Banking Awareness and Financial affairs updates for April 21st , 2017 – for IBPS, SBI, SSC Exams

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.

1. RIL pips TCS to become most-valued Indian company

Mukesh Ambani
Chief of Reliance Industries

 

The Mukesh Ambani-led Reliance Industries today regained its status as India’s most valued firm by market capitalisation, overtaking Tata Group’s crown jewel TCS.
TCS had replaced RIL as the most valued firm more than four years ago but a sharp rally in the shares of the Mukesh Ambani-led firm in the recent past has helped the company close the gap.

2. One in two public sector banks may require ‘prompt corrective action’: Fitch

PCA
Prompt corrective action

 

More than half the country’s state-owned banks would breach at least one of the four thresholds specified by the Reserve Bank of India under its revised “prompt corrective action” (PCA) framework, mainly owing to high non-performing loans (NPLs), according to Fitch Ratings. “It is possible that intervention could involve forcing banks to conserve capital, if other actions do not address problems. The risk of non-performance on bank capital instruments may therefore have risen,” said Fitch.

3. Mechanism soon to fix banking bad loan issue: Mundra

RBI Deputy Governor
S S Mundra

 

RBI Deputy Governor S S Mundra today said a mechanism will be worked out soon in consultation with the government to deal with the problem of mounting bad loans in the banking sector.
Last month, Finance Minister Arun Jaitley had said a resolution was being worked out with the Reserve Bank that would put enough pressure on borrowers to settle dues.

4. IOB may face sanctions from central bank

Lost Rs.2770 crores

 

Chennai-based Indian Overseas Bank (IOB) may face sanctions from Reserve Bank of India (RBI) after the lender breached the risk threshold on asset quality and is on course to violate the one on profitability.
IOB suffered a ₹2,770-crore loss in the first nine months of 2016-17 and it doesn’t have a full-time CEO.

5. Apple plans recycled material for its products

Ahead of “2017 Environment Responsibility Report”.

 

With an aim to help put an end to mining on earth, Apple has said it is planning to use 100 per cent recycled material to manufacture its products.
Citing concern for the planet’s future, the tech titan made this announcement on Wednesday, just ahead of the annual Earth Day celebration in its “2017 Environment Responsibility Report”.
All the electricity that Apple uses to power its data centres and 96 per cent used by its facilities worldwide comes from energy sources like solar, hydro and wind power, the company said.

6. Corporation Bank bags two awards

177 SME Branches

 

Corporation Bank has bagged two awards for 2016 instituted by the Chamber of Indian Micro Small and Medium Enterprises. Bank Managing Director and CEO Jai Kumar Garg received the awards in New Delhi on Thursday.
It emerged the winner in Eco-Technology Savvy Bank and Runner-up in Best MSME Bank under mid-sized banks category, said a release from the bank.
The bank has designated 177 branches across the country as “Specialised MSME Branches”.

Banking Awareness and Financial affairs updates for April 20th , 2017 – for IBPS, SBI, SSC Exams

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.

1. Telangana to spend ₹1,000 cr on rabi paddy procurement

90 lakh tonnes for the 2016-17 agriculture year.

 

The Telangana government will be spending about Rs 1,000 crore for purchase of paddy in the rabi season. Though severe drought hit several districts, the government expects good arrivals of paddy this season.
It is estimated that the State could achieve a total food grain production of 90 lakh tonnes for the 2016-17 agriculture year.

2. RBI data suggests Niti Aayog overstated rise in digital payments post demonetisation

1.43 time growth projected as 23 times by NITI aayog

 

In March, digital transaction volume went up 1.43 times. The 23 times increase, as indicated by Niti Aayog, is applicable only for Unified Payments Interface (UPI) volume and not for all digital payments methods.

3. Financially sound State entities can borrow directly from ODA partners

Official Development Assistance (ODA

 

The Cabinet has allowed financially sound State government entities to borrow directly from bilateral Official Development Assistance (ODA) partners for implementation of vital infrastructure projects.

4. Double taxation avoidance protocol with Portugal gets the green signal

Can Exchange tax related information

 

The Union Cabinet on Wednesday approved the signing of the Protocol amending the Convention between India and Portugal for avoidance of Double Taxation.
Once the Protocol enters into force, both India and Portugal would be able to exchange tax related information, which will help tax authorities of both countries to curb tax evasion.

5. Economic Survey now compulsory subject at Mumbai University

BA (Economics)

 

The University of Mumbai will be introducing the Central government’s Economic Survey as part of the curriculum for the second year of its BA (Economics) course from this academic year. The survey will be topically split into four sections, and will have a compulsory paper for 100 marks based on it.

6. PHFI loses FCRA licence for lobbying

Foreign Contribution Regulation Act (FCRA)

 

The Ministry of Home Affairs (MHA) has cancelled the Foreign Contribution Regulation Act (FCRA) licence of the Public Health Foundation of India (PHFI), the country’s largest public health advocacy group.

 

 

 

 

Banking Awareness and Financial affairs updates for April 19th , 2017 – for IBPS, SBI, SSC Exams

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.

1. Banks want FinMin to foot ₹1,500-cr demonetisation bill

Losses estd between Nov 9 – Dec 30

 

 

Struggling under mounting bad assets and declining profits, banks are planning to ask the Finance Ministry to foot the bill for losses incurred by them to implement the Centre’s demonetisation plan.
According to an initial estimate, the banking system lost nearly ₹1,500 crore between November 9 and December 30 to put in place systems and processes to suck out the scrapped ₹500 and ₹1,000 notes and gradually replace them with new ones.

2. Airtel Payments Bank gets 1,000 villages to go digital

First to get Payment Bank License

 

 

Airtel Payments Bank, the first company to receive a payments bank licence from the RBI on April 11, 2016, aimed at bringing the un-banked into the banking fold.
The bank brought 1000 vilages under its foray, in which about two-thirds of the households have at least one savings bank account, while every village now has at least one banking point that enables citizens to access banking services (cash deposits, withdrawals and money transfers).

3. India urgently needs a data security policy

Cisco’s Senior IT Executive
V C Gopal Ratnam

 

 

Cisco’s Senior IT Executive V C Gopal Ratnam told that India needs to accelerate the development of a security policy. He added that “In his opinion, it was probably needed yesterday. It was that urgent,”

 4. Jaitley to leave for US tomorrow to attend WB, IMF, G20 meets

Along with Team of Experts incl RBI executives

 

 

Finance Minister Arun Jaitley on Wednesday leaves on a five-day visit to the United States to participate in the Spring Meetings of the World Bank and IMF as well as deliberations of G20 nations.

 5. Snapchat stock falls by 1.5 pc after social media backlash over CEO’s India comments.

Evan Spiegel
Snapchat CEO

 

 

Shares of Snap fell 1.5 percent on Monday as the Snapchat owner faced criticism for comments allegedly made by its CEO about not prioritizing growth in India and Spain because they were “poor” countries.

6. Rajasthan: State govt, HPCL sign agreement for Rs 43,129 cr Barmer refinery

Rajasthan CM
Vasundhara Raje

 

 

In Rajasthan, the state government and Hindustan Petroleum Corporation Limited (HPCL) has signed an agreement for the Rs 43,129 crore Barmer refinery in the presence of Union Minister of state for petroleum and natural gas Dharmendra Pradhan and Chief Minister Vasundhara Raje in a ceremony held in Jaipur.

 7. RBI warns banks about stress in telecom sector

Asked to allocate more provisioning.

 

 

The Reserve Bank of India (RBI) warned banks to be extra vigilant about loans given to companies in those sectors which are going through tough times and may witness rising bad loans. The central bank especially mentioned that the telecom sector was showing signs of stress and asked the board of directors of all banks to review their respective loans to companies in this sector by June this year.

 

Banking Awareness and Financial affairs updates for April 18th , 2017 – for IBPS, SBI, SSC Exams

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.

1. PNB launches three new products

Auto-Toll, Credit card app, Solar Power financing

 

On the occasion of its 123rd Foundation Day, Punjab National Bank (PNB) launched three new products.
They are: automated electronic toll collection to facilitate hassle-free toll payment/collection; credit card mobile app; and a scheme for financing grid connected roof solar power projects.

2. Indian Railways to export modern locomotives worth Rs 680 cr to Sri Lanka

Rail India Technical and Economic Service (RITES)

 

Indian Railways will supply modern locomotives and train sets worth Rs 680 crore to Sri Lanka, in the largest export order for the public transporter.
Rail India Technical and Economic Service (RITES), a railways PSU, has secured its largest export order from Sri Lanka Railways for the supply of 10 broad gauge diesel locomotives and six DMU (diesel multiple units) train sets

3. Maharashtra schools raise Rs 216 crore via crowd funding

Utilised for revamping classrooms, building new toilets and on digital initiatives

 

Recent data of Maharashtra State Council of Education Research and Training (MSCERT) shows that between July 2015 and December 2016, school teachers in the state managed to raise a whopping Rs 216 crore from the public — funds that have been utilised for revamping classrooms, building new toilets and on digital initiatives, among others.

4. Govt. looks to sell stake in 7 PSUs

Plans to raise Rs.34,000 crore

 

Kick-starting the process of selling minority stake in seven PSUs including in bluechips like IOC, SAIL and NTPC which have the potential to collectively raise over Rs. 34,000 crore, the government has begun scouting for merchant bankers.

5. IRDAI sweetens the pill for vehicle owners

Lower than proposed.

 

Insurance regulator IRDAI notified revised third party motor insurance premium rates for 2017-18 that are higher compared with those in the previous fiscal for most categories of vehicles but lower than what it had proposed

6. Cyber response unit to be set up, says Reserve Bank

NCFE
National Centre for Financial Education

 

The Sub-Committee of the Financial Stability and Development Council (FSDC), which met on Monday, discussed the setting up of a Computer Emergency Response Team for the Financial Sector (CERT-Fin), the Reserve Bank of India (RBI) said.

7. Wholesale inflation decelerates to 5.7%

5.7%
March 2017

 

A decline in the prices of fuel and manufactured products helped inflation, as measured by the wholesale price index (WPI), to moderate to 5.7% (provisional) for March 2017 despite hardening of food prices, data released by the government on Monday showed.
The WPI inflation had touched a 39-month high of 6.55% (provisional) in February while it was -0.45% in March 2016.

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

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.

 

 

Banking Awareness and Financial affairs updates for April 13th , 2017 – for IBPS, SBI, SSC Exams

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.

 Finmin Rejects Apple’s Tax Demands On Setting Up Manufacturing Line

Apple demanded for tax sops to ‘Make in India’

The Finance Ministry has rejected iPhone maker Apple’s demand for tax exemptions for setting up a manufacturing unit in India saying that the decision will have to be taken up by the GST Council.

The government has rejected demands for tax exemptions by Apple for setting up a manufacturing facility in India, arguing that such concessions to a company are not possible.

Petrol, diesel prices to change daily from May 1

To be revised daily in 5 cities from May 1

Industry sources said that India’s state-owned fuel retailers plan to implement daily revision of fuel price in five cities from May 1 ahead of a nationwide roll out of the scheme.

To begin with, daily revision of fuel prices will be implemented in Puducherry and Vizag in southern India, Udaipur in the West, Jamshedpur in the East and Chandigarh in the North.

Wipro, BSNL bag KSWAN-II project costing Rs. 800 crore

Approved by karnantaka Cabinet

Giving a further push to the e-governance initiative, the State Cabinet on Wednesday cleared the ₹800-crore second phase of the Karnataka State Wide Area Network (KSWAN), which aims to establish an information highway connecting the State’s 10,000 offices.

Infosys Q4 net grows marginally to Rs 3,603 cr

Infosys

Second Largest IT firm in India

The country’s second-largest IT services firm Infosys reported a marginal growth in consolidated net profit at Rs 3,603 crore for the quarter ended March 2017.

SWIFT to introduce tool to spot fraudulent inter-bank messages

Society for Worldwide Interbank Financial Telecommunication

Belgium-based SWIFT system is used transfer trillions of dollars between banks every day

Interbank messaging service SWIFT, which is used to transfer trillions of dollars between banks every day, will launch a new tool to spot fraudulent messages, seeking to restore trust in the system after millions of dollars were stolen in cyber raids.

Non-banking finance companies call for GST exemption on assignment of receivables

FIDC

Finance Industry Development Council

Finance Industry Development Council, a representative body of non-banking finance companies (NBFCs), has called for GST exemption on any receivables assigned by NBFCs to banks and financial institutions.

Assignment of receivables are effectively used for securitisation and they act as a very important mode of refinancing for NBFCs, said a letter written by FIDC to the Working Group on GST (Banking, Financial and Insurance Sector)

 

Banking Awareness and Financial affairs updates for April 12th , 2017 – for IBPS, SBI, SSC Exams

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.

 ‘SAMPADA’ scheme for food processing

Scheme for Agro-Marine Produce Processing and Development of Agro-Processing Clusters

 

The government will soon launch an umbrella programme ‘SAMPADA’ for food processing sector with Rs. 6,000 crore outlay to integrate current and new schemes aimed at reducing food wastage and doubling farmers’ income.

Food Processing Minister Harsimrat Kaur Badal said her ministry would soon approach the Cabinet for the approval of ‘Scheme for Agro-Marine Produce Processing and Development of Agro-Processing Clusters (SAMPADA).’

 

Manappuram Finance to launch co-branded prepaid card with YES Bank

Manappuram YES Bank Prepaid Money Card

The Kerala-based NBFC Manappuram Finance will launch its own co-branded prepaid card in tie-up with YES Bank.

The ‘Manappuram YES Bank Prepaid Money Card’ can be pre-loaded up to a maximum amount of Rs. 50,000 and then be used to withdraw money from all ATMs.

As the card works on the popular MasterCard and RuPay networks, it can also be used for online transactions and at merchant establishments with PoS terminals.

 

Government to release jobs data every quarter

Will be available from 2017-18

Statistics Minister DV Sadananda Gowda said that The Centre will undertake periodic labour surveys so as to arrive at quarterly employment data.

 

5,400 cr of undisclosed income detected post-demonetisation

Arun Jaitley

Finance Minister

Finance Minister Arun Jaitley said that The Income Tax department carried out over 1100 searches and surveys immediately after demonetisation and detected undisclosed income of over Rs. 5,400 crore.

Seizure in cash in new currency was about Rs. 110 crore. The undisclosed income detected in these actions was more than Rs. 5,400 crore.

 

Power Ministry launches portal for notifying electricity outage

Power Ministry launches Urja portal  for notifying electricity outage

Power Ministry launched Online portal for notifying electricity outages to rural consumers. The mobile app will collate information from feeder level power distribution units and notify registered consumers through SMS messages and through ‘push notifications’.

This will help in better monitoring of rural electrification.

 

BHEL bags order from Railways for solar power plant

BHEL and the Indian Railways to work on Solar Power systems in Patiala

BHEL has bagged an order from Indian Railways for installing 2 MW rooftop solar photovoltaic systems at Diesel Locomotive Modernisation Works (DMW) in Patiala.

It envisages design, supply, installation, testing and commissioning of a grid connected rooftop solar photovoltaic power plant with all electrical and associated equipment, including civil works.

It also includes operations and maintenance for five years.

 

State Bank looking to scale up merchant acquiring business

Seeking to double PoS terminals to 10 lakh

State Bank of India is planning to form a joint venture company to ramp up its merchant acquiring business.

India’s largest bank is seeing a huge opportunity in merchant acquiring business (MAB) in the wake of the government’s push for digital and card payments to build a ‘less cash’ economy following demonetisation.

 

Malala receives highest UN honour to promote girls education

The Noble Laureate is the the youngest-ever ‘Messenger of Peace’.

Malala Yousafzai attends a ceremony with United Nations Secretary General Antonio Guterres after being selected as United Nations messenger of peace in New York.

United Nations Secretary General Antonio Guterres appointed Nobel laureate Malala Yousafzai a UN Messenger of Peace on Monday to promote girls education.

 

CBDT introduces digitally signed E-PAN card for applicants

Will be issued in 1 business day

In a collaborative initiative by Central Board Direct Taxes and Ministry of Company Affairs MCA, Permanent Account Number (PAN) and Tax Deduction Account Number (TAN) will be issued in one day to business entities.

The initiative will reduce the time taken for allotment as well as number of processes for registration and contribute towards Ease of doing business in India.

 

 

Banking Awareness and Financial affairs updates for April 11th , 2017 – for IBPS, SBI, SSC Exams

 IFSC of SBI associates may change from Q2

IFSC

The Indian Financial System Code

IFSC, of all associate banks that merged with State Bank of India (SBI) are likely to change from the second quarter of 2017-18.

SBI has said that For now though, the IFSCs will remain as they are.

 

Mobile-based payment systems raise privacy issues

Carried on wallets, BHIM, Bank Apps, and *99#

A study by the Centre for Software and IT Management (CSITM) at IIM Bangalore (IIM-B) raises significant questions on the risks associated with mobile phone-based payment systems. Some of the key concerns are non – availability of automatic logout, privacy concerns, concsent to debit, etc.

 

No proposal to review FDI policy in multi-brand retail: Govt

51% can be held in Retail companies

The government has said there is no proposal under its consideration to review the foreign direct investment (FDI) policy in the multi-brand retail sector.

The current foreign direct investment policy permits overseas players to hold 51 per cent stake in an Indian retail company.

 

Anti-dumping duty likely on Amoxycillin imports from China

$8.71 per kg

India may impose anti-dumping duty of up to $8.71 per kg on Amoxycillin, an antibiotic medicine, from China to ringfence domestic players from cheap imports.

Aurobindo Pharma had filed the application before the Directorate General of Anti—dumping and Allied Duties (DGAD) for initiation of probe into the import.

 

NITI Aayog finalising 3-year action plan

12th 5 year plan ends by 2017

Parliament has informed that the NITI Aayog is finalising 3-year action plan and the 15-year vision document for the country. The government had decided to do away with the practice of preparing annual budgets on the basis of 5-year plans from the current fiscal.

Financial year 2016-17 was the terminal fiscal of the 12th Five Year Plan (2012-17).

 

Aadhaar is safe, robust and secure

Law and IT Minister

Ravi Shankar Prasad

Law and IT Minister Ravi Shankar Prasad said that Aadhaar is “robust, safe and secure,”.

He also said that beneficiaries of all subsidies must enrol into Aadhaar to ensure that benefits are going to the needy people.

 

Healthcare needs innovative funding

Public- Private Partnerships

A Healthcare Federation of India (NATHEALTH)-PwC report has said that Conventional modes of resource mobilisation must be aided by an innovative funding mechanism to improve healthcare investments in India.

The report said funding should be mobilised from pension funds and that investments should be routed through public-private partnership and long-term debt.

 

Flipkart gets $1.4 bn in new funding

Ebay India is merged with Flipkart

Online retailer Flipkart said had raised $1.4 billion in a funding round that valued Flipkart at $11.6 billion.

The investors include Chinese Internet firm Tencent, Microsoft Corp. and U.S. e-commerce major eBay, which has agreed to sell its India business to Flipkart as part of the transaction.

 

Hasina invites Indian companies to Bangladesh, promises SEZs

$20 billion till 2030

Bangladesh Prime Minister Sheikh Hasina invited Indian companies to invest in the country’s infrastructure sector that requires investments of about $20 billion a year till 2030, promising to exclusively dedicate at least three of the 100 proposed special economic zones in the country for Indian investors.

 

 

Banking Awareness and Financial affairs updates for April 10th , 2017 – for IBPS, SBI, SSC Exams

Hello friends, This is the Updates of Current affairs April 8 2017. This will helpful for tackling General awareness section in SBI, IBPS, SSC, UPSC Exams.

 North India to get DNA bank for wildlife

Laboratory for the Conservation of Endangered Species (LaCONES) in Hyderabad.

North India is all set to get its first DNA bank for wildlife.

Scientists at the Indian Veterinary Research Institute (IVRI) in Bareilly are in the process of collecting DNA samples of all wild animals to set up the bank.

At present, the Laboratory for the Conservation of Endangered Species (LaCONES) in Hyderabad.

 

India extends $4.5 billion new line of credit to Bangladesh

signed 22 agreements in strategic sectors

India and Bangladesh have signed 22 agreements in strategic sectors like defence and civil nuclear cooperation during Bangladesh Prime Minister Sheikh Hasina’s visit to India.

In a joint statement after signing of agreements in Delhi, Prime Minister Narendra Modi announced a new line of concessional credit of $4.5 billion for implementation of development projects in Bangladesh.

Apart from that, Mr. Modi also announced $500 million of credit for defence procurement in the country.

Canara Bank partners with BSNL

2 Mbps in partnership with BSNL.

Canara Bank, a public sector bank, has embarked upon an ambitious project of upgrading the bandwidth at all its branches to 2 Mbps in partnership with BSNL.

The bandwidth upgradation of branches is in line with the bank’s policy of promoting digital channels and will ensure faster service across the counters.

Centre kicks off programme on Cyber Physical Systems

Rs 100 crore has been earmarked for the project

The Department of Science and Technology (DST) has initiated a Cyber-Physical Systems (CPS) program.

CPS is an interdisciplinary field that deals with the deployment of computer-based systems that do things in the physical world such as, the self-driven cars produced by Google and Tesla.

HDFC Bank UPI on Chillr app

UPI is an instant payment system

HDFC Bank announced its Unified Payments Interface (UPI) will also be available on Chillr, a multi-bank mobile payments app.

UPI is an instant payment system developed by the National Payments Corporation of India (NPCI) to enable faster money transfer between any two parties’ bank accounts.

Indian internet economy to hit $250b

650 million by 2020, up from about 390 million now.

Mobile  internet users in India are estimated to touch 650 million by 2020, up from about 390 million now.

The report was published by Boston Consulting Group and The Indus Entrepreneurs.

Fueling the internet economy will be data consumption, which by 2020 could potentially increase 10-14 times.

India rankings 2017

President Pranab Mukherjee, will be releasing the India Rankings 2017

The President Pranab Mukherjee, will be releasing the India Rankings 2017 report on April 10 at a function to be held at Rashtrapati Bhavan.

He will also present awards to top-ranked institutions i.e. top 10 in overall category & toppers in the stream-wise categories -Engineering, Management etc.

The National Institutional Ranking Framework was introduced in 2016 to rank Indian Universities.

 

Banking Awareness and Financial affairs updates for April 8th , 2017 – for IBPS, SBI, SSC Exams

Hello friends, This is the Updates of  Banking Awareness  April 8 2017. This will helpful for tackling Banking awareness section in SBI, IBPS, SSC, UPSC Exams.

 Rajya Sabha passes GST bill without amendments

Will be active from July 1st

The Rajya Sabha passed the historic Goods and Services Tax (GST) bill without any amendments.

The Lok Sabha had passed four key GST Bills on March 29 while rejecting amendments moved by the opposition.

India, Israel sign defence deal

inked deals about $2 billion

India and Israel on inked mega defence deals worth over $2 billion for advanced surface-to-air missile systems.

The second deal to be inked was for a similar SAM system to be fitted on board the 40,000-tonne indigenous aircraft carrier INS Vikrant being built at the Cochin Shipyard.

Online tax filing portal for GST

GSP (GST Suvidha Provider ) taxation solution

Online tax filing portal ClearTax.com announced that it has developed a technology platform to help businesses comply with the provisions of GST law.

It’s a multi GSP (GST Suvidha Provider ) taxation solution and it helps to monitor one billion invoices which will be generated once the GST comes into action.

Germany to launch cyber command centre

CIR will start off with 260 IT specialists

Germany is the first NATO state to launch a “self-contained” cyber command unit designed to shield IT and weapons systems from growing attacks.

The Bundeswehr’s Cyber and Information Space (CIR) boasts a status equal to that of the army, navy, and air force.

CIR will start off with 260 IT specialists, but will grow to 13,500 military and civilian personnel by July.

Free legal aid in triple talaq cases

PK Haneefa to provide legal assistance to divorced women.

Women in Kerala divorced through the Islamic tradition of triple talaq can now receive free legal aid sponsored by the state government.

Kerala’s minority commission constituted a special committee under retired judge PK Haneefa to provide legal assistance to divorced women.

It also set up a toll free helpline number (0471-2315122).

Geo tag for RKVY assets

geo-tagging process of all assets of RKVY

The government has decided to geo-tag all assets like farm ponds, soil testing labs and seed godowns created under the Rashtriya Krishi Vikas Yojna (RKVY) for their better utilisation.

A MoU regarding this was signed between the National Remote Sensing Centre and RKVY.

NRSC officials said that it will complete the geo-tagging process of all assets of RKVY by end of 2017-18 financial year.

South Indian Bank, Flyworld Money in pact for remittances

Facilitate remittances by Indian expatriates in Australia

South Indian Bank has entered into an agreement with Flyworld Money Exchange to facilitate remittances by Indian expatriates in Australia. Through this tie-up, NRIs in Australia could enjoy quick and cost-effective remittances to India using the SIB Express facility. Using this facility, NRIs can now remit funds with ease to any commercial bank in India. SIB has a correspondent banking arrangement with National Australia Bank for remittances to India.

Equal pay for men and women – mandatory in Iceland

iceland is ranked No.1 in WEF, 2015

Recently, a bill has been passed in the Irish Parliament of Iceland regarding equal pay for men and women in the country. The main aim is to abolish the gender inequality among the citizens. This will also be applicable to the discrimination on race, religion, caste, age, disability etc. Iceland ranks first in the World Economic Forum, 2015.

 

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