Banking Awareness for NABARD Assistant Manager 2018
Sol. Yogi Adityanath government in Uttar Pradesh presented its second budget. Ahead of 2019, general elections, this is considered one of biggest budgetary allocation for the state. UP Finance Minister Rajesh Aggarwal presented a mega budget of over Rs 4.28 lakh crore with a focus on farmers, artisans, youth, infrastructure and urban development.
Sol. Retirement fund body Employees’ Provident Fund Organisation (EPFO) has reduced the interest rate on deposits to 8.55% for 2017-18 from 8.65% for 2016-17.
Sol. Goa Chief Minister Manohar Parrikar presented in the state assembly Rs. 17,123-crore budget for 2018-19, an increase of 6.84% over the ongoing fiscal. The Budget focuses on education and job creation.
Sol. Capital First announced that the regulator National Housing Bank (NHB) has approved the merger of the company along with Capital Home Finance and Capital First Securities Limited with IDFC Bank.
Sol. The Reserve Bank of India has launched Ombudsman Scheme for non-banking financial companies (NBFCs) for redressal of complaints against them. The scheme will provide a cost-free and expeditious complaint redressal mechanism relating to deficiency in the services by NBFCs covered under the scheme. The scheme will cover all deposit-taking NBFCs, and based on the experience gained. The offices of the NBFC ombudsmen will function at four metro centres – New Delhi, Mumbai, Kolkata and Chennai.
Sol. Jaipur, Rajasthan is the Headoffice of AU Small Finance Bank.
Sol. Mauritius was the largest source of foreign investment in India (21.8 per cent share at market value), followed by the US and the UK, according to a census by the Reserve Bank of India. Singapore and Japan were the next two sources of foreign direct investment (FDI), reported the Census on Foreign Liabilities and Assets of Indian Direct Investment Companies 2016-17, released by RBI.
Sol. WEF was established in 1971.
Sol. In the financial year 2016-17, total FDI of US $ 60.08 billion has been received, which is an all-time high. The Cabinet chaired by PM Narendra Modi has approved amendments in FDI Policy and further liberalized few of the policies of FDI.
100% FDI under automatic route for Single Brand Retail Trading.
100% FDI under automatic route in Construction Development.
Foreign airlines allowed to invest up to 49% under approval route in Air India.
FIIs/FPIs allowed investing in Power Exchanges through primary market.
Definition of ‘medical devices’ amended in the FDI Policy.
Sol. Paytm has set up a new entity called Paytm Money Ltd that will offer investment and wealth management products and will invest close to $10 million upfront in the new entity. Paytm Money is the fourth product from One97’s stable after Paytm Mall, Paytm Payments Bank and Paytm wallet. It will be available as a separate mobile application to users.
Sol. Private sector Axis Bank launched the fourth edition of ‘Evolve’ in Coimbatore, Tamil Nadu. It is an annual multi-city knowledge series for Bank’s small and medium-sized enterprises (SME) customers. The current edition of ‘evolve’ is titled as “Transform your Family Business into your dream company”.
Sol. Indian Overseas Bank (IOB) has received Rs173.06 crore capital infusion from the government in the current fiscal. In a regulatory filing, IOB has received Rs173.06 crore a the contribution of the central government in the preferential allotment of equity shares of the bank as government’s investment during the 2017-18 fiscal.
Sol. The Reserve Bank of India will link the base rate with the MCLR from 1st of April 2018 to ensure expeditious transmission of its policy rate to borrowers. The RBI had introduced the Marginal Cost of Funds based Lending Rates (MCLR) system with effect from 1st April 2016, the Central bank observed that a large proportion of bank loans continue to be linked to Base Rate.
Sol. The Reserve Bank of India announced setting up the ombudsman for addressing customer grievances in the non-banking finance companies. The rules will be laid out by the end of February 2018. The Banking Ombudsman Scheme is an expeditious and inexpensive forum for bank customers for resolution of complaints relating to certain services rendered by banks. The Banking Ombudsman Scheme is introduced under Section 35 A of the Banking Regulation Act, 1949 by RBI with effect from 1995.
Sol. IndusInd Bank launched its new Sonic Identity, which is essentially a musical logo called ‘MOGO’, as part of its branding initiatives. The objective for associating to a sonic identity is building the Bank’s brand imagery with the strategic use of music and sound for brand experiences and audience connection.