Banking & Financial Awareness

Title : Banking & Financial Awareness

• File Type : See Link
• File Language : Kannada/English
• State : Karnataka
• Publish Date : 2020
• File Format : PDF
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1.Food tech giant, Swiggy has launched its digital wallet ‘Swiggy Money’ in partnership with ICICI Bank.

Note: The digital wallet named ‘Swiggy Money’, will provide users with a single-click checkout experience. Through this partnership, Swiggy customers allow storing money to be used for orders on the platform.

2. World Bank has approved a USD 750 million Micro, Small, and Medium Enterprises (MSMEs) Emergency Response Program to support severely impacted MSMEs in India due to COVID-19 crisis.

Note: The International Bank for Reconstruction and Development (IBRD) will provide the loan. The World Bank’s MSME Emergency Response program will address the immediate liquidity and credit needs of around 1.5 million applicable MSMEs.

3. HDFC Bank has launched ‘e-Kisaan Dhan’ App for Farmers in India.

Note: With this app, farmers can access a bouquet of services in banking and agriculture, through their mobile phones. It will provide users information in regard to new government schemes and ways to access them.

4. Fitch Ratings Inc in its ‘Global Economic Outlook (GEO)’, has lowered India’s growth forecast for FY 2021-22 to 8 per cent.

Note: However, Fitch has not made any change in its previous estimate of a 5% decline in the economy during the current financial year (FY 2020-21). Fitch has also predicted growth in the global economy at 4.9 % in 2021& in 2022 it is estimated to be 3.4 %.

5. Indian Telecom company Jio has launched video conferencing platform to take on likes of Zoom, Google Meet and Microsoft Teams with unlimited number of free calls.

Note: Additionally, JioMeet appears to not impose a short time limit on a call’s duration the free call can be uninterrupted for “up to 24 hours" long. The video conferencing platform can also be accessed through Google Chrome and Mozilla Firefox for users working on desktop apart from Android and iOS phones. It is absolutely free of cost.

6.SBICAP will set up a Special Purpose Vehicle (SPV) in the form of Special Liquidity Scheme (SLS) Trust

through which special liquidity scheme for NBFCs and HFCs will be operated.

Note: The SPV will purchase the short-term papers from eligible NBFCs/HFCs, who shall utilise the proceeds under this scheme solely for the purpose of extinguishing existing liabilities. The instruments will be CPs and NCDs with a residual maturity of not more than three months and rated as investment grade.

7. ICICI Bank has launched ‘Insta Loans against Mutual Funds’, a facility in partnership with Computer Age Management Services (CAMS).

Note: The facility enables the retail customers to avail loans upto Rs 1 crore instantly by pledging their holdings in both debt and equity Mutual Funds (MFs). It is a full digital and paperless facility. It empowers customers to get this loan as an overdraft (OD) within a few minutes without having to visit a branch and submit physical documents.

8. American multinational private equity company Carlyle Group has decided to acquire about 25% stake in Indian telecom company Airtel.

Note: Airtel will continue to hold the remaining 75% stake in the business. Nxtra will use the proceeds from the stake sale to scale up its infrastructure across the country. The deal will peg the company's post-money enterprise valuation at $1.2 billion, which is over Rs 9,084 crore.

9. United States-based Intel Corporation’s investment arm Intel Capital will invest Rs 1,894.50 crores in Indian telecom company Jio.

Note: Rs 1894.50 of investment will translate to 0.39 percent of an equity stake for Intel Capital in Jio Platforms. In a matter of 11 weeks since 22nd April 2020, this was the 12th foreign investment in Jio Platforms. The 12 investments make a total of Rs 1,17,588.45 crores that have been raised in Jio Platforms. This investment also takes the total stake in Jio Platforms of foreign investors to 25.09 percent

10. HDFC Bank offered an instant car loans to existing customers through an initiative called “ZipDrive” in 1,000 cities.

Note: This solution gives the customer with a pre-approved loan offer to avail an auto loan through net

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