Economy & Banking Current Affairs

Banking Regulation (Amendment) Bill, 2020 introduced in Lok Sabha

The Banking Regulation (Amendment) Bill, 2020 was introduced in the Lok Sabha by Finance Minister Nirmala Sitharaman. This proposed bill is expected to provide more powers to the RBI for regulating cooperative banks. The bill seeks to strengthen cooperative banks by improving professionalism, access to capital and banking practices through the RBI. The administrative issues ..

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ArcelorMittal Nippon Steel India acquires Bhander power plant in Gujarat

ArcelorMittal Nippon Steel India (AM/NS India) has announced that it has acquired Bhander power plant at Hazira in Gujarat. The natural gas-based thermal plant was purchased by AM/NS India under the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest (SARFAESI) Act.

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RBI conducts one-year and three-year tenor LTRO to reduce banks’ lending rates

The Reserve Bank of India is conducting one-year and three-year tenor LTRO to help banks to reduce their lending rates. In the latest bi-monthly policy review, it announced term repurchase agreements (repos) of one-year and three-year tenors for Rs 1 trillion at the policy repo rate. RBI has conducted three LTRO- Long-term repo operation on February ..

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OECD lowers India’s GDP growth forecast to 5.1%

International agency OECD recently lowered India’s GDP growth forecast to 5.1 per cent from the earlier projection of 6.2 per cent for 2020-21. For the financial year ending March 2019, OECD has projected a growth rate of 4.9%. The main reason for the cut in rates was the concerns about the impact of coronavirus on ..

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OPPO launches mutual fund platform ‘KASH’

China-based consumer electronics firm and smartphone manufacturer OPPO recently announced its mutual fund platform named ‘KASH’. The ‘OPPO Kash’ service, which will be pre-installed in all OPPO smartphones, will offer users to invest in mutual funds. The platform will also provide free credit reports, personal loans up to two lakh, business loans up to ₹2 crore and ..

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