Banking and Financial Awareness Digest: September 2020

Indian Economy Contracted by 23.9% for Q1 for FY 2020-21

• The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation has released data displaying that Indian Economy is contracted by 23.9% for Q1 for FY 2020-21.
• They have released these estimates at both constant (2011-12) and current prices.
• GDP at constant prices for the first quarter of 2020-21 is estimated at Rs 26.90 lakh crore, as against Rs 35.35 lakh crore for the first quarter of 2019-20.

‘LiGo’— AI-based Chabot by ICICI Prudential Life Insurance

• ICICI Prudential Life Insurance has launched an Artificial Intelligence-based voice featured chatbot.
• The chatbot is named as ‘LiGo’.
• The policyholders will be able to communicate with this chatbot in order to solve their queries with the help of simple voice commands.

‘Home Utsav’- ICICI Bank’s Virtual Property Exhibition

• India’s private sector bank, ICICI Bank, has launched a virtual property exhibition with the name ‘Home Utsav’.
• Home Utsav will digitally showcase the real estate properties and projects from various sites of India.
• The virtual exhibition is available for access to both ICICI customers as well as Non-ICICI customers.

Revised Priority Sector Lending Guidelines—By RBI

• The Reserve Bank of India has reviewed and released Revised Priority Sector Lending Guidelines.
• The PSL guidelines are revised to increase the funding for COVID-19 economically impacted sectors.
• These revised PSL guidelines will offer better credit penetration and increase lending to small and marginal farmers and economically weaker sections of society.

K V Kamath’s Committee report Released by RBI

• The Reserve Bank of India has released a report framed by the committee which is led by K V Kamath.
• The committee has suggested and recommended financial parameters which focus on resolutions plans under the ‘Resolution Framework for COVID 19 related Stress’.
• As per the report, the committee has selected 26 sectors which require reconstructing.

GOI signed Loan Agreement with ADB for Delhi-Meerut RRTS Corridor

• Asian Development Bank has approved to provide funds to Government of India to build a high speed 82 km long Delhi-Meerut Rapid Transit System (RRTS) corridor.
• For this purpose, ADB and GOI have signed a loan agreement of USD 500 million.
• The corridor will be equipped with multimodal hubs in order to have a smooth interchange with other transport modes.

‘Signature Visa Debit Card’—Bank of India

• Bank of India has launched ‘Signature Visa Debit Card’.
• ‘Signature Visa Debit Card’ is an international contactless debit card.
• They have launched this card on the occasion of BOI’s 115th Foundation Day.
• The ‘Signature Visa Debit Card’ is for those people who are maintaining an average quarterly balance of Rs 10 lakhs and above.

India’s Economy to Contract 10.5% for FY2020-21 from -5%

• Fitch Ratings has projected that India’s economy to contract 10.5% in FY 2020-21 from the contraction of 5% which was estimated earlier.
• This projection by Fitch is with reference to the September update of Global Economic Outlook (GEO).
• As per the Fitch ratings, the Indian economy will grow by 11% in FY 2021-22 and by 6% in FY 2022-23.

Five PSUs to Join ISA-CSCA as Corporate Partners

• Union Minister for Petroleum and Natural Gas has announced that five Public Sector Units (PSU) which are operated under Petroleum ministry will be joining as corporate partners for International Solar Alliance Coalition for Sustainable Climate Action (ISA-CSCA).
• This announcement was made in the First World Solar technology Summit of International Solar Alliance which was hosted by India.

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