Banking Awareness for NABARD Assistant Manager 2018
Q1. Asian Development Bank has projected that India’s economic growth is set to rise to _________ this fiscal and further to ___________ in the next financial year, on back of GST and banking reforms recently.
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Sol. In April 2018, the Asian Development Bank (ADB) has projected that India’s economic growth is set to rise to 7.3% this fiscal and further to 7.6% in the next financial year, on back of GST and banking reforms.
Sol. As part of the drive to double the income of farmers by 2022, the government has raised the authorised capital of NABARD by six times from 50 billion to Rs 300 billion to help it increase its lending to the rural economy.
Sol. The Confederation of Indian Industry (CII) has announced that it expects India’s gross domestic product (GDP) to grow at 7.3-7.7% during the 2018-19 financial year.
Sol. The International Monetary Fund (IMF) has stated that India is expected to grow at 7.4% in 2018 and 7.8% in 2019 and would re-emerge as one of the fastest growing major economies in the period.
Sol. India’s Gross Domestic Product (GDP), the worth of the economy, clocked in at $2.6 trillion for 2017, according to the database of the International Monetary Fund’s World Economic Outlook (WEO) for April 2018. India is now the world’s sixth largest economy, displacing France. The Top 5 economies of the world are:
1. The United States,
4. Germany and
5. The United Kingdom
Sol. National Stock Exchange of India (NSE) has announced the launch of its “e – Gsec” platform for facilitating the non-competitive bidding in Government of India Dated Securities (G-Sec) and Treasury Bills (T-Bills). Mumbai is the Corporate Office of NSE.
Sol. Private sector lender Yes Bank has received the Reserve Bank of India’s (RBI) approval to open two representative offices in London and Singapore. Yes Bank opened its first representative office in Abu Dhabi in April 2015 and also launched IFSC banking unit (IBU) at GIFT City, Gandhinagar, in the same year.
Sol. The Reserve Bank of India has revised “Know Your Customer” or the KYC guidelines. The KYC norms have been revised following the government’s decision to update the ‘Prevention of Money Laundering’ rules in June 2017. The RBI made linking of national biometric ID Aadhaar to bank accounts mandatory. However, it said this will be subject to the final decision of the Supreme Court on making of Aadhaar mandatory.
Sol. Indian Overseas Bank (IOB) has entered into an agreement for information utility services with the National E-Governance Services Limited (NeSL). With this agreement, the IOB branches will be able to provide high-quality, authenticated information about debts and defaults; which will have more transparency in maintaining the list of borrowers, debtors, creditors and loan defaulters.
Sol. Rishad Premji, Board member of Wipro Ltd. has been appointed as the Chairman of the National Association of Software and Services Companies (NASSCOM) for 2018-19. Premji has been a member of NASSCOM’s Executive Council and was the Vice Chairman for 2017.