Introduction
The article Banking Awareness One Liners February 2019 includes Banking Awareness One Liners with an explanation, analysis and issues of current events in the month of February. And these One Liners will help in the Competitive Exams like IBPS, RBI Grade B, SBI PO, RRB and other banking examinations.
Feb 2019
- Currency notes deposited in the currency chest are the property of RBI.
- A fixed deposit receipt is kept with the bank for its safety, is known as Safe custody.
- Reserve Bank of India is the primary regulator of Banking business.
- The main business of banks is to accept deposits from the public. However, a bank can refuse to permit opening an account on behalf of Undesirable persons.
- The board of Indian Overseas Bank has approved a fund infusion from the govt by way of a preferential issue.
- RIL is in advance discussions with Grab to buy a majority stake. Grab has so far raised over Rs.30 Crores.
- Acceptance of deposits by non - banking financial companies is regulated by RBI under Non - banking financial companies acceptance of public deposits (Revenue Bank) directions 1998.
- Kotak Mahindra Bank cut the MCLR in four tenors, including the important one-year maturity ones to which all the major consumer loans including home loans are linked.
- PNB has shown "strong performance" in the parameters like customer responsiveness, responsible banking, credit off-take and financial inclusion.
- Convergent Finance is leading a $22 million funding round in Hindustan Foods to pick up a stake between 20 to 26 percent.
- If a company, which is not a non - banking financial company wants to collect public deposits, it is governed by Companies Act 1956.
- ARCs derive their asset resolution powers from SARFAESI Act, 2002.
- The board of Kotak Mahindra Bank has approved a proposal to increase its foreign shareholding limit to 45% from the existing 43%.
- India has once again extended the deadline to impose high import duties on 29 USA products till 1st April 2019 from the existing 2nd March.
- 7.5% of total outstanding has been prescribed for Micro Enterprises under priority sector lending for banks by RBI.
- Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL) is owned by RBI.
- “Pledge” is defined in Indian Contract Act 1872.
- RBI has proposed strict compensation norms for senior officials of foreign and private banks. The proposal includes min 50% variable component and money clawback provisions.
- RBI has lifted the lending ban from Allahabad Bank and Corporation Bank. Dhanalaxmi Bank has also been taken out of RBI’s Prompt Corrective Action list.
- Sebi has slapped a fine of Rs.30 lakh on Radford Global for failing to provide information sought by it as also violating listing norms.
- e-wallet companies have welcomed the extension of deadline for KYC norms by six months from existing 28th Feb. as this will ensure that the customers are not impacted adversely.
- The government is looking at the possibility of merging regional rural banks (RRBs) operating within the same state and has urged the state-owned banks to explore such options, as it wants further consolidation among RRBs.
- Export- Import Bank of India (EXIM Bank) is wholly owned by Government of India.
- Payment Banks are restricted to hold maximum balance of 1 lakh per individual customer.
- Payment Banks cannot issue Credit cards.
- RBL Bank has become the first bank in India to open dedicated branch for startups.
- Kisan Vikas Patra is not available in Rs.25,000 denomination.
- Nauru has become latest member of International Monetary Fund (IMF).
- The chairman of National Stock Exchange Ashok Chawla.
- On Daily Basis, Banks pay interest on saving account.
- Three times Demonetization happened in the country.
- In Basic Savings Bank Deposit Account, (BSBDA) cash withdrawal and transfer is limited to Rs.10,000.
- 19.50% is the present Statutory Liquidity Ratio.
- From bank loans to trust-product issuance to margin-trading accounts at stock brokerages, leverage in China is rising nearly everywhere.
- The State Bank of India (SBI) may approach the NCLT to recover its loans from Jet Airways.
- Inbound FDI dropped 7% to $33.5 bn between Apr and Dec 2018, compared with $36 bn in the yr-earlier period.
- Finance Minister says the govt used every method at its disposal in larger public interest to boost credit keeping India’s growth in mind while reiterating that country is more important than any institution.
- Recent capital infusion will help Corporation Bank and Allahabad Bank to come out of the Prompt Corrective Action (PCA) framework.
- NABARD has sought an emergency fund of Rs.1000 crore from banks to tackle acute liquidity crisis, and is coming in the way to give loans to micro borrowers.
- Accounts in which shares of various companies are traded in electronic form are known as "Demat Accounts"
- RBI acts as an intermediary between Government and money market.
- Rural Infrastructure Development Fund is operated by NABARD.
- The meaning of Gilt Edged Market is Government Security.
- The New Development Bank (NDB) is headquartered in Shanghai, China.
- West Bengal share largest boundary with Bangladesh.
- State-run State Bank of India (SBI) is looking at approaching the National Company Law Tribunal (NCLT) to recover its loans from private carrier Jet Airways.
- Bank purchases of commercial papers (CP) plunged 28 percent between mid-September and early February as para banks, hitherto the primary issuers of such short-term debt securities, switched to long-term bonds and bank loans after infrastructure financier IL&FS defaulted on scheduled repayments.
- Indian Banks' Association has expressed willingness to expand the scope of bipartite wage talks up to Scale V officers in public sector banks while suggesting bank-wise and performance-linked reward structure for deputy general managers and general managers.
- KYC Norms is the popular name of the norms by which bank satisfy itself about the customers identity and motivation.
- The place where bankers meet and settle their mutual claims and accounts is known as Clearing House.
- Rufiyaa is the currency of Maldives.
- Trusts customers does not fall under low risk category under KYC guidelines.
- Amount withdrawn by the cheque from Both Saving Account and Current Account.
- Largest shareholder of a nationalized & public sector banks bank is Govt. of India.
- Section 9 of the Banking Regulation Act prohibits the banking Companies from holding any immovable property except for its own use for a period of not more property. The RBI may extend this period for a further period of 5 years.
- Liability-side of the balance-sheet comprises Capital Reserve, Long term Liabilities, Current Liabilities.
- The Decreasing in Bank Rate by the Reserve Bank of India it means Increasing liquidity in the market.
- The Reserve Bank of India has asked non-banking finance companies (NBFCs) to disclose the moratorium or grace period given to borrowers.
- Reserve Bank of India (RBI), in accordance with an announcement made during the last bi-monthly policy, decided to create a single category for the NBFCs (non-banking financial companies) by bundling their present three-tier structure.
- According to a statement by Bank of Baroda, its merger with Vijaya Bank and Dena Bank shall come into force from 1st April 2019.
- SBI customers having subscribed to the bank's internet banking facility can carry out their banking activities from their desktop, without physically visiting a bank branch.
- The Reserve Bank of India has put some state-owned lenders with high levels of bad debt and inadequate capital on the PCA list, barring them from issuing fresh big-ticket loans and expanding their operations.
- Hilton Young Commission is related with Reserve Bank of India.
- The Reserve Bank of India was originally constituted as a share holder’s Bank with a share capital of Rs. 5 crores.
- 14 banks were nationalized in 1969.
- ‘Hawala’ transactions is prohibited under the provision of Foreign Exchange Management Act.
- Hirakund Dam is the longest dam in India.
- On a cheque issued by a customer, the words bearer or order are written. This cheque will be treated as a bearer cheque.
- RBI lowered the benchmark repo rate by 25 basis points but no lender except State Bank of India followed suit. SBI reduced home loan rate by just 5 bps. RBI Governor Shaktikanta Das held a meeting with country’s top bankers and nudged them to reduce the financing cost to encourage investment.
- Shares of public sector banks rallied up to 20 percent after the government announced plans to infuse about Rs 48,000 crore in 12 state-owned banks in a bid to make the banks meet regulatory capital requirements.
- In case of death of the safe deposit locker holder the nominee of a safe Deposit locker has to produce the Death Certificate to enable the bank to settle the claim.
- The Imperial Bank of India was converted to State Bank of India on 1st July 1955 on the basis of recommendations made by All India Rural Credit Survey Committee.
- The best way to save the banks from loss is To accept only fully backed collateral.
- In SARFAESI act , E stand for Enforcement.
- Banks should keep some funds to cover up losses, if something goes wrong with given loans. this process is known as Provisioning.
- In terms of non performing assets, SMA stand for special mention accounts.
- Current account is best suited for monthly savings by a wage earner.
- The board of Tech Mahindra has approved a buyback of up to 20.6 million shares worth Rs.1956 Crores.
- The government is planning to offer VRS scheme to MTNL and BSNL employees to reduce a large pool of ageing manpower and infuse fresh life into the PSUs.
- International lessors have grounded more planes of Jet Airways. Nine of airlines’ planes have been grounded over the last four weeks.
- TPG Growth is in talks to invest around $30-40 million in Nykaa for a minority stake.
- Adani group has made a formal offer to buy out a 23.5% share in Mumbai airport held by two South African firms.
- The finance ministry has announced to pump in Rs.48,239 crores in 12 PSBs in the fy 18-19 to help in their growth plans as also maintain regulatory capital requirements.
- SoftBank Vision Fund has estimated a return of approx. 25% from its investments of around $70 billion in 72 companies. The fund may exit from some of these companies in the second half of 2020 when IPOs of these companies may come up.
- Berkshire Hathaway shareholders will get a peek inside Warren Buffett's mind. They’ll get to review Berkshire's balance sheet, earnings, and revenue growth, as well as other financial metrics to assess the company's health.
- Sachin Bansal, who cofounded Flipkart, a startup that grew into an ecommerce powerhouse, is venturing into the Indian financial services sector, which has drawn investments from the likes of Chinese billionaire Jack Ma’s Alibaba to Japanese investment powerhouse Soft-Bank.
- SoftBank’s Vision Fund, having opened an office in Mumbai, wants to manage companies in its India portfolio closely and get a slice of fast-growing domestic startups at lower valuations.
- The GST Council has deferred its decision on real estate taxes till 24th Feb.
- Shares of PSU banks rallied up to 16 per cent trade after the Finance Ministry announced a Rs 48,239-crore capital infusion plan for 12 public sector banks, in a bid to make the banks meet regulatory capital requirements.
- RBI warns of mobile data theft by Any Desk app reportedly generates a nine-digit code and seeks users' permission to access phone controls on inserting it. It then allegedly steals confidential data to process fraudulent transactions via payments apps.
- The Centre has approved a Recapitalization package of Rs.48,239 crore for 12 public sector banks. Till now 12 banks are under the purview of the PCA framework.
- Anirban Mukherjee, presently the co-chief executive of Reliance Payments has been appointed as the CEO of PayU India.
- Government-owned Small Industries Development Bank of India (SIDBI) is to raise Rs.300 crore through bonds over the next few months from a clutch of investors, including Tata group companies such as Tata Chemicals, Voltas, Titan, and Trent.
- Flipkart co-founder Sachin Bansal has invested Rs 650 crore in homegrown ride-hailing platform Ola, in a deal that marks the largest personal investment in the domestic internet sector.
- The finance ministry is mulling launching an exchange traded fund consisting of PSU bank stocks in the next financial year.
- The Indirect taxes are termed regressive taxing mechanisms because they are charged the same for all income groups.
- A Non-Performing Asset of a non-agricultural loan book shall be a loan or advance where Interest and/or instalment of principal remain overdue for 90 days in respect of term loan.
- Once a budget has been presented in the Parliament, the government has to get all money bills related to the union budget passed within 75 days.
- With reference to Domestic Savings in India, the savings come from three sources, viz.households, the private corporate sector and the public sector. Households hold the maximum share.
- A Commercial bank will launch a Medium Term Note (MTN) programme to raise funds.
- Prime Minister of India heads the National Ministerial Committee under the Architecture for cash transfers.
- GST Council is expected to reduce GST on under-construction houses to 5% from the existing 12% and on affordable houses to 3% from 8% currently.
- The Union Cabinet has increased DA allowance by 3% effective from 1st Jan.2019. The move will benefit around 48.41 Lakh central govt employees as also 62.03 lakh pensioners.
- Junaid Ahmed, India chief of World Bank has said that Beti Kamao also needs to be added to PM Narendra Modi’s Beti Bachao Beti Padhao program as women are dropping out of the workforce.
- 63 Moons Technologies has reportedly filed a criminal complaint with CBI and shall also file Rs.10,000 Crore damage suits against former FM P Chidambaram and two bureaucrats for causing irreversible damage to the entire exchange eco-system.
- BIGO Technology of Singapore plans to invest over USD 100 Million in India over the next three years. BIGO is one of the world’s biggest companies in the field of app.
- RBI has decided to transfer an interim dividend of Rs.28,000 crores to the government in the current fy. 2018-19.
- The government has reappointed A K Sharma as Director Finance of IOC. This is the first time that a PSU director has been reemployed in the same position after retirement during the NDA government.
- Government of India may reduce its budgetary deficit by various measures. Increasing taxes can be used for this purpose.
- Major function of NABARD (National Bank for Agriculture and Rural Development) is to monitor the flow of ground level rural credit.
- Generally NAV is used to issue policies of Mutual Fund.
- The committee that is associated with EFT system of RBI is Shere Committee.
- Saraf Committee recommended the introduction of electronic clearing services.
- Through Voice mail facility systems, the customer could leave the message for the concerned desk which the person handling the desk could provide later on.
- A truncated cheque is to be given the same treatment in law, as a physical cheque. Introduction of truncated cheques has been made on the recommendations of Saraf Committee.
- Abid Hussain Committee is associated with reforms in small industries.
- Grasim Industries has entered into an agreement with KPR Industries to acquire chlor-alkali business for a cash consideration of Rs.253 crores.
- To Reduce debt, Emami Group promoters have divested 10% stake in Emami Ltd. for Rs.1600 Crores. Premji Invest has picked up 3% while SBI MF bought 5%.
- Air India Express has launched international operations from Surat with Sharjah-Surat flight to be operated four times per week.
- The board of Varun Beverages has approved plans to acquire franchise rights of the Pepsico in the South and West regions.
- Insurance cover to Indian banks is provided by DICGC.
- The function of Banking Ombudsman is to Resolves Customers complaints.
- Base Rate is not determined by Reserve Bank of India.
- The Securities and Exchange Board of India (SEBI) was established through SEBI Act, 1992.
- Indian Post Office do not provide Transaction of Retail mutual Funds facility.
- Reserve Bank Governor Shaktikanta Das said he will meet heads of public and private sector banks this week to discuss transmission of interest rate cuts to borrowers.
- Debtor is most benefited from Inflation.
- Purchasing Power Parity is not an indicator of the financial health of a country.
- Central bank of the country plays a major and crucial role to moderate and control inflation in a country.
- The objective of Public Distribution System is Providing food grains and other essential items to the vulnerable section of the society.
- Finance minister Arun Jaitley called for further consolidation of India’s banking industry, saying the country needs fewer, stronger mega lenders to exploit economies of scale. He also dismissed fiscal concerns over welfare programmes announced in the February 1 budget.
- Sebi may probe YES Bank for selective disclosure leading to a stock rise.
- Ola is in discussions with Carpooling app sRide to pick up a stake of around 26% at a valuation of Rs.100-150 Crores.
- Regional Rural Banks would be classified under Scheduled Commercial Banks.
- RIDF (Rural Infrastructure Development Fund) is operated by NABARD.
- Cheques that are issued by a bank and function as cash but are protected against loss or theft are called Traveler’s cheque.
- Negotiable instruments drawn by the seller or drawer of the goods on the buyer of drawer of the good for the value of goods delivered is also known as Commercial Bills.
- Demat Accounts are the Accounts in which shares of various companies are traded in electronic form.
- The bank which may accept deposits from other foreign banks but may not accept deposits from the residents of the country in which it is located is called Offshore Banking.
- Banks provide Pre-shipment finance to Exporters.
- National Stock Exchange was established in 1992.
- As per the World Employment and Social Outlook Trends 2019 report, unemployment rates will fall to 4.9% in 2019 and remains steady in 2020.
- Amazon launched “Amazon Pay Unified Payments Interface (UPI)” for Android users in partnership with Axis Bank to issue UPI IDs to its customers in India.
- The unorganised sector workers, with income of less than Rs 15,000 per month and who belong to the entry age group of 18-40 years, will be eligible for the Pradhan Mantri Shram Yogi Maan-dhan Yojana scheme.
- IDBI Bank has sounded out to its new owner LIC seeking another tranche of up to Rs. 12,000 crore to meet its huge provisioning requirements amid mounting losses.
- Bharat 22 ETF is expected to buy shares worth Rs 2,500-3,000 crore from the open market to maintain government’s stake at or over 52 per cent in the state-run companies that are part of the exchange-traded fund.
- The private sector lender said The Reserve Bank of India has warned Yes Bank of regulatory action for disclosure of nil divergence report in violation of the confidentiality clause.
- A Non Banking Financial Institution Cannot accept demand deposit and cannot issue cheques.
- Global Competitiveness Report is the yearly report published by the World Economic Forum.
- Inter Corporate deposits is an unsecured loan extended by one corporate to another corporate.
- C.D. Deshmukh was the first Indian Governor of RBI to have presented the Interim Budget for 1951-52.
- Debentures Gilt funds do not invest.
- Bombay Stock Exchange was established in the year 1875.
- Primary banking functions of the commercial banks does not include Agency Services.
- Headquarters of RBI located at Mumbai.
- IRS officer Pramod Chandra Mody took over as the new chairman of the Central Board of Direct Taxes (CBDT), the policy making body of the Income Tax Department.
- Inflation based on wholesale prices fell to a 10-month low of 2.76% in January over the previous month on softening prices of fuel and some food items, according to government data released.
- Continuing its fall for the sixth straight session, the benchmark BSE Sensex dropped 158 points led by losses in IT, metal and energy stocks amid sustained foreign fund outflow and lacklustre global cues.
- National Productivity Council (NPC) is celebrating National Productivity week from February 12th to 18th, 2019.
- A Bahrain-based investment manager wants to fill a vacuum in lending to Indian property developers that have $18 billion of debt to repay, aiming to capitalize on a credit crunch that’s narrowed their borrowing options.
- When mutual funds turn fair weather friends, banks provide the helping hand. Banks lending to Non - Banking Finance Companies rose 4.4 percent in the December quarter to Rs. 24,200 crores when mutual funds slammed the doors on them after Infrastructure Leasing & Financial Services Ltd.
- The Finance Ministry has asked the six remaining public sector banks, currently under Prompt Corrective Action (PCA), to improve on seven parameters to get the government's support for coming out of the PCA framework.
- The Edelweiss group and Bank of Singapore signed an agreement to provide their clients access to each others' products.
- Mutual funds were seen churning their portfolios in information technology, consumption and private banking sectors during the month gone by, even as they were busy buying into a couple of metals and mining names ahead of the Interim Budget 2019.
- Indian companies raised Rs 4.57 lakh crore through private placement of corporate bonds during the first 10 months of the current fiscal to meet business needs.
- The crisis in the debt-ridden Infrastructure Leasing and Financial Services (IL&FS) is set to be addressed by undertaking asset-level sale process first before putting in place a plan for a single group-level or vertical-level resolution.
- Union minister Arun Jaitley, who returned from the US last week after undergoing medical treatment, is likely to resume charge of the Finance Minister.
- Dewan Housing Finance Corporation shares fell as much as 6.5 per cent today, a day after the company said its chief executive Harshil Mehta had resigned.
- The government introduced a Bill to set up a unified authority for regulating all financial services in international financial services centres (IFSCs) in the country.
- The dollar held near three-month highs versus the euro today, supported by sustained strength in core US inflation and weaker-than-expected data out of Europe.
- The Sensex has fallen over 7 per cent from its 52-week high, while the Nifty is down 7.7 per cent from the same level. Among the sectors, the worst performer is the metals index while the best is the Nifty Bank.
- Odisha Chief Minister Naveen Pattanaik laid the foundation stone for a Rs 5,000 crore new port in Balasore district.
- The Bihar Khadi and Village Industries Board signed an MoU with Amazon India to enable rural khadi weavers to sell their products through the e-commerce portal.
- The tagline of United bank of India is The Bank that begins with U.
- Bancassurance can be sold to all existing and prospective bank customers.
- The headquarters of National Housing Bank is in Mumbai.
- R .Venkataramanan, a long-time Tata Group associate, has resigned as the managing trustee of Tata Trusts. Noel Tata and Jehangir H.C. have been appointed as a trustee on the Tata Trust. Venkataramanan’s annual compensation of Rs.2.66 crore has been under the scanner of the IT dept.
- Cornelis Vrieswijk, GoAir CEO has resigned just after joining the airlines around eight months back.
- Dr Agarwal’s Health Care has raised Rs.270 crores funding from Temasek. The firm runs 76 hospitals in 63 cities across 13 Indian states as also run around 12 hospitals in 10 African nations.
- The board of ABB India has given ‘in principle’ approval to segregate power grids business from its other businesses.
- BSNL employees have announced a three-day nationwide strike for 4G spectrum allotment and wage revision. Central trade unions have also extended support.
- Apollo Hospitals founders Prathap C. Reddy and his family wants to sell their entire 41% stake in Apollo Munich for Rs.1,200 crore in six months. Proceeds will be used to repay part of the debt raised by pledging Apollo Hospital’s equity as collateral.
- Indian banks clawing out of the woods. Incremental NPAs will decline, as tightening stressed assets recognition norms pays off.
- Getting loans from banks for buying electric vehicles is likely to get easier as the government has decided to take measures to facilitate lending by banks for all varieties of these vehicles including erickshaws and e-autos.
- The Reserve Bank of India’s intention to regulate payment gateway service providers has received a mixed response from industry players, with some welcoming the move and others cautioning that close regulatory scrutiny may cause operational challenges and stifle innovation.
- Manipal Group and TPG Capital combined have reportedly entered into a three-month exclusivity period with Medanta for negotiations on its acquisition.
- Air India has asked govt to refinance its Rs.20,000 crores debt by 31st March. This would include refinancing from banks and utilization of debt instruments like NCDs.
- The government will launch an additional offering of Bharat-22 Exchange Traded Fund on February 14 to raise more than Rs.3,500 crores. It has so far raised Rs.22,900 crores through the Bharat-22 ETF.
- Boeing has appointed Salil Gupte as its India head effective March 18. He is currently serving as VP in Boeing Capital Corp.
- To prevent mounting losses at BSNL, the govt has asked BSNL to look at all the options including a revival plan, disinvestment and even closure. BSNL’s share in total PSU’s losses is around 25%.
- Some of the world’s largest strategic investors, such as Swiss Re, Liberty General, Advent, Blackstone Group have been approached to buy a 26% stake in SBI General Insurance for Rs.3400 Crores.
- Directorate of Revenue Intelligence has issued a notice to IBM for Rs.620 Crores for unpaid duties on the equipment imported into India.
- L&T Hydrocarbon has won an over Rs.7,000 crores order from Algeria’s Sonatrach for setting up three central processing facilities in their country.
- The Reserve Bank of India (RBI) has imposed monetary penalty on seven banks for non-compliance with various directions issued by the RBI, including monitoring of end use of funds.
- The Reserve Bank of India (RBI) imposed a fine of Rs.1 crore penalty State Bank of India (SBI). This penalty was levied as the lender violated the RBI norms.
- The Reserve Bank of India (RBI) reduced the policy repo rate by 25 basis points to 6.25% in a bid to revive economic growth as it projected retail inflation to remain below its target of 4% for the next 12 months.
- The government has notified eight medical equipments as Drugs under Section 3 of the Drugs and Cosmetics Act, 1940 with effect from April 1, 2020. The decision was made after consultation with the Drugs Technical Advisory Board.
- Vodafone Idea announced that the company is planning to invest about Rs.20,000 crore in networks over the next 15 months.
- Voltas Limited, a market leader in residential air-conditioners in India, plans to set up a new manufacturing facility at Tirupati in Andhra Pradesh. The cost of the facility is Rs.500 crore.
- India Ratings and Research reported that the Tamil Nadu Generation and Distribution Corporation Limited (Tangedco) has a widened loss in the financial year 2018 to Rs.7,582.56 crore from Rs.6,141.54 crore in the financial year 2017.
- Supreme Court is suspecting cartelisation as Amrapali’s two 5-star hotels remain unsold in the auction. The court had ordered auction of these properties to recover debt from the Amrapali Group.
- Sebi is looking into allegations and counter-allegations related to the sale of pledged shares of Reliance Group’s three listed companies by L&T and Edelweiss Group.
- The government will sell part of its stake (up to 3%) in Axis Bank held through SUUTI to raise up to Rs.5,316 crore.
- NTPC has signed a term loan agreement with SBI for Rs.5,000 crores.
- Essar steel case – Supreme Court has dismissed a plea by operational creditors and has allowed NCLT Ahmedabad to decide on the firm’s insolvency case.
- Deutsche Bank has made its single-largest equity infusion in India, placing bets on digital technologies to expand its retail operations and double revenue from that business in the country.
- General Atlantic Partners (GA) and Varde Partners have emerged the frontrunners to pick up a 22% stake in PNB Housing Finance from Punjab National Bank for around Rs 3,500 crore in one of the most closely fought auctions for a mortgage firm, said three people aware of the development.
- PVR is looking to raise up to $100 million through QIP and has appointed Kotak Mahindra Capital and CLSA to manage the fundraising process.
- PE fund Indus Capital has moved NCLT against three subsidiaries of Uppal Housing citing oppression of investors, mismanagement and diversion of funds.
- In view of the new FDI norms, Amazon has reportedly indefinitely put on hold its plans to buy a stake in the Future Group. It is also said to be reassessing stake buy in the ‘More’ retail chain.
- SBI and OBC Bank have put various accounts on sale to recover around Rs.5,740 Crores.
- Analjit Singh is set to be back at all major group companies. He will be joining as Non-Exec Chairman of Max India & Max Life. Max India owes a majority stake in Max Bupa Health and Max Healthcare.
- Airtel has filed a contempt petition against DoT in Supreme Court for failing to return Rs.298 Crores despite repeated orders.
- The PSB loans in 59 minutes portal — a central government initiative to provide in-principle approval for small business loans of up to Rs 1 crore from public sector banks and Sidbi in less than an hour — has seen around Rs 30,000-crore loans sanctioned since its launch in September.
- Private sector Karur Vysya Bank has registered net profit at Rs 21.20 crore for the October-December 2018 period.
- The government informed Parliament that loans worth Rs 7,277.31 crore of public sector banks under Pradhan Mantri Mudra Yojana (PMMY) have turned bad at the end of March 2018.
- The Reserve Bank of India (RBI) has recently raised the limit for collateral-free agriculture loans to Rs 1.6 lakh from Rs. 1 lakh to enhance coverage of small and marginal farmers in the formal credit system.
- Reserve Bank of India, has imposed an aggregate penalty of Rs 20 million on Corporation bank due to some lapses in monitoring of end use of funds and exchange of information with other banks in respect of one borrower along with some other banks.
- Allahabad Bank said the Reserve Bank of India (RBI) has imposed a penalty of Rs 1.5 crore on them for not monitoring end use of funds, delay in classification and reporting of fraud and non-adherence with RBI guidelines during restructuring of accounts in respect of one of its borrowers.
- Fino Payments Bank Partners With Suryoday SFB to offer Sweep Account Facility.
- IRDA is the Regulator of Insurance Sector in India.
- Corporation Tax is levied by the Union and exclusively belongs to it.
- Socio-economic planning is a part of Concurrent list.
- National Housing Bank is a 100% subsidiary of RBI.
- Banker is a banking sector index of Bombay Stock Exchange (BSE).
- Kisan Suvidha loan' for small and marginal farmers launched by Ujjivan Small Finance Bank. The scheme will attempt to reach the bottom of the pyramid with products and services.
- Bank of India, Bank of Maharashtra and Oriental Bank of Commerce have been allowed to exit the PCA framework fully. The three lenders were part of 11 government-owned banks put under the framework in 2017 and 2018.
- The meeting of the Reserve Bank of India’s (RBI) central board, which was scheduled to take a call on an interim dividend, has been deferred to February 18 from February 9.
- Fino Payments Bank (FPB) announced the launch of a sweep account facility in association with Suryoday Small Finance Bank (SSFB).
- The Cabinet has approved the setting up of a unified authority that would regulate all the financial services in International Financial Services Centres (IFSC).
- Voltas Limited, a market leader in residential air-conditioners in India, plans to set up a new manufacturing facility at Tirupati in Andhra Pradesh.
- India Ratings and Research reported that the Tamil Nadu Generation and Distribution Corporation Limited (Tangedco) has a widened loss in the financial year 2018 to Rs.7,582.56 crore from Rs.6,141.54 crore in the financial year 2017.
- Essar Oil UK, part of the Essar Group has acquired a number of U.K. assets from oil giant BP, as part of efforts to strengthen its distribution and logistics network, even as the company seeks to increase its presence across a number of markets.
- Entertainment tax is imposed by State Government.
- Mutilated banknote is a banknote of which a portion is missing or which is composed of more than two pieces.
- Banks keep notes/coins in Currency Chest on behalf of RBI.
- A Promissory Note can be drawn for a maximum period of No limit.
- The Reserve Bank of India’s monetary policy committee reduced the policy interest rate by 25 basis points to 6.25 %, a move that could lead to banks reducing lending rates for consumer and home loans.
- Reliance Industries will invest 100 billion rupees ($1.4 billion) in West Bengal, a part of which would fund the company’s new e-commerce venture.
- One of the biggest sellers on Amazon.com Inc’s India website has returned after the online retail giant changed its business structures to comply with new federal e-commerce curbs.
- PSBs Identified 54 international operations for rationalisation by mid-January.
- Tata Motors has reported its biggest ever quarterly loss of Rs.26,960.8 Crores for the quarter ending Dec 31, 2018. This includes a one-time asset impairment in JLR.
- Livspace has appointed Kartikeya Bhandari, formerly senior marketing director of Flipkart, as its first-ever CMO. Livspace had raised $70 million in a Series C round of funding in 2018.
- NCLT has dismissed the petition of Standard Chartered Bank to reclassify it as a financial creditor to Ruchi Soya Industries stating it is too late to seek such a change. Ruchi Soya owes more than ₹10,000 crore to banks and financial institutions.
- To ensure consumer grievances are addressed, the RBI is planning to come out with a discussion paper on regularising payment gateways.
- RBI has eased bank loan norms for NBFCs with top ratings.
- Jet Airways has raised Rs.250 crores from advance ticket sales to Jet Privilege customers. The airlines had raised around Rs.258 crores from advance sale of tickets to Jet Privilege in Oct 2018 also.
- Individual banks decides the interest rate on saving bank account.
- People's Liberation Army Air Force is the name of the Chinese Air Force.
- Included in the 2nd schedule of the Reserve Bank of India Act 1934 are referred as the Schedule Banks.
- The Government has requested the Reserve Bank of India (RBI) for providing an interim surplus for the financial year 2018-19 on the analogy of previous financial year and transfer of the amount withheld from the surplus of 2016-17 and 2017-18.
- Food delivery startup Swiggy a Bengaluru-based AI startup Kint.io for an undisclosed amount. As part of the deal, Kint.io’s founding members Pavithra Solai Jawahar and Jagannathan Veeraraghavan will join the Swiggy team.
- The Cabinet has approved the setting up of a unified authority that would regulate all the financial services in International Financial Services Centres (IFSC). This is to be done through the International Financial Services Centres Authority Bill, 2019.
- The Reserve Bank of India imposed a penalty of Rs.1 crore on Syndicate Bank due to non-compliance with the directions regarding frauds and risk management systems. RBI also imposed fine of Rs.20 lakh on Axis Bank for violating norms.
- The government is exploring pre-packaged bankruptcy plan to fast track the insolvency process. Under the pre-packaged scheme, a company in financial distress will be able to chalk out a resolution plan before moving NCLT. The move is aimed at cutting the cost and time of the resolution process.
- Pradeep Singh Kharola, Air India chief has been appointed civil aviation secretary.
- The government has allowed Amazon’s food retail license holding entity, Amazon Retail, to sell on its India marketplace.
- Facebook has announced a digital skilling mentorship program aimed at inspiring and guiding tribal girls in Maharashtra, Odisha, MP, Jharkhand and West Bengal.
- Vodafone-Idea has posted a loss of Rs.5000 Crores in the quarter ending December 2018.
- Flipkart is in talks with offline retailers and distributors of Samsung, Xiaomi and FMCG products to bring them on board as online retailers.
- Bancassurance is related to selling Insurance product.
- Indian Banking Association (IBA) has marked the advisory recommendations from banks to exempt farmers from processing, documentation, inspection, ledger folio charge and various service charges for Kisan Credit Card loans upto Rs. 3 Lakhs.
- As per a statement released by Government, India’s export may slow down to 7.3% in 2018-19 from earlier growth rate of 9.8% of 2017-18 due to poor growth of traditional exports like gems and jewellary, marine, farm and engineering.
- Main objective of Monetary Policy in India is Growth with stability.
- FMC is not a regulatory body in India at present time.
- Equity Shares term is not associated with Money Market.
- Trade deficit is the amount by which the cost of a country's imports exceeds the value of its exports.
- TRIPS AND TRIMS are the term associated with WTO.
- SEZ act was passed by the parliament in the year 2005.
- Currency swap is an instrument to manage Currency and interest rate risk.
- The government has withdrawn duties on key components used in Mobile phones such as LCD display, touch panel etc from Feb.1. This shall keep mobile phone prices under control.
- ED has cleared restoration of Vijay Mallya’s properties to the consortium of banks led by SBI. The banks would, however, need to give an undertaking on returning the money.
- The government has accused Amazon and Flipkart of influencing prices of goods on their platforms through various means and has defended its decision to implement new FDI rules.
- As per an asset solvency test by the new management, IL&FS believes the group has only 22 fully-solvent entities, which can pay off their combined debt of Rs.6,605 crores. This is just 7% of the group’s estimated debt of Rs.89,393 crores of 173 Indian subsidiaries.
- Cash Flows in various currencies is managed by Currency Swap.
- Human development report is prepared by UNDP.
- Increase in net RBI credit for Central Government represents Monetized Deficit. DGFT is responsible for the regulation of export trade in India.
- The board of Future Retail has approved raising around Rs.2,000 crores through the issue of warrants to its promoters on a preferential basis.
- The Government is setting up a panel to solve angel tax issues. The panel will comprise of startups, angel investors and income tax officials.
- TPG Growth shall invest $30 million in API maker Solara Active Pharma.
- IIFL has agreed to sell its Rs.4000 Crore commercial vehicle business to Indostar Capital, promoted by Everstone.
- Microsoft signed a Memorandum of Understanding (MoU) with Sikkim state government with an aim to improve the education system, on 31st January 2019
- The government has appointed P.V. Bharathi as the Managing Director and Chief Executive Officer of Corporation Bank. Earlier she has served as the Executive Director of Canara Bank.
- As per latest survey conducted by Transparency International (TI), Assam has occupied the top slot in the ranking of best practices followed by states in Budget formulation and is followed by Andhra Pradesh and Odisha.
- Foreign direct investment (FDI) into India has declined 11 percent to $22.66 billion during April-September period of the current fiscal, according to commerce and industry ministry data.
- The Finance ministry said Goods and Services Tax (GST) collections in January rose to Rs 1.02 lakh crore — the second-highest monthly mop-up after April.
- RCom will propose a plan to sell its telecom infrastructure assets, airwaves and real estate to resolve its debt. Last week the firm had said that it will seek fast-track resolution through NCLT.
- KKR and Co. will infuse ₹100 crores into its asset reconstruction company by 31st March. KKR invests in private high-yield debt in India.
- Piyush Goyal is scheduled to address a post-budget meeting of central board of RBI on 9th Feb. The board meeting would also discuss the request of the government for an interim dividend for the current fiscal.
- Sales at Paytm Mall have seen a slump after it slashed cashback by more than 80% across categories.
- Ericsson is set to file a petition in Supreme Court pleading that all the personal assets of Anil Ambani be seized for breach of SC order to repay Ericsson.
- VC firm A91 Partners has invested around Rs.60-70 crores in make-up brand Sugar Cosmetics. This is the first investment of A91 Partners from its ₹2,000-crore fund.
- The Reserve bank of India was set up under the recommendation of Hilton Young Commission.
- In 5, 00,000 denominations Commercial Paper (CP) can be issued.
- 'Kisan Suvidha loan' for small and marginal farmers launched by Ujjivan Small Finance Bank. The scheme will attempt to reach the bottom of the pyramid with products and services.
- Bank of India, Bank of Maharashtra and Oriental Bank of Commerce have been allowed to exit the PCA framework fully. The three lenders were part of 11 government-owned banks put under the framework in 2017 and 2018.
- Ajai Kumar is appointed as the interim CEO of Yes Bank. He will hold the charge of MD & CEO till the new CEO Ravneet Gill joins the lender. Yes Bank said that the Reserve Bank of India had approved the interim appointment.
- Reserve Bank of India it will inject Rs 37,500 crore into the system through the purchase of government securities in February to increase liquidity. Reserve Bank of India has been monitoring the evolving liquidity conditions and durable liquidity requirements of the system.
- SBI Card, the country's second largest credit card issuer and Etihad Guest, the loyalty programme of Etihad Airways have weld their hand together for a specific visa credit card to come into play for members and Indian travellers.
- State Bank of India recommended Unconditional Cash Transfer to farmers to alleviate the agrarian distress instead of Universal Basic Income (UBI) scheme in its Ecowrap report.
- Reserve Bank of India (RBI) approved the appointment of V Vaidyanathan as MD and CEO of IDFC First Bank for a period of three years.
- Reliance Industries Ltd Chairman and managing director Mukesh Ambani announced that group companies Reliance Retail and Reliance Jio Infocomm would jointly launch a new e-commerce platform in the country. Gujarat would be the first state to get it.
- Reserve Bank of India announced that it will inject 10,000 crore rupees into the system to increase liquidity through open market operations (OMOs).
- Reserve Bank of India (RBI), imposed a Rs 1-crore penalty on state-owned Bank of Maharashtra (BoM) for non-compliance of Know Your Customer (KYC)guidelines and fraud-classification norms. The is penalty has been imposed on failure of the bank to follow the rules and regulation issued by the RBI.
- Currency swap is an instrument to manage Cash flows in different currencies.
- Ludhiana city is located in the bank of Sutlej River.
- ‘Relationship beyond banking' is the punch line of Bank of India.
- MDR stands for Merchant Discount Rate.
- Disinvestment means To reduce the government share in the public sector.
- State Bank of Bikaner was merged in State Bank of Jaipur in the year 1963.
- Commercial Paper is a money market security which is issued in the form of Promissory Note.
- A Non Banking Financial Institution Cannot accept demand deposit and cannot issue cheques.
- In India National Income is estimated by Central Statistical Organization.
- Census in India is being held regularly after every 10 years.
- The maximum age limit of the girl child for opening Sukanya Samriddhi Account is 10 years.
- Reserve Bank of India nationalised on 01-Jan-49.
- In a move aimed at the middle class, Interim Finance Minister Piyush Goyal announced a full tax rebate for individual taxpayers earning an annual income of Rs 5 lakh.
- The defence Budget has also been enhanced beyond Rs 3 lakh crore. He also said that 'One Rank One Pension, which was pending for the last 40 years, has been implemented by the Modi government.
- The Pradhan Mantri Shram Yogi Maan Dhan Yojana was announced with unorganised sector workers getting Rs 3,000 pension monthly after the age of 60.
- The Pradhan Mantri Kisan Yojana was also announced in the Budget. The scheme will help vulnerable farmers get direct income support of Rs 6,000 per year. The scheme is for farmers with less than two hectares of landholding.
- The gratuity payment limit has been increased from Rs 10 lakh to Rs 30 lakh.
- Finance Minister Piyush Goyal announced that GST-registered MSME units to get 2 percent interest subvention on loan of 1 crore.
- Piyush Goyal also announced that income tax returns will be processed within 24 hours and returns will be paid immediately. Also, all assessment and verification of IT returns will be done electronically, without any intervention by officials.
- The Finance Minister announced that the standard deduction was raised from Rs 40,000 per year to Rs 50,000 per year.
- The Budget 2019 states there will be no TDS on house rent up to Rs 2.4 lakh per year and no TDS on bank, post office interest up to Rs 40,000, up from Rs 10,000.
- Piyush Goyal said that direct tax collections have been increased from Rs 6.38 lakh crore in 2013-14 to almost Rs 12 lakh crore. The tax base is up from Rs 3.79 crore to 6.85 crore.