Current Affairs Update 2 August 2018

Current Affairs is an important part for many exams. Be prepared for this section with ByScoop which brings all the important Current Affairs in one place. 2 August 2018.

Mauritius’s SBM gets RBI approval for subsidiary

Mauritius-based SBM Group has received Reserve Bank of India’s approval to operate in the country through a wholly-owned subsidiary route — the first foreign lender to receive such a licence after local incorporation was introduced in 2013.
The bank will soon operate as a banking subsidiary of SBM Group in India under the name of SBM Bank (India) Ltd.
SBM, which has been in India since 1994, currently operates through four branches, in Mumbai, Chennai, Hyderabad and Ramachandrapuram.

RBI asks Paytm, Fino payments banks to stop enrolling new customers

Reserve Bank of India (RBI) has halted two of the three existing payments bank from enrolling new customers. Paytm and Fino payments banks are the two banks.
The central bank in its auditing of payments banks in May found Fino Payments non-compliant with the operational guidelines laid down by it. According to RBI’s operating guidelines for payments banks, a customer can make deposits of up to ₹1 lakh per account in a year. Such banks cannot accept deposits beyond this limit.
Concerns over the digital process of KYC and lack of paper trail are the reason the RBI has asked Paytm to halt enrolling customers.

Bandhan Bank surpasses YES Bank market cap; becomes 7th most valued bank

Kolkata-based Bandhan Bank Ltd on Wednesday became the seventh most valued listed lender, beating Yes Bank.
HDFC Bank Ltd remained the country’s most valuable bank with a market capitalization of Rs 5.70 trillion, followed by State Bank of India and Kotak Mahindra Bank Ltd with market capitalization of Rs 2.63 trillion and Rs 2.5 trillion, respectively.

India’s GDP Growth To Rise To 7.5% in 2018-19: Morgan Stanley report

Morgan Stanley has predicted, India’s gross domestic product (GDP) will grow by 7.5 % in the financial year 2018 – 2019 as against 6.7 per cent in 2017-18.

NHAI to Sign MoU with SBI for a long term, Unsecured loan of Rs 25,000 Crore

National Highways Authority of India (NHAI) is getting an unsecured loan of Rs 25,000 crore from State Bank of India for 10 years with 3 years of moratorium on repayments.
This is the largest amount of loan to have been sanctioned to NHAI in one stroke by any institution. This is also the largest long term unsecured loan sanctioned by SBI at a time to any entity.
The loan sanctioned by SBI is unsecured. There is no principal repayment liability for initial three years. After three years, the repayment would be done in 14 equal half yearly instalments. The total loan tenure is 10 years.
The total sanctioned amount of Rs 25000 Crore is to be disbursed within 31st March 2019. Rate of interest would be based on one month MCLR.

IWAI Launches Dedicated Portal FOCAL For Cargo Owners And Shippers

The Inland Waterways Authority of India (IWAI) yesterday launched a dedicated portal to connect cargo owners and shippers with real time data on availability of vessels.
The portal is named as the Forum of Cargo-Owners and Logistics-Operators (FOCAL).
FOCAL will facilitate responses from the logistic operators against the requirement raised by cargo owners and vice-versa.
IWAI chairperson – Ms Nutan Guha Biswas

Rajasthan becomes first State to implement biofuel policy

Rajasthan has become the first State in the country to implement the national policy on biofuels unveiled by the Centre in May 2018.
The policy on biofuels seeks to help farmers dispose of their surplus stock in an economic manner and reduce the country’s oil import dependence.

Current Affairs Update – 2 August 2018