cover of Rs 1.2 crore. MAY 2024 Private sector lender, Yes Bank (Youth Enterprise Scheme Bank) has partnered with Bengaluru (Karnataka)-based financial services provider, ANQ Finance to launch 2 co-branded credit cards Pi and Phi, towards offering Indian consumers diverse spending and rewards options. Report Errors in the PDF - [email protected] Copyright 2014-2024 @ AffairsCloud.com 26 NPCI International Payments Limited (NIPL), the overseas arm of the National Payments Corporation of India (NPCI), has signed a pact with the Bank of Namibia (BoN), the central bank of the Republic of Namibia, to develop a Unified Payments Interface (UPI)-like instant payment system for Namibia. Asian Development Bank(ADB) and Citigroup Inc. (Citi), an American multinational investment bank, have partnered to sign an Master Risk Participation Agreement (MRPA) to enhance access to supply chain financing for Small and Medium-Sized Enterprises (SMEs) and support over USD 100 million in additional annual trade across Asia-Pacific. The MRPA signed between ADB’s Trade and Supply Chain Finance Program (TSCFP) and Citibank North America will enable SME across Asia to access Citi's supply-chain finance offerings via ADB's TSCFP. YES Bank Ltd (Youth Enterprise Scheme Bank), a leading private sector bank in India, partnered with EBANX for payment processing in India for the global digital economy. This partnership aims to streamline cross-border payment processing and enhance global commerce opportunities for international merchants and Indian customers in India. Bank of India(BOI) signed a Memorandum of Understanding (MoU) with Indian Coast Guard (ICG), to offer a Defence service salary package through “BOI Rakshak Salary/ Pension Savings Scheme”. The minimum balance required is zero or nil for the account. The scheme also features BOI Mobile Omni Neo app which will enable the defence personnel at borders and at remote areas can easily access various financial solutions. ReNew Energy Global PLC (ReNew) signed a Memorandum of Understanding (MoU) with European Bank, Societe Generale, to support the ReNew’s energy transition projects in India and globally. This partnership will contribute towards India’s net zero goals. Under this MoU, Societe Generale will provide financial support of USD 1 billion over the next 3 years, mainly through debt financing and advisory solutions. ReNew has signed 5 Power Purchase Agreements (PPAs) with combined Renewable Energy (RE) capacity of 2.2 GigaWatt(GW). Bengaluru(Karnataka) based PhonePe, Indian digital payments company, has partnered with Sri Lanka's LankaPay, owned by the Central Bank of Sri Lanka, to facilitate Unified Payments Interface (UPI) transactions for its users in Sri Lanka. This allows PhonePe users to make payments in Indian Rupees (INR) across LankaPay's merchant network, with currency exchange rates applied to transactions. Tata Consultancy Services (TCS), a global leader in Information Technology (IT) services, consulting, and business solutions, has partnered with the Indian Institute of Technology, Bombay (IIT-Bombay) in Mumbai, Maharashtra, to develop India’s 1st Quantum Diamond Microchip Imager. Capital Small Finance Bank Limited (CSFB), India’s first Small Finance Bank (SFB) has announced a Bancassurance Corporate Agency Partnership with ICICI Lombard General Insurance Company Limited (ICICI Lombard). Bancassurance is an arrangement between a bank and an insurance company allowing the insurance company to sell its products to the bank's client base. Federal Bank Limited, a private sector lender in India, has announced a Bancassurance Partnership with Tata AIA Life Insurance Company Limited. This will enable Federal Bank customers to access Tata AIA Life insurance companies’ products including term insurance, savings and wealth creation plans, retirement, and pension solutions etc. SEBI RELATED NEWS SEPTEMBER 2024 Securities Exchange Board of India (SEBI) revised the criteria for entry and exit of stocks in the Futures and Options (F&O) or derivatives segment to enhance market stability by ensuring only actively traded and financially robust stocks participate in the derivatives segment. Report Errors in the PDF - [email protected] Copyright 2014-2024 @ AffairsCloud.com 27 As per the revised guidelines, Median Quarter Sigma Order Size (MQSOS), MQSOS over the previous 6 months, on a rolling basis has been increased from Rs 25 lakhs to Rs 75 lakhs. SEBI has increased Market Wide Position Limit (MWPL) of stocks over the previous 6 months, from the existing limit of Rs 500 crore to Rs 1500 crore. The Securities and Exchange Board of India (SEBI) has set up a 22-member advisory committee to streamline the rules for listing obligations and disclosures. The Advisory Committee on Listing Obligations and Disclosures (ACLOD) will be chaired by Rama Subramaniam Gandhi, a former Deputy Governor of the Reserve Bank of India (RBI). Securities and Exchange Board of India (SEBI) has introduced a new framework to streamline bonus share trading, through a circular issued in exercise of powers given under section 11 read with section 11A of the SEBI Act, 1992. The circular will be applicable to all bond issues announced on or after 1st October, 2024. The new framework has reduced the time taken for credit of bonus shares and their eligibility for trading from about two weeks to 2 days (T+2 days) from the record date, which is the cut-off date for shareholders to be eligible for a bonus issue under the SEBI (Issue of Capital and Disclosure Requirements, ICDR) Regulations, 2018. On 18th September 2024, the Securities and Exchange Board of India (SEBI) has amended the SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021 in exercise of powers given under sub-

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