Financial Awareness for RBI Grade B-6 July 2017

Financial Awareness for RBI Grade B-6 July 2017

  1. RBI: Digital transactions’ value rose by 2.4% in June (Source: MINT)

  • Digital transactions rose in June in terms of value from the previous month, according to the Reserve Bank of India (RBI).
  • Total digital transactions rose 2.36% to Rs113.73 trillion, from Rs111.11 trillion in May, according to the provisional data released by RBI.
  • The number of digital transactions, however, declined marginally to 831.7 million in June from 858.5 million in May. The highest volume was recorded in December at 957.5 million. Digital transactions include those conducted through credit and debit cards, unified payments interface (UPI), unstructured supplementary service data (USSD), prepaid payment instruments (PPIs) and internet banking.

2. RBI: Digital transactions’ value rose by 2.4% in June (Source: MINT)

  • Digital transactions rose in June in terms of value from the previous month, according to the Reserve Bank of India (RBI).
  • Total digital transactions rose 2.36% to Rs113.73 trillion, from Rs111.11 trillion in May, according to the provisional data released by RBI.
  • The number of digital transactions, however, declined marginally to 831.7 million in June from 858.5 million in May. The highest volume was recorded in December at 957.5 million. Digital transactions include those conducted through credit and debit cards, unified payments interface (UPI), unstructured supplementary service data (USSD), prepaid payment instruments (PPIs) and internet banking.

3. PNB jumps over 4% on Nomura rating (Source: BL)

  • Shares of PNB jumped as Nomura has upgraded the stock to ‘buy’. Shares of Punjab National Bank jumped as much as 4.4 percent. The stock posted its biggest intraday percentage gain since May 16.
  • Nomura had upgraded the stock to ‘Buy’ from ‘Neutral’ on July 5th and had kept the target price at Rs. 180. After the 24 per cent correction in the past two months, incremental risk reward is turning favourable again for the bank, Nomura says.
  • Near-term provisioning will remain elevated given the lower coverage of 41 percent, but the large stock of prudentially written off NPAs provides comfort, it adds.

4. Axis Bank rolls out loans for superbikes (Source: BL)

  • Axis Bank has launched SuperBike Loans for 500cc and above bikes. Under the product offering, the private sector bank will give loans up to 95 percent of the bike cost including accessory funding with special offers & programmes for its own high net worth individual customers.

5. India’s growth prospects improve as key reforms pay off: IMF (Source: BS)

  • India’s economic growth outlook has improved as the impact of demonetization is fading and some key reforms are paying off, but concerns are growing on corporate debt and banking system vulnerabilities, the IMF said.
  • “In its ‘Surveillance Note’ prepared for the G20 leaders ahead of their two-day summit on July 7-8 in Hamburg, Germany, the International Monetary Fund (IMF) said there is ‘cautious optimism’ about the global economy but policy efforts are still needed to strengthen the recovery. Even though global growth momentum remains on track, the IMF said some of the forces driving the recovery are adding to already high vulnerabilities and external imbalances.
  • Touching upon the situation in emerging economies, including India and China, the IMF said the outlook remains for a pick-up in growth.

6. GST impact: Industry to add $280 billion to GDP from new tax regime in 8-9 years (Source: FE)

  • The industry is expected to contribute $280 billion to Indias GDP in eight to nine years due to a positive fallout of the Goods and Services Tax (GST) as structural changes in the ease of doing business will propel growth, a study by ASSOCHAM said.
  • Describing the GST, in the short-term, as a “mini budget short of projection of estimated revenue”, the paper said most businesses would be able to get significantly more credits under the new indirect tax regime, leading to a benefit for most of them.
  • The paper said that notwithstanding the teething troubles, the GST would make even the micro, small and medium enterprises (MSMEs) more efficient and confident, integrating them well into the mainstream of the economy.

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