Hello friends, This is the Updates of Banking Affairs March 19 2017. This will helpful for tackling Banking awareness section in SBI, IBPS, SSC, UPSC Exams.
1. RBI Gets Government Approval To Print Rs. 10 Plastic Notes
- The Reserve Bank of India (RBI) has been authorised to conduct field trials for printing plastic notes of Rs. 10 denomination.
- The Reserve Bank for long has been planning to launch plastic currency note after field trials. In February 2014, the BJP government had informed the Parliament that one billion plastic notes of Rs. 10 denomination will be introduced in a field trial in five cities.
2. Kerala gets first private bank: ESAF Small Finance Bank
- Chief Minister Pinarayi Vijayan launched ESAF (Evangelical Social Action Forum) Small Finance Bank, Kerala’s first private sector banksince the country’s Independence, in Thrissur, Kerala.
- R Prabha, former Chairman, Kerala Grameen Bank, is the Chairman of ESAF Small Finance Bank. The Bank will launch a new social deposit scheme ‘Hridaya Deposits’ for HNI and NRI customers.
3. World Bank approves funding for India’s ambitious National Hydrology Project
- The World Bank has approved a $175 million loan to India for the National Hydrology Project to improve India’s ability to forecast floods and reduce the recurring chances of floods and droughts.
- The loan would be disbursed by the International Bank for Reconstruction and Development (IBRD). The loan has a six-year grace period in which no interest payments will be due and will mature in 23 years.
4. Social Security Agreement between India and Brazil
- India and Brazil initialed the text of the Social Security Agreement (SSA) in Brazil.
- The SSA between India and Brazil once in force by early 2018 will be the first such agreement between the BRICS countries.
5. The Surrogacy (Regulation) Bill
- The bill was introduced in Lok Sabha in November 2016. There is a ban on commercial surrogacy. Commercial surrogacy will result in a jail term of at least 10 years and a fine of up to Rs 10 lakh.
- Surrogate mothers practice it as a way of earning livelihood and are often abused. Legal issues also emerge 228th report of the Law Commission of India recommended prohibiting commercial surrogacy.
- It aims to prevent exploitation of women, especially those in rural and tribal areas.
6. GST Council Approves SGST & UTGST Draft Bills
- The Goods and Service Tax (GST) council headed by Finance Minister Arun Jaitley cleared the remaining State GST (SGST) and Union Territory GST (UTGST) draft bills during its 12 Council meeting.
- Now with this Council has approved all five draft bills for GST which is likely to be rollout by July 1, 2017.
- The UTGST draft law is for the Union Territories like Andaman and Nicobar Islands, Lakshadweep, Daman and Diu and Dadra and Nagar Haveli, which do not have legislative assemblies.
7. 123 Tejas jets to join IAF by 2024
- If the present development and capacity enhancement plans go as scheduled, the Indian Air Force will have 123 Tejas jets, indigenously made light combat aircraft, on its fleet by 2024-25.
- To enable this, Hindustan Aeronautics Ltd. (HAL) is in the process of setting up a new assembly line for the jets and is involving the private sector in a big way, T. Suvarna Raju, Chief Managing Director
8. Indian markets can raise $100 bn. a year, says BSE CEO Ashish Chauhan
- The Indian stock market can raise $100 billion of capital annually going ahead to help meet the country’s funding needs, top bourse BSE’s CEO Ashish Chauhan has said while pegging the amount estimated to be raised through his exchange alone at $30 billion this fiscal.
- Next ten years for infrastructure building, setting up of new businesses, expansion of existing businesses, creation of jobs and other requirements to drive India’s growth story.