Banking news aug 2022

RBI 

By Oct 2022, all parties have to delete all credit card/ debit card related informations. Only card issuer and card networks are exempted. The party can store the data for 4 days after the transaction or the day the settlement is done whichever is earlier. 

RBI releases financial inclusion index

Financial inclusion rose to 56.4% in March, 2022. This is impressive.

GST highest in April and second highest in July 2022.

Foreign trade can be conducted in INR

BK Karod announced this in Rajya Sabha. He is the union minister of finance for state. 

Trade deficit increases by 31.02 million in July.

Bharat bill payment system
NRIs can make payments for Indians.

Unclaimed deposits
Balances in CASA not used for 10 years
Balances in RAFA not used after 10 years of maturity

Repo rate
MPC adjusts repo rate under LAF by 50 basics poinnts to 5.4% with immediate effect. 
SDF 5.15%
MSF 5.65%
GDP growth forecast 7.2%

SEBI

Restructured advisory committee market data.
The committee will now have 20 members instead of 21. Cheif Vikram Limaye (NSE's former MD and CEO) replaced with Ashish kumar Chauhan. 

FPI

Foreign portfolio investors group to boost foreign trade in India. Chairman is KV Subramaniyan. 
140 members

LIC

Becomes a part of Fortune 500 companies with rank 98. USD 97.26 bn revenue, USD 553.8 mn profit. 
Reliance industries jump 51 places in profit with rank 104.


SIDBI

Sanjeev Gupta 1990

SVC cooperative bank + SIDBI collaborate to increase loans to the MSME sector. 


EXIM bank

NLDSL-NICDC Logistics data bank (LDB) has achieved a milestone of handling 50 mn EXIM containers since its inception 6 years ago. 

LDB handles all of India's EXIM container volume. This was a part of smart community projects between India and Japan during initial stages of planning of Delhi Mumbai industrial corridor. 

HDFC BANK

Accepts world's biggest social loan of $1.1 billion facility for affordable residences, underscoring potential for sustainability linked financing. 

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