Banking & Economy Current Affairs 2020 (January): Banking News 2020

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Banking Economy Current Affairs 2020 January

Union Finance Minister Nirmala Sitharaman unveiled Rs 102 lakh crore of Infrastructre projects, under National Infrastructure Pipeline, that will be implemented in the next five years.

During the fiscals 2020 to 2025, sectors such as Energy (24%), Roads (19%), Urban (16%), and Railways (13%) amount to around 70% of the projected capital expenditure in infrastructure in India. Out of the total expected capital expenditure of Rs. 102 lakh crore, projects worth Rs 42.7 lakh crore (42%) are under implementation, projects worth Rs 32.7 lakh crore (32%) are in conceptualization stage and rest are under development.

RBI Governor Shakti Kanta Das today launched a mobile application MANI (Mobile Aided Note Identifier).

RBI Governor Shaktikanta Das on 1 January 2020 launched a mobile application MANI (Mobile Aided Note Identifier) to aid visually impaired persons in identifying denomination of currency notes.“Mobile Aided Note Identifier – MANI” is capable of identifying the denominations of Mahatma Gandhi Series and Mahatma Gandhi (New) series banknote by checking front or reverse side of the notes, including half folded notes under broad range of light conditions. 

Piyush Goyal inaugurates NSE Knowledge Hub.

Union Minister for Commerce and Industries Piyush Goyal inaugurated the National Stock Exchange (NSE) Knowledge Hub in New Delhi.

IBBI amends the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016.

The Insolvency and Bankruptcy Board of India (IBBI) notified the Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2020 on 6th January 2020.

The amendment clarifies that a person, who is not eligible under the Code to submit a resolution plan for insolvency resolution of the corporate debtor, shall not be a party in any manner to a compromise or arrangement of the corporate debtor under section 230 of the Companies Act, 2013. It also clarifies that a secured creditor cannot sell or transfer an asset, which is subject to security interest, to any person, who is not eligible under the Code to submit a resolution plan for insolvency resolution of the corporate debtor.

SBI announces ‘residential builder finance with buyer guarantee’ scheme.

Country’s largest public sector bank, State Bank of India has announced a ‘residential builder finance with buyer guarantee’ (RBBG) scheme. It aims at giving a push to residential sales and improve homebuyers’ confidence.

Under this scheme announced yesterday, the SBI will issue a guarantee for completion of select residential projects to customers who have availed home loans from it. The scheme will focus on affordable housing projects priced up to 2.50 crore rupees in 10 cities initially.

RBI amends KYC norms, allows banks to use V-CIP.

The RBI has amended the KYC norms allowing banks and other lending institutions regulated by it to use Video based Customer Identification Process (V-CIP), a move which will help them onboard customers remotely. The V-CIP, which will be consent-based, will make it easier for banks and other regulated entities to adhere to the RBI’s Know Your Customer (KYC) norms by leveraging the digital technology.

Michael Debabrata Patra appointed as RBI Deputy Governor.

Michael Debabrata Patra has been appointed as Deputy Governor of the Reserve Bank of India (RBI). The post was lying vacant after Viral V Acharya resigned from the post in June last year. He will be the fourth Deputy Governor of the RBI and has been appointed to the post for a period of three years.

IBBI amends the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017.

The Insolvency and Bankruptcy Board of India (IBBI) has notified the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment) Regulations, 2020 on 15th January. 2020.

World Bank and Government of India Sign $88 million loan agreement for the implementation of Assam Inland Water Transport Project.

The Government of India, the Government of Assam and the World Bank signed a loan agreement of $88 million here today to help modernize Assam’s passenger ferry sector that runs on its rivers including the mighty Brahmaputra.

50th Annual Meeting of World Economic Forum begins in Davos.

The 50th Annual Meeting of the World Economic Forum, a congregation of rich and powerful from across the world, opens in Davos, Switzerland. Theme for WEF 2020 is “Stakeholders for a Cohesive and Sustainable World”.

Zomato acquires Uber Eats business in India.

“Zomato” has announced the acquisition of Uber Eats business in India. Uber Eats is an Uber Technologies Inc’s food delivery business in India. The acquisition was done in an all-stock deal. The deals provides Uber with the 9.99% ownership in Zomato after the acquisition.

Adani Capital acquires Essel Finance’s MSME lending business.

Essel Finance’s micro, small and medium enterprises (MSME) loan business has been acquired by Adani Capital Private Ltd. Through the acquisition, Adani Capital has secured a loan book of around Rs 145 crore.

Bharti Airtel receives approval from Telecom department to raise FDI in the company to 100%.

The Bharti Airtel Ltd has received the approval from the Telecom department to increase the Foreign Direct Investment (FDI) in the company to 100%. The approval will enable Bharti Airtel company to raise more funds as per its requirement.

NPCI Launches Blockchain-Based Vajra Platform to secure payments.

The National Payments Corporation of India (NPCI) has launched a blockchain-technology based payment system ‘Vajra Platform’.

New MD and CEOs for Bank of Baroda, Bank of India and Canara Bank.

The Personnel Ministry has approved a new appointment of Managing Director and Chief Executive Officer of three public sector banks: Bank of India (BOI), Bank of Baroda (BOB) and Canara bank.

Canara Bank- Lingam Venkat Prabhakar
Bank of Baroda- Sanjiv Chadha
Bank of India- Atanu Kumar Das

RBI appoints Executive Director Janak Raj as member of MPC.

The Reserve Bank of India (RBI) yesterday appointed its Executive Director Janak Raj as member of the Monetary Policy Committee (MPC), the highest interest rate setting body.

BSE signs licensing agreement with ICE Futures Europe.

The Bombay Stock Exchange (BSE) has signed a licensing agreement with Intercontinental Exchange (ICE) Futures Europe. Intercontinental Exchange (ICE) Futures Europe is an operator of global exchanges and clearinghouses.

India Jumps up 79 positions in World Bank Doing Business Rankings, Improving From 142 In 2014 To 63 in 2019.

The Union Minister for Finance &Corporate Affairs, Smt Nirmala Sitharaman presented the Economic Survey 2019-20 in Parliament today. The FM informed that India has jumped up 79 positions in World Bank’s Doing Business rankings, improving from 142 in 2014 to 63 in 2019.

Key Highlights of Economic Survey 2019-20.

The Union Minister for Finance & Corporate Affairs, Smt. Nirmala Sitharaman presented the Economic Survey 2019-20 in the Parliament today. The Key Highlights of the Economic Survey 2019-20 are as follows:

Economic Survey 2020: CLICK HERE

India Ranks Third in Number of New Firms Created; 1,24,000 New Firms Created in 2018 Compared to 70,000 In 2014.

The Union Minister for Finance & Corporate Affairs, Smt Nirmala Sitharaman presented the Economic Survey 2019-20 in Parliament today. The Survey stated that as per World Bank’s Data on Entrepreneurship, it is seen that India ranks third in number of new firms created. The same data shows that new firm creation has gone up dramatically in India since 2014. While the number of new firms in the formal sector grew at a cumulative annual growth rate of 3.8 per cent from 2006-2014, the growth rate from 2014 to 2018 has been 12.2 per cent. As a result, from about 70,000 new firms created in 2014, the number has grown by about 80 per cent to about 1,24,000 new firms in 2018.

Economic Survey 2020: CLICK HERE

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