Banking Awareness and Financial affairs updates for April 17th , 2017 – for IBPS, SBI, SSC Exams

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Daily financial/banking affairs updates is prepared by keeping the exam pattern and the previously asked questions in IBPS, SBI, RBI, SSC Exams. This will be useful to update your GK on daily basis.

 BBB evolves ‘GRAF’ for PSBs

(GRAF)

Governance, Reward and Accountability Framework

The Bank Boards Bureau (BBB) has evolved a Governance, Reward and Accountability Framework (GRAF) for public sector banks to ensure that they have the ability to compete successfully with private sector banks.

The GRAF incorporates a governance framework that integrates elements of organisational structure and processes to ensure high standards of corporate governance

 

Saudi’s first global Islamic bonds

Raised $9 billion

Saudi Arabia has raised $9 billion in its first global Islamic bond issue.

The sale of Islamic bonds, known as sukuks, comes after the kingdom in October turned to the conventional global debt market for the first time, raising $17.5 billion in a bond issue.

It has also sold domestic bonds and drawn on its accumulated reserves, all in an effort to reform the economy.

 

Operation ‘Clean Money’

To detect balck money poured in banks

Income Tax Department launched the second phase of Operation ‘Clean Money’ to detect the flow of black money into the banks after demonetisation.

According to Central Board of Direct Taxation the I-T dept has detected unaccounted income worth Rs 9,334 crore after the demonetisation till February 28th.

The first phase of the operation was launched in January 2017.

 

New MD and CEO of Karnataka Bank

Mahabaleshwara M S, served KB for 32 years

Mahabaleshwara Mavinakudige Subrahmanya is the new chief of Karnataka Bank Ltd. He succeeds Polali Jayarama Bhat.

He took charge on April 15.

Mahabaleshwara M S, has been ‘Karnataka Bank man’ for the last 32 years and has rich banking experience both at operational and administrative levels.

 

BRICS bank to issue rupee, yuan bonds

BRICS

Brazil, Russia, India, China and South Africa

The New Development Bank plans to issue bonds this year in Indian rupee and Chinese yuan.

The bank sold its first $437 million yuan-denominated bonds in China last year in July to fund clean energy projects in member-states.

The issuance will come after the bank is rated by international rating agencies.

 

Govt may soon allow 100% FDI in cash, ATM management cos

Private Security Agencies (Regulation) Act (PSARA).

Cash and ATM management companies will soon be allowed to attract 100 per cent foreign direct investment as they are not required to comply with the Private Security Agencies (Regulation) Act (PSARA).

 

Credit growth plunges to over 60-year low of 5.1% in FY17

10.7% in 2015-16.

 

Saddled with high bad debt and weak corporate demand, credit growth plunged to a whopping six-decade low of 5.08 per cent in the financial year 2016-17 against 10.7 per cent a year ago, according to the Reserve Bank of India data.

 

 

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