Online Current Affairs based on Economics


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.
  • Plastic notes are difficult to imitate and have an average life span of about five years. Also, plastic currency notes are cleaner than paper ones. Such notes were first introduced in Australia to safeguard against counterfeiting.
  • The government had decided to conduct field trials at five locations of the country with plastic banknotes, which are expected to last longer than current cotton substrate-based banknotes.
    1.Kochi,
    2. Mysore,
    3. Jaipur,
    4. Shimla and
    5. Bhubaneswar
    are the five cities where the plastic notes would be introduced in a field trial.
Quick Question for Bank PO/ IBPS Exams 2016-17:
 
The Reserve Bank of India (RBI) has been authorised to conduct field trials for printing plastic notes of which denomination? 
- Rs. 10 denomination.
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ESAF Small Finance Bank launched


  • ESAF Small Finance Bank, Kerala’s first private sector in micro financing, was launched by Chief Minister Pinarayi Vijayan.
  • The bank, promoted by ESAF Microfinance and Investments (P) Ltd plans to open 85 branches in the first year, of which RBI approval has been obtained for opening 15 branches on the inaugural day.
  • Bank also launched ATM cum Debit cards, website and digital banking channels.
  • ESAF, which has own fund of over Rs 300 crore, recently raised another Rs 330 crore through the issue of commercial papers. The bank is targeting a business of Rs 20,000 crores by 2020.
Quick Question for Bank PO/ IBPS Exams 2016-17:
What is the name of Kerala’s first private sector bank in micro financing, which was launched by Chief Minister Pinarayi Vijayan?
 - ESAF Small Finance Bank. 
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Boy from sleepy hamlet, Bibhu Prasad Kanungo, becomes deputy governor of RBI


  • Residents of a sleepy hamlet in a remote corner of coastal Kendrapara district in Odisha are elated as their son-of-the-soil ascended to a top-position in the Reserve Bank of India (RBI).
  • 58-year-old Bibhu Prasad Kanungo, a native of this village has made the people of Balia village here proud after he assumed the charge of deputy governor of RBI recently.
  • Bibhu passed HSC from a high school in Bhubaneswar and studied Intermediate Science from 1973 to 1975 in Kendrapara college
  • In 1979, he joined the Oriental Bank of Commerce as a probationary officer. Later in 1980, he joined Reserve Bank as an officer after passing Grade-B examination.
  • During his stint as a senior officer of the Reserve Bank of India, he worked in; 1.Bhubaneswar,
    2.Bhopal,
    3.Patna,
    4.Mumbai,
    5.New Delhi,
    6.Jaipur,
    7.Kolkata and
    other places in the country .
Quick Question for Bank PO/ IBPS Exams 2016-17:
Who is the current Deputy Governor of RBI? 
 - Bibhu Prasad Kanungo. 
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HDFC bank launches 3-minutes digital loan against securities service


  • HDFC Bank launched digital Loan against Securities (LAS) allowing customers to avail loans in less than 3 minutes.
  • The service will also be available to customers with no credit history.
  • The bank, which will offer 10.5 percent interest rate on the product, will soon expand the offering to other securities such as;
    1. mutual funds,
    2. bonds and
    3. insurance policies.
  • Customers can avail a minimum loan of Rs 1 lakh and maximum loan up to Rs 20 lakh under this facility.
  • Banks normally disburse 50 per cent of the value of pledged shares as loan.
  • The bank has collaborated with NSDL to seamlessly deliver this product.
Quick Question for Bank PO/ IBPS Exams 2016-17:
Which bank launched digital Loan against Securities (LAS) allowing customers to avail loans in less than 3 minutes?
 - HDFC Bank. 
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State Bank of India signs MoU with CREDAI


  • State Bank of India and real estate developers’ body CREDAI have signed a memorandum of understanding (MoU) to jointly conduct various initiatives towards development of the realty sector.
  • The MoU will be in force for a period of 3 years.
  • Each of them will leverage their individual strengths and collaborate in areas to promote housing for all, which will be beneficial to the sector.
  • SBI will be a national partner for all CREDAI activities and both will jointly work together for various marketing activities like;
    1. conclaves,
    2. seminars,
    3. exhibitions,
    4. campaigns and
    5.CSR activities as well.
  • The MoU is meant to mobilise the credibility of our members and the reach of the largest bank in India to cater to both home loans and construction finance requirements of the real estate sector.
  • The availability of finance at lower rates would help fulfil CREDAI’s objective of making housing more affordable.
Quick Question for Bank PO/ IBPS Exams 2016-17:
State Bank of India and which real estate developers’ body  have signed a memorandum of understanding (MoU) to jointly conduct various initiatives towards development of the realty sector? 
 - CREDAI. 
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Central Bank won Official language policy award


  • Central Bank of India has been awarded first prize in the implementation of Official Language Policy in the western region for the year 2015-2016.
  • Sudhir Pathak, Chief Manager, Central Bank of India, received the trophy and certificate from Kalyan Singh, Governor of Rajasthan, at the Official Language Conference of Central and Western Regions in Udaipur recently.
  • Central Bank of India, a government-owned bank, is one of the oldest and largest commercial banks in India.
Quick Question for Bank PO/ IBPS Exams 2016-17:
Which bank  has been awarded first prize in the implementation of Official Language Policy in the western region for the year 2015-2016.? 
 - Central Bank of India. 
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ICICI Bank, SBI, StanChart top bank frauds list: RBI


  • ICICI Bank topped the list of banks that witnessed most number of frauds during April-December period of 2016 with state-owned SBI taking the second spot, RBI data said.
  • During the first nine months of the current fiscal, as many as 455 fraud cases involving Rs 1 lakh and above were detected in ICICI Bank, closely followed by SBI (429), Standard Chartered (244) and HDFC Bank (237).
  • The other banks which reported large number of frauds to the apex bank during the period include;
    1. Axis Bank (189),
    2. Bank of Baroda (176) and
    3. Citibank (150).
  • However, in value terms, frauds involving Rs 2,236.81 crore were reported in SBI, followed by ;
    1. Punjab National Bank (Rs 2,250.34 crore) and
    2. Axis Bank (Rs 1,998.49 crore).
  • In the case of SBI, 64 employees were involved in fraud cases, while it was 49 for HDFC Bank and 35 for Axis Bank.
Quick Question for Bank PO/ IBPS Exams 2016-17:
Which Bank has topped the list of banks that witnessed most number of frauds during April-December period of 2016 according to a recent report of RBI? 
 - ICICI. 
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Tata Steel, Wipro in world's most ethical companies' list


  • Two Indian companies, Tata SteelBSE and Wipro have been named in the list of world's most ethical companies by American think tank Ethisphere Institute.
  • Ethisphere honours those companies who recognise their role in society to influence and drive positive change in the business community and societies around the world.
  • In 2017, there were 124 honorees spanning five continents, 19 countries and 52 industry sectors.
  • Wipro is one of the two information technology companies named in the list, the other being Xerox Corporation.
  • Meanwhile, Tata Steel is also one of the two companies named in the metals, minerals & mining space. US-based Schnitzer Steel Industries Inc is the other company in this segment.
  • Ford Motor Company has been named one of the World's Most Ethical Companies for the eighth straight year.
Quick Question for Bank PO/ IBPS Exams 2016-17:
Which two Indian companies, have been named in the list of world's most ethical companies by American think tank Ethisphere Institute?
 - Tata Steel and Wipro. 
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IndusInd Bank to buy IL&FS Securities Services


  • Private sector lender IndusInd Bank will buy IL&FS Securities Services Ltd (ISSL), a subsidiary of Infrastructure Leasing and Financial Services (IL&FS) Ltd, in an all-cash deal.
  • IL&FS Securities Services, incorporated in July 2006, is a capital markets intermediary for professional clearing, depository and custodial services.
  • ISSL services both retail and institutional clients including over 1,000 brokers, FPIs (foreign portfolio investors) and FIIs (foreign institutional investors).
  • The bank did not reveal the value of the acquisition.
  • This acquisition brings scale to this business, complements our current product offerings and fits nicely into our strategy of creating differentiated businesses with domain expertise.
Quick Question for Bank PO/ IBPS Exams 2016-17:
Which private sector lender bank will buy IL&FS Securities Services Ltd (ISSL), a subsidiary of Infrastructure Leasing and Financial Services (IL&FS) Ltd, in an all-cash deal? 
 - IndusInd Bank. 
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Upcoming Rewa solar plant to receive loan from World Bank


  • The World Bank has agreed to provide loan to develop internal transmission arrangements of the upcoming Rewa Ultra Mega Solar (RUMS) project in Madhya Pradesh.
  • It will provide 25 per cent of the loan amount under its Clean Technology Fund (CTF), where the money will be provided at an interest rate of only 0.25 per cent.
  • This would be the first solar power project of the country to receive a loan under CTF (Clean Technology Fund).
  • The installation of this solar power project would save Rs 14,000 crore for the state.
  • Besides, the project would also provide power to Delhi Metro Rail Corporation.
    World Bank
Quick Question for Bank PO/ IBPS Exams 2016-17:
The World Bank has agreed to provide loan to develop internal transmission arrangements of which upcoming  project in Madhya Pradesh? 
 - Rewa Ultra Mega Solar (RUMS). 
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Limits on cash withdrawal from savings bank account removed


  • All restrictions on cash withdrawal from savings bank account have been removed from today as the Reserve Bank of India (RBI) had announced about it last month.
  • Earlier, it had removed cash withdrawal limits from ATMs from February 1.
  • Last month, the RBI had issued a notification saying that the withdrawal limit of cash from savings bank accounts will be relaxed to Rs. 50,000 from February 20 and there would be no restrictions from March 13.
  • The Central Bank had put restrictions on cash withdrawals and set a withdrawal limit from the ATMs and from bank accounts after the announcement of demonetisation of old Rs. 500 and 1,000 currency notes on November 8th last year.
Quick Question for Bank PO/ IBPS Exams 2016-17:
All restrictions on cash withdrawal from savings bank account have been removed from which date as the Reserve Bank of India (RBI) had announced about it last month? 
 - 14th March 2017. 
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BP Kanungo appointed RBI Deputy Governor


  • BP Kanungo was on Friday appointed Deputy Governor in Reserve Bank of India (RBI) for three years.
  • The Appointments Committee of Cabinet (ACC) has approved his appointment to the post with effect from the date of taking over the charge on or after April 3.
  • He has been appointed in place of R Gandhi.
  • Kanungo was appointed as Executive Director in the central bank in March last year.
  • The ACC has also named Dilip S Shanghvi as Member, Western Local Board of RBI.
  • The appointment of Shanghvi, the promoter of Sun Pharmaceutical Industries , to the post is for a period of four years.
Quick Question for Bank PO/ IBPS Exams 2016-17:
Who was appointed as the Deputy Governor in Reserve Bank of India (RBI) for three years? 
 - BP Kanungo. 
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NBFC cash loan against gold restricted to Rs 25,000


  • Non-Banking Financial Company (NBFC) is a company registered under the Companies Act, 1956 engaged in the business of loans and advances, acquisition of;
    1. shares,
    2. stocks,
    3. bonds,
    4. debentures,
    5. securities
    issued by Government or local authority or other marketable securities.
  • Non-Banking Finance Companies (NBFCs) cannot lend more than Rs 25,000 in cash against gold, as stated by RBI.
  • The earlier provision for NBFC was that high-value loans against the gold of Rs 1 lakh and above must only be disbursed by cheque.
  • RBI reduced the amount to Rs 25,000 from the earlier Rs 1 lakh in line with the provisions of the Income Tax Act.
Quick Question for Bank PO/ IBPS Exams 2016-17:
What is the full form of NBFC? 
 - Non-Banking Finance Companies (NBFCs)
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Government releases draft rules for wallet companies


  • In a bid to make transactions through e-wallets safer and strengthen the grievance redressal mechanism for consumers, the government has released a set of guidelines for wallet firms.
  • The draft Information Technology (Security of Prepaid Payment Instruments) Rules 2017 which have been released for public consultation by the ministry of electronics and IT cover an entire spectrum such as protecting consumer information, especially financial data.
  • Information Technology (Security of Prepaid Payment Instruments) Rules 2017
    1. The Rules mandate that each Prepaid Payment Instruments (PPI) company or wallet firm will have a privacy policy posted on its website. It will also have to appoint a chief grievance officer, the contact details of whom will have to be prominently displayed on the website.
    2. The grievance officer will have to "act upon" any complaint within 36 hours and "close" it in a month's time.
    3. The draft also mandate that companies have enough safeguards in place to avoid any hacking attacks and if there is one, it is to be swiftly reported to the government agencies.
    4. Every e-PPI issuer shall have in place and publish on its website and mobile applications the privacy policy and the terms and conditions for use of the payment systems operated by it in simple language, capable of being understood by a reasonable person.
    5. The personal information of the customers will be treated under Section 72A of the Information Technology Act, and the financial data of the customer shall be deemed to be sensitive personal data under the "Information Technology (Reasonable Security Practices and Procedures and Sensitive.
Quick Question for Bank PO/ IBPS Exams 2016-17:
In a bid to make transactions through e-wallets safer and strengthen the grievance redressal mechanism for consumers, the government has released which set of rules recently? 
 - Information Technology (Security of Prepaid Payment Instruments) Rules 2017. 
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IDFC Bank launches Aadhaar Pay


  • IDFC Bank launched the biometric-based Aadhaar Pay payment system
    Aadhar Pay service is for merchants which will enable them to receive Aadhaar-enabled payments bypassing credit and debit cards, pin and password.
  • The biometric reader is currently available for Rs 2,000.
  • With the introduction of first of its kind, the bank targets to bring around 50,000-75,000 merchants onboard by 2019 and total touching 1,00,000 merchants in three year.
  • As per the report, the bank has been launched after three-months of trial involving 1500 merchants across 16 states.
Quick Question for Bank PO/ IBPS Exams 2016-17:
Which bank launched the biometric-based Aadhaar Pay payment system
Aadhar Pay service is for merchants which will enable them to receive Aadhaar-enabled payments? 
 - IDFC Bank. 
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SBI launches 'Work from Home' facility for employees


  • Country's largest lender State Bank of India launched a new facility to enable its employees to work from home.
  • The Board of the bank has recently approved the 'Work from Home' policy to enable its employees to work while at home using mobile devices to address any urgent requirement they may have, that prevents their travelling to work.
  • The lender will be using mobile computing technologies and shall have continuous control over all the enabled devices centrally to manage and secure the data and applications on the mobile devices.
  • The use of technology and services shall be monitored through carefully designed MIS and dashboard to enable improvements and refinements
Quick Question for Bank PO/ IBPS Exams 2016-17:
Which bank has launched a new facility to enable its employees to work from home? 
 - State Bank of India. 
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Karur Vysya Bank launches 3 technology services


  • To keep pace with technology across the globe, Karur Vysya Bank (KVB) today launched three technology services for the benefit of customers.

    1. FASTag: was launched in association with Indian Highways Management Company, a subsidiary of National Highway Authority of India, wherein pre loaded tags affixed to vehicles help them move on without having to join queues at toll plazas and handing cash for payment.
    It can be pre-loaded with amounts and the toll amount will automatically be debited by the toll plazas through sensors, he said.
    The tags can be reloaded as and when required and tags are valid at all toll plazas throughout the country.

    2. United Payments Interface (UPI): is a mobile app that helps customers to transfer funds inter-bank, 24 X 7 through their smartphones, he said.
    A single mobile application can access different bank accounts without the customer having to share his bank details or having to remember user IDs and passwords, he said.
    The transfer is effected through the Immediate Payment Service platform of NPCI (National Payment Corporation of India).
    Supported by the security of two factor;
    - authentication,
    -payment requests can be initiated by the beneficiary or scheduled by the remitter,
    he said adding that the KVB UPI can be downloaded from Android Play Store.

    3. Bharat Bill Payment System (BBPS), a facility offered through NPCI where in customers can make utility bill payments like;
    - electricity,
    -water,
    -gas,
    -DTH and
    -telecom services
    through a single utility, instead of accessing multiple sites.

Quick Question for Bank PO/ IBPS Exams 2016-17:
Which bank launched the three technology services- FASTag, United Payments Interface (UPI), Bharat Bill Payment System (BBPS) for the benefit of customers? 
 - Karur Vysya Bank (KVB).
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Trademark Rules, 2017 Notified: Forms Reduced From 74 To 8, Fee Increased


  • The Department of Industrial Policy and Promotion (DIPP) on Monday notified the Trademark Rules, 2017.
  • The Rules bring about two major developments- they slash the number of trademark application forms from 74 to 8, and hike the fee for trademark application
  • Features of the revamped Rules are as follows:
    1. Number of Trade Mark (TM) Forms have been reduced from 74 to 8.
    2. Based on stakeholders feedback, the fees for Individuals, Start-ups and Small Enterprises have been reduced from that proposed in the draft Rules – i.e. only Rs 4,500 as against Rs 8,000 for e-filing of TM applications proposed at the draft stage.
    3. Number of adjournments in opposition proceedings has been restricted to a maximum of two by each party, which will help dispose off matters in time.
    4. To promote e-filing of TM applications, the fee for online filing has been kept at 10% lower than that for physical filing.
    5. The provisions relating to expedited processing of an application for registration of a trade mark have been extended right upto registration stage (hitherto, it was only upto examination stage).
    6. Over all fees have been rationalized by reducing the number of entries in Schedule I from 88 to just 23.
    7. Modalities for service of documents from applicants to the Registry and vice-versa through electronic means have been introduced to expedite the process; e-mail has been made an essential part of address for service to be provided by the applicant or any party to the proceedings so that the office communication may be sent through email.
    8. Hearing through video conferencing has been introduced.
    9. Procedures relating to registration as Registered User of trademarks have also been simplified.
    10. Modalities for determination of well-known trademarks have been laid out for the first time.
Quick Question for Bank PO/ IBPS Exams 2016-17:
Which department has notified about the fee increase in Trademark Rules, 2017?
- The Department of Industrial Policy and Promotion (DIPP).
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HDFC Life brings country's first life insurance Chatbot with Haptik


  • HDFC Life, one of India's leading private life insurance companies, announced the launch of India's first life insurance chatbot in collaboration with Haptik, India's largest chatbot platform.
  • The chatbot will act as a financial guide to help users choose the most suitable life insurance plans and solutions.
  • This chatbot aims to assist the customers with insurance advice - ranging from Health to Tax Planning & Retirement, based on a simple 60-second quiz which enables it to compute their Insurance Quotient.
  • Calculated using different parameters under each insurance category, the Insurance Quotient is an indicative score for each individual, based on which, HDFC Life can recommend the best-suited insurance plans for the user.
  • The chatbot not only works as a personal financial advisor but also brings to the forefront the universal need for life insurance.
  • The chatbot will be live for only two weeks from the date of its launch on the Haptik app, which is available on both iOS and Android.
Quick Question for Bank PO/ IBPS Exams 2016-17:
 India's which leading private life insurance company , announced the launch of India's first life insurance chatbot in collaboration with Haptik, India's largest chatbot platform?
- HDFC Life. 
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SBI to impose penalty for not maintaining minimum account balance from April 1


  • State Bank of India, India’s largest bank, has decided to resume the charge on savings account holders for failing to maintain the monthly average balance in their accounts.
  • The bank had done away with the minimum balance criteria for savings bank accounts a few years back in a bid to lure new customers.
  • Sources said the service charges for non-maintenance of monthly average balance (MAB) will be revised with effect from April 1, 2017.
  • Monthly average balance that customers will have to maintain in their savings bank accounts in SBI branches in metropolitan areas is Rs 5,000.
  • In case the shortfall in the monthly average balance is below 50 per cent, then a charge of Rs 50 plus service tax will be levied.
  • Similarly, in urban areas SBI customers will be required to maintain a monthly average balance of Rs 3000.
  • If the shortfall in MAB is less than 50 per cent, then a charge of Rs 40 plus service tax will be levied.
  • In semi-urban areas, customers will have to maintain a monthly average balance of Rs 2000, while in rural areas, maintaining an MAB of Rs 1000 will be a must.
Quick Question for Bank PO/ IBPS Exams 2016-17:
SBI imposed penalty for not maintaining minimum account balance from which date? 
 - April 1, 2017
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