Last six months banking finance and economy current affairs pdf PDF

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Last 6 Months Banking, Finance & Economy Current Affairs (Nov 2019 to April 2020)

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Nov 2019 – Banking, Finance & Economy Current Affairs

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April 2020 – Banking, Finance & Economy Current Affairs

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Last 6 Months Banking, Finance & Economy Current Affairs (Nov 2019 to April 2020) Nov 2019 – Banking, Finance & Economy Current Affairs Tripura Gramin Bank in association with Stock Holdings corporation launches e-stamp counter in Agartala Tripura Gramin Bank in association with Stock Holdings corporation Limited (SHCIL) launches e-stamp counter at the Abhyanagar branch in Agartala.  The bank is sponsored by United Bank of India and is owned by Government of India ,Tripura Government and United Bank of India.  Customers will have to pay 10 rupees for purchasing e- stamps ranging from Rs10 to Rs1000 and Rs20 for purchasing e -stamps of more than Rs1001. Extra shots: Capital- Agartala Chief Minister: Biplab Kumar Deb Governor: Ramesh Bias 

RBI Tightens liquidity management framework for NBFCs In order to strengthen the asset liability management following the liquidity crisis faced by Non banking financial companies in the past year, RBI has tightened the Liquidity management framework which seeks to bring in a liquidity coverage ratio of 100% for hem in a phased manner by December 2024.  RBI extends roll out norms for Liquidity coverage ratio(LCR) to December 2020. Extra Shots:  NBFCs with an asset size of Rs 10000 cr and above- maintain 50% of LCR  With an asset size of 5000- 10000 cr- maintain 30% of LCR and built upto 100% over four years  Exemption: LCR are exempted to Core Investment companies, small non deposit taking NBFCs , non operating financial holding companies and primary dealers.

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RBI announces opening of first cohort under the regulatory sandbox The Reserve Bank of India (RBI) announced the opening of the first cohort under the regulatory sandbox with retail payments as its theme.  The adoption of retail payments as the theme is expected to spur innovation in digital payments space and help in offering payment services to the unserved and underserved segment of the population.  Migration to digital modes of making a payment can obviate some of the costs associated with a cash economy and can give customers a friction-free experience. Ujjivan Small Finance Bank launches Instant Digital Savings and Instant FD Account  The finance service company, Ujjivan Small Finance Bank(SFB) has launched an instant digital savings account (SA) along with Fixed Deposit (FD) and Privilege Savings Account to offer distinctive banking and digital services to its customers. Instant Digital SA account: This account has the restriction of Rs 1 lakh deposit & has the unlimited free transactions on the bank’s own ATM (automated teller machine) and 6 free transactions for other bank ATMs per month. Page 2 of 150

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Last 6 Months Banking, Finance & Economy Current Affairs (Nov 2019 to April 2020) Instant Fixed Deposit (FD): With interest rate ranging from 5.5% (7days to 29 days) & up to 8.3% (799 days), the customers can invest in this account up to a maximum of Rs. 1 Lakh without a Savings Account. Privilege SA: This account comes with the eligibility for a monthly salary of Rs. 30,000 or above /on maintaining a Monthly Average Balance of Rs 25,000 / opening a Fixed Deposit of Rs. 10 Lakh. It provides a higher accidental insurance cover of Rs. 2 Lakh. Extra Shots: Extra Shots: Ujjivan Small Finance Bank: Ujjivan Small Finance Bank Limited is a bank licensed under Section 22 of the Banking Regulation Act, 1949 to carry out small finance bank business in India. The holding company is Ujjivan Financial Services Limited. The bank commenced operations on 1 February 2017.  Headquarters location: Bengaluru  Founder: Samit Ghosh  Founded: 1 February 2017  Managing Director and Chief Executive Officer: Samit Kumar Ghosh. RBI Bank increased the withdrawal limit of PMC bank to Rs.50,000 per account  The Reserve Bank of India (RBI) has increased the withdrawal limit for the customers of Punjab and Maharashtra Cooperative (PMC) Bank to Rs.50,000 per account.  The Central Bank made its announcement after reviewing the liquidity position of the Bank and the ability of the Bank to pay its depositors.  With this relaxation, more than 78% of the depositors of the Bank will be able to withdraw their entire account balance.  This is the fifth time RBI has increased the withdrawal limit since the Bank was placed under its direct control with an administrator. Extra Shots: RBI: The Reserve Bank of India is India's central banking institution, which controls the issuance and supply of the Indian rupee.  Founded: 1 April 1935, Kolkata  Headquarters: Mumbai  Governor: Shaktikanta Das  Deputy Governors: B P Kanungo, M K Jain, N S Vishwanathan PCM: Punjab & Maharashtra Co-operative Bank Limited also known as PMC Bank, is a Multi-State Co-operative Bank that began operations in 1983. It has 137 branches spread over half a dozen states of India and nearly 100 branches are in Maharashtra. Founded: 1983

Exim Bank grants $30 million line of credit to Ghana 

The Export-Import (Exim) Bank has provided a USD 30 million (about Rs 210 crore) line of credit to Ghana for a potable water project in the country.

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Last 6 Months Banking, Finance & Economy Current Affairs (Nov 2019 to April 2020) 

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Under the arrangement, financing of export of eligible goods, works and services from India would be allowed subject to their being eligible for export under the Foreign Trade Policy of India and whose purchase may be agreed to be financed by the Exim Bank. As per the agreement, the terminal utilisation time is 60 months period after the scheduled completion date of the project.

Extra Shots: Ghana(Capital/Currency): Accra/ Ghanaian cedi President of Ghana: Nana Akufo-Addo Exim Bank: Export–Import Bank of India is a finance institution in India, established in 1982 under Export-Import Bank of India Act 1981. Since its inception, Exim Bank of India has been both a catalyst and a key player in the promotion of cross border trade and investment.  Headquarters: Mumbai  CEO: David Rasquinha  Founded: 1 January 1982 

Banks cannot charge on NEFT transactions from January 2020 

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As per the report titled “Furthering Digital Payments” released by the Reserve Bank of India (RBI), With a view to promoting digital transactions on the 3 anniversary of demonetisation, the Reserve Bank has moved a proposal in this regard. From January 2020, banks can no longer charge savings bank account holders for online transactions in the NEFT system. The Reserve Bank of India (RBI) has now mandated banks to do this. RBI stated that it is doing this to promote digital payments.

Extra Shots: RBI: The Reserve Bank of India is India's central banking institution, which controls the issuance and supply of the Indian rupee.  Founded: 1 April 1935, Kolkata  Headquarters: Mumbai  Governor: Shaktikanta Das  Deputy Governors: B P Kanungo, M K Jain, N S Vishwanathan

Karnataka Gramin Bank initiates ‘mobile ATMs’ in rural areas  

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The Karnataka Gramin Bank (KGB) has launched ‘mobile ATMs’ in Kalaburagi, among several other districts in the Karnataka. The special vehicle includes an ATM and a screen to show videos of different banking schemes. The mobile ATMs will go to the doorsteps of the farmers and make them aware of the banking schemes and digital operating systems. A bank official would be present in the van, who will provide information regarding the digital operating systems and schemes. Page 4 of 150

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Last 6 Months Banking, Finance & Economy Current Affairs (Nov 2019 to April 2020) Extra Shots: Karnataka Gramin Bank In terms of Gazette Notification, Pragathi Krishna Gramin Bank (Sponsor Bank - Canara Bank) and Kaveri Grameena Bank (Sponsor Bank - State Bank of India) are being amalgamated and the name of new entity is Karnataka Gramin Bank (Sponsor Bank - Canara Bank). The effective date of amalgamation is 01-04-2019.

SBI’s economic research team revised India’s FY20 GDP forecast to 5%    

The economic research team from the State Bank of India (SBI) has revised India’s Gross Domestic Product(GDP) to 5% from its earlier estimate of 6.1% for the Fiscal Year 2020 (FY20). This downgrade was due to global slowdown in the index of industrial production (IIP). The SBI economic research team group has projected the second quarter (July-September) GDP growth at 4.2% in their report titled “EcoWrap”. It expects the growth rate to pick up in FY2021 to 6.2%.

Extra Shots: State Bank of India: Founded on: As 2 June 1806 (Bank of Calcutta), 15 April 1840 (Bank of Bombay), 1 July 1843 (Bank of Madras), 27 January 1921 (Imperial Bank of India), 1 July 1955 (State Bank of India)  Headquarters: Mumbai, Maharashtra  Chairman: Rajnish Kumar  SBI is the largest commercial bank and the largest mortgage lender across the country.  SBI has 22,010 branches and 58,000 ATM/CDM across India.

HSBC and RBS to launch new digital banking platforms    

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British Investment banking companies HSBC and RBS to launch new digital banking platforms. The launch comes to aid the customers digitally in the face of a wave of online startups. HSBC launched HSBC Kinetic, a new app-based business banking service. It was previously known internally as Project Iceberg. HSBC Kinetic app will provide small businesses mobile-managed current accounts, overdrafts and spending, and cash flow insights that are generated by the app crunching data on a company's spending habits. RBS is to launch its new digital bank Bo in the month of November 2019. The Bo app aims to encourage customers to budget and save better. It will alert the customers if they overspend.

Extra Shots: HSBC: HSBC Holdings plc is a British multinational investment bank and financial services holding company. It was the 7th largest bank in the world by 2018, and the largest in Europe.  CEO: Noel Quinn  Headquarters: London, United Kingdom RBS: The Royal Bank of Scotland, commonly abbreviated as RBS, is one of the retail banking subsidiaries of The Royal Bank of Scotland Group plc, together with NatWest and Ulster Bank.  CEO: Alison Rose Page 5 of 150

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Last 6 Months Banking, Finance & Economy Current Affairs (Nov 2019 to April 2020)  

Headquarters: Edinburgh, United Kingdom Parent organization: Royal Bank of Scotland Group

India, Russia, China to explore an alternative to SWIFT      

India, Russia, and China have partnered to explore an alternative to the US-dominated Society for Worldwide Interbank Financial Telecommunication (SWIFT) payment mechanism. The move aims to smoothen trade with countries that face American sanctions. The countries have decided to link Russia's Financial messaging system of the Bank of Russia (SPFS) with the Chinese cross-border interbank payment system Chartered Institute of Procurement & Supply (CIPS). As India does not have a domestic financial messaging system, it plans to link the Central Bank of Russia's platform with a service that is being developed. The new payment system will work as a gateway model when messages on payments are transcoded in accordance with a certain financial system. It is expected that the proposed alternative to the SWIFT financial payment mechanism could be on the agenda of the BRICS Summit in Brasilia.

Extra Shots: China (Capital/Currency): Beijing/Renminbi 

President: Xi Jinping

Russia (Capital/Currency): Moscow/Ruble  

Prime Minister: Dmitry Medvedev President: Vladimir Putin

The Committee headed by Tapan Ray recommends tighter norms for core Investment Companies RBI appointed the committee headed by Tapan Ray on the supervisory framework for core Investment companies(CIC) has recommended to tighten the corporate governance norms in the CIC.  The committee has suggested that entities should have only 2 tier structure / layers and also recommended to strengthen the board structures with atleast 50% of independent directors. Extra Shots:  CIC is a non banking Financial company holding equity shares and securities in group companies not less than 90% of its assets and not less than 60% of its net assets as equity shares in group companies.  The current asset size of Rs.100 crore and access to public funds for registration as CIC should be retained. 

Bajaj Allianz General Insurance Launches a mobile app for farmers Bajaj Allianz General Insurance Launches a new mobile app called Farmitra to help the farmers and address their worries.  Features- regularly can see the weather forecast, the market price of crops, and the agricultural development news Extra shots: 

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Last 6 Months Banking, Finance & Economy Current Affairs (Nov 2019 to April 2020) Headquarters- Pune, Maharashtra MD- Tapan Singhel

RBI raises income and lending limit for Micro Finance Institutions(MFIs) Reserve Bank has increased the household income limits for borrowers of Non-Banking Financial Companies (NBFCs) and microfinance institutions (MFIs) from 1 lakh to 1.25 lakh rupees.  The move is aimed at strengthening credit to those at the bottom of the economic pyramid in rural areas.  Similarly, the limit has been increased from 1.6 lakh for urban or semi-urban areas to 2 lakh rupees. Extra Shots: NBFC-MI: It is a non deposit taking NBFC that fulfills minimum net owned funds of Rs.5 crore. 

CCI nod for merger of BNP Paribas Mutual Fund and Bank of Baroda Mutual Fund The Competition Commission of India (CCI) has approved the merger of the BNP Paribas (BNPP) Mutual Fund and the Baroda (BOB) Mutual Fund, under the Competition Act, 2002.  The Parties propose to amalgamate (i) BOB Asset Management Company (AMC) into BNPP AMC; and (ii) BNPP Trustee Company (TC) into BOB TC. After the merger BNPP AMC and BOB TC will be the surviving entities. Extra Shots: CCI Headquarter- New Delhi BNP Paribas HQ- Paris, France Bank of Baroda HQ- Vadodara, Gujarat

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MSDE, IBM jointly launch SkillsBuild platform  

The Ministry of Skill Development & Entrepreneurship (MSDE) launched the SkillsBuild platform in collaboration with IBM. As part of the programme, a two-year advanced diploma in IT, networking and cloud computing, co-created and designed by IBM, will be offered at the Industrial Training Institutes (ITIs) & National Skill Training Institutes (NSTIs). The platform will be extended to train ITI & NSTI faculty on building skills in Artificial Intelligence (AI).

MSTC ties up with Allahabad Bank to develop e-auction platform  

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MSTC Ltd has signed an agreement with Allahabad Bank for the development of a dedicated e-Auction platform. This platform directly linked with the Indian Banking Association’s portal (https://ibapi.net) for sale of nonperforming assets (NPAs) through the SARFAESI (Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest) Act. The e-Auction platform will be a one-of-a-kind solution, where a bidder once registered, will be able to participate in auctions for all banks.

AIIB to lend USD 500 mn to India to develop suburban rail network  

Asian Infrastructure Investment Bank (AIIB) is to lend a $500-million loan to develop a suburban rail network in Mumbai. It will also fund $75 million to help finance renewable energy projects in India. Page 7 of 150

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Last 6 Months Banking, Finance & Economy Current Affairs (Nov 2019 to April 2020)  AIIB plans to scale up lending operations to $10 billion every year.  Until now, it was lending $4.2 billion.  India's share in the total borrowing is about 30%. India is the largest borrower from AIIB.  The total funding India received from AIIB, so far, is $2.9 billion. Extra Shots: AIIB: The Asian Infrastructure Investment Bank is a multilateral development bank that aims to support the building of infrastructure in the Asia-Pacific region. The bank currently has 74 members as well as 26 prospective members from around the world.  Headquarters: Beijing, China  Membership: 74 Members

Maharashtra: Capital: Mumbai Chief Minister: Devendra Fadnavis Governor: Bhagat Singh Koshyari National Parks: Chandoli National Park, Nawegaon National Park, Gugamal National Park, Pench National Park, Sanjay Gandhi (Borivilli) National Park, Tadoba National Park Wildlife Sanctuaries: Amba Barwa WLS, Bor WLS, Great Indian Bustard WLS, Lonar WLS, Melghat WLS, Gangewadi New Great Indian Bustard WLS, etc.

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AIIB to lend USD75 million to Tata Cleantech Capital (TLLC) AIIB approved a loan of $75 million to Tata Cleantech Capital Ltd, a non-banking financial company that lends to renewable energy projects in India. The Tata Cleantech Sustainable Infrastructure On-Lending Facility project aims to increase private capital investment in renewable energy, power transmission and water infrastructure.

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Extra Shots: AIIB: The Asian Infrastructure Investment Bank is a multilateral development bank that aims to support the building of infrastructure in the Asia-Pacific region. The bank currently has 74 members as well as 26 prospective members from around the world.  Headquarters: Beijing, China  Membership: 74 Members Tata Clean Tech Capital: Headquarters: Mumbai CEO: Rajiv Sabharwal

RBI expands scope of SNRR account to popularise rupee in cross-border transactions 

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The RBI expanded the scope of Special Non-Resident Rupee Accounts (SNRR account) by permitting nonresidents to open such accounts for rupee denominated overseas borrowings, trade credit and trade invoicing for popularising cross-border transactions in the domestic currency. Any person resident outside India, having a business interest in India, can open a non-interest bearing S...