Current Affairs - 2019 - SPLessons

Banking Awareness One Liners June 2019

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Banking Awareness One Liners June 2019

shape Introduction

The article Banking Awareness One Liners June 2019 includes Banking Awareness One Liners with an explanation, analysis and issues of current events in the month of May. And these One Liners will help in the Competitive Exams like IBPS, RBI Grade B, SBI PO, RRB and other banking examinations.


shape June 2019

  • CAD: India’s current account deficit (CAD) for January-March period narrows to 0.7% of GDP (was 1.8% in the same period of 2018-19).

  • HP launches World’s First Dual-Screen Gaming Laptop, Omen X 2S, for ₹2.1 lakh.

  • Power discom BYPL partnered with several private bodies to launch a number of initiatives including a ‘behavioral energy saving app’. The main aim is to cut down on electricity consumption.

  • Batting for a single registration process pan-India, CII said building on the milestones of the past two years, it is time to implement GST 2.0.

  • The over exploitation of the groundwater was highest in the states of Punjab (76%) and Rajasthan (66%), followed by Delhi (56%) and Haryana (54%).

  • The government has fixed a disinvestment target of Rs 90,000 crore for the current fiscal as against Rs 85,045 crore disinvestment receipts in the previous financial year.

  • The five system generated “red flags” include default in payment of tax and non-filing of GSTR-3B, and mismatch in the input tax credit (ITC) claimed by businesses vis-a-vis the returns filed by the supplier.

  • In 2018-19, the government raised Rs 18,729.85 crore through Bharat 22 ETF in two tranches. It raised another Rs 26,350 crore through CPSE ETF.

  • DIPAM has raised Rs 2,350 crore against a disinvestment target of Rs 90,000 crore for the current fiscal. In 2018-19, it raised Rs 84,972.16 crore as disinvestment proceeds against the budgeted target of Rs 80,000 crore.

  • The two-way trade between the two regions have increased to $115.6 billion in 2018-19 from $101.5 billion in 2017-18.

  • Coal supply by SCCL also dropped by 2 per cent to 9.4 MT in April-May 2018-19, from 9.6 MT supplied in the corresponding period of the previous fiscal.

  • The ministry monitors infrastructure projects worth Rs 150 crore and above. Of these 1,405 projects, 340 reported cost overruns and 381 time escalation.

  • At the end of March 2019, India’s external debt was $543 billi on, recording an increase of $13.7 billion year-on-year.

  • Gold reserves remained unchanged at $22.958 billion, according to RBI data. Special drawing rights with the International Monetary Fund (IMF) increased by $4.2 million to $1.453 billion.

  • RBI relaxes leverage ratio (LR) for banks to help them boost their lending activities. The leverage ratio, as defined under Basel-III norms, is Tier-I capital as a percentage of the bank’s exposures.

  • RBI permits Asset Reconstruction Companies (ARCs) to acquire financial assets from each other.

  • Payment System Operators (PSOs) need to store entire payments data in a system only in India: RBI.

  • RBI-appointed committee headed by former SEBI Chairman U.K. Sinha recommends ₹5,000 crore distressed asset fund for micro, small and medium enterprise.

  • BSE Sensex: 39,394.64 (–191.77), NSE Nifty: 11,788.85 (–52.70).

  • India’s foreign exchange (FOREX) reserves rise to a record high of USD 426.416 billion in week to June 21\(^{st}\).

  • Government cuts interest rate on small savings schemes, including NSC and PPF, by 0.1% for July-September quarter.

  • Indian Railways conducting trials of TRI-NETRA (Terrain Imaging for Drivers Infrared, Enhanced, Optical & Radar Assisted) technology for detecting obstructions on tracks. NITI Aayog Member Ramesh Chand to chair government appointed working group tasked with revising current wholesale price index (WPI).

  • ‘Go Tribal’ campaign, launched by Tribal Affairs Ministry and TRIFED in association with Amazon Global.

  • The finance ministry website showed that interest rates for all the small savings schemes, except savings deposits, were reduced by 10 basis points.

  • YES Bank launches Click OD (overdraft) facility for the bank’s existing Micro, Small and Medium Enterprises (MSME) customers to let them avail unsecured OD up to Rs 10 lakh digitally without any documentation.

  • The bank is targeting a disbursement of Rs 100 crore for FY 2019-20 through the YES MSME portal. YES Bank’s total exposure to MSMEs as on March 31\(^{st}\), 2019, has crossed ~Rs 42,000 crore.

  • USD 328 million World Bank loan for improved health services in Andhra Pradesh.

  • India has signed a loan agreement worth 400 million dollars with the World Bank to help treat and eliminate Tuberculosis.

  • World Bank Signs $31.58 million Loan Agreement to Uttarakhand’s Public Financial Management Systems.

  • India signs a Loan Agreement of US$ 250 Million with the World Bank to develop Rajasthan’s Roads and Highways.

  • The Oracle Financial Services “Anti Money Laundering Express Edition(AMLXE)” designed to detect, investigate, and report suspected money laundering and terrorist financing activity.

  • Shares of YES Bank (down 1.96 per cent), IndusInd Bank NSE -2.74 % (down 1.57 per cent), RBL Bank NSE 0.18 % (down 0.99 per cent) and ICICI Bank (down 0.84 per cent) were trading lower.

  • Vijaya Bank and Dena Bank amalgamated with Bank of Baroda w.e. f. April 1\(^{st}\), 2019. “The Board of Directors on June 27\(^{th}\) approved opening balance sheet of the amalgamated bank”.

  • The State Bank of India (SBI) revealed the names of 10 new big-ticket firms from the pharmaceuticals, gems and jewellery and power sectors and also their top officials as it declared them ‘wilful defaulters’.

  • The NBFC sector’s gross bad loans as a proportion of total loans increased from 5.8% in 2017-18 to 6.6% in 2018-19.

  • According to RBI, one of the major areas of non-uniformity in processes pertains to identifying Red Flagged Accounts (RFA).

  • Mutual funds continue to have a massive ₹3.12 tn exposure to NBFCs and housing finance companies.

  • Reserve Bank of India (RBI) has launched Complaint Management System (CMS), on its website for facilitating RBI’s grievance redressal process and also to improve customer experience in timely redressal of grievances.

  • The government plans to introduce Universal smart card driving licences.

  • The Ministry of Road Transport and Highways (MoRTH) has decided to modify the current format of driving licenses to laminated card without chip or smart card type driving licences.

  • Government of India, the State Government of Uttarakhand and the World Bank signed a loan Agreement of $31.58 million (about Rs 221 crore) for Uttarakhand Public Financial Management Strengthening Project.

  • The main aim of the project is to benefit the citizens of Uttarakhand in public finances.

  • IDBI Bank had reported a loss of Rs 4,918 crore in the last quarter of FY19 and Rs 15,116 crore for the full year.

  • Four Swiss bank accounts of fugitive diamond merchant Nirav Modi the main accused in the $2 billion Punjab National Bank (PNB) fraurd case.

  • However, any progress on trade would probably be announced at an expected meeting of Indian Prime Minister Narendra Modi and US President Donald Trump at a Group of 20 (G20) summit in Japan this week, economic and political analysts said.

  • The new draft report on the direct tax code will modify five major procedures pertaining to tax litigation, faceless scrutiny, exchange of information, compliance, and financial transactions.

  • The Central Board of Direct Taxes (CBDT) expanded the terms of reference (ToR) of the expert panel constituted to rewrite direct tax legislation.

  • The CBDT has nominated two new members — Chief Economic Advisor Krishnamurthy Subramanian and Joint Secretary (Revenue) Ritvik Pandey — to be the part of the direct tax code panel.

  • US President Donald Trump has already imposed 25 percent tariffs on USD 250 billion in Chinese imports and China has retaliated with tariffs on US goods.

  • The Government set up 713 Krishi Vigyan Kendras (KVK) and 684 Agricultural Technology Management Agencies (ATMA) at the district level in the country for dissemination of technologies among the farming community.

  • US Secretary of State Mike Pompeo met Prime Minister Narendra Modi and discussed various aspects of the bilateral relationship to strengthen the India-US strategic partnership.

  • Our findings came from a comparison we ran of the Periodic Labour Force Survey (PLFS), released by the National Sample Survey Office (NSSO) on May 31\(^{st}\), 2019, and the quinquennial Employment and Unemployment Survey of NSSO, 2004-05.

  • The share of “regular” workers in urban areas increased over 13 years, from 35.6% in 2004-05 to 47% in 2017-18.

  • The PLFS report also showed that joblessness was highest among urban female youth (27.2%); urban, educated Indians–men (9.2%) and women (19.8%)–and among women in general (10.8%).

  • Acharya, the youngest ever deputy governor, resigned from his position a few weeks back citing “unavoidable personal circumstances” and will be leaving the Mint Road office on July 23\(^{rd}\), the RBI said in a brief statement.

  • As per the Section 8 of the Reserve Bank of India Act of 1934, the governor and deputy governors are appointed by the government.

  • The Loan Agreement was signed by Mr. Sameer Kumar Khare, Additional Secretary, Department of Economic Affairs, Ministry of Finance on behalf of the Government of India and Mr. Shanker Lal, Acting Country Director (India), the World Bank, on behalf of the World Bank.

  • Over 350,000 urban residents of the participating urban local bodies (ULBs) are expected to benefit.

  • World Bank approves $147 Million Loan to the Government of Jharkhand

  • RBI Governor Shaktikanta Das launched the Complaint Management System (CMS) is a software application.


  • Government is contemplating integration of E-Way Bill mechanism of GST with FASTag system of National Highway Authority of India.


  • SBI has formed a separate group within its Corporate Accounts Group (CAG) to cater to the non-fund-based requirements of clients in credit-light sectors such as pharmaceuticals, fast moving consumer goods (FMCG) and information technology (IT).


  • Maruti Suzuki India said it has joined hands with Bank of Baroda to support dealer inventory financing and customer auto loans.


  • The government informed the Lok Sabha that it has written to states seeking their views on whether the crop insurance scheme should be made voluntary for farmers.

  • Trump is scheduled to leave for Japan on June 27\(^{th}\) to attend the two-day summit meeting of G-20 leaders in Osaka on June 28\(^{th}\) and 29\(^{th}\).

  • Financial incentives such as preferential tax rates and the tax holiday provided by Vietnam to lure companies are among measures being considered.

  • India and the United States are closing in on an industrial security agreement that will allow the transfer of defence technology, sources, ahead of US Secretary of State Mike Pompeo’s talks in New Delhi this week to promote strategic ties.

  • Lockheed Martin and Boeing are both in the race for a deal estimated at over $15 billion to supply the Indian air force with 114 fighter planes to replace its ageing fleet of Mig 21 jets.

  • Pompeo is expected to lay the ground for a meeting between US President Donald Trump and Indian Prime Minister Narendra Modi later in the week at a G20 meeting in Japan.

  • Under a “Make in India” campaign, Modi has been courting foreign investors. Trump has pushed for U.S. manufacturing to return home as part of his “Make America Great Again” campaign.

  • Public sector NPAs of loans issued under the scheme have increased by Rs 9,204.14 crore in just one year – from Rs 7,277.31 crore in March 2018 to Rs 16,481.45 crore in March 2019.

  • A senior railway ministry official told IANS: “In a proposal approved by Railway Minister Piyush Goyal, the Railways plans to increase the train speed to 160 kmh on the busy routes of Delhi-Mumbai and Delhi-Howrah in the next four years.”

  • The shipping ministry has drafted three sets of plans — five years, one year, and 100 days — for development and modernisation of ports.

  • The government wants to ban internal combustion engine (ICE)-powered three – and two – wheelers (with an engine capacity of less than 150cc) by 2023 and 2025, respectively, and replace them with electric vehicles (EVs).

  • Finance Minister Nirmala Sitharaman could set a divestment target of Rs 90,000 crore in the full Budget, which she will present on July 5\(^{th}\), leaving the figure unchanged from the 2019-20 interim Budget.

  • The study talks of widening wealth inequalities at a time when there is speculation in certain quarters about restoring the inheritance tax in the Budget for 2019-20.

  • Reserve Bank of India Deputy Governor Viral Acharya has resigned from his position six months before the end of his term, according to sources in the central bank.

  • Acharya, who was in charge of the monetary policy department of the RBI, reportedly resigned due to “personal reasons”. The RBI now has three Deputy Governors left — N.S. Vishwanathan, B.P. Kanungo and M.K. Jain.

  • Shares of these 11 companies-ranging from Dewan Housing Finance Corp. to Reliance Capital Ltd.-has slumped 54 percent since June.

  • Anil Agarwal, the scrap metal dealer turned billionaire metals tycoon, has told Prime Minister Narendra Modi that the Centre should privatise five mining firms including NMDC to save some of the $400 billion that India spends annually on imports, saying the government has no business to be in the business.

  • Jet Airways owes more than Rs 8,000 crore to banks, and thousands of crores more in arrears to vendors, lessors and employees.

  • The cash-strapped company became the first domestic airliner to go into bankruptcy after the Mumbai bench of the National Company Law Tribunal (NCLT) admitted an insolvency petition filed by SBI on behalf of 26 lenders on June 20\(^{th}\).

  • India is one of the world’s largest two wheeler markets with sales of more than 20 million scooters and motorbikes last year.

  • Merger of Bharat Financial into IndusInd Bank was announced in October 2017, as part of which a shareholder would get 639 shares of IndusInd Bank for every 1,000 shares of the micro-lender.

  • Amazon Corporate Holdings has pumped in Rs 449.95 crore, while the remaining came from Amazon.com.incs Ltd. E-mails sent to Amazon India did not elicit a response.

  • Oil and Natural Gas Corp (ONGC) in January last year bought the government’s entire 51.11 percent stake in HPCL for Rs 36,915 crore.

  • The US must drop all tariffs imposed on China if it wants to negotiate on trade, and only an equal dialogue can resolve the issue and lead to a win-win, the newspaper said.

  • US President Donald Trump and Chinese President Xi Jinping will meet on the sidelines of the G20 summit in Japan next week to discuss the trade war between their two countries.

  • The Uttar Pradesh government plans to launch industrial and infrastructure projects worth almost Rs 70,000 crore next month, said a minister.

  • The event is likely to be held in the last week of July as the ongoing maiden session of the 17\(^{th}\) Lok Sabha is scheduled to end on July 26\(^{th}\).

  • On July 29\(^{th}\), 2018, PM Modi had laid the foundation of projects worth over Rs 60,000 crore. He had also exhorted UP and Maharashtra to race for becoming India’s first trillion dollar state economy.

  • The benchmark S&P BSE Sensex crashed 407 points, or 1.03 percent, to 39,194, with YES Bank, Maruti Suzuki, HDFC, Hero MotoCorp, and Sun Pharma leading the list of losers. The broader Nifty50 index settled 108 points lower at 11,724.

  • The top-five mutual funds’ (MFs’) share of debt assets has increased from 52 percent at the end of August last year (before the IL&FS crisis) to 57 percent at the end of May.

  • Mutual fund (MF) players are seeking approval from the Securities and Exchange Board of India (Sebi) for a range of passively managed funds to tap into flows from smaller provident funds.

  • Emami was trading 6 per cent lower at Rs 289 on the BSE, as compared to a 1.2 percent decline in the S&P BSE Sensex. A combined 996,631 shares have changed hands on the counter on the NSE and BSE so far.

  • As per the share swap ratio for the merger, for every 100 shares of Lakshmi Vilas Bank shareholders will get 14 shares of Indiabulls Housing Finance.

  • “The United Kingdom and India have jointly invested in over 75 million pounds in bilateral academic collaborations since 2006 in the UK-India Education and Research Initiative (UKIERI) project,” British Council’s East and North East India director Debanjan Chakrabarti told PTI.

  • The Gems and Jewellery Export Promotion Council (GJEPC) data showed total gems and jewellery gross exports declined by 3 percent to $39.68 billion for the financial year 2018-19 compared to $41 billion for the previous year.

  • State Transport and Industries Minister Chandra Mohan Patowary, while deliberating on the importance of steel in nation-building, said the Centre’s thrust on the Act East Policy has opened up new vistas for the region.

  • The government is firm that extending the deadline is difficult, and tried to impress upon electric vehicle makers that unless they acted, the Courts would step and the big players would be left with little choice.

  • Foreign institutional investor flows into Indian equities are $11 billion year-to-date, surpassing the total annual tally in each of the four previous years and setting 2019 on course for the highest annual inflows since 2012.

  • The Trump administration has no plans to cap H-1B work visas for nations that force foreign companies to store data locally, the State Department said.

  • A large proportion of India’s population is engaged in agriculture, where parents need the help of their children well before they turn 18, says Geeta Kingdon.

  • Kerala Finance Minister (FM) Thomas Isaac, pitching for continuation of dual rates on lottery, said he will press for voting if the issue is not postponed. This will be the first meeting under the chairmanship of new Union FM Nirmala Sitharaman.

  • The letter said tech giants such as Google, WhatsApp, YouTube, Facebook, TikTok, and Amazon generated more than Rs 30 trillion from their Indian operations and because of their “complex web structure”, their Indian revenues remained obscure.

  • Any tax exemptions will add stimulus to an economy that’s slowed sharply this year, with growth reaching a five-year low of 5.8 percent in the first three months of the year.

  • The Goods and Services Tax (GST) Council is unlikely to reduce tax on cement and automobile parts from the peak rate of 28 per cent in its meeting despite intense lobbying by the industry.

  • According to the Asian Development Bank (ADB), Bangladesh emerged as the fastest growing economy among the 45 countries of the Asia-Pacific region.

  • National Health Authority (NHA) and ICICI Foundation for Inclusive Growth signed a Memorandum Understanding (MoU) to train 15,000 state and district personnel.

  • Convinced that Pradhan Mantri Kisan Samman Nidhi Yojana or (PM-KISAN) has made some impact in assuaging farmers’ anger on account of falling prices, the Narendra Modi government is planning bigger things for the flagship programme.

  • Reserve Bank of India Governor Shaktikanta Das reiterated the central bank’s gross domestic product growth forecast of 7 percent for India in 2019-20.

  • Investors had turned bullish on the rupee in March for the first time in nearly a year when billions of dollars worth of foreign funds poured into India ahead of general election in the world’s biggest democracy.

  • Commerce and Industry Minister Piyush Goyal said provisions regarding the data in the e-commerce policy is being addressed by the Ministry of Electronics and Information Technology (MeitY).

  • The participants also apprised the NITI Aayog about creating special economic zones in coastal areas of the country to create more jobs.

  • India has the highest average data usage per smartphone, reaching 9.8 GB per month at the end of 2018, according to a new study by Swedish telecom equipment maker Ericsson.

  • The report, released, also forecasts that this figure is likely to double to 18 GB per month per smartphone by 2024.

  • The meeting was about how to address the slowing growth, ahead of the Prime Minister’s meeting with economists and sector experts on June 22\(^{nd}\).

  • India’s benchmark 10-year bond yields dropped to their lowest in 20 months after the US Federal Reserve signalled possible interest rate cuts later this year, while buying from state-run banks also aided.

  • A few days ago, while addressing chief ministers, Prime Minister Narendra Modi declared that he wanted India to be a “$5 trillion economy” by 2024, when he once again faces reelection. This would, he said, be “challenging, but achievable.”

  • India is, currently, a $2.8 trillion dollar economy; to reach the $5 trillion mark by 2024, the economy would have to grow at over 12% a year.

  • While the amount of outstanding rupee corporate notes, excluding banks, has been expanding for years, the pace of growth has generally been slowing since 2017 and marked its lowest rate in over a decade in May at 9.7%, according to a Bloomberg Economics index.

  • SBI Life held 2.1% of India’s total 331 million life insurance policies as of March 31\(^{st}\), 2018, according to the latest data on the insurance regulator’s website, second only to state-owned behemoth Life Insurance Corp.

  • The Pradhan Mantri Mudra Yojana (PMMY) was launched in April 2015 by Prime Minister Narendra Modi. The loans are given to non-corporate, non-farm small and micro enterprises.

  • In 2018-19, about 60 million loans worth Rs 3 trillion were sanctioned under Mudra, according to the PMMY website, which was also the target amount. For the next year, the government’s target is similar.

  • A Reserve Bank of India (RBI) expert committee on micro, small and medium enterprises (MSMEs) has recommended doubling the cap on collateral-free loans to Rs 20 lakh from the current Rs 10 lakh.

  • The India Meteorological Department (IMD) has forecast average rainfall in 2019, while the country’s only private forecaster Skymet has predicted below-normal rainfall.

  • In the broader market, the S&P BSE MidCap index was trading at 14,495, down 48 points, or 0.3 percent, while the S&P BSE SmallCap index dipped 111 points, or 0.78 percent, to 14,000.

  • India’s NBFCs also have more than one trillion rupees of bonds to refinance in both the first and second quarters of 2020, the data show. Maturities will climb to about Rs 3.9 trillion in 2020, an all-time high.

  • Paytm Money, the wholly-owned subsidiary of mobile wallet giant Paytm, is planning to raise as much as $1.2 billion in a mega funding round.

  • The parent company of British Airways has announced plans to buy 200 Boeing 737 Max aircraft, the first new sales deal for the passenger jet since it was grounded because of safety fears after two crashes.

  • The Reserve Bank of India imposed a penalty of Rs 1 crore on HDFC Bank Ltd. for not complying with its know-your-customer and anti-money laundering norms.
    • “India just placed a 75 percent tariff on almonds in response to President Trump’s trade war. His actions are hurting Californians.

    • California almond exports to India are worth more than $650 million a year. The president must stop damaging trade relations with our allies,” Senator Feinstein said.

    • India’s exports to the US in 2017-18 stood at $47.9 billion, while imports were at $26.7 billion. The trade balance is in favour of India.

    • The aluminium industry, which has been stranded without government benefits, has seen imports soaring by 40 percent in the comparable stretch of time.

    • The close to 1-million tonne (mt) Indian copper industry has three constituents, of which the biggest Hindalco has a 500,000-tonne smelter in Gujarat’s port city of Bharuch.

    • Circular economy has the potential to generate 1.4 crore jobs in next 5-7 years and create lakhs of new entrepreneurs, Niti Aayog CEO Amitabh Kant said.

    • Maruti Suzuki India Ltd has lost around 7.88% in last one month. Meanwhile, Nifty Auto index of which Maruti Suzuki India Ltd is a constituent, has eased around 6.27% in last one month and is currently quoting at 7,837.60, down by 58.50 or 0.75% today.

    • The Asian markets are showing mixed cues; the Nikkei 225 has slumped 0.9 percent to 20,932 levels while the Hang Seng index has surged 0.75 percent to 27,430 levels.

    • The central bank cut rates to a record low of 1.25% at its meeting earlier this month, to support the slowing economy.

    • So far, China and Russia are the most aggressive buyers, but Reserve Bank of India (RBI) is now the 10\(^{th}\) largest gold reserve holder in the world, as of June, according to IMF.

    • The Jammu and Kashmir Bank is now under the purview of Right to Information Act and Central Vigilance Commission (CVC) guidelines. The decision was taken by the Board of Directors of the Jammu and Kashmir Bank.

    • “24×7 power” is the government’s priority, India’s new power minister Raj Kumar Singh said on May 30\(^{th}\), 2019. His predecessor, Piyush Goyal, declared India “power surplus” two years ago, and a government dashboard says 99.99 percent of rural homes which account for nearly 7 in 10 Indian homes now have grid power.

    • India currently has around 356 gigawatts (GW) of installed generation capacity against a peak demand of about 177 gigawatts.

    • The price of silver in comparison to gold is at a 26-year low. This comparison is derived by calculating the ratio of the price of gold to silver. The ratio is the amount of silver that can be bought with one ounce of gold.

    • The nature of the first Pragati meeting this time was different from the first such one held in the previous term of this government.

    • Another government release issued later said the Pragati meetings had cumulatively reviewed projects with an investment of more than Rs 11.75 trillion.

    • The ministry of corporate affairs is learnt to have prepared a Cabinet note on cross-border insolvency that talks of bringing in a separate chapter in the Insolvency and Bankruptcy Code (IBC) against the current provisions under Sections 234 and 235 of the Code.

    • The former Chief Economic Adviser to the Central Government, Arvind Subramanian, has claimed, in a recent working paper, that India’s GDP growth may have been overestimated by about 2.5 percentage points between 2011-12 and 2016-17.

    • The distribution of the IGST has become another point of dispute between Delhi and Puducherry, on the one hand, and the Centre, on the other.


    • Delhi and Puducherry have for long been battling with the Centre for full statehood.

    • Commerce Ministry of India made a study the trade war between the US and China offers an opportunity to India for boosting exports of as many 350 products such as chemicals and granite to these countries.

    • These individuals largely include businessmen associated with companies, including the dummy ones, in sectors ranging from real estate, financial services, technology and telecom to paints, home decor.

    • Prime Minister Narendra Modi asked chief ministers to increase the economic size of their respective states by 2-2.5 times to ensure $5-trillion national economy by 2024 from the current level of $2.7 trillion.

    • India’s tax to GDP ratio is around 12 percent currently. It used to be around 10 percent till recently. Most people think even this 12 percent is too low and that it needs to increase to around 15 percent.

    • The office of a Non-banking finance company (NBFC) in Bandra, Mumbai, wears a near-deserted look. There are only a few customers in the room, and the lone executive at the service desk tells you that the company has stopped giving new loans.

    • Finance Minister Nirmala Sitharaman’s focus should be on restoring fiscal sanctity and control, while energising her audience with reform policy initiatives for the long-term, writes T N Ninan.

    • The president has claimed several times this year and as recently as in a “Fox & Friends” interview that the US stock market would be 5,000 to 10,000 points higher if the Federal Reserve hadn’t raised interest rates four times in 2018.

    • First to cross the 100-million subscribers mark on YouTube, the music label will focus on non-film singles; has no immediate plan for OTT platform.

    • Prime Minister Narendra Modi and his Israeli counterpart Benjamin Netanyahu have used their “excellent” personal equation to deepen the bilateral ties which are moving in an “upward trajectory”, India’s Ambassador to Israel Pavan Kapoor has said.

    • Increasing exports would help India narrow the widening trade deficit with China, which stood at $50.12 billion during April-February 2018-19.

    • Foreign portfolio investors (FPI) pumped in a net sum of Rs 1,517.12 crore into equities and Rs 9,615.64 crore into debt during June 3\(^{rd}\)-14\(^{th}\), the data showed.

    • India’s water demand is projected to be double its supply by 2030, and eventually shave 6% off gross domestic product, NITI said in the report.

    • The latest Telecom Regulatory Authority of India (Trai) data pegs India’s total wireless subscriber base at 1161.8 million as on March 31\(^{st}\), 2019, while the wireless teledensity stands at 88.46.

    • Finance Minister Nirmala Sitharaman said central devolution to states rose from Rs 20 trillion between FY12-FY15 to Rs 41 trillion in the next four years, a rise of around 97 percent.

    • The RBI also warned the banks that non-adherence of timelines or non-observance of the instructions would attract regulatory action including levy of penalty.

    • The Ministry of Road Transport and Highways and oil marketing companies (OMCs) are chalking out details of Union Minister Nitin Gadkari’s ambitious plan to set up 1,000 petrol pumps on the Delhi-Mumbai expressway.

    • The new guidelines have exclusion provisions, under which, offences done under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Act, 2015, the Benami Transactions (Prohibition) Act, 1988 cannot be compounded in normal cases.

    • This includes money laundering cases. Compounding means that the authorities agree to not prosecute offenders in return for a consideration.

    • Till June 14\(^{th}\), kharif crops have been sown in 8.22 million hectares, down 9 percent from last year.

    • The Reserve Bank asked banks to ensure their ATMs are grouted to a wall, pillar, or floor by September-end, except those installed in high secured premises such as airports, to enhance security of the cash vending machines.

    • Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 172.35 crore, as per provisional data.

    • States with highest vehicle registrations were Uttar Pradesh (2,81,175), Maharashtra (1,99,509) and Tamil Nadu (158,433), said to the Federation of Automobile Dealers Associations (FADA).

    • India’s goods exports grew 3.93 percent to $29.99 billion in May (year-on-year) following a growth in many key sectors such as engineering goods, iron ore and leather products, even as shipments of gems & jewellery and petroleum products declined.

    • Exports of goods in 2018-19 registered a 9.06 percent growth to hit a new high of $331 billion, breaching the previous high of $314 billion clocked in 2013-14.

    • India and Russia signed a USD 5 billion S-400 air defence system deal in October last year after wide-ranging talks between Prime Minister Narendra Modi and Russian President Vladimir Putin.

    • Prime Minister Modi also called on the SCO member states to cooperate under the SCO Regional Anti-Terrorist Structure (RATS) against terrorism.

    • In the first of the two-part series, Shine Jacob analyses how a GE factory at Marhowra became a ‘Make in India’ flagship.

    • The benchmark S&P BSE Sensex slipped 135 points, or 0.34 percent, to 39,605, with IndusInd Bank, Bharti Airtel, Kotak Bank, Bajaj Auto, and HCL Tech being the top losers. The broader Nifty50 index dipped 49 points, or 0.41 percent, to 11,865.

    • On its large size of below investment grade exposure, Ravneet Gill said their non-investment grade figure went up from Rs 6,000 crore to Rs 20,000 crore and it was not a very granular portfolio.

    • French energy giant Total SA is close to acquiring a 30% stake in Indian gas distribution company Adani Gas for upwards of rupees 5,500 crore ($800 million), the Times of India reported.

    • Capital market regulator Securities and Exchange Board of India (Sebi) introduced a “probability of default” mechanism to keep credit rating agencies in check.

    • Indian IT services company Hexaware Technologies Ltd said it bought privately owned Mobiquity Inc for $182 million, to expand its cloud and automation service offerings.

    • Jets used for corporate travel by Rosneft flew at least 13 times to Mallorca, Ibiza, Sardinia and the Maldives when CEO Igor Sechin or people from his social circle were in the same vacation spots.

    • State Bank of India (SBI) will soon convene a meeting of all lenders to the grounded Jet to work on a fresh resolution plan based on the new Reserve Bank of India guideline for stressed assets released on June 7\(^{th}\).

    • The central government has already transferred the first payment of Rs 2,000 to 33 million farmers and the second instalment to 27 million farmers under the PM-KISAN, which would cost over Rs 87,000 crore a year to the exchequer.

    • The Front Altair, carrying petrochemical feedstock, was on fire in waters between Gulf Arab states and Iran after an explosion that a source blamed on a magnetic mine.

    • The Government of Japan planned to invest an amount of 205.784 billion Yen equal to Rs 13000 crores to complete new projects in different states of India’s North- Eastern region.

    • Shares of Jet Airways (India) slipped 23 percent to Rs 84.8 apiece intra-day to hit a fresh lifetime low on the BSE and National Stock Exchange (NSE).

    • Shares of YES Bank hit a 40-month low of Rs 126, down 6 percent on the BSE in the early morning trade after reports said global brokerage firm UBS has cut the target price of private sector lender to Rs 90 from Rs 170.

    • Global rating agency Moody’s placed YES Bank’s foreign currency issuer rating of Ba1 under review for downgrade as liquidity pressures on finance companies may negatively impact credit profile of the lender.

    • The Tata Motors Group global wholesales in May 2019, including Jaguar Land Rover, slipped 23 percent over May 2018.

    • Reliance Nippon company’s OFS to open on June 13\(^{th}\)-14\(^{th}\) at a floor price of Rs 212 per share.


    • Earlier, NMDC had suspended iron ore-mining from its Donimalai mine following the Karnataka government’s decision to impose 80 percent premium on the ore sales from the mine in November 2018.

    • Sugar production in Maharashtra, the country’s second-biggest grower, may slump about 40% to 6.44 million tons in 2019-20 from this year, said Shekhar Gaikwad, Maharashtra’s sugar commissioner.

    • Goyal had also opined that the “excess” capital of the RBI could have been used “to support the banks just as was done in USA during the financial crisis.”

    • The Narendra Modi government is set to announce a Rs 70,000 crore road building project over the next five years, linking villages with nearby mandis to boost the rural economy.

    • The rural development ministry is expecting an additional allocation of Rs 10,000 crore towards its flagship Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) with a drought looming in several parts of the country.

    • After focusing on terrorism and defence in 2018, Modi is expected to discuss the ongoing trade war and pitch for greater economic cooperation with Russia and China.

    • The Real Time Gross Settlement System (RTGS) is meant for large-value instantaneous fund transfers while the National Electronic Funds Transfer (NEFT) system is used for fund transfers of up to Rs 2 lakh.

    • The Reserve Bank levies “minimum charges” on banks for transactions routed through its RTGS and NEFT, and banks, in turn, levy charges on their customers.

    • Yes Bank has reduced its stake in Fortis Healthcare by around 2% by selling over 1.51 crore shares of the company in various tranches.

    • According to the filing to the BSE, Yes Bank sold 1,51,06,283 equity shares of the company, constituting 2.0010% of the paid-up share capital of Fortis Healthcare Ltd as on 31\(^{st}\) March 2019, in various tranches, last being on 7\(^{th}\) June 2019.

    • Shares of Reliance Capital dipped 7 percent to Rs 87.55 on the BSE in the early morning trade after the company’s statutory auditor Price Waterhouse & Co Chartered Accountants LLP (PwC) resigned with effect from June 11\(^{th}\), 2019.

    • The Dow Jones Industrial Average settled 14 points lower at 26,049 while the S&P 500 ended at 2,886, down 1 point. The Nasdaq also closed 0.6 points lower at 7,822.

    • In the afternoon deals, the S&P BSE Sensex was trading over 270 points lower at 39,670 levels with Tata Steel being the biggest gainer and YES Bank the worst laggard.

    • Government release issued later claimed the Pragati meetings had cumulatively reviewed projects with a total investment of over Rs 11.75 trillion.

    • Information obtained by Business Standard through RTI shows there were over 3,000 incidents involving Boeing and Airbus planes from January 2014 to April 2019.

    • The Reserve Bank of India (RBI) directed banks to withdraw the charges levied on the National Electronic Funds Transfer (NEFT) and Real-Time Gross Settlement (RTGS) transactions with effect from July 1\(^{st}\).

    • With a view to enrolling nearly 90 million farmers under the expanded PM-KISAN scheme by July, agriculture minister Narendra Singh Tomar has called a high-level meeting with state agriculture ministers.

    • With the National Anti-Profiteering Authority’s (NAA’s) tenure coming to an end in November according to the two-year sunset clause, the case for extension will be taken up by the council in the June 20\(^{th}\) meeting.

    • Extending the rally seen during the past seven trading sessions, shares of Hester Bio sciences hit a 52-week high of Rs 1,925 apiece, up 3 percent on the BSE.

    • The rally has been on the back of the government’s decision to clear an outlay of Rs 13,342 crore for animal husbandry industry.

    • Reliance Group has made aggregate debt servicing payments of over Rs 35,000 crore in the 14 month period from April 1\(^{st}\), 2018 till May 31\(^{st}\), 2019. These comprise principal repayments of Rs 24,800 crore and interest payments of Rs 10,600 crore.

    • Of the total 45.51 million new domestic customers enrolled by OMCs in 2018-19, 36.29 million were enrolled under Pradhan Mantri Ujjwala Yojana (PMUY).

    • HAL has to pay Rs 180 crore to US firm Honeywell, to upgrade its TPE-331-12B engine that will power 106 HTT-40 trainers needed by the Indian military.

    • The RBI’s asset quality review led to a massive spike in NPAs, and was supported with the enactment of the bankruptcy law for resolving the cases.

    • State Bank of India introduced repo rate-linked home loans.

    • SBI, the country’s largest bank by assets home loans linked to the repo rate from July 1\(^{st}\), 2019.

    • Imports from Pakistan to India has declined by 92% to $2.84 million in March 2019.

    • Exports from India to Pakistan have also reduced by about 32% to over $171 million in March. Also, during January-March period, the first quarter of 2018-19 fiscal, the imports from Pakistan declined by 47 percent to $53.65 million.

    • The Jammu and Kashmir government holds 59 percent stake in the J&K Bank.

    • Asian shares and Nifty futures on the Singapore Exchange (SGX) indicate a positive start for the Nifty 50 index back home. The Nifty futures on SGX were trading 60.50 points or 0.51 percent higher at 11,957.50.

    • The S&P BSE Sensex rose 153 points to 39,770, with Tata Steel, PowerGrid, TCS, HCL Tech, and Infosys among the top gainers. The Nifty 50 surpassed slipped below the 11,950-mark to hover around 11,914, up 44 points, or 0.37 percent.

    • In order to encourage digital transaction and crack down on black money, the Narendra Modi-led NDA government may soon start taxing those who withdraw more than Rs 10 lakh in cash in a year, Times of India reported.

    • The government may also mandate Aadhaar authentication for all high-value cash withdrawals in order to track individuals and tally tax returns.

    • India and the US are working on a framework to facilitate transfer of critical military technology and classified information by American defence firms to Indian private sector for joint ventures, authoritative sources said.

    • Even after the rate reduction and scope for subsequent easing, the RBI slashed its growth projection for FY20 from 7.2 percent to 7.0 percent.

    • In the past two months, the market price of Jet Airways has plunged 56 percent, as compared to a 3 percent rise in the S&P BSE Sensex.

    • Reliance Power collapsed 19.94 percent to Rs 4.94, while Reliance Infrastructure was down 9.2 percent to hit an all-time low of Rs 67.15.

    • CRISIL downgraded its ratings on the company’s bank facilities, part of the PCJ Group, to ‘CRISIL BB+/Negative/CRISIL A4+’ from ‘CRISIL BBB+/Negative/CRISIL A2’, while CARE Ratings revised the ratings to the fixed deposit programme (jewel for less – jewellery purchase scheme) to CARE BB+ (FD).

    • The RBI removed transaction charges levied by it for Real Time Gross Settlement System (RTGS) and National Electronic Funds Transfer (NEFT) systems to boost digital transactions.

    • The Real Time Gross Settlement System (RTGS) is meant for large-value instantaneous fund transfers while the National Electronic Funds Transfer (NEFT) System is used for fund transfers up to Rs 2 lakh.

    • ICICI Bank launched a centre in Bengaluru to provide business solutions exclusively to start-ups and MSME sector.

    • ICICI Bank services offered include working capital loans upto ₹20 crore, business loans (based on GST returns) upto ₹1 crore, instant overdraft facility of ₹15 lakh, extensive trade solutions and cash management services, among others.

    • IT major Wipro it will acquire US-based International Techne Group Incorporated for $45 million (around ₹312 crore).

    • Banking system liquidity, though, remains in surplus — the Reserve Bank of India (RBI) absorbed Rs 87,553 crore of excess liquidity from the banking system.

    • The Sensex ended the session at 39,615.90, a gain of 86 points or 0.22 percent, while the Nifty rose 27 points to end the session at 11,871 points.

    • The policy has an initial outlay of Rs 1,500 crore for seven years, and aims to lead a tenfold increase in India’s share of global software market by 2025.

    • Solar energy installation dropped 49 percent to 1,737 Mw in the first quarter (Q1) of this calendar year, from 3,377 Mw in the same period a year ago.

    • The central government underpaid the food subsidy bill to Food Corporation of India (FCI) by Rs 69,394 crore during the year 2018-19.

    • Bank of Baroda (BoB) has declared Dighi Port chairman and managing director Vijay Goverdhandas Kalantri and h is son Vishal Kalantri as wilful defaulters for owing close to Rs 3,334 crore to a consortium of 16 banks in the country that include BoB, while Bank of India is the lead lender.

    • Vijay Kalantri-owned Balaji Infra has 51.01 percent stake in Dighi Port, while Infrastructure Leasing & Financial Services (IL&FS) holds 39.37 percent stake in the company.

    • The Sensex ended the session at 39,615.90, a gain of 86 points or 0.22 percent, while the Nifty rose 27 points to end the session at 11,871 points.

    • The Indiabulls group’s decision to sell 14 percent stake in Indiabulls Real Estate is expected to help its financing arm, Indiabulls Housing Finance. The deal comes at a time when the non-banking lending space is grappling with liquidity issues.

    • Airports Authority of India (AAI) is developing or upgrading airports in Ayodhya, Agra, Bareilly, Chitrakoot, Jhansi, Kanpur, Kushinagar, Meerut, etc even as the Adityanath government has espoused the central government theme of facilitating cheaper air travel to people.

    • Starting July 1\(^{st}\), a passenger will be charged aviation security fee of Rs 150 or $4.85 for domestic and international flights, respectively.

    • The monsoon, which accounts for more than 70% of India’s annual rainfall, is critical to the nation’s crop output and economy.

    • Top G20 finance officials agreed Saturday there was an urgent need to find a global system to tax internet giants like Google and Facebook but clashed on the best way to do it.

    • “We have to hurry up,” said French Finance Minister Bruno Le Maire during a panel discussion of top policymakers before the G20 meeting officially opened.

    • Shares of Lakshmi Vilas Bank (LVB) were locked in the upper circuit of 5 percent at Rs 73.80 per share in an otherwise subdued market after Indiabulls Group attributed the stake sale in its realty arm, Indiabulls Real Estate (IBREL), to fastrack the merger of the bank with Indiabulls Housing Finance.

    • Till 11:32 am, a combined 1.25 million shares changed hands on Lakshmi Vilas Bank counter. There were pending ‘buy’ orders for 6,87,783 shares on the NSE and BSE, data showed.

    • The liquidity crisis at Dewan Housing Finance Corporation Limited (DHFL) has dented the fortunes of ace investor Rakesh Jhunjhunwala, who increased his stake in the troubled company in the March 2019 quarter (Q4FY19).

    • Manappuram Finance had hit an all-time high of Rs 142, June 6\(^{th}\), 2019 in the intra-day trade. Thus far in the current calendar year 2019, the stock has rallied 48 percent, as compared to a 10 percent rise in the S&P BSE Sensex till yesterday.

    • Eros International was trading 18 percent lower at Rs 43.70 on the back of heavy volumes. The trading volumes on the counter jumped over nine-fold with a combined 3.15 million shares changing hands on the NSE and BSE so far.

    • Foreign Direct Investment (FDI) inflow into Tamil Nadu, including Puducherry, dropped by 25 percent in FY19 to $2.61 billion, from $3.48 billion a year ago, Department for Promotion of Industry and Internal Trade (DPIIT) data revealed.

    • Overall FDI inflow declined to $44.37 billion (Rs 309,867 crore) in 2018-2019 from $44.86 billion in the previous year (Rs 288,889 crore), said the official.

    • India’s Prime Minister Narendra Modi and his ministers stressed that, under his administration, India had become the world’s “fastest-growing large economy.”

    • “We are monitoring major entities in this universe of NBFCs and housing finance companies,” Das said. “The RBI remains committed to ensure we have a robust well-functioning NBFC sector.”

    • The government resorted to cuts to the tune of Rs 21,000 crore in agriculture, Rs 26,000 crore under transfers to states, nearly Rs 7,000 crore in defence among others to stay on the path of fiscal consolidation.

    • The monetary policy committee (MPC) of the Reserve Bank of India (RBI) reduced the repo rate by 25 basis points (bps) to 5.75 percent in the second bi-monthly monetary policy meet of the financial year 2019-20 (FY20), that concluded.

    • Thus far in the current calendar year 2019, Eros has seen its market value plunge 39 percent, as compared to an 11 percent rise in the S&P BSE Sensex. In CY18, it tanked 56 percent against a 6 percent gain in the benchmark index.

    • DIL reported more-than-doubled consolidated net profit at Rs 37 crore in Q4FY19, on account of tax credit of Rs 21 crore for the quarter.

    • For the financial year 2018-19 (FY19), Fermenta Biotech reported 57 percent growth in net profit at Rs 113 crore, against Rs 72 crore in previous fiscal.

    • Rating agencies CRISIL and Icra have assigned ‘D’ rating to DHFL’s commercial papers, anticipating a default, while CARE Ratings marked D, or default, the housing finance firm’s all long-term facilities, including public NCDs of Rs 29,000 crore and fixed deposits of Rs 8,940 crore.

    • USD/INR pair is expected to quote in the range of 69.20 and 69.90,” says Gaurang Somaiya, Research Analyst (Currency) at Motilal Oswal Financial Services (MOFSL).

    • The rupee settled unchanged at 69.26 against the US dollar.

    • The Reserve Bank of India’s (RBI) June monetary policy decision, due later in the day, will be the biggest trigger for markets. The RBI is widely expected to reduce the repo rate by 25 basis points (bps), a third in a row.

    • Country’s largest bank SBI charges between Re 1 and Rs 5 for transactions through NEFT and between Rs 5 and Rs 50 for RTGS route.

    • Reforms meant to clean up $190 billion of stressed bank loans will be crucial to reviving economic growth during Narendra Modi’s second term as prime minister.

    • The Reserve Bank of India is likely to cement its position as Asia’s most dovish central bank with a third straight interest-rate cut.

    • Economists have already trimmed GDP forecasts to 7.1% for fiscal 2020 in the latest Bloomberg survey from 7.2% previously.

    • State-run Ircon International has said it would complete four railway projects by March 2023 to boost coal evacuation from states like Odisha, Jharkhand and Chhattisgarh. These projects are worth over Rs 13,200 crore.

    • In the first five months (January – May) of the current calendar year 2019 (CY19), FPIs have invested a net of Rs 76,051 crore ($ 10.9 billion) into the Indian equities.

    • The domestic equity market settled in the red as investors booked profit. The S&P BSE Sensex ended at 40,084, down 184 points or 0.46 percent.

    • The Nikkei/IHS Markit Services Purchasing Managers’Index fell to 50.2 in May, its lowest since May 2018 and only a touch above the 50-mark that separates contraction from growth.

    • The stocks of oil marketing companies (OMCs) BPCL, HPCL and IOC have rebounded sharply by up to 22 percent from their lows in May.

    • The Reserve Bank of India purchased 52.3 tonnes gold in FY19 to augment its foreign exchange reserves, according to the latest data released by the World Gold Council.

    • The minister said that the priority for him will be ‘rolling out all stuck highway projects that include many of the IL&FS projects within 100 days’.

    • In the 2019-20 interim budget, the then interim Finance Minister Piyush Goyal had announced that the fiscal deficit target for the current fiscal year has been targeted at 3.4 percent of gross domestic product.

    • Mercom India Research forecasts India to install approximately 9 gigawatts (GW) of solar capacity in the calendar year 2019.

    • “Some ground was lost so far in the first quarter of fiscal year 2019/2020 but, with a government formed and a resumed policy agenda, a recovery is expected as we head towards the second half of 2019,” added De Lima.

    • In the first five months (January – May) of the current calendar year 2019 (CY19), FPIs have invested a net of Rs 76,051 crore ($ 10.9 billion) into the Indian equities.

    • Nifty PSU Bank index gaining 2 percent on the National Stock Exchange (NSE), as bond yields fell ahead of Reserve Bank of India (RBI’s) monetary policy decision.

    • Union Bank of India, Allahabad Bank, Bank of India, Canara Bank, Punjab National Bank and Bank of Baroda were up 2 percent to 4 percent.

    • While we expect a 25 basis point rate cut from the RBI’s June 2019 policy meeting, we will be looking forward to the central bank’s commentary on GDP for FY20.

    • Manappuram Finance far in the current calendar year 2019, the stock has rallied 52 percent, as compared to a 12 percent rise in the benchmark index.

    • Around $5.74 trillion would be needed to boost GDP growth to levels that can pull up 270 million Indians from below the poverty line, and generate 7-8 million jobs a year, CII president Vikram Kirloskar said.

    • GE Power India have surged 5 percent to Rs 930 on the BSE in early morning trade, after the company announced winning a contract worth Rs 738 crore from Aravali Power Company Private Limited.

    • The rupee opened 11 paise higher at 69.15 against the US dollar amid weak global cues and fall in crude oil prices.

    • The domestic unit appreciated by another 44 paise to close at 69.26 in line with a strong rally in domestic equities amid hopes of a rate cut by the Reserve Bank of India (RBI).

    • House prices are expected to rise 2.5% next year and 3.8% in 2021, well below the projected pace of consumer price inflation for those periods.

    • Released, the report also pointed out this trade gap for misinvoiced goods may be as high as $74 billion, equalling 12 percent of the country’s total trade of $617 billion in the same year.

    • Draft of a new education policy released by the Centre came under fire from Opposition parties who alleged that it proposes to ‘impose Hindi’ on non-Hindi speaking states.

    • The RBI’s Monetary Policy Committee will meet this week to take a call on the policy rate.

    • Although an overwhelming majority of Reserve Bank of India (RBI) watchers were pencilling in a rate cut on June 6\(^{th}\), it seems the 5.8percent growth in gross domestic product (GDP) for the fourth quarter has now solidified that view even among those who advised caution.

    • Yes Bank may look relatively better off with a 30% correction but this conceals the fact that the stock has bounced sharply from lower levels. On a point-to-point basis, it was a lot worse.

    • Heritage Foods hit a 30-month low of Rs 390, down 5 per cent in intra-day trade on the BSE, in an otherwise firm market. The stock was trading at its lowest level since November 11\(^{th}\), 2016. In comparison, the S&P BSE Sensex was up 0.70 percent at 39,991 points.

    • Hero MotoCorp (HMCL) rose 4 per cent to Rs 2,790 on the BSE in early morning trade after the company reported a 13.5 percent rise in sales to 652,028 units in May over the previous month. The company had sold 574,366 units in April 2019, it said in a BSE filing.

    • HMCL launched three new motorcycles — XPulse 200, XPulse 200T and Xtreme 200S. Apart from these, it had also launched two scooters — Maestro Edge 125 and Pleasure+ 110.

    • SpiceJet hit an all-time high of Rs 157, up 8%, while InterGlobe Aviation, the operator of IndiGo, was up 2% at Rs 1,712, trading close to its all-time high level of Rs 1,716 touched on May 8\(^{th}\), 2019.

    • Apollo Hospitals Enterprises surged 9 percent to Rs 1,351 in intra-day trade, rallying 12 percent in past two trading days on the BSE, after the company reported a more-than-doubled consolidated net profit at Rs 84.4 crore in March quarter (Q4FY19).

    • A recession could begin in as soon as nine months if President Donald Trump pushes to impose 25% tariffs on an additional $300 billion of Chinese exports and China retaliates, warns Morgan Stanley.

    • The country’s unemployment rate was at a 45-year high of 6.1% in the year to June 2018, while economic growth in the March quarter of 2019 slowed to a five-year low of 5.8%, data released.

    • Government data shows that 1,053 individuals with incomes of Rs 5 crore or more contributed over Rs 12,000 crore in personal income tax in assessment year 2017-18.

    • Direct tax receipts for the year ended March 31\(^{st}\) missed the government’s revised target of Rs 12 trillion. At the close of the fiscal year 2018-19, direct tax collection touched Rs 11.5 trillion, leaving a gap of Rs 50,000 crore against the revised revenue target of Rs 12 trillion.

    • An expert committee on revamping the Income Tax Act is expected to submit its report by the end of July.

    • During a pre-Budget meeting with finance ministry officials earlier this month, SIAM stated the GST rate on all categories of vehicles be “brought down to 18 percent from the current rate of 28 percent”

    • Kerala-based ESAF Small Finance Bank Ltd has a capital base of Rs 893 crore and more than 2,000 people employees.

    • The market cap of HDFC climbed Rs 9,538.27 crore to Rs 3,75,774.07 crore and that of Hindustan Unilever Ltd (HUL) advanced Rs 7,799.37 crore to Rs 3,86,449.46 crore. Kotak Mahindra Bank’s valuation rose by Rs 1,116.72 crore to Rs 2,90,098.18 crore.

    • The Reserve Bank of India would inaugurate its ‘financial literacy week’ programme in Kerala on June 3\(^{rd}\).

    • Foreign portfolio investors (FPIs) infused a net sum of Rs 7,919.73 crore into equities and Rs 1,111.42 crore in the debt market during May 2-31, taking the cumulative net investment to Rs 9,031.15 crore.

    • The revenue in May, 2018 was ₹ 94,016 crore and the revenue during May, 2019 is a growth of 6.67 percent over the revenue in the same month last year.

    • The revenue in May, 2019 is 2.21 percent higher than the monthly average of GST revenue in FY 2018-19 (Rs 98,114 crore).

    • Defence PSU Bharat Electronics Limited’s (BEL) order book as on April 1, 2019 stood at ₹51,798 crore as compared with ₹40,115 crore in April 2018.

    • During the year 2018-19, company has acquired ₹23,431 crore worth of new orders. The expenditure on R&D was ₹1,077 crore as against ₹988 crore in 2017-18.

    • According to Finance Ministry data, total gross GST revenue collected in the month of May, 2019 is ₹ 1,00,289 crore of which CGST (Central Goods & Services Tax) is ₹ 17,811 crore, SGST (State Goods & Services Tax) is ₹ 24,462 crore, IGST (Integrated Goods & Services Tax) is ₹ 49,891 crore (including ₹ 24,875 crore collected on imports).

    • An amount of ₹ 18,934 crore has been released to the states as GST compensation for the months of February-March, 2019.

    • SpiceJet, which operates narrowbody and turboprop planes, does not have firm plans to become a widebody operator with longer-range flights in the wake of Jet’s collapse in April, SpiceJet Chairman Ajay Singh said.

    • Beijing’s move hits $60 billion worth of US goods with new punitive tariffs ranging from five to 25 percent, and comes in retaliation for Washington raising punitive tariffs on $200 billion in Chinese goods to 25 percent.

    • India’s economic growth suffered a third straight quarterly fall in the first three months of 2019 to 5.8 percent, according to government figures.

    • The CII-IBA Financial Conditions Index for Q1 (April-June) FY20 has recorded yet another rise to the above-50-mark for the third time in a row, owing to expectation of improvement in the overall condition of the economy.

    • With economic growth likely to slow down in the March-quarter 2019, the Reserve Bank of India (RBI) may cut repo rate by 25 basis points (bps) in the upcoming monetary policy review, analysts say.

    • US President Donald Trump’s administration put Huawei in its ‘Entity List’ which effectively banned the Chinese smartphone maker in the US, China has now said it’ll prepare its own ‘unreliable entities’ list of foreign companies.

    • All small shopkeepers, self-employed persons and retail traders who have Goods and Services Tax (GST) turnover below Rs 1.5 crore and also aged between 18 years to 40 years are eligible under the scheme.

    • The Cabinet sanctioned Rs 13,343 crores for the implantation of the initiative.

    • In FMD, the scheme covers vaccination to 30 crore bovines (cows-bulls and bualoes), 20 crore sheep or goat and 1 crore pigs at six months interval along with primary vaccination in bovine calves.

    • A recent study based on National Sample Survey Organization (NSSO) data has showed that India has 20.6 health workers per 10,000 people. This is less than World health Organization’s (WHO) minimum overreach of 22.8 per 10,000 people.