Financial

Nabard award to Repco Micro Finance Ltd

Repco Micro Finance Ltd, a non-banking finance company received Nabard 2018 award. The award is given service to self-help group in Tamil Nadu for the fiscal year 2017-18. The NBFC has disbursed loans amounting to ` 2,500 crore to over 10 lakh beneficiaries. NABARD Financial Services Limited is a subsidiary of NABARD to provide financial services in areas of agriculture & microfinance.

Steel Ministry announces pension scheme

The steel ministry has agreed to introduce a pension scheme for its CPSEs (Central Public Sector Enterprises) like SAIL and RINL. The pension scheme is estimated to cost an additional financial burden of Rs 540 crore. The pension scheme will be subject to factors like affordability, capacity to pay and sustainability by the CPSEs. The current Steel Minister is Chaudhary Birender Singh

Cryptocurrency transactions to be ceased

No transactions in cryptocurrencies will be made by the commercial banks from 6th July onwards as per the RBI directive. RBI had already barred all its regulated entities in order to curb money laundering and other financial irregularities and protect consumers. All the regulated entities have been given 3 months to exit their relationship with businesses and individuals.

Small loans rising faster than total credit

5 : According to Crisil research Small tickets, Unsecured loans have grown four times as much as total credits of the banking sector. Between financial years 2015-2018, unsecured loans, personal loans, SME credit and Credit card loans have risen to four times of credit. The lenders need to remain watchful and disciplined in credit underwriting going forward because unsecured loans are vulnerable

NITI Aayog releases first Delta ranking

NITI Aayog has launched the first Delta ranking (incremental progress) for the Aspirational Districts. The ranking is based on self-reported data of districts across 5 developmental areas of Health & Nutrition, Education, Agriculture & Water Resources, Financial Inclusion & Skill Development & Basic Infrastructure. The ranking is a tool to identify sectors and indicator specific challenges.

India exports Rs 18,000-crore worth spices

India exported a record 10,28,060 tonnes of spices and spice products valued at Rs 17,929.55 crore in 2017-18. There is an increase of 8% in volume and 1% in rupee terms in the year ended March 2018, compared to the previous financial year. The export of value-added products like curry powder/paste, spice oils and oleoresins also increased in volume and value during the period.

India records highest number of IPOs globally

Indian exchanges recorded the highest IPO activity as the country saw 90 IPO launches that raised $3.9 billion. The exchanges account for 16% of the total issues in the first half of 2018. Out of 90 deals that listed, 15 listed both on NSE & BSE result in 93% of the total proceeds. The financial sector, infrastructure and consumer companies with strong growth continue to boost IPO activity.

RBI’s Financial Stability Report on NPA’s

The Reserve Bank of India’s Financial Stability Report (FSR) has warned that gross Non-Performing Assets (NPA) of troubled banks are likely to rise from 11.6% in March 2018 to 12.2% by March 2019. Gross NPAs of banks have already crossed the Rs 10,00,000 crore mark in the fiscal ended March 2018. The system-level capital to risk-weighted assets ratio (CRAR) may come down from 13.5% to 12.8%.

FIU forwarded highest over 65K in FY18

The Financial Intelligence Unit-India (FIU), the government agency mandated on terrorist financing and money laundering, has forwarded 65,829 Suspicious Transactions Reports (STRs) during FY18 — the highest in the history. This number was over 13% higher than the record 58,223 STRs in FY17. The spurt in the number of STRs is initiated under FEMA (Foreign Exchange Management Act), 1999.

Year of Disabled Soldiers In Line of Duty

To honour soldiers who have been disabled in line of duty, while serving the Nation and to celebrate the undying spirit of ‘Soldiering’, Indian Army is observing the year 2018 as the ‘Year of Disabled Soldiers in Line of Duty’. The primary focus is towards alleviating the sufferings of these soldiers The endeavour this year is to provide a one-time financial assistance to disabled soldiers.