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Fitch Revises Outlook on 9 Indian Banks' IDRs to Stable; Affirms IDRs

Fitch Ratings has revised the Outlook to Stable from Negative on the Long-Term Issuer Default Ratings (IDR) of 9 Indian banks, while affirming their IDRs.

Fitch has also affirmed the Government Support Ratings (GSRs) for seven of them and the Shareholder Support Rating (SSR) on Bank of Baroda (New Zealand) Limited.

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India, Poland sign legal help treaty on criminal matters

India and Poland have signed a mutual legal assistance treaty on criminal matters (MLAT) to help both countries in investigation and prosecution of crimes, including those related to terrorism.

Poland became the 45th country with which New Delhi has signed an MLAT on criminal matters.

Ministry of Home Affairs is the nodal ministry for concluding MLATs in criminal matters.

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Centre Appoints Justice RP Desai As Chairperson Of Press Council Of India

Former Supreme Court judge Justice Ranjana Prakash Desai was appointed as Chairperson of Press Council of India.

Her predecessor is former Supreme Court judge Justice CK Prasad, who held office from 2014 to 2022.

Justice Desai was a judge of the Supreme Court from 13 September 2011 to 29 October 2014.

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Microfinance loans grew 10% in FY22, shows Microfinance Institutions Network (MFIN) data

The gross loan portfolio of India’s microfinance industry grew 10% in 2021-22 to ₹2.85 trillion, according to data released by MFIN.

In terms of regional distribution of gross loans, the eastern,the northeastern and the southern states account for 64.3% of the total portfolio. Tamil Nadu has become the largest state in terms of portfolio outstanding followed by Bihar & WB.

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RBI 'Payments Vision 2025' seeks 3-fold jump in digital payments

RBI aims to increase the number of digital payment transactions by more than 3X by 2025 and to curb the volume of cheque-based payments to less than 0.25% of the total retail payments.

The core theme of the vision documents is 'E-Payments for Everyone, Everywhere, Everytime' (4Es).

Document covers 47 specific initiatives and 10 expected outcomes.

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Payments Vision 2025 builds on the initiatives of Payments Vision 2019-21.

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Equitas Small Finance Bank to launch exclusive savings account for kids

Equitas Small Finance Bank announced that it is all set to launch an exclusive savings account for kids named ‘ENJOI’.

The savings account is aimed at introducing young kids to the financial world and encourage them to develop the saving habit early. The account will be launched on June 19 to coincide with Father’s Day.

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Equitas SFB:
HQ: Chennai.

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Shriram Group receives RBI nod for merger of financial services business

The Shriram Group has secured RBI approval for the merger of Shriram City Union Finance and Shriram Capital Ltd with Shriram Transport Finance Company in a consolidation set to create the largest retail finance NBFC in the country. The merged entity will be named Shriram Finance Ltd.

The scheme has to secure nods from the IRDA and other regulators as well.

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Nearly 5 mn in India displaced due to climate change, disasters in 2021: Global Trends Report by the UN Refugee Agency (UNHCR)

As per the report, nearly five million people in India were internally displaced due to climate change and disasters in 2021.

The report highlighted that globally 100 million people were forced to flee their homes last year.

The largest displacements in the context of disasters in 2021 occurred in China (6.0 million), the Philippines (5.7 million) and India (4.9 million).

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Exim Bank estimates India's merchandise exports at $117.2 bn in Q1FY23

The country's total merchandise exports are likely to be at USD 117.2 billion in the first quarter of FY23, according to India Exim Bank.

The total merchandise exports stood at USD 95.5 billion in the corresponding quarter of the previous year.

Non-oil exports continue to witness a double-digit growth of 12.6%, amounting to USD 93 billion, during first quarter of 2022-23.

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Burgundy Private Hurun's list: Razorpay, Ola, Swiggy biggest gainers in unlisted firms, NSE emerge as most valued

Razorpay, Ola Cabs, Swiggy, and Parle Products were among the top ten unlisted companies that witnessed a massive rise in their valuation last year, as per the Burgundy Private Hurun India 500 – Special Report.

Stock exchange, National Stock Exchange of India (NSE) outpaced Serum Institute of India in becoming the most valued unlisted firm.

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Financial services, Healthcare, Software & Services are among the biggest contributors.

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India’s trade deficit widens to record $24.29 billion in May

India’s trade deficit widened to a record $24.29 billion in May 2022 from $6.53 billion in the same month last year due to a sharp jump in the country’s imports, as per data released by the Ministry of Commerce and Industry.

The merchandise trade deficit in May 2022 is the highest ever monthly gap. On a year-on-year basis, it has surged by 271.96 per cent.

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The trade deficit has widened sharply due to a jump in the country’s imports.

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Adani Transmission gets ‘green’ tag for $700-mn revolving loan facility

Adani Transmission Limited (ATL) has bagged the coveted green loan tag by Sustainalytics for its revolving facility worth $700 million. This provides assurance on the green loan framework for ATL’s revolving facility.

A revolving loan facility is a flexible borrowing mechanism that enables the borrower to withdraw, repay, and withdraw again.

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Aarti Prabhakar to be appointed as Science Advisor to US President

An Indian-origin physicist is likely to be appointed US President Joe Biden’s next science adviser. It is also expected that she would be nominated by the President as director of the White House Office of Science and Technology (OSTP), though that appointment needs the nod of the Senate and could take months.

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2nd edition of DSDP Excellence Awards held in New Delhi

The 2nd edition of ‘Awards for Excellence in District Skill Development Planning’ (DSDP) were organised at Dr. Ambedkar International Centre in New Delhi where top 30 districts were awarded for their innovative best practices in skill development in the region.

Rajkot in Gujarat, Cachar in Assam and Satara in Maharashtra respectively were ranked top three.

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Cabinet approves mega 5G auction

The Union Cabinet has approved the auction of airwaves capable of offering fifth generation, or 5G, telecom services, including ultra high-speed Internet, and gave its nod for setting up of captive 5G networks by big tech firms.

The spectrum auction of over 72 GHz will start on July 26, 2022.

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UPI goes to France: NPCI International signs MoU with Lyra Network

After the UAE, Singapore, Nepal, and Bhutan, the National Payments Corporation of India (NPCI)said it has launched the Unified Payment Services (UPI) in Europe, starting with France.

NPCI International Payments Limited (NIPL)—the international arm of NPCI—has signed an MoU with France-based payments solution provider Lyra Network to accept UPI & Rupay cards in the country

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Ashwini Vaishnaw announced during his visit to France for the Viva Technology 2022 event.

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RBI approves reappointment of P.N. Vasudevan as MD, CEO of Equitas Small Finance Bank

The Reserve Bank of India (RBI) has approved the extension of the tenure of Equitas Small Finance Bank (SFB) Managing Director and Chief Executive Officer (MD & CEO) P.N. Vasudevan for one year beginning July 23, in line with the request of the bank, the SFB informed exchanges on June 15.

Vasudevan founded Equitas in 2007 as a microfinance institution (MFI).

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Equitas HQ: Chennai.