Banking & Finance Awareness 2017 by AffairsCloud.pdf

Current Affairs Sectionwise PDFBanking & Finance Awareness January 2017 RBI Extends the Demonetized Currency Exchange Date for NRIs to June 30 i. The Reserve Bank of India (RBI) has taken a relief providing decision for the Non-Resident Indian and Indian Citizens who were staying abroad since November 9 to December 31post demonetization decision. ii. As per the decision, the Indian Citizens can exchange their demonetized notes up to March 31, 2017 while the Non Resident Indian (NRIs) citizens can avail this facility up to June 30, 2017. iii. The bank informed that there would not be any limit for Indian residents while for the NRIs the maximum limit would be Rs 25,000 as per the FEMA regulations 2015. iv. They can avail this facility only once during the period on submission of valid ID documents and evidence proof of being abroad. The decision also states that third party tender will not be accepted. Govt permits 12 PSU banks to raise Rs 3,000 cr from market i. The Central government had infused a sum of Rs 25,000 crore in 19 PSBs during FY 2015- 16.In this Rs. 22,915 crore was allocated to 13 PSBs on July 19, 2016. ii. The remaining amount Rs 2,914.038 crore will be released on assessment of performance of 12 PSBs, the Department of Finance in its year-end review for 2016 iii. The Finance Minister ArunJaitleyhas granted its approval to 12 proposals of PSBs to raise a sum of Rs 2,914.038 crore through preferential allotment and permission given to raise Rs 200 crore by United Bank of India through QIP mode. 26 crore accounts open under Jan Dhan Yojana across country i. According to latest data released by Finance Minister ArunJaitley, 26 crore three lakh accounts have been opened under the Pradhan Mantri Jan Dhan Yojana (PMJDY) across the country till date. ii. 15.86 crore accounts are opened in rural area and 10.17 crore accounts opened in urban area. iii. Over 71 thousand 500 crore rupees have been deposited in these accounts and zero balance accounts has come down to 23.86 per cent. Bank of Baroda ties up with CNX Corporation i. Public sector lender Bank of Baroda has announced a partnership with CNX Corporation (CNX) to provide collateral management services towards the loans against warehouse receipt 1|Page Follow Us - FB.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud.Com Current Affairs Sectionwise PDF sanctioned to the farmers through the network of the bank’s branches across the country. ii. This will benefit the farmers from distress sale of their commodities Banks cuts lending rates, home, corporate loans to be cheaper A day after Prime Minister Narendra Modi announced an interest subvention for home loans of up to Rs. 12 lakh and asked banks to keep the poor and middle class at the focus of their activities many PSUs and private banks reduced their benchmark lending rate by up to 1.48 percent on January 3, 2017. • The reduction in lending rates may lead to an increase in credit taking frequency which has moderated substantially putting burden on balance sheet of banks. Housing, auto and corporate loans are all set to become cheaper. • The three state-owned banks, State Bank of India (SBI) and Punjab National Bank (PNB) and Union Bank of India on January 1, 2017, reduced the lending rate by a good 0.9 per cent. • While SBI reduced its marginal cost of funds based lending rate (MCLR) by 90 basis points for all maturities, Union Bank of India reduced its MCLR by 65-90 basis points for loans of various tenures while PNB cut its MCLRs by 70 basis points for 1, 2 and 3 year tenures. • Following the reduction, lending rate of SBI for a one-year loan, has come down to 8% from 8.90%. • Following State Bank of India, other lenders including largest private sector lender ICICI Bank and state-owned Oriental Bank of Commerce and Andhra Bank too announced cut in marginal cost of funds based lending rate (MCLR). • Home loan rates for ICICI Bank will come down between 0.45% and 0.6%, depending on quantum and category. • Oriental Bank of Commerce has reduced the one-year MCLR rate by 0.8% to 8.60%, while Andhra Bank has brought it down by a similar percentage point to 8.65%, effective January 3, 2017 • Kotak Mahindra Bank, too reduced the MCLR rate by up to 0.45%. The bank has reduced MCLR by 0.20% to 9% from 9.20% for one-year tenor. However, the MCLR for the three-month period has been reduced by 0.45 percentage points to 8.40%, while the lending rate for two and three years, has been brought down to 9% from 9.25%. • Bandhan Bank has cut its MCLR by 1.48%, to 10.52%, effective from January 3, 2017. With this, the bank has cut its loan rate for small borrowers by almost 4 percentage points, since it started operations in August 2015. 2|Page Follow Us - FB.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud.Com Current Affairs Sectionwise PDF • Dena bank has reduced the MCLR by 0.75%, to 8.55%, for 1 year tenor. RBI Directs Banks to Supply 40 Percent Notes in Rural Areas The Reserve Bank of India on January 3, 2017, directed all the banks to supply atleast 40 percent of the notes to the rural branches since currency notes in rural areas was not adequate to meet the requirements of the population. HDFC Ties with Niki.ai to Launch OnChat to make Payments via Facebook’s Messenger i. HDFC has tied-up with artificial intelligence firm Niki.ai to launch a chatbot called OnChat on Facebook’s Messenger platform, that will allow users to recharge phones, pay utility bills, book cabs from Ola or Uber etc., through a chat. ii. The chatbot is available for non-HDFC bank users as well. The chat opens a payment gateway through which transactions can be made using any bank account. Coca-Cola India partners the State Bank of India to enable digital transactions i. Coca-Cola India and its largest bottling partner Hindustan Coca-Cola beverages have partnered the SBI to enable over 2.6 million retailers and 5000 distributors in conducting business transactions digitally. ii. SBI will educate retailers on digital transactions and will be developed a customized payment solution for retailers and distributors. Munich Re to open reinsurance branch office in Mumbai Germany based Munich Reinsurance Company is planned to open its branch office in Mumbai to provide the property-casualty, life, health reinsurance markets across India. ♦ Munich Re is one of the first foreign reinsurers to receive approval for a dedicated branch in India following the 2015 amendment of the Insurance Bill. Yes Bank ties-up with Bajaj Electricals for vendor financing using block chain i. Yes Bank has entered into a tie-up with Bajaj Electricals for vendor financing using blockchain solution. ii. There is an over 70 per cent cost reduction because of blockchain and the payback for our investments is 6-8 months. Rs 5 discount on online payment of LPG cylinder i. Cooking gas customers can now avail an upfront discount of Rs 5 on every refill booked and paid for online. ii. Indian Oil, Bharat Petroleum and Hindustan Petroleum have begun offering the price discount to cooking gas customers. 3|Page Follow Us - FB.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud.Com All the SB Account holders within the age group of 18-70 years can register themselves for the insurance scheme. 2017 in New Delhi under the Chairmanship of the Union Finance Minister ArunJaitley. The maximum renewal age for the policy will be 75 years. Plan A– provides an accidental insurance of Rs 5 lakh on payment of Annual premium of Rs 50(plus service charge). Mobile commerce and payments company. The KBL Suraskha Scheme comes in two variants. 2017 to launch Paytm Payment Bank. This is over and above commitment of Rs 162.75 crore already given to these funds by SIDBI. ii. iii. The bank has launched a month-long campaign to promote its “KBL Suraksha” scheme. Paytm Payments Bank is held 51% by Sharma and 49% by One97 Communications Pvt. iii. Karnataka Bank launches group Personal Accident Insurance Scheme named KBL Suraksha i. Paytm received the final approval from the Reserve Bank of India on January 3. Current Affairs Sectionwise PDF Paytm Gets final approval from RBI to Start Operating as Payment Bank i. iv.50 crore from LIC on January 03 in New Delhi. ii. It has already received investments of Rs 220 crore from One97 Communication and its Vijay Shekhar Sharma. ii.FB. Aim: The FSDC meeting was held to discuss about the obstacles faced by the economy and to bring out the solution to tackle them. Plan B – provides an accidental insurance of Rs 10 lakh on payment of Annual premium of Rs 100(plus service charge). Paytm Payments Bank Ltd is expected to start its operation in next 30-60days with its first branch in Noida. Karnataka Bank has launched the insurance scheme in association with Universal Sompo General Insurance. 16th Financial Stability and Development Council Meeting Held in New Delhi The 16th edition of the Financial Stability and Development Council (FSDC) meeting was held on January 5.Com .com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud. LIC and SIDBI signed Contribution Agreements with 7 Venture Capital Funds (VCFs) with an aggregate commitment of Rs 99. Uttar Pradesh. Besides. The insurance scheme is named “KBL Suraksha” and provides insurance cover for accidental death. 4|Page Follow Us . SIDBI ties up with LIC for capital support to enterprises i. Small Industries Development Bank of India (SIDBI) has tied up with Life Insurance Corporation of India (LIC) to give a boost to the venture capital ecosystem for MSMEs. it also aimed at bringing new suggestions and outcomes in order to benefit the upcoming Budget 2017-18. Ltd. Karnataka Bank has launched has launched a group Personal Accident Insurance Scheme for all its Saving Bank(SB) Account holders. FB. iii.1 per cent in 2016-17 as compared to 7. ii. Online automobile marketplace Droom has tied up with Axis Bank to provide quick sanction of loans on both new as well as used cars.1% this year & Per capita net national income rises by over 10% i.The Council. as against the previous year’s growth rate of 1.6 per cent in 2015-16. reviewed the major issues and challenges facing the economy and noted that India appears to be much better. Current Affairs Sectionwise PDF Key Discussions Held During the Meeting i. The CSO’s projection on the per capita net national income during 2016-17 is projected to be 1 lakh three thousand seven rupees displaying an increase of 10.4 per cent as compared to 93 thousand two hundred ninety three during 2015-16 with the growth rate of 7. The agriculture. Also. India’s GDP growth estimated at 7. forestry and fishing sector and manufacturing sector are likely to show a growth of 4.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud.1 per cent and 7. the regulators offered their suggestions for the upcoming Budget for 2017-18.Financial regulators gave suggestions to promote financial stability and also discussed the measures and initiatives to establish and promote the financial stability. loans on Used Cars can be availed on vehicles upto the age of 10 years. v.2 per cent and 9. Droom Partners with Axis Bank for quick sanction of loans i.FSDC discussed about the various initiatives taken by the government and regulators for promoting financial inclusion/ financial literacy efforts and discussed further measures for promoting the same. which were discussed by the Council. ii. ii.3 percent in 2015-16. iii.4 percent respectively during 2016-17. Loans will be provided for up to 85% of the value of the car with a tenure of 1-5 years. iii.4 percent. placed today on the back of improvement in its macroeconomic fundamentals. which has heads of all financial sector regulators as its members. Furthermore. 5|Page Follow Us . the Union Finance Minister. Chief Economic Advisor Arvind Subramanian made a presentation on the state of the economy. According to the Central Statistical Office data India’s Gross Domestic Product (GDP) growth is estimated at 7.While chairing the meeting. iv.Com .In the meeting. ArunJaitley emphasized the significance of demonetization decision saying that the government’s measures to eliminate the shadow economy and tax evasion are expected to have a positive impact both on GDP and on fiscal consolidation in the long run. The Reserve Bank in its press release stated that foreign exchange reserves rose by $625. However the Forex reserves had touched all-time high of USD 371.296 bn : RBI i. Angel funds are permitted to invest in overseas venture capital undertakings up to 25 per cent of their investible corpus in agreement with other Alternative Investment Funds. ii.This new rule will make it easier for foreign fund managers to enter India also provides significance of taxation incentives for the offshore fund managers willing to relocate to India. After the Indian government’s move to demonetize Rs 500 and Rs 1.000 notes the NRB had also lowered exchange limit of Indian banknotes in Nepal.FB.5 million to $360. ii.and the consumer price index has shown a rise of 5. iv.Com . iii. Current Affairs Sectionwise PDF iv. 2016-17.99 billion in September 30 last year. of food articles has risen by 6. The wholesale price index (WPI). In another development the market regulator also relaxed its rules for investment by angel funds. 000 to those who submit a copy of air or train ticket to travel to India. UCO Bank launches Suvidha prepaid card i. RBI to provide rupees 1 billion in Rs 100 notes to Nepal Rashtra Bank i. This limits is likely to extend till the time the RBI is able to provide regular exchange facility. Takkar. v. ii. In the wake of demonetization RBI has asked the NRB to wait till the situation normalizes. 50 lakh to Rs.Consequently the lock-in condition has been cut down from 3 years to 1 year for angel funds and their minimum investment threshold has been slashed from Rs. RBI provides Rs 6 billion exchange facility to Nepal every year. 2016. MD 6|Page Follow Us .0 per cent during April-November.K. 25 lakh.296 billion in the week to December 30.The Market Watchdog SEBI has released rules allowing foreign fund managers to act as Portfolio Managers under a relaxed regulatory regime. Kolkata based UCO Bank has launched its prepaid card ‘UCO Suvidha ’ by R. 2000 and Rs. 10. The Central Bank also said that Foreign Currency Assets which us major component in the Forex Reserves surged by 612. SEBI eases rules for foreign fund managers & Sebi relaxes rules for angel funds to boost start-up funding i.5 mn to $360.582 billion USD. including permitting them to invest in up to five-year old entities which will boost startup funding. Forex reserves up by $625.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud. India’s central Bank RBI has decided to provide Rs 1 billion in Rs 100 denomination notes to Nepal Rastra Bank (NRB) to ease the acute shortage of Rs 100 notes faced by the landlocked nation.9 per cent. iii.4 million USD to 336. iv. The NRB provides exchange facility up to Rs. ii. 7|Page Follow Us . 2017.Com .6 percent due to demonetization. IRA which stands for Intelligent Robotic Assistant aims to provide smoother customer service. deposit. HDFC Bank Launches Humanoid Robot IRA i. Charan Singh and G. ii. However.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud. Initially the role of the robot will be limited to that of receptionist that will greet the customers entering the bank and display the services and banking facilities like withdrawal. India’s second largest private sector lender HDFC Bank has launched a human shaped robot named IRA at its Mumbai branch to help the assist the customers in banking activities. the bank also asserted that India is expected to regain its momentum with GDP growth at 7. forex.FB. SBI waives MDR charges for small merchants for one year i. Subramania Iyer. iii. marketing. The bank cited the immediate withdrawal of a large volume of currency in circulation and subsequent replacement with new notes as the main reason behind the deceleration of the GDP growth rate. 2017 cut the India’s GDP growth for 2016-17 fiscal ending on March 31. India’s GDP Growth Decelerates to 7 percent for fiscal 2016-17: World Bank i. and Executive Directors. fixed deposits and demat. government departments.8 per cent in FY 2019-20. The prepaid card offers the flexibility to load/ reload amount as and when required and is targeted at corporates. Depending on customer reaction the Bank would install more such robots across its branches in the country. 2017 to 7 percent from its previous estimate of 7. Axis Bank Becomes Third Lender to Use Block Chain Solution i. UCO Bank. iii. employee assistance and automate the banking process. the MDR charges on debit card transactions for all small merchants for a period of one year upto December 31. SBI has waived Merchant Discount Rate (MDR) on debit card transactions for all small merchants with annual turnover of up to Rs 20 lakh for one year. Following ICICI and Yes bank. The World Bank on January 11. institutions and other organisations. The prepaid card can be used for cash withdrawals. The bank has decided to waive completely. purchase at Points of Sale (POS) or over the Internet. iii. The robot would also be installed with the map of the bank branch with a button “Take me there” to help the customers in easy service.6 percent in Fiscal Year (FY) 2018-19 and strengthening to 7. ii. the private sector lender Axis Bank has also joined the group as the third bank to use block chain solutions in its operations. Third largest Private sector bank led by Shikha Sharma has tied up with fintech firm Ripple to offer the solution. Current Affairs Sectionwise PDF &CEO. ii. ii. 2017 that would allow clients to use their voiceprints for authentication rather than remember multiple PINs or respond to questions through current practice of interactive voice response (IVR) used for verifying their identities. apart from providing political risk cover to exporters. HDFC ERGO General Insurance Company launched a new policy. ii. 2017 and has been made effective for implementation with effect from January 1. skill development and simplification of regulatory cum administrative procedures can lead to growth prospect of above 8 percent. HDFC ERGO Launches Credit Insurance Policy to Safeguard Business i.Com . The estimate does not take into account the impact of demonetization. ii. The policy think tank laid that overcoming the lack of reforms in land acquisition.FB. iii. 8|Page Follow Us . labour. Citibank Launches Voice Biometrics Authentication for Phone Banking i. Citibank India has launched a Voice Biometrics Authentication for its phone banking customers on January 10. India’s third largest private sector non-life insurance provider informed that the policy would offer cover against payment defaults and insolvency. ii. 2017 to which safeguards businesses against the risks of non-payment for the goods or services delivered to the buyers. Trade Credit Insurance Policy. the insurer covers a portfolio of buyers and pays an agreed percentage of the invoice or receivables that remain unpaid as a result of insolvency.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud. Under the new policy. 2017. From now the hallmarked gold jewellery will be available in three grades: 14 carat. 18 carat and 22 carat. NITI Aayog has projected the GDP growth rate of 8 Percent for 2016-17 based on the appraisal document for the Twelfth Five-Year Plan. Current Affairs Sectionwise PDF Indian Standards on Gold Hallmark Revised by Bureau of Indian Standards i. These caratage would also be mentioned on the jewellery besides the fineness for the convience of the customers. on January 9. bankruptcy or protracted default. NITI Aayog Estimates the GDP Growth of 8 Percent for 2016-17 i. iii. The voice biometrics authentication uses unique voiceprint which is similar to fingerprint for each person. Indian Standard on gold hallmarking has been revised by the Bureau of Indian Standards (BIS) on January 9. ii. certainty in tax treatment is provided for the next five years while rollback provides dispute redressal for a maximum of four past years preceding APA years.90 crore prize money for NITI Aayog’s lucky draw schemes i. a Sovereign Wealth Fund to infuse $50 million in private equity fund Oman India Joint Investment Fund (OIJIF) while the SGRF would infuse $150 million.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud. The bank was launched by Finance Minister Arun Jaitley.25 per cent for savings accounts. ii. National Payments Corporation of India (NPCI) has declared Rs 54. This is the first payments bank which will be opened across 29 states in India to provide financial services to the millions who are outside the banking system. Current Affairs Sectionwise PDF Airtel’s Payments Bank Starts Operation with Initial Investment of Rs. 3000 i. It has decided to lower the fees from Rs 20 per crore of turnover to Rs 15 per crore of turnover to reduce the overall cost of transaction. 2017 announced its decision to reduce the fees payable by broker by 25 percent as a part of calibration of various other fees collected by the regulator from different market intermediaries. ii. Tax department.90 crore prize money to over 3. Under BAPA. State Bank of India has signed a pact with the State General Reserve Fund of Oman (SGRF). Highlights : i.42 lakh winners for NITI Aayog’s lucky draw schemes Lucky Grahak Yojna (LGY) and 9|Page Follow Us . 2017 with an initial investment of Rs 3. The SEBI Board has also decided to give an option to all market intermediaries and companies to make their regulatory payments in digital mode to help in speedy and easy transactions and reduce failures due to payment gateway issues. Airtel Payments Bank started its nationwide operations on January 12. The SBI aims at backing the private equity fund for its second offering (Fund II). iii. ii. NPCI declares Rs 54. The SEBI Board on January 14. SEBI Lowers Broker Fees by 25 Percent to Rs 15 Per Transaction i.FB. ii. 2017 Now the total number of BAPAs entered into by the CBDT is increased to 8.Com . BAPA is an important step towards ascertaining transfer pricing matters of multinational company cases and dispute resolution. SBI Signs $ 50 mn Pact with Oman’s SGRF i. Japanese company sign advance pricing pact The tax department signed a Bilateral Advance Pricing Agreement (BAPA) with Indian subsidiary of a Japanese trading company to include rollback provisions to reduce litigations by providing certainty in transfer pricing on January 13.000 crore and offering an interest rate of 7. com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud. the effective total public shareholding of the listed entity plus the qualified institutional buyers (QIBs) of the newly listed company has to be at least 25%. The state-run telecom has selected Intense Technologies to deliver the CACMS project on a Pan India basis for all lines of business of BSNL as per the terms and conditions of the tender. This aims to prevent companies to issue shares to select group of shareholders instead of all shareholders during mergers and amalgamations between listed and unlisted entities. There are 15. Uttar Pradesh and Karnataka emerged as the top five states with maximum number of winners under the age group of 21 to 30 years.FB. BSNL Launches Aadhar Based e-KYC Project i . 2017 iii.000 daily winners qualifying for total prize money of Rs. ii. Tamil Nadu. iii. Securities and Exchange Board of India (SEBI) on January 14 tightened the norms associated to Mergers and Acquisitions (M&A) of Indian companies. ii. Market Regulator SEBI Tightens Mergers & Acquisitions Norms Among Unlisted Firms The Capital market regulator of India. 8. • The public shareholding of the resultant entity created by the merger of an unlisted and a listed company has to be more than 25 per cent. • The unlisted entity can only merge with those companies that are listed on exchanges such as the National Stock Exchange (NSE) and BSE. Current Affairs Sectionwise PDF Digi-Dhan Vyapar Yojna (DVY).5 crore and over 14. Directives Rolled Out by SEBI SEBI directed after the unlisted company merge with listed company and gets automatically listed. Maharashtra.Com . 10 | P a g e Follow Us . accurate customer responses and customer satisfaction.BSNL has launched its Customer Acquisition and Customer Communication Management (CACMS) project that aims to digitalize business process to ensure faster service.3 crore every week. The project provides an Aadhar based e-KYC (Know Your Customer) service for immediate activation of new mobile connections across the country.000 weekly winners qualifying for total prize money of over Rs. • Aim: The main objective behind the move is to prevent large number of unlisted company to get listed by merging with a very small company for personal motive and protect the interest of the Public shareholders in the listed companies and give them a greater say in the merger with unlisted subsidiaries. Andhra Pradesh. It will run till April 14. • The market regulator also directed companies to follow the pricing formula specified under the Issue of Capital and Disclosure Requirements (ICDR) regulations. 1. 20 reward points for every Rs 100 spent in Central stores. Committee Members : ♦ Head : Amitabh Chaudhry.7 million notes in a day.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud. the RBI Note Mudran printing press in Mysuru printing highest number of currency notes in December breaking all its past record.10 reward points per Rs 100 spent spent in dining and entertainment 3. 2017 ii. India Signs Financing Agreement with World Bank for US$ 48 Million for “Nagaland Health Project” The Joint Secretary of Department of Economic Affairs. Current Affairs Sectionwise PDF Mysuru Printing Press Breaks Record by Printing Highest No. 2017 ii.2 reward points per Rs 100 in other categories IRDAI forms panel to review life insurance product norms i.FB. CEO. Mr.It printed 10.9 million currency note in a day that even broke the world record made an American currency printing press of printing 8.Com . Central & SBI Card launch premium co-branded card i. 2017. CEO. Aegon Religare Life Insurance. Future Group’s fashion and lifestyle departmental store Central joined with SBI Card launched a second co-branded credit card to offer benefits to consumers in the premium lifestyle and fashion space on January 16. A Ramdass. 2. Sai Srinivas. 2017. As per the data released by the President of Note Mudran Limited Employees Union. Raj Kumar and Acting Country Director of the World Bank Mrs. CEO of HDFC Standard Life Insurance Company to review life insurance product regulations on January 16. ICICI Prudential Life 11 | P a g e Follow Us . IRDAI instructed to the committee to submit its report before March 15. The Insurance Regulatory and Development Authority of India (IRDAI) has formed a 8 member committee headed by Amitabh Chaudhry. ii . The Central SBI SELECT and SELECT+ Cards will offer an accelerated reward points structure 1. of Currency Notes in a Month i. The committee will analysis the existing framework of IRDA-linked and non-linked insurance product regulations iii. Bajaj Allianz Life Insurance and Sandeep Bakshi. CEO of HDFC Standard Life Insurance Company ♦ K S Gopalakrishnan. Appointed Actuary. Genevieve Connors are signed s financing agreement for IDA credit of US$ 48 million for the ‘Nagaland Health Project’ on January 16. 6. iii. the total global wealth in 2016 was USD 255. ii. The study stated that India has 84 billionaires with a collective wealth of USD 248 billion.6 percent for developing economies.5 percent for 2017-18 and 6 percent for 2018-19.5 trillion which comprised of Bill Gates (USD 75 billion). Current Affairs Sectionwise PDF Study by Oxfam Shows Richest 1% in India Holds 58% of Total Wealth i. ii. IMF Lowers India’s GDP Growth Rate to 6.1 trillion.4 points to 7. According to the World Economic Outlook report. when taken globally only 8 billionaires have the same amount of wealth as the poorest 50 percent of the world population. IMF estimated the growth rate of China at 6. it also discovered that 57 billionaires in India having collective wealth of USD 216 billion was equal to the wealth that lowest 70 percent population held. Besides.4 percent for advanced and 3.3 billion). As per a report titled ‘An economy for the 99 per cent’ released by rights group Oxfam on January 16. Of this. Dilip Shanghvi (USD 16.6 percent from its previous estimate of 7. Besides. The global growth for 2016 was estimated at 3. IMF also cut India’s GDP forecast for 2017-18 by 0.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud. the richest 1 percent population in India has continued to own more wealth than the rest of the countries.6 percent due to the effect of demonetization on consumption and expenditure. iv. Amancio Ortega (USD 67 billion) and Warren Buffett (USD 60. Top 3 billionaires comprised of Mukesh Ambani (USD 19.7 percent for 2016-17. 2017.7 percent. iv.6 percent.1 percent that remained unchanged from previous forecast while for 2017 the global forecast is estimated at 3. iv. the richest 1 percent of the population in India holds 58 percent of the country’s total wealth which is higher than the global figure of 50 percent.7 trillion.2 percent as against previous forecast of 7. However. the top three global billionaires held about USD 6.6% for FY17 i. In contrast. Yes Bank Launches Business Accelerator Program Yes Fintech i. the International Monetary Fund (IMF) on January 16. the projected growth rate remained unchanged at 7.8 billion). For the year 2018-19. Private sector lender YES BANK in collaboration with T-Hub. The total Indian wealth in the country was calculated at USD 3.Com . iii.6% from 7. Anthill and Lets Talk 12 | P a g e Follow Us . 2017 has lowered the India’s GDP growth rate for the current fiscal year by one point to 6.7 billion) and Azim Premji (USD 15 billion).FB. The report found that since 2015. 30 More Countries to Join Asia Infrastructure Investment Bank ♦ The Foreign Ministry spokesperson of China. ii. A campaign was organized from January 9 to 12 by the Karang Island Boat Association and Panthoibi Khoyol Standard Association in the island to promote cashless transactions. India’s economy is projected to grow by 7. ii. ii.7% in 2017 i. 2017.000 per Day The Reserve Bank of India (RBI) from January 16. a small lake island Karang in Manipur has been declared as the country’s first cashless island by the Union Ministry of Electronics and Information Technology on January 13. 2017. Current Affairs Sectionwise PDF Payments launched a unique business accelerator program “YES FINTECH” to provide start-ups a platform for creating sustainable and market ready products as well as provide innovative banking solutions to the customers.500 with immediate effect Karang Island in Manipur Becomes India’s First Cashless Island i. 2017 on its website www. Mumbai based bank has become the first bank in India to launch such type of account that enables the customer to choose various features of a savings accounts that suits one’s own lifestyle.7 percent in 13 | P a g e Follow Us .000 per day from the current Rs 4. till February 3. YES FINTECH has invited start-ups applications from across the global community.Com .yesfintech.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud. 2017 informed that thirty more countries have applied for joining the Asia Infrastructure Investment Bank (AIIB) besides 57 founding members. 2017 has increased the limit of cash withdrawal from ATMs to Rs 10. 10. Yes Bank Launches India’s First Customisable Savings Account i.FB. UN Report Estimates India’s GDP to grow by 7. Contributing to the Government’s Digital India Campaign. YES Bank has launched a first of its kind unique Customizable Savings Account to enable the customers to design an account as per their convenience. The island fulfilled the Centre’s necessary criteria to be named as the cashless island. Based on the United Nations report on World Economic Situation and Prospects (WESP) 2017 released on January 17. RBI Hikes Cash Withdrawal Limit from ATMs to Rs. It would select top 12 start-ups for 15 week dual destination program to be held in Mumbai and Hyderabad.com. Hua Chunying on January 17. ii. SPML Infra Ltd has got the contract of the first phase with the budget of Rs 461 crore . World Bank Sanctions Rs 1. The Central Board of Direct Taxes (CBDT) on January 18.6 percent. the growth estimate for 2018 has been projected at 7. The specialist insurance and reinsurance company would open its first branch office in India before April 2017 and will be located at Mumbai. it also stated that low capacity utilization and stressed balance sheets of banks and businesses will have negative effect on strong investment revival in the short term. However. iv.FB.6 percent.Com . Earlier the International Monetary Fund cut India’s growth rate for the current fiscal year to 6. ii. This is in contrast to the earlier Income Declaration Scheme (IDS) under which these credits were allowed. PNB and IPPB team up for technology support New Delhi based Punjab National Bank signed a memorandum of understanding(MoU) with India Post Payments Bank(IPPB) to provide technology platform for pilot launch of IPPB on receipt of regulatory nod from the Reserve Bank of India. ii. Lloyd’s Gets Final Approval from IRDAI to Open First Branch in India i. Washington based World Bank has sanctioned Rs 1. Besides. 2017. 2017 to set up its first branch in India. This was announced by Tripura’s power minister Manik Dey. 2017 cleared that income declared under Pradhan Mantri Garib Kalyan Yojna (PMGKY) would not be entitled to get any credit by way of advance tax paid or the tax deducted at source (TDS) or tax collected at source (TCS) ii. The Power Upgradation project is divided into 5 phases. iii. The report estimated the growth prospect of China to remain stable at 6. CBDT Clarifies No TDS or Advance Tax Credit for Income under PMGKY i. London’s insurance giant Lloyd has received the final approval from the Insurance Regulatory and Development Authority (IRDA) on January 19.6 percent from its previous estimate of 7.5 percent for fiscal years 2017 and 2018 due to favourable domestic demand and accommodative fiscal measures.6 percent while the World Bank too lowered India’s GDP growth for 2016-17 fiscal to 7 percent from its previous estimate of 7.376 Cr For Tripura Power Upgradation i.376 crore for upgradations and improvement of the Tripura power system network on January 19. 14 | P a g e Follow Us .com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud. Current Affairs Sectionwise PDF the fiscal 2017 because of being the fastest growing large developing economy. 000 crore to Food Corporation of India (FCI) from NSSF to meet its food subsidy requirements. Reserve Bank of India(RBI) has imposed a penalty of Rs 75lakhs on Bombay Mercantile Co-operative Bank for violations of norms related to KYC and anti-money laundering. The bank has appointed magician Gopinath Muthukad as the brand ambassador for FI@School. Besides. 2017 ii. Every branch of the bank has to tie up with nearest school to organise various programmes to literate school students iii. Kerala Gramin Bank to propagate financial literacy among school children i. 45.FB. IT Department Expands Deposits & Transactions List under Scrutiny i. ii. 2017 to exclude States/Union-Territories (with Legislature) except Arunachal Pradesh. 2016. As per the guidelines.5 lakh. The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval on January 18. RBI imposes Rs 75 lakh penalty on Bombay Mercantile Co-operative Bank India’s central banking institution. 15 | P a g e Follow Us . this limit is Rs 12. 2 Cr Bailable Offence i.Com . 2017 expanding the list of high end deposits and transactions made during the demonetization period to be reported by the banks. The Income Tax Department released its detailed guidelines on January 17.5 lakh or more in savings account during the demonetisation period. companies. for current account holders. GST Decides Tax Evasion Upto rs. Current Affairs Sectionwise PDF iii. banks need to report deposits made by individuals’ upto Rs. Kakkanad to propagate financial literacy among school children on January 20. it also approved to provide a one-time loan of Rs.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud. Union Cabinet approves Excluding States /Union Terrotries from Investments of National Small Savings Fund i. Kerala and Madhya Pradesh from National Small Savings Fund (NSSF) investments effective from April 1. Besides. Kerala Gramin Bank has launched a novel programme called FI@School at Assisi Vidyanikethan Public School. The Centre and State Government has in a meeting decided to reduce some of the penal provisions of the GST regime in order to make it less burdensome. RBI had issued a notice regarding this to the bank and the bank has submitted its written reply. A large number of 132 KV and 33 KV substations will be constructed and upgraded under the project across Tripura. post offices and businesses for scrutiny. Delhi. ii. 2. iii. Utkarsh Small Finance Bank has started its operation with five full-fledged branches. 16 | P a g e Follow Us .25-8. ii. The bank will offer 6% interest on savings bank accounts while deposit rates for one year would be 8.50% which is about 150 basis points higher than State Bank of India.deposit of collected taxes with the exchequer within the stipulated time frame. 2017 to provide Rs. 150 crore in the tier II capital in the company. 4000 crore loans to one lakh farmers out of the established networks from whom the company procures milk. UK’s Commonwealth Development Corporation (CDC) has infused Rs. Varanasi-based Utkarsh Micro Finance started operating its banking business as Utkarsh Small Finance Bank on January 23. Current Affairs Sectionwise PDF ii. Punjab National Bank (PNB) has launched a Contactless Credit Card named PNB Wave N Pay on January 21. ii. Punjab National Bank Launches Contactless Credit Card i. 2 crore would be bailable offense to ensure that the trader gets immediate bail while the non-bailable offenses would be limited to ‘forgery and non. Kwality Ltd Signs MoU with Bank of Baroda for Rs 4000 Cr Loan to Farmers i. The Cooperative banks have been barred by the Government on January 20. The MoU aims to provide financial assistance to improve socio-economic lives of farmers and encourage them towards digitisation. 2016. Cooperative Banks Barred From Accepting Deposits under PMGKDS i.Com . At present. Usha Ananthasubramanian and is developed on Visa Platinum platform. ii. The decision comes after the income tax department revealed that a large number of cooperative banks were manipulating and laundering undisclosed money after the government scrapped the old Rs 500 and Rs 1. The new card was launched by the Managing Director & Chief Executive Officer of PNB. It has removed the 1 percent processing fees for new borrowers and looks forward to reducing the lending rates to capture the market.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud. Utkarsh Micro Finance Launches its Small Finance Bank i.FB. it lends at 15-25 percent annually. 2017 from accepting deposits under the Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS) to stop any misuse of the deposited amount. The GST Council has decided that tax evasion of upto than Rs. Mumbai based dairy firm Kwality Ltd has signed an MoU with Bank of Baroda on January 20. 2017 to cater to the needs of the poor mainly in the northern belt. 2017 in New Delhi to further enhance its digitalization initiative. ii.000 banknotes on November 8. each not more than 6 months.Com . the Reserve Bank of Indiahas declared that rescheduling the period of payment of education loans due to the inability of the borrower because of unemployment will not be treated as restructured accounts for computing NPAs. Banks can allow three rounds of extension periods. iv. 20. 2017 in association with Kudumbashree for less privileged women in Kerala. IRDAI okays Swiss Re move to open Mumbai branch i. ‘interalia’ involved skit and a puppet show to describe the banking codes to over 100 participating women in simple language. Current Affairs Sectionwise PDF Rescheduled Education Loan will not be Considered for Computing NPAs:RBI i. 20. ii. v. 2017 allowing National Bank for Agriculture & Rural Development (NABARD) to raise approx. BCSBI Launches ‘Know Your Rights’ Programme i.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud. The programme. With the composite branch license. Rs. The Union Cabinet chaired by the Prime Minister Shri Narendra Modi gave its post-facto approval on January 24. iii. The CEO of BCSBI. ii.000 crore for on-lending to Co-Op Banks i. The Banking Codes and Standards Board of India (BCSBI) has announced an initiative as per which it would organise “Know Your Rights” programme in select urban and rural areas of the country to enhance awareness on Banking Codes at the grassroot level among the people. The move aims to create awareness among the people about the commitment of the banks towards their customers. Swiss Reinsurance Company. In a bid to encourage banks to provide loans for education. Swiss Re will be able to operate in India and it can offer both non-life and life and health reinsurance solutions directly to clients and brokers in the country. will begin its operation from February 1.000 crore from the market for on-lending to Cooperative Banks. India Branch. The programme would be conducted at three levels including Tier II cities. 17 | P a g e Follow Us . during the entire lifecycle of the education loan. Wholesale reinsurance provider Swiss Re has received approval from the Insurance Regulatory and Development Authority of India (IRDAI) to open a branch in the city. Anand Aras informed that the first such programme was organized by BCSBI in Kochi on January 23. It also addressed about 300 educated section of the society to increase their awareness about bank’s commitment towards them. metros and other backward areas. iii. Cabinet Permits NABARD to Raise Rs. ii. to be applicable only on unemployment/underemployment borrowers.FB. iii. RBI Prohibits FDI in Non-Cooperative Countries i. Current Affairs Sectionwise PDF ii. Karnataka Bank Signs MoU with Tirth Agro Technology Mangaluru based private sector bank Karnataka Bank Ltd signed a Memorandum of Understanding with the leading agricultural equipment/implements manufacturer Tirth Agro Technology Pvt Ltd. detect and prohibit money laundering SBI Launches Wealth Management Product “SBI Exclusif” in Kochi i. The move aims to bring down the global terror financing and thus prevent.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud. Kerala. 2017 from making direct overseas investments in any entity that is located in 'non co-operative countries and territories'. France Issues First ‘Green Bonds’ With Record Sale of 7 Billion Euro i. ii. 2017. The product was launched by Chief General Manager. The 22-year bonds’ coupon has been set at 1. as identified by the inter-governmental body Financial Action Task Force (FATF). on January 25. The proceeds from the bonds will be used by France to finance projects to address climate change. iii. SBI. ii. S Venkataraman on January 24.Com . It permitted the bank to make the short term borrowing at the prevailing market rate and lend to Co-op Banks at 4. France on January 24. 2017 in to finance farmers for agri mechanisation. Rajkot.FB. 2017 issued its first “Green Bonds” with a record sale of worth seven billion euro (USD 7.75 percent which is same as the interest rate on conventional borrowing for the same time frame. ii. The State Bank of India has launched a new wealth management product named “SBI Exclusif” in Kochi. 18 | P a g e Follow Us . Aim of the MoU i. SBI Exclusif is targeted at fast growing affluent and high net worth customer segments of the bank. To establish a platform for co-operation between the two in identifying farmers in need of buying agricultural implements/equipment and financing them by the bank on its terms.5 billion) thus leading a significant way towards establishment of a genuine market in renewable energy bonds. This will enable France to finance expenditure on green projects at the same price as traditional borrowing. The move will support the famers by providing them loans to boost agricultural production. Kerala Circle. The Reserve Bank of India has prohibited the Indian entities on January 25.5 Percent rate of interest. Later it will be rolled out in other cities of the state during the course of the year. 5. 30 and 90 days.FB. 2017. iii. Future Generali India Insurance Company (FGII) announced an agency tie-up with Pune based Bank of Maharashtra on January 30. 2017 informed about its plan to launch the biometric based Aadhaar Pay payment platform in few weeks for BHIM App. 2017. India’s forex reserve increased by 687. The government enabled the Bharat Interface for Mobile (BHIM) app with Aadhaar number on January 26. CASHe integrates Paytm Wallet for direct cash transfers i. CASHe has partnered with Paytm on January 27. ii. Aadhaar Pay service will enable people to make and receive payments using their Aadhaar number and biometrics. Aim: To immensely benefit our customers by providing them an ease of access while choosing from a diverse range of non-life insurance products.843 billion dollars.9 million dollars to 359. 2017 informed that the Foreign Exchange Reserves of India rose by 932.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud. CASHe offers multiple loan options ranging from Rs.Com . Current Affairs Sectionwise PDF ii. users of CASHe will have an option to transfer their loan amounts into their Paytm Wallets in part or in full and credit the rest of the amount into their bank accounts. The Government on January 27.00. Government to Launch Aadhar Pay for Cashless Transactions through Biometrics i. ii.4 million dollars to 360. With this integration.000 to Rs. iii. The Reserve Bank of India on January 29. India’s Foreign Exchange Reserves Rises by $ 932. 2017 to allow its users to deposit cash transfers from CASHe to their Paytm wallets. In the previous week. It has tie-up with over 100 banks in India for bancassurance.Now it accounts for 5 per cent of Future Generali’s total busines. To promote agriculture mechanization in India by utilizing bank’s experience in agricultural finance through its branches across India. ii. FGII Enters Into Bancassurance Tie-Up With Bank Of Maharashtra i. India’s fastest loan giving app for young salaried professionals. This is an industry-first innovation from CASHe. all under one roof iii. 19 | P a g e Follow Us . 1.775 billion dollars for the second consecutive week ended January 20.000 payable over 15.775 billion i.4 million to $ 360. ii. 5 percent in 2015-16. As per the report pulses contributed major risk to food inflation.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud.The Economic Survey depicts the state of the economy and is generally presented in Parliament a day before the presentation of the annual Budget.9 percent. During April-December 2016 it averaged to 2.9 percent in 2015-16 and 4.9 percent in 2014-15. • Based on Wholesale Price Index (WPI). • Besides. This estimate does not take into account the effect of demonetization. inflation remained under control for the third successive financial year. However. The average CPI inflation was 5.1 percent from the previous 7. • Fixed investment (gross fixed capital formation) to GDP ratio (at current prices) is estimated to be 26. 2017 that provides a base for the government to prepare the annual Budget. Government Revenues The survey stated that the indirect taxes grew by 26. Trade Growth 20 | P a g e Follow Us .0 per cent in 2014-15 and lowered to (-)2.9 percent during April-November 2016.6 per cent in 2016-17 as compared to previous 29. • The growth rate for the current fiscal has been estimated at 7.Com . inflation was 2.6 percent by the Central Statistics Office. Important Highlights of the Economic Survey 2016-17 GDP Growth The Economic Survey has estimated that the GDP growth rate for FY18 will be in the range of 6. remonetization and sufficient circulation of currency notes may return the growth rate to normal position. the revenue expenditure experienced a boost in the same period due to increase in the salaries of government employees by 23.2 percent with the Seventh Pay Commission and 39. Inflation As per the Consumer Price Index (CPI).3 percent.5 percent increase in the grants for creation of capital assets. • The survey has been authored by Chief Economic Adviser Arvind Subramanian.FB. • Demonetization and rising oil prices have been identified as the major risk to the growth rate. 4.8 percent during April-December 2016.5 percent.75 percent to 7. Current Affairs Sectionwise PDF Union Finance Minister Arun Jaitley Presented Economic Survey 2016-17 in the Parliament The Union Finance Minister Shri Arun Jaitley presented the Economic Survey 2016-17 in the Parliament on January 31. 8 percent at end-September 2016 and foreign exchange reserves provided a cover of 76.1 percent in the current fiscal as compared to 1. Industrial Growth The survey estimates a growth rate of the industrial sector to be moderate at 5. Agriculture Sector Growth As per the survey. • The Survey says Apparel and Leather industry have immense opportunity for job creation for the weaker sections. imports declined by 7.FB. • Similarly.Com . especially for women and can lead to social transformation in the country.2 percent in 2015-16 due to better monsoon. during April-December of 2016-17. • The total area coverage under Rabi crops was recorded to be 616.4 per cent to USD 275. Social Infrastructure. It envisages increasing the reservation in vacancies in government establishments from 3 percent to 4 percent for those persons with disability.2 lakh hectare on January 13.1 billion in the previous year. • Besides. the agriculture sector is estimated to grow at 4. 2017 is 7.9 percent higher than previous year.1 percent in 2015-16 full year. Services Sector The Service sector has been estimated to grow at 8. • The current account deficit (CAD) too lowered in the first half (H1) of 2016-17 to 0. • Similarly the area coverage under wheat as on January 13. India’s Foreign Exchange Reserves increased by USD 15.2 percent in 2016-17 from 7. 2017 which is 5. External Debt India’s external debt declined from March 2016 by USD 0. Employment and Human Development The survey highlighted that the Parliament has passed the “Rights of Persons with Disabilities Act.3 percent of GDP from 1. Current Affairs Sectionwise PDF The survey stated that the growth in export was increased by 0.5 billion in 2016-17 (April-December) compared to USD 100.7 percent during April-December of 2016-17 amounting to USD 198.8 percent to the total external debt stock. 21 | P a g e Follow Us .1 percent higher while the area coverage under gram is 10.6 percent higher than that in the corresponding week of last year. • The short-term debt that contributed major share in total external debt declined to 16. • In the first half of 2016-17.4 percent in 2015-16. trade deficit declined to USD 76.5 billion. 2016” to enhance the rights and entitlements of Persons with Disabilities.5 percent in H1 of 2015-16 and 1.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud.3 billion in September 2016.9 percent in 2016-17 which is almost similar to that in 2015-16.8 billion to USD 484.8 billion.4 billion. The private sector lender Lakshmi Vilas Bank in partnership with Bangalore based fin-tech startup firm Fisdom. 22 | P a g e Follow Us . 5 percent on deposits of Rs. the Central bank has also removed the cash withdrawal limit from current accounts/ cash credit accounts/ overdraft accounts with immediate effect. India Post Payments Bank (IPPB) started its operations on January 30. iii.FB. However the weekly limit to withdraw Rs. 10000. iv. iii. IPPB will offer an interest rate of 4. the daily withdrawal limit from ATM will be removed with effect from February 1. Lakshmi Vilas Bank Partners with Fisdom for Mission FINFIT i. with high levels of corruption. v. The bank has made plans to launch 650 branches across the country by September 2017. Current Affairs Sectionwise PDF • It points out that the capacity of the State to provide essential services such as health and education to weaker section of the society is weak due to low capacity. rules and red tapism. 2017 to Rs.5 percent on Rs. the RBI had hiked the daily withdrawal limit from savings account on January 16. 1000 ATMs of India Post will be transferred to IPPB. IPPB would enable 3 lakh postmen to aid in bank functions. Besides. It would work jointly with the Department of Post to offer the benefits of the government schemes and financial services which is not easily available to rural people and marginal population of urban area.000 and 5. ii.The total paid up capital of the bank is Rs. The main of IPPB is to encourage financial inclusion rather than promoting commercial interests. 275 crore. ii . Besides. 2017. As per the announcement by Reserve Bank of India on January 30. India Post Payment Bank Begins Pilot Service in Ranchi & Raipur i.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud.25. Reserve Bank Lifts ATM Withdrawal Limits Effective From February 1 i.5 percent on deposits up to Rs.000-50. The mobile app would enable the customer of the bank to plan their finances in an effective manner using the online platform for wealth management thus encouraging them to invest smarter. 2017 with the pilot services launched in Raipur and Ranchi. 2017. clientelism.Com . has launched a mobile application “Mission FINFIT” to offer the customers of the bank financial planning and personal wealth management services based on Robo advisory.50. 800 crore and the government has already infused Rs.25.000-1 lakh. 24000 from savings account will still continue. Earlier.000. ii. HSBC Estimates India’s GDP Growth at 7.01 lakh crore. iii. HSBC has estimated the GDP growth rate of India at 7.5 percent points less than FICCI’s previous estimate of 7.Com . A slowdown in the estimate is due to the decrease in services and infrastructure sectors post demonetization. ICRA Estimates Banks Credit Growth to Remain Subdued at 5-6 percent in FY17 As per the report of the rating agency. thus boosting the consumption level in the country to normal. as per 2015-16 Budget estimates. the bank credit growth rate is likely to float between 5-6 percent in the current fiscal year.8 percent this fiscal which is 0. The main reason for this increase is cited to sufficient remonetization by April end. Besides. ii.FB.1 percent for the year 2017- 18 which is up from the 6. iii. ICRA. Besides. 2017.5-8 percent.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud.3 percent in the year 2016-17. 23 | P a g e Follow Us .9 per cent for the same period a year ago.7 percent this fiscal ending March 2017 due to better cash flow in the system and cut in the deposit rate by the banks. Based on the latest Economic Outlook Survey report released by FICCI on January 30. The fiscal deficit stood at 87.9 per cent. the deposit rate was also projected to drop to 12 percent from the current 14. or 93. ii.9 per cent in the corresponding nine months a year ago. Current Affairs Sectionwise PDF FICCI’s Economic Outlook Survey Projects GDP to grow 6.1% in 2017-18 i. FICCI conducted the last round of survey between December 2016 and January 2017 and collected responses from leading economists representing industry. the India’s GDP is projected to grow 6.3 percent. ii. the April-December fiscal deficit stood at Rs 5.9 per cent of the Budget target against 87. banking and financial services sectors.8 Percent in FY 17 i. Banking & Finance Awareness February 2017 India’s fiscal deficit reaches 94% of the budget estimate in December i.In value terms. the investment is projected to remain weak within a range of 7. the schemes announced in Budget 2017-18 are also seen to play major role in the growth rate. iii. ♦ Besides.The reason cited includes weak loan demand as the rate of return offered by debt market is better in comparison to banks. of 2016-17 Budget estimates (BE). Fiscal deficit in the first nine months of 2016-17 touched 93. Further. iv . 2017 sanctioned a loan amount of Rs.04.50 million credit agreement with the World Bank on February 1. India and World Bank signs Financing Agreement Worth US$ 201. ii. on behalf of the Government of India and Junaid Ahmad. v. Gross NPA of PSBs Strikes 9. As per the project. Out of this Rs 5.502 crore which is 11.91. iv. iii.83 percent iii.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud.89. The agreement was signed by Raj Kumar. TEQIP III will support nearly 200 engineering education institutes across India to produce higher quality engineers.82% by September 2016 i. on behalf of the World Bank. iii.02.FB.068 crore was categorized as gross non-performing assets (GNPA) which accounts for 9.70 percent.06. iv.915 crore.82 24 | P a g e Follow Us . The project aims to strengthen engineering education in low-income group. Palwal and Ballabhgarh from Yamuna flood plain by constructing ranney wells and deep tubewells.794 crore assistance to Harayana government under RIDF since its inception in 1995-96. Joint Secretary. ii. 51. hill states and states of the North East. ii. Ministry of Finance. The Government of India has signed a USD 201. till September 2016.50 Million for TEQIP III i. 2017. PSBs had gross advances of Rs. As per the data released by the Minister of State for Finance Santosh Gangwar in the Lok Sabha on February 3. only Rs 48.70 percent of the advances.681 crore gross advances made in FY16. while the bad loans for Private sector banks were capped at 2. The loan amount has been sanctioned from the Rural Infrastructure Development Fund (RIDF). The agreement signed was for the third phase of the Technical Education Quality Improvement Project (TEQIP III). 157 crore to the Government of Haryana to undertake drinking water project. Till date NABARD has provided Rs 5.Com . portable drinking water would be supplied in selected villages in blocks Prithla. Public Sector Banks (PSBs) witnessed a bad loan at 9. the government would undertake drinking water supply scheme in 84 villages of districts Palwal and Faridabad. Under the project. National Bank for Agriculture and Rural Development (NABARD) on February 2. World Bank India.83percent of the gross advances in the financial year (FY) 2015-16.380 crore were gross NPA means only 2. Current Affairs Sectionwise PDF NABARD Sanctions Rs 157 crore Loan to Haryana for Drinking Water Project i.814 persons. PSBs gross NPA hiked to Rs 5.The project is likely to benefit 3. Country Director. In case of the Private sector bank of the total Rs 17. 2017 to improve the quality and equity of engineering education across several states in India.83% in FY16 and 11. For the FY16. Department of Economic Affairs. 1. 2 lakh. Interest rates are determined by banks with the approval of their respective Board of Directors subject to regulatory guidelines on the interest rate on advances issued by RBI from time to time. Access to ETCD market will provide them an additional hedging option though subjected to certain conditions. The Reserve Bank of India (RBI) on February 2. Current Affairs Sectionwise PDF percent of the total advances made till date. India’s second largest private sector bank. it has also reduced the number of free transactions at branches from 5 to 4. has planned to increase the fee for savings account holders doing cash transaction in order to encourage digital mode of payment.Firstly NRIs would have to nominate a bank that will monitor and report the position of the NRI concerned in the OTC and ETCD segments.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud. 1000 would not be levied any fee charge however the service tax will be charged at actual. Reserve Bank of India Allows NRIs access to ETCD market i. Transaction settled on IMPS and UPI above Rs. HDFC Bank Hikes Cash Transaction Fees on Savings Accounts i. Till date NRIs were allowed to hedge their currency risk through Over-The-Counter (OTC) transaction with the Authorized Dealer (AD) banks. 2017 to waive off transaction charges and lower interest rates on credit cards as a move to encourage digital transaction. 25 | P a g e Follow Us .Com . Besides.000 a further 50 paise discount is provided. Besides. For USSD transactions above Rs.88 percent as on September 30. iv. iii. HDFC. For the free transaction. 5 per thousand. ii. 2016. 2017. This will enable the NRIs to hedge the currency risk due to making investment in India. The fee for non free transaction has been increased to Rs. ii. 150 or Rs. The bank on has reduced the third party transaction limit to Rs. when the gross NPAs were combined with the restructured advances. The Reserve Bank of India has directed banks on February 3. Unstructured Supplementary Service Data (USSD) and Unified Payments Interface (UPI) till March 3. ii. iv . the bank has limited the cash transaction to Rs. 2017 permitted the NRIs to have access to the exchange traded currency derivatives (ETCD) market. 1.FB. 50000. RBI has decided that customers would not be levied any charges by banks and prepaid payment instrument issuers for transactions up to Rs. Earlier this limit was Rs. RBI Directs Banks to Waive off Transactions Charges and Decrease Interest Rate for Credit Cards i. 150. It has also directed banks to lower the interest on credit card dues. above which customers will have to pay a minimum of Rs. 25000 a day. iii. iii. they rose to 15.000 settled on Immediate Payment Service (IMPS). ii. channels. a cross-border payment network. Samit Ghosh is the MD and CEO of the Ujjivan Small Finance Bank. Axis Bank ties up with Earthport i. Axis Bank has become the first bank in India to connect with Earthport’s global payments network. Current Affairs Sectionwise PDF iv. The MoU aims to address the need to speed up the construction pace for quicker delivery and hand-overs. India’s third largest private bank. 2017.000 after which fees set in at the same level would be levied.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud.The applicable restrictions would come into effect from March 1. Bank of Maharashtra ties up with Cigna TTK i. The PNB Housing Finance Limited (PNBHFL) and CREDAI West Bengal. the bank will offer the all of Cigna TTK’s superior health insurance products to its 2 crore customers through its network of over 1.896 branches.Com . These places have huge concentration of construction workers. its 14. Ujjivan Small Finance Bank Starts Pilot Operation in Bengaluru i. ii.FB. The Bank aims to launch about 14 branches by March 2017 and extend services across 457 branches in 24 states in a planned and phased manner over the next few months. people and processes for a period of one month as a part of its pilot launch. to enable faster outbound cross-border payments for its customers through Earthport’s state-of-the-art global payments network. The Small Finance Bank will test its technology. The free transaction for non-home branches is only Rs. Axis Bank has tied up with Earthport Plc. PNB Housing Finance limited & CREDAI-West Bengal Signs MoU to train construction workers in West Bengal i. 2017. The five pilot branches of the Ujjivan SFB would offer full services to its customers. wherein CREDAI-Bengal would train 1000 construction workers in Kolkata and nearby villages. 25. iii. iii.000 bank employees across the country as well as through its digital platforms. ii. The Ujjivan Small Finance Bank officially started its operation on February 6. 2017 with 5 pilot branches in Bengaluru. Under the agreement. which spans over 60 countries. has signed an MoU on February 6. 26 | P a g e Follow Us . Public sector lender Bank of Maharashtra has partnered with insurance company Cigna TTK Health to market the insurer’s products in the bank’s branches across the entire country ii. For providing the training CREDAI-Bengal would set up permanent skill development centres in Medinipur and Murshidabad. 75 percent (Unchanged) 3. ii. Reverse Repo Rate under the LAF: 5. v. IndiaLends tie-up for loan services to 1st timers i.Com . Half of the training cost would be borne by the West Bengal State Government and PNBHFL while remaining half would be borne by the developer of the construction site from where workers would be trained.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud. Bank Rate: 6. Current Affairs Sectionwise PDF iv.50 percent (Unchanged) RBI Key Projection Inflation RBI had projected the headline inflation at 5 percent in Q4 of 2016-17 in December. • On the basis of an assessment of the current and evolving macroeconomic situation in the country. • The next meeting of the MPC under the chairmanship of RBI governor Urjit Patel is scheduled on April 5 and 6. The unique solution is being offered through a tie-up with IndiaLends. CREDAI would provide training that would include both ‘Classroom’ and On the job training’. • In sixth bimonthly monetary policy review. 2017.5% in the first half of 2017-18 and in the range of 4% to 4. Sixth Bi-monthly Monetary Policy Review of RBI for 2016-17 The Reserve Bank of India announced its sixth bimonthly monetary policy review for 2016-17.25 percent (Unchanged) 2. It will provide training in collaboration with National Skill Development council Bengal. Key Policy Rates 1.5% in the second half of 2017-18. Private sector lender IDFC Bank has collaborated with fintech startup IndiaLends to enable first time borrowers who do not have a credit history to take loans. Loan requests by salaried applicants without credit history will now be processed on a real time basis. which is the third unanimous decision in a row since it was first set up in September 2016. Cash Reserve Ratio (CRR): 4 percent (Unchanged) 6. Repo Rate under the liquidity adjustment facility (LAF):6.FB.75 percent (Unchanged) 4. • The MPC aims to achieve consumer price index (CPI) inflation at 5 percent by Q4 of 2016-17. Marginal Standing Facility (MSF): 6. a financial technology startup.75 percent (Unchanged) 5. 27 | P a g e Follow Us . the Monetary Policy Committee (MPC) decided to keep the key rates unchanged. • The RBI Monetary Policy Committee (MPC) voted 6-0 in favor of the key rates. 2017 and has maintained its status quo with key policy rate unchanged. RBI has projected the inflation to be in the range of 4% to 4. Statutory Liquidity Ratio (SLR): 20. on February 8. IDFC Bank. GVA growth for 2017-18 is projected at 7. 2017.4 percent.9 percent. GVA Growth • RBI has projected the GVA growth for 2016-17 at 6. Current Affairs Sectionwise PDF GDP Growth The RBI has projected GDP growth in the current fiscal at 6. The Enforcement Department will start operations from April 1. iv .4 percent. RBI to Set up Enforcement Department to Monitor Bank The Reserve Bank of India on February 8. iii. each department of RBI takes action against banks for violations of rules. the withdrawal limit from savaing accounts will increase from Rs 24. Private sector lender Federal Bank Limited has partnered with Commodity Online.com. RBI has also proposed to set up a separate committee on cyber security.FB.Com . 2017.000 a week. there would be no limit on cash withdrawal. Commodity Online will launch an agri-commodity financing platform through its portal www.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud. a leading online data and information portal for the distribution of loans against warehouse receipts and collateral management services across the country. 2017 informed about its decision to set up a separate Enforcement Department to effectively monitor bank in case they violate regulations. The partnership will enable Federal Bank to digitally provide financing for agri-commodities with collateral management across India. 28 | P a g e Follow Us . The committee has been set up based on the recommendations of the expert panel on information technology examination and cyber security headed by Meena Hemachandra Federal Bank Inks Pact with Commodity Online for Loans Against Warehouse Receipts i.commodityonline. Cash withdrawal Limit • RBI has announced that from March 13.1 percent. • Besides. Current Account Deficit RBI has proposed the current account deficit (CAD) to remain below 1 percent of GDP in 2016-17.The farmers and traders with the help of the portal can track commodity markets and warehouses online as per their convenience and eventually get financing for their commodities quickly. With Enforcement Department. • Besides. It expects the growth to recover sharply in 2017-18 and reach 7. with effect from February 20.9 percent from the existing 7. ii. • Presently. a centralized department would be set up to deal with the issue.000 a week to Rs 50. • Growth is expected to recover sharply in 2017-18 and accordingly. Bihar. iii.500 per card. The BBPS will transform the society from cash to electronic payment system. 2017 to launch co-branded debit cards for farmers in a bid to promote cashless transactions in the rural area. Initially. 29 | P a g e Follow Us . or also registering billers with her bank for standard instructions for debit. Bank of America opens Automated Branches in Select Markets i. Besides. ii. ii .FB. iv .Along with HDFC. online and through a network of agents. v. IFFCO would take the guarantee of the total outstanding amount of any of the farmers default due to various reasons. General Manager (Marketing). The Private sector lenders HDFC Bank started operating its Bharat Bill Payment System (BBPS) on February 7. Many US banks are making efforts to reduce its overall branches number to cut costs even as it opens new branches in select markets. the co-branded cards will be given to the farmers in Uttar Pradesh.A customer can pay multiple bills from a single platform without the need of visiting multiple websites or issuing individual cheques. making it less dependent on cash. iv. Bank of Baroda. Kotak Mahindra Bank also went live with the BBPS service. v. Current Affairs Sectionwise PDF HDFC & Kotak Mahindra Bank Goes Live on Bharat Bill Payment System i. The service is available in multiple payment modes. It is a centralized payment platform that offers speed and convenience to pay all types of bills. Fertiliser major IFFCO and Bank of Baroda have signed an MoU on February 7. certainty and reliability of transactions. Bank of America Corp has opened three completely automated branches over the past month with no working employee wherein customers can use ATMs and have video conferences with employees at other branches. ii. An instant confirmation is generated for the bill payments. 2017 to ease the bill payment service for the customers.Com . The MoU aims to issue 2 lakh co-branded debit cards to selected farmers on the basis of the recommendation of its authorised representative. The MoU was signed by Yogendra Kumar. vi. BBPS was introduced by National Payments Corporation of India (NPCI). Bank of Baroda will open Aadhaar-enabled accounts of farmers and issue co-branded debits card to the specified farmers with overdraft facility of Rs 2. IFFCO and GB Panda.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud. General Manager (government relationships). iii . Bank of Baroda & IFFCO Signs Pact to Launch Co-Branded Debit Card i. The BBPS offers integrated and interoperable bill payment service with security. Rajasthan and Madhya Pradesh after which rest of the states would be covered.Under the MoU. 690 Crore i. Cabinet approves Acquisition of Subsidiary Banks by State Bank of India The Union Cabinet approved the merger of the State Bank of India with its 5 subsidiary banks namely State Bank of Bikaner and Jaipur. the central government sold 2 percent of its stake in ITC to Life Insurance Corporation of India (LIC) on February 7. Rs. Small and Medium Enterprises (MSME) in the diamond industry to boost their existence in the sector. State Bank of Patiala and State Bank of Travancore. Government has allocated an amount of Rs 500 crore to India Post Payments Bank for the financial year 2017-18 to help it in setting up 650 branches across country by September 2017.690 crore. 500 crore to India Post Payments Bank for FY18 i. Union Government has decided to launch ‘Indradhanush 2. 2017 and earned Rs 6.FB. ii . 2017. Held under the Specified Undertaking of the Unit Trust of India (SUUTI).The bank will begin the supply chain financing on pilot basis in Surat. iii. The Indradhanush 2. State Bank of Mysore. As per Output-Outcome Framework for Schemes 2017-18 for the Department of Posts released on February 13. ii. 6. which procure roughs from large companies and supply finished products back. the Cabinet has also approved the introduction of a Bill in Parliament to abolish the State Bank of India (Subsidiary Banks) Act. out of the allocated amount. This move is expected to give a boost to MSMEs as well as the corporate segment within the diamond industry. 125 crore has been allocated as 30 | P a g e Follow Us . Government to launch Indradhanush 2.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud.0 programme will be finalised by Reserve Bank of India (RBI) after completion of Asset Quality Review (AQR) being undertaken and is likely to be completed by Centre Allocates Rs. BoB to Finance MSME in Diamond Sector at Concessional Rates i. 1959 and the State Bank of Hyderabad Act.Com . Current Affairs Sectionwise PDF Government Sells 2% stake in ITC to Raise Rs. will be provided finance at a competitive rate of interest. Bank of Baroda is planning to launch a supply chain financing product for the Micro. the stake was sold at Rs 275. As a part of its disinvestment plan for 2016-17. ii. Cutting and polishing units. • Besides.0 for Recapitalization of PSBs i.0’ for recapitalisation of public sector lenders so that the banks remain solvent and fully comply with the global capital adequacy norms namely Basel-III. ii.85 per share through block deals. State Bank of Hyderabad. 1956. 2017 for low income group people. HDFC Life Launches ‘Pragati’ Plan For Low Income Group i. a part of the World Bank Group has partnered with Finance Industry Development Council (FIDC) to conduct training programmes for Non Banking Finance Companies (NBFCs). from the market. ii. Life insurance firm. especially those engaged in asset financing.FB. It would be held at various centres across the country under the guidance of leading consultants from the World Bank Group. A new fund offer is launched in the market to raise capital from the public in order to buy securities like shares. A new fund offer (NFO) is the first time subscription offer for a new scheme launched by the asset management companies (AMCs). the GDP growth of India is estimated to remain low at 5. Nomura Projects India’s GDP at 5. IFC to Conduct Training Programmes for NBFCs i. The plan has been designed especially to empower low income families by making the plan 31 | P a g e Follow Us .com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud.Com . 2017 in New Delhi between Jun Zhang. a representative body for NBFCs. IDFC Asset Management Company launches Open-Ended Fixed Income Fund i. According to the global financial services major Nomura. 2017. Pragati. IDFC Asset Management Company launched an open-ended fixed income fund named Credit Opportunities Fund on February 13 in Mumbai which is expected to raise the revenue of the company in the range of Rs 300 crore-500 crore within the NFO period itself.7 % in January-March quarter i. bonds etc. For this two engagement letters have been signed between IFC and FIDC on February 13. IFC India Country Head and Raman Aggarwal. iii. Nomura expects the economic growth to slow from 7. iii.7 percent in the January-March quarter due to the effect of demonetization of high value currency. on February 15. It will reopen for continuous sale and repurchase from March 6. The Credit Opportunities Fund will open for subscription on February 14 and close on February 27.3 per cent GDP growth in the July- September 2016 to 6 percent in the October-December 2016 quarter and further to 5. Current Affairs Sectionwise PDF “capital infusion into corporate entity for India Post Payments Bank” and Rs 375 crore as “grant in aid to India Post Payments Bank (IPPB)”. ii. govt. HDFC life launched a traditional life insurance plan. The training programmes will focus on ‘movable asset financing’ and ‘commercial credit reporting’. Chairman of FIDC.7 per cent in the first quarter of 2017 ending March 2017. The International Finance Corporation (IFC). ii. ii. World Bank Group. ii. 25 crore from defaulters.Com . The Reserve Bank of India increased the gold loan limit for RRBs (Regional Rural Banks) to Rs 2 lakh from the current Rs 1 lakh on February 16. With this India become the first country in Asia Pacific within the Citi network to have this kind of service. ii. Citi Bank launches instant chat service for customers i. iv . Current Affairs Sectionwise PDF available at affordable rate to every person who has the desire to secure his family. iii. about 10 borrowers have approached the bank with settlement proposals and the bank has also received firm assurance for payments worth Rs. RBI Doubles Gold Loan Limit for Regional Rural Banks to Rs. Pragati will offer dual benefit. 2017. of the 30 defaulters identified with dues of more than Rs. 50 lakh each. 2 lakhs i. CBOL will focuses on resolving queries instantly regarding cards. 2017 to help the farmers and artisans have access to credit who are willing to pledge gold as collateral. RBI will Reimburse Banks MDR Charges Effective January 1. The Reserve Bank of India has decided to reimburse banks Merchant Discount Rate (MDR) charges on debit cards used by citizens for payment with effect from January 1. Mumbai based Citi Bank has launched instant chat services for customers named Citibank Online (CBOL) on February 16. the government had decided to absorb the merchant discount rate (MDR) charges in respect of debit card transactions for making payments to it to encourage people to use digital payments post demonetisation. As per the bank.For the quarter ending March 2017.loans. and online transactions. Firstly a systematic savings with guaranteed premium returns and secondly a wholesome life protection making it an ideal financial product for every Indian household. Government Increases the Cash Credit Limit For MSMEs To 30 % i. ii .FB. 2017. The limit has been doubled for the loans not exceeding 12 months from the date of sanction. 2017 i. 32 | P a g e Follow Us . iii. Small and Medium Enterprises (MSMEs) to 30 percent of turnover from the existing 20 percent to encourage them to conduct businesses digitally. ii. The Union government has increased the Cash Credit (CC) limit for Micro. the banks have been asked to file claim by April 30.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud. domestic and non- resident accounts. RBI has directed the banks to forward their claim for reimbursement of MDR along with statutory auditor’s certificate to RBI’s Nagpur office on a quarterly basis.In December 2016. Name and Shame Campaign of Catholic Syrian Bank Starts Paying Dividends i. The Name and Shame Campaign initiated by Catholic Syrian Bank Employees and Retirees against willful Defaulters in Kerala have started paying dividends. card management along with support for reconciliation and dispute management processes. Current Affairs Sectionwise PDF ii. Leading global payments and technology firm. HRD Ministry and Canara Bank will jointly promote the HEFA with an authorised capital of Rs. Canara Bank Inks MoU with HRD Ministry to Start Higher Education Financing Agency i.000 crore. SBI ties up with Greenply to offer financial services to its dealers i. 2017. Karnataka Bank Launches National Pension System in Mangaluru i. 2017 to operationalize the Higher Education Financing Agency (HEFA). Through digital means of conducting the business. 2017. The establishment of the Higher Education Financing Agency (HEFA) was approved by the Union Cabinet in September 2016. SBI will extend financial services to Greenply dealers to grow further on a very competitive 33 | P a g e Follow Us . ii. tax liability will be reduced from 8 percent to 6 percent. Mastercard to Provide Payments Processing Solution for Airtel Payment Bank i. ii. With digital transaction. The payment processing platform will enable the Airtel Payment Bank in providing various payment services like switching.To avail the benefit. Through this MoU. ii. iii. ii. 2017. both of which is accessible through the Myairtel App. iv . iii. As per the announcement by Mastercard on February 17. Mangaluru based private sector lender Karnataka Bank Ltd launched National Pension System (NPS) at its corporate office in Mangaluru on February 16. any individual between the ages 18-60 years can register their name with the bank branch to contribute and to get pension benefit. Mastercard is set to provide payments processing solution to Airtel Payments Bank. Mastercard and Airtel Payments bank have also launched India’s first online debit card along with a prepaid card. the balance sheet of companies would be clean and this would help MSMEs to get loans from banks and promote Ease of Doing Business.Presently the taxes for MSMes are calculated at 8 percent for revenue of up to Rs 2 crore. Bangalore based Public sector Canara Bank has signed a Memorandum of Understanding (MoU) with the Human Resource Development (HRD) Ministry on February 17. one can contribute to NPS while earning and eventually start receiving pension on his/her attaining the age of 60 years to meet their financial needs. Mumbai based State Bank of India(SBI) has signed Memorandum of Understanding(MoU) with India’s largest interior infrastructure company Greenply Industries to grow its channel financing business of Greenply Industries on electronic platformon February 18. iii. Aim: To provide financial security at old age by giving regular income in the form of pension. Under the scheme.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud. iii.Com . 2.FB. It has also taken initiative to stop use of paper from its branches for end-to-end digitisation. OMA Emirates have presence in Middle East. sales and marketing. the company will begins the Indian operations from Mumbai and eventually plans to open offices in other parts of the country beginning with Metros and Tier 1 cities. iv. As per the notification by RBI on February 16. Oriental Premium card and Oriental Prepaid Card. leading United Arab Emirates (UAE) payments solutions provider OMA Emirates has entered the Indian Market. the firm will begin with providing services like business development. RBI Permits Multilateral Financial Institutions to Invest in Masala Bonds i. The acquisition will help MobiSwipe to be offered in countries outside India also. iii. The Reserve Bank of India (RBI) has permitted Multilateral Financial Institutions (FIs) to invest in rupee denominated bonds commonly known as ‘Masala Bonds’ issued by Indian entities. Acquires MobiSwipe i.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud. v. v. OMA Emirates Enters Indian Market. alliances and investments. Current Affairs Sectionwise PDF pricing. In an effort to extend the services to neighboring countries and enhance market share. MobiSwipe allows merchants to accept payments via Credit and Debit card by using the mobile application. 2017 which also marks the 75th Foundation Day of the bank. Oriental Premium card is a RuPay based Platinum international debit card with airport lounge access.Com . ii. iv. ii. The OBC bank introduced a new version of mobile banking in the form of mobile app under the name ‘Oriental Batuaa’ to provide banking services through app. ii. iii. 34 | P a g e Follow Us . Europe and select parts of Asia. Besides. iii. It will also help to increase the product line of the firm by way of partnerships. 2017. The aim of OMA Emirates is to increase its sales and market share in by extending its operations to neighboring countries. In India. Oriental Prepaid Card is a RuPay card for individuals and corporates’. OBC also launched two new RuPay cards. beginning with the acquisition of mobile point of sale (mPOS) firm MobiSwipe.FB. The Oriental Bank of Commerce (OBC) launched a series of digital offerings for its customers on February 19. Presently. Oriental Bank of Commerce Launches Mobile Wallet ‘Batuaa’ i. the move will enable the Indian entities issuing rupee denominated bonds abroad to have wider choice of investors. The bank also launched two MSME schemes ‘Oriental Sanjeevani’ and ‘Oriental Budget Hotels and Restaurants’. As per the announcement made by OMA Emirates on February 17. 2017. SEBI Approves IRB InvIT Fund to Raise Fund Through IPO i.300 crore through an initial public offering (IPO). 2017 at New Delhi and will aim to approve the draft laws on Central GST. motels etc. 2017. lodges. Inter State GST as well as State GST. SBI Rebrands Corporate Website as bank. Now bank. ii.FB.in” on February 19.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud.Com . IRB InvIT Fund is an investment trust sponsored by IRB Infrastructure Developers Limited. Karnataka Bank Signs MoU with Daimler India i.The adoption of gTLD will enable SBI to use its corporate name . iii.in” as domains.sbi is the highest domain protocol commonly known as generic top level domain (gTLD). Current Affairs Sectionwise PDF vi. on February 18.The GST Council approved a law to compensate states for any loss of revenue from the implementation of the Goods and Service Tax (GST) in the first five years. restaurants.sbi” from the earlier “sbi.sbi as their website’s top-level identifier instead of using “. GST Council Approves Law to Compensate States for Revenue Loss i . ii. SBI has become the first banking organization in India to adopt gTLD for its internet presence. Magaluru based Karnataka Bank Ltd has signed a Memorandum of Understanding (MoU) with Daimler India Commercial Vehicles Pvt Ltd (DICV) on February 20. companies etc for setting up new hotels.co.Infrastructure Investment Trusts (InvITs) are like mutual fund schemes which pool in money from individual investors for investing in infrastructure initiatives. ii. iv . to raise Rs 4. 2017. 35 | P a g e Follow Us . The Oriental Budget Hotels and Restaurants scheme is for individuals. proprietors. iii . The country’s largest lender State Bank of India (SBI) rebranded its corporate website as “bank. Small and Medium Enterprises) to purchase commercial vehicles.com” or “. 2017 at the 10th GST Council Meet at Udaipur. iii. The next meeting of the council will be held on March 4-5. Market regulator Securities and Exchange Board of India (SEBI) has given its approval to IRB InvIT Fund. The compensation bill will be taken to Parliament in 2nd half of Budget Session to be held from March 9. With this.sbi i. Oriental Sanjeevani is a specialised scheme for doctors for setting up new hospitals and clinics. 2017 to extend finance to customers for the purchase of commercial vehicles manufactured by the company.co.The deal will benefit the customers belonging to sectors such as MSME (Micro. ii . an Indian highway construction company headquartered in Mumbai. Employees’ Provident Fund Organization (EPFO). ICRA says GVA growth to decline by 70 bps to 6. ii. Rajasthan ii.FB. Lucknow based Small Industries Development Bank of India (SIDBI) has signed a Memorandum of Understanding (MoU) with Bengaluru based Vijaya Bank for providing concessional finance to micro and small enterprises (MSEs). ii.1 per cent in line with moderation in fuel demand following the note ban. Guragon based Domestic rating agency ICRA reported that the gross value added (GVA) is set to slip to 6. the retirement body of India introduced single page composite claim form that enable its subscribers to withdraw money from their PF account at an ease. The form does not require employers’ attestation. Bihar and Delhi.2 per cent in the third quarter from 6. ii.000 for one year to rural women. SIDBI.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud. Small & Medium Enterprises’ scheme at concessional rate of 9.Com . In this new form. but the facility can be availed only for those subscribers whose Aadhaar number and bank account details are seeded with their Universal Account Number (UAN).5 per cent from 7. Vijaya Bank combine to provide concessional loans to micro.9 per cent and GDP growth will decline to 6. The loan amount will be deposited directly to the loanees bank account. small units i. iii. The new single-page form can be submitted with the attestation of employers. The objective of this initiative to help rural areas embrace cashless transactions. no revenue stamp of Re 1 is required in both the cases whether you are filling Aadhaar- based composite form or the non-Aadhaar based composite form. iii.60 per cent. 36 | P a g e Follow Us . iv. The loan facility based on a three-step verification process of Aadhar-based eKYC. Bharat Financial Launches Instant Microloan Facility i. It will be rolled out by June 2017 in all microfinance companys nationwide network with several being in Rajasthan.2% in Q3 i.2 per cent. credit bureau authentication and eSign and non collateral loans up to Rs 60. Aim: To promote and strengthen the units in the MSE segment iii. Hyderabad based non-banking finance company Microfinance institution Bharat Financial Inclusion Ltd launched an instant loan approval at a village near Bassi in Jaipur district. Current Affairs Sectionwise PDF EPFO introduces Single Page Composite Claim Form i. Services sector is expected to ease to 8 per cent from 9. The MoU also expect joint financing/co-financing of MSMEs for meeting capital expenditure under the ‘SIDBI Make in India Soft Loan Fund for Micro. along with working capital from Vijaya Bank. 2017 ii. ii.2 per cent. ii.6 per cent in 2016-17 fiscal due to “temporary disruptions” caused by demonetisation. iv. Government to Provide Rs. The MoU was signed between LB Sondjaja. 37 | P a g e Follow Us .2 per cent in FY2017/18. 2016 from 10. Deputy Country Director of ADB’s India Resident Mission on behalf of ADB and Raj Kumar.6% post-demonetisation.FB. ii.Com . The government has announced to bailout IDBI Bank with Rs. on behalf of Government of India.International Monetary Fund come up with India’s growth projection which predicted slow 6. Joint Secretary (Multilateral Institutions). The annual growth of systemic deposits improved to 15. in the Ministry of Finance. iii. Industrial growth is set to more than halve to 4 per cent from 8. The financial assistance will help the bank to maintain stability.The partnership will benefit our customers and through this ties up iii. The insurance products includes motor. 3000 crore Bailout Package to IDBI Bank i. Haryana based Oriental Bank of Commerce has signed a corporate agency agreement with Chennai based general insurance provider Cholamandalam General Insurance Company for distribution of insurance products on February 22. health. led by manufacturing. iii. 2017 in New Delhi to develop 800-km Visakhapatnam-Chennai Industrial Corridor. then rebound to 7. 3. The IMF said in its annual country report on India mentioned that growth is projected to slow to 6.6 per cent in FY2016/17. Oriental Bank Ties Up With Chola MS To Sell Insurance Products i. The IMF has noted that demonetisation would have only short term impact on the economy and it would bounce back to its expected growth of more than 8% in the next few years.6 per cent.2 per cent as of December 23. primarily to private consumption as a result of cash shortage India Signs $375 Mn Loan Pact with ADB for Industrial Corridor i. says IMF i . construction and mining and quarrying. home and travel India’s GDP projected to slow to 6. Current Affairs Sectionwise PDF iii.500–kilometer long East Coast Economic Corridor (ECEC) having total cost of 846 million dollars.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud.000-crore capital infusion to enable the bank to have better capital-adequacy ratio and further enhance credit growth. The Government of India and the Asian Development Bank (ADB) signed a 375-million- dollar loans and grants on February 23. The project is the first phase of a planned 2. due to temporary disruptions. The facility will help the bank branch to take better care of the client’s requirement and offer the services promptly. 2017 states that despite the currency demonetisation drive by Government of India. Now UBI customers can now book railway tickets seamlessly through IRCTC website using the bank’s debit card. Mumbai. iv . iii.Com . the country will continue to be 38 | P a g e Follow Us . Real Industry GVA at 5. Dena Bank Unveils RFID-Enabled Cards For Better Customer Service i. ii. The RFID card is being introduced in select branches of Dena bank with the first branch with RFID enabled technology has been launched at the Dena Bank JVPD branch.3 percent in 2016-17 and 7 percent in 2017-18. Public sector banks United Bank of India (UBI) has signed agreement with Indian Railway Catering and Tourism Corporation(IRCTC) for railway ticket booking facility. UBI ties up with IRCTC to launch railway booking facility i. v . it also predicted the Gross Value Added (GVA) at basic price would grow at 6. vi. ii.6 percent.9 percent for the fiscal 2016-17 compared to previous estimation of 7.5 percent and Real Services GVA at 7.7 percent. Wholesale Price Index (WPI) inflation is projected at 3. NCAER Lowers India’s GDP Growth Forecast to 6. ii.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud.6 percent for 2016-17. iii .9 per cent for FY17 i.3 percent in 2016-17. However. the growth rate would rebound to 7. India To Remain Fastest Growing Economy Among G-20 Nations Despite Demonetization: Moody’s i. Current Affairs Sectionwise PDF iii.Real Agriculture GVA is estimated to grow at 3. 2017 at its Mumbai branch. The RFID card will help the branch manager to identify a valued customer entering the bank having RFID card by displaying the complete information about that customer on the managers desktop. The decline in the growth forecast is based on the demonetization effect. This new facility was available from February 21 2017 iii.Besides. According to NCAER. Dena Bank has unveiled a Radio Frequency Identification (RFID) enabled banking card on February 23. Moody’s Investors Service report released on February 23.FB.3 percent for 2017-18. the inflation is projected to accelerate in 2017-18 due to rising crude oil inflation. An economic think-tank. IDBI Bank’s lending portfolio is mostly in corporate segment and that is one of the major reasons for increase in its bad loans. iv. National Council of Applied Economic Research (NCAER) has lowered India’s GDP growth to 6. investments would be made in initiatives that will integrate SoftBank’s expertise in investments and the Foxconn’s manufacturing and technology services to maximize the profitability of the venture. DIPP Reports FDI Inflow Grows by 18% to USD 46 billion in 2016 i. According to the data by the Department of Industrial Policy and Promotion (DIPP). Softbank Group Capital Apac Pte Ltd is a wholly owned subsidiary of SBG.5% stake in SoftBank Group Capital Apac Pte Ltd for $600 million while the remaining would be controlled by SBG. Mauritius.The Sovereign Gold Bonds 2016-17–Series IV will be issued by the Reserve Bank of India (RBI) on behalf of Government of India. 2017 and it will be the last offering for 2016-17. the Netherlands and Japan.2 billion. but Shifting US Policies Inject Uncertainty’.1% for 2017. Foxconn would buy 54. G-20 countries is expected to have a growth rate of 3 percent in 2017 and 2018 from 2. the Foreign Direct Investment (FDI) in India grew 18 percent during 2016 to attract $46 billion as compared to $39.6 percent in 2016. 2017 entered into a definitive agreement with Foxconn Technology Group (Foxconn) of Taiwan to establish a joint venture through Softbank Group Capital Apac Pte Ltd at an estimated cost of $1. iv. Under the partnership. With respect to the global growth. ii.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud. computer hardware and software and automobile. As per the report titled ‘Modest Acceleration in the Global Economy.2B Joint Venture i. ♦ Applications for the bond will be accepted from February 27. India is expected to have the fastest-growing economy among all G-20 countries with growth rate at 7. The deal is expected to take effect on March 1. 2017 and the Bonds will be issued on March 17. though lower as compared to previous expectation of 7.32 billion in 2015.Com . 2017 to March 03. the major FDI contributing countries were Singapore. 2017. Foxconn will also be responsible for management of the operation as a whole Government Issues Sovereign Gold Bonds 2016-17-Series IV The Government of India launched the 7th tranche of the Sovereign Gold Bonds on February 27. Japan’s SoftBank Group Corp (SBG) on February 24. The bonds will be issued in denominations of one gram of gold and multiples thereof and be 39 | P a g e Follow Us . Foxconn and SoftBank Forms $1. Besides.5%. iii. Features of the Bond i. iii. Under the agreement. Current Affairs Sectionwise PDF the fastest growing economy among G-20 countries in 2017. telecom. ii. trading. iii. The main sectors which attracted the maximum foreign inflows include services. ii.FB. An expert committee set up by SIDBI. The bonds shall bear a fixed interest rate of 2. 2017 to provide its insurance product to the large customer base of the bank.The holding period of the bond has been fixed for a period of 8 years.. The issue price shall be Rs 50 per gram less than the nominal value. iv.1. among others. thus taking the total sanctions in 2016-17 to over Rs 1. Founder ofInfo EdgeSanjeev Bikhchandani. iv. ii .50 percent per annum on the amount of initial investment. vi . Pre-mature redemption of the bond is also permitted from 5th year of the date of issue on the interest payment dates. Venture Capital Investment Committee (VCIC) has sanctioned Rs 300 crore to fund managers who would invest in startups. v. iii. Indian Angel Network Founder Saurabh Srivastava. former Nasscom chief Kiran Karnik. SIDBI sanctions Rs. v. till date Rs 1.000 or demand drafts or cheque or electronic banking. In order to expand its business across the country. ii. ii . Price of the bonds shall be fixed in Indian rupees on the basis of simple average of closing price of gold of 999 purity as published by the India Bullion and Jewellers Association Limited (IBJA) for the week preceding the subscription period.Minimum investment in the bonds shall be 1 gram per person while maximum limit of 500 grams per person per fiscal year.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud.SIDBI’s VCIC comprises of former Infosys CFO Mohandas Pai.100 crore. iii .Under the tie-up the bank will distribute customised Apollo Munich Health insurance and personal accident policies to the bank’s 20 million customers across India.FB. 40 | P a g e Follow Us . In its 7th meeting on the February 11. During fiscal year 2014-15 sanctions were made to 11 funds (Rs 314 crores) while in 2015-16 sanctions were made to 16 funds (Rs 607 crores).Com . During the current financial year. VCIC examined requests from 11 fund managers and cleared sanction requests from 9 Funds aggregating Rs 300 crores. Current Affairs Sectionwise PDF available in both demat and paper form. Apollo Munich Health Insurance Company has tied up with Mumbai-based Dena Bank on February 27.112 crore this Fiscal to Startups i.112 crores has already been sanctioned to 30 funds Apollo Munich and Dena Bank Enters Into Bancassurance Tie-Up i. Payment shall be accepted in Indian rupees through cash up to a maximum of Rs 20. Com . ii.FB. Centrum will conduct the business through its wealth management arm. Th MoU will envisages joint financing/co-financing of MSMEs for capital expenditure under ‘SIDBI Make in India Soft Loan Fund for Micro. SIDBI. CSFB pact to help MSMEs avail loans at cheaper rate i.The panel has the freedom to co-opt more experts in future and also operate through a framework of sub-committees to examine specific issues. executive chairman. Current Affairs Sectionwise PDF iii. managing director & CEO. popularly known as SMILE at a concessional rate of 9. ii. Centrum Group. ii. as well as family floater plans beginning with Rs. Buyer Initiated Payments (BIP) on February 27.60 per cent by SIDBI Lakshmi Vilas Bank Signs MoU with Centrum for its HNI Clients i. RBI Establishes Committee To Review Cyber Threats i. small and medium enterprises (MSMEs) iii. iv. 2017. Chennai-based private sector lender Lakshmi Vilas Bank (LVB) has tied up with Centrum Group on February 27. 2017 in which the bank will refer its High Net Worth Individuals (HNI) to Centrum for wealth management and family office services. 2017 to 41 | P a g e Follow Us . Small & Medium Enterprises’. study adoption of new technology standards and suggest appropriate policy interventions to strengthen cyber security and resilience. The committee will be chaired by RBI Executive Director Meena Hemchandra. The committee will be responsible to review the threats emerging from the use of technology. LVB and Jaspal Bindra. 10 lakhs. Aim: To promote and strengthen the micro. The Reserve Bank of India (RBI) has set up an 11 member Inter-disciplinary Standing Committee on Cyber Security on February 28. iii. iii . Lucknow based Small Industries Development Bank of India (SIDBI) and India’s first small finance bank Capital Small Finance Bank (CSFB) signed Memorandum of Understandingto enable it to provide loans at a concessional rate to MSMEs. The agreement was signed between Parthasarathi Mukherjee. a global leader in payment solutions has launched an electronic payment platform linked to corporate card. American Express Launches ‘Buyer Initiated Payments’ to Avoid Cheque. Draft Payments i. 2 lakh up to a limit of Rs. iv . Apollo Munich Health has also developed specialised health insurance solutions with distinctive benefits exclusively for Dena Bank customers.The health insurance policies will be available in the form of individual. American Express. Centrum Wealth Management and will offer its existing portfolio of wealth management services to the bank’s HNI clients.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud. HSBC and OBC Banks launched iSelect Term Plan i. BIP enables companies to increase the Days Payable Outstanding (DPO) while still paying vendors on time. iii. World Bank (India) on behalf of the World Bank.3 percent for the 2017- 18 and 7. iii. OECD Predicts India’s GDP Growth at 7% for 2016-17 i. the global think tank has also estimated the growth rate of 7. Ministry of Finance on behalf of the Government of India and Mr. ii.FB. Department of Economic Affairs. Junaid Kamal Ahmad. iii. India has signed a financing agreement of USD 63 million(equivalent) with World Bank on 23rd February.Com . but the long term effects would see gains going upward. Besides. iii. Raj Kumar. Joint Secretary.7 percent for 2018-19. 2017 in Jharkhand for its Socio-Economic Empowerment of Adolescent Girls and Young Women Project named “Tejaswini”. As per the report. The Economic Survey Report by Organization for Economic Co-operation and Development (OECD) has estimated the India’s GDP growth at 7 percent for 2016-17 on February 28. Country Director. 2017. The BIP card will help organizations and their vendors by reducing the processing cost and offer extended payment terms compared to traditional invoice payments. ii.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud. iSelect term plan provides enhanced protection cover for the family at an affordable premium. Current Affairs Sectionwise PDF eliminate payment through cheques or drafts. though demonetisation may have impacted short term growth in 2016-17. HSBC and Oriental Bank of Commerce Life Insurance launched iSelect term plan to expand its online product suit ii. Canara. The Financing Agreement was signed between Mr. Canara. ii. 42 | P a g e Follow Us . The World Bank will finance the project through its arm International Development Association (IDA). It will cover insured person’s spouse as well as family’s future income with an option to automatically increase insurance coverage as per changing life stage needed Banking & Finance Awareness March 2017 India & World Bank Signs USD 63 Million Financing Agreement for Tejaswini: Socio- Economic Empowerment of Adolescent Girls and Young Women Project i. com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud. Tamil Nadu and Maharashtra HDFC. The Vice-Chairman of the Special Investigating Team (SIT) on black money. 2017. HDFC Life Partners with ET Money to Launch Data-Led Policy i. The law was signed by President Pranab Mukherjee on February 27.It also provides for a minimum fine Rs 50. ICICI. ICICI. SIT Unearths Rs. Catholic Syrian Bank announced tie up i. Reliance General Insurance. The group term life insurance coverage ranges from Rs 25-50 lakh and users can also save upto 30% of the premium paid as a tax benefit under section 80C of the Income Tax Act.000.The plan offered as ET Money benefit is first such term insurance plan which is based on the spend pattern of the users and can be exclusively availed by 1 million users of the ET MONEY app. Besides. 43 | P a g e Follow Us . 2017 announced that an amount of Rs. 70.Com . Reliance General Insurance is one of the leading private general insurance companies of India has announced a bancassurance tie-up with Catholic Syrian Bank on March 1. The new charges aimed at reducing cash transactions at banks at the rate of Rs 5 for every Rs 1.FB. Justice Arijit Pasayat on March 2. 2017. The Government of India has officially notified the law that makes holding of more than 10 scrapped notes punishable with a minimum fine of Rs 10. 2017 ii. Current Affairs Sectionwise PDF Government Notifies Law to Make Possession of Demonetized Note as Punishable Offence i.000 transacted or Rs 150. ii . whichever is higher. a further time limit has been given to deposit such scrapped notes with RBI till March 31. 70.000 crore of black money has been so far detected through different schemes of the government. India’s leading private banks including HDFC Bank. 2016). ii . Long-term life insurance provider HDFC Life has launched of an exclusive Data-Led Group Term Insurance Plan in partnership with personal finance app“ET Money” of Times Internet on February 27.000 crore Black Money i.000 for false declaration by persons who were abroad during the demonetisation period (November 9-December 30. ii. iii. and Axis they will charge a minimum of Rs 150 per transaction for cash deposits and withdrawals at bank branches beyond four free transactions in a month. Axis to charge Rs 150 after 4 free transactions i. Now RGI will offer its insurance products to Catholic Syrian Bank’s customers across its branches in Kerala. Semi-Urban Rs 2. 2017.055.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud. as well as cash deposits and for failing to maintain monthly average balance in their savings accounts. This move follows the leading private sectors banks announced similar charges in this week. However. iv. breaching balances i. iii. over Rs 16. The Government of India has directed all the banks to provide mobile banking facility to all customers by March 31. Current Affairs Sectionwise PDF ii . Rs 60 for 50-75 per cent shortfall and Rs 80 for 75 per cent or more.000 MAB Rs 50 charge for 50 per cent shortfall. India’s largest lender has State bank of India has revised service charges various transactions. 2017.000 MAB Rs 40 service charge. Population Minimum Balance Penalty Center Metropolitan Rs 5.355 for cars up to 1.000 cc and Rs 9. motor cycles as well as commercial vehicles from April 1. 44 | P a g e Follow Us .000 MAB Rs 20-50 plus service tax Rs 10000 penalty for bank branches refusing to exchange soiled notes The Reserve Bank of India has clarified that currency notes which have messages scribbled on it are legal tender bank branches that refuse to exchange soiled notes from people will have to pay a penalty of Rs 10.FB. The charges will be applicable from April 1. the third party motor insurance premium for small cars (up to 1. The proposal has been made to increase the premium for tractors up to 6 HP from Rs 510 to Rs 765.Out of the unearthed amount.000 – 1. the insurance premium for sports bikes and super bikes (more than 350 cc) has been increased to Rs 1. Govt Directs All Banks to Provide M-Banking Facility to all Customers by March 31 i.246 for bigger ones.000 crore was detected after an investigation was made regarding the transfer of fund abroad by Indians. IRDAI Proposes 50% Hike In Motor Insurance Premium From April 1 i.000. However. The proposed hike would be applicable for mid-segment cars (1. The decision is an effort of the government to boost the digital payment system. SBI slaps charges on cash deposits. The Insurance Regulatory and Development Authority of India (IRDAI) has proposed to increase the insurance premium to 50 percent for cars.Com . ii.000 MAB Penalty for non-maintenance of minimum balance ranges from Rural Rs 1. ii. The regulator has also not proposed any increase for two-wheelers having engines up to 75 cc. The insurance premium would be raise to Rs 3. ii.000 cc) would remain same at Rs 2.500 cc) as well as bigger cars and SUVs. Rs 75 for shortfall between 50-75 per cent and Rs 100 for 75 per cent or more Urban Rs 3. v.194 from the present Rs 796. 3000 Rs. • In case of current account. Rs. Rs. • In case of other banks’ ATM. 25.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud. Current Affairs Sectionwise PDF SBI to Impose Penalty on Non-Maintenance of Monthly Average Balance in Accounts from April 1 The country’s largest lender State Bank of India (SBI) has decided to reintroduce penalty on non-maintenance of minimum balance in accounts to be effective from April 1. SBI has reduced the interest rates on term deposits maturing between 180 days and 1year and between 456 days and 3 years with effect from March 1. the levy could go as high as Rs. 5000 Rs. 100+service tax= Shortfall > 75% Urban Area Rs. Rs. 50+service tax= Shortfall > 75% Other Transaction Charges Cash Deposit • Savings Banks Account holders can deposit cash 3 times a month free of charge.000. 45 | P a g e Follow Us . no charge would be levied by SBI if the balance exceeds Rs. Beyond that. Rs. 50+ST would be levied on every transaction beyond that. 25+service tax= Shortfall <=50% of MAB. 20. Rs. • Rs. 30+service tax= Shortfall >50-75 %. • In case of failing to maintain Monthly Average Balance (MAB) in saving accounts.000. 15 would be charged for SMS alerts per quarter from debit card holders who maintain an average quarterly balance of up to Rs. Monthly Average Balance in Different Areas Area Monthly Average Balance Penalty Metropolitan Area Rs. Rs. 50+service tax= Shortfall <=50% of MAB.25. 1 lakh. 20+service tax= Shortfall <=50% of MAB. 100 plus service tax would be levied. Rs.Com . • SBI will not levy any charge on withdrawals from its own ATMs if the balance exceeds Rs. 75+service tax= Shortfall >50-75 %. Rs. 80+service tax= Shortfall > 75% Semi-Urban Area Rs. 10 would be levied per transaction. penalty of up to Rs. 1000 Rs. Term Deposit Among other things. 2017. 50+service tax= Shortfall >50-75 %. 75+service tax= Shortfall > 75% Rural Area Rs. 2000 Rs. Cash Withdrawal • If the number of cash withdrawal from other banks ATMs in a month is more than three times then a charge of Rs.FB. 60+service tax= Shortfall >50-75 %. 20 would be levied per transaction. 40+service tax= Shortfall <=50% of MAB. • If the withdrawal is more than 5 times from SBI ATMs in a month then Rs. Rs.000 during the three-month period. 1 percent in the fiscal 2016-17. ii. It can assimilate knowledge from thousands of sources and provide answers in simple language in less than 0. Finance Ministry Gives in-principle Approval to ESOPs by PSU banks i. ii.However. The chatbot not only works as a personal financial advisor but also brings to the forefront the universal need for life insurance Fitch Estimates Indian Economy to Grow 7. 46 | P a g e Follow Us . Vijaya Bank opens its 2.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud. the Employee Stock Option Plans (ESOPs) can only be given by those banks which have earned substantial profit as well as made remarkable improvement in managing NPAs.000th branch in Tirupati i. based on a simple 60-second quiz which enables it to compute their Insurance Quotient. 2017 ♦ The chatbot was launched in collaboration with India’s largest chatbot platform Haptik.75% on maturities between 456 days and less than three years. ii.The proposal of ESOP by the Banks Board Bureau (BBB) will help to motivate employees to work towards strengthening the financial status of their banks and hence increase its share value.5% on deposits with maturities between 180 days and less than one year and 6. ii . Bengaluru based Vijaya Bank has recently opened it’s 2000th Branch in Tirupati by Sri Chadalawada Krishna Murthy. HDFC Bank launches chatbot Eva for customer services i. The Union Finance Ministry has given its in-principle nod to allow Public Sector Banks (PSUs) to offer stock options to their employees from 2017-18.1% in 2016-17 i. Chatbot features : i.FB.4 seconds HDFC Life brings country’s first life insurance Chatbot with Haptik Mumbai based HDFC Life has launched India’s first life insurance chatbot to help users choose the most suitable life insurance plans and solutions on March 7. 2017 estimated India’s GDP to grow by 7. Tirumala Tirupati Devasthanams. Mumbai headquartered HDFC Bank has launched India’s first AI(artificial intelligence) based banking chatbot Electronic Virtual Assistant (EVA) for customer services . iii . Current Affairs Sectionwise PDF • SBI will now pay an interest of 6. This branch is the region’s 65th branch and the second in Tirupati city. India’s largest chatbot platform.Com . The US based global rating agency Fitch on March 7. Chairman. This chatbot will assist the customers with insurance advice – ranging from Health to Tax Planning & Retirement. Private Sector Banks and NBFCs can subscribe for the CP. NITI Aayog. BBPS : BBPS (Bharat Bill Payment System) will make utility bill payments such as electricity bills. among others.330 crore. Unique Identification Authority of India (UIDAI). 2017 in New Delhi.FB.Com . FASTag : ♦ The FASTag service has been launched in association with the Indian Highways Management Company. Initially. ii. iii.000. iii. Venkataraman has rolled-out of three technology services FASTag. Current Affairs Sectionwise PDF ii. IDFC Bank has launched India’s first biometric-based payment system “Aadhaar Pay” on March 7. However. IDFC Launches Biometric Based Payment System Aadhaar Pay i.7 percent in both 2017-18 and 2018-19. The proceeds from CP will be used for short term funding needs of the organization. and National Payments Corporation of India (NPCI). a subsidiary of National Highways Authority of India. the biometric reader is available for Rs 2. water charges and gas cylinders. The transfer is effected through the IMPS (Immediate Payment Service) platform of NPCI (National Payments Corporation of India). i. ii. 2017. ESAF Microfinance Issues Commercial Paper Worth Rs 330 crore i. at a single site instead of accessing multiple sites. The papers are rated A1 by CARE ratings. ♦ The preloaded tags affixed on vehicles are valid at all toll plazas throughout the country. UPI and BBPS on March 8.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud. the rating agency also projected the growth to see upward trend at 7. SBI launches ‘Work from Home’ facility for employees i. ESAF Microfinance Company has issued Commercial Papers (CP) worth Rs. ii. Mumbai based State Bank of India has launched a new facility ‘Work from Home’ to enable 47 | P a g e Follow Us . Karur Vysya Bank launches 3 technology services Karur based Karur Vysya Bank’ s Chief Executive K. The Aadhaar Pay app has been developed by IDFC Bank under the guidance of the Ministry of IT. UPI app : United Payments Interface (UPI) is a mobile app that enables inter-bank transfer of funds. 2017 notified that it is soon going to issue Rs. Government Issues Draft Rules For Digital Wallet Companies The Ministry of Electronics and Information Technology has issued a draft rule titled Information Technology (Security of Prepaid Payment Instruments) Rules 2017 on March 8. ii. • Aim: To ensure adequate integrity. will be on the reverse of the note. 2017. 10 denomination notes with enhanced security features for circulation. Aim: To enable its employees to work while at home using mobile devices to address any urgent requirement they may have. FreeCharge and Mobikwik. SBI recently announced that penalty for non-maintenance of Minimum Average Balance (MAB) from April 1. 2017. The year of printing. iii. This facility was launched after ‘Work from Home’ policy was recently approved by the Board of the bank. security and confidentiality of electronic payments made via digital wallet and strengthen the grievance redressal mechanism for consumers 48 | P a g e Follow Us . Arundhati Bhattacharya. 2017 ii. Current Affairs Sectionwise PDF its employees to work from home on March 7. SBI chief clarify that the condition of maintaining minimum balance will not be applicable to the Jan Dhan accounts RBI Will Soon Introduce New Rs 10 Notes with More Security Features The Reserve Bank of India on March 9. Government asked SBI to reconsider charges. It will have the signature of Governor Urjit Patel. EPFO extends Digital Life Certificate submission through Jeevan Pramaan Patra by March 31 The the Employees’ Provident Fund Organisation (EPFO) has extended the last date of submission of Digital Life Certificate through Jeevan Pramaan Patra up to 31st March 2017 from 28th February 2017. Salient Feature of the Note i.FB.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud. iii. The note will be in the Mahatma Gandhi series-2005 and carry inset letter ‘L’ on both number panels. ii. SBI says minimum balance penalty needed to offset Jan Dhan account costs i. 2017 for digital wallet firms like Paytm.Com . that prevents their travelling to work. • The MeitY has formulated the draft rules for security of Prepaid Payment Instruments (PPIs) under provisions of IT Act 2000. 000 The Reserve Bank of India has amended the provision for disbursement of loan by NBFC against the gold on March 9. The government may by notification exempt digital wallets from requiring two-factor authentication in specific use cases.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud. ♦ As per the new provision. RBI Restricts Cash Loan Against Gold by NBFC to Rs 25. • The companies will also have to adopt a two-factor authentication process for transactions. • Companies should also have enough technological safeguards to avoid any hacking attacks of their platform and in case of any such event. Ujjivan Small Finance Bank ii. handling and follow-up of cyber incidents and breaches. • The draft rule also specifies that the e-PPI issuers should also follow adequate due diligence procedures and identification of users prior to on boarding them on their respective platforms. 2017. the company will have to revamp its policies.Com . the Non-banking Financial Company (NBFC) cannot lend more 49 | P a g e Follow Us . Chamarajpet. • The companies will also have to establish a mechanism for monitoring. capable of being understood by a reasonable person. 2017 said by Samit Ghosh. Chandra Layout. • The security policies should also be reviewed once a year by the firms and in case of any breach. • Companies will also have to appoint a chief grievance officer whose contact details will have to be displayed on the website. it is to be swiftly reported to the government agencies like CERT-In. Current Affairs Sectionwise PDF Salient Features of the IT (Security of Prepaid Payment Instruments) Rules 2017 The Rules mandate that each Prepaid Payment Instruments (PPI) company or wallet firm will have in place and publish on its website and mobile applications the privacy policy and the terms and conditions for use of the payment systems operated by it in simple language. Six new branches are located at Magadi Road. Devaiah Park and Nelamangala. Paytm Withdraws Levying 2% fee on Recharging Wallet via Credit Card Indian payment and commerce company Paytm has withdrawn the 2 percent fee on adding money to mobile wallets using credit cards on March 10.FB. Ujjivan Small Finance Bank (Ujjivan SFB) has opened its six new branches at the Silicon Valley of India. Bengaluru on March 9. Uttarahalli. Ujjivan Small Finance Bank opens 6 new branches in Bengaluru i. just two days after imposing the fees. MD & CEO. 2017 in line with the provisions of the Income Tax Act. Ltd. 2017 has legally incorporated SBI Infra Management Solutions Pvt. Private sector lender Yes Bank has signed three projects to provide payments-related solutions to smart cities. Ltd. the Reserve Bank of India (RBI) has decided to remove the restrictions on cash withdrawals from Saving Bank accounts (including 50 | P a g e Follow Us . Nashik and Puducherry for the introduction of digital payment systems under the smart city initiative. Yes Bank has currently ties up with Udaipur. Karnataka bank would be able to provide vast choice of non-life insurance products to its customers. will now manage the premises and estate related matters of SBI. The bank finds it as a good business opportunity. With this. ii. The German Development Bank (KfW) and Uttar Pradesh based Energy Efficiency Services Limited (EESL) has signed a loan agreement for €200 million with a four year moratorium and a 12-year repayment period. SBI incorporates wholly owned subsidiary for premises and estate matters of SBI i. 2017 ii. Germany’s KfW signed loan agreement with EESL and SBI i.) as a wholly owned subsidiary of SBI. The new subsidiary will save the time of bank employees who earlier performed these non-core functions. BAGICL sign MoU on general insurance business i. Mangalore based Karnataka Bank has signed a Memorandum of Understanding (MoU) with Pune based Bajaj Allianz General Insurance Company for General Insurance business on March 10. SBIIMS Pvt. ii. (SBIIMS Pvt. YES Bank signs 3 projects of smart city for payments-related solutions i. RBI Removes Limit on Cash Withdrawal from Savings Banks Accounts i. ♦ The earlier provision for NBFC was that high value loans against gold of Rs 1 lakh and above must only be disbursed by cheque. Current Affairs Sectionwise PDF than Rs 25. Mumbai based State Bank of India(SBI) also signed an agreement with German KfW Development Bank for USD 274 million loan facility a maturity of 15 years to finance affordable housing segment in India. In order to comply with the pace of remonetization. Now these employees can handle the core functions of the bank and increase the efficiency. Ltd.FB. The State Bank of India on March 11.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud. Karnataka Bank.Com .000 in cash against gold as against the earlier Rs 1 lakh. ii. 25% and remaining 25 % of the loan amount under its Clean Technology Fund (CTF). For the period 2016-18. including UN agencies. The country’s largest lender. Private insurer Future Generali India Insurance Company (FGII) has announced tie-up with 51 | P a g e Follow Us .737 per cent and 0. It will provide 75% of the loan amount with an interest rate of only 0. India’s contribution to the United Nations has increased to Rs 244 crore from Rs 157 crore during the fiscal year 2016-16 said by Union External Affairs Minister Sushma Swaraj ii. effective from March 13. India’s contribution to UN increases to Rs 244 crore i. World Bank has agreed to provide loan to develop internal transmission arrangements of the upcoming Rewa Ultra Mega Solar (RUMS) project in Madhya Pradesh. UCO Bank. Indian government had also made voluntary contributions to the tune of Rs 22 crore to international organisations. the loans disbursed before 2011 and falling in the doubtful or loss assets category as of September 30. Under the scheme. 2017. This is a first-of-its-kind initiative in India and probably the first in the world as well. money will be provided at an interest rate of only 0. ♦ LAS will reduced the time to disburse the overdraft facility in just 3 minutes rather than several days previously.000 crore on March 14.000 cr for Tractor Loan i. HDFC Bank Launches India’s First Digital Loans Against Securities HDFC Bank in collaboration with National Securities Depository Limited (NSDL) has launched an instant Digital Loan against Securities (LAS) product on March 15. An international financial institution. iii. Future Generali tie up i. Current Affairs Sectionwise PDF accounts opened under PMJDY) in a two step process. Besides. India’s Scale of Assessment for the UN’s Regular and Peacekeeping budgets has been fixed at 0. Madhya Pradesh Rewa solar plant to receive loan from World Bank i. respectively.Com .FB. 2017.25 per cent. RUMS become India’s first solar power project of the country to receive a loan under CTF iii.1474 per cent. 2017 will be considered under the scheme. iii.” a state Public Relations Department official said SBI Announces One Time Settlement Scheme Worth Rs 6. ii. ii. 2017 for tractor and farm mechanization loans to improve the loan recovery.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud. Proposals submitted till March 31. 2016 would be considered. State Bank of India announced a One-Time Settlement (OTS) scheme worth Rs 6. ii. there will be no limits on cash withdrawals from Savings Bank accounts. ESAF Small Finance Bank launched in Thrissur Kerala’s first private sector bank ESAF Small Finance Bank was launched by Kerala Chief Minister Pinarayi Vijayan in Thrissur.To jointly conduct various initiatives towards development of the realty sector. Current Affairs Sectionwise PDF Kolkata based UCO Bank for its products on March 15. The market regulator Securities and Exchange Board of India (SEBI) reviewed advertisement guidelines for mutual funds on March 15. SEBI Issues Guidelines for Celebrities to Endorse Mutual Fund Products At Industry Level i. The loan has a six-year grace period in which no interest payments will be due and will mature in 23 years. Target : To achieve a growth of 80 per cent by FY18. The World Bank has approved a $175 million loan on March 15. India’s public sector banking and financial services company State Bank of India(SBI) and real estate developers’ body CREDAI have signed a memorandum of understanding (MoU) which is valid for a period of 3 years.FB. The loan would be disbursed by the International Bank for Reconstruction and Development (IBRD). State Bank of India and CREDAI sign MoU related to real estate sector i. ♦ Target of the bank: Rs 20. Interest Rates : i.000 crore by 2020. Kerala on March 17. As per the new guidelines. For term deposits of varying maturities – 5. SEBI also issued new advertising code that will require fund houses to communicate simply and effectively with the public. SEBI has permitted celebrities to endorse mutual fund products at the industry level for the purpose of increasing awareness of mutual funds as a financial product category. ii. with regard to disclosing performance-related information about such products.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud. 2017 ♦ This bank is promoted by ESAF Microfinance and Investments (P) Ltd and it is targeted to open 85 branches in unbanked rural centres in first year. ii.75 per cent to 9 per cent 52 | P a g e Follow Us . Aim of MoU : 1. 2017 to India for the National Hydrology Project to improve India’s ability to forecast floods and reduce the recurring chances of floods and droughts.Com . 2017 ii. 2017.. iii. 2.To promote housing for all World Bank Approves $175 million loan for India’s National Hydrology Project i. ii. Rubique will enlist CASHe on its online platform for borrowers to avail viable short-term loan products from CASHe.FB. a fin-tech product promoted by Aeries Financial Technologies has entered into a strategic partnership with Rubique.9 million cards that were used at ATMs connected to switch of Hitachi were subjected to malware attack in 2016 but the data of only 3. Under the partnership.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud. 418-cr capital infusion From Centre State run United Bank of India on March 16. Aim: To provide merchants with seamless access to point-of-sales (POS) and payment gateway products. an online marketplace for financial products on March 16. RBI Gets Centre’s Nod to Print Rs 10 Plastic Notes i.Com . Senior citizens term deposits – . Current Affairs Sectionwise PDF ii. ii. 10 denomination notes. The Reserve Bank of India has got the approval from the Central Government to conduct the field trial of plastic banknotes of Rs. A report by Commercial bank stated that 2. 2017 ii. Kolkata based Bandhan Bank has signed an agreement with a payment solution provider Avenues India Pvt Ltd on March 16. 2017. ii. 29 Lakh Debit Cards Subjected To Malware Attack Through ATM i. CASHe.291 cards faced unauthorized use. RBI got the approval to go ahead with the procurement of the requisite plastic substrate material for printing of Rs. UBI gets Rs. 53 | P a g e Follow Us . As per a data presented by Minister of State for Finance Santosh Kumar Gangwar in the Parliament on March 17. in 2016 a total of 29 lakh debit cards were subjected to malware attack through ATMs that were connected with the switch of Hitachi. Substrate refers to the underlying substance or layer on which currency is printed. ii. For savings deposits – 6 per cent to 7 per cent iii. Aeries Financial Tech Announces Strategic Tie-up with Rubique i. 10 denomination prior to introducing it as legal tender. 2017. 2017 received a capital infusion of Rs 418 crore from the Centre as a part of its turnaround-linked capital infusion plan.05 per cent Bandhan Bank ties up with Avenues India i. 1.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud. UCO Bank (Rs. Current Affairs Sectionwise PDF FinMin Approves Capital Infusion Plan for 10 PSU Banks i. The Mobile Wallet (TMW).8. ii . IDBI Bank (Rs. Essar Steel's Nand Niketan township at Hazira. Central Bank of India (Rs. ICICI Bank launches new app ‘Mera iMobile’.586- crore capital infusion plan to support 10 weak and non-performing public sector banks (PSBs).1. RBI Proposes To Fix Upper Limit in PPIs At Rs 1 Lakh The Reserve Bank of India (RBI) has proposed to cap the upper limit for Pre-paid Payment Instruments at Rs 1 lakh on March 20. the State Bank of India (SBI) to ensure greater banking services outreach to larger number of women at a faster pace.100 crore).600 crore). 54 | P a g e Follow Us . ♦ All the 103 branches of BMB and business of approximately Rs.FB.100 crore). TMW will provide smartphone based application for mastercard-enabled mobile wallets and the wallet is powered by RBL Bank Ltd. Purpose: To access banking services and get information on agricultural services iii.100 crore). Gold Loan. Indian Overseas Bank (Rs.418 crore).418 crore). Gujarat has become the first private township to go cashless with the help of Mumbai-based financial technology company.900 crore). 2.for rural customers i. Mumbai based ICICI Bank launched first banking mobile application ‘Mera iMobile’ to provide agricultural information in 11 Indian languages for rural people without internet connection. 2017 due to the growing usage of PPIs for purchase of goods and services as well as funds transfer. ii. Centre Approves Merging Bharatiya Mahila Bank With SBI The Government of India has decided to merge Bharatiya Mahila Bank (BMB) with India’s largest lender. risk mitigation and customer protection aspects related to usage of PPIs. ♦ The RBI sought comment of stakeholders on draft circular on Master Directions on Issuance and Operation of Pre-paid Payment Instruments (PPIs) in India till March 31. Bank of Maharashtra (Rs.1. Farm Equipment Loan and loans to Self-Help Groups (SHGs). ♦ The decision was taken by RBI after receiving requests from stakeholders and other entities for relaxations in certain areas while strengthening the norms for safety and security. Bank of India (Rs. Andhra Bank (Rs. ii.000 crore would be merged with SBI.150 crore) and United Bank of India (Rs. Mera iMobile app provide services include Kisan Credit Card.1.1. The Union Ministry of Finance has given the green signal to the turnaround-linked Rs.Com . Dena Bank (Rs.300 crore).500 crore).The 10 Banks Include: Allahabad Bank (Rs. Hazira's first private sector township to go cashless i. 2017. The first commercial transaction of the new payments service in India was carried out in the presence of NITI Aayog CEO Amitabh Kant and Samsung Southwest Asia President and CEO HC Hong.500 kilometers of major district roads in India's second-largest State Madhya Pradesh.The Union Finance Minister Arun Jaitley proposed 40 amendments to the Finance Bill 2017 which was cleared by the Lok Sabha on March 21. ii . 2 lakh per month to further tighten and discourage payments by cash as well as curb black money. educational loan at subsidized interest rates The state government of Assam has signed two MoUs with Mumbai based State Bank of India(SBI) to provide housing loan and education loan for its employees on March 23. 3 lakh to Rs. ii. Sondjaja and Joint Secretary (Multilateral Institutions). ii . India and ADB Sign $350 Million Loan for Upgrading 1. For example. The Russian VTB Bank has announced its intention to close its only office in India as part of its ongoing cost optimisation strategy. Samsung Pay in India on March 22. iii. if a cash transaction of Rs 4 lakh is uncovered. ahead of Apple Pay or Android Pay. Samsung becomes the first company to launch a mobile payment service in India. SBI sign MoU over housing. ii. Any violations to the norms would be subjected to a fine equivalent to the amount of transaction.500 kms of District Roads in State of Madhya Pradesh i. iii.The Government of India has proposed to lower the limit of cash transaction from Rs. The state government of Madhya pradesh also will allocate $150 million for this project Assam govt.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud. Russian VTB Bank to Shut Its Only Office Branch in India i. iii. the bank will continue operations in the country and further develop their partner and client network in the country. With this. 2017. B. 2017. Government Lowers Cash Transaction Limit to Rs 2 lakh i . Samsung Electronics officially launched the mobile payment service. This loan amount will be used to improve 1. the penalty will be Rs 4 lakh.However. Philippines headquartered Asian Development Bank (ADB)'s Deputy Country Director L. Raj Kumar have signed a $350 million loan agreement in New Delhi on March 22.FB. Department of Economic Affairs in the Ministry of Finance. 2017. 2017 55 | P a g e Follow Us .Com . The new limit will be effective from April 1. Current Affairs Sectionwise PDF Mobile Payment Service ‘Samsung Pay’ Officially Launched In India i. 2017.It required only Aadhar number of the beneficiary IOB to get Rs.1. World Bank Signs USD 100 million Credit Agreement with Centre & Uttarakhand i . Additional Secretary Health and Project Director for the Uttarakhand Health Systems Development Project Neeraj Kharwal on behalf of Uttarakhand and World Bank India Operations Manager and Acting Country Director Hisham Abdo Kahin on behalf of the World Bank.100-crore capital infusion Chennai-based Indian Overseas Bank (IOB) will get Rs 1. state additional secretary of finance and Om Prakash Mishra General Manager of SBI of NE Circle have signed MoU for loan facility at subsidized interest rates. The agreement was signed between Joint Secretary in Ministry of Finance Raj Kumar on behalf of the Centre.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud. This was confirmed by Finance Ministry on March 22. Education loan for higher education for their children at 4% interest rate iv.5 % for men and iii. 56 | P a g e Follow Us . Highlights : i. 2017 in New Delhi to improve quality of health care services in all 13 districts of the state.Com . ii .FB. 2017. Tata Capital Launches Mobile App To Offer Personal Loans i. The Financial services company Tata Capital has launched a mobile application ‘myLoan’ to offer personal loans to young and mobile savvy audience. iii. quality health care to all citizens and also reduce the financial risk for its citizens.The World Bank signed US dollar 100 million credit agreement with the Centre and the state government of Uttarakhand on March 23. The maximum limit of the housing loan is Rs 15 lakh and Education loan is Rs.The aim of the agreement is to make available affordable.100 crore capital infusion from the Government . Housing loan at the interest rates of 5. Current Affairs Sectionwise PDF ♦ Devajyoti Hazarika. Housing loan at the interest rates of 5% for women employees ii.10 lakh South Indian Bank introduces Aadhar-based payment app Kerala based South Indian Bank has introduced Aadhar-based UPI mobile application SIB M-Pay on March 23. Aim: To promote cashless digital transactions Features : SIB M-Pay will enables all bank account holders to send and receive money from their Smartphone without bank account information. Two free accesses to airport lounges per quarter across above 30 airports in India and 300 plus airports worldwide. which plays the major role in reducing the pollution in India.FB. The government of India is aiming at adding around 15 to 16 GW of clean energy projects.The novel card named ‘MoneyPlantTM RuPay International Platinum Debit Card’ can be used for domestic and international cash withdrawals and purchases.Besides.Venkaiah Naidu on March 22. Features of MoneyPlant TM RuPay Card i.Com .Fuel surcharge waiver besides other merchant offers. Testing and Quality Certification (STOC). iii. Delhi was awarded ISO 9001:2015 certification by Standardisation. iii . iii. aspiring to have their own pucca house. 2017 for which the effective guidelines were released by Minister of Housing and Urban Poverty Alleviation Shri M. 2016. 57 | P a g e Follow Us . ii. for Quality Management Standard (QMS) on March 24. The app is a social profile like Facebook and Linkedin based personal loan mobile application. The scheme has been made operational from January 1. 2017. Prime Minister Narendra Modi announced an interest subsidy scheme named as ‘Credit Linked Subsidy Scheme for Middle Income Groups. On December 31. 75. Personal accident insurance coverage of Rs 2 lakh. Withdrawal limit of Rs.000 and purchase limit of Rs 2 lakh a day at point-of-sales terminals and e-commerce sites. ii. CLSS-(MIG) for the tax-paying middle class population. Delhi Receives ISO 9001:2015 (QMS) Certification The Office of the Insurance Ombudsman. for the implementation of the scheme. The maximum limit of the loan is Rs. under Ministry of Electronics and Information Technology. iv . including solar and wind. Karnataka Bank Launches Rupay International Platinum Debit Card Mangaluru based Karnataka Bank has launched a new card option for its premium and HNI (high net worth individual) customers in line with the bank's digital banking initiative. Repco Inks Pact with NHB for Credit Linked Subsidy Scheme for Middle Income Groups i. Office of the Insurance Ombudsman. Indian Renewable Energy Development Agency (IREDA) will sanction a loan worth 13K Crore Rupees for clean energy projects in FY18. Repco Home Finance Ltd (RHFL) signed an agreement with National Housing Bank. IREDA to sanction Rs 13K crore loans for renewables in FY18 i. ii . Current Affairs Sectionwise PDF ii.13 lakh. 2017 in New Delhi.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud. Karnataka Bank Installs Landmark 10. Odisha became the first Indian state to extend banking facilities to masses in unbanked areas through Self. on March 27. • Jyoti Nath.000th POS terminal was handed over by the Bank’s Managing Director and CEO. bank also launched its first micro. 2017. • To implement this initiative.000 Point of Sales (PoS) terminals on March 27. The branches were inaugurated in the presence of Arun Shrivastava. one of its valued customers at the function held at Bank’s Bengaluru Regional Office. 2017 for providing financial support for the purchase of vehicles under Small Road Transport Operators (SRTO) scheme in Bengaluru.’s Odisha Livelihoods Mission (OLM) is the main party (corporate agent) in this agreement with SBI. Assistant General Manager. Chairman and Managing Director of Nandana Group of Hotels. 2017. digitally on March 27. Karnataka Bank achieved a landmark installation of 10. ii. First Phase: SHGs in the role of Banking Correspondents will reach out to 1000 Gram Panchayats in Odisha which do not have any banking facilities as of now. 3. Around three lakh SHGs. Mangaluru based private sector lender.Com . Second Phase: Another 4000 Non-Banked gram Panchayats will be covered.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud. Final Phase: Full state will be covered.Help Groups (SHGs). P Jayarama Bhat to Dr. currently operating under OLM will take up the role of Banking Correspondents (BCs). 58 | P a g e Follow Us . 40 Ananya branches opened by Syndicate Bank Manipal headquartered Syndicate bank opens 40 ‘Ananya’ transformed branches. Director of OLM Pranab and Srikant Hota signed the agreement. Odisha State Government has signed an agreement with State Bank of India (SBI) – the largest public sector bank of India.000 PoS Terminals i. its Managing Director and CEO. small and medium enterprise (MSME) hub in Bangalore. Odisha becomes first state to bring banking to remote rural areas through SHG In what can be considered as a path breaking development on financial inclusion front. SBI have signed the agreement on March 27. 2017 Phase Wise Implementation Plan: 1. 2. Odisha Govt. Ravichandar. Bengaluru. and this system will function as a supplementary banking service. The 10.FB. Current Affairs Sectionwise PDF Vijaya Bank Signs MoU with Piaggio Vehicles Bengaluru based Vijaya Bank has inked an Mou with Italian vehicles manufacturer Piaggio Vehicles. ♦ In addition to that. 2017 to launch a (Unified Payments Interface) UPI-based mobile payment service called ‘Truecaller Pay’. approximate value of 1 Bitcoin = INR 67300/- Tata AIA Launches m-Insurance Jointly with Tata Telecom i. the pilot launch has been made in Andhra Pradesh and Telengana and eventually would cover other states.e. ii. ii.Rs. As on 30th March 2017.FB. SBI Card Unnati will be issued to the customers with a minimum balance of 25000. Key Features of Truecaller Pay i. 2017.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud. ♦ True Pay aims to provide quick and easy payment methods to mobile phone users in India. send money to any UPI id or a mobile number registered with the BHIM app. including Jan Dhan account-holders across the country. Use of Bitcoin.(i. ICICI Bank partnered with Truecaller app on March 28. no charges are to be paid) 59 | P a g e Follow Us . The annual fee of Rs. iii .The m-Insurance is a term life plan with two options for the sum assured. ii. other virtual currencies not authorised by RBI. This card is provided on issue of valid KYC (Know Your Customer) documents and the application form. iv. This new brand credit card targets at all SBI customers. iii. There is no need for any past history in credit card withdrawal or underwriting. says Govt.. Tata AIA Life Insurance have partnered with Tata Teleservices Limited (TTSL) to launch m-Insurance for the prepaid customers of the Telecom Company.000 and Rs.Com . It will also allow users to recharge their mobile number using the app. In backdrop of demontisation. a question was raised in Rajya Sabha asking the Govt. 50. Beginning with. Criteria and Regulations i. to clear its stand on status of virtual currencies including Bitcoin in India.499 is waived off for the first 4 years. Written reply to this question was provided by Arjun Ram Meghwal . 1 Lakh. i. 'Unnati' credit card launched by SBI India’s largest Public Sector Lender State Bank of India has launched a unique credit card ‘SBI Card Unnati’ on March 28. ii. Truecaller Pay will allow users of the Truecaller app to instantly create a UPI id. Current Affairs Sectionwise PDF ICICI Bank & Truecaller Partners to Launch UPI-based ‘Truecaller Pay’ Mumbai based private sector lender.Minister of State for Finance. FB. Under the agreement. ♦ Only Aadhaar card and PAN card is needed for opening the account. to offer real time remittances by Indian Diaspora in US back to their relatives in India.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud. ♦ The loan agreement was signed between Raj Kumar. ♦ Aim: Development and up gradation of road project in Madhya Pradesh to improve transport connectivity in the interior regions of the state and boost economic activity. ii. ♦ 8-11 will offer customers up to 6 percent interest on their savings account balances. KVP and Sukanya Samriddhi Yojana by 0. ♦ KMB is the first lender in the country to use the Aadhar-based OTP for the account opening.Com . ♦ It will allow users to open a zero-balance. Kotak Mahindra Bank Launches 8-11 App to Double Customer Base i.1 per cent for April-June quarter Finance Ministry has notified the reduction in interest rates on Small Saving Schemes for April- 60 | P a g e Follow Us . Private sector lender. Key Features of the Agreement i. America’s third largest bank by asset. The aim of launching the 8-11 app is to increase the customer base of the bank within 18 months from existing 8 million.The project is to be implemented over a period of 5 years. Vice President and Chief Operating Officer of NDB. zero-charge account even at midnight to offer free digital services. ii. Banking & Finance Awareness April 2017 Govt lowers interest rates on small saving schemes like PPF. Mumbai based Axis Bank has signed an agreement with Wells Fargo. Joint Secretary. 2017. Current Affairs Sectionwise PDF Axis Bank Partners with Wells Fargo for Inward Remittances i. Kotak Mahindra bank has launched an innovative account opening system on March 29. ii. Features of 8-11 App ♦ The users can open the account within five minutes using the Kotak Mahindra's mobile banking system. Department of Economic Affairs on behalf of GOI and Xian Zhu. The MP road development project is the first NDB assisted project in India. 2017 under the name 8-11 which can be used from anywhere and anytime. India Inks $350 mn loan agreement with NDB for Roads Projects in MP The Government of India has signed USD 350 million loan agreement with the New Development Bank (NDB) on March 30. any Indian Diaspora customer of Wells Fargo can transfer money to their relatives in India without any transaction cost. Eligibilities for Karnataka Bank Simply SAVE Credit Card are ♦ Savings Bank account holders with monthly average balance of Rs 20000 and above for last 61 | P a g e Follow Us . 1st April 2017 i. Having commenced operations from 1st April 1935.4% 5-year Senior Citizens Savings Scheme 8.345 billion yen (about Rs 21.590 crore) under the financial year 2016-17. Co-branded Credit Card launched by Karnataka Bank and SBI Card Private sector Karnataka Bank in collaboration with SBI Card launched co-branded credit cards for Karnataka Bank customers on March 31. 2017. which is being followed since April 2016. This move is in line with the Govt.2% 82nd Establishment Day of RBI. Establishment of RBI was recommended by Hilton Young Commission to the then British Government. Ambassador of Japan to India. 2017.Com .com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud. Japan is providing India with 371. Post this decision.9% Kisan Vikas Patra (KVP) 7.9% to 7. ♦ The information was given by S Selvakumar. Joint Secretary.9% 5-year National Savings Certificate (NSC) 7. India’s central bank. Two types of credit cards are launched namely SBI card are ♦ Savings Bank account holders with monthly average balance of Rs 1 lakh and above for last three months. the applicable interest rate on investment in various Small Savings Schemes is as under: Small Saving Scheme Interest Rate Public Provident Fund (PPF) 7. Japan made a commitment with India for providing Official Development Assistance (ODA) for Infrastructure projects in India. 1934.0% (Unchanged) Term Deposits (1-5 year maturity) 6. Current Affairs Sectionwise PDF June 2017 quarter by 10 basis points (0. ii.7% 5-year Recurring Deposit 7. Reserve Bank of India (RBI) celebrated 82nd Establishment Day on 1st April 2017. Department of Economic Affairs and Kenji Hamamatsu. ♦ Fixed Deposit account holders with minimum deposit amount of Rs 180000 and housing loan account holder with loan amountof Rs 20 lakh and above.4% (Unchanged) Savings Deposit 4.1%) as compared to Jan-Mar 2017 quarter.FB.RBI functions in accordance with provisions laid out in Reserve Bank of India Act.6% .Maturity period will be 113 months as against 112 months previously Sukanya Samriddhi Account 8. Infrastructure projects in India – Japan commits 371 billion Yen assistance On March 31.’s practice of recalibrating the rates on quarterly basis. The NDB has begun its work for opening a regional centre in Africa which is to be completed by May. Current Affairs Sectionwise PDF three months ♦ Fixed Deposit account holders with minimum deposit amount of Rs 50000 and housing loan account holders with loan amount of Rs 8 lakh and above. The associate banks of SBI are 1. ii. The second loan was signed with projects in India.State Bank of Travancore. By this merger. 2017. This Department will be responsible for framing broad policy related to enforcement and take action against registered entities that violate it. State Bank of India (SBI) successfully merged with its five associate banks and Bharatiya Mahila Bank.State Bank of Hyderabad. The NDB is planning to raise up-to $500 million through ‘masala bonds’ and increase its exposure to infrastructure projects in India. 62 | P a g e Follow Us . 4.5 billion through 7 projects in the year 2015 and 2016.5 billion in 7 projects in past 2 years of operation: Kamath The New Development Bank (NDB) backed by BRICS has invested a total of USD 1. SBI merged with all its subsidiaries and entered in the league of top 50 Global Banks On April 1. NDB invests USD 1. 2017. Minister of State in the Ministry of Finance. iii . ii.Bank has an approval to raise 10 billion renminbi from China. Reserve Bank of India (RBI) set up separate Enforcement Department i. out of which it has raised 3 billion renminbi.State Bank of Bikaner and Jaipur.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud. 2016. ♦ Out of the seven projects. Plans by New Development Bank (NDB) i.FB.Com . The information was shared by NDB president K V Kamath during the second annual meeting of the bank on April 1. Mr. SBI entered the league of Top 50 Global Banks which ranks 44th and a balance sheet size of Rs 41 lakh crore along with the new logo.State Bank of Patiala and 5. It will function as centralised department to deal with banks exclusively for enforcement action such as issuing warning or imposing penalty. 3. 2017. six of the projects were from renewable sectors and one in transport financing sector.State Bank of Mysore. Santosh Kumar Gangwar informed Lok Sabha that Reserve Bank of India (RBI) is planning to set up a separate in-house Enforcement Department which will be operational from 3rd April 2017. The first ever project signed by NDB is with China in December. 2. a potential bad loan being sold off to an Asset Reconstruction Company at book value.5 crore was proposed by the Goods and Services Tax (GST) regime. Biticoin and other digital currencies have recognised as a payment method by Japan with effect from its new fiscal year ii. ii. iii. i. will be launched in the first half of year 2017. New Rs 200 denominated notes proposal cleared by RBI i. The proposal was cleared during the RBI board meeting held in March. ii. ii. Market leaders ICICI Bank and Axis Bank sold Rs 1800 crore worth loans of paper maker Ballarpur Industries to Edelweiss Asset Reconstruction Company. has become the seventh entity to receive a final licence from Reserve Bank of India (RBI) for carrying out the business of payments bank in India. This is the first time.600 crore. iii. ICICI Bank and Axis Bank sold Rs 1800 crore of loans of Ballarpur to Edelweiss Asset Re-Company i. iii. the tax evasion of over Rs 2. Bitcoin exchanges will come under additional regulatory scrutiny. The loan sold is under 15:85 structure where 15 per cent is paid in cash and the balance 85% is paid in securities receipts.Its headquarters is in Mumbai Japan officially recognises Bitcoin as currency from April 2017 i. iv. along with annual audits. Axis Bank sold loans of Rs. It was recognised under new banking law of Japan but it is not a legally-recognized currency. Aditya Birla Idea Payments Bank Ltd. India’s central bank. Earlier. 2017. if the central government officially approves the new denomination.FB.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud. The currency of the Internet. ii. The process of producing the Rs 200 notes will begin after June. 63 | P a g e Follow Us .Com . the Reserve Bank of India (RBI) has cleared a proposal to introduce new currency notes of Rs 200 on April 3.1200 crore and ICICI Bank sold loans of Rs. Aditya Birla Idea Payments Bank Ltd. Aditya Birla Group gets RBI licence to start payments bank i. The Central government has decided to make tax evasion of over Rs 5 crore under the proposed Goods and Services Tax (GST) regime as a non-bailable offence. 2017. Current Affairs Sectionwise PDF Tax Evasion over Rs 5 crore is a non-bailable offence under GST Regime. The information was passed by officials from RBI. They will be required to comply with strict anti-money laundering (AML) and Know Your Customer (KYC) requirements. ii.50% Effective from 1st January 2017 India and ADB Sign $175 Million Loan Agreement to help improve Solar Transmission System The Government of India and the Asian Development Bank (ADB) has signed a $175 million loan agreement to support construction of high voltage transmission systems.75% Cash Reserve Ratio (CRR) 4. i.FB. India’s growth accelerate to 7.4% in this fiscal year and it expects to be 7. Earlier it was 6.75% Bank Rate 6. The loan will be given to the Power Grid Corporation of India Limited (POWERGRID). Gujarat. With the ban of 500 and 1000 currencies it was supposed that India’s growth rate would reduce at a high margin but all speculations went wrong and our economy recorded the fastest growing economy. This is the third straight meeting wherein the Policy Repo Rate has been kept unchanged.00% Hiked by 25 basis points.25%.50% Reduced by 25 basis points. The project will improve the capacity and efficiency of interstate transmission networks.4% in 2017-2018 India recorded a growth rate of 7. Current Affairs Sectionwise PDF RBI Monetary Policy Review: RBI keeps repo rate unchanged at 6.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud.75% Marginal Standing Facility Rate 6.50% Reduced by 25 basis points. raises reverse repo rate to 6% On 6th April 2017. India is the fastest growing economy ahead of China mentioned by the ASIAN DEVELOPMENT BANK (ADB).Com . Earlier it was 5.00% Unchanged . Rajasthan.4%. i. the policy rates and reserve ratios are as follows: Policy Repo Rate 6. iii. ii.since 9th February 2013 Statutory Liquidity Ratio (SLR) 20. 64 | P a g e Follow Us .500 megawatts(MW) of power from solar parks in Bhadla. and 700 MW from Banaskantha. Apart from the mass departure of 2.6% in the next financial year. particularly in transmitting the electricity generated from the new solar parks to the national grid.25% Unchanged .2 gigawatt and lessen carbon emissions by over 7 million tons every year. Earlier it was 6. POWERGRID is also including two additional subprojects that will increase solar power generation by 4. Despite the effect demonization India’s growth grew from 1% to 7. Reserve Bank of India (RBI) announced First Bi-Monthly Monetary Policy Statement for financial year 2017-18.since 4th October 2016 Reverse Repo Rate 6. Post the First Bi-Monthly Monetary Policy Statement announcement. Sony Joy. Country Head. Co-Founder and CEO. Current Affairs Sectionwise PDF RBI allow banks to invest in REITs And InvITs and enables faster money transfer by finetuning NEFT Network i. Chillr.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud. HDFC Bank Ltd. i.FB. Ban on cash transactions of over Rs 2 lakh not applicable for withdrawals The Income Tax Department clarified that the Rs 2 lakh cash transaction limit will not be applicable on withdrawals from bank. i. ii. RBL bank opens IFSC banking unit in GIFT city RBI has allowed PUBLIC and PRIVATEsector banks to open an IFSC banking units at GIFT city to undertake foreign exchange transactions with residents and non-residents Institutions. HDFC Bank launches its UPI on India’s first multi bank payment app. venture capital funds. Chillr Private Sector Lender. in the presence of senior officials of HDFC Bank in Mumbai. Banks will be allowed to invest in Real estate investment trusts (REITs)and Infrastructure investment trusts (InvITs) by RBI. Banks which are currently allowed to invest 20% of their Net-owned funds in equity. Section 269ST in the I-T Act.Com . i. collect requests etc. Henceforth the HDFC Bank UPI will be available on Chillr. announced the launch of its Unified Payments Interface (UPI) on Chillr. Functionalities of the UPI – like linking a mobile number on contacts list to a bank account. the Central Board of Direct Taxes (CBDT) said the restriction shall not apply to withdrawal from banks and post offices. iii. in addition to the bank’s Mobile Banking app. iii. Chillr will be allowed to link bank accounts from 44 banks which are on the payments platform due to this deal. ii. and stocks may invest in these trusts within this limit. cooperative bank or a post office savings account. RBL bank announced the opening of its IFSC banking unit at Gujarat International History of RBL Bank Finance Tec-city called Gift city. 65 | P a g e Follow Us . which is lower than the Rs 3 lakh proposed in Budget 2017-18. the government has fixed the top limit of Rs 2 lakh on cash transactions. RBI enables faster money transfer by finetuning NEFT (National electronic Funds Transfer)network by increasing the number of cycle to 23 from current 12 to allow faster settlement of funds and more funds to settle in a day. HDFC Bank launched its UPI on Chillr with Mr. sending money out. To control black money all over India . ii.Digital Banking. The penalty for violating this is a fine equivalent to the amount of transaction. Nitin Chugh.. These trusts are a structured business model for entrepreneurs and corporates to convert their capital locked in assets through issue of units to investors. mutual funds. NRIs can now remit funds with ease to any commercial bank in India. The Payments Bank will launch its operations with 3-4 products which include current and saving account. i. ii. South Indian Bank & Flyworld Money in pact for transfer of funds South Indian Bank made an agreement with Flyworld Money Exchange to facilitate remittances by Indian migrants in Australia. iii. iv. Their deposits are used for the welfare and infrastructure developments of the underdeveloped sections of the society. Business correspondent lending. The deposit scheme is related with social cause through which ESAF bank provides the customers an opportunity to be a part in social welfare projects.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud. SIB also has a correspondent banking arrangement with National Australia Bank for remittances to India. i. Using this facility. In this scheme whosoever customer deposit in it will become a part in national building. Customers as well as non-customers can use this facility through the Flyworld Money Exchange across Australia or use the online platform provided by the exchange house to make remittances to India. Under this system IFSC banking units (IBU) will give RBL bank access to international financial market and bank will offer a range of products and services to their clients. ii. ESAF Small Finance Bank launches social deposit scheme Hrudaya deposit ESAF Small Finance Bank has launched a social deposit scheme called Hrudaya Deposit. iii. It inked a deal with ICICI group companies to distribute Insurance products and also tied up with Exide Life Insurance to sell products through distribution channel. ii.Com .FB. FINO Payments Bank will sell Life and General insurance products of ICICI Prudential and ICICI Lombard. NRIs in Australia could enjoy quick and cost-effective remittances to India using the SIB Express facility. Current Affairs Sectionwise PDF ii. remittances and insurance. FINO Paytech inks deal with ICICI group companies to distribute insurance products FINO Paytecha primarily a business correspondent received a license to launch a Payments Bank by RBI. An individual or a legal entity can join the Hrudaya deposit scheme with a minimum deposit amount of Rs 15 lakh and for a minimum period of 2 years. SIB marks the first remittance arrangement with an exchange house in Australia by this agreement. i. 66 | P a g e Follow Us . iii. Through this system RBL will raise foreign currency funds to meet its requirements in IBU and fund offshore subsidiaries of Indian companies. SBI join hands to promote cashless transactions The Department of Posts has joined hands with the State Bank of India to promote cashless transactions like 'SBI buddy e-wallet' and POS machines. ii. Amazon gets RBI nod for e-wallet in India RBI has given an approval to Amazon India to launch its own digital wallet or pre-paid payment instrument (PPI) in India.Com . Current Affairs Sectionwise PDF Align Bank Pay to that CPSESs : Bank Board Bureau The Bank Board Bureau has recommended that government bring reforms in the compensation process in Public Sector Banks similar to Central Public Sector Enterprises (CPSEs). Chief General Manager.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud.The National Waterway 1. Major Facts: i. To attract high quality talent for non-executive directors and chairman. ii. In Manappuram YES bank prepaid money cards having the maximum amount is Rs 50000 and it can also be used for online transcations with Pos terminals. Chief Postmaster General. It tied-up with Yes bank. Major Highlights: i. Punjab Circle and Anil Kishora. This move by the RBI is believed an Amazon to enter India’s fast-growing digital payments business. PK Swain.It also links their existing gold loan accounts to the card. Chandigarh dedicated SBI buddy e-wallet and SBI POS machines at Chandigarh General Post Office for the general public. Under this project. responsibility and remenuration. The company will issue the prepaid cards for 20 lakh customers. a navigable stretch of 1360 km will be 67 | P a g e Follow Us . ii. Manappuram Finance launched co-branded prepaid cards with Yes bank To promote financial transactions the Kerala based NBFC Manappuram Finance with launch its own prepaid cards. i. i. World Bank approves $375-mn loan for India’s first waterway project World Bank has approved a $375 million loan to India for developing its first waterway project . Amazon had launched its Pay Balance service in order to boost cashless transactions. Amazon mentioned that their focus is providing customers a convenient and trusted cashless payments experience.FB. BBB set up in Aril 2016 to select board members including MD & CEO in PSBs put out the list that was submitted to the government on its website. Swain said the installation of SBI Buddy e-wallet and POS Machines will make the transactions easy through digital payments and cashless transactions in post offices. SBI. BBB suggested a platform with the private sector in relation to role. ii. Postal Dept. 000 people On April 14. The loan has maturity of 17 years and grace period of 7 years. RBI tightens screws on banks to ease bad debt To ease bad debt in the system. 2017. Income Tax department launches 'Operation Clean Money-II’ to probe 60. 5 lakh and above. As a result. • High Value Purchasers. nearly 18 lakh individuals were identified who undertook cash transactions which were not in line with their Income Tax Returns.8 lakh crore. • Such individuals were asked to provide justification for their transactions through an online portal enabled by Income Tax Department (ITD) within 10 days. under which it conducted e-verification of large cash deposits made during the demonetisation window from November 9.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud.8 lakh Crore Pradhan Mantri Mudra Yojana (PMMY) was announced by Finance Minister Arun Jaitley in the Union Budget for financial year 2016. hospitals and other essential services which have deposited much higher amount of cash during note ban period as compared to the previous period. 2017 to February 15. • Loans extended under the PMMY during 2016-17 have crossed the target of Rs 1.Com . • It is an institution that would support the small entrepreneurs of India in the biggest possible way to help the Indian economy grow and prosper • Estimated numbers of borrowers were more than 4 crore. employees including PSU employees who made large cash deposits. Pradhan Mantri Mudra Yojana tops target for 2016-17 loans cross target of Rs 1. 2016. 2016 to December 30. • The threshold for e-verification was cash transactions of Rs. Reserve Bank of India (RBI) had promised to come up with 68 | P a g e Follow Us . The Income Tax Department had carried out first phase of ‘Operation Clean Money’ from January 31. 2017. Current Affairs Sectionwise PDF developed on River Ganga from Varanasi (in Uttar Pradesh) to Haldia (in West Bengal). • Central and State Govt. the Income Tax department launched second phase of ‘Operation Clean Money’ under which it will probe over 60000 individuals including 1300 ‘high risk’ individuals. Target Group for ‘Operation Clean Money’ – II: Businesses such as petrol pumps.FB. 2017 will be considered as reference to evaluate banks’ condition vis-a-vis the thresholds. 2017.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud. the RBI has come out with a revised Prompt Corrective Action (PCA) framework for banks which will be effective from April 1. 2017.in iii. This framework is based on certain risk thresholds. • Financial reports of banks as on March 31. Now.Com .25% or common equity tier –I (CET1) capital ratio falls below 6. IRDAI has now launched an online portal for insurance companies and allow them to register and sell policies through online mode. Current Affairs Sectionwise PDF stringent measures while releasing the first bi-monthly monetary policy statement for 2017-18 last week. Brokers and Corporate agents now can sell insurance policies through online platform. This new framework will be reviewed after three years. Insurers and intermediaries can create a login credentials for registration and submit Insurance Self Networking Platform (ISNP) application online or on the portal.75% • Net Non-Performing Assets (NPA) rises above 6% • Leverage Ratio falls below 4% • Two consecutive years of negative Return on Assets (RoA) Triggers for breach of Risk Threshold 2: • Capital Adequacy Ratio (CAR) falls below 7. i.FB. • On April 14. Triggers for breach of Risk Threshold 1: • Capital Adequacy Ratio (CAR) falls below 10. Bank Boards Bureau evolves GRAF for PSB’s The Bank Board Bureau (BBB) has developed a Governance Reward and Accountability 69 | P a g e Follow Us .75% or common equity tier –I (CET1) capital ratio falls below 5.625% in combination with NPA above 12% • Four consecutive years of negative Return on Assets (RoA) IRDAI unveils portal for insurers to sell policies online All the Insurance companies.irda. ii. the breach of which could result into serious consequences such as merger with another bank or even closure of the bank. The portal name is isnp.5% • Three consecutive years of negative Return on Assets (RoA) Triggers for breach of Risk Threshold 1: • Common Equity Tier –I (CET1) capital ratio falls below 3.gov.125% • Net Non-Performing Assets (NPA) rises above 12% • Leverage Ratio falls below 3. It is based on the advanced global benchmark on governance practices.65% interest rate on EPF EPFO( Employess Provident fund Organisation) has decided to reduce the interest rate on Provident Fund Deposits to 65% from 8.FB.Com .6% from 0. Overall the stonger global demand and higher export prices are key factor of the exports recovery. iii. Around 17 crore subscribers’ accounts will be updated with this interest rate.6% from 0..8%. ii. 70 | P a g e Follow Us . ii. i.2% in the 2017-2018 from 6. i. Inflation to grow by 5.7% in 2019-2020. i. India’s Economy will grow by 7.4% in 2018-2019 Finance Ministry approves 8. ii.2% in 2017-2018 and 5.4% of GDP. The difference between the value of Imports of Goods. Exports to grow by 6% in the coming year. The shares of SBI rose by 2. The major reason of strengthening Indian economy is the appreciation of the Indian rupee. Loyalty cum benefit would be provided to all subscribers who have contributed to the scheme for 20 years or more on retirement.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud.33 per cent to Rs 296. services and investment incomes with that of exports increased to $7.2% in 2017-2018 predicts World Bank World Bank predicts India’s gross domestic product (GDP) to 7.003 crore. It has been done because RBI has cut their lending rates and banks have reduced their deposit rates.5% in this fiscal year. FDI inflows around 2% of GDP. SBI surged almost 16 per cent while that of ONGC fell by over 4 per cent.5% of GDP : Nomura India’s Current Account Deficit is expected to grow by 1.808 crore and ONGC having m-cap of Rs 236.9 billion or 1. GRAF is framed so that PSB’s can compete efficiently with Private sector banks. ii.40 and ONGC lost 1. Current Affairs Sectionwise PDF (GRAF)framework for the public sector banks. iv. According to Globalization Backlash India’s economic growth will rise to 7. ii.8% in this fiscal year. iii. Current account deficit to widen to 1. i. iii.Title of the World Bank report is “Globalization Backlash”.60. i.36 per cent to Rs 180. SBI surpasses ONGC to become most valued PSU stock State Bank of India (SBI) surpassed ONGC to become the most valued public sector undertaking (PSU) state-owned firm in terms of market valuation. iii. SBI m-cap stood of Rs 239. small finance banks and foreign banks and NBFC. IGBC Green Data Centre Rating System would provide tangible and intangible benefits. To assist PNB employees to do their HR-related operations through their mobile phones. affected the cash flow in the system and disrupted the consumption pattern in India. PNB MD and CEO UshaAnanthasubramanian launched the three products.FB.4 percentage points to 7. as per the report. RBI has signed 39 such MoUs One Letter for Supervisory Co-operation and One Statement of Co. The report states that demonetisation drive by the Govt. ii.Focus is to look into the grievances of residents and entities. India’s growth prospects in medium term are favourable.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud.Com . India’s growth rate is expected to be 8% in the medium term. Main objective of becoming partner with IGBC is to bring the Green Building movement in the country. i. 71 | P a g e Follow Us . RBI opens new Ombudsman office for Chhattisgarh and Jammu The Reserve Bank has started a new office at Raipur for Chattisgrah and for Jammmu. RBI. Royal Monetary Authority of Bhutan ink MoU to share information A new Memorandum of Understanding has signed between The Reserve Bank of India (RBI) and the Royal Monetary Authority of Bhutan. International Monetary Fund (IMF) has cut down India’s growth forecast for year 2017 by 0. it has pegged India’s growth at 6. ii. The three new products which are launched by PNB are automated electronic toll collection to facilitate hassle-free toll payment collection. ICICI Bank data centre becomes country’s first CII-IGBC platinum rated project ICICI Bank Data Centre has become country’s first Platinum rated project under IGBC Green Data Centre Rating System.2 %.. For Fiscal Year 2016-17.2 per cent for 2017 In the latest World Economic Outlook (WEO). If reforms are carried out as per the plans and supply-side concerns are addressed. ii. It was signed by RBI Deputy Governor S SMundra and Royal Monetary Authority of Bhutan Deputy Governor PhajoDorjee. i. ii. IMF trims India's growth forecast to 7. a Credit card Mobile App and a scheme for financing a grid connected Roof Solar Power Project. i. Current Affairs Sectionwise PDF PNB launches new products for customers on its foundation day Punjab National Bank (PNB) has launched three new products for its customers on the occasion of 123rd foundation Day.operation.8%. iii. However. i. the first Secretary in India's Mission to the Unite Nations presented the cheque to Kyoko Shiotani Chief of the Office of the Under-Secretary-General at the UN Department of Political Affairs. iii.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud. ii.Com . The first contribution has been done in the year 2012. It main objective is to help strenghten the cash-starved infrastructure sector. Key Points: i. ii. one Letter for Supervisory Co-operation and one Statement of Co-operation.FB. Governor on behalf of Reserve Bank of India. iii. It was signed by Dr Gobind N. Governor on behalf of Bank of Guyana and Dr Urjit R. AU Financiers converts to small finance bank from a NBFC Au Financiers India is a non-banking finance company that has converted into a small 72 | P a g e Follow Us . Patel. iv. v. EenamGambhir. the RBI had permitted banks to invest in REITs and InvITs. InvITs at 10% The RBI has allowed banks to invest up to 10 per cent of the unit capital of a Real Estate Investment Trust (REITs) or Infrastructure Investment Trusts (InvITs). convertible bonds/ debentures. Bank of Guyana sign MoU for supervisory exchange of information The Reserve Bank of India (RBI) has signed an MoU with the Bank of Guyana on "Supervisory Cooperation and Exchange of Supervisory Information". ii. Introduction to REITs/InvITs will be within the overall ceiling of 20 per cent of the net worth. India has done a second contribution of USD 250000 to the programmes for electoral assistance and capacity building. Tangible benefits include 20 to 25 per cent reduction in Power Usage Effectiveness and 25 to 30 per cent reduction in water consumption. Banks are permitted for direct investments in shares. Current Affairs Sectionwise PDF iii. i. RBI caps bank’s exposure to REITs. RBI. Ganga. In its first bimonthly monetary policy of 2017-18. SEBI has kept regulations for REITs and InvITs and allow banks to invest in these schemes. i. units of equity-oriented mutual funds and Venture Capital Funds (VCFs). RBI had signed 40 such MoUs. India contributes USD 250000 to election assistance division of UN India contributes USD 250000 to the United Nations programme for helping countries to hold elections and develop their electoral systems. Current Affairs Sectionwise PDF finance bank and called AU Small Finance. i. AU obtained a fresh certificate of incorporation from the Corporate Affairs Ministry on April 13. ii. It also got license from RBI on April 19 for the commencement of operations of this small finance bank. Fino Paytech to help NABRAD digitise rural banks across 5 states Payment Technology company will going to launch Payments bank FinoPaytech.It helps to facilitate NABARD to help the rural bank digitization drive in the states of Haryana, MP, Bihar, Gujarat and Maharashtra. i. Fino will provide over 5000 Aadhaar enabled micro ATMs. ii. Its main motive is to help rural masses with Aadhaar enabled micro ATMs as they facilitate eKYC, paperless and instant banking. iii. It also provides financial inclusion gateway services to district central cooperative (DCC) banks and Primary Agricultural Credit Societies (PACS) across these states. India tops global remittances at $62.7 billion in 2016 - World Bank As per ‘Migration and Development Brief’ released by World Bank, India is world’s largest remittance recipient for the year 2016. Remittance inflows to India amounted to $62.7 billion in 2016. However, there has been a drop of 8.9% as compared to $68.9 billion received in 2015. Remittance Scenario in India - 2016: • Gulf countries like Kuwait and Saudi Arabia have huge clusters of migrant Indian population who regularly remit money to India. Decline in remittances to India can be attributed to drop in oil prices and fiscal tightening in Gulf countries. • In 2016, remittances accounted for 9% of India’s Gross Domestic Product (GDP). • State wise, remittances to Kerala accounted for 36.3% of the net state domestic product. Top 5 Largest Remittance Recipients in 2016: Country Remittance Amount in 2016 India $62.7 billion China $61 billion Philippines $29.9 billion Mexico $28.5 billion Pakistan $19.8 billion Govt extends date for filing tax declarations under PMGKY till May 10 Filing of declarations about tax payment and deposits under Pradhan Mantri Garib Kalyan 73 | P a g e Follow Us - FB.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud.Com Current Affairs Sectionwise PDF Yojna (PMGKY ) has been extended up to May 10 for black money holders. i. The Central Board of Direct Taxes (CBDT) has extended to May 10,2017 about filing of declaration where tax, surcharge and penalty under PMGKY has been paid on or before the 31st March and deposit under the Deposit Scheme has been made on or before April 30. ii. The deposits can be made in the form of cash or in an account with bank or post office or specified entity, with a tax, surcharge and penalty totaling up to 49.90 per cent. First digital village inaugurated in Arunachal Pradesh Nirjuli village-1 in Papum Pare district was declared as the first digital village of Arunachal Pradesh. i. It aims to improve connectivity to speed up socio-economic development of the masses. ii. To benefit the masses and reduce their dependence on banks. iii. It aims to give financial support to the villagers to improve their income level. Sovereign gold bonds priced at Rs 2,901 per gm, issue opens on April 24, 2017 First tranche of Sovereign Gold Bonds Scheme for the year 2017-18 has opened for subscription from April 24, 2017. Details about Sovereign Gold Bonds Scheme 2017-18--Series I: 1. Subscription Date: 24 -28 April, 2017 2. Bonds Issue Date: May 12, 2017 3. Issue Price: Rs. 2901 per gram of gold - includes a discount of Rs. 50/gram on nominal value. 4. Tenure: 8 years 5. Interest Rate: 2.75% per annum, payable every 6 months on initial investment. 6. Exit Option: From 5th year onwards, to be exercised on interest payment dates 7. Denomination and Limits: Minimum Unit of 1 gm and maximum of 500 gm per person per fiscal 8. Sold By: Banks, Post Offices, Stock Holding Corporation of India (SHCIL), National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) SBI, CREDAI ink MoU for concessional loan for housing projects SBI and CREDAI have signed an agreement to provide loans at a concessional rate to builders as well as customers for affordable housing projects. i. SBI and CREDAI have signed a memorandum of understanding (MoU) to collaborate and work towards the development of the real estate sector. ii. The duration of the agreement is for a period of three years. 74 | P a g e Follow Us - FB.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud.Com Current Affairs Sectionwise PDF iii. SBI is a major player in home loans segment with 25 per cent market share. iv. Memorandum of understanding has signed for the affordable housing and green housing projects. v. SBI will provide 10 basis points concession to home buyers and 10-35 basis points to CREDAI’s developer members. GIC Re becomes first re-insurer to set up base in GIFT City GIC Re has become the first re-insurer company to open an office at India’s first International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (GIFT City). i. GIC Re is a wholly-owned by the government and its main focus on the growth of general insurance business in the country. ii. GIC Re becomes the first insurance company to sets up base in GIFT City, Gujarat. iii. Chairman-cum-Managing Director of GIC Re is Mrs. Alice G Vaidyan. Yes bank ties up with Palsabazzar.com Yes Bank, a Private sector lender has announced a tie up with Paisabazaar.com. Under which the bank will offer conditionally approved loans to the existing customers. i. It aims is to make the process of availing a loan easy and act as a one stop financial solution provider for all retail lending needs of the customer. ii. The bank will help through its advanced analytics and data mining capabilities. iii. It offers customer’s financial marketplace with customized and conditionally approved offers across retail lending products. RBI to issue new Rs 5 and Rs 10 coins The central bank of India the Reserve Bank is set to issue new Rs 10 and Rs 5 coins. • Rs 10 Coin has been minted to celebrate 125th year of National Archives of India. • Rs 5 coins to celebrate 150th anniversary of Allahabad High Court. • These coins are legal tender as provided in The Coinage Act 2011. • On the reverse of the Rs 10 coin there will be an image of National Archives Building in the centre with inscription ‘125 YEARS’ below the image. • The year “1891” and “2016” in English shall be written on the upper and lower periphery of the coin respectively. • The year “1916” and “2016” in international numerals shall be written respectively on left and right top of the image. • The Rs 5 coin face will bear an image depicting centre facade of Allahabad High Court Building emerging from the book. 75 | P a g e Follow Us - FB.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud.Com RBI proposed these Regulations under the Foreign Exchange Management Act. It will help microfinance clients in understanding dynamics involved in microfinance including credit history. The objective behind this decision is to prevent the misuse of P-Notes for routing domestic black money. ii.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud. MFIN launches financial literacy app for microfinance clients Microfinance Institutions Network (MFIN). ii. RBI issues new draft rules for M&As In accordance with the rules notified by Union Ministry of Corporate Affairs through Companies (Compromises. The draft regulations will be known as 'Foreign Exchange Management (Cross Border Merger) Regulations'. 2017. this restriction was in the form of ‘FAQ’. This restriction has been imposed through a new provision in the Foreign Portfolio Investment (FPI) regulations. Arrangements and Amalgamation) Amendment Rules.FB. a self-regulatory organization and industry association of the microfinance industry in India launched the financial literacy mobile app for microfinance clients on April 25. Makes Gold Investment Digital Paytm launched ‘Digital Gold’ on its platform to allow customers to buy and sell gold through electronic platform. Marathi. 2017 the Reserve Bank of India (RBI) on 26 April 2017 issued draft guidelines on cross border Merger and Acquisitions transactions. ii. Telugu. It is the first wealth management product that was launched in partnership with gold refiner 76 | P a g e Follow Us . i.Com . SEBI inserted this new provision to clearly reflect the norm. The financial literacy app has been released on Android platform and will be available in Hindi. i. Tamil and English. Current Affairs Sectionwise PDF • The face of the Rs 5 and Rs 10 coins shall bear the Lion Capitol of Ashoka Pillar in the centre with the legend "सत्यमेवजयते" inscribed below. iii. interest rates. • On the left margin with the word "भारत" in Devanagari script and on the right margin with the word "INDIA" in English. i. Under current regulation. repayment cycles and their rights as a borrower SEBI makes P-Note norms stricter to curb black money in markets Securities and Exchange Board of India (SEBI) has barred resident as well as non-resident Indians (NRIs) from making investments through participatory notes (P-Notes). 1999 (FEMA). About MFIN’s Financial Literacy Mobile App: i. The regulation makes reporting of any cross-border activity mandatory within 180 days from the date of sanction. Paytm Launches Digital Gold. On insistence of Finance Ministry. 2017.FB. v. i.Com . RBI says ARCs must have minimum NOF of Rs100 crore by 2019 On April 28. FATCA compliance is basically a ‘self-declaration’ to provide details about account holder’s tax residency to the financial entity. 2017. ii. i. To avail the benefit of the gold scheme Consumers need to provide KYC details who are transacting over Rs 20000 through Paytm. It offers a real-time international pricing mechanism for the customers. India’s is the fastest growing emerging market economy and IMF’s believes that India is going to continue to grow at fast pace with a projected 6. Customers can buy and sell gold either by money (starting Re 1) or by weight (starting 0. 2017 i.8% rate for 2016-2017.It will support strong and sustainable growth. ii.com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud.9 purity gold online. The website also contains information about blood donors' forum and telephone directory of the people of the ward. consumers can purchase 24K 999. ii. It fulfills Prime Minister Narendra Modi's dream of transforming India into a digitally empowered society. GST would help raise India’s medium-term growth to above 8%. iv.1 gram). It is mandatory for individual as well as non-individual account holders and investors. iii. Indian Government has made significant progress on economic reforms. iii. 7. 2015. 2014 and August 31. all bank accounts opened between July 1. Reserve Bank of India (RBI) said that all the existing asset reconstruction companies (ARCs) must have a minimum Net Owned Fund (NOF) of Rs100 77 | P a g e Follow Us . Current Affairs Sectionwise PDF MMTC-PAMP. GST to push Indian growth to over 8%: IMF International Monetary Fund has mentioned the Goods and Services Tax(GST) to be implemented from July 1. Need to file your FATCA compliance to banks by April 30 to avoid an account freeze As per a new financial norm. Using Paytm mobile wallets. as well as investments made during this period in mutual funds and Insurance schemes will freeze if FATCA compliance has been not filed by April 30. Panchayat Ward in Kottayam becomes India’s first digitalised ward This small Panchayat ward in Kerala has become the first one to go digital in the country.2% 2017-2018. ii. “no ARC can commence or carry on the business of securitisation or asset reconstruction without having Net Owned Fund of not less than Rs 2 crore or such other higher amount as the Reserve Bank may. ii.FB. Central Govt. Asset Reconstruction Companies (ARCs) buy out non-performing assets (NPAs) and manages it to make it profitable. i. and RBI are envisaging an important role for ARCs in dealing with stressed assets in the system.Com .com/AffairsCloudOfficialPage Copyright 2017 @ AffairsCloud. In the current scenario. Minimum NOF of Rs 100 crore for ARCs was proposed by RBI in the first bi-monthly monetary policy review for FY 2017-18. by notification. iii. 2016. Current Affairs Sectionwise PDF crore by March 2019. 78 | P a g e Follow Us . As per amended SARFAESI Act. specify”.