1. INDIAN DIGITAL PAYMENTS TO BE $ 500 BILLION INDUSTRY BY 2020: Due to the ever rising smartphone usage and positive regulatory changes, India will have the most advanced digital payment ecosystem over the next five years. This is ably backed by Unified Payment Interface (UPI) and Aadhaar. This is as per the report issued by Google.
2. COMPANIES TO GET PAN, TAN WITHIN A DAY: Companies can now obtain PAN or TAN registration within a day if they submit digital signature based application. Besides this, individuals can now get a new Permanent Account Number (PAN) through Aadhaar based e-signature facility which will reduce the time gap. Overall this will be a paperless application process.
3. PUBLIC SECTOR BANKS WRITE OFF Rs 1.14 LAKSH CRORE BAD LOANS DURING 2012 T0 2015: A whopping 1.14 crore lakhs of bad loans have been written off by 27 public sector Banks (PSBs) during FY 2012 – 2015. RBI Governor Mr. Raghuram Rajan had recently announced a March 2017 deadline for banks to clean up their balance sheet. For fiscal year ended 2015 alone, PSBs have written off loans amounting to Rs 52,542 crores, an increase of 52.6% over the previous fiscal.
4. RESERVE BANK OF INDIA RELAXES RULE FOR BASEL-III LIQUIDITY COVERAGE RATIO: RBI has relaxed Basel III – mandated liquidity coverage ratios for banks, allowing them to apply an additional one percentage point of deposits they currently hold as government bonds under their statutory liquidity ratios (SLR). Banks can now apply up to 11 % of their deposit base held as SLR or government securities, that banks must hold with RBI. Earlier the same was 10%.
5. YES BANK GETS SEBI APPROVAL FOR SPONSORING A MUTUAL FUND: The Securities Exchange Board of India has given an in-principle approval to YES Bank for sponsoring a mutual fund. The Bank will also set up an asset management company (AMC), besides a trustee company. The AMC and the trustee company would be wholly owned subsidiaries of the Bank. Yes Bank has announced a 32% hike in its net profit for the 1 st quarter of 2016.
6. SBI KICKSTARTS THE PROCESS OF MERGER: State Bank of India has kick started the formal process of merging its associate banks and Bharatiya Mahila Bank. The bank has appointed merchant bankers, valuation consultants and law firms. The bank says the proposed mergers should be completed by March 2017.
7. AMAZON’S PREMIUM SERVICE “AMAZON PRIME”LAUNCHED IN INDIA: Amazon has launched their membership service “Amazon Prime” in India. Under this service the members would get guaranteed and assured 1 or 2 day delivery for their purchases on Amazon. This is a bid to outdo Indian e-commerce giant Flipkart.