RBI Raises Individual Housing Loan Limit for Co-operative Banks
RBI, in a monetary policy statement, said it is raising the existing limits on individual housing loans by cooperative banks due to an increase in housing prices since the last revision and after factoring in customer needs. These limits were last revised for UCBs in 2011 and for RCBs in 2009. The limits for tier-I/ tier-II UCBs stand revised from Rs. 0.30 crore to Rs. 0.60 crore and Rs. 0.70 crore to Rs. 1.40 crore, respectively.
As regards rural co-operative banks, the limits stand revised from Rs. 20 lakh to Rs. 50 lakh for RCBs with assessed net worth less than Rs. 100 crore and for other RCBs, the limits would increase from Rs. 0.30 crore to Rs. 0.75 crore. RBI will communicate detailed norms separately.
Bharat BillPay Onboards CRED as a Key Agent Institution
National Payments Corporation of India (NPCI) subsidiary NPCI Bharat BillPay on-boarded digital payments platform CRED as a key agent institution for providing easy bill payment solutions to CRED members. An agent institution refers to an entity that either wishes to or currently offers the customers services like bill payment, collection and aggregation services via physical or digital channels.
With this collaboration, CRED users will be able to make recurring bill payments like electricity, telecom, DTH, gas, education fees, water and municipal taxes conveniently. They will also be able to see updated transaction history, set transaction alerts and reminders and raise/track complaints online for Bharat BillPay transactions using the CRED app. As an agent institution, CRED will create member touchpoints, provide member assistance (registration, quickpay, complaint resolution), instant confirmation, awareness (payment and charges), BBPS visibility, etc.
Nirmala Sitharaman Launches EASE 5.0 'Common Reforms Agenda' for PSBs
Enhanced Access and Service Excellence-EASE evolved over four annual editions from FY19 to FY22 and has catalyzed reforms in diverse areas in Public Sector Banks. EASE 5.0 'Common reforms agenda' of EASENext program has been developed for Public Sector Banks and was launched through video-conferencing by the Minister of Finance and Corporate Affairs, Nirmala Sitharaman in New Delhi. The event was attended virtually by Managing Directors and CEOs, and other senior executives of Public Sector Banks.
Under EASE 5.0, PSBs will continue to invest in new-age capabilities and deepen the ongoing reforms to respond to evolving customer needs, changing competition and the technology environment. EASE 5.0 will focus on digital customer experience, and integrated & inclusive banking, with emphasis on supporting small businesses and agriculture.
Jun 11, 2022
OECD Cuts India Growth Forecast to 6.9% in FY23
The Organization for Economic Cooperation and Development (OECD) pegged India's FY23 economic growth at 6.9 per cent, the lowest by a major bank or institution, saying the country had been adversely affected by Russia's invasion of Ukraine.
The institution said that headline inflation is projected to ease gradually, though remaining above the central bank's upper tolerance limit of 6 percent throughout 2022 and 2023.
As an importer of energy, fertilisers and edible oils, India is adversely affected by the war in Ukraine. Gross domestic product (GDP) growth, which reached 8.7 per cent in FY22, is projected to come down to 6.9 per cent in FY23 and 6.2 per cent in FY24, with weaker external demand growth and tighter monetary conditions being mitigated by strong government spending and an ambitious set of measures to simplify the business environment.
WhatsApp Launche SMBSaathi Utsav to Support Small Businesses
Whatsapp launched SMBSaathi Utsav initiative which aims to support small businesses by helping them to adopt digital mediums like Whatsapp Business App. Utsav has started the initiative with a pilot in Jaipur's Johri Bazaar and Bapu Bazaar where over 500 small businesses were trained. The initiative was launched in the collaboration with Josh Talks. The SMBSaathi Utsav is the second phase of the SMBSaathi campaign.
These trainings involve educating the business owners about building a digital presence on the WhatsApp Business App to help them better manage incoming leads and queries, build a product/services showcase and market to key audiences using online tools.
Cabinet Approves Increase in MSP for Kharif Crops
The Cabinet Committee on Economic Affairs approved increase in Minimum Support Price for all intended Kharif crops for Marketing Season 2022-23. Information and Broadcasting Minister Anurag Singh Thakur said that the approved rates are at least one and half times of the all India weighted average cost of production. He said, the highest absolute increase in MSP over the previous year has been recommended for Sesamum 523 rupees per quintal, Moong 480 rupees per quintal, Sunflower seed 385 rupees per quintal, Tur, Urad and Groundnut 300 rupees per quintal, Cotton (Medium Staple) 354 rupees and Cotton (Long Staple) 355 rupees.
It will lead to greater investment and production. It will also provide assured remunerative prices for the farmers and will help in achieving the goal of Aatmanirbhar Bharat.
RBI Raises Limit for E-mandate Based Recurring Payments from Rs. 5,000 to Rs. 15,000
The Reserve Bank of India (RBI) raised the cap on recurring e-mandate-based payments to Rs. 15,000 from Rs. 5,000 in order to facilitate larger-value payments. The central bank also announced its decision to increase the subsidy amount for micro entrepreneurs accepting digital payments under the Payment Infrastructure Development Fund (PIDF).
The framework for the processing of e-mandate-based recurring payments was introduced by the RBI to offer greater convenience, safety and security to the users. Under the framework, over 62.5 million mandates have been registered in favour of a large number of domestic and over 3,400 international merchants.
Jun 10, 2022
India's FDI Rank Rises to 7th Position Despite Falling Inflows: UNCTAD
India jumped one position to 7th among the top recipients of foreign direct investment (FDI) in the last calendar year (2021) despite FDI inflows into the country declining, according to the United Nations Conference on Trade and Development (UNCTAD).
In its latest World Investment Report released, FDI inflows into India declined to $45 billion in 2021 from $64 billion in the preceding year. While the United States ($367 billion) remained the top recipient of FDI, China ($181 billion) and Hong Kong ($141 billion) also retained second and third position respectively.
Among the top 10 host economies, only India saw a decline in its inflows. However, outward FDI from India rose 43 per cent to $15.5 billion in 2021.
Doordarshan's DG Mayank Agrawal Appointed Prasar Bharti CEO
Doordarshan and Doordarshan News Director-General Mayank Kumar Agrawal was given the additional charge of Prasar Bharati Chief Executive Officer (CEO). The move came after the five-year tenure of Shashi Shekhar Vempati as Prasar Bharati CEO came to an end. Mr. Vempati was appointed as CEO of the public broadcaster in June 2017, on the recommendation of a three-member committee headed by the then Vice-President.
An alumnus of IIT-Bombay, Mr. Vempati was the youngest and first non-bureaucrat to hold the public office since its creation in 1997.
RBI Proposes to Allow Linking of Credit Cards to Unified Payments Interface
The Reserve Bank of India proposed to allow linking of credit cards to the Unified Payments Interface. The facility would initially be enabled for Rupay Credit Cards, that too after the required system development is complete. It has informed that UPI is the most inclusive mode of payment in India with over 26 crore unique users and five crore merchants onboard the platform. It added that 594 crore 63 lakh transactions amounting to 10.40 lakh crore rupees were processed through UPI in the month of May 2022 alone.
The apex bank hopes that the linking of credit cards with UPI will provide more avenues and convenience to the customers in making payments. The necessary instructions in this regard will be issued by the National Payments Corporation of India. It may be recalled that NPCI had developed UPI as an instant real-time payment system, facilitating inter-bank peer-to-peer and person-to-merchant transactions.
Jun 09, 2022
RBI Hikes Repo Rate by 50 Basis Points to 4.90%
The Reserve Bank of India (RBI) raised the benchmark repo rate by 50 basis points to 4.90% to tamp down rising inflation. In a surprise off-cycle meet in May 2022, the central bank hiked the repo rate by 40 basis points to 4.49%. One basis point is one-hundredth of a percentage point.
The aggressive stance of the RBI comes amid a grim prognosis of geo-political uncertainties over the grinding war in Ukraine, continuing supply-chain disruptions, and rising energy and food prices. Consumer prices accelerated to an eight-year high of nearly 7.8% in April, according to official data.
The two successive rate hikes point to a clear withdrawal of the RBI's accommodative policies to fuel growth. The central bank slashed the repo rate in March 2020 to push nascent economic recovery after the impact of the Covid pandemic.
Jio Becomes First Telecom to Provide 4G Mobile Services in Ladakh's Pangong
Reliance Jio expanded the reach of its 4G services in Ladakh region to a village close to Pangong lake, an area which has been a friction point between India and China. The telecom operator became the first network to provide 4G mobile connectivity in and around the Pangong area, a popular tourist destination.
Lok Sabha member from Ladakh Jamyang Tsering Namgyal inaugurated the Jio mobile tower at Spangmik village. Namgyal asserted that with the launch of the mobile network in the area, the long pending demand of the locals has been fulfilled.
This launch will boost the economy of the region besides providing seamless connectivity to the tourists and the troops in the area.
Maruti Suzuki Installs Asia's Largest 20 MWp Solar Plant at Manesar
Maruti Suzuki India installed a 20 MW solar carport at its Manesar, Haryana, site. The project is projected to provide the organisation with 28,000 MWh of electricity per year. According to the firm, the energy generated by this initiative will be similar to the energy required to create nearly 67,000 cars every year. This is Asia's largest solar carport, according to the business.
The commercial and industrial sectors have witnessed a significant increase in demand for solar to meet their energy needs at lower costs while also achieving their sustainability goals. Through an offshore corporate power purchase agreement, Suzuki Motor Gujarat, a Suzuki subsidiary, began purchasing power from a 17.6 MW hybrid wind and solar power project erected by ReNew Power in June 2022.
Suzuki Motor Corporation, the parent firm of Maruti Suzuki India, inked a memorandum of understanding with Gujarat in March 2022, agreeing to invest around 150 billion yen ($1.13 billion) in local manufacturing of battery electric vehicles (BEVs) and BEV batteries.
Apple Launches Apple Pay Later
Apple joined the thriving "buy now, pay later" industry, with a customised service called Apple Pay Later. Pay Later will be built into the Apple Wallet and eligible for use on any purchase made through Apple Pay. Customers will be able to split the cost of a purchase into four equal payments, with zero interest and fees, spread over a period of four months.
To qualify, however, Apple will first do a soft credit check on users wanting to use the service. The technology behemoth claims it has designed the feature with "users' financial health in mind". It's likely that Apple is trying to consolidate its foothold in the world of consumer finance, and increase its profitability. And consumers should be aware of the risks of using such a service.
Apple will benefit from its huge market and brand power, with the capability to attract millions to its products and services. And with an acute focus on customer experience, Apple has managed to foster a community of evangelists. There's no doubt the company is a consumer darling.
World Bank Cuts India GDP forecast to 7.5%
The World Bank slashed its growth forecast for India for the 2022-23 financial year to 7.5 percent, a hefty 1.2 percentage points down from its previous forecast of 8.7 per cent. The World Bank said it cut India's GDP growth forecast due to headwinds from rising inflation, supply chain disruptions, and geopolitical tensions.
The bank sees India's growth slowing further to 7.1 per cent in FY24. This is 30 basis points higher than the previous forecast of 6.8 per cent. For FY25, GDP growth has been pegged at 6.5 per cent. One basis point is one-hundredth of a percentage point. While the downward revision in the growth forecast for FY23 is large, it remains higher than local projections.
Gross domestic product (GDP) is the standard measure of the value added created through the production of goods and services in a country during a certain period.
Jun 08, 2022
Global BPM Providers in 2021: TCS Maintains 10th Rank
Top Indian IT services company Tata Consultancy Services (TCS) retained its 10th rank among the top global BPM (business process management) providers in 2021. The top 5 BPM players in terms of revenue were ADP, Teleperformance, Accenture, Concentrix and Sitel Group, with ADP's revenue being $10.5 billion.
The rankings were released by outsourcing consultancy Everest Group, based on a composite score of revenue. TCS had a revenue of $3 billion and its revenue growth witnessed a growth of 14-16 per cent over 2020.
Moreover, the top 5 fastest growing companies year-on-year were Tech Mahindra, Telus International, Majorel, Teleperformance and Comdata. The BPM businesses of Infosys, Wipro and Tech Mahindra were ranked at 20, 21 and 22 with revenue of $1.3 billion, $1.4-$1.5 billion and $675 million, respectively.
Sowmyanarayan Sampath to Head Verizon Business
Sowmyanarayan Sampath was appointed Executive Vice-President and CEO of Verizon Business, effective July 1, 2022. Sampath is currently the Chief Revenue Officer. He will succeed Tami Erwin, who will become Strategic Advisor to the CEO till the end of the year.
Sampath joined Verizon in 2014. "He has been a decisive driving force behind the organisation's commercial success, its culture of shared success and relentless focus on customer needs," said a press note from the company.
Over the years, Sampath has served in strategic roles. He joined as SVP of Business Transformation, and created two of the company's largest core initiatives — Network Transformation and OneFiber.
'Har Time EMI on Time' a Financial Education Initiative by Bajaj Finance
Bajaj Finance Limited, the lending arm of Bajaj Finserv Limited, a global financial services conglomerate, launched Har Time EMI on Time, a digital campaign to raise awareness about the importance and advantages of good financial habits for a secure financial future. The campaign aims to inform the general public about the advantages of paying their monthly loan EMIs on time, as well as the long-term consequences of missing payments on their overall financial health.
Axis Bank, Indian Oil Launch Co-branded RuPay Contactless Credit Card
Axis Bank and Indian Oil Corporation Limited (IOCL) launched a co-branded contactless INDIAN OIL AXIS BANK RuPay Credit Card in collaboration with the National Payments Corporation of India (NPCI).
Apart from a fuel surcharge waiver and cash back on fuel purchases, the credit card offers a slew of other incentives on everyday purchases, like accelerated reward points, quick cinema ticket discounts, and dining delights at partner restaurants, among some of the benefits listed by the companies.
the companies also announced that users of this card will also be entitled to receive a 100 per cent cashback of up to Rs. 250 as an onboarding reward on all fuel purchases made within the first 30 days of the card's issuance, aside from a surcharge waiver of 1 per cent on fuel spends between INR 200 to INR 5000 and reward points worth 4 per cent for every Rs. 100 spent on fuel at Indian Oil fuel outlets.
Alok Kumar Choudhary New MD of State Bank of India
The centre appointed Alok Kumar Choudhary as Managing Director of State Bank of India (SBI) for a period of two years. Choudhary, who was Deputy Managing Director (finance) until this appointment, had started his career at SBI as a probationary officer.
With this appointment, SBI, the country's largest bank, now has four Managing Directors and a Chairman. The other three MDs are C. S. Setty, Swaminathan Janakiraman and Ashwini Kumar Tewari.
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