Current Affairs Apr 2019 - Business & Economy
1 - RBI releases draft norms on liquidity risk management for NBFCs
RBI stated that all non-deposit-taking non-banking financial companies (NBFCs) with an asset size of Rs 5,000 crore and above, and all deposit-taking NBFCs irrespective of their asset size, have to maintain a liquidity buffer in terms of a Liquidity Coverage Ratio (LCR).
In a draft on liquidity risk management framework for NBFCs and core investment companies, these measures will promote resilience of NBFCs to potential liquidity disruptions by ensuring they have sufficient High-Quality Liquid Asset (HQLA) to survive an acute liquidity stress scenario lasting for 30 days. The banking regulator proposed that it will implement LCR through a glide path from 01st April 2020 to 01st April 2024.
2 - Corporation Bank launches ‘Corp SME Suvidha’ for MSMEs
Corporation Bank has launched ‘Corp SME Suvidha’, a product for GST-registered MSMEs. The product has been designed as part of the bank’s efforts to provide the best products to the MSME sector.
PV Bharathi, Managing Director and Chief Executive Officer of the Corporation bank, launched the product in Mangaluru recently.
3 - IBM Garage To Co-Create AI-based Automation Solutions With HDFC ERGO
IBM India has tied-up with HDFC ERGO General Insurance Company, India's third-largest non-life insurance provider in the private sector, to co-create new Artificial Intelligence (AI)-based solutions.
Leveraging IBM Garage that uses data-driven insights to develop end-to-end strategies and solutions for business transformation, teams from HDFC ERGO and IBM Services will work together to develop and test new solutions.
4 - BSE Launches BSE StAR MF App For Its Mutual Fund Platform
Leading stock exchange BSE has launched ‘BSE StAR MF’ app to enable more participation and help mutual fund distributors process transactions faster.
As per the BSE, this mobile app supports real-time client registration and paperless transactions, creates and uploads mandate for SIPs, generates the basket of multiple orders, tracks and allows the distributor to analyse his business at his fingertips.
5 - RBI Releases 'Vision 2021' For Payment Systems For 'Cash-Lite' Society
Reserve Bank of India has released a vision document 'Payment and Settlement Systems in India: Vision 2019 - 2021', with its core theme of 'Empowering Exceptional E-payment Experience' for ensuring a safe, secure, convenient, quick and affordable e-payment system.
The move comes as the apex bank expects the number of digital transactions to increase more than four times to 8,707 crores in December 2021.
6 - India’s Overall Exports Registered Positive Growth Of 1.34% In April 2019
According to the Ministry of Commerce & Industry data, India’s overall exports, combining Merchandise and Services, in April 2019 is estimated to be around 44 billion US dollars with a positive growth of 1.34% over April 2018.
Overall imports in April 2019 is estimated to be around 53 billion dollars with a positive growth of 4.5% over the corresponding period of 2018.
7 - SIDBI Launched A Pilot Scheme For Fintech NBFCs
To give a fillip to digital lending, Small Industries Development Bank of India (SIDBI) has put together a pilot scheme to extend financial assistance of up to Rs10 crore to new-agefintech non-banking finance companies (NBFCs) engaged in financing small businesses and other income-generating activities.
SIDBI has set the exposure cap for lending to a single new-age fintech NBFC at 30% of NOF of the new-age fintech NBFC, subject to maximum cap of Rs10 crore.
8 - Infosys Foundation’s FCRA Licence Cancelled
The Home Ministry has cancelled the registration of Bengaluru-based NGO Infosys Foundation for alleged violation of norms in receiving foreign grants.
All non-government organizations (NGOs) are mandatorily required to be registered under the Foreign Contribution (Regulation) Act or FCRA to receive foreign funding.
9 - Tech Mahindra Partners With French Based Firm Rakuten Aquafadas
IT services firm Tech Mahindra and French digital content publishing firm Rakuten Aquafadas signed an MoU to collaborate on building enhanced customer experience offerings.
Rakuten Aquafadas and Tech Mahindra aim to build a Customer Experience Offering leveraging the suite of software that Rakuten Aquafadas provides for digital publishing.
10 - Asia-Pacific To Grow 5.7% In 2019: ADB
The Asia-Pacific region s expected to grow at 5.7% in 2019. According to the bank’s Asian Development Outlook 2019 report released in April, developing Asia which comprises 45nations ranging from China to Tuvalu is projected to grow by 5.7% in 2019.
However, the growth outlook for developing Asia is expected to moderate to 5.6 % in 2020.
11 - Huawei Overtakes Apple To Become 2nd Biggest Smartphone Maker
Huawei Technologies Co overtook Apple Inc to claim the No. 2 spot in smartphones making in the first quarter, moving a step closer to its avowed ambition of displacing Samsung at the top of the market.
Huawei’s been steadily gaining on Apple and Samsung Electronics Co. with an increasingly high-end line-up of devices.
12 - Iraq Becomes India’s Top Oil Supplier in 2018-19
Iraq has become India’s top crude oil supplier for the second consecutive year, meeting more than one-fifth of the country’s oil needs in the 2018-19 fiscal year.
According to data collected by the Directorate General of Commercial Intelligence and Statistics, Iraq sold 46.61 million tonnes of crude oil to India during April 2018 and March 2019.
13 - UDS Acquires Majority Stake In Matrix Business Services
Facilities management provider UDS has acquired a majority stake in Matrix Business Services, which operates in the business assurance and background verification segment.
This acquisition includes buying out the entire 19.77% stake of Kotak Mahindra Investments and 2.67% of Mahindra & Mahindra Contech and the balance 52.56% from other shareholders, mainly from all non-executive shareholders.
14 - Bharti AXA Ties Up With Wishfin To Offer Policies Via WhatsApp
Bharti AXA General Insurance, a private non-life insurer, has tied up with financial marketplace Wishfin’s insurance arm Wishpolicy, to offer two-wheeler insurance to customers via WhatsApp.
This service option is an instant and additional customer service option for policyholders, apart from Bharti AXA General Insurance’s multiple channels, including its network of branches, customer care and contact centre, dynamic portal, and intelligent chatbot.
15 - India Ratings & Research Lowers Growth Forecast For 2019-20 To 7.3%
India Ratings & Research (A Fitch Group Company) has lowered the country’s growth forecast for the current fiscal to 7.3%, from the earlier projection of 7.5 %.
The agency has listed three key reasons for lowering its projection.
Prediction of lower-than-normal monsoon for 2019 and the continued agrarian distress.
The loss of momentum in the industrial output growth, especially manufacturing and electricity, is likely to hurt growth.
The slow progress in cases referred to the National Company Law Tribunal under the Insolvency and Bankruptcy Code, 2016, for resolution of the non-performing assets of the banking sector becoming a long-drawn-out process.
16 - Paytm Launches Recurring Payments Service For Merchants
Paytm has launched a recurring payment service for merchants that are working on a digital subscription model. The move will allow the subscription-based businesses to collect payments from their subscribers effortlessly.
Recurring payments are an automatic payment system wherein the merchants automatically charge their customers for a specified service on a pre-arranged schedule.
17 - SEBI Fines NSE Over Rs625 crore In Co-Location Scam
Markets regulator SEBI directed National Stock Exchange to pay more than Rs625 crore in the case of misuse of its co-location facility. SEBI has been probing alleged lapses in high-frequency trading offered through NSE's co-location facility.
The amount, if considered with simple interest, would come to little less than Rs1,000 crore. If it involves a compound interest, the fine could amount to around Rs1,300 crore.
18 - HDFC Partners With IMGC For Home Loans
Housing finance major HDFC Limited has partnered with India Mortgage Guarantee Corporation (IMGC) to offer a mortgage-guaranteed home loan product.
The partnership aims to make it possible for HDFC to further penetrate the home loan market and access an enlarged customer base, helping them to own a home of their choice.
19 - WPI Inflation Slides To 3.07% in April
Wholesale Price Index (WPI)-based inflation for April eased to 3.07%, from 3.62% in April 2018.
The latest WPI print was also lower than 3.18% recorded in March this year. Build up inflation for the financial year so far was 0.75%, lower than 0.86% in the corresponding period of the previous year.
The overall WPI print for April was dragged down by a sharp decline in manufactured products (which accounts for two-third weightage in the WPI basket), which came in at a 30-month low of 1.7% (2.16% in March 2019).
20 - Airtel, HDFC Life Insurance Tie Up To Offer Free Cover
Bharti Airtel and HDFC Life Insurance have tied up to offer life cover for customers who get a prepaid recharge done.
Airtel’s new Rs249-prepaid bundle (which will include 2 GB data, unlimited calls across networks, and 100 SMSes per day) will also offer a cover worth Rs4 lakh from HDFC Life.
21 - Paytm Partners With Citibank To Launch 1st Credit Card- 'Paytm First Card'
Digital payments company Paytm, in association with Citibank, launched its first credit card called Paytm First Card.
The card is issued by Citibank and doesn't involve any hidden fees or charges. Paytm First Card comes with unlimited cash back and will be accepted in India as well globally.
