July to September 2024 Banking News Only

Axis Bank's new economy group launches ● Parent Company : Naspers : South Africa
Corporate Credit Card Suite for startups based company

● Axis Bank has launched a Corporate HDFC Life Announces a Tri-party Tie-Up with
Credit Card Suite for startups under its Metropolis and CallHealth
New Economy Group.
● The suite includes two cards: the ● HDFC Life has entered into a bespoke
Executive Corporate Credit Card for agreement with Metropolis Healthcare
founders and the Purchase Reward Credit Limited and CallHealth.
Card for expense management. ● This collaboration enables prospects
● Aim: To streamline travel, official applying for HDFC Life policies to undergo
expenses, and vendor payments. medical tests at Metropolis labs across the
● Axis Bank also announced a partnership country, offering a seamless and
with the Tech Entrepreneurs Association of convenient experience.
Mumbai. ● While, the appointment booking and
● Sanjiv Bhatia, President & Head of New servicing for this process will be facilitated
Economy Group, Financial Sponsors and by CallHealth's user-friendly digital
Multinationals Coverage, Axis Bank. platform, ensuring a hassle-free
● Axis Bank’s New Economy Group banks experience for policy applicants.
67% of unicorns and over 40% of Series A ● HDFC Life
and above funded start-ups in the country. ● Established : 2000
● Axis Bank ● Headquarters : Mumbai
● Established : 3rd December, 1993 ● M.D. & CEO : Vibha Padalkar
● Headquarters : Mumbai ● Tagline : "Sar Utha Ke Jiyo!".
● M.D. & CEO : Amitabh Chowdhary
● Tagline : 'Badhti ka Naam Zindagi SEBI Launches FPI Outreach Cell

PayU Unveils Industry-First Biometric ● The Securities and Exchange Board of

Authentication Solution for Card Payments India (SEBI) has launched a dedicated
Foreign Portfolio Investor Outreach Cell as
● PayU has introduced an industry-first part of the Alternative Investment Fund
biometric authentication solution for card and Foreign Portfolio Investors
payments - Flash Pay. Department (AFD).
● Designed to simplify the payment ● This cell will focus on direct engagement
experience, increase transaction success with Foreign Portfolio Investors (FPIs), and
rates, and significantly enhance security. supporting them in accessing the Indian
● It combines the ease of seamless payment securities market seamlessly.
experience with robust security measures,
meeting both customer aspirations for GST Council forms GoM on compensation
convenience and banks' stringent cess
authentication requirements.
● The Goods and Services Tax (GST)
● PayU
Council has set up a 10-member GoM,
● Netherlands based payment service
chaired by Minister of State for Finance
provider for online merchants.
Pankaj Chaudhary.
● Established : 2002
● Aim: To decide on the taxation of luxury,
● Headquarters : Hoofddorp
sin and demerit goods once the
● M.D. & CEO : Anirban Mukherjee
compensation cess ends in March 2026.
 July to September 2024 Banking News Only
● The Group of Ministers (GoM), which and depositories—to discontinue the
includes members from Assam, slab-wise fee structure based on trading
Chhattisgarh, Gujarat, Karnataka, Madhya volumes.
Pradesh, Punjab, Tamil Nadu, Uttar
Pradesh and West Bengal
● Committee will submit its report to the
Council by December 31, 2024.

Mahindra Finance collaborates with UGRO

Capital

● Mahindra Finance has entered into a

co-origination partnership with UGRO
Capital to provide affordable loans to
MSMEs (Micro, Small & Medium
Enterprises).
● The collaboration aims to provide secured
business and affordable loans against
properties (LAP) to the Micro, Small &
Medium Enterprise (MSME) sector,
supporting their business growth.

CDSL announces uniform tariff of Rs 3.50 per

transaction effective October 1st

● Central Depository Services (India) India set to achieve 6.5 to 7% GDP growth in
Limited (CDSL) introduced a uniform tariff current fiscal
of Rs 3.50 per debit transaction, effective
from October 1, 2024. ● India is set to achieve 6.5 to 7 percent
● Female demat account holders, either as Gross Domestic Product (GDP) growth in
sole or first holders, will continue to the current financial year.
receive a discount of Rs 0.25 per debit ● Informed by Finance Ministry in its Monthly
transaction. Economic Review for August released.
● Similarly, a Rs 0.25 discount will also be ● The report highlighted that the economic
applied to debit transactions related to momentum continued in first quarter of
Mutual Fund and Bond ISINs (International current fiscal year supported by over five
Securities Identification Numbers). percent growth in all major non-agricultural
● CDSL sectors.
● Central Depository Services Limited ● Retail inflation remained moderate at 3.7
● Established : Feb, 1999 percent in August 2024, driven by softer
● Headquarters : Mumbai food and core inflation.
● M.D. & CEO : Nehal Vora ● The review reflected that the outlook for
inflation trajectory remains positive.
NSE, BSE revise transaction fees effective
from October 1 Bank of India launches 400-day fixed deposit
scheme
● The SEBI circular directed Market
Infrastructure Institutions (MIIs)—including
stock exchanges, clearing corporations,
 July to September 2024 Banking News Only
● Bank of India (BOI) launched a 400-day amalgamation of IDFC Limited with IDFC
fixed deposit scheme as part of its festive FIRST Bank from October 1.
season offerings. ● Reserve Bank of India has given its nod
● Interest rate: for the reverse merger of IDFC Ltd with its
● 8.10 per cent per annum for super senior banking subsidiary IDFC First Bank in
Citizens, December 2023.
● 7.95 per cent for senior citizens,
● 7.45 per cent for other customers under NIPL, Trinidad and Tobago ink agreement to
non-callable deposits (those exceeding Rs develop UPI-like payments system
1 crore)
● Under callable deposits with an option of ● Why in the news: NPCI International
premature withdrawal, the bank is offering Payments Limited (NIPL), the international
rate of interest of 7.95 per cent per annum arm of the National Payments Corporation
(p.a.) for super senior citizens, 7.80 per of India (NPCI), partnered with the Ministry
cent for senior citizens and 7.30 per cent of Digital Transformation (MDT) of Trinidad
for other customers. and Tobago.
● Bank of India ● Reason: To develop a real-time payments
● Established : 7th September, 1906 platform similar to India’s Unified
● Headquarters : Mumbai Payments Interface (UPI)
● M.D. & CEO : Rajneesh Karnatak ● The bilateral partnership will enable the
● Tagline : Relationship Beyond Banking Caribbean country to establish a real-time
payments platform for both
New UPI AutoPay rule person-to-person (P2P) and
person-to-merchant (P2M) transactions,
● The National Payments Corporation of expanding digital payments in the country
India (NPCI) has announced changes to and fostering financial inclusion.
the UPI Autopay framework.
● Effective: Immediately SBI Insurance unveils 'SBIG Health Super
● Auto-replenishment of NETC FASTag and Top-Up' policy
RuPay National Common Mobility Card
(NCMC) will no longer require the ● SBI General Insurance has launched the
standard 24-hour pre-debit notification. ‘SBIG Health Super Top-Up’ policy.
● Aim: To improve the e-mandate framework ● Health insurance top-up plan is designed
for these services. as an economical and affordable option
● UPI members are instructed to remove the supplementing over and above the basic
Pre-Debit Notification (PDN) validation for health insurance policy.
UPI Autopay executions related to these ● The new policy comes at a time when
specific Merchant Category Codes medical inflation in India is surging at
(MCCs). approximately 14% annually.
● With lifestyle diseases on the rise, the
IDFC-IDFC First Bank merger to be effective need for comprehensive health coverage
October 1 has never been more pressing.
● Flexible coverage options with sum
● Post nod from NCLT, the board has insured ranging from 5 lakhs to 4 crores
greenlighted the amalgamation of IDFC ● Long-term policy options up to 3 years
FHCL with IDFC Limited with effect from ● With premiums starting as low as ~3,377
September 30 and approved for individuals aged 18-35 years
 July to September 2024 Banking News Only
Bank of Baroda and EaseMyTrip Launch ● UCO Bank launched “Project Parivartan”,
Co-Branded Travel Debit Card a major transformation initiative in the
existing digital banking facilities offered by
● Name of co-branded card: Bank of Baroda the Bank.
EaseMyTrip Debit Card ● Key points of Project Parivartan include:
● Type: Debit Card ● Close collaboration with Fintechs and
● Collab between: Bank of Baroda and technology providers, customer
EaseMyTrip engagement through personalization,
● Designed for: Frequent travelers and ● customer engagement through
lifestyle enthusiasts, the card offers personalization,
significant discounts on travel and hotel ● Analytics-driven campaigns,
booking. ● The enhancement of digital journeys for
both asset as well as liability products
State Bank of India to invest in defaulter ● MD & CEO of UCO Bank: Ashwani Kumar
Supreme Infrastructure India Limited
Moody’s Upgrades India’s Economic Growth
● After taking a substantial haircut in a debt Forecast to 7.1% for CY 2024
restructuring proposal of Supreme
Infrastructure India Ltd (SIIL), the State ● Moody’s has revised its forecast for India’s
Bank of India (SBI) has proposed to invest GDP growth in calendar year (CY) 2024,
in the preferential share issue of the raising it to 7.1% from its earlier projection
defaulting company. of 6.8% made in June 2024.
● State Bank of India (SBI) proposed to ● World Bank has revised India’s fiscal year
invest ₹24.33 crore in the preferential 2025 (FY25) growth forecast to 7%
share issue of Supreme Infrastructure ● IMF also upgraded India’s GDP growth for
India Ltd (SIIL). FY25 by 20 basis points to 7%.
● SBI will acquire 28.55 lakh shares at
₹85.23 per share, giving it a 2.08% equity OLX teams up with IDFC FIRST Bank
stake in the company.
● The debt restructuring proposal resulted in ● OLX has launched a comprehensive
a 79% haircut for the creditors, reducing used-vehicle financing solution in
outstanding debt from ₹2,200 crore to collaboration with IDFC FIRST Bank.
₹464 crore. ● This new service simplifies the purchasing
● SBI had an outstanding debt of ₹1,023 process for pre-owned cars and bikes by
crore in SIIL prior to restructuring. offering quick and easy financing directly
● Key Financial Creditors: through the OLX platform, eliminating the
● Other banks involved in the debt exposure need for multiple site visits.
include:
● Union Bank: ₹238 crore Govt announces market borrowing of Rs 6.61
● PNB (Punjab National Bank): ₹296 crore trillion in 2nd half of FY25
● Bank of India: ₹148 crore
● The government announced its plans to
● Central Bank of India: ₹115 crore
borrow Rs 6.61 trillion from the market
● Canara Bank: ₹197 crore
through 21 weekly auctions in the second
● ICICI Bank: ₹122 crore
half of this financial year.
● SREI: ₹130 crore
● The borrowing is around 47 per cent of the
● UCO Bank unveils “Project Parivartan” to
gross market borrowing target of Rs 14.01
enhance the bank’s digital banking
trillion and is in line with market
services
expectations.
 July to September 2024 Banking News Only
● This includes issuing Rs 20,000 crore of ADB retains India's FY25 growth forecast at
sovereign green bonds. 7%
● The government had announced its plans
to borrow Rs 7.50 trillion from the market ● The Asian Development Bank (ADB) has
in April-September. retained India’s growth forecast at 7% for
● It will borrow Rs 2.47 trillion through the current fiscal.
treasury bills, which have a maximum ● Projecting faster growth of 7.2% in FY26.
tenure of 364 days. ● Reason: India’s economy has shown
remarkable resilience in the face of global
UPI Now Mandatory for Bids Up to ₹5 Lakh in geopolitical challenges and is poised for
Public Debt Issues steady growth

● New Directive: To use the Unified Sebi issues performance evaluation

Payments Interface (UPI) to block funds guidelines for market infra institutions
when applying for public issues of debt
securities amounting up to ₹5 lakh. ● Sebi issued guidelines on the parameters
● New directives by: Securities and for the performance evaluation of market
Exchange Board of India (SEBI) infrastructure institutions (MIIs),
● Beneficiary: All individual investors comprising stock exchanges, clearing
● The new rule will take effect on November corporations and depositories by
1, 2024. independent external agencies.
● Other provisions: ● For performance evaluation criteria, Sebi
● SEBI has reduced the public comment said the evaluation will be based on seven
period on draft offer documents from 7 key criteria -
working days to just 1 day for issuers with ● technology resilience (40 per cent),
listed securities, and to 5 days for other ● investor education (17 per cent),
issuers. ● regulatory compliance (15 per cent),
● Issuers can now extend the bidding period ● governance practices (8 per cent)
by one working day if there are price band ● 5 per cent each for adequacy of resources
or yield revisions, while the minimum and fair access and treatment to all
subscription period has been shortened stakeholders and information disclosure
from 3 days to 2 days. ● MIIs are required to appoint independent
external agencies to evaluate their
Axis Bank and Mastercard collaborate to performance every three years.
launch credit card for small business owners ● The agencies need to have relevant
expertise in the securities market and
● Axis Bank and Mastercard have teamed must receive a "No Objection Certificate"
up to launch MyBiz (NOC) from Sebi
● Type: Business credit card ● The first independent evaluation will cover
● Tailored for: Sole proprietors and small the financial year 2024-25, with the report
business owners due by September 30, 2025. Subsequent
● Offer: Airport lounge access, travel evaluations will follow every three years.
insurance, and access to business-related
services S&P retains India's FY25 growth forecast at
● This collaboration aims to enhance the 6.8%
financial experience of SME owners in
India.
 July to September 2024 Banking News Only
● The global credit ratings agency S&P ● The company will now file an updated draft
Global retained India's growth forecast at red herring prospectus, allowing a 21-day
6.8 per cent for the current financial year. public feedback period.
● It has also expressed optimism that the ● The IPO aims to raise Rs 3,750 crore in
Reserve Bank of India (RBI) would start fresh capital and Rs 6,664 crore through
cutting interest rates in its October an offer-for-sale.
monetary policy review. ● Major investors like Prosus and SoftBank
● Additionally, the rating agency retained its may sell part of their holdings.
GDP growth forecast for FY26 at 6.9 per
cent and stated that solid growth in India Jobless rate stagnates at 3.2% in July
would allow the RBI to focus on bringing 2023-June 2024, shows PLFS data
inflation in line with its target.
● India’s unemployment rate stagnated at
Bank of Baroda, EaseMyTrip.com unveil 3.2 per cent in July-June 2023-24,
co-branded travel debit card according to the latest annual Periodic
Labour Force Survey (PLFS) report.
● Bank of Baroda, in collaboration with ● Reflection: Deterioration in labour markets
EaseMyTrip.com, has introduced a ‘Bank ● Released by: National Statistical Office
of Baroda EaseMyTrip Co-branded Travel (NSO)
Debit Card’, targeting frequent travellers ● The data showed the unemployment rate
and those spending on entertainment and in rural areas slightly increased to 2.5 per
lifestyle. cent in 2023-24 from 2.4 per cent in
● “This is the first co-branded travel debit 2022-23.
card to be launched by a public sector ● Meanwhile, the unemployment rate in
bank.” urban areas declined to 5.1 per cent from
5.4 per cent during the period.
LIC MF to introduce Rs 100 daily SIPs ● The unemployment rate for women rose to
3.2 per cent in 2023-24 from 2.9 per cent
● LIC Mutual Fund is set to introduce a new in 2022-23, while the jobless rate for
daily Systematic Investment Plan (SIP) males slightly declined to 3.2 per cent from
option starting at Rs 100. 3.3 per cent during the same time.
● This move aligns with the Securities and
Exchange Board of India’s (SEBI) initiative Sebi imposes Rs 1 cr fine on Anmol Ambani in
to promote micro-SIPs and expand retail Reliance Home Finance case
investor participation.
● If the proposed changes are implemented, ● Markets regulator Sebi imposed a penalty
the daily SIP will be reduced to Rs 100 of Rs 1 crore on Anmol Ambani, son of
from the current Rs 300. industrialist Anil Ambani, for his failure to
● The monthly SIP will decrease to Rs 250 exercise due diligence while approving
from Rs 1,000, and the quarterly SIP will general-purpose corporate loans in
now require just Rs 750 instead of the Reliance Home Finance matter.
existing Rs 3,000. ● Additionally, the regulator levied a fine of
● Rs 15 lakh on Krishnan Gopalakrishnan,
who was the Chief Risk Officer of Reliance
Swiggy gets Sebi nod for proposed $1.25 Housing Finance.
billion IPO
Optimistic Capital launches India's first
● Swiggy has received market regulator microbrewery-focused fund
approval for its $1.25 billion IPO.
 July to September 2024 Banking News Only
● Optimistic Capital, founded by ISB alumni,
has launched India’s first
microbrewery-focused fund worth Rs 200
crore.
● The fund aims to capitalise on the
booming craft beer industry, targeting
markets such as Bengaluru, Hyderabad,
and Pune.
● India's microbrewery sector is expected to
Jana Small Finance Bank launches “Liquid
triple by 2030, with over 1,000
Plus” FD at 6.75% interest rate
microbreweries projected, compared to
around 300 in 2024.
● Jana Small Finance Bank has launched a
new “Liquid Plus” fixed deposit offering,
CARE Ratings Downgrades IIFL Finance Ltd’s
providing an interest rate of 6.75% per
Long-Term Instruments
annum for tenures ranging from 7 to 180
● CARE Ratings has downgraded the days.
long-term instruments rating of IIFL ● This rate applies to a minimum deposit of
Finance Ltd (IFL) from “AA” to “AA-”. ₹10 lakhs for retail deposits up to ₹3
● Reason: Due to a significant decline in the crores, and for bulk deposits between ₹3
company’s gold loan book, following crores and ₹200 crores per customer.
restrictions imposed by the Reserve Bank
Hybrid, EVs each could have 8 per cent market
of India (RBI).
share by FY28: ICRA
Ex Sebi chief to head panel on ending
● The competition between strong hybrid
monopolies in gas transmission
cars and electric vehicles (EVs) is
● Petroleum and Natural Gas Regulatory expected to remain stiff, and each of them
Board (PNGRB) has formed a committee could have an eight per cent volume share
under former Sebi chairman Ajay Tyagi to in the Indian domestic passenger vehicle
recommend ways of ending monopolies market by 2027–28.
enjoyed by companies engaged in both ● Report by: ICRA
transportation and marketing of natural ● In 2023–24, strong hybrid cars and EVs
gas and city gas retailing. each had a two per cent share in the
● The eight-member committee has been domestic passenger market.
asked to give its recommendations on ● The share of compressed natural gas
splitting entities engaged in both (CNG)-run cars is also expected to
transportation and marketing of natural increase from 14 per cent in 2023–24 to
gas, and ending the monopolies of city gas 18 per cent in 2027–28.
retailers where required
Net FDI in India rises to $5.5 billion in Apr-Jul
Navi Becomes India’s Sixth-Largest UPI Player 24, shows RBI data

● Navi (founded by Flipkart co-founder ● India's net foreign direct investment (FDI)
Sachin Bansal) has emerged as India’s during the April-July period of the current
sixth-largest player on the Unified financial year (FY25) rose to $5.5 billion
Payments Interface (UPI), surpassing compared to $3.8 billion in the year-ago
Amazon Pay just one year after launching period, according to the latest report by
its UPI services. the Reserve Bank of India (RBI).
 July to September 2024 Banking News Only
● Manufacturing, financial services,
communication services, computer
services, electricity, and other energy
sectors accounted for more than
three-fourths of the gross FDI inflows

Sebi allows mutual fund industry to buy, sell

credit default swaps

● Sebi allowed mutual funds to both buy

and sell Credit Default Swaps (CDS), a
move aimed at increasing liquidity in the
corporate bond market.
● This flexibility to participate in CDS would
serve as an additional investment product
for mutual funds.
● Earlier, mutual funds were only permitted
to use CDS transactions to buy protection
against the credit risk of corporate bonds
they held.
● These transactions were limited to Fixed Sebi approves 10x hike in NSE's share capital
Maturity Plan (FMP) schemes with a
duration of more than one year. ● The Securities and Exchange Board of
India (Sebi) has approved amendments to
More than 9,700 minor subscribers enrolled the memorandum of association of the
under NPS Vatsalya on first day National Stock Exchange (NSE).
● It allows a 10-fold increase in authorised
● About 9,700 minor subscribers have been share capital to ₹500 crore.
enrolled under NPS Vatsalya on the day of ● This move will pave the way for the
the launch of the scheme. bourse's proposed bonus issue.
● The scheme, regulated and administered ● This increase also provides flexibility if the
by the Pension Fund Regulatory and exchange decides to issue fresh shares
Development Authority (PFRDA) during its public offering.
● It provides an opportunity to parents and
guardians to start saving for their AU Small Finance Bank and Kotak Life partner
children's retirement early by harnessing to expand
the power of compounding, marking a
significant milestone in India's evolving ● access of life insurance
pension landscape. ● AU Small Finance Bank (AU SFB) and
Kotak Life partnered to offer life insurance
and financial security solutions.
● This partnership enables AU SFB’s new
and existing customers, including those
from former Fincare SFB branches, to
access Kotak Life’s full range of life
insurance products.

IREDA to Raise Approx. ₹4500 Crore Through

Fresh Equity Issue
 July to September 2024 Banking News Only
● Indian Renewable Energy Development allowing businesses to enhance business
Agency Limited (IREDA) received intelligence.
approval from the Department of ● It is built on Amazon Redshift and
Investment and Public Asset Management Snowflake AI Data Cloud.
(DIPAM) for raising approximately ₹4500
crore through fresh equity issue. InCred Financial Services receives first ESG
● The approval was granted by DIPAM rating from ICRA’s arm
based on the recommendations of a
High-Level Committee. ● Context: First ESG rating from ICRA’s arm
● The fund-raising will be carried out through ● Received by: InCred Financial Services
the Qualified Institutions Placement (QIP) ● Given by: ICRA ESG Ratings Ltd (ICRA
route, with a planned dilution of the ESG)
Government of India’s shareholding in ● Environmental, Social, and Governance
IREDA by up to 7% on a post-issue basis, (ESG) rating: “Impact 57, Moderate” rating
to be executed in one or more tranches. ● Significance: A moderate commitment to
ESG principles and room for improvement
Banks and FIs to Invest Rs 32.5 Trillion in in adopting comprehensive sustainability
Renewable Energy by 2030 practices

● Leading renewable energy (RE) Bank of Baroda introduces GenAI-powered

developers, manufacturing companies, virtual relationship manager
banks, and financial institutions pledged
close to $386 billion (Rs 32.45 trillion) to ● Launch of: GenAI-powered virtual
develop RE projects by 2030. relationship manager
● Summit: 4th RE-Invest Summit ● Launched by: Bank of Baroda
● Hosted by: Ministry of New and ● Name: Aditi
Renewable Energy (MNRE) and ● Aim: To enhance the digital customer
Confederation of Indian Industry (CII) service experience
● India aims to build 500 gigawatts (Gw) of ● These human-like interface presented in
RE capacity by 2030, but commitments the form of digital avatars, offer
from the solar power industry have conversational banking across a range of
reached 570 Gw. services.
● Reliance Industries (RIL) leads the pack ● In addition, BoB has also launched a
with a 100 Gw commitment, followed by GenAI-enabled knowledge management
NTPC (41.3 Gw) and ReNew (40 Gw). platform, ‘GyanSahay.AI’ for its
employees.
Razorpay launches integration platform ● Managing Director & Chief Executive
DataSync Officer: Debadatta Chand

● Launch of: DataSync LIC Appoints Infosys for NextGen Digital

● Launched by: Razorpay Platform
● Aim: To reduce operational costs for
businesses by up to 50 per cent, while ● The Life Insurance Corporation of India
offering greater efficiency in tracking and (LIC) has selected Infosys to develop its
reconciling financial data next-generation digital platform as part of
● It is a no-code data integration platform its DIVE (Digital Innovation and Value
that provides real-time data access, Enhancement) programme.
● This new platform will serve as:
● An integrated end-to-end solution,
 July to September 2024 Banking News Only
● Enhancing customer services, ● Skill Development and Livelihood
● Business lifecycle management, Enhancement
● Operational activities for sales ● Financial Literacy and Inclusion
intermediaries ● Healthcare and Hygiene
● While also offering a digital front-end for ● Promotion of Education
branch employees ● Rural Development
● Note: In Q1 FY25, LIC reported a 9.61% ● Categorisation of Farmers
increase in net profit, reaching Rs 10,461 ● Marginal – Below 1.00 Hectare land
crore, with a 15.66% rise in premium ● Small – 1.00 to 2.00 Hectare land
income to Rs 1.13 trillion. ● Semi-medium – 2.00 to 4.00 Hectare land
● Medium – 4.00 to 10.00 Hectare land
GST Council Forms GoM to Review Tax Rate ● Large – 10.00 Hectare and above
on Health, Life Insurance
SBI Sanctions ₹10,050 Crore for DVC's 1600
● Context: Formation of Committee MW Thermal Power Project in Jharkhand
● Reason: To review and suggest GST rates
on health and life insurance premiums ● State Bank of India (SBI) has sanctioned
● Committee constituted by: GST Council ₹10,050 crore to Damodar Valley
● Submission of report: October 30, 2024 Corporation (DVC) for its ultra super
(Last date) critical thermal power project of 1600 MW
● Headed by: Bihar Deputy CM Samrat (800*2 MW) to be set up at Koderma,
Choudhary Jharkhand.
● Total Members: 13 ● The Ministry of Power has identified this
● The decision was made during the 54th project as one of the projects for capacity
GST Council meeting on September 9, addition by 2030
2024. ● DVC is India’s first multipurpose river
● A final decision will be made in November valley project, which was established by a
based on the GoM’s recommendations. Central Statute -- Damodar Valley
● Current GST on Insurance Corporation Act, 1948 - Act XIV of 1948
● Currently, a GST rate of 18% applies to (DVC Act) as a statutory corporation .
health and life insurance premiums. ● The Government of India, and the
● In 2023-24, Rs 8,262.94 crore was Government’s of West Bengal and
collected from GST on health insurance Jharkhand (erstwhile Bihar) have jointly
premiums, and Rs 1,484.36 crore from contributed to the capital of DVC.
health reinsurance premiums.
UPI users can now send Rs 5 lakh for some
HDFC Bank Aims To Boost Income Of 5 Lakh transactions
Marginal Farmers By 2025 Under ‘Parivartan’
● The National Payments Corporation of
● Context: To increase the income of 5 lakh India (NPCI) has increased transaction
marginal farmers who earn less than limits for tax payments using Unified
60,000 annually by 2025 Payments Interface (UPI)
● Aiming by: HDFC Bank ● It allows people to transfer Rs 5 lakh in a
● It is a part of HDFC bank's Corporate single transaction starting from September
Social Responsibility (CSR), named 15, 2024.
'Parivartan'. ● The enhancement of the limit for tax
● CSR Pillars of banks Initiative payments through UPI from Rs 1 lakh to
Rs 5 lakh per transaction.
 July to September 2024 Banking News Only
● Consumers can now make UPI payments ● Effective from: 12th September 2024
of up to Rs 5 lakh per transaction for the ● As per the Foreign Exchange
following categories: a) tax payments, b) (Compounding Proceedings) Rules, 2024,
hospital and educational services, and c) the fees for filing compounding application
IPOs and government securities. has been doubled to Rs 10,000 plus GST,
● NPCI has also introduced a new feature from Rs 5,000 earlier.
called ‘UPI Circle’ on its Unified Payments ● New Rules:
Interface (UPI) platform. ● The new rules will supersede nearly
24-year- old Foreign Exchange
Algeria Joins BRICS New Development Bank (Compounding Proceedings) Rules.
● Threshold for compounding authorities of
● Algeria has been officially authorized to RBI has been raised.
join the BRICS New Development Bank
(NDB). SBI Foundation Launches 3rd Asha
● Announced by: Dilma Rousseff (NDB's Scholarship Program For Students
President)
● Announced at: Ninth annual meeting in ● The SBI Foundation has launched the 3rd
Cape Town edition of its Asha Scholarship Program,
● About NDB: which aims to help 10,000 deserving
● Established by: BRICS countries (Brazil, students from underprivileged
Russia, India, China, and South Africa) backgrounds across India.
● Established in: 2015 ● This scholarship provides financial support
● Aim: To support infrastructure and to students who need assistance with their
sustainable development projects in education costs, ensuring they can
emerging economies and developing continue their studies.
nations.
● New Members of NDB: In 2021, Cabinet approves ₹5 lakh health insurance for
Bangladesh, Egypt, the United Arab senior citizens above 70 years
Emirates, and Uruguay were added
● Note: ● The Cabinet has given its nod to giving
● New BRICS members: Saudia Arabia, health coverage to all senior citizens who
Egypt, the United Arab Emirates, Iran and are above 70 years irrespective of income
Ethiopia under Ayushman Bharat PM Jan Arogya
● Total Members in NDB : Algeria, Yojana.
Bangladesh, Brazil, China, Egypt, India, ● The senior citizens will get the facility of
Russia, South Africa, UAE, Uruguay free treatment up to 5 lakh rupees.
● Total Members in BRICS : Brazil, Russia, ● This will cover about 4.5 crore families in
China, India, South Africa, Iran, Egypt, the country, and include about 6 crore
Ethiopia, UAE, Saudi Arabia. senior citizens.
● The eligible senior citizens would be
Finance Ministry notifies new rules for issued a new distinct card under AB
compounding under FEMA PM-JAY.

● New Rules for: Processing of India Surpasses China in MSCI Emerging

compounding applications under Foreign Markets Index
Exchange Management Act (FEMA)
● Notified by: Finance Ministry ● India has overtaken China in the Morgan
● Reason: To promote ease of investment Stanley Capital International (MSCI)
Emerging Markets Investable Market
 July to September 2024 Banking News Only
Index (EM IMI) with a weightage of ● The initial review period has been
22.27%, surpassing China’s 21.58%. shortened to 20 calendar days in the latest
● This shift reflects India’s strong market regulations.
performance and favorable
macroeconomic conditions, contrasted Centre amends regulations related to
with China’s economic challenges. amalgamations under companies law
● In September 2024, India’s weight in the
MSCI EM IMI increased, reflecting broader ● The government has amended certain
market trends. rules governing mergers under the
● While the MSCI Emerging Markets Index companies law and amalgamations
covers large and mid-cap stocks, the EM involving a foreign holding company and
IMI includes large, mid, and small-cap its wholly-owned Indian subsidiary will now
stocks, with India’s weight benefiting from require prior RBI approval.
a higher small-cap component. ● Amendments have been made to the
● MSCI is owned by the multinational Companies (Compromises, Arrangements
investment management and financial and Amalgamations) Rules, 2016 by the
services company Morgan Stanley. corporate affairs ministry.
● The MSCI India Index is designed to ● In such cases, the ministry on Monday
measure the performance of the large and said both the companies shall obtain the
mid-cap segments of the Indian market. prior approval of the Reserve Bank of
● The index is reviewed quarterly. India (RBI) and the transferee Indian
company should also comply with the
Digital firms with Rs 500 crore turnover must provisions of Section 233 under the
seek CCI approval for M&As Companies Act.
● Broadly, Section 233 pertains to mergers
● Competition Commission of India (CCI) and amalgamations of certain companies.
expanded the ambit of companies that
would be required to seek its approval for Recommendations during 54th meeting of the
mergers. GST Council
● Under new regulations released,
companies with a turnover of more than ● 54th GST Council:
Rs 500 crore or over 10% of their global ● Changes/Clarifications in GST Tax Rates:
turnover in India in the previous financial ● Namkeens and Extruded/Expanded
year will be considered to have Savoury food products:
“substantial business operations in India” ● The GST rate of extruded or expanded
and would obtain its nod for mergers. products, savoury or salted to be reduced
● Any transaction where the “deal value” from 18% to 12% at par with namkeens.
exceeds Rs 2,000 crore would be notified ● The GST rate of 5% will continue on
for CCI approval, provided the target entity un-fried or un-cooked snack pellets
has “substantial operations in India”. ● Cancer Drugs:
● The CCI will determine the deal value ● Cancer drugs namely, Trastuzumab
looking at all forms of consideration over a Deruxtecan, Osimertinib and Durvalumab
period of two years prior to the transaction. to be reduced from 12% to 5%.
● Moreover, the CCI has reduced the overall ● Roof Mounted Package Unit (RMPU) Air
deal review timeline from 210 to 150 days, Conditioning Machines for Railways: 28%
with a deemed automatic approval if no GST
prima facie view is formed within the first ● Car and Motor cycle seats:
30 days.
 July to September 2024 Banking News Only
● Car seats: To be increased from 18% to PNB revises savings account service charges
28% from October 1
● Life and Health insurance:
● GST Council recommended to constitute a ● Minimum balance required every quarter:
Group of Ministers (GoM) to holistically ● Rural- Rs 500
look into the issues pertaining to GST on ● Semi-urban- Rs 1000
the life insurance and health insurance. ● Urban and metro city- Rs 2000
● The GoM is to submit the report by end of ● Demand Draft revised charges:
October 2024. ● 0.40 per cent of the DD amount will be
● Transport of passengers by helicopters: charged with a minimum of Rs 50 and a
● To notify GST @ 5% on the transport of maximum of Rs 15,000.
passengers by helicopters on seat share ● Locker rent per year
basis and to regularise the GST for past ● The locker rent charges vary depending
period on ‘as is where is’ basis. on the location and size of the locker.
● To also clarify that charter of helicopter will ● For a small locker, the rent is Rs 1,000 in
continue to attract 18% GST. rural areas, Rs 1,250 in semi-urban areas,
● GST Council recommends roll out of a and Rs 2,000 in urban or metro regions.
pilot for B2C e-Invoicing ● A medium locker costs Rs 2,200 in rural
areas, Rs 2,500 in semi-urban areas, and
Rs 3,500 in urban/metro areas.
● The rent for a large locker is Rs 2,500 in
rural, Rs 3,000 in semi-urban, and Rs
5,500 in urban/metro locations.

FinMin clears decks for PNB, BoM to raise Rs

10,000 cr via QIP in FY25

● The Union Ministry of Finance has

approved the proposals of Punjab National
Bank (PNB) and Bank of Maharashtra
SBI Foundation Launches 3rd Edition of Asha (BoM) to cumulatively raise Rs 10,000
Scholarship Program crore through Qualified Institutional
Placement (QIP) in 2024-25
● The State Bank of India (SBI) Foundation ● The approval for PNB and BoM to raise Rs
has unveiled the third edition of its flagship 5,000 crore each through QIP in FY25.
initiative, the SBI Asha Scholarship
Programme. Bharatsure announces insurance products for
● Aim: To support 10,000 talented students gig workers, students
from underprivileged backgrounds across
● Bharatsure (an insurtech company) has
India, offering substantial financial
introduced four insurance products for gig
assistance to help them pursue their
workers, students, digital users and
educational dreams.
companies seeking advanced employee
● The scholarship amount varies
benefits.
significantly, offering between Rs 15,000
● Gig worker insurance
to Rs 20 lakh depending on the level of
● The policy for gig workers provides health
study and the specific category of
and personal accident coverage at a
scholarship.
premium payment of Rs 69 monthly.
 July to September 2024 Banking News Only
● Student health insurance ● The Deposit Insurance and Credit
● Bharatsure's Student Health Insurance Guarantee Corporation (DICGC) has
provides coverage for just Rs 1 per day. launched an online tool Daava Soochak
● The plan includes a range of medical for depositors to track their claim status.
expenses, covering over 540 day-care ● The DICGC's mandate since its inception
treatments and any form of in-patient has been the reimbursement of insured
hospitalisation, including common amounts to depositors of failed banks.
vector-borne ● Daava Soochak, a user-friendly online
tool, is part of DICGC's ongoing
RBL Bank launches fuel credit card with IOCL commitment to improving the services
provided for depositors.
● Name of card: Xtra Credit Card ● At present, 97.8 per cent of the total
● Collab between: RBL Bank and IOCL deposit accounts are fully protected.
● This partnership with IOCL will offer up to ● Of the remaining 2.2 per cent of accounts,
8.5% savings on fuel purchases to its deposits are insured up to the limit of Rs 5
customers who can earn 15 fuel points for lakh.
every ₹100 spent, which will be capped at
2,000 points per month. Kotak General Insurance rebrands As Zurich
● RBL Bank, after its partnership with IOCL, Kotak General Insurance
is expecting its credit card portfolio to
moderately grow by 12-15% during the ● Kotak General Insurance has undergone a
current fiscal year, compared to the transformative rebranding, emerging as
industry growth of 20-25%. Zurich Kotak General Insurance.
● This change comes on the heels of a
Jio Financial forms JV with BlackRock major acquisition that sees the global
Advisors Singapore insurance giant, Zurich Insurance Group,
taking a commanding 70% stake in the
● Jio Financial Services, and BlackRock company.
Advisors Singapore Pte. Ltd formed joint ●
venture company named “Jio BlackRock ● Bharatsure announces insurance products
Investment Advisers Private Limited'. for gig workers, students
● Aim: To undertake investment advisory ● Bharatsure (an insurtech company) has
business. introduced four insurance products for gig
● Jio BlackRock Investment Advisers Private workers, students, digital users and
Limited was incorporated on September 6 companies seeking advanced employee
to carry on the primary business of benefits.
investment advisory services, subject to ● The policy for gig workers provides health
regulatory approvals and personal accident coverage at a
● The Certificate of Incorporation was premium payment of Rs 69 monthly.
received from the Ministry of Corporate ● The plan, which already insures 20,000
Affairs on September 7, 2024. gig workers in logistics, mobility, and
● Ambani's Jio Financial will invest an staffing, covers hospitalisation and
amount of Rs. 3 crore towards initial accidental injury or death
subscription of 30,00,000 equity shares of
face value Rs. 10/- each. Irdai asks insurance companies to integrate IT
systems with Digilocker
DICGC introduces Daava Soochak for
depositors to track claim status
 July to September 2024 Banking News Only
● Insurance Regulatory and Development ● Feature: 10% POPcoins on online
Authority of India (Irdai) asked insurance transactions, 2% on offline transactions,
companies to enable their IT systems to and an additional 5% for POP UPI
interact with Digilocker, allowing transactions
policyholders to use the service effectively. ● It will bring together top brands such as
● The regulator consolidated policyholder Zomato, Blinkit, Cult, Rapido, Cleartrip,
entitlements into a single reference and Pharmeasy along with D2C brands
document and emphasised measures such as Perfora, Slurrpfarm, Anveshan,
towards providing a seamless, faster, and and Khadi Essentials.
hassle-free claims settlement experience
to a policyholder. Credit card market in India to double by
● Insurers have to provide a customer 2028-29: Pwc
information sheet (CIS) for all insurance
segments, outlining key policy features, ● Report by: Pwc
benefits, and exclusions. ● Projection: The credit card market in India
● The proposal form and CIS must be made is expected to double its cards in force by
available in regional languages upon the FY28-29, reaching 200 million cards
customer’s request. ● The credit card industry has experienced
● Also, both life and general insurers will significant expansion, doubling the number
give policyholders a 30-day free look of credit cards issued over the past five
period to review the terms and conditions years.
of the policy. ● Transaction volumes have grown by 22
per cent, while transaction values have
NBFCs Caspian Debt and BlackSoil Capital to surged by 28 per cent.
merge ● Meanwhile, digital payments in India
continue to thrive, with transactional
● Merger of: Caspian Debt and BlackSoil volume growing by 42 per cent
Capital year-on-year in FY23-24.
● Both are Non-banking Financial ● This trend is expected to triple by
Companies (NBFCs) FY28-29.
● Received approval from their Board of
Directors Telangana, Tamil Nadu Lead in GSDP Growth
● Method: Share swap Among Largest States
● The merger will expand the client base,
enhancing market presence and ● Data by: Ministry of Statistics and
competitive edge. Programme Implementation (MoSPI)
● Data based on: Real Gross State
POP Launches India’s First Multi-Brand Domestic Product (GSDP) for FY24
Co-Branded Card ● Highest growth recorded in: Telangana,
Tamil Nadu, and Rajasthan
● Name of Card: YES BANK POP-CLUB ● The services sector, which contributes
RuPay credit card significantly to the Gross Value Added
● Note: It is India' First Multi-Brand (GVA) of large states, has played a crucial
Co-Branded Card role in this economic expansion.
● Launched by: POP, a fintech startup
founded by former Flipkart employees
● Collab with: RuPay and Yes Bank
 July to September 2024 Banking News Only
● Those with a diversified loan portfolio will
be preferred.
● SFBs need to keep at least 75% of their
loans below ₹25 lakh and at least 25% of
their branches must be in rural areas that
lack banking services, as per the rules.

Star Health launches insurance policy in

Braille

● Star Health and Allied Insurance Co. Ltd

(Star Health Insurance) has launched a
policy in Braille.
● The visually-impaired people can access
information and make independent
choices on matters related to their health
and finances.
● The new policy, named ‘Special Care
Gold,’ is specifically designed for
Sector-Wise Contribution to GVA (2018-19 to individuals with 40 per cent or more
2022-23) disability.
● It offers comprehensive protection tailored
● Agriculture, Forestry, and Fishing: 18.42% to meet the unique needs of persons with
● Manufacturing: 14.70% disabilities (PWD), including those with
● Trade, Hotels, Transport, Communication, physical, sensory, or cognitive
and Broadcasting: 17.98% impairments.
● Financial, Real Estate, and Professional ● The Braille version of the ‘Special Care
Services: 21.42% Gold’ policy document was produced in
collaboration with the National Association
AU Small Finance Bank seeks RBI approval of the Blind (NAB).
for transition to universal bank ● This launch aligns with the Insurance
Regulatory and Development Authority of
● Guidelines for transition of SFB to India’s (IRDAI) vision of 'Insurance for All,'
universal bank:
● Minimum net worth of Rs 1,000 crore India’s medium-term outlook expected to
● SFBs must have a scheduled status and a remain positive amid challenging external
satisfactory track record of at least five conditions: World Bank
years with a gross non-performing asset
(NPA) of 3% or less ● Report title: India Development Update:
● Net NPA of 1%or less in the past two ‘India’s Trade Opportunities in a Changing
financial years. Global Context’
● Net profit in the past two financial years ● Report by: World Bank
and met the prescribed capital adequacy ● Findings:
norms. ● India’s medium-term outlook is expected
● The RBI requires SFBs to provide a to remain positive amid challenging
detailed rationale for their desire to convert external conditions
into universal bank. ● India's GDP Forecast for FY25: 7 percent
 July to September 2024 Banking News Only
● It will also remain strong in 2025-26 and Panel headed by V K Gupta to simplify
2026-27. decades-old direct tax laws
● The debt-to-GDP ratio is projected to
decline from 83.9 percent in Financial Year ● The revenue department in the finance
2023-24 to 82 percent by 2026-27. ministry has formed a panel headed by V
● The current account deficit is expected to K Gupta, chief commissioner of
remain at around 1 to 1.6 percent of GDP income-tax (I-T), to simplify the
up to Financial Year 2026-27. decades-old I-T Act.
● In its preliminary discussions, the panel
RIL Becomes India’s First Company to focused on rationalizing exemptions,
Surpass Rs 10 Lakh Crore in Annual Revenue raising the computation methods to global
standards, and making the appeals
● Reliance Industries Limited (RIL) has system less cumbersome.
made history as the first Indian company
to exceed ₹10 lakh crore in annual IFSCA Announces Final Rules for Gift City
revenue. Listings
● This milestone was revealed during RIL’s
Annual General Meeting (AGM) by ● The International Financial Services
Chairman Mukesh Ambani. Centres Authority (IFSCA) issued the final
● For the financial year 2023-24, Reliance norms specifying eligibility conditions and
achieved a record consolidated turnover of norms for direct listing on the exchanges
₹10,00,122 crore (USD 119.9 billion), with in the GIFT City.
a net profit of ₹79,020 crore (USD 9.5 ● Eligibility Criteria for Direct Listing :
billion). ● Revenue: Minimum operating revenue of
$20 million in the previous financial year.
Finance ministry to sell 6.78% stake in GIC Re ● Profit: Minimum pre-tax profit of $1 million.
for Rs 4,700 crore ● Market Capitalisation: Post-issue market
capitalisation must be at least $25 million.
● The Union Ministry of Finance will dilute a ● Conditions for SR Equity Shares and
6.78 per cent stake in public-sector IPOs:Companies with previously issued
reinsurance company General Insurance Special Rights (SR) equity shares or
Corporation of India (GIC) Re to garner shares with superior voting rights can
around Rs 4,700 crore. launch an IPO of ordinary shares if:
● Shareholders have approved the issuance
BOI launches 333-Day Star Dhan Vriddhi FD, of SR equities.
offers 7.9% interest rates ● SR shares have been held for at least
three months before filing.
● Bank of India (BOI) has launched a fixed
● For an offer for sale, shares must be held
deposit scheme called ‘Star Dhan Vriddhi
for at least one year before filing draft
Fixed Deposit' that will have a term limit of
documents.
333 days.
● These revised rates are effective SEBI Updates Criteria for Inclusion and
September 1, 2024. Removal of Stocks in F&O Segment
● Interest rate of 7.90 per cent per annum
for super senior citizens. ● Aim: to ensure only high-quality stocks
● Senior citizens can benefit from an interest with sufficient market liquidity are allowed
rate of 7.75 per cent per annum to trade.
● General public is offered a rate of 7.25 per
cent per annum.
 July to September 2024 Banking News Only
● Performance Criteria for Entry : To be ● Released by: Ministry of Statistics
eligible for entry into the derivatives ● The Indian economy has clocked a GDP
segment, stocks must meet certain criteria growth of 6.7 per cent in the first quarter of
based on their performance in the cash the financial year 2024-25.
market over the previous six months on a ● Private Final Consumption Expenditure:
rolling basis. 7.4 per cent
● Median Quarter Sigma Order Size ● The National Sample Survey Office
(MQSOS): Must be at least ₹75 lakh, (NSSO) merged with the Central Statistical
revised from the previous requirement of Office (CSO) to form the National
₹25 lakh. Statistical Office (NSO). On 23rd May
● Market Wide Position Limit (MWPL): Must 2019, the Government of India has
be at least ₹1,500 crore, increased from approved the merger of NSSO and CSO.
₹500 crore, reflecting the rise in market ● NSO is headed by the Ministry of Statistics
capitalization and Programme Implementation (MOSPI).
● Average Daily Delivery Value: Additionally, ● On the growth front, Fitch projected India’s
the stock’s Average Daily Delivery Value in GDP growth at 7.2 percent in Financial
the cash market has been increased to at Year 2025 and 6.5 percent in Financial
least R 35 crore from Rs 10 crore, owing Year 2026.
to a significant increase in the average
daily delivery value. Deposit cash at ATMs via UPI, no debit card
required
HDFC Bank Unveils DigiPassBook to
Streamline Investments in a Single Platform ● Launch of: UPI Interoperable Cash
Deposit (UPI ICD)
● HDFC Bank has launched DigiPassBook, ● Launched by: RBI Deputy Governor T
a new feature on its SmartWealth app Rabi Sankar
which allows users to consolidate all their ● Venue: Global Fintech Fest 2024
investments under one roof. ● It allows customers to deposit cash at
● It allows users to manage and view all ATMs without a physical card and through
their equity investments, ETFs and demat the Unified Payments Interface (UPI), a
accounts in the app. widely used digital payment system.
● To make a deposit, customers use their
Tata AIA launches Dollar-denominated life mobile numbers linked to UPI, Virtual
insurance for NRIs Payment Addresses (VPA), or their bank
account IFSC codes.
● Tata AIA Life Insurance Co. Ltd. (Tata AIA)
has launched its offshore branch at Moody’s Ups India’s 2024, 2025 Growth
Gujarat International Finance Tec-City Forecast
(GIFT City), India’s first International
Financial Services Centre (IFSC). ● Moody's growth forecast for India:
● It allows the company to offer US ● 2024: 7.2%
Dollar-denominated life insurance ● 2025: 6.6%
products to Non-Resident Indians (NRIs) ● The Indian economy grew by 7.8%
through its dedicated website. year-over-year in Q1 2024.
● Attributed: Strong, broad-based growth
NSO Reports 6.7% Real GDP Growth for fueled by resilient private consumption and
April-June 2024 Quarter improved business conditions

● Report by: NSO report

 July to September 2024 Banking News Only
LIC Pays ₹3,662 Crore Dividend to Indian prospects and solid external finance
Government position.
● On the growth front, Fitch projected India’s
● LIC has handed over a ₹3,662.17 crore GDP growth at 7.2 percent in Financial
dividend to the Indian government, Year 2025 and 6.5 percent in Financial
following a final dividend approval of ₹6 Year 2026.
per share for 2023-24.
● This, combined with an earlier interim Capitalmind receives SEBI’s in-principle nod
dividend of ₹2,441.45 crore, brings the to launch a mutual fund
total payout for the fiscal year to ₹6,103.62
crore. ● Bengaluru-based investment management
● The central government received around firm Capitalmind Financial Services
₹5,091 crore from Indian Oil Corporation Private Limited has received in-principle
Ltd (IOCL) as a dividend tranche. approval from the Securities and
● Agency : Department of Investment and Exchange Board of India (SEBI) to launch
Public Asset Management new mutual fund.
● Tthis milestone occurred simultaneously
Sebi proposes mandatory maintenance of with the company's 10th anniversary.
communication record for eight yrs
SBI raises Rs 7,500 cr via tier 2 bonds to meet
● SEBI proposed to make it mandatory for regulatory needs, others
all entities regulated by it to maintain
communication records, including ● State Bank of India has raised Rs 7,500
acknowledgements, for at least eight crore capital through Tier-II bonds to meet
years. regulatory requirements and support
● Aim: To improving regulatory compliance, business growth.
increase transparency, protect investors' ● The coupon rate for Tier-II bonds with a
interest and boost their confidence in the 15-year tenor is 7.42 per cent.
securities market
BharatPe launches UPI offering, taps into
ESAF Small Finance Bank launches Inori consumer payments segment
RuPay Platinum Credit Card
● Fintech platform BharatPe announced the
● ESAF Small Finance Bank has launched launch of its UPI TPAP (third-party
the Inori RuPay Platinum Credit Card, a application provider) to facilitate consumer
premium financial product designed in digital payments.
collaboration with the National Payments ● Earlier, BharatPe provided
Corporation of India (NPCI) to offer merchant-to-merchant digital payment
cardholders exclusive benefits and services.
privileges. ● It has partnered with Unity Bank to enable
TPAP.
Fitch reaffirms India’s sovereign debt rating at
‘BBB-‘ with stable outlook PMJDY completes a decade of successful
implementation
● Fitch Ratings has reaffirmed India’s
sovereign debt rating at ‘BBB-‘ with a ● Pradhan Mantri Jan Dhan Yojana
stable outlook. ● Launched on: 15th August 2014
● The global rating agency has attributed to ● Led by the Ministry of Finance
the country’s robust medium-term growth ● Aim: Financial Inclusion
 July to September 2024 Banking News Only
● Age: 18 and 59 Tata AIA Life Launches ‘Sampoorna Raksha
● Basic savings bank accounts with Promise’
overdraft facility of Rs. 10,000/- to every
eligible adult ● Launch of: Sampoorna Raksha Promise
● Around 55.6% Jan-Dhan account holders ● Launched by: Tata AIA Life
are women and around 66.6% Jan Dhan ● Type: Term insurance segment
accounts in rural and semi-urban areas ● Reason: To provide enhanced financial
security to policyholders and their families,
Co-branded credit cards to outpace traditional addressing various aspects of life
credit cards by 2X by FY28: Report insurance needs.
● Features:
● Report title: The Rise of Co-Branded ● Instant payout feature: Upon intimation of
Credit Cards: Redefining Customer a death claim, the plan provides an
Loyalty immediate payout of ₹3 lakh
● Report by: Redseer Strategy Consultants, ● Premium Deferral: It allows policyholders
in collaboration with Hyperface to postpone their premium payments for
● Findings: up to 12 months once every five years
● Co-branded credit cards (CBCCs) are ● Terminal Illness Benefit:
growing at a compound annual growth rate ● 50% of the base sum assured is paid out
(CAGR) of 35-40%. immediately
● It could account for over 25% in terms of ● Future premiums are waived
issuance by FY28. ● Policy benefits continue to remain in force
● Popular cobranded credit cards: Flipkart ● Tata AIA Life in News
and Axis Bank, Amazon and ICICI Bank ● Federal Bank Bancassurance Agreement
and Swiggy and HDFC Bank ● Launch of Mid Cap Momentum Index Fund
● In FY24, CBCCs accounted for 12-15% of ● Venkatachalam H : M.D. and CEO
total credit cards. ● Collaborates with Meta and Infobip for
● According to a Reserve Bank of India Premium Payments on Whatsapp.
(RBI) data, there are around 1 million
outstanding credit cards in the country. Bank of Baroda raises Rs 5,000 crore via
10-year infra bonds
BSE arm unveils new Sensex Next 30 index
● Name of Bank: Bank of Baroda
● Launch of: Sensex Next 30 index ● Fund raised: Rs 5,000 crore
(Real-time index) ● Route: 10-year infra bonds
● Launched by: Asia Index (wholly-owned ● Interest rate: 7.3%
subsidiary of BSE) ● The bond offering, rated AAA by CRISIL
● Reason: To track the performance of the Ratings, had a base issue size of Rs 2,000
largest companies from the BSE 100 that crore and a greenshoe option of Rs 3,000
are beyond the benchmark Sensex crore and was fully subscribed.
companies.
● Comprises of 30 companies from 9 GST payers with no valid bank account barred
sectors: Financial Services, Consumer from filing GSTR-1 from Sept 1
Discretionary, Energy, Commodities,
Healthcare, Industries, FMCG, IT and ● Context: GST authorities will barred GST
Utilities. tax payer from filing outward supply return
GSTR-1 from September 1, 2024.
 July to September 2024 Banking News Only
● Reason: GST taxpayers who do not Bandhan Bank Launches Avni Savings
furnish bank account details to GST Account for Women
authorities
● As per GST Rule 10A, a taxpayer is ● Account name: Avni
required to furnish details of a valid bank ● Type of A/c: Saving
account within a period of 30 days from ● Beneficiary: Women
the date of grant of registration, or before ● Minimum Balance: ₹25,000 (average
furnishing the details of outward supplies quarterly balance)
of goods or services or both in Form ● Personal accident insurance coverage:
GSTR-1or using Invoice Furnishing ₹10 lakh
Facility (IFF), whichever is earlier.
Home Minister Shah receives Rs 19.08 crore
GDP growth rate likely to decline to 7.1% in dividend from Repco Bank
Q1: SBI economists
● Bank: Repco Bank (Controlled by: Home
● Study by: SBI economists Ministry)
● Tenure: Q1 FY25 ● Dividend: Rs 19.08 crore
● Prediction based on: Nowcasting Model ● Handover to: Home Minister Amit Shah
● Note: Nowcasting refers to the practice of ● E. Santhanam and Managing Director
using recently published data to update
key economic indicators that are published US top trading partner, China trade deficit
with a significant lag, such as real GDP. highest in Jan-Jun 2024: GTRI
● Projection: The economic growth and
● Report by: Global Trade Research
estimated India's real GDP growth to
Initiative (GTRI)
come at 7.1 per cent for the June quarter.
● Tenure: January - June 2024
Piramal Finance and Central Bank of India ● Top trading partner of India: The USA
announce co-lending partnership ($62.5 billion)
● China followed as the second-largest
● Agreement between: Piramal Finance and trading partner.
Central Bank of India ● Highest Trade Deficit of India with: China
● Type: Co-lending partnership ($41.6 billion)
● Reason: To provide loans to middle and ● Note: Exports to China were $8.5 billion,
low-income borrowers, focusing on middle while imports reached $50.1 billion
and low-income segment borrowers with ● In FY2024, China was India's top trading
focus on rural and semi-urban regions. partner, just ahead of the US

PNB users can download statement & interest CARE Ratings Ltd Settles with SEBI for Rs
certificate through WhatsApp 13.05 Lakh over Regulatory Violations

● Bank name: Punjab National Bank (PNB) ● Fine by: SEBI

● Launch of: Two new features in WhatsApp ● Fine imposed on: CARE Ratings Ltd
Banking Services (Account statement ● Amount: Rs 13.05 Lakh
download and Interest certificate ● Reason: Breaches of regulatory guidelines
download) ● The SEBI initiated these proceedings
● Reason: To allow customers to download under Section 15HB of the SEBI Act, 1992
their account statements and interest following alleged violations of specific
certificates directly through WhatsApp. provisions related to the monitoring and
 July to September 2024 Banking News Only
review of ratings by Credit Rating ● All irregular accounts should be referred to
Agencies (CRAs). this division for regularization by the
● Credit Analysis and Research Limited Ministry of Finance
Ratings (CARE) Ratings ● The following six categories have been
● Credit Analysis and Research Limited identified, and relevant guidelines are
Ratings was established in 1993. issued as follows:
● It is supported by Canara Bank, Unit Trust ○ 1. Irregular NSS accounts,
of India (UTI), Industrial Development ○ 2. PPF accounts opened in the
Bank of India (IDBI), and other financial name of a minor,
and lending institutions. ○ 3. More than one PPF account,
● This is considered as the second-largest ○ 4. Extension of PPF account by
credit rating company in India. NRI
● The headquarter of Credit Analysis and ○ 5. Regularization of Sukanya
Research Limited Ratings is in Mumbai Samriddhi Account (SSA) opened
by grandparents other than
ONDC To Offer Loans In 6 Minutes guardians
○ 6. Small Savings scheme account
● Launch of: 6 Minutes loan (APIs for digital opened under the name of a minor
lending)
● Launched by: Open Network for Digital SBI Mutual Funds gets RBI's approval to
Commerce (ONDC) acquire stake in Karur Vysya Bank
● Feature: fully digital and paperless loans
● Aim: To improve online shopping by ● Approval from: RBI
creating an open e-commerce network ● Approval to: SBI
● The new offering is integrated with 9 buyer ● Approval for: To acquire 9.99% stake in
applications (also known as lending Karur Vysya Bank
service providers) and 3 lenders.
● The buyer applications include Easypay, Cabinet approves Unified Pension Scheme
Paisabazaar, Tata Digital, Invoicepe,
Cliniq360, Zyapaar, Indipe, Tyreplex and
Paynearby.
● The lenders include Aditya Birla Finance,
DMI Finance and Karnataka Bank.

Six new rules for PPF, Sukanya Samriddhi

Yojana, other small savings schemes

● Context: Rules for regularizing irregularly

opened accounts under National Small
Savings (NSS) schemes via Post Offices.
● Department: Department of Economic
Affairs, Ministry of Finance
● Effective from: October 1, 2024
● Note:
● The Ministry of Finance has the authority
to regulate small savings accounts.
 July to September 2024 Banking News Only
● India has signed a loan package of USD
500 million with the Asian Development
Bank (ADB)
● Reason: To improve access to quality and
affordable tertiary health care and medical
education in Maharashtra.
● The loan will help establish four medical
colleges attached to tertiary care teaching
hospitals incorporating climate- and
disaster-resilient, gender-responsive, and
socially inclusive features in under-served
districts.

PayU partners with Amazon Pay Later

● Naspers-backed fintech firm PayU has

partnered with Amazon Pay Later to
provide instant digital credit access to
Indian shoppers.
● As part of this partnership, Amazon Pay
Later will be integrated into PayU’s
checkout infrastructure, allowing online
merchants to offer an instant credit line to
their customers, thereby boosting
business revenues.

Zomato Acquires Paytm’s Entertainment

Ticketing Business

● Zomato has approved the acquisition of

Tata Power Solar Systems, ICICI Bank partner
Paytm’s entertainment and ticketing
to finance solar units
business for ₹2,048 crore in a cash deal.
● Zomato has announced the immediate
● Agreement between: Tata Power Solar
shutdown of Intercity Legends, which
Systems and ICICI Bank
offered iconic dishes from 10 cities across
● Reason: To provide financing for solar
India to other parts of the country.
units to residential and corporate
customers.
M1xchange launches international trade
● The customers can avail themselves of
financing platform for Indian MSMEs at GIFT
loans up to Rs 90 lakh with collateral-free
City
options and tenure extending up to 5
years. ● M1xchange has set up an international
● They can also get higher loans with platform —M1NXT ITFS— in GIFT City to
collaterals with tenures of up to 20 years enable Indian MSMEs avail global
factoring services.
ADB commits USD 500 mn loan for improving
● This international trade financing services
healthcare in Maharashtra
(ITFS) platform would bring global liquidity
to MSMEs and benefit the ecosystem.
 July to September 2024 Banking News Only
● M1xchange is a digital invoice discounting ● Removed: Allowing foreign currency
platform for MSMEs. adjustment to NRIs on LTCG arising from
sale of unlisted shares.
Airtel Payments Bank Enhances Security with ● Note: The short-term capital gains on
AI-Powered Face Match stocks, equity funds, and units of business
trust (InvIT and REIT) will be taxed at 20%
● Launch of: Face Match as against 15% earlier.
● Launched by: Airtel Payments Bank
● Aim: To protect customer accounts from Credit on UPI touched ₹10,000 crore
fraudulent activities
● This feature utilises advanced machine ● Credit cards spends via the unified
learning algorithms to assess potential payments interface (UPI) have touched
threats and activate facial recognition Rs.10,000 crore.
verification when necessary. ● Credit line on UPI are the pre approved
● Face Match works by analysing various loans, which are small ticket, short tenured
factors, including user behaviour, loans.
transaction patterns, location data, ● As of now, ICICI bank is the leading bank
historical information, and device signals. in disbursing pre approved loans via credit
● If a user's activity triggers a predetermined line on UPI.
threat score, Face Match is activated,
requiring the user to verify their identity
through a selfie.

Aim for carbon neutrality in scope 1, 2

emissions by FY32: ICICI Bank

● ICICI Bank has formulated a long-term

vision for enhancing sustainability and
becoming carbon neutral in scope 1 and
scope 2 emissions by financial year 2032.
● Report titled "Being Responsible, Being
Sustainable: ICICI Bank ESG Report
2023-24"
● Scope 1 are those direct emissions that
are owned or controlled by a company,
● Scope 2 and 3 indirect emissions are a
consequence of the activities of the
company.

LTCG rules for unlisted shares for NRIs

changed

● Budget 2024:
● Introduction of flat rate of 12.5% as the
LTCG tax rate for all asset classes.
● New proposed rules: SBI and Canara Bank to raise 19000 crore via
● NRIs are required to pay tax at 12.5% on Bonds
LTCG from unlisted shares.
 July to September 2024 Banking News Only
● Name of Bank : SBI, Bond Value : 15000 SWIFT, Axis Bank launch AI pilot to tackle
crore, Tier 2 bonds payment fraud
● Name of Bank : Canara Bank, Bond Value
: 4000 crore, Additional Tier 1 Bonds. ● Society for Worldwide Interbank Financial
Telecommunications (SWIFT) has
Rapido becomes unicorn with $120 million partnered with the Axis Bank to help
fresh funding from WestBridge combat payment fraud occurring in
cross-border payments.
● Name of company : Rapido ● BNY Mellon, Deutsche Bank, DNB, HSBC,
● Unicorn : privately owned startup valued at Intesa Sanpaolo. and Standard Bank, the
over $1 billion. duo will test the use of secure data
● Related Unicorns : Ola, Uber and Namma collaboration and federated learning
Yatri. technologies.
● Unicorn status through Series E Funding.
● Rapido was founded in 2015 SIDBI partners C2treds, UGRO Capital to
facilitate loans to MSME sector
UPI Transactions Soar to ₹20.64 Lakh Crore in
July 2024 ● Small Industries Development Bank of
India (Sidbi) has partnered with C2treds
● UPI - July 2024 (Volume) : 20.64 lak crore and UGRO Capital to facilitate loans to the
● UPI - July 2024 (Value) : 14.44 billion MSME sector.
● Data released : NPCI ● Sidbi has onboarded C2treds, a platform
● Average Daily Transaction : 466 million that offers MSMEs liquidity within 24 hours
● New User/Month : 60 lakh through an online bidding process.
● UPI is a part of India Stack. ● C2treds operates under the Trade
● UPI : FY24 : 80% non-cash retail Receivables Discounting System (TReDS)
transactions, FY26 : 90% non-cash retail initiative which enables the discounting of
transactions : BCG. invoices and is regulated by the Reserve
Bank of India (RBI) to support the MSME
Sovereign Gold Bond 2016' to yield 12% return sector in India.
on maturity on August 5 ● UGRO Capital is a datatech NBFC and
co-lender in the MSME segment
● The upcoming tranche of the Sovereign
Gold Bond (SGB) scheme is scheduled for ICICI Bank revamps lounge access plan for 19
redemption on August 5, 2024. debit cards
● These bonds, initially issued on August 5,
2016, had a holding period of eight years. ● ICICI Bank has announced changes to its
● The returns to investors are approximately airport lounge access programme for
12 per cent per annum, net of income tax. selected 19 debit cards.
● The SGB scheme, launched in November, ● The new policy, slated to take effect from
2015, was designed to provide a secure October 1, 2024.
and convenient alternative to physical ● Introduces a spending-based eligibility
gold. criterion for complimentary airport lounge
● Tax implications visits.
● SGBs will be considered as long-term ● Under the revised program, cardholders
capital assets if held for more than 12 can earn two complimentary domestic
months. airport lounge accesses by spending at
● SGBs transferred on or after July 23, 2024
will be taxed at the rate of 12.5%.
 July to September 2024 Banking News Only
least Rs 10,000 in the preceding calendar ● In Budget 2024, around Rs 1,441 crore
quarter. has been earmarked for incentivising
● This spending will unlock lounge access fintech firms to facilitate small-value
for the subsequent quarter. BHIM-UPI transactions
(person-to-merchant) and RuPay debit
Tata Group retains top spot as India's most cards.
valuable brand at $28.6 billion ● However, the allocated funds are 42
percent lower than the Rs 2,485 crore
● Brand Value’s 'India 100 2024 ranking allocated in the previous budget for
● Tata Group has retained its position as 2023-24.
India’s most valuable brand with a value of ● Additionally, no capital was set aside for
$28.6 billion promoting digital payments this time,
● Following Tata, Infosys holds the second compared to Rs 1,500 crore earmarked in
position, while HDFC Group has made a the previous budget.
significant leap to third place. ● Even of the Rs 1,500 crore budgeted for
● The banking sector also reported a 26 per the previous fiscal, the government
cent increase in brand value, with State revised the allocation downward to Rs 584
Bank of India (SBI) retaining its position as crore.
the second most valuable bank in India,
boasting a brand value of $6.9 billion. Tata AIG partners with Mahindra Finance to
● Strongest Indian Brand : Taj Hotel, $545 broaden distribution of non-life insurance
million products
● Maximum Growth in Brand Value :
Telecom Sector (61%), Banking (26%), ● Tata AIG has just announced a strategic
Mining, Iron and Steel (16%). agreement with Mahindra Finance to
market general insurance products.
UltraTech Acquires 32.7% Stake in India ● The goal of this partnership is to improve
Cements for ₹3,945 Crore the distribution of Tata AIG’s non-life
insurance products within Mahindra
● UltraTech Cement, a flagship of the Aditya Finance wide-reaching customer network.
Birla Group, will acquire a 32.72% equity
stake in India Cements for ₹3,945 crore. NARCL lines up another Rs 1.25 lakh cr of
● The acquisition will be finalized through a NPAs from banks
Share Purchase Agreement with the
promoters of India Cements, led by N. ● The government backed National Asset
Srinivasan, pending regulatory approvals. Reconstruction Co Ltd (NARCL) has
offered to acquire another Rs 1.25 lakh
Board of Equitas Small Finance Bank crore of non-performing assets (NPAs)
approves capital raising up to Rs 1,000 cr from banks.
● The finance ministry said in the pre-budget
● The Board of Equitas Small Finance Bank economic survey for 2023-24.
has approved raising of capital for an ● This is in addition to the 18 accounts with
amount not exceeding Rs.1,000 crore total banking loan exposure of around Rs
● Reason: For augmenting Tier-II capital 92,000 crore acquired by NARCL so far.
and for general corporate purposes ● NARCL started operation in January 2022
and acquires bad loans from banks, by
Govt reduces budgetary allocation for UPI and
paying 15% of the amount in cash and the
RuPay small value payments to Rs 1,441 crore
 July to September 2024 Banking News Only
rest in security receipts (SRs) which are to
be matched with recovery over time.
● NPA of the agriculture sector remains high
at 6.5% at the end of March 2024.

Japan Sees Highest Number Of Bankruptcies

Since 2014

● In Japan, corporate bankruptcies surged

22 percent in the first half of the year due
to rising costs, labor shortages, and
waning financial support.
● According to a recent survey by a credit
research company.
● The total number of bankruptcies from
January to June came to 4,887, the
highest since 2014.
● Small and micro enterprises were the most
affected during the period.
● The economic landscape is further
complicated by the ongoing depreciation
of the yen.

UAE supermarket introduces UPI payments

across outlets countrywide

● A UAE-based business conglomerate has

announced the acceptance of India's
Unified Payment Interface payments
across its outlets in the country.
● The inaugural transaction using UPI at the
Al Maya Supermarket was conducted in
the presence of the Deputy Consul
General of India in Dubai, Yatin Patel.
● Unified Payment Interface (UPI) is an
Indian instant payment system developed
by the National Payments Corporation of
India (NPCI) in 2016.