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

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 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.

 

 

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