SBI Clerk Main Banking Awareness Quiz: 25th July

The Asian Development Bank (ADB) has sanctioned a Rs 1,925 crore project for upgradation of power generation and distribution in Tripura.

The Digital Communications Commission (DCC) on Wednesday upheld the telecom regulator’s decision to levy a penalty of ₹3,050 crore on Bharti Airtel Ltd and Vodafone Idea Ltd for denying interconnection ports to Reliance Jio Infocomm Ltd when it started operations three years ago. DCC is a government panel comprising top officials from the telecom department, ministry of electronics and information technology, NITI Aayog and the department of economic affairs.

The International Monetary Fund (IMF) has cut India’s growth forecast for 2019-20 to 7% from its forecast in April of 7.3% on poor demand conditions. The IMF’s World Economic Outlook July update also cut India’s growth forecast in 2020-21 to 7.2% from the previous estimate of 7.5%.

As part of innovative modes of financing to meet India's huge infrastructure appetite, insurance giant LIC has agreed to offer Rs 1.25 trillion line of credit by 2024, to fund highway projects.

Larsen & Toubro Infotech Ltd has signed a definitive agreement to acquire Lymbyc, a specialist AI, machine learning, and advanced analytics company to strengthen it’s digital and analytics offerings. The enterprise value for 100% share capital of Lymbyc is ₹38 crore on a cash-free, debt-free basis, which will be paid as a combination of upfront and three-year earn-out payments, said the company in a filing to the exchanges. The consideration value is subject to working capital adjustments.

HDFC Bank CSC has launched a co-branded ''Small Business MoneyBack Credit Card'' for small traders and village level entrepreneurs (VLEs). The credit card is specifically designed for CSC’s VLEs, and VLE-sourced customers, and will give users easy access to credit for their day-to-day business expenses, according to a statement.

The Asian Development Bank (ADB) has pared its Indian growth forecast for 2019-20 to 7% from 7.2% estimated earlier. This is in line with the estimates by the Reserve Bank of India (RBI) as well as the chief economic adviser in the finance ministry Krishnamurthy Subramanian.

US company, Ebix has announced the acquisition of travel portal Yatra Online for $337.8 million. Now, Yatra has become the part of Ebix’s EbixCash travel portfolio, forming India’s one of the “largest and most profitable” travel services companies. Yatra will continue to serve customers under its brand, alongside EbixCash’s two other travel brands ‘Via’ and ‘Mercury’.

There is a plan to increase the total production of coal in the country to one billion tone by 2022-23, Coal minister Prahlad Joshi informed the Lok Sabha. The gap between demand and supply of coal cannot be bridged completely as there is insufficient domestic availability of coking coal. He, however, added that all India raw coal production has increased its production from over 462 Metric tonnes in 2013-14 to around 730 metric tonnes in 2018-19.

Private sector lender HDFC Bank has terminated and de-listed its global depository receipts (GDRs) from the Luxembourg Stock Exchange due to low trading volume.

The government has lowered interest rate on General Provident Fund (GPF) and other similar funds in line with a general decline in overall interest rates in the financial system. For the July-September, General Provident Fund and other similar funds will pay 7.9% interest rate to its subscribers, as compared to 8% in the previous quarter. This interest rate will be applicable on provident funds of central government employees, railways and defence forces. The rate is in line with that of Public Provident Fund.

U.S.’s Federal Trade Commission have approved a $5 billion penalty to be levied on Facebook.

The Reserve Bank of India has slapped a penalty of Rs 7 crore on the country's largest bank SBINSE 0.72 % for non-compliance with norms related to NPA identification and fraud risk management, among others. The penalty has been imposed on the bank for non-compliance of income recognition and asset classification (IRAC) norms, code of conduct for opening and operating current accounts and reporting of data on Central Repository of Information on Large Credits (CRILC), and fraud risk management and classification and reporting of frauds.

State Bank of India stated that its marginal cost of funds based lending rate (MCLR) by 5 basis points (bps) across all tenors with effect from July 10th, 2019. This move comes in the backdrop of the Reserve Bank of India cutting its policy repo rate by 25 basis points from 6 per cent to 5.75 per cent last month.

Rajnish Kumar is an Indian banker. He is Chairman of the State Bank of India He joined SBI as a Probationary officer in 1980. He has served as Managing Director, a position he was given on 2 November 2015 and the Managing Director of SBI.