SALEM INSTITUTE OF BANKING - JULY MONTH 2020 BANKING Affairs

SALEM INSTITUTE OF BANKING

                      JULY MONTH 2020 BANKING Affairs

Reserve Bank of India
Headquarter at Mumbai
The Governor of RBI is Shaktikanta Das
The slogan is “India‟s central Bank”
RBI Follows July to June Financial Cycle

Why does RBI Follow July to June Financial Year?
The banks in India follow April to March financial year and hence their annual financial
information is compiled after that. RBI follows July to June financial year because RBI as a
supervisor and regulator looks into the books of banks and then analyses and prepares its
statutory document called as Annual Report. So a lag of 3 months from normal financial
cycle (Apr-Mar) is justified as this is the time which RBI uses to analyse the information.
Revised Rates:

1. Commodity Money:
It is money that would have value even if it were not being used as money. This is usually
referred to as having intrinsic value. ‗Intrinsic value' means it has value outside of its use as
money. Gold, silver, grains, livestock, salt, and other materials have served as commodity
money at different points in history.
2. Representative money:
It is paper currency that can be exchanged for a fixed amount of a valuable commodity,
usually gold or silver. Paper currency is convenient because it weighs little and much larger
denominations can be printed that weigh no more than single units of currency. Example –
cheque, demand draft, etc.
3. Fiat Money:
Fiat money has no intrinsic value nor can it be redeemed for specie (money in the form
ofcoins rather than notes). Its value originates from government decree, or fiat. The best
example of fiat money is paper currency.
Measures of Money Supply:
Money supply, like money demand, is a stock variable. The total stock of money in
circulation among the public at a particular point of time is called money supply. RBI

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publishes figures for four alternative measures of money supply, viz. M1, M2, M3 and M4.
They are defined as follows:
Reserve Money M0 = Currency in circulation + Bankers‘ deposits with the RBI + ‗Other‘
deposits with the RBI
Narrow Money M1 = Currency with the public + Demand deposits with the banking
system + ‗Other‘ deposits with the RBI
Intermediate Money M2 = M1 + Short-term time deposits of residents (including and up
to the contractual maturity of one year).
Broad Money M3 = M2 + Long-term time deposits of residents + Call/Term funding from
financial institutions.
                                     Banking News
RBI in News
Headquarters: Mumbai
Founder: British Raj
Founded: 1 April 1935, Kolkata
Governor: Shaktikanta Das
RBI: Tamil Nadu tops market borrowings among States
According to data from the Reserve Bank of India (RBI), Tamil Nadu has raised Rs 30,500
crores in the fiscal 2020-21 and has topped market borrowings among States in the country.
Tamil Nadu, which has accounted for 17% of the borrowings done through the issue of
bonds (known as state development loans), has been followed by Maharashtra Rs 25,500
crores (14%), Andhra Pradesh Rs 17,000 crores (9%) and Rajasthan Rs 17,000 crores (9%).
Tamil Nadu raised Rs1,250 crores at the low-interest rate of 6.63% for the 35-year bonds
and Rs 1,250 crores at the rate of 4.54% for the three-year bonds in the auction conducted by
RBI.
On July 7, Tamil Nadu borrowed an additional amount of Rs 500 crores rather than the Rs
2,000 crores originally planned.
The State had planned to raise Rs 2,000 crores through the issue of bonds of Rs 1,000 each
with tenures of 35 years and 3 years respectively.
Tamil Nadu had an option to raise a further Rs 250 crore in each of these securities, through
what is known as the ‗greenshoe‘ option.
RBI: Tamil Nadu tops market borrowings among States
The Reserve Bank of India (RBI) has signed an agreement for extending a $400-million
currency swap facility to Sri Lanka.
This currency swap is used to boost the foreign reserves and ensure the financial stability of
the country, which is badly hit by the COVID-19 pandemic.
The currency swap arrangement will remain available till November 2022.
Lanka was set to enter into an agreement with the RBI for a currency swap worth $400
million under the South Asian Association for Regional Cooperation (SAARC) framework.
Extra Shots:
Sri Lanka (Capital/Currency): Colombo, Sri Jayawardenepura Kotte/Sri Lankan Rupee
President: Gotabaya Rajapaksa

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Prime Minister: Mahinda Rajapaksa
Other Banks in News
Banks sanction over Rs 1 lakh cr loans to 30 lakh MSMEs under ECLGS
As per the data by the Ministry of Finance on 30 June 2020, banks from public and private
sectors have sanctioned over Rs 1 lakh crore loans under the Rs 3-lakh crore Emergency
Credit Line Guarantee Scheme (ECLGS) for the MSME sector as of June 26, 2020.
Out of this, more than Rs 45,860 crore has already been disbursed under the 100 percent
ECLGS for the micro, small and medium enterprises (MSMEs).
This would help more than 30 lakh units of MSMEs and other businesses restart their
businesses post the lockdown.
The top lenders under the scheme are State Bank of India, Bank of Baroda, Punjab National
Bank, Canara Bank and HDFC Bank.
Kotak Mahindra Bank & Innoviti Collaborates to Offer EMIs on Kotak Debit Cards
Swiped on Innoviti POS
Terminals
Kotak Mahindra Bank and Innoviti Payment Solutions Pvt. Ltd. announced that they have
collaborated to provide Equated Monthly Installments (EMI) billing options on Kotak Debit
Cards which are swiped on Innoviti Point of Sale(POS) terminals.
The facility will enable about 10 million(1 crore)Kotak customers to pay for their purchases
in instalments by using the EMIs on debit cards facility at over 70,000 Innoviti POS terminals
across more than 1,000 cities.
The eligible Kotak customer to complete the purchase and to enable instant loan
disbursement has to ask the cashier for the Kotak Debit Card EMI facility, select the
preferred EMI tenure and swipe the Kotak debit card on Innoviti‘s POS terminal.
Extra Shots:
Kotak Mahindra Bank Limited:
Registered Office: Mumbai, Maharashtra
Managing Director & CEO: Uday Kotak
Innoviti Payment Solutions Pvt. Ltd:
Registered office: Bangalore, Karnataka
CEO: Rajeev Agrawal
HDFC Bank to Offer „ZipDrive‟, an Online Instant Auto Loans to its Customers
HDFC Bank announced that it will offer ‗ZipDrive‘, an online instant auto loan to its
customers in 1,000 cities.
The auto loan disbursal product is only for customers with pre-approved offers.
It is a technology-enabled loan product where credit assessment is done by banking
software.
The product will be available to tier 2 and 3 cities across India, such as Bhimavaram in
Andhra Pradesh, Hardoi in Uttar Pradesh, Thalassery in Kerala, and Balasore in Odisha
among other places
The customers can choose the preferred car model, dealer, loan amount within the eligible
limits and tenure online. They can also opt on-road funding up to 100% of the value.

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It provides a convenient and contactless form for obtaining auto loans from the bank at
attractive prices and terms. The customers need not have to visit any branch.
Extra Shots:
HDFC Bank
Headquarters: Mumbai, Maharashtra
Chairman: Deepak S. Parekh
Tagline: We understand your world
Union Bank revamps Insurance distribution channels post merger
The Union Bank of India has expanded its insurance distribution channels after the
amalgamation of Andhra Bank and Corporation Bank with it with effect from April 1, 2020.
Now the bank will offer Insurance products of three life insurers, four general insurers and
two standalone health insurers.
Prior to amalgamation Union Bank was distributing insurance products of one life insurer, 3
general insurer and one stand alone health insurer, under corporate agency tie-up agreements.
They were SUD Life Insurance Co Ltd, Bajaj Allianz General Insurance, New India
Assurance Co Ltd and Chola M.S. General Insurance Co Ltd and Religare Health Insurance
Co Ltd.
Post-amalgamation, the bank has decided to continue corporate agency agreement with
India First Life Insurance Company Limited and LIC of India under Life Insurance segment,
United India Insurance under General Insurance segment and Manipal Cigna Health
Insurance under Health Insurance Segment.
Extra Shots:
Union Bank of India
Headquarters: Mumbai
CEO: Rajkiran Rai G.
EDs: Gopal Singh Gusain & Manas Ranjan Biswal
Owner: Government of India
Founded: 11 November 1919
NPCI to set up Rs 500-crore Smart data centre in Hyderabad to handle digital
transactions
The National Payments Corporation of India (NPCI) is setting up its own ‗Smart
Datacentre‘ in Hyderabad, Telangana, at an investment of Rs. 500 crore.
The foundation stone for this Tier-IV data centre was laid by Telangana Information
Technology and Industries Minister KT Rama Rao at Narsingi village in Hyderabad.
The Smart Data Centre is being constructed by L&T and will be built with an Internet of
Things (IoT) based building- management system that will have eight layers of security,
conforming to top global standards of data centres.
The centre will protect the systems from natural calamities, ensuring smooth processing of
data and further enhance acceptance infrastructure for digital payments so as to encourage
customers towards digital transactions.

Extra Shots:
NPCI

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Headquarters location: Mumbai
Founded: 2008
Number of employees: 1,000
Type of business: Section 8 Company
Founders: Reserve Bank of India, Indian Banks' Association
Loans worth over Rs 1.10 lakh crore sanctioned by Banks under ECLGS until 1st July
Union Finance Minister Nirmala Sitharaman announced the Emergency Credit Line
Guarantee Scheme (ECLGS) on 13th May 2020. ECLGS was announced as a part of the
AtmaNirbhar Bharat Package for supporting the Micro Small and Medium Enterprises
(MSMEs) in the country.
As of 1st July 2020, Public Sector Banks and Private Banks across the country have
sanctioned loans worth over Rs 1.10 lakh crore under ECLGS. Out of this Rs 1.10 lakh crore
sanctioned, more than Rs 52000 crore of the loan amount has been already disbursed until 1st
July.
Out of the Rs 52000 crores that have been disbursed, Public Sector Banks have disbursed
Rs 33,000 crore.
This Rs 33,000 crore was disbursed to around 12,59,000 MSMEs across the country.
To around 1,45,000 MSMEs were disbursed the remaining Rs 19,000 crore by Private
Banks.
ECLGS
ECLGS ensured that the credit required by the MSMEs for restarting their businesses.
Under ECLGS, banks were incentivized so that credit of up to Rs 3 lakh crore can be
provided to MSMEs and
businesses across the country. As per estimation by the Government, the Rs 3 lakh crore will
enable more than 30 MSMEs and businesses across the country to meet their operational
liabilities required for restarting the business.
National Credit Guarantee Trustee Company (NCGTC) will be providing a 100 percent
guarantee for the loans sanctioned by the banks under the ECLGS.
YES Bank launches „Loan in Seconds‟ for instant loan disbursement
YES Bank has launched a digital solution, ―Loan in Seconds‖ for instant disbursement of
retail loans.
The account holders identified by the bank can avail this quick loan disbursal facility
without any document.
The solution aims to provide customers, completely paperless and hassle-free loans to help
them meet their immediate financial needs.
Eligible customers under ‗Loan in Seconds‘ will receive communication from the bank
with the link to apply for the loan.
All the eligible customers under the solution will receive communication from the bank
with the link to apply for the loan.
Those customers have to verify and accept the final offer.
Extra Shots:
YES Bank:

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Headquarters: Mumbai, Maharashtra
MD and CEO: Prashant Kumar
Tagline: Experience our Expertise
Karur Vysya Bank partners with Star Health Insurance
The Karur Vysya Bank (KVB) has entered into a partnership with Star Health and Allied
Insurance Co to provide a wide range of health insurance options to its customers.
Under the agreement, all the health insurance products of Star Health & Allied Insurance
will be made available through all 780 branches of the Karur Vysya Bank.
This agreement helps the bank to provide cost-effective insurance products and quick
settlement of claims its customers.
Extra Shots:
Karur Vysya Bank
Headquarters: Karur, Tamil Nadu.
Tagline: Smart Way to Bank.
Chairman: N. S. Srinath.
Fino Payments Bank launches „Bhavishya‟ Savings Account for minor
children
Fino Payments Bank Limited (FPBL) has launched a savings bank account ‗Bhavishya‘ for
minor children aged between 10 and 18 years on 7th July 2020 to make children banking
ready from early age and inculcate a savings habit among them.
Bhavishya is an annual subscription-based savings account, which can be opened with just
Rs. 349 (inclusive of GST).
Initially, the bank is introducing the Bhavishya Savings Account in Uttar Pradesh, Bihar
and Madhya Pradesh and gradually it will launch in other states.
Features of Bhavishya Savings Account
Monthly Average Balance requirement: Nil
Free Platinum RuPay Debit card which can be used at ATMs only to withdraw cash with
Aadhaar authentication.
Accidental Insurance/Permanent disability cover of upto Rs.2 Lakhs linked with Rupay
Platinum Debit Card
Upto 5 free ATM transactions in a month
Free cash deposit limit upto Rs.25,000 per month
Free cash withdrawal at Fino Bank branches
For security reasons minor should have a mobile number that is different from the parent‘s
number.
Upon attaining 18 years of age, the BhavishyaSavings Account will be upgraded to regular
savings account on submission of Re-KYC with updated info.
Extra Shots:
Fino Payments Bank Limited
Headquarters location: Mumbai
CEO: Rishi Gupta
Founded: 13 July 2006

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Subsidiaries: Fino Payments Bank, Alpha Payment Services India Pvt. Ltd, Fino Finance
Private Limited
Equitas Small Finance Bank launches video KYC account
Equitas Small Finance Bank Limited has launched a facility of opening account through
video KYC .
With this, any person anywhere in the country can open a savings account with Equitas
Small Finance Bank,
complete the full KYC through video with the Bank employee.
The new video KYC account is a step forward towards our vision.
This will ensure contact less, no branch visit and hassle free account opening and
transactions for customers.
Extra Shots:
Equitas Small Finance Bank
Headquarters location: Chennai
Founded: 2007
Key people: Shri Arun Ramanathan; (Part-time Chairman); Mr. Vasudevan P N; (MD &
CEO)
Parent organization: Equitas Holding
Deutsche Bank and Google to form strategic global partnership to drive a fundamental
transformation of
banking
Deutsche Bank and Google Cloud have agreed to join forces and form a strategic
partnership that aims to redefine how the bank develops and offers its financial services.
The partnership is unique in that it will not only deliver cutting edge cloud services to
Deutsche Bank, but also enable co-innovation between the two companies to create the next
generation of technology-based financial products for clients.
Both parties have signed a Letter of Intent and plan to sign a multi-year contract within the
next few months.
Extra Shots:
Deutsche Bank
CEO: Christian Sewing
Headquarters: Frankfurt, Germany
HSBC to set up IFSC Banking Unit at GIFT city in Gandhinagar
The Hongkong and Shanghai Banking Corporation Limited (HSBC) is to set up the IFSC
Banking Unit at Gujarat International Finance Tec City, GIFT city in Gandhinagar Gujarat.
The world‘s largest financial services organization HSBC has got in-principle approval
from the GIFT SEZ Authority to set up an IFSC Banking Unit -IBU at GIFT City, subject to
other Regulatory approvals.
The proposed commencement of the IBU by HSBC marks a significant development in
India‘s IFSC business.
It also proves GIFT‘s mettle as a globally competitive international financial center.

Benefit from GIFT:

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GIFT IFSC Banking Units have played a pivotal role in the development of IFSC in India
by providing dollar financing to Indian corporate.
As per available data, GIFT IFSC has contributed around 11 percent of total financial
services exports of India. Apart from banking, insurance and international exchanges in
GIFT-IFSC have also seen an upward trajectory in their business.s:
Extra Shots
HSBC:
Headquarters: London, United Kingdom
CEO: Noel Quinn
Founder: Thomas Sutherland
Founded: 3 March 1865, Hong Kong
GIFT City: Gujarat International Finance Tec City located on the banks of the Sabarmati
River and is around 12 km from Ahmedabad International Airport and is India's first
operational smart city and international financial services centre. It was promoted by the
Gujarat government as a green field project.
„Digital Choupal‟ organized by NABARD on its 39th foundation day
To mark its 39th foundation day of National Bank for Agriculture and Rural Development
(NABARD), it organises ‗Digital Choupal‘.
It was conducted in the form of a video conference which was attended by participants of
different projects initiated by NABARD, to share their experiences about the projects they are
involved in.
Highlights:
NABARD has launched a refinance scheme for financial institutions and banks. It has
allocated Rs 5,000 crores for the scheme.
The scheme will mainly focus on watershed development projects.
These projects are spread over 2.3 million hectares of watershed, tribal development a nd
rainfed areas.
Under the scheme, the Primary Agricultural Credit Societies are to be turned into multi-
service centres.
The fund allocated under the scheme is to be made available to financial institutions and
banks to lend to the beneficiaries in 2,150 water shed development projects.
Extra Shots:
NABARD:
Founded: 12 July 1982
Headquarters: Mumbai
Chairman: Govinda Rajulu Chintala
Purpose: Development assistance; Poverty Reduction
NABARD Credit Support of Rs1,607 Crore to Bengal in Coronavirus Crisis
National Bank of Agriculture and Rural Development (NABARD) has provided credit
support of Rs 1,607 crore to West Bengal during the COVID-19 pandemic so far.
Besides the bank‘s normal refinance schemes, this is a special liquidity support measure as
the pandemic and the lockdown have severely affected the rural economy.

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The help was provided through state cooperative banks, regional rural banks and micro-
finance institutions.
Extra Shots:
West Bengal:
Established on: 26 January 1950
Capital: Kolkata
Governor: Jagdeep Dhankhar
Chief Minister: Mamata Banerjee
NABARD extends grant assistance of Rs 221.89 cr to support 298 watershed projects in
Karnataka
In Karnataka, NABARD has extended a grant assistance of 221.89 crore rupees to support
298 watershed projects in over three lakh hectares benefitting 66,500 families. The State has
about 75 percent of rainfed area.
The projects have resulted in improving the crop productivity, diversification, soil and
water conservation and socio-economic condition of the beneficiaries.
Extra Shots:
Karnataka:
Statehood Day: 1st November 1956
Capital: Bengaluru
Chief Minister: B. S. Yediyurappa
Governor: Vajubhai Vala
National Park: Anshi NP, Bandipur NP, Bannerghatta NP, Kudremukh NP, Rajiv Gandhi
(Nagarahole) NP.
NABARD launches Rs 44 lakhs worth projects in Andaman and Nicobar Islands
The National Bank for Agriculture and Rural Development launched projects worth of Rs
44 lakhs in Andaman and Nicobar Islands.
The projects have been launched to develop Self Help Groups and also to help in skill
development of Self- Help Groups in the territory.
Around 385 village level programmes are to be conducted and provide training to leaders of
newly formed SHGs with an aid of Rs 10 lakhs.
Under the project, women attached to Self Help Groups (SHGs) are to be trained for
Mushroom Cultivation and Bamboo handicrafts.
NABARD is to carry out a yearly micro-entrepreneurship development programme for 150
members of various SHGs in Middle Andaman.
Also, NABARD has tied up with Centre of Agriculture Research Institute (CARI) to
conduct agricultural programmes of Rs 20 lakhs.
Extra Shots:
NABARD
Founded: 12 July 1982
Headquarters: Mumbai
Chairperson: Harsh Kumar Bhanwala
Purpose: Development assistance; Poverty Reduction
Formation: July 12, 1982

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NHB provides Rs 25,000 crore to housing fin cos as refinance assistance in last 4 months
The National Housing Bank (NHB) has in the last four months (March to June 30, 2020)
provided a total refinance assistance of over Rs 25,000 crore to the housing finance
companies (HFCs) alone.
Total refinance disbursements during July-June 2020 grew 24 per cent year -on-year to
touch Rs 31,250 crore under its various refinance schemes.
Under the Aatmanirbhar Package announced by Finance Minister Nirmala Sitharaman, the
NHB was provided a Special Liquidity Facility of Rs10,000 crore by the Reserve Bank of
India to address the pandemic related liquidity issues of housing finance sector.
Extra Shots:
National Housing Bank (NHB)
Website: nhb.org.in
Founded: 9 July 1988
Sector: Bank
Headquarters: New Delhi
Managing Director: Shri Sriram Kalyanaraman
Parent agency: Reserve Bank of India
Income Tax Department launches tool for Banks to ascertain TDS applicability rates on
cash withdrawals
The Income Tax Department launched a new tool for the banks and post offices that will
ensure tax deduction at source (TDS) on the cash withdrawals beyond the threshold.
With the help of the tool, post offices and banks will be able to ascertain the TDS
applicability rates on the cash withdrawals of above Rs. 20 lakh in case a person is a non-
filer of the income tax return and that of nabove Rs. 1 crore in case of a filer of Income-tax
return.
On the cash withdrawal exceeding Rs. 20 lakhs, TDS will be deductible at the rate of 2%
and it will be deductible at the rate of 5% if the amount exceeds 1 Crore, in case the person
withdrawing is a non- filer of the income tax return.
Extra Shots:
Income Tax Department
Founded: 1860
Headquarters: New Delhi
IndusInd Bank integrates with CRMNEXT to boost customer engagement
IndusInd Bank has announced its successful integration with CRMNEXT, the leading
enterprise solution provider for banks and financial services.
This integration will enable the Bank to simplify the process of customer on-boarding,
introduce new products, and meet customer demands by automating and customizing
processes to fit the modern-day financial requirements
The CRMNEXT platform will empower IndusInd Bank with an intelligence driven
‗Customer Action Center‘ which will provide complete information on customers acquired
from multiple sources, and make it available on a single intuitive screen.



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Extra Shots:
IndusInd Bank
CEO: Sumant Kathpalia
Headquarters: Pune
Tagline: We Make You Feel Richer
Owner: Hinduja Group
Founder: S. P. Hinduja
Subsidiaries: Indusind Bank Ltd, Asset Management Arm, IndusInd Financial Inclusion,
Indusind Bank Limited
NPCI launches UPI Auto Pay Feature
The National Payment Corporation of India (NPCI) launched UPI Auto Pay feature for
recurring payments.
The feature launched is dedicated to recurring payments. It can be used for multiple
financial purposes such as booking bus pass, utility payment, paying DTH, train ticket among
others.
Extra Shots:
NPCI
Headquarters location: Mumbai
Founded: 2008
Founders: Reserve Bank of India, Indian Banks' Association
The NPCI offers following services namely
Aadhaar Enabled Payment System
Bharat Bill Payment System
BHIM (a mobile app)
Cheque Truncation System
Immediate Payment Service
National Common Mobility Card
National Electronic Toll Collection
RuPAy
Unified Payment Interface (UPI)
„Insta Click Savings Account‟ launched by BOB
India‘s third-largest public sector bank, Bank of Baroda (BoB) has launched ‗Insta Click
Savings Account‘, a 100 per cent paperless digital self-assisted online savings account.
The account is activated in real-time, which means the customer can start transacting, using
the Baroda M Connect Plus application with the MPIN received on the mobile number,
immediately.
The product also offers customers the option to subscribe to a wide range of digital
channels like mobile banking, Internet banking, UPI (unified payments interface), and debit
card.
Insta Click Savings Account uses a new form of digital KYC (know-your-customer) and
Aadhaar-based OTP (one-time personal identification number) authentication of the

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customer, which can be operated from the bank‘s website, through mobile phone, IPad,
laptop, and PC.
Extra Shots:
BOB:
Founder: Sayajirao Gaekwad III
Founded: 20 July 1908, Vadodara
Owner: Government of India
Chairman: Hasmukh Adhia
ADB partnered with GCF to Boost Green Recovery from COVID-19
The Asian Development Bank (ADB) and the Green Climate Fund (GCF) agreed to partner
toward a ‗green recovery‘ for members confronting the harsh economic impact of the
coronavirus disease (COVID-19) pandemic.
Under Strategy 2030, ADB will ensure that 75 percent of its committed projects will
support climate change mitigation and adaptation by 2030.
Climate finance from ADB‘s own resources will reach USD 80 billion cumulatively from
2019 to 2030.
Extra Shots:
ADB:
Headquarters: Mandaluyong, Philippines
President: Masatsugu Asakawa
Founded: 19 December 1966
Purpose: Economic development
Membership: 68 countries
GCF:
Founded: 2010
Headquarters location: Songdo-dong, Incheon, South Korea
MobiKwik launches personal UPI payment link mpay.me
Digital wallet company, MobiKwik has launched ―mpay.me‖ UPI link service that allows
users to send and receive money from any UPI payment app.
This single link created using mpay.me can be shared anywhere to send and receive money
and will work seamlessly on mobile as well as desktop.
Through mpay.me, users will now be able to generate their own mini personal payment
gateways using their phone numbers.
Users can share it with anyone over chat, SMS, email, etc to collect payments.
Extra Shots:
MobiKwik
Founded: April 2009
CEO: Bipin Preet Singh
Headquarters location: Gurugram
Area served: India



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Fitch slashes India‟s GDP Growth Projection to 8% from 9.5% for FY22
Fitch Ratings has cut India‘s growth forecast for the fiscal year 2021-22 to 8 percent from
its earlier projection of 9.5 percent, in its June update of Global Economic Outlook released
on 30 June 2020.
However, the rating agency has retained its projection for the current fiscal which is
expected to contract by 5 percent in the 2020-21.
Meanwhile, Fitch projected Indian economy to grow 5.5 percent in 2022-23.
Extra Shots:
Fitch
Headquarters: New York, New York, United States
CEO: Paul Taylor
Founder: John Knowles Fitch
Founded: 1914, New York, New York, United States
World Bank approves $750 mn emergency response fund for India‟s COVID-hit
MSME sector
The World Bank has approved loan worth $750 million to address the immediate liquidity
and credit needs of India‘s micro, small, and medium enterprises (MSMEs), severely
impacted by the Covid-19 crisis.
The World Bank‘s MSME Emergency Response program will provide financial support to
some 1.5 million viable MSMEs.
With this, the World Bank‘s total commitment has reached to $2.75 billion to support
India‘s emergency Covid-19 response.
Extra Shots:
World Bank
Headquarters: Washington, D.C., United States
Parent organization: World Bank Group
Membership: 189 countries (IBRD); 173 countries (IDA)
Founded: July 1944
Founders: John Maynard Keynes, Harry Dexter White
World Bank enhances support for rejuvenating Ganga, sanctions USD 400 mn
The World Bank said it has enhanced its support for Government of India‘s program to
rejuvenate Ganga river with a USD 400 million (about Rs 3,000 crore) assistance that will
help stem pollution in the river.
The assistance will help strengthen the management of the river basin which is home to
more than 500 million people.
Back in 2015, the World Bank Group has approved USD 1 billion for the First National
River Ganga Basin Project.
The loan approved for USD 400 million is for the Second National River Ganga Basin
Project (SNGRBP).
Objectives of SNGRBP
Expand the sewage treatment infrastructure to more cities in the Ganga Basin

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In the long term, the assets related to sewage treatment is operated and maintained
effectively
Help develop State-of-the-art tools for National Mission for Clean Ganga (NMCG) for
effective management of the riverfront
To help control pollution discharge, sewage networks and treatment plants will be set up in
select cities across the Ganga Basin
New infrastructure projects will be developed under the Hybrid Annuity Model (HAM) to
ensure long term effectiveness and are well maintained
Extra Shots:
World Bank
Headquarters: Washington, D.C., United States
Parent organization: World Bank Group
Membership: 189 countries (IBRD); 173 countries (IDA)
Founded: July 1944
Founders: John Maynard Keynes, Harry Dexter White
India among Switzerland‟s top-3 partners for info exchange on tax matters: Global
Forum
India figures among the top-three countries getting detailed information from Switzerland
about bank accounts and beneficiary ownership of entities established by their residents in the
Alpine nation, according to the latest study by OECD‖s Global Forum on transparency and
exchange of information for tax purposes.
The latest peer review by the Global Forum, referring to the period from July 2015 to June
2018, named India among the top-three jurisdictions to which Switzerland provided
information on request.
The other two countries were France and Germany.
India is also rated as‖largely compliant‖ by this OECD (Organisation for Economic
Cooperation and Development) body.
States GSDP may contract by up to 14.3% in FY21 on Covid-19: Ind-Ra report
The gross state domestic product (GSDP) of all states is likely to contract up to 14.3 per
cent in the current financial year due to the impact of Covid-19-induced lockdown on
economic activities, says a report.The contraction will be in the range of 1.4 per cent-14.3 per
cent.
States such as Assam, Goa, Gujarat and Sikkim are likely to witness a double-digit
contraction in FY2021.
The top five major states where the impact of lockdown was the most pronounced are
Karnataka, Jharkhand, Tamil Nadu, Kerala and Odisha.
The five major states where the impact of lockdown was the least pronounced are Madhya
Pradesh, Punjab, Bihar, Andhra Pradesh and Uttar Pradesh.
GST Revenue Collection Improves significantly in the month of June 2020
Rs 90,917 crore is the gross GST (Goods and Services Tax) revenue collected in the month
of June 2020.

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The amount Rs 90,917 crores is 91 percent of GST revenue collected in the month of June
in 2019.
Breakdown of GST Revenue Collection for June 2020
Central GST (CGST): Rs 18,980 crore
State GST (SGST): Rs 23,970 crore
Integrated GST (IGST): Rs 40,302 crore (includes-on import of Goods Rs 15,709 crore
Collected)
Cess: Rs 7,665 crore (includes-on import of goods Rs 607 crores collected)
Month-wise GST Revenue Collection in First Quarter of FY 2020-21
The GST revenue collected in the first quarter of the Financial Year (FY) 2020-21 is 59
percent of the GST revenue collected during the first quarter of the 2019-20 financial year.
In April 2019 GST Revenue Collection was of Rs 113, 866 crore while in April 2020 it was
32,294 crore
In May 2019 GST Revenue Collection was Rs 100,289 crore while in May 2020 it was Rs
62,009 crore
In June 2019 GST Revenue Collection was Rs 99,940 crore while in June 2020 it was Rs
90,917 crore
Extra Shots:
GST: Goods and Services Tax is an indirect tax used in India on the supply of goods and
services. It is a comprehensive, multistage, destination-based tax: comprehensive because it
has subsumed almost all the indirect taxes except a few state taxes.
Govt launches Special Liquidity Scheme for NBFC of Rs. 30,000 crore
The Government of India has launched a Special Liquidity Scheme worth Rs. 30,000 crore
for improving the liquidity position of Non-Banking Financial Company (NBFCs) and
Housing Finance Company (HFCs).
The Scheme will be managed by SPV (SLS Trust).
SPV (SLS Trust) has been set up by SBICAP which is a subsidiary of the State Bank of
India.
Highlights:
RBI will provide funds for this Scheme by subscribing to government-guaranteed special
securities issued by the SLS Trust.
The total amount of such securities issued outstanding shall not exceed Rs. 30,000 crores at
any point of time.
Who will manage the Scheme:
The Scheme was announced by Union Minister for Finance Nirmala Sitharaman on 13th
March 2020.
Aim of the scheme:
To ensure availability of fund to NBFC and HFC sector and hence improve the liquidity
position of NBFCs/HFCs.
Duration of the scheme:
The Scheme will remain open for 3 months for making subscriptions by the Trust.
The period of lending (CPs/NCDs of NBFCs/HFCs for short duration of upto 90 days) by
the Trust shall be for a period of upto 90 days.

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Use of Fund by NBFC and HFC:
NBFC and HFC cannot use this financing to expand assets.
The financing would be used by the NFBCs/HFCs only to repay existing liabilities.
Outlay of the Scheme:
Rs 30,000 Crore
Eligibility criteria for NBFC and HFC:
CRAR/CAR of NBFCs/HFCs should not be below the regulatory minimum, i.e., 15% and
12% respectively as on March 31, 2019;
The net non-performing assets should not be more than 6% as on March 31, 2019;
They should have made net profit in at least one of the last two preceding financial years
(i.e. 2017-18 and 2018-19)
Care Ratings Forecast India‟s GDP to contract by 6.4% in FY21
Care Ratings has revised India‘s GDP growth forecast for the current financial year 2020-
21 to contract by 6.4 percent.
The rating agency had earlier projected a decline in GDP growth of 1.5-1.6 per cent in
FY21.
This decline is because the economic activity continues to be under restriction due to the
lockdown on account of the COVID-19 pandemic.
Extra Shots:
Care Ratings
Headqu arters: India
Founded: 1993
Fitch cuts India‟s GDP growth forecast to 8% from 9.5% for FY22
Fitch cuts India‘s GDP growth forecast to 8% from 9.5% for FY22, in its June update of
Global Economic Outlook report.
Fitch retained its projection of Indian economy contracting by 5 per cent in the current
fiscal.
Meanwhile, Fitch projected the Indian economy to grow 5.5 per cent in 2022-23.
Extra Shots:
Fitch
Headquarters: New York, New York, United States
CEO: Paul Taylor
Founder: John Knowles Fitch
Founded: 1914, New York, New York, United States
Intel Capital Invests Rs 1894.50 crore in Jio Platforms
United States-based Intel Corporation‘s investment arm Intel Capital will invest Rs
1,894.50 crores in Reliance Industries Limited‘s (RIL‘s) subsidiary company Jio Platform.
The announcement was made by Reliance Industries Limited on 3rd July 2020.
With this investment, equity value in Jio Platforms rose to Rs 4.91 lakh crore, while Rs 5.16
lakh crore its enterprise value.
Rs 1894.50 of investment will translate to 0.39 percent of an equity stake for Intel Capital
in Jio Platforms.

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In a matter of 11 weeks since 22nd April 2020, this was the 12th foreign investment in Jio
Platforms.
The 12 investments make a total of Rs 1,17,588.45 crores that have been raised in Jio
Platforms.
This investment also takes the total stake in Jio Platforms of foreign investors to 25.09
percent

Extra Shots:
RIL
Headquarters: Mumbai, Maharashtra
Chairman & Managing Director: Mukesh D. Ambani
Founder: Dhirubhai Ambani
Founded: 8 May 1973
Intel Capital
Founder: Avram Miller
Founded: 1991
Parent organization: Intel
Headquarters location: United States
Piyush Goyal hints India‟s Export in June 2020 has „Recovered‟ after
Contracting Drastically in April and
May
The setbacks to the Indian economy in the first two months of the Financial Year (FY) due
to the COVID-19 pandemic seems to be finally over as on 3rd July 2020 the Union Minister of

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Commerce and Industry Piyush Goyal informed that merchandise export figures in the month
of June 2020 have touched almost 88 percent of the June 2019 figure.
Earlier on 22nd June 2020, Piyush Goyal had informed that the contraction in outbound
shipments are 10-12 percent in the month of June 2020 if compared to 60 percent in April
2020.
The overall export data for the month of June 2020 will be released by the Ministry of
Commerce and Industry on 15th July 2020.
After three straight months of decline in Export figures, the signs of improvements bring
about a muchneeded relief for the Indian economy.
Overall combined Exports (Merchandise and Services) for the April and May month of
2020 were USD 61.57 billion, that is 33.66 percent decline in Overall combined Exports from
the April and May 2019 figures. India‟s Exports & Imports in May 2020
India‟s Exports & Imports in May 2020
Exports in the month of May 2020 declined by 36.47 percent as compared to April 2020.
Import Value: USD 22.20 billion (Imports in May 2019 was USD 45.35 billion)
Export Value: USD 19.05 billion (Exports in May 2019 was USD 29.99 billion)
Trade deficit: USD 3.15 billion (Trade deficit in May 2019 was USD 15.36 billion)


SBM Bank India, Mastercard partners to facilitate cross border remittances using
Mastercard Send
SBM Bank India (promoted by Government of Mauritius) and Mastercard have joined
hands to facilitate cross-border payments and remittances services by using ‗Mastercard
Send‘.
Mastercard Send is a secured and innovative solution – crafted to modernize domestic and
cross-border payments and remittances.
SBM Bank India is the first bank to receive universal banking licence from the RBI to set
up and operate as a scheduled commercial bank through the wholly-owned subsidiary mode.
Extra Shots:
SBM Bank (Mauritius)
CEO Parvataneni Venkateswara Rao
Headquarters: Port Louis, Mauritius
Parent organization: SBM Holdings
Subsidiaries: SBM Bank Kenya Limited, Rafiki Microfinance Bank Limited, Banque SBM
Madagascar SA
Mastercard
CEO: Ajaypal Singh Banga
Headquarters: Purchase, Harrison, New York, United States
Founded: 16 December 1966, United States
Founders: Wells Fargo, Crocker National Bank, First Interstate Bancorp, Bank of California
World Bank to provide USD 400 million to enhance support to rejuvenate Ganga

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World Bank and the Government of India (GoI) signed a loan agreement to enhance
support for the Namami Gange programme that seeks to rejuvenate the Ganga river.
The Second National Ganga River Basin Project aims to help stem pollution in river Ganga.
It will also strengthen the management of the river basin, which is home to more than 500
million people.
Highlights:
The $400 million projects comprise a loan of $381 million and a proposed Guarantee of up
to $19 million.
The agreement aims to ensure that the river Ganga returns to a pollution-free, ecologically
healthy state.
The new project will extend the engagement of India and the World Bank in this critical
national programme to make the Ganga a clean, healthy river.
The project will help build infrastructure and institutions that are needed to make the Ganga
clean.
Extra Shots:
World Bank:
Headquarters: Washington, D.C., United States
Parent organization: World Bank Group
Membership: 189 countries (IBRD); 173 countries (IDA)
Founders: John Maynard Keynes, Harry Dexter White

Citi projects India‟s FY21 GDP forecast at -6%
Brokerage firm Citi, has projected India‘s GDP for FY21 to contract by 6%. The projection
has been lowered by Citi, as compared to its earlier estimate of -3.5%.
Citi has reduced the projection for the following reasons: Spread of the Corona Virus, Virus
concentration risk and Macro Indicators.
Extra Shots:
Citi is a leading provider of transaction banking, liquidity, credit and capital markets services
to retail and institutional broker-dealers, asset management and infrastructure companies
worldwide.
AIIB provides USD 50 mn to L&T Infra Finance for renewable energy
L&T Infrastructure Finance Company Ltd (LTIFCL) has received USD 50 million from the
Asian Infrastructure Investment Bank (AIIB), for funding Renewable Energy projects in the
country.
The loan amounts first tranche of the total USD 100-million ECB (External Commercial
Borrowing) loan approved by Beijing-based AIIB.
The fund will be used for on-lending large and mid-scale wind and solar power
infrastructure projects in India.
Also, this is the first loan by AIIB to a non-banking financial company (NBFC) in India.
Extra Shots:
AIIB:
Headquarters: Beijing, China
Region served: Asia and Oceania

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Membership: 102 Members
Main organ: Board of Governors; Board of Directors
Purpose: Crediting
Formation: 16 January 2016 (Open for business); 25 December 2015 (Entry into force
Articles of Agreement)
Legal status: Treaty
LTIFCL
Headquarters: Mumbai
Founded: 2006
Parent organizations: Larsen & Toubro, L&T Finance Holdings
RIL added another feather to its cap as its market valuation crossed Rs 12 lakh crore mark,
a first by any domestic company.
The company‘s market valuation rose by Rs 40,508.8 crore to Rs 11,73,677.35 crore at
close of trade on the BSE.
RIL Becomes First Domestic Firm to Cross Rs 12 Lakh Crore M-cap Mark
RIL‘s partly paid-up shares crossed Rs 40,000 crore in market cap, thereby taking the
aggregate market capitalisation of RIL to Rs 12.14 lakh crore (USD 163.1 billion).
Extra Shots:
RIL:
CEO: Mukesh Ambani
Owner: Mukesh Ambani (47.35%)
Founder: Dhirubhai Ambani
Founded: 8 May 1973, Maharashtra
Global economy to contract by 5.2 pc in 2020: D&B Report
The global economy is likely to contract by 5.2 percent in 2020, according to Dun and
Bradstreet‘s (DNB) Country Risk and Global Outlook Report, that covered 132 countries.
The reason behind this decline is the coronanvirus, which is still spreading, and the
economic prospects of countries across the world are uncertain.
Aditya Birla Mutual Fund launches voice-based services with Google Assistant
Aditya Birla Sun Life AMC has launched voice-based services for its investors with Google
Assistant.
The voice assistant acts as a 24X7 interface for investors to interact with the fund house, to
address their various service requests such as portfolio valuations, account statement, capital
gains statement etc.
The Google voice assistant uses the latest in AI and NLP to provide a simple conversational
experience and provide the relevant solution.
Extra Shots:
Aditya Birla Group
Founder: Seth Shiv Narayan Birla
Founded: 1857
Headquarters: Mumbai

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ADB, Education Above All Foundation agree to work together for quality Primary
Education for out-of-school
children
The Asian Development Bank (ADB) and the Qatar-based Education Above All (EAA)
Foundation have signed an agreement to carry out $100 million in joint projects to put out-of-
school and at-risk children into quality primary education.
The two organizations will implement projects in up to 10 countries to ensure that at least
320,000 out-ofschool children, including refugees and internally displaced children, realize
their right to a quality primary education.
The 10 countries initially selected for projects are Afghanistan, Bangladesh, India,
Indonesia, Myanmar, Nepal, Pakistan, Papua New Guinea, Philippines, and Sri Lanka.
Extra Shots:
ADB:Asian Development Bank
Headquarters: Mandaluyong, Philippines
President: Masatsugu Asakawa
Membership: 68 countries
Google to invest Rs. 75,000 crore in India over next 5 to 7 years
Google CEO Sundar Pichai announced an investment of Rs. 75 thousand crore in India over
the next 5 to 7 years through ‗Google for India Digitisation Fund‘ to help accelerate country's
digital economy.
He made this announcement during the sixth annual edition of the "Google for India"
virtual event.
The investments will focus on four key areas of India's digitization:
Enabling affordable access and information to every Indian in their own language,
Building new products and services relevant to India's unique needs,
Empowering businesses as they continue to embark in digital transformation,
Leveraging technology and Artificial Intelligence for social good in areas like healthcare,
education and agriculture.
Extra Shots:
Google
CEO: Sundar Pichai
Founded: 4 September 1998, Menlo Park, California, United States
Parent organization: Alphabet Inc.
Headquarters: Mountain View, California, United States
Founders: Larry Page, Sergey Brin
FICCI survey predicts India‟s GDP to contract by 4.5% in FY21
Industry body FICCI has projected the Indian economy to contract by (-) 4.5 percent in
2020-21, as per its latest Economic Outlook Survey released on 12 July 2020.
The minimum and maximum GDP growth estimate stood at (-) 6.4 percent and 1.5 percent,
respectively, for FY21.
The downward revision is due to the halt in economic activities amid the Covid-19
pandemic and the lockdown.
Extra Shots:

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FICCI:
Headquarters location: New Delhi
Founded: 1927
Founders: Ghanshyam Das Birla, Purshottamdas Thakurdas
Type of business: Trade Association
CBDT launches a new Utility Tool for Banks and Post Offices for Proper
Implementation of Finance Act 2020
The Central Board of Direct Taxes (CBDT) has informed on 12th July 2020 that a new
Utility Tool has been launched that will facilitate the Banks and Post Offices across the
country with the accurate TDS rate (Tax Deduction at Source) applicable on cash
withdrawals.
The utility tool can be accessed by the Banks and Post Offices by visiting the web portal-
‗incometaxindiaefiling.gov.in‘.
The Utility Tool is available under the name‘ Verification of Applicability u/s 194N‘ on the
portal.
The Utility Tool was developed based on the Data of Cash Withdrawal from across the
country that has suggested that large amounts of cash were withdrawn by Individuals who
had never filed income tax returns.
Extra Shots:
CBDT:
  The Central Board of Direct Taxes (CBDT) is the authority vested with the responsibility of
the administration of laws related to direct taxes through the Department of Income Tax.

India‟s GDP to contract 7.5% if Covid vaccine is delayed, 4% in base case:
Bank of America Securities
A longer wait for a vaccine against Covid-19 virus may lead to a contraction of up to 7.5
per cent in the Indian GDP in FY21, a foreign brokerage Economists at Bank of America
Securities said.
It also revised down their base case estimates on the real GDP within a week, and now
expect it to contract by 4 per cent because of a drop in economic activity.
Many analysts are expecting the Indian economy to contract by 5 per cent in FY21 as a
result of the nationwide lockdowns, with some also estimating a contraction of up to 7.2 per
cent in the GDP.
Extra Shots:
Bank of America
Headquarters: Charlotte, North Carolina, United States
CEO: Brian Moynihan
ICRA Predicts India‟s GDP to Contract 9.5% in FY21
Credit Rating agency ICRA has sharply revised the GDP forecast for India and expects the
Indian economy to contract by 9.5% (-9.5%) in 2020-21.
Earlier it had projected the GDP at -5% for FY21.
The increasing Covid-19 infections, leading to localised lockdowns in some states and
cities, affecting the economic activities is the main reason for this sharp revision.

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Icra‘s projection is the sharpest contraction in the gross domestic product (GDP) for FY21
among all estimations so far.
Extra Shots:
ICRA
Headquarters: India
CEO: Naresh Takkar
Founded: 1991
Owner: Moody's Corporation
India's foreign exchange reserves reach all-time high of 516.362 billion dollars
India's foreign exchange reserves have swelled by 3.108 billion dollars to reach a fresh all-
time high of 516.362 billion dollars in the week ended 10th July 2020.
In the previous week, the reserves had increased by 6.416 billion dollars to end at 513.54
billion dollars.
India's special drawing rights with the International Monetary Fund rose by 5 million
dollars to reach 1.453 billion dollars, while the country's reserve position also increased by 19
million dollars to 4.545 billion dollars.
Extra Shots:
Forex:
  The foreign exchange market is a global decentralized or over-the-counter market for the
trading of currencies. This market determines foreign exchange rates for every currency. It
includes all aspects of buying, selling and exchanging currencies at current or determined
prices.

Govt starts e-campaign on Voluntary Income Tax Compliance for tax payers
The Income Tax Department is all set to start an e-Campaign on voluntary compliance of
Income Tax for the convenience of the taxpayers.
The 11-day campaign will focus on the assesses or taxpayers who are either non-filers or
have discrepancies in their returns for the financial year 2018-19.
The objective of the e-campaign is to facilitate taxpayers to online validate their tax and
financial transaction information available with the I-T Department.
Under this e-campaign the Income Tax Department will send email and SMS to identified
taxpayers to verify their financial transactions related information received by the I-T
department from various sources such as Statement of Financial Transactions, Tax Deduction
at Source, Tax Collection at Source and Foreign Remittances.
Nomura estimates India‟s GDP to contract by 6.1% in FY21
The Indian economy is expected to contract by 6.1 percent in the current fiscal (2020-21),
as per the Japanese financial services firm Nomura.
The contraction in the GDP is due to the Covid-19 pandemic, which has impacted both
supply and demand forces in the economy since March 2020.
Extra Shots:
Nomura:
CEO: Koji Nagai
Headquarters: Tokyo, Japan

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Founder: Tokushichi Nomura II
Founded: 25 December 1925, Osaka, Osaka, Japan
The subscriber base for Employees' Provident Fund Organization- EPFO has grown by 3.18
lakh new net members during May 2020. It has registered 218 per cent month on month
growth.
EPFO registers 3.18 lakh new subscribers in May 2020
The subscriber base growth is on account of increased number of new subscribers, lower
exits and higher rejoining by exited members.
The new subscriber joining increased by 66 per cent from 1.67 lakh in April to 2.79 lakh in
May 2020.
Extra Shots:
EPFO:
Founded: 4 March 1952, New Delhi
Headquarters: New Delhi
Jurisdiction: India
Type of business: Central-Owned
Government amended certain Indian Accounting Standards
Government of India (GoI) has amended certain Indian Accounting Standards (Ind-AS),
including the standard relating to leases amid the COVID-19 pandemic.
The Ministry of Corporate Affairs has amended Ind-AS 103, 116, and some other
standards.

Highlights:
Ind-AS 103 pertains to business combinations, Ind-AS 116 relates to principles for the
recognition, presentation, and disclosure of leases.
The amendment to Ind-AS 116 is expected to provide significant relief to such lessees for
accounting for rent concessions from lessors specifically arising from the COVID-19
pandemic.
The amendment in Ind-AS 103 is aimed to help entities to determine whether a transaction
needs to be accounted for as a business combination or as an asset acquisition.
Bharti AXA General Insurance has launched a crop insurance campaign titled ‗Bohot
Zaroori Hai‘ for farmers in Maharashtra and Karnataka to encourage them about their yield
protection and financial security.
Under the campaign, the Bharti AXA General Insurance, will insure the farmers in
Maharashtra and Karnataka for a period of three years under the Pradhan Mantri Fasal Bima
Yojna (PMFBY).
Bharti AXA General Insurance launches „Bohot Zaroori Hai‟ campaign for farmers
in Maharashtra and
Karnataka
Bharti AXA General Insurance has received Rs 800 crore worth crop insurance mandate
from the governments of Maharashtra and Karnataka for 3 years.
The company will insure farmers under PMFBY in six districts of Maharashtra and three
districts of Karnataka.

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It includes Ahmednagar, Nashik, Chandrapur, Solapur, Jalgaon and Satara in Maharashtra
and Dharwad, Mysuru and Kodagu in Karnataka
Headquarters: Mumbai, Maharashtra
CMD: Sanjeev Srinivasan
ADB approves USD 3 million grant to India to combat COVID-19
Asian Development Bank (ADB) has approved USD 3 million (about Rs 22 crore) grant to
India from its Asia Pacific Disaster Response Fund to further support the government‘s
emergency response to COVID-19 pandemic.
The grant will be used to procure thermal scanners and essential commodities to strengthen
India‘s COVID- 19 response.
Extra Shots:
Bharti AXA General Insurance
Extra Shots:
ADB:
Headquarters: Mandaluyong, Philippines
President: Masatsugu Asakawa
Founded: 19 December 1966
Membership: 68 countries
Purpose: Economic development
Bank of Maharashtra joins hands with Uniken for Omni-channel security
In a bid to secure its Internet banking channels as also mobile, card, call centres and ATMs,
among others, against cyber fraud, the state-owned Bank of Maharashtra has joined hands
with Uniken, a pioneer in the field of digital security in India.
The bank will use Uniken‘s REL-ID technology for Omni-channel security.
The REL-ID technology by Uniken has been modelled for defence-in-depth functions that
will help secure the bank‘s mobile apps by protecting them against phishing, pharming and
malware attacks.
Extra Shots:
Bank of Maharashtra
Headquarters: Pune
CEO: A. S. Rajeev
Owner: Government of India
Founders: D. K. Sathe, V. G. Kale
Tata Capital Growth Fund to invest Rs 225 crore in Biocon Biologics
Biocon Ltd, a global biopharmaceuticals company, announced that the board of its
subsidiary Biocon Biologics India Limited has approved a primary equity investment by Tata
Capital Growth Fund.
Tata Capital will invest Rs 225 crore for a 0.85 percent minority stake in the biosimilar
business, valuing Biocon Biologics at an equity valuation of Rs 26,250 crore and an
enterprise valuation of Rs 30,400 crore.

Extra Shots:
Biocon Ltd

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