Focus Merit

Category: Economy

India slides down at 77th place in estimating money in Swiss banks

June 28, 2020
Swiss National Bank
  • India has rolled down three spots to 77th rank in terms of money deposited by its citizens and enterprises with Swiss banks at the end of 2019, while the UK has maintained its top position, as per the recent data from Switzerland’s central bank. India was placed 74th in the previous year.

Indians’ money in Swiss Banks down 6% at Rs 6,625 Crore in 2019

June 28, 2020
Swiss National Bank
  • Funds deposited by Indian individuals and enterprises in Swiss banks, including through India-based branches, sank nearly 6 percent in 2019 to 899 million Swiss francs (Rs 6,625 crore), annual data from Swiss National Bank revealed on 25th June.

Adani Power to obtain US-based AES’ 49% stake in Odisha Power for Rs 1,019cr

June 25, 2020
Adani
  • Adani Power will buy a 49 percent investment stake in Odisha Power Generation Corporation (OPGC) for $135 million (around Rs 1,019 crore) from US-based The AES Corporation’s, the company declared on June 23.

IMF lowers India GDP forecast for FY21, decreases by 4.5%

June 24, 2020
IMF
  • The International Monetary Fund (IMF) sharply cut India’s growth outlook for the present fiscal year (2020-21) to a minus (-) 4.5 percent from 1.9 expansion expected in April owing to an extended COVID-19 lockdown and hindered economic revival.

Karnataka Bank originates KBL Micro Mitra for micro-enterprises

June 24, 2020
Karnataka Bank
  • Karnataka Bank has started a new item KBL Micro Mitra, wherein financial support up to Rs.10 lakhs can be given to the Micromanufacturing and service enterprises either for functioning capital or for investment purposes.

India’s GDP to sink 3.1% in 2020: Moody’s

June 24, 2020
GDP
  • Moody’s Investor Service further lowered its growth forecast for India to -3.1% this calendar year correlated to 0.2% in April.
  • The June 2020 update of its Global Macro Outlook, published on 22nd June, expected a marginally greater rebound at 6.9% in 2021, as opposed to 6.2% in the April update.

Cooperative banks to be drawn under RBI supervision

June 24, 2020
Reserve Bank Of India (RBI)
  • The Union Cabinet permitted the inclusion of co-operative banks under supervisory controls of the Reserve Bank of India while declaring a Rs 1,542 crore year-long interest subvention scheme for microloan borrowers.

Yes Bank pairs-up Affordplan to start co-branded cashless healthcare card called ‘Swasth Card’

June 23, 2020
Yes Bank
  • Yes Bank Limited, an Indian public bank, has tied hands with Delhi-based fintech startup Affordplan, to start a first of its kind co-branded healthcare card called ‘Swasth Card’ under Swasth program with the plan to allow families plan and manage their finances for their healthcare needs.

Exim Bank stretches USD 20.1 mn credit line to Nicaragua govt

June 22, 2020
Export-import Bank of India (EXIM Bank)
  • Export-Import Bank of India (Exim Bank) on 20th June stated it has stretched a line of credit (LOC) of USD 20.10 million to the Government of Nicaragua for reconstruction of Aldo Chavarria Hospital.

India to be 12th largest holder of US govt securities at April end

June 22, 2020
India-US
  • India has turned up as the 12th largest holder of US government securities at the end of April, keeping worth 157.4 billion dollars. While the holding reached a record high of 177.5 billion dollars in February, the same was highly decreased in March.