Reserve Bank announces its third bi-monthly policy review of current fiscal

On August 2, 2017, Reserve Bank of India (RBI) announced Third Bi-Monthly Monetary Policy Statement for financial year 2017-18. This time, RBI has cut the policy repo rate by 25 basis points (bps) to 6 percent.

Post the Third Bi-Monthly Monetary Policy Statement announcement, the policy rates and reserve ratios are as follows:
Policy Repo Rate
Reduced by 25 basis points. Earlier it was 6.25%
Reverse Repo Rate
Reduced by 25 basis points. Earlier it was 6.00%
Marginal Standing Facility Rate
Reduced by 25 basis points. Earlier it was 6.50%
Bank Rate
Reduced by 25 basis points. Earlier it was 6.50%
Cash Reserve Ratio (CRR)
Unchanged – since 9th February 2013
Statutory Liquidity Ratio (SLR)
Unchanged – since 7th June 2017

SBI, Samsung collaborate to advance Digital India initiative

The State Bank of India (SBI) and Samsung India has announced the availability of Samsung Pay for higher variants of SBI debit card to advance Digital India initiativeon 1st of August 2017.
Key Points:

i. Samsung Pay is currently available on Samsung smartphones. It enables consumers to make offline payments without the need for a physical Card.
ii. Samsung Pay works on 2.5 million Point of Sale (PoS) Card machines across the country through its Magnetic Secure Transmission (MST) technology.
iii. The Bank aimed to be the Banker to Digital India and has been at the fore-front of all digital initiatives in the banking space.
iv. Samsung Pay consumers holding eligible SBI Debit Cards can avail a flat Rs. 100 cashback on minimum transaction amount of Rs. 500.
v. The cardholder can avail maximum cashback of Rs. 500 per card, during the offer period from 1st August to 31st August.
vi. With this collaboration, 130 million SBI debit cardholders will be able to tap and pay using a Samsung smartphones at merchant outlets having card acceptance machines.
About SBI:
State Bank of India (SBI) is an Indian multinational, public sector banking and financial services company.
♦ Headquarters :Mumbai, Maharashtra, India
♦ Chairman: Arundhati Bhattacharya
♦ Tagline of SBI:With you all the way Pure banking nothing else,The nation’s bank on us

India gets permission from World Bank

·         World Bank has allowed India to construct hydroelectric power facilities on tributaries of Jhelum & Chenab rivers with certain restrictions under 1960 Indus Waters Treaty.

·         World Bank’s comments came as officials from India Pakistan concluded secretary-level talks over IWT.
·         The 2 countries disagree over whether the technical design features of the 2 hydroelectric plants contravene the treaty.
PayPal launches innovation labs in India
·         PayPal has opened 2 innovation labs in India to support projects in the field of machine learning, artificial intelligence and other new technologies.

·         The labs in Bangalore and Chennai are company’s first in India. PayPal has labs in the US and Singapore.
·         Labs will also be integrated PayPal Incubator, which was launched in 2013, to develop & nurture the next generation of fintech startups.
         Govt stops $1.3bn Chinese bid
·         Centre has stalled a $1.3-billion bid by Shanghai Fosun Pharmaceutical Group to acquire an 86% stake in Hyderabad-based Gland Pharma

·         Govt cited “genuine concerns” over proprietary technology developed by the Indian company going over to a Chinese pharma major.

·         Gland Pharma has a lead in injectibles, an area where Chinese firms lag Indian pharma companies.

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