The International Monetary Fund (IMF) has pegged the Indian economy to contract by 8 percent in the current financial year 2020-21, in its latest World Economic Outlook, released on 26 January 2021.

The private sector lender Yes Bank has appointed Niranjan Banodkar as its new Group Chief Financial Officer (CFO).

The Reserve Bank of India has cancelled the banking licence issued to Subhadra Local Area Bank Ltd., Kolhapur, Maharashtra to carry on banking business in India w.e.f December 24, 2020.

Public sector lender Bank of Baroda (BoB) has renewed its existing memorandum of understanding (MoU) with Indian Army, titled ‘Baroda Military Salary Package’, to offer customised banking services to account holders.

The ICICI Bank has launched an online platform ‘Infinite India’ to support foreign companies to establish or expand business in India.

• The Reserve Bank of India has further extended the restrictions on crisis-ridden Punjab and Maharashtra Co-operative (PMC) Bank by three months till 31 March, 2021.

The India Post Payments Bank (IPPB) along with Department of Posts (DoP) launched a digital payment application called ‘DakPay’ on 15 December 2020, in an effort to provide Digital Financial inclusion at the last mile across India..

The Reserve Bank of India (RBI) has decided to set up an Automated Banknote Processing Centre (ABPC) in Jaipur for receipt, storage and dispatch of currency notes.

• The Manila-based Asian Development Bank (ADB) has launched an initiative called, the Asia Pacific Vaccine Access Facility (APVAX), for its developing member countries.
• The bank has allocated USD 9 billion for APVAX.

• Kotak Mahindra Asset Management Company (Kotak Mutual Fund), has launched Kotak International REIT Fund of Funds, India’s first diversified REIT Mutual Fund.
• REIT stands for Real Estate Investment Trust.

• The Central Government has launched ‘Quarterly Return filing & Monthly Payment of Taxes (QRMP)’ scheme for small taxpayers under GST system.
• Taxpayers with aggregate annual turnover of up to Rs 5 crore in the preceding financial year.

Punjab National Bank (PNB) has launched a tech-based loan management solution called ‘LenS-The Lending Solution’, to speed up online loan processing and sanctioning of credit proposals as well as maintain accuracy.

The Department of Investment and Public Asset Management (DIPAM), under the Ministry of Finance, has signed an agreement with the World Bank on 16 November 2020 to get advisory services for asset monetisation, with the objective to shore up revenues of the union government..

• Axis Bank has launched a new entry-level credit card named Axis ACE Credit Card, with focus on increasing participation of users in the digital economy.
• The card has been launched in collaboration with Google Pay and will run on Visa (Signature) platform.

The National Payments Corporation of India (NPCI) has imposed a cap of 30 percent of the total volume of transactions processed in UPI, on all the Third Party App Provider (TPAP).