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2018
APRIL
BANKING 2018 APRIL
April 1
Возврат Allahabad Bank cuts lending rates by 0.45%
Public sector lender Allahabad Bank has reduced the base rate and benchmark
спреда prime lending rate (BPLR) by 45 basis points each, a move that will lower EMIs for
от FTM its borrowers.
The Asset Liability Management Committee (ALCO) of the bank has decided to
Brokers reduce base rate and BPLR (benchmark prime lending rate) by 45 basis points.
promofirst.ftm.by Allahabad Bank has slashed base rate to 9.15 per cent from 9.60 per cent. BPLR
has been brought down to 13.40 per cent from 13.85 per cent.
$1 за каждый April 3
лот
MoU between Indian Army and HDFC Bank
Возвращаем $1 A Memorandum of Undertaking (MoU) was signed between the Indian Army and
с каждого лота HDFC Bank on the Defence Salary Package.
по закрытым The first MoU between HDFC Bank and the Indian Army was signed in 2011 and
сделкам.
was renewed.
Акция
The current MoU is tailor made to suit the requirements of serving soldiers,
ограничена.
pensioners and families.
Подключайся!
Currently Indian Army has MoUs on Defence Salary Package with 11 public and
private sector banks.
April 4
SoftBank, China's GCL team up for $930 million Indian solar venture
OPEN
SoftBank Group Corp has agreed to launch a $930 million Indian joint solar energy
venture with Chinese firm GCL System Integration Technology Co Ltd as part of its
ambitious India solar investment roadmap.
The venture will work on photovoltaic technology, which is used in solar panels.
GCL will provide technology and SoftBank will assist in obtaining land and regulatory
approvals.
Jio Payments Bank begins operations
Jio Payments Bank has commences its banking services.
Reliance Industries Ltd was one of the 11 applicants which were issued in
principle approval for setting up a payments bank in August 2015.
Jio Payments Bank Limited has commenced operations as a payments bank with
effect from April 3, 2018.
Telecom major Bharti Airtel was the first to begin payment bank services in
November 2016.
IndusInd Bank gets RBI nod to acquire IL&FS arm
Private sector lender IndusInd Bank has received RBI’s approval to buy the
securities services arm of IL&FS. The deal size was however not known. The
Reserve Bank has granted approval for the proposed acquisition.
In March 2017, the bank entered an agreement with Infrastructure Leasing and
Financial Services, the promoter shareholder of IL&FS Securities Services Ltd (ISSL),
to acquire 100 per cent stake in ISSL.
April 5
RBI keeps repo rate unchanged at 6%
The Reserve Bank of India (RBI) announced its bimonthly monetary policy.
As many analysts expected, the central bank kept the repo rate unchanged at 6%
and the reverse repo rate at 5.75%.
US Visa The sixmember RBI Monetary Policy Committee (MPC) voted 5:1 for the decision.
Only Dr. Michael Debabrata Patra voted for a 0.25 percent increase in repo rate.
Requires
Projected Consumer Price Index (CPI) inflation for 201819 is 4.75.1 per cent in
$500,000 first half of 201819 (i.e. from April 2018 – September 2018) and 4.4 per cent in H2
(i.e. from October 2018 – March 2019).
Gross Domestic Product (GDP) growth is projected to strengthen from 6.6 per cent
in 201718 to 7.4 per cent in 201819.
April 6
ICICI Bank first to get Swift's new crossborder payment service
A Path To U.S. ICICI Bank has become its first Indian client to go live with an improved cross
Immigration Through border payments service.
Investment. Wife And The announcement of the service, which Swift claimed as being more transparent,
Children Under 21 May comes weeks after the discovery of one of the largest banking frauds to be detected
Qualify Too. in Indian history, the Rs 12,900 crore Nirav Modi scam at the Punjab National Bank
(PNB).
Indian Bank launches Public Financial Management System
Public sector Indian Bank has introduced public financial management system,
aimed at benefiting government agencies for taking up payment service.
Indian Bank, Managing Director and CEO, Kishor Kharat along with senior bank
executives launched the service.
Following the thrust given by central government agencies to process all
payments through the PFMS platform, city headquartered bank launched the service.
PFMS is designed to help the government agencies for processing payments,
tracking, monitoring, accounting, reconciliation.
April 7
Indian Overseas Bank launches IoTbased customer service app
Leading public sector bank, Indian Overseas Bank (IOB) as part of their 'Customer
First' initiative launched Internet of Things (IoT)based customer feedback
application on a pilot basis at its Cathedral branch.
To increase customer satisfaction at the branch, RK Shetty, IOB general manager
customer service department, has introduced three initiatives with IoT.
A sound pressure level meter has been placed at the branch service counter with
a configured average decibel level. When there is an increase in the decibel
measured at this counter, the system sends an alert to the branch manager as well
as the designated official at the regional office, on a realtime basis.
Government of India,Government of Maharashtra and the World Bank sign
New Project to benefit over 25 Million Small and Marginal Farmers in
Maharashtra.
The Government of India, Government of Maharashtra and the World Bank signed
a US $420 million project to help Small and Marginal farmers in the Marathwada and
Vidarbha regions of Maharashtra.
The project will help in increasing climate resilient practices in agriculture and
ensuring that farming continues to remain a financially viable activity for them.
The project is expected to benefit over 7 million people spread over an area of
3.0 million ha and cover 5,142 villages across 15 most climate vulnerable districts of
the region.
The $420 million loan from the International Bank for Reconstruction and
Development (IBRD), has a 6year grace period, and a maturity of 24 years.
April 8
RBI dumps GVA model, switches back to GDP to measure economy
The Reserve Bank switched back to the gross domestic product (GDP)based
measure to offer its growth estimates from the gross value added (GVA)
methodology, citing global best practices.
Government had started analysing growth estimates using GVA methodology from
January 2015 and had also changed the base year to 2018 from January.
While GVA gives a picture of the state of economic activity from the producers'
side or supply side, the GDP model gives the picture from the consumers' side or
demand perspective.
FPI investment limit in Govt Securities hiked
In a move that could temporarily soften bond yields, the Reserve Bank of India, in
consultation with the Government, hiked the foreign portfolio investors (FPI)
investment limit in Central government securities (GSec) from 5 per cent of
outstanding stock now to 5.5 per cent in FY201.
9 and 6 per cent in FY2020.
As per the current situation, 99.31 per cent of the upper FII investment limit in G
Secs, amounting to Rs. 191300 has already been utilised.
As per National Securities Depository Limited (NSDL) data, only Rs. 1311 crore
investments could be accommodated to contain total FPI investments in GSec within
5 per cent limit.
April 9
SBI to invest Rs 80 billion in hydropower project of Nepal
The State Bank of India (SBI) will be investing a total of Rs 80 billion in the Arun
III hydropower project of Nepal, which has 900 megawatts (MW) electricity
production capacities.
With the completion of the project, Nepal will get 21.9 percent of the total
electricity produced in a year i.e., 197 MW electricity with 86 crore unit for free in a
year.
The Indian Government on the other hand has made the approval of 92 billion
rupees that is to be invested by SJVN.
With this the SJVN will invest 25 billion of its own for the megaproject and will
take the charge for 25 years excluding the time for the construction of infra.
11 public sector banks placed under RBI’s PCA Framework
11 public sector banks have been placed under the Reserve Bank of India (RBI)’s
Prompt Corrective Action (PCA) framework due to nonperforming assets.
These banks have been placed under RBI’s PCA framework to keep a check on
NPAs. Generally, lending activities of banks under PCA are restricted.
They are also restricted from opening new branches, staff recruitment and
increasing the size of their loan book. They are instructed to disburse loans only to
companies whose borrowing is above investment grades.
April 10
J&K Bank launches special financing scheme for industrial units
Jammu and Kashmir Bank has launched a special financing scheme to help the
state industry cope with the delay in reimbursement of GST under special tax relief.
The 'Add on Working Capital GST' scheme was launched by J&K Finance Minister
Syed Altaf Bukhari in the presence of Minister for Industry and Commerce Chander
Parkash Ganga and senior government and J&K Bank functionaries at a function.
April 11
India to grow by 7.3% in FY'18, 7.6% in FY'19
The Asian Development Bank (ADB) noted that the Indian economy is set to
expand by 7.3 percent in fiscal year (FY) 2018 and 7.6 percent in the next fiscal,
aided by various growthoriented policy measures.
The Bank, in its Asian Development Outlook (ADO) 2018 report, noted that the dip
in growth to 6.6 per cent in FY2017 was driven in part by lingering effects of
demonetisation, which impacted the informal sector in the first half of the fiscal.
Moreover, teething issues related to the implementation of the Goods and
Services Tax (GST) hampered operations of small and mediumsized enterprises
(SMEs) and exporters, which also contributed to growth moderation.
April 12
RBI slaps Rs. 3 crore monetary penalty on IDBI bank
The Reserve Bank of India (RBI) imposed monetary penalty worth Rs. 3 crore on
IDBI Bank for not complying with the outlined norms related to reporting of bad
loans.
The penalty was imposed on account of noncompliance with the directions issued
on Income Recognition and Asset Classification (IRAC) norms.
This penalty has been imposed in exercise of powers vested in the RBI under the
provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation
Act, 1949, taking into account failure of the bank to adhere to the aforesaid
directions issued by the RBI.
AIIB decides to invest $140 million to improve Rural Connectivity in India
Approximately 1.5 Million rural residents in State of Madhya Pradesh are going to
directly benefit from improved livelihoods, education and mobility with the USD
$140 million loan approved by the Board of Directors of the Asian Infrastructure
Investment Bank (AIIB) in a Meeting held recently in Beijing.
The Project, cofinanced with the World Bank, aims to improve the rural road
connectivity and management for residents of about 5,640 villages who use the rural
roads for daily activities.
Nabard to expand its longterm lending to Rs 80,000 crore in FY19.
Development finance institution NABARD aims to increase its longterm onlending
or refinance portfolio to about Rs 80,000 crore in the current fiscal as part of its
effort to improve the rural economy. The institutions onlending in 201718 was Rs
65,000 crore.
National Bank for Agriculture and Rural Development (NABARD), that earned a
surplus of Rs 2,951 crore for the fiscal ended March 2018, plans to raise Rs 40,000
crore from the bond borrowing.
The mobilised fund was utilised in projects aimed at rural development related to
improving grain storage facility, rural roads, dairy development and irrigation
facility.
The longterm refinance portfolio has constantly seen improvement. It stood at Rs
53,500 crore in FY17, which improved to Rs 65,000 crore by the end of March 2018.
April 13
NERL brings in ICICI Bank, HDFC Bank as repository participants
National ERepository Limited (NERL), a group company of National Commodity
and Derivatives Exchange Limited (NCDEX ), has brought in ICICI Bankand HDFC
Bank on board as the repository participants for pledge finance.
NERL has signed the agreement with both the banks where they will offer pledge
finance against eNWRs created on NERL’s repository platform commodities stored in
warehouses registered with Warehousing Development and Regulatory Authority
(WDRA).
RBI tightens monitoring of Liberalised Remittance Scheme for overseas
money transferring
The Reserve Bank tightened reporting norms for the Liberalised Remittance
Scheme (LRS) under which an individual can transfer up to USD 2,50,000 abroad in
a year.
The LRS transactions are currently permitted by banks based on the declaration
made by the remitter.
The monitoring of adherence to the limit is confined to obtaining such a
declaration without independent verification, in the absence of a reliable source of
information.
SIDBI to focus on 115 aspirational districts, promote micro enterprises
Small Industries Development Bank of India (SIDBI) has charted a plan to
promote micro enterprises in 115 aspirational districts across the country to
contribute in their development.
‘Transformation of Aspirational Districts’ was launched by Prime Minister Narendra
Modi in January 2018. Aspirational districts refer to selected 115 backward districts
that are lagging on specific development parameters.
Under this programme, Central Government has undertaken a major policy
initiative for rapid transformation of these districts and senior government officials
have been assigned responsibility to coordinate the efforts of the Centre and states
in facilitating development in such districts.
World Bank approves $55 million for Bangladesh project
The World Bank has approved $55 million to expand the use of clean renewable
energy in rural areas of Bangladesh where grid electricity cannot reach easily.
The additional financing to the Second Rural Electrification and Renewable Energy
Development (RERED II) Project will install 1,000 solar irrigation pumps, 30 solar
minigrids and about 4 million improved cooking stoves in rural areas.
The project, including the additional financing, will enable about 10 million people
living in villages, shoals and islands to access electricity and use energy efficient
cooking stoves.
April 15
PNB launched new products such as preapproved credit card and UPI
solution to mark its 124th foundation day
Staterun Punjab National Bank (PNB) launched new products such as pre
approved credit card and UPI solution to mark its 124th foundation day.
Besides, the bank announced its UPI partnership with the expense management
app WALNUT that comes embedded with features such as bill reminders, billsplit
and instant paperless loans.
At the occasion, the bank organised blood donation camps across 200 blood
donation centres in 76 circle offices covering over 6,500 branches across all states
and union territories.
April 16
Yes Bank launches GST backed over draft facility for MSMEs
Yes Bank has announced the launch of ‘Yes GST’, an OD (over draft) facility for
Micro, Small and Medium Enterprises (MSMEs).
Through this an MSME can avail OD up to Rs 1 crore, based on their annual
turnover, backed by GST returns. Any additional assessment of balance sheet or
bank statements will not be required.
This OD facility can be availed by an MSME against mortgage of residential or
commercial property. The sanctioned amount can be utilised by the MSME either
fully or in tranches.
The bank is targeting a disbursement of Rs 1,000 crore through Yes GST for
financial year 201819.
Bandhan Bank enters league of top50 most valuable company
Bandhan Bank, the private sector lender, has entered the list of the top50 most
valuable companies in terms of market capitalization (mcap) following a sharp
surge in its stock price post listing.
Bandhan Bank, with an mcap of Rs 640 billion, stood at 50th position in overall
mcap ranking.
Bandhan Bank has surpassed fast moving consumer goods companies Dabur India
and Britannia Industries, New India Assurance Company, Tech Mahindra and Bharti
Infrastructure in past 10 trading sessions.
Bandhan Bank, the country’s eighthmost valuable lender, is stood behind YES
Bank, which have marketcap of Rs 717 billion.
April 17
ICICI Bank onboards over 250 corporates on its blockchain platform
India’s largest private sector bank, ICICI Bank announced that it has onboarded
over 250 corporates on its blockchain platform for domestic and international trade
finance.
ICICI Bank onboards 250+ corporate entities on its blockchain.
In August 2016, ICICI Bank became the first bank in India to successfully
undertake pilot transactions on its blockchain platform for international trade
finance.
Since then, more than 250 Indian corporate, including the leading ones are
undertaking domestic/international trade finance transactions on this platform.
ICICI Bank’s blockchain platform digitises the paperintensive international trade
finance process as an electronic, distributed and unalterable ledger, which is
accessible to all the participating entities including banks.
April 18
Kotak Mahindra Bank replaces SBI to become India's second most valuable
bank
The share price of Kotak Mahindra Bank Ltd (KMB) has gone up 12 per cent in the
past month and a whopping 229 per cent in five years.
In fact, it managed to steal State Bank of India's spot after its stock reportedly
climbed 2.22 per cent, hitting a record high of Rs 1,174 before closing at Rs
1,170.05.
It is the country's second most valued bank, currently trading at Rs 1,176 apiece.
HDFC Bank continues to retain the top slot with a market cap of Rs 5.03 lakh crore.
Nabard approves Rs 14,690 crore funding to Rajasthan
National Bank for Agriculture and Rural Development (NABARD) has extended
total credit support of Rs 14,690 crore to Rajasthan for 201718.
Rajasthan has been one of the biggest beneficiaries under the Rural Infrastructure
Development Fund (RIDF) of NABARD, under which NABARD disbursed concessional
loan of Rs 1,851.29 crore to the state government during 201718.
1.55 lakh post offices to be empowered as Payments Banks
The National Democratic Alliance (NDA) government aims to empower 1.55 lakh
post offices after integration with 650 Payments Banks to enable an array of digital
services including financial inclusion for 130 crore Indians.
In 56 months, 1.5 lakh postal offices will function as Post Payments Banks. In a
lesser time, nearly 32 crore have opened bank accounts, and hence the government
decided to open Payments Banks to facilitate transactions for all citizens.
India Post Payments Bank (IPPB) launched pilot services in Raipur and Ranchi in
January 2017 after the Reserve Bank of India (RBI) had in 2015 approved Payments
Banks to 11 entities, including the Department of Posts to accept deposits of up to
Rs 1 lakh per individual or a small business.
April 19
RBI directs Mumbaibased bank to restrict withdrawals
Reserve Bank of India (RBI) has placed Mumbaibased City Cooperative Bank
under directions, owing to which, its customers will not be allowed to withdraw more
than Rs. 1000 per deposit account.
In addition to withdrawal restrictions, City Cooperative Bank would not be able to
accept fresh deposits, disburse loans, make any investment, or borrow funds
without RBI approval.
In context of this news, it is important to note that City Cooperative Bank’s net
nonperforming assets stood at 8.84 per cent of advances.
However, RBI has clarified that issue of the directions should not be construed as
Cancellation of banking licence of City Cooperative Bank and it will continue to
undertake banking business with restrictions till its financial position improves.
AU Bank bets on ‘Kamao’ app to ramp up biz
Jaipurheadquartered AU Small Finance Bank wants to ramp up its business via
crowdsourcing involving not only employees but also customers and noncustomers
with the help of a mobilebased app called ‘Kamao’ (earn).
The oneyearold bank is planning to encourage stakeholders to log leads on
prospective customers, who want to open deposit accounts or get loans, on the app
and win ‘rewards’. This app is currently undergoing beta (field) testing.
April 20
YES Bank gets RBI nod to open branches in London, Singapore
Private sector lender YES Bank has received approval from the Reserve Bank of
India to open two international representative offices.
The new offices will come up in London and Singapore as part of the bank’s
international expansion to provide services to the nonresident Indian (NRI)
population.
YES Bank opened its first overseas office in Abu Dhabi in 2015, followed by the
IFSC Banking Unit (IBU) at GIFT City, Gandhinagar, in the same year.
April 21
ICICI Bank launches digital form for opening current accounts
Private sector lender ICICI Bank has introduced a 'digital form' which will help
open current accounts in a few hours.
Bank officials can now capture information about the customer and the business
digitally and verify KYC documents in realtime, at the premise of the customer.
It will help secure more clients as its helps in 'ease of doing business' and help
increase the bank's market share.
April 22
PNB impounds passports of 150 wilful defaulters
India’s second largest public sector bank, Punjab National Bank (PNB) has stated
that Union Ministry of External Affairs (MEA) has confiscated passports of 150 wilful
defaulters based on its complaints.
In addition to impounding the passports, PNB has also lodged 37 FIRs against
those who are not repaying loans.
Union Finance Ministry asked banks to obtain passport details of those who have
borrowed more than Rs 50 crore and ensure swift action in case of fraud in order to
prevent them from fleeing the country.
In wake of Rs 14000crore fraud by diamond traders Nirav Modi and Mehul
Choksi, PNB has become proactive in recovery of loans to improve its financial
position.
Indian Overseas Bank inks information utility pact with NeSL
Indian Overseas Bank (IOB) entered into an agreement with National e
Governance Services Limited (NeSL) for utilizing its Information Utility Services
envisaged under the Insolvency and Bankruptcy Code, 2016.
Stateowned NeSL is the first Information Utility entity registered with the
Insolvency and Bankruptcy Board of India (IBBI) under the aegis of the Insolvency
and Bankruptcy Code, 2016.
Information utility is an information network which procures and stores financial
data like borrowings, default and security interests of various entities. It enables
lenders in making decisions on credit transactions.
RBI makes Aadhaar key to KYC compliance
The Reserve Bank of India (RBI) amended its ‘know your customer’ (KYC)
guidelines, making Aadhaar key to conducting and finance companies.
The RBI has also done away with sections relating to the use of other “officially
valid documents” by lenders for address and identity proof but has the new norms
are subject to the final judgment of the Supreme Court on Aadhaar.
April 23
Iran Bans Banks From Using Cryptocurrencies
Iran banned the use of bitcoin and other cryptocurrencies by its banks and
financial institutions.
Ban has been imposed citing concerns that cryptocurrencies can be used for
moneylaundering and financing terrorism.
Paytm Payments Bank registers 100M KYC wallets
Paytm Payments Bank announced, it has over 100 million KYC wallets, against the
constant campaigning done by bank about the benefits of the Know Your Customer
(KYC) system.
After the successful response received, the bank has introduced several options
that include Paytm KYC centers and 'PaytmKaATM' outlets to offer more localised
support.
Customers can locate these through the 'Nearby' section on the Paytm app.
KYC'ed customers also have a choice to open a zerobalance account with Paytm
Payments Bank.
BoI inks pact with NeSL to share data under insolvency rules
Staterun Bank of India (BoI) has entered into an agreement with National E
Governance Services (NeSL) for information utility (IU) arrangement under the
Insolvency and Bankruptcy Code (IBC).
As per the agreement, BoI will avail NeSL service to expedite corporate
insolvency resolution process.
Under the IBC 2016, IU is proposed to offer services for accepting electronic
submission of financial information, recording the same safely and accurately,
verifying and authenticating the financial information submitted by a person and
providing access to information stored to persons specified by the regulations.
World Bank approves massive USD 13 billion increase in capital
In a major development, the World Bank Group has endorsed an ambitious
package of measures that include a USD 13 billion increase in paidin capital.
World Bank President Jim Yong Kim hailed the decision as “historic” as
International Monetary Fund Managing Director Christine Lagarde welcomed the
move.
The package approved by the Development Committee of the Board of Governors
consists of USD 7.5 billion paidin capital for International Bank for Reconstruction
and Development (IBRD) and USD 5.5 billion paidin capital for International Finance
Commission (IFC), through both general and selective capital increases.
April 24
'Asian Development Bank to give Rs 1,700 crore aid to Uttarakhand'
The Asian Development Bank (ADB) has agreed in principle to give an aid of Rs
1,700 crore to Uttarakhand for infrastructure development and creation of sewerage
treatment facilities in urban areas.
This was conveyed to Chief Minister Trivendra Singh Rawat by the country
director of ADB's India Regiment Mission Kenichi Yokoyama at a meeting in
Dehradun.
Government of India and World Bank Signs Agreement to Improve Rural
Road Network in Madhya Pradesh
The Government of India, the Government of Madhya Pradesh and the World Bank
signed a $210 million loan agreement for the Madhya Pradesh Rural Connectivity
Project.
The Project is expected to improve the durability, resilience and safety of the
gravel surfaced rural roads and enhances the capacity of the state to manage its
rural roads network.
The Project will cover 10,510 km stretch of rural roads in Madhya Pradesh that
fall under the Chief Minister's Gram Sadak Yojana (CMGSY) program. Of this 10,000
km will be upgraded from existing gravel to bituminous surface roads, while 510 km
of new roads will be built to the same bituminous surface standard.
Electoral Bond Scheme 2018: Sale of Electoral Bonds at Authorised Branches
of State Bank of India (SBI)
Government of India has notified the Electoral Bond Scheme 2018 vide Gazette
Notification No. 20 dated 02nd January 2018. As per provisions of the Scheme,
Electoral Bonds may be purchased by a person, who is a citizen of India or
incorporated or established in India.
A person being an individual can buy Electoral Bonds, either singly or jointly with
other individuals.
Only the Political Parties registered under Section 29A of the Representation of
the People Act, 1951 (43 of 1951) and which secured not less than one per cent of
the votes polled in the last General Election to the House of the People or the
Legislative Assembly of the State, shall be eligible to receive the Electoral Bonds.
The Electoral Bonds shall be encashed by an eligible Political Party only through a
Bank account with the Authorized Bank.
April 25
India inks $125 million loan pact with World Bank for inclusiveness project
The government has inked a loan agreement of USD 125 million with World
Bank's investment arm to fund 'Innovate in India for Inclusiveness' project.
The loan agreement was signed between Sameer Kumar Khare, joint secretary,
Ministry of Finance and Hisham Abdo, Acting Country Director, World Bank (India).
The objective of the project is to nurture indigenous innovation, foster local
product development and accelerate commercialisation process.
It will involve bridging critical skill and infrastructure gaps to promote affordable
and innovative healthcare product generation for inclusive development and
increasing competitiveness in India.
April 26
Signing of Legal Agreements between Govt. of India and World Bank on
National Biopharma Mission
Government of India signed a Legal Agreement with World Bank for flexible
financing arrangements for National Biopharma Mission (NBM).
National Biopharmaceutical Mission is the first ever IndustryAcademia mission to
accelerate biopharmaceutical development in India. This programme has been
named Innovate in India (i3).
It is a $250 million dollar initiative that includes a $125 million loan from the
World Bank.
Objective of this programme is to make India a hub for design and development
of novel, affordable and effective biopharmaceutical products.
The thrust areas for the mission are vaccine development, biotherapeutics,
diagnostics and development of medical devices.
April 27
RBL Bank posts 37% jump in Q4 net profit
Private sector RBL Bank posted a 37 per cent increase in its net profit at Rs.
178.12 crore for the January to March quarter of 201718, with a healthy growth in
advances and deposits.
Its net profit in the fourth quarter of 201617 stood at Rs. 130.13 crore.
In 201718, its net profits grew 42 per cent at Rs. 635.09 crore when compared to
Rs. 446.05 crore in the previous fiscal.
April 29
HDFC Bank launches interactive humanoid IRA 2.0 in Bengaluru
HDFC Bank has announced the launch of IRA 2.0, its interactive humanoid. In its
new avatar, IRA will enhance user experience for customers visiting the
Koramangala branch in Bengaluru.
IRA will interact with customers, answer bankrelated queries, frequently asked
questions, and guide them inside the branch with voicebased navigation.
HDFC Bank also launched its virtual assistant ‘EVA’ on Amazon Alexa and Google
Assistant.
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