• The Reserve Bank of India has the limits for Ways and Means Advances (WMA) for the second half of the financial year 2019-20 (October 2019 to March 2020) at Rs 35,000 crore.
• The Reserve Bank may trigger fresh floatation of market loans when the Government of India utilises 75 per cent of the WMA limit.
• The interest rate on WMA/overdraft will be:
  • For WMA: Repo Rate
  • For Overdraft: Two percent above the Repo Rate

• The Bank of International Settlements has announced that it has launched a fund to enable central banks around the world to invest in “green bonds” which is named FX piles.
• The new fund would help “central banks to incorporate environmental sustainability objectives in the management of their reserves.
• It is an open-ended fund and is denominated in US dollars.

• The United Nations Conference on Trade and Development (UNCTAD) has projected India’s GDP growth rate at 6% in the calendar year (CY) 2019.
• As per UNCTAD, India’s economy grew 7.4% in CY18.

• The Reserve Bank of India has approved the re-appointment of Shyam Srinivasan as the Managing Director and CEO of Federal Bank for one year.
• His re-appointment is with effect from September 23, 2019 this year until September 22, 2020. Srinivasan, 57, took charge as the Managing Director and CEO of Federal Bank on September 23, 2010.

• The Reserve Bank of India has enhanced the sanctioned limit, for classification of export credit under PSL, from ₹ 250 million per borrower to ₹ 400 million per borrower.
• Apart from this, the existing criteria of ‘units having turnover of up to Rs 1 billion’ has been removed.
• What is sanctioned limit: The sanctioned limit is the total exposure that a bank can take on a particular client for facilities like cash credit, overdraft, export packing credit, non-funded exposures etc.

Corporate Tax for Domestic Companies: Now 22%. Earlier it was 30%.

• As per the fintech firm, FIS India’s Immediate Payment Service (IMPS) has been rated as the world’s best real-time payment service in an analysis of 54 countries that have similar facilities.
• IMPS is rated highest in FIS’s ‘Faster Payments Innovation Index’. India is the only country that received the 5+ rating.

• Finance Minister of India, Nirmala Sitharaman has announced that no public sector bank will declare stressed small businesses/MSME as non-performing assets (NPAs) till March 31, 2020.
• The decision was taken after consulting the banks.
• Apart from this, Sitharaman announced that gatherings for credit seekers will take place in 400 districts between September 19 to October 15.
• Public Sector Banks will focus on giving loans to the ‘RAM‘ category: retail, agriculture and MSMEs. The open house public meetings will be held in two tranches

• The government has approved 8.65% interest rate on employees provident fund for 2018-19.
• The EPFO has been settling EPF withdrawal claims at 8.55 percent interest rate, approved for 2017-18. Now, the EPFO will settle accounts on a higher rate of 8.65 percent for 2018-19.