BANKING AWARENESS MAY 2017
***BANKING AWARENESS MAY 2017 BY B.K SHARMA**
1.RBI will soon put into circulation currency notes in one rupee denomination. New one rupee notes with predominantly pink-green on obverse & reverse in combination with other colours will be soon put into circulation. There is also a representation of One Rupee coin with rupee symbol having floral design & the surrounding design consists of the picture of ‘Sagar Samrat’ the oil exploration platform
2.India's growth is expected to rebound to 7.2 percent in the 2017-18 fiscal and 7.7 percent in 2018-19 after disruptions caused by demonetization, as per the IMF (International Monetary Fund) report. According to the report, growth in Asia is forecast to accelerate to 5.5 percent in 2017 from 5.3 percent in 2016.
3.The government has expanded the Banks Board Bureau (BBB) headed by former comptroller & auditor general Vinod Rai by adding two more members. Former Allahabad Bank chairperson & managing director Shubhalaxmi Panse & private equity player Pradip Shah have been inducted into the board as independent members.
4.Bank of Baroda (BOB) & IFFCO rolled out their first set of co-branded debit cards for farmers as part of a novel initiative to push digitalisation & cashless economy. The co-branded debit cards, with inbuilt overdraft of Rs. 2,500 in special savings bank account, could be used for purchase of various agri products at IFFCO sale counters.
5.Punjab National Bank (PNB) has gotten USD 100 million Asian Development Bank (ADB) loan to finance solar rooftop projects in India .
6.Karnataka Bank Ltd has entered into a MoU with Life Insurance Corporation of India for selling life insurance products of LIC.
7.Online payment app has announced 4% interest on savings Paytm
8.India announced a $500 million line of credit to Mauritius as the two countries resolved to deepen ties in a range of areas including the maritime domain.
9.Federal Bank, in association with Geojit, has launched a new trading platform called “Selfie” for customers. Designed & managed by Geojit, the trading platform will give its users absolute control over their investments with timely research inputs to make sound investment decisions.The features of the Selfie Trading Platform are a uniform experience across multiple platforms and devices and an advanced charting platform that enables users to trade directly from charts.
10.The expanded Preferential Trade Agreement, PTA between India and Chile has come into effect. Under this, both the countries have offered to lower or eliminate duties on a number of items traded with each other.
***BANKING AWARENESS MAY 2017 BY B.K SHARMA**
11.PM Narendra Modi will inaugurate the Annual Meetings of the African Development Bank (AfDB) on May 23, 2017. This is the first time in the history of AfDB Group that India would be hosting the Annual Meetings of the Bank. The core theme of the event is "Transforming Agriculture for Wealth Creation in Africa"
12.According to 2017 Brand Finance India 100 report, the most valuable brand in India is Tata Group.
➢ Tata Group is the most valuable brand in India with an estimated brand value of USD 13.1 billion. ➢ Airtel has acquired 2nd position followed by LIC, Infosys, SBI and Reliance Industries Ltd.
13.Thirty-four MoUs amounting to about Rs 2 lakh crores were signed in the three-day India Integrated Transport and Logistics Summit that was concluded in New Delhi.
14.The govt. has selected five merchant bankers to manage its 3% stake sale in Indian Oil Corporation (IOC)
Note: ➢ The bankers are - Goldman Sachs, Citigroup, Deutsche Equitives, SBI Capital Markets and ICICI Securities. ➢ It could fetch around Rs. 6000 crores to the exchequer. ➢ Currently, the Union Government holds 58.28 %stake in IOC
15.Israel Aerospace Industries (IAI) has closed another major deal worth 630 million US dollar with India to supply advanced long-range air & missile defense systems for four ships of the Indian Navy. According to State-owned IAI, the contract is for supplying Long Range Surface to Air Missile (LRSAM) systems.
16.Karnataka Bank Ltd has entered into a distribution agreement to sell the mutual fund products of HDFC Capital Asset Management Ltd (HDFCAML) during exchanged the MoU in Mangaluru, Karnataka.
17.EPFO would invest in Exchange Traded Funds (ETF) this fiscal Rs. 20,000 crores.
Note:
➢ The EPFO Central Board of Trustees meeting in Pune agreed on the proposal for raising ETF investments from 10 to 15% of investible deposits.
➢ Earlier, the Finance Ministry had notified a new investment pattern for EPFO, allowing the body to invest a minimum of 5% and up to 15% of its funds in equity or equity-related schemes.
18.ICICI Bank chief Chanda Kochhar has become the first Indian woman to be conferred with the prestigious Woodrow Wilson Award for Global Corporate Citizenship
19.Edelweiss Tokio launched India's first and the simplest life insurance product that can be bought at a point of sale (PoS) has finally been launched. Edelweiss Tokio Life Insurance has recently launched PoS Saral Nivesh the first product to be approved by the Insurance Regulatory and Development Authority of India's (IRDAI) guidelines on point of sale-life insurance products. PoS Saral Nivesh is a non-linked, nonparticipating endowment life insurance plan which offers both protection and saving.
20.The department has launched a new e-facility to link a person's Aadhaar with the Permanent Account Number(PAN) -- Income Tax (I-T) department.
Note:
➢ The department's e-filing website https://incometaxindiaefiling.gov.in has created a new link on its homepage making it easy to link the two unique identities of an individual.
➢ The link requires a person to punch in his PAN number, Aadhaar number and the exact name as given in the Aadhaar card.
***BANKING AWARENESS MAY 2017 BY B.K SHARMA**
21.HDFC Life announced the launch of an artificial intelligence-based application 'SPOK' that can automatically read, understand, categorize, prioritize & respond to customer emails sent to the private insurer. 'SPOK', an insurance email bot, can read customer queries within milliseconds & respond to them.
22.Dena Bank has become the first lender to classify Videocon Industries as a bad loan. With the default on payments, Dena Bank has declared Videocon Industries account as non-performing asset (NPA) in the fourth quarter ended March 2017 .
23.Chhattisgarh successfully auctioned its third limestone block, Kesla-II to Dalmia Cement with the highest bid received 96.15% of IBM (Indian Bureau of Mines) prices which are 20 times more than the reserve price. Kesla-II block is situated in the Tilda Tehsil of Raipur district of Chhattisgarh and covers over 357 hectares of area with an average grade of 43% CaO.
24.The SBI has announced an interest rate cut for affordable housing loans under Rs 30 lakh up to - 25 basis points.
Note:
➢ Salaried woman borrowers can avail loan at an interest rate of 8.35%, offering a reduction of 25 basis points, while for the non-salaried, the rate cut will be a 20 basis points.
➢ For salaried male borrowers, loan will be available at 8.40% (a rate cut of 20 basis points), while for the non-salaried, the rate cut will be 15 basis points.
25.As per the UN's 'The Economic and Social Survey of Asia and the Pacific 2017', India is expected to achieve 7.1 percent growth this year & would edge up to 7.5 percent for 2018.
26.Softbank has made its biggest investment in an Indian digital enterprise by sealing a funding round of Rs 9,000 crore ($1.4 billion) in mobile payments provider Paytm.
27.China-sponsored Asian Infrastructure Investment Bank (AIIB) has recently approved USD 160 million loan for a power project in Andhra Pradesh, the first credit from the bank for an Indian project. The objective is to strengthen the power transmission and distribution system in Andhra Pradesh.
28.Union Minister of Road Transport and Highways Nitin Gadkari launched the National Highways Authority of India (NHAI) Masala Bond at the London Stock Exchange, UK.LIC Housing Finance launched a new product `Griha Siddhi' which will offer loans for construction, purchase of the house or flat and repairs or renovation to the existing properties. Under the new product, borrowers will be offered the interest rate of 8.40% up to Rs 25 lakh and for loans up to Rs 1 crore the interest rate will be 8.50% per annum. For women borrowers, the mortgage lender is offering a special interest rate of 8.35% for loans up to Rs 25 lakh.
29.Insolvency and Bankruptcy Board of India (IBBI) has constituted Technical Committee to lay down Technical Standards for the performance of core services and other services in accordance with Regulation 14 of the IBBI (Information Utilities) Regulations, 2017. The committee will be Chaired by Dr. R. B. Barman.
30.In a survey conducted during March and April 2017, FICCI predicted India’s gross domestic product (GDP) growth will be around 7.4% for fiscal 2017-18, with a minimum and maximum level of 7% and 7.6% respectively. . The agricultural sector is estimated to clock 3.5% growth in 2017-18. The industry and services sector are expected to grow by 6.9% and 8.4% respectively in 2017-18
31.RBI put the restriction on Kolkata-based PSU UCO Bank’s lending and branch expansion plans as the state-run lender made net losses for the two successive fiscal amid severe stress on asset quality. It has initiated 'Prompt Corrective Action' (PCA) framework on UCO bank on account of high bad loans and negative return of assets. UCO is the second lender after IDBI Bank to face this.
***BANKING AWARENESS MAY 2017 BY B.K SHARMA**
32.The Finance Ministry has set up an Investor Facilitation Platform that will provide information about stocks of public sector units. It is set up by the Department of Investment and Public Asset Management (DIPAM).
33.The Hinduja brothers have topped the 2017 list of the richest 1,000 people in the UK with an estimated fortune of 16.2 billion pounds, a massive 3.2 billion pound hike in their fortunes over the previous year.
34.Cashback portal Cashkaro.com has tied up with YES Bank to launch card-linked offers as part of its loyalty program for both offline and online shoppers.
35.CCEA given its approval for restructuring the schemes of the Ministry of Food Processing Industries (MoFPI) under new Central Sector Scheme – SAMPADA (Scheme for Agro-Marine Processing and Development of AgroProcessing Clusters) for the period 2016-20 coterminous with the 14th Finance Commission cycle. SAMPADA with an allocation of Rs. 6,000 crore is expected to leverage the investment of Rs. 31,400 crore will benefit 20 lakh farmers and generate 5,30,500 direct/ indirect employment in the country by the year 2019-20. The objective of SAMPADA is to supplement agriculture, modernize processing and decrease agriwaste
36.Apple Inc became the first US company to top the $800 billion mark in market capitalization slightly more than two years after it crossed the $700 billion thresholds.
37.The government has revised the base year of Wholesale Price Index, WPI and Index of Industrial Production, IIP to 2011-2012 from 2004-05. As per the new series, April WPI inflation stood at 3.85 percent
38.SBI will charged at Rs. 25 per ATM withdrawal charge but this will be applicable only to customers of its mobile wallet State Bank Buddy.
39.Quikr has announced the acquisition of on-demand household services provider Zimmber.
Note:
➢ Zimmber will benefit from synergies with QuikrServices and other Quikr verticals and also enter into newer markets.
➢ Zimmber was founded by Anubhab Goel, Amit Kumar and Gaurav Shrivastava, and provides on-demand home services like plumbing, carpentry, pest control, deep cleaning, sofa and carpet cleaning, among others.
40.G Rajkiran Rai, Executive Director at Oriental Bank of Commerce, has been appointed MD & CEO of Union Bank of India, for a period of three years.
41.R Subramaniakumar, Executive Director, Indian Overseas Bank, has been elevated as MD & CEO of the bank.
***BANKING AWARENESS MAY 2017 BY B.K SHARMA**
42Usha Ananthasubramanian, MD, and CEO, Punjab National Bank, has been appointed as MD & CEO of Allahabad Bank.
43.Sunil Mehta, Executive Director, Corporation Bank, has been appointed as MD & CEO of Punjab National Bank.
44.Dinabandhu Mohapatra, Executive Director at Canara Bank, as MD and CEO of Bank of India.
45.RA Sankara Narayanan, ED, Bank of India, has been appointed MD & CEO of Vijaya Bank.
46.Digital payment and commerce company Paytm has received the final nod from the Reserve Bank of Indiaand is set to launch Paytm Payments Bank on May 23, 2017.
47.According to the Union Minister for Micro Small and Micro Medium Enterprises ministry the export of Coir and Coir products from the country has touched all time high by value -- Rs. 2282 crore.
Note:
➢ This represents an increase by 27% over value and 20 % over quantity comparing to the previous year.
➢ The Coir Board is going ahead with a project to fabricate a versatile spinning machine capable of producing yarn with uniform thickness in large quantity
48.According to the latest Economic Outlook Survey of FICCI, India’s GDP forecast for FY 18 -- 7.4%
49.Markets regulator Stock Exchange board of India (Sebi) allowed investors to buy mutual fund schemes for up to Rs 50,000 through digital wallets, making it easier for them especially the young generation to purchase these instruments.
50.Reliance Corporate IT Park Ltd. (RCITPL) has signed a MoU with enterprise application software major for solution for taxpayers SARAL GST.
51.RBI has asked all the existing asset reconstruction companies (ARCs) to have a minimum net owned fund (NOF) of Rs100 crore by March 2019.
***BANKING AWARENESS MAY 2017 BY B.K SHARMA**
52.The ‘Operation Clean Money Portal’ to keep a tab on dishonest citizens hiding their income from the authorities and government has been launched by - Mr. Arun Jaitley.
Note:
➢ The Portal will provide comprehensive information at one place consisting of step by step guides, frequently asked questions (FAQ), quick reference guides and training toolkits related to verification process.
➢ The portal has been designed by the Central Board of Direct Taxes (CBDT) to identify those who have made large deposits or purchases and which are not in line with declared income as a follow-up to Operation Clean Money.
53.The GST Council has finalized a 4-slab service tax structure at the rates of -- 5, 12, 18 and 28%. Note:
➢ GST regime is scheduled to be implemented from July 1. In the next GST Council meeting, tax rates on gold and other precious metals will be taken up for discussion.
54.HDFC Life has entered into a bancassurance tie-up with Catholic Syrian Bank to distribute its individual life insurance products to the private lender’s customers.
55.The promulgation of the Banking Regulation (Amendment) Ordinance, 2017 inserting two new Sections (viz. 35AA and 35AB) after Section 35A of the Banking Regulation Act, 1949 enables the UnionGovernment to authorize the Reserve Bank of India (RBI) to direct banking companies to resolve specific stressed assets by initiating insolvency resolution process, where required. The RBI has also been empowered to issue other directions for resolution, and appoint or approve for appointment, authorities or committees to advise banking companies for stressed asset resolution.
56.India's first International Financial Services Centre (IFSC) at Gujarat International Finance-Tec City (GIFT) entered into an agreement with Gujarat National Law University (GNLU) to collaborate on efforts for Skill Development in the field of International Financial Services & Regulations.
57.The first Samavesh meeting of the National Steering Group and other knowledge partners-- NITI Aayog.
Note:
➢ The meeting was attended by representatives of four States- Kerala, Assam, Uttar Pradesh and Rajasthan.
58.The bank has cut its term deposit rates by up to 50 basis points for various maturities -- State Bank of India.
Note:
➢ The rates have been revised for medium and longterm deposits and for amount below Rs. one crore.
➢ Now, SBI will offer a rate of 6.25% as compared to 6.75% earlier for two to less than three year deposits.
59.According to the Asian Development Bank (ADB), Indian economy will grow in this fiscal -- 7.4%.
Note:
➢ India had grown 7.1% in the previous fiscal.
➢ The Goods and Services Tax and the new bankruptcy law will make it easier to do business in India.
***BANKING AWARENESS MAY 2017 BY B.K SHARMA**
Click below to download in pdf
Banking awareness may 2017 by BK SHARMA
1.RBI will soon put into circulation currency notes in one rupee denomination. New one rupee notes with predominantly pink-green on obverse & reverse in combination with other colours will be soon put into circulation. There is also a representation of One Rupee coin with rupee symbol having floral design & the surrounding design consists of the picture of ‘Sagar Samrat’ the oil exploration platform
2.India's growth is expected to rebound to 7.2 percent in the 2017-18 fiscal and 7.7 percent in 2018-19 after disruptions caused by demonetization, as per the IMF (International Monetary Fund) report. According to the report, growth in Asia is forecast to accelerate to 5.5 percent in 2017 from 5.3 percent in 2016.
3.The government has expanded the Banks Board Bureau (BBB) headed by former comptroller & auditor general Vinod Rai by adding two more members. Former Allahabad Bank chairperson & managing director Shubhalaxmi Panse & private equity player Pradip Shah have been inducted into the board as independent members.
4.Bank of Baroda (BOB) & IFFCO rolled out their first set of co-branded debit cards for farmers as part of a novel initiative to push digitalisation & cashless economy. The co-branded debit cards, with inbuilt overdraft of Rs. 2,500 in special savings bank account, could be used for purchase of various agri products at IFFCO sale counters.
5.Punjab National Bank (PNB) has gotten USD 100 million Asian Development Bank (ADB) loan to finance solar rooftop projects in India .
6.Karnataka Bank Ltd has entered into a MoU with Life Insurance Corporation of India for selling life insurance products of LIC.
7.Online payment app has announced 4% interest on savings Paytm
8.India announced a $500 million line of credit to Mauritius as the two countries resolved to deepen ties in a range of areas including the maritime domain.
9.Federal Bank, in association with Geojit, has launched a new trading platform called “Selfie” for customers. Designed & managed by Geojit, the trading platform will give its users absolute control over their investments with timely research inputs to make sound investment decisions.The features of the Selfie Trading Platform are a uniform experience across multiple platforms and devices and an advanced charting platform that enables users to trade directly from charts.
10.The expanded Preferential Trade Agreement, PTA between India and Chile has come into effect. Under this, both the countries have offered to lower or eliminate duties on a number of items traded with each other.
***BANKING AWARENESS MAY 2017 BY B.K SHARMA**
11.PM Narendra Modi will inaugurate the Annual Meetings of the African Development Bank (AfDB) on May 23, 2017. This is the first time in the history of AfDB Group that India would be hosting the Annual Meetings of the Bank. The core theme of the event is "Transforming Agriculture for Wealth Creation in Africa"
12.According to 2017 Brand Finance India 100 report, the most valuable brand in India is Tata Group.
➢ Tata Group is the most valuable brand in India with an estimated brand value of USD 13.1 billion. ➢ Airtel has acquired 2nd position followed by LIC, Infosys, SBI and Reliance Industries Ltd.
13.Thirty-four MoUs amounting to about Rs 2 lakh crores were signed in the three-day India Integrated Transport and Logistics Summit that was concluded in New Delhi.
14.The govt. has selected five merchant bankers to manage its 3% stake sale in Indian Oil Corporation (IOC)
Note: ➢ The bankers are - Goldman Sachs, Citigroup, Deutsche Equitives, SBI Capital Markets and ICICI Securities. ➢ It could fetch around Rs. 6000 crores to the exchequer. ➢ Currently, the Union Government holds 58.28 %stake in IOC
15.Israel Aerospace Industries (IAI) has closed another major deal worth 630 million US dollar with India to supply advanced long-range air & missile defense systems for four ships of the Indian Navy. According to State-owned IAI, the contract is for supplying Long Range Surface to Air Missile (LRSAM) systems.
16.Karnataka Bank Ltd has entered into a distribution agreement to sell the mutual fund products of HDFC Capital Asset Management Ltd (HDFCAML) during exchanged the MoU in Mangaluru, Karnataka.
17.EPFO would invest in Exchange Traded Funds (ETF) this fiscal Rs. 20,000 crores.
Note:
➢ The EPFO Central Board of Trustees meeting in Pune agreed on the proposal for raising ETF investments from 10 to 15% of investible deposits.
➢ Earlier, the Finance Ministry had notified a new investment pattern for EPFO, allowing the body to invest a minimum of 5% and up to 15% of its funds in equity or equity-related schemes.
18.ICICI Bank chief Chanda Kochhar has become the first Indian woman to be conferred with the prestigious Woodrow Wilson Award for Global Corporate Citizenship
19.Edelweiss Tokio launched India's first and the simplest life insurance product that can be bought at a point of sale (PoS) has finally been launched. Edelweiss Tokio Life Insurance has recently launched PoS Saral Nivesh the first product to be approved by the Insurance Regulatory and Development Authority of India's (IRDAI) guidelines on point of sale-life insurance products. PoS Saral Nivesh is a non-linked, nonparticipating endowment life insurance plan which offers both protection and saving.
20.The department has launched a new e-facility to link a person's Aadhaar with the Permanent Account Number(PAN) -- Income Tax (I-T) department.
Note:
➢ The department's e-filing website https://incometaxindiaefiling.gov.in has created a new link on its homepage making it easy to link the two unique identities of an individual.
➢ The link requires a person to punch in his PAN number, Aadhaar number and the exact name as given in the Aadhaar card.
***BANKING AWARENESS MAY 2017 BY B.K SHARMA**
21.HDFC Life announced the launch of an artificial intelligence-based application 'SPOK' that can automatically read, understand, categorize, prioritize & respond to customer emails sent to the private insurer. 'SPOK', an insurance email bot, can read customer queries within milliseconds & respond to them.
22.Dena Bank has become the first lender to classify Videocon Industries as a bad loan. With the default on payments, Dena Bank has declared Videocon Industries account as non-performing asset (NPA) in the fourth quarter ended March 2017 .
23.Chhattisgarh successfully auctioned its third limestone block, Kesla-II to Dalmia Cement with the highest bid received 96.15% of IBM (Indian Bureau of Mines) prices which are 20 times more than the reserve price. Kesla-II block is situated in the Tilda Tehsil of Raipur district of Chhattisgarh and covers over 357 hectares of area with an average grade of 43% CaO.
24.The SBI has announced an interest rate cut for affordable housing loans under Rs 30 lakh up to - 25 basis points.
Note:
➢ Salaried woman borrowers can avail loan at an interest rate of 8.35%, offering a reduction of 25 basis points, while for the non-salaried, the rate cut will be a 20 basis points.
➢ For salaried male borrowers, loan will be available at 8.40% (a rate cut of 20 basis points), while for the non-salaried, the rate cut will be 15 basis points.
25.As per the UN's 'The Economic and Social Survey of Asia and the Pacific 2017', India is expected to achieve 7.1 percent growth this year & would edge up to 7.5 percent for 2018.
26.Softbank has made its biggest investment in an Indian digital enterprise by sealing a funding round of Rs 9,000 crore ($1.4 billion) in mobile payments provider Paytm.
27.China-sponsored Asian Infrastructure Investment Bank (AIIB) has recently approved USD 160 million loan for a power project in Andhra Pradesh, the first credit from the bank for an Indian project. The objective is to strengthen the power transmission and distribution system in Andhra Pradesh.
28.Union Minister of Road Transport and Highways Nitin Gadkari launched the National Highways Authority of India (NHAI) Masala Bond at the London Stock Exchange, UK.LIC Housing Finance launched a new product `Griha Siddhi' which will offer loans for construction, purchase of the house or flat and repairs or renovation to the existing properties. Under the new product, borrowers will be offered the interest rate of 8.40% up to Rs 25 lakh and for loans up to Rs 1 crore the interest rate will be 8.50% per annum. For women borrowers, the mortgage lender is offering a special interest rate of 8.35% for loans up to Rs 25 lakh.
29.Insolvency and Bankruptcy Board of India (IBBI) has constituted Technical Committee to lay down Technical Standards for the performance of core services and other services in accordance with Regulation 14 of the IBBI (Information Utilities) Regulations, 2017. The committee will be Chaired by Dr. R. B. Barman.
30.In a survey conducted during March and April 2017, FICCI predicted India’s gross domestic product (GDP) growth will be around 7.4% for fiscal 2017-18, with a minimum and maximum level of 7% and 7.6% respectively. . The agricultural sector is estimated to clock 3.5% growth in 2017-18. The industry and services sector are expected to grow by 6.9% and 8.4% respectively in 2017-18
31.RBI put the restriction on Kolkata-based PSU UCO Bank’s lending and branch expansion plans as the state-run lender made net losses for the two successive fiscal amid severe stress on asset quality. It has initiated 'Prompt Corrective Action' (PCA) framework on UCO bank on account of high bad loans and negative return of assets. UCO is the second lender after IDBI Bank to face this.
***BANKING AWARENESS MAY 2017 BY B.K SHARMA**
32.The Finance Ministry has set up an Investor Facilitation Platform that will provide information about stocks of public sector units. It is set up by the Department of Investment and Public Asset Management (DIPAM).
33.The Hinduja brothers have topped the 2017 list of the richest 1,000 people in the UK with an estimated fortune of 16.2 billion pounds, a massive 3.2 billion pound hike in their fortunes over the previous year.
34.Cashback portal Cashkaro.com has tied up with YES Bank to launch card-linked offers as part of its loyalty program for both offline and online shoppers.
35.CCEA given its approval for restructuring the schemes of the Ministry of Food Processing Industries (MoFPI) under new Central Sector Scheme – SAMPADA (Scheme for Agro-Marine Processing and Development of AgroProcessing Clusters) for the period 2016-20 coterminous with the 14th Finance Commission cycle. SAMPADA with an allocation of Rs. 6,000 crore is expected to leverage the investment of Rs. 31,400 crore will benefit 20 lakh farmers and generate 5,30,500 direct/ indirect employment in the country by the year 2019-20. The objective of SAMPADA is to supplement agriculture, modernize processing and decrease agriwaste
36.Apple Inc became the first US company to top the $800 billion mark in market capitalization slightly more than two years after it crossed the $700 billion thresholds.
37.The government has revised the base year of Wholesale Price Index, WPI and Index of Industrial Production, IIP to 2011-2012 from 2004-05. As per the new series, April WPI inflation stood at 3.85 percent
38.SBI will charged at Rs. 25 per ATM withdrawal charge but this will be applicable only to customers of its mobile wallet State Bank Buddy.
39.Quikr has announced the acquisition of on-demand household services provider Zimmber.
Note:
➢ Zimmber will benefit from synergies with QuikrServices and other Quikr verticals and also enter into newer markets.
➢ Zimmber was founded by Anubhab Goel, Amit Kumar and Gaurav Shrivastava, and provides on-demand home services like plumbing, carpentry, pest control, deep cleaning, sofa and carpet cleaning, among others.
40.G Rajkiran Rai, Executive Director at Oriental Bank of Commerce, has been appointed MD & CEO of Union Bank of India, for a period of three years.
41.R Subramaniakumar, Executive Director, Indian Overseas Bank, has been elevated as MD & CEO of the bank.
***BANKING AWARENESS MAY 2017 BY B.K SHARMA**
42Usha Ananthasubramanian, MD, and CEO, Punjab National Bank, has been appointed as MD & CEO of Allahabad Bank.
43.Sunil Mehta, Executive Director, Corporation Bank, has been appointed as MD & CEO of Punjab National Bank.
44.Dinabandhu Mohapatra, Executive Director at Canara Bank, as MD and CEO of Bank of India.
45.RA Sankara Narayanan, ED, Bank of India, has been appointed MD & CEO of Vijaya Bank.
46.Digital payment and commerce company Paytm has received the final nod from the Reserve Bank of Indiaand is set to launch Paytm Payments Bank on May 23, 2017.
47.According to the Union Minister for Micro Small and Micro Medium Enterprises ministry the export of Coir and Coir products from the country has touched all time high by value -- Rs. 2282 crore.
Note:
➢ This represents an increase by 27% over value and 20 % over quantity comparing to the previous year.
➢ The Coir Board is going ahead with a project to fabricate a versatile spinning machine capable of producing yarn with uniform thickness in large quantity
48.According to the latest Economic Outlook Survey of FICCI, India’s GDP forecast for FY 18 -- 7.4%
49.Markets regulator Stock Exchange board of India (Sebi) allowed investors to buy mutual fund schemes for up to Rs 50,000 through digital wallets, making it easier for them especially the young generation to purchase these instruments.
50.Reliance Corporate IT Park Ltd. (RCITPL) has signed a MoU with enterprise application software major for solution for taxpayers SARAL GST.
51.RBI has asked all the existing asset reconstruction companies (ARCs) to have a minimum net owned fund (NOF) of Rs100 crore by March 2019.
***BANKING AWARENESS MAY 2017 BY B.K SHARMA**
52.The ‘Operation Clean Money Portal’ to keep a tab on dishonest citizens hiding their income from the authorities and government has been launched by - Mr. Arun Jaitley.
Note:
➢ The Portal will provide comprehensive information at one place consisting of step by step guides, frequently asked questions (FAQ), quick reference guides and training toolkits related to verification process.
➢ The portal has been designed by the Central Board of Direct Taxes (CBDT) to identify those who have made large deposits or purchases and which are not in line with declared income as a follow-up to Operation Clean Money.
53.The GST Council has finalized a 4-slab service tax structure at the rates of -- 5, 12, 18 and 28%. Note:
➢ GST regime is scheduled to be implemented from July 1. In the next GST Council meeting, tax rates on gold and other precious metals will be taken up for discussion.
54.HDFC Life has entered into a bancassurance tie-up with Catholic Syrian Bank to distribute its individual life insurance products to the private lender’s customers.
55.The promulgation of the Banking Regulation (Amendment) Ordinance, 2017 inserting two new Sections (viz. 35AA and 35AB) after Section 35A of the Banking Regulation Act, 1949 enables the UnionGovernment to authorize the Reserve Bank of India (RBI) to direct banking companies to resolve specific stressed assets by initiating insolvency resolution process, where required. The RBI has also been empowered to issue other directions for resolution, and appoint or approve for appointment, authorities or committees to advise banking companies for stressed asset resolution.
56.India's first International Financial Services Centre (IFSC) at Gujarat International Finance-Tec City (GIFT) entered into an agreement with Gujarat National Law University (GNLU) to collaborate on efforts for Skill Development in the field of International Financial Services & Regulations.
57.The first Samavesh meeting of the National Steering Group and other knowledge partners-- NITI Aayog.
Note:
➢ The meeting was attended by representatives of four States- Kerala, Assam, Uttar Pradesh and Rajasthan.
58.The bank has cut its term deposit rates by up to 50 basis points for various maturities -- State Bank of India.
Note:
➢ The rates have been revised for medium and longterm deposits and for amount below Rs. one crore.
➢ Now, SBI will offer a rate of 6.25% as compared to 6.75% earlier for two to less than three year deposits.
59.According to the Asian Development Bank (ADB), Indian economy will grow in this fiscal -- 7.4%.
Note:
➢ India had grown 7.1% in the previous fiscal.
➢ The Goods and Services Tax and the new bankruptcy law will make it easier to do business in India.
***BANKING AWARENESS MAY 2017 BY B.K SHARMA**
Click below to download in pdf
Banking awareness may 2017 by BK SHARMA
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