1. Department of Public Enterprises (DPE) merged with Finance Ministry.
- Department of Public Enterprises (DPE) has been merged with Finance Ministry.
- For this purpose, Cabinet Secretariat notified an amendment to the Government of India (Allocation of Business) Rules, 1961. It came into force immediately.
- Finance Ministry had earlier five departments- Economic Affairs, Revenue, Expenditure, Investment and Public Asset Management, and Financial Services. It has now six departments.
- Heavy Industries Ministry will continue to be the nodal ministry for the automobile and capital goods sector.
- Department of Public Enterprises was earlier part of the Ministry of Heavy Industries and Public Enterprises.
Topic: Reports and Indices
2. Online commerce industry to reach $188 billion in 2025 from $64 billion last year.
- As per a report by FICCI, the online commerce industry is projected to reach $188 billion in 2025 from $64 billion last year.
- The report ‘A progressive shift from transactions to trust’ was recently released on 07 July.
- As per the report, consumers are no longer turning to online commerce as an alternative buying channel.
- Federation of Indian Chambers of Commerce & Industry (FICCI) is a non-governmental trade association and advocacy group.
- It is the largest and oldest apex business organization in India. It was established in 1927. It is a non-government and not-for-profit organization. Harshavardhan Neotia is its president.
3. RBI imposes monetary penalty on fourteen banks.
- RBI has imposed a monetary penalty on fourteen banks for non-compliance with directions issued by RBI.
- RBI has imposed monetary penalties in the exercise of powers vested in RBI under the provisions of sections 47, 46 and 51 of the Banking Regulation Act, 1949.
- The names of the banks are given in the following table.
Bandhan Bank Ltd.
Karnataka Bank Ltd.
Bank of Baroda
Karur Vysya Bank Ltd.
Bank of Maharashtra
Punjab and Sind Bank
Central Bank of India
South Indian Bank Ltd.
Credit Suisse AG
State Bank of India
The Jammu & Kashmir Bank Ltd.
IndusInd Bank Ltd.
Utkarsh Small Finance Bank Ltd.
4. Bajaj Allianz General Insurance and Bank of India enter into agreement.
- Bajaj Allianz General Insurance and Bank of India has entered into a corporate agency agreement.
- The agreement will enable the distribution of Bajaj Allianz General Insurance’s products through the bank’s network of branches.
- Under the agreement, Bajaj Allianz General Insurance will offer a personal line of products such as motor insurance, health insurance, home insurance and commercial line of products like engineering insurance, marine insurance to customers of Bank of India.
- Bajaj Allianz General Insurance is a private general insurance company in India.
- Bank of India is a government of India-owned bank. It’s headquartered in Mumbai. Atanu Kumar Das is the MD & CEO of Bank of India.
5. PCHFL to collect up to ₹1,000 crore through NCDs.
- Piramal Capital and Housing Finance Limited (PCHFL) will collect up to ₹1,000 crore through non-convertible debentures (NCDs).
- PCHFL has announced the issue of non-convertible debentures of the face value of ₹1,000 each.
- Tranche I Issue has a base issue size of ₹200 crore. It opens on July 12, 2021, and closes on July 23, 2021.
- PCHFL is a wholly-owned subsidiary of Piramal Enterprises Ltd. It is a non-deposit taking housing finance company.
- Non-convertible debentures:
- They are financial instruments that are not convertible into shares or equities. They are used for raising long-term funds.
- In comparison to convertible debentures, NCDs provide higher returns.
6. Drip Capital partners with SBM Bank India.
- Drip Capital has partnered with SBM Bank India to offer trade financing solutions for small and medium-sized exporters in India.
- With this partnership, MSME exporters will get collateral-free working capital at competitive rates.
- Drip Capital is a fintech provider of cross border trade finance. Pushkar Mukewar and Neil Kothari are the founders of Drip Capital.
7. Razorpay partners with Mastercard to launch MandateHQ .
- Razorpay has partnered with Mastercard to launch MandateHQ, a new recurring payment interface to help banks comply with the new RBI guidelines on recurring payments.
- As per Shashank Kumar, Co-Founder and Chief Technical Officer (CTO), Razorpay, banks can adopt MandateHQ solution in seven days and enable their cardholders to make recurring payments.
- RBI had issued a framework for processing e-mandates on recurring online transactions.
- RBI had made authentication mandatory for all recurring transactions below ₹5,000 on debit cards, credit cards, UPI and other pre-paid instruments.
- Razorpay is a payment solution provider in India. Mastercard is an American multinational financial services corporation.
Topic: Banking System
8. Max Bupa Health Insurance enters into a bancassurance partnership with Axis Bank.
- Max Bupa Health Insurance has entered into a bancassurance partnership with Axis Bank, which is India’s third-largest private sector bank.
- The partnership will help provide comprehensive health insurance solutions to employees and customers of Axis Bank.
- The partnership will enable Axis Bank customers to gain access to quality healthcare solutions through the health insurance products of Max Bupa.
- Axis Bank also has an existing health insurance partnership with Aditya Birla Health Insurance.
- Bancassurance is defined as a relationship between a bank and an insurance company that aims at offering insurance products to the bank’s customers.
- Max Bupa Health Insurance is an Indian health insurance company.
- Axis Bank is the third-largest private bank in India. It is headquartered in Mumbai. Its MD & CEO is Amitabh Chaudhry.