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Economy Current Affairs May 3rd Week 2019

 1. ‘Paytm First Card’

The digital payments company, Paytm has collaborated with Citibank and launched its 1st credit card called ‘Paytm First Card‘.
The new credit card is claimed to be internationally accepted and would offer 1% ‘unlimited cash back universally’ to the customers. In this policy, Paytm notified that its unlimited 1% cash back would be automatically credited each month bereft of any restrictions.
The card comes with an annual fee of Rs 500 and this fee will be fully waived off on expenses above Rs 50,000 per year.
The card will provide Paytm promo codes of Rs. 10,000 on expenses of minimum Rs. 10,000.
Paytm notified that an equated monthly instalment (EMI) option would be offered on purchases made on the new card.
The Paytm customers can apply for this new credit card through their Paytm app.
By using the Paytm First Card passbook, the customers can keep a track of their digital transactions. 
On a real-time basis, the Paytm app will also inform customers about the offers from both Paytm and Citibank.
Paytm also notifies that there is no hidden fee or additional charge included in this.
2. ED attaches properties worth Rs 483 crore in bank fraud case
Enforcement Directorate (ED) has provisionally attached immovable properties worth 483 crores registered with KSL and Industries Ltd, Mumbai, under the Prevention of Money Laundering Act in a bank fraud case.
The company is one of the group company of Tayal group of Companies. ED in a statement said the properties attached consist of commercially diverted land along with a shopping mall in Nagpur. 
The Agency initiated an investigation under PMLA on the basis of three FIRs of CBI against three different companies of Tayal group of Companies for cheating and fraudulently availing loans of 524 crore rupees from two banks.
The investigation revealed that they have diverted these funds through a maze of shell companies. 
3. Indian Bank posts net loss of Rs 190 cr in Q4
The public sector Indian Bank has registered a loss of 189.77 crore rupees in the last quarter, as compared to its previous quarter. 
Its Chairperson and Managing Director Padmaja Chunduru unveiled the bank`s annual financial results in Chennai. 
Later, addressing the media, she said, the net profit has turned negative due to two corporate loans turning into NPAs for which no provisioning has been made earlier. 
However, she said, the development is a one-off event and expressed confidence that the net profit would turn positive during the next quarter. 
She said, the global business of the bank has exceeded 4.3 lakh crore rupees, registering a sixteen percent rise. 
4. RBI releases vision document for e-payment system
Reserve Bank of India has released a vision document for ensuring a safe, secure, convenient, quick and affordable e-payment system. 
The move comes as the apex bank expects the number of digital transactions to increase more than four times to 8,707 crore in December 2021. 
According to RBI release the `Payment and Settlement Systems in India: Vision 2019 - 2021`, with its core theme of `Empowering Exceptional E-payment Experience`, envisages to achieve "a highly digital and cash-lite society" through the goal posts of competition, cost-effectiveness, convenience and confidence (4Cs).
The RBI said the payment systems landscape will continue to change with further innovation and entry of more players which is expected to ensure the optimal cost to the customers and freer access to multiple payment system options.
It said that the bank will implement the approach outlined in this Vision during the period 2019 - 2021. 
It further said that the approach of the RBI will continue to be of minimal intervention in the pricing of charges to customers for digital payments, all efforts will be made towards facilitating the operation of payment systems which are efficient and price-attractive.
The RBI said that the document talks about creating customer awareness, setting up a 24X7 helpline and self-regulatory organisation for system operators and service providers, among others. 
It added that the `no-compromise` approach towards safety and security of payment systems remains a hallmark of the vision.

Economy Current Affairs May 2nd Week 2019

 1. India & Turkey vow to strengthen economic relations

India and Turkey vowed to strengthen economic relations with the aim of reaching 10 billion US dollars bilateral trade by 2020.
Turkey`s Deputy Foreign Minister Sedat Onal, who is on a three-day visit to India since May 7, held talks with Gitesh A Sarma, Secretary (West) under the institutional mechanism of foreign office consultations.
Ministry of External Affairs (MEA) said in a statement that Deputy Foreign Minister Onal and Secretary (West) held cordial discussions on various aspects of bilateral ties including examining opportunities for enhancing trade and investment relations.
It added that other aspects such as enhanced cultural interaction, tourism, people-to-people contacts were also discussed.
India and Turkey reviewed the current situation in their respective regions and also exchanged views on several multilateral issues. 
Mr. Onal had earlier visited India as part of the delegation of President Recep Tayyip Erdogan in May 2017.
2. Max Life Insurance Co Ltd dedicated the 6th day of each month as ‘Protection Day’ to raise awareness on financial protection
Max Life Insurance Co Ltd has notified that it will commemorate the 6th day of each month as ‘Protection Day’. 
The objective of this initiative was to raise awareness on financial protection.
Aalok Bhan, Director and Chief Marketing Officer, Max Life notified that this date of the calendar month was selected, because, generally, number 6 indicates love, harmony and is also a symbol of secured financial future.
The decision came in line with the Company’s launch of Max Life India Protection Quotient survey conducted in collaboration with Kantar IMRB. 
It denoted that the extent to which the Indians feel protected from financial uncertainties is extremely low, and that level was as 35.
Various other initiatives will start off across Max Life Insurance’s network of around 240 offices, as a part of this initiative.
The Company will also start an initiative called the “Super Customer Week“, in which the customers will be taught about the different facets of financial protection.
The Max Life India Protection Quotient survey states 2 things, as follows:
1. Indians are negligibly prepared in facing financial instability.
2. The life insurance-consumers feel under-protected because of low uptake, lack of awareness and ownership of term insurance, thus degree of lesser awareness leading to inadequacy of cover.
3. 15th Finance Commission hold meetings with Eminent Economists
The 15th Finance Commission held a two-day meeting with eminent economists, top executives of leading banks at RBI headquarters in Mumbai. 
Addressing the media, Chairman of Finance Commission Mr N.K. Singh said that last two days meeting with top economists, Panel of experts from RBI and bankers, the Finance commission explored issues pertaining to state leadership, development, better governance and its connection with the market mechanism. 
Mr Singh said the experts also discussed on the future of Centrally Sponsored Schemes-CSSs and attempts by which rationalization and simplification were done in the past and overall situation at present.
He said that the obligation for the recapitalization of Prompt Corrective Actions of Public Sector Banks is upon the Central Government; hence the action would be taken only upon a Memorandum is submitted by the Union Government.
He also said that the panel expected that the Centre and states would conform to the targets stipulated in their respective Fiscal Responsibility and Budget Management Acts. 
He added that the experts unanimously agreed that the quality of the budget needs to improve. 
Speaking about Direct and Indirect tax scenario post GST, the FC Chairman said that projections of direct taxes made by Department of Revenue suggested a healthy buoyancy in coming years, while that of indirect taxes it`s not so healthy. 
He stated that as per the inputs from the IT department, there is a significant rise in overall Tax Ratio.