FINANCIAL NEWS फाइनेंशियल न्यूज  BULLETIN Dt-28-09-2021

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Commerce and Industry Minister Piyush Goyal today said the existing foreign trade policy (FTP) will be extended till March 31 next year. The Government had earlier extended the FTP 2015-20 until September 30 this year due to the COVID-19 crisis. The Foreign Trade Policy provides guidelines for enhancing exports to push economic growth and create jobs. 

The RBI today imposed a penalty of Rs 2 crore on RBL Bank for breaching deposit, board composition norms. An examination carried out the the RBI showed that the Bank was non-compliant in opening five savings deposit accounts for a co-operative bank.
-Economic Times

ICICI Bank today announced that it has partnered with Amazon India to offer overdraft (OD) facility upto ₹25 lakh to individual sellers and small businesses registered on the e-commerce marketplace amazon. In. “Driven by API integration, the partnership enables sellers to avail an OD from the Bank in a process — from application to sanction to disbursement — that is entirely digital. Even customers of other banks can avail the OD facility from ICICI Bank, if they are registered as sellers with,” it said in a statement.
-Business Line

The RBI has imposed a monetary penalty to ₹11 lakh on The Jammu & Kashmir State Co-operative Bank, Srinagar. The penalty, imposed by an order on Sept 23, is for contravention of section 23 read with section 56 of the Banking Regulation Act, 1949.
-Business Line

Federal Bank today said it has partnered with National Payments Council of India (NPCI) to launch a contactless credit card. The bank, in its statement, claimed that the card has the lowest Annual Percentage Rate (APR) in the industry starting at just 5.88% per annum.  APR refers to the annual interest rate accrued on a credit card if the cardholder fails to pay the bill in full. The industry average is 20-35%  APR.

IndusInd Bank today said it has partnered full-service airline Vistara to launch a co-branded credit card. Called Club Vistara IndusInd Bank Explorer credit card, it aims to fulfil the requirements of customers who prefer being on the go, the bank said in a statement.

Citi launched today a global technology hub at its Bahrain offices, the first of its kind in the region and with the aim of employing 1,000 coders over the next decade. The hub, based at Citi’s Bahrain premises, was set up in partnership with Tamkeen, a Govt-funded labour fund, and Bahrain’s Economic Development Board (EDB), which are also investing, a Citi executive said.

Ratings agency ICRA today revised up its 2021-22 real GDP growth estimate for India to 9% from the earlier 8.5%. A ramp-up in Covid-19 vaccination, healthy advance estimates of kharif (summer) crop and faster government spending were the factors which led to the revision, the agency said in a statement.
-Business Line

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