Minister Narayan Rane launches the revamped CGTMSE Scheme

Minister Narayan Rane launches the revamped CGTMSE Scheme

The Union Minister for MSME, Shri Narayan Rane, launched the revamped CGTMSE Scheme in Mumbai. The scheme has been provided with an additional corpus support of ₹9,000 crore in the Union Budget for FY 2023-24 to provide a guarantee for an additional ₹2 lakh crore to Micro & Small Enterprises.
Zimbabwe to Introduce Gold-Backed Digital Currency

Zimbabwe to Introduce Gold-Backed Digital Currency

As per reports, the Reserve Bank of Zimbabwe will launch a gold-pegged digital currency and legalize them in the country, stated Cointelegraph. It is believed that the government took this step for stabilizing the local currency after its continuous devaluation in comparison to the U.S. dollar.
RBI allows AU SFB, Equitas Bank to deal with foreign exchange

RBI allows AU SFB, Equitas Bank to deal with foreign exchange

AU Small FInance Bank Limited (SFB) said it has received permission from the Reserve Bank of India (RBI) to act as an authorised dealer to deal in foreign exchange. AU Small Finance Bank in a regulatory filing said the Reserve Bank vide its letter dated April 19, 2023 has granted Licence to act as Authorized Dealer Category-I (AD-I) under section 10 of FEMA, 1999 to deal in foreign exchange. The company will be able to deal in foreign exchange subject to compliance with applicable regulations.
US was India's biggest trading partner last year with trade of $128.55 billion

US was India’s biggest trading partner last year with trade of $128.55 billion

Backed by increasing economic ties, the United States has emerged as India's biggest trading partner in 2022-23. The bilateral trade between India and the US increased by 7.65 per cent to $128.55 billion in 2022-23 as against $119.5 billion in 2021-22, according to the provisional data of the commerce ministry, reported news agency PTI. It was $80.51 billion in 2020-21.
Global trade expected to grow 1.7% in 2023: WTO

Global trade expected to grow 1.7% in 2023: WTO

Despite ongoing concerns over the war in Ukraine, high inflation, and financial uncertainty, the World Trade Organization (WTO) has raised its projection for global trade growth in 2023 from 1% to 1.7%. This updated outlook indicates that the global economy is expected to recover faster than previously anticipated.
IMF approves 15.6 billion dollar support package for Ukraine

IMF approves 15.6 billion dollar support package for Ukraine

The International Monetary Fund (IMF) has approved a 15.6 billion US dollar support package for Ukraine to assist with the conflict-hit country’s economic recovery. The loan is part of a broader 115 billion US dollar international support package to help the country meet urgent funding needs.
World Bank announces $100 million as loan for Odisha

World Bank announces $100 million as loan for Odisha

The World Bank’s Board of Executive Directors approved a $100 million loan to help the Indian state of Odisha strengthen its early forecasting systems for improved response to disasters and enhance its social protection coverage for poor and vulnerable households through digital platforms.
Foreign Trade Policy 2023 Highlights and Summary

Foreign Trade Policy 2023 Highlights and Summary

The government has released the Foreign Trade Policy 2023 with a long-term focus, to provide the policy continuity and a responsive framework. It seeks to boost India’s exports to $2 trillion by 2030. The current foreign trade policy (2015-20) is in force till March 31, 2022. The term of the previous five year policy had ended in March 2020. However, it has been extended repeatedly in wake of Covid outbreak and resulting lockdowns. The last extension was given in September 2022 till March 31, 2023.
S&P keeps India’s economic growth forecast unchanged

S&P keeps India’s economic growth forecast unchanged

Global rating agency S&P Global Ratings projected India’s economic growth at 6 per cent in the fiscal year starting April 1, 2023. The rating agency sees the country’s GDP at 6.9 per cent in the financial year 2024-25. It sees inflation rate easing to 5 per cent in 2023-24 fiscal, from 6.8 per cent in the current financial year.
RBI’s Data Centre And Cybersecurity Training Institute To Come Up In Bhubaneswar

RBI’s Data Centre And Cybersecurity Training Institute To Come Up In Bhubaneswar

The Governor of the Reserve Bank of India (RBI), Shaktikanta Das, initiated the establishment of a "Greenfield Data Centre" and an "Enterprise Computing & Cybersecurity Training Institute" in Bhubaneswar, Odisha, during a foundation stone laying ceremony. The new Data Centre and Training Institute, which will cover an area of 18.55 acres, will be able to address the emerging needs of the RBI and the financial sector, according to a statement by the central bank.
IMF approves Sri Lanka’s much-awaited bailout package

IMF approves Sri Lanka’s much-awaited bailout package

The Executive Board of the International Monetary Fund has approved Sri Lanka’s bailout program under an Extended Fund Facility. The package of 2.286 billion special drawing rights equivalent to about 3 billion dollars will be available over 4 years. The Executive Board’s decision will enable an immediate disbursement of 333 million dollars.

Micro ATMs

According to data, released by the RBI, as of December 2022, the total number of micro ATMs across the country has reached 14.19 lakh. But, there has been no significant surge in the value of money withdrawn through these devices since June 2022.

Sebi launches information database on municipal bonds

Markets regulator Sebi has launched an information database on municipal bonds. As part of efforts to develop the bond markets, an outreach programme on municipal bonds and municipal finance was organised by Sebi in the national capital on January 20 and 21.

NRIs can use international numbers for UPI payments

Non-resident Indians (NRI) from ten countries can soon transfer funds online using the unified payments interface (UPI) with their international mobile numbers. NRIs from United States, United Kingdom, Singapore, Canada, Australia, Oman, Qatar, UAE, Saudi Arabia and Hong Kong will have to use Non-Resident (External) Rupee (NRE) or Non-Resident Ordinary (NRO) bank accounts for the same.
Vistara airlines to be merged with Tata-owned Air India by March 2024

Vistara airlines to be merged with Tata-owned Air India by March 2024

Vistara airlines will be merged with Tata-owned Air India by March 2024. In a press release Singapore Airlines and Tata Sons today said that they have agreed to merge Air India and Vistara by March 2024, subject to regulatory approvals. Singapore Airlines will invest 250 million Dollars or Rupees 2,000 crore into Air India as soon as this integration is completed.
SBI signs Rs 1,240-cr loan agreement with Germany’s KfW for solar projects

SBI signs Rs 1,240-cr loan agreement with Germany’s KfW for solar projects

State Bank of India has signed a 150 million euro (Rs 1,240 crore) loan agreement with the German development bank KfW for funding solar projects.The long-term loan, under the Indo-German solar partnership, will facilitate new and upcoming capacities in the solar sector and further contribute to the country's goals announced during the COP26, the bank said in a statement on Wednesday.The successful closure of the phase-1 under the solar partnership- promotion of solar/PV between SBI and KfW, paves the way for the current phase-2 in our partnership with this German lender, Ashwini Tewari, a managing director at SBI said. With this facility, he added, the bank has taken another step towards sustainable financing arrangements for meeting the nation's renewable capacity goals and upholding environmental and social standards.In 2015, New Delhi and Berlin had signed a memorandum of understanding to foster solar energy through technical as well as financial cooperation. Through this agreement, Germany had expressed its willingness to provide the concessional loans to India in the range of 1 billion euros through KfW.
GST revenues cross ₹1.51 lakh crore in October

GST revenues cross ₹1.51 lakh crore in October

GST revenue collected for the month of October was the second-highest ever, next only to the April 2022 collection. In October, Rs 1,51,718 crore were collected by the government. Out of this, CGST amounted to Rs 26,039 crore, SGST to Rs 33,396 crore, IGST to Rs 81,778 crore (including Rs 37,297 crore collected on import of goods) and cess to Rs 10,505 crore (including Rs 825 crore collected on import of goods).
RBI launches pilot project of Digital Rupee in wholesale segment

RBI launches pilot project of Digital Rupee in wholesale segment

The Central Bank Digital Currency (CBDC) or Digital Rupee has commenced in the wholesale segment on pilot basis. The Reserve Bank of India (RBI) in a press release said the Digital Rupee will be used for settlement of secondary market transactions in government securities. It said that use of the E-Rupee is expected to make the inter-bank market more efficient.

RBI launches DAKSH application to advance supervisory process

The Reserve Bank of India (RBI) governor Shaktikanta Das launched a new 'SupTech' initiative called DAKSH. This application will be the bank's advanced supervisory monitoring system, which is expected to make the supervisory processes more robust.DAKSH means 'efficient' and 'competent', reflecting the underlying capabilities of the application, RBI said.

PNB to sell its entire stake in ARCIL by December 2022

Public sector bank (PSB) Punjab National Bank(PNB) has decided to sell its entire stake in Asset Reconstruction Company (India) (ARCIL) at an agreed price. PNB currently holds a 10.01% stake in ARCIL. The bank plans to divest its stake in the ARC by December 2022-end.

World Bank cuts 2022 East Asia growth outlook

Economic growth in East Asia and the Pacific will weaken sharply in 2022 due to China's slowdown, but the pace of expansion will pick up next year, the World Bank said.It said in a report it expected 2022 growth in the East Asia and Pacific region, which includes China, to slow to 3.2%, down from its 5.0% forecast in April, and the previous year's growth of 7.2%.

Rs.6,246 Crore Education Loan NPA in Government Banks

Indian banks are going slow on sanctioning education loans. Government data show that around 8% of such loans issued by them till the June quarter were non-performing assets (NPAs)—that is, 6,246 crore rupees ($767 million) out of Rs79,900 crore.
Japan’s MUFG Bank injects Rs.3,000 crore in India biz

Japan’s MUFG Bank injects Rs.3,000 crore in India biz

Japan’s MUFG Bank said it has boosted the capital of its branches within India by ₹3,000 crore, as the bank looks to expand its India business. As a result of this capital injection, the total capital of MUFG Bank in India will rise to ₹5,207 crore.

IndusInd Bank, ADB partner to support supply chain financing

IndusInd Bank announced partnership with Asian Development Bank (ADB) to support and promote supply chain finance (SCF) solutions in India. The bank has entered into a partial guarantee programme with ADB with an initial outlay of USD 70 million ( ₹560.0 crore), exclusively towards promoting SCF solutions in India.

GST collection in August was Rs.1.43 lakh crore

India collected goods and services tax (GST) worth Rs.1,43,612 crore in August this year, the finance ministry said. The revenue collected in August was 28 per cent higher than the one collected in the same month last year.The finance ministry said that for the sixth consecutive month, the monthly GST revenue has been more than ₹1.40 lakh crore. Out of the overall ₹1.43 lakh crore, the central goods and services tax (CGST) was worth ₹24,710 crore while the state goods and services tax (SGST) was ₹30,951 crore.

Services exports rise 20.2% to $23.26 billion in July

India's services exports increased by 20.2 per cent year-on-year to $23.26 billion in July, according to Reserve Bank data.The July exports were, however, lower than $25.29 billion in June this fiscal. As per the monthly data on India's international trade in services for July 2022, the imports rose 22.3 per cent to $13.92 billion in July. In June, the imports stood at $15.76 billion.
8th India International MSME Start-up Expo & Summit 2022 at New Delhi

8th India International MSME Start-up Expo & Summit 2022 at New Delhi

Lieutenant Governor Manoj Sinha inaugurated the 8th India International MSME Start-up Expo & Summit at New Delhi.The Expo provides a much needed platform to SMEs, startups, trade, industry, service providers to explore new opportunities, buyers-sellers meet, sharing knowledge about central/state's/UTs schemes etc.
UPI now in UK

UPI now in UK

The indigenously developed real-time payments solution Unified Payments Interface (popularly known as UPI) is all set to foray into the UK market starting with QR code-based transactions. According to a PTI report, the NPCI International Payments Ltd (NIPL) has forged a partnership with payments solutions provider PayXpert to internationalise the acceptance of its payment solutions in the UK.
HDFC Bank launched ‘Vigil Aunty’ Campaign

HDFC Bank launched ‘Vigil Aunty’ Campaign

HDFC Bank announced the launch of its latest campaign, titled ‘Vigil Aunty’ to promote safe banking habits among people.HDFC Bank said that Anuradha Menon who plays the popular character of ‘Lola Kutty’ on television, will be the face of the ‘Vigil Aunty’ campaign.
7.3% of Indians owned digital currency in 2021, 7th highest in world: UN

7.3% of Indians owned digital currency in 2021, 7th highest in world: UN

The UN trade and development body UNCTAD said that in 2021, developing countries accounted for 15 of the top 20 economies when it comes to the share of the population that owns cryptocurrencies.Ukraine topped the list with 12.7 per cent, followed by Russia (11.9 per cent), Venezuela (10.3 per cent), Singapore (9.4 per cent), Kenya (8.5 per cent) and the US (8.3 per cent).In India, 7.3 per cent of the population owned digital currency in 2021, ranking seventh in the list of top 20 global economies for digital currency ownership as share of population.
Sebi restructures market data advisory committee

Sebi restructures market data advisory committee

Sebi has restructured its advisory committee on market data that recommends policy measures pertaining to securities market data access and privacy.The market data advisory committee will now have 20 members. Earlier, the committee had 21 members. The committee is chaired by S Sahoo
India’s Trade Deficit Triples to Record $31 Billion in July

India’s Trade Deficit Triples to Record $31 Billion in July

Exports dipped, though marginally, for the first time in 17 months in July, while trade deficit tripled to a record USD 31 billion fuelled by over 70 per cent rise in crude oil imports. The July 2022 exports at USD 35.24 billion showed a decline of by 0.76 per cent on annual basis. The country’s merchandise exports stood at USD 35.51 billion in July 2021.