Introduction
The article Banking Awareness One Liners January 2019 includes Banking Awareness One Liners with an explanation, analysis and issues of current events in the month of January. And these One Liners will help in the Competitive Exams like IBPS, RBI Grade B, SBI PO, RRB and other banking examinations.
Jan 2019
- The Headquarters of Bank of India Mumbai.
- Bhojtal Lake located in Madhya Pradesh.
- Montevideo is the capital of Uruguay.
- CBDT makes policy for the Income Tax department.
- The Kazan Arena is situated in Russia.
- Treasury Bond is not a Money Market instrument.
- In 2005 National Rural Health Mission was launched.
- Policy Adjustment done by central bank of our country to control money called Monetary Policy.
- Stephen Hawking authored the book 'A Brief History of Time.
- Varanasi - Kanyakumari (NH7) is the longest National Highway in India. The International Development Association (IDA) provides interest-free loans called credits and grants to governments of the poorest countries.
- The International Finance Corporation (IFC) is the largest global development institution focused exclusively on the private sector. It helps developing countries achieve sustainable growth. It provides credits to businesses which help in the growth of economy of the member countries and in this case there is no need of security from the country’s government.
- The Multilateral Investment Guarantee Agency (MIGA) promotes foreign direct investment (FDI) into developing countries to support economic growth, reduce poverty, and improve people’s lives. MIGA fulfills this mandate by offering political risk insurance (guarantees) to investors and lenders.
- The International Centre for Settlement of Investment Disputes (ICSID) provides international facilities for conciliation and arbitration of investment disputes.
- SBI is set to take a 15% equity stake in Jet Airways to convert part of their loans into equity. Under the deal, holding stake of Naresh Goyal may reduce drastically.
- Supreme Court has set aside Petroleum and Natural Gas Regulatory Board’s order withdrawing NoC for laying gas pipelines in Udaipur and Jaipur by Adani group.
- Punit Goenka, MD&CEO of Zee Entertainment, has been elected the new chairman of BARC India, TV viewership measurement company. He will take over from Nakul Chopra.
- Brookfield Asset Management is hiring Aditya Joshi of Apax Partners to grow its India business.
- Essar Steel update – NCLT’s Ahmedabad Bench has rejected the plea of Essar Steel Asia Holding to submit a settlement proposal.
- SoftBank’s investment in India is set to cross $10 billion with the latest investment in FirstCry and Delhivery. Though the firm had plans to invest the amount in 10 years starting 2014, it’s been able to achieve its target in less than five years.
- New FDI rules – After domestic e-comm firms, offline retailers are also requesting the government not to extend the deadline of Feb.1 set for compliance of new FDI rules. Meanwhile, Amazon and Flipkart have requested for extension of 4-6 months.
- Rana Kapoor and Madhu Kapoor have agreed to nominate one director each on the board of Yes Bank.
- Paytm has acquired Nightstay, a hotel booking platform, for an undisclosed amount to venture into the hospitality segment. It has earmarked Rs.500 crores for scaling operations in the hotel business and expand travel services portfolio.
- Madhya Pradesh has announced Mukhyamantri Mahila Kosh Scheme on the occasion of International Women’s Day, will provide pension to all such women who are single (unmarried) after they turn 50 years of age.
- Vedanta shall invest Rs.8500 Crores in South Africa to expand its mining and allied operations.
- To Resolve high-value nine insolvency cases including Essar Steel, Jaypee Infratech, the government has set the deadline of March end.
- The four founders of Mindtree are working on plans to stall takeover of the firm. They are said to be working on plans to buy-back shares of VG Siddhartha.
- Ajit Dayal and three other former Tata Group executives along with Quantum Advisors have floated a $1-billion PE fund. The fund shall invest only in publicly listed companies promoting environment and ESG values.
- RBI has asked all registered P2P lenders to submit details of their financial profiles, exposure to participants and financial health within two weeks.
- Supreme Court has sought a response from Fortis Healthcare on the plea of Daiichi seeking a restraining order on transfer of Rs.4,000 crore Fortis received from IHH Healthcare to RHT Health Trust, Singapore.
- SBI officials alleged Logins and biometrics of their Aadhaar operators have been misused to generate unauthorised Aadhaar cards.
- Punjab National Bank has beefed up its technology platform and improved the processes to ensure that there is little scope to manipulate the systems.
- The Central Bureau of Investigation had decided to close the preliminary enquiry (PE) against former ICICI BankNSE 0.96 % CEO Chanda Kochhar and her husband Deepak Kochhar for want of evidence just weeks before it filed a case against the duo and Videocon group managing director Venugopal Dhoot last week for cheating and conspiracy.
- The Central Bureau of Investigation had decided to close the preliminary enquiry (PE) against former ICICI Bank CEO Chanda Kochhar and her husband Deepak Kochhar for want of evidence just weeks before it filed a case against the duo and Videocon group managing director Venugopal Dhoot last week for cheating and conspiracy.
- After E-commerce’s tussle with government regulations, it is now digital payments that is staring at serious uncertainties owing to sector regulations. Lakhs of mobile wallets are set to become invalid by the end of February as these companies are struggling to comply with RBI rules for user data verification or KYC.
- The Reserve Bank of India (RBI) is weighing a plan to release data that would demonstrate that the number of corporates defaulting on bank loans have dipped following the central bank’s stern directive on February 12 last year that had rattled large, influential borrowers and irked many within the government.
- In a bid to prevent big economic offenders like Vijay Mallya and Nirav Modi from fleeing the country, the government has empowered PSU banks to request lookout circulars (LOCs) against wilful defaulters and fraudsters.
- PhonePe is set to enter the financial services market and will soon start selling mutual funds through its app.
- The Government has empowered PSU banks to request lookout circulars against wilful defaults and fraudsters. It has also authorised Serious Fraud Investigation Office to request LOCs to stop suspects from flying out of India.
- Emirates may cut check-in limit for economy class by 50% from Feb.4.
- As part of equity infusion, the government will release Rs.1500 Crores to Air India within this week.
- Domestic e-comm firms like Snapdeal, SlopClues, Shop101 have come together to oppose any extension to the deadline of Feb.1 given by the Government to e-comm firms to comply with FDI rules.
- Spender’s Retail has appointed Devendra Chawla as its MD & CEO. The post had been lying vacant for the last two years. Chawla was COO of Walmart India.
- The government has set a March deadline for lenders and Resolution professionals (RPs) to resolve nine of the dozen high-value insolvency cases, with Essar Steel and Jaypee Infratech identified for special focus.
- The headquarters of National Consumer Disputes Redressal Commission (NCDRC) is New Delhi.
- LORO account is also known as a third-party account.
- Kerala state is Sri Padmanabhaswamy Temple located.
- BCSBI was recommended by S.S.Tarapore committee.
- In 2012 year No frills a/c was renamed as BSBDA.
- Indonesia is not a BRICS nation.
- Punjab National Bank has beefed up its technology platform and improved the processes to ensure that there is little scope to manipulate the systems.
- Finance Minister Piyush Goyal will meet the CEOs of public sector banks to take a stock of the banking sector, and discuss ways to improve their financial health.
- Hero FinCorp leads race to buy Aadhar Housing from Wadhwan group for Rs 2700 crore.
- Bengaluru based loan facilitating platform Moneytap has appointed Sunil Gulati as its credit and risk advisor.
- The headquarters of South Asian Association for Regional Cooperation Kathmandu.
- The author of the famous book Malgudi days R K Narayan.
- The full form of CEF is Credit Enhancement Fund.
- 189 Countries are the Member of International Monetary Fund (IMF).
- The currency of Mexico is Peso.
- 1 Crop Season is NPA considered in case of long duration crops.
- Nagarahole National Park is located in Karnataka state.
- ANBC is the net bank credit plus investments made by banks in non-SLR bonds held in the held-to-maturity category equivalent amount of off-balance-sheet exposure, whichever is higher.
- The Kisan Credit Card scheme is a credit scheme introduced which was prepared by the NABARD on the recommendations of R.V.GUPTA committee to provide term loans and agricultural needs.
- RTGS is an electronic form of funds transfer where the transmission takes place on a real time basis and transfer of funds with RTGS is done for high value transactions, the minimum amount being Rs 2 lakh.
- The Government may offer an additional 50% stake in Gujarat State Petroleum Corp to Adani Group after Indian Oil decided to opt out of the race. Adani group currently holds a 25% stake in the company so this will give Adanis’ a controlling stake in Mundra LNG terminal.
- Yes Bank has named Ravneet Singh Gill as the new MD & CEO succeeding Rana Kapoor. Gill is currently chief of India operations of Deutsche Bank.
- Tata Motors has indicated to stop production and sales of Tata Nano would from April 2020.
- Inter Globe has appointed M. Damodaran, former Sebi chairman, as chairman of the company’s board. His appointment comes two months after the death of M.D. Mallya previous chairman.
- Sebi has banned Reliable Multi Managerial Services and its Directors from trading for four years and has ordered to refund Rs.477 Crores to investors within the next three months.
- G-Secs are issued through auctions conducted by RBI .
- Public Debt Office acts as the registry and central depository for G-Secs.
- Main objective of Minimum Support Price is to Check fall in price beyond a limit.
- Marginal cost is dependent upon Only variable cost .
- Minimum Capital Requirement to open Small Finance Banks is 100 Crore.
- The Central bank of Nepal has banned the use of Indian currency notes of 2000, 500 and 200 denominations. However, Indian notes of 100 or below are allowed for conversion and trading.
- Sequoia Capital is launching a startup accelerator with an investment folio of around $100 million. It will pick up 10-20 early stage startups twice every year and shall invest around $1.5 million in each firm.
- The Government is soon revising rules whereby shareholders and companies with over 10% stake in a company will have to disclose the ultimate beneficiaries of shares.
- Railways Minister Piyush Goyal has been given additional charge of finance ministry as Arun Jaitley is in the US for medical treatment. Goyal may also present the budget.
- RCom has posted a loss of Rs 341 Crores for Oct-Dec 2018 quarter. In the same quarter in 2017, the loss was Rs.206 Crores.
- Finance Ministry is considering the suggestion to increase the upper age limit for availing Atal Pension Yojana to 50 years from the existing 40.
- As per a UN report, India will continue to remain the world’s largest fastest-growing economy in 2019 and 2020.
- South Korea's central bank left its base rate unchanged at 1.75 percent and reiterated that it will maintain an accommodative monetary policy stance as inflationary pressures are not expected to be high and and economic growth will not diverge significantly from its potential level.
- The Government is considering giving relaxation in mandatory 30 percent local sourcing norm in FDI.
- Current Account means a form of non-interest bearing demand deposit where from withdrawals are allowed any number of times depending upon the balance in the account or up to a particular agreed amount.
- Derivatives financial instrument’s price is derived from a different asset.
- Par Value is a nominal value of a bond.
- Real Interest Rate, is an interest rate that is adjusted for Inflation.
- NAV is per-share value of Mutual Fund.
- Commercial Bills is also a bill of exchange.
- Assets which are generating regular income to the bank is known as Standard assets.
- Term Deposits are investment deposits made for a predetermined period of time, ranging from a few months to several years. Term Deposits are also known as Time Deposits.
- Demand Deposit accounts means a deposit received by the bank, which is withdrawable on demand.
- Fixed Deposit is a financial instrument provided by banks or NBFCs which provides investors a higher rate of interest than a regular savings account, until the given maturity date.
- Unit banking performs broad-based and comprehensive banking activities.
- Real Interest Rate, is an interest rate that is adjusted for Deflation.
- Call Money is repayable After 21 Days.
- The name of World Bank President who has resigned from the post is Jim Yong Kim.
- Karta is a manager of Joint family.
- Syndicate Bank has signed a bancassurance pact aiming to offer a comprehensive financial planning solution to its customers. With SBI Life Insurance it signed the pact
- Online financial services marketplace BankBazaar has appointed former RBI Deputy Governor SS Mundra as an advisor to the company.
- The sixth meeting of the UAE – India High Level Joint Task Force on Investments (‘the Joint Task Force’) was recently held in Mumbai.
- RBI has released operational guidelines to facilitate payments among prepaid instruments (PPI) such as mobile wallets.
- TCS recently displaces Accenture as the largest IT firm servicing banks in the world.
- Reliance Industries is entering a strategic investment partnership with Den Networks Limited and Hath way Cable and Datacom Limited.
- Under Succession Duty taxes the total amount payable by an individual is limited by the Law.
- Free trade is a policy to eliminate discrimination against imports and exports. Buyers and sellers from different economies may voluntarily trade without a government applying tariffs, quotas, subsidies or prohibitions on goods and services.
- Trade deficit is Gap between budgeted revenue collection and actual collection of the same.
- The exchange of commodities between two countries is referred as Bilateral trade.
- SEZ act was passed by the parliament in the year 2004.
- Acquisition of loan from the lender is a function of Securitisation Company.
- CASA scheme is not a government-run scheme.
- Francois Tussauds is the founder of Madame Tussauds.
- London is the headquarters of Unilever PLC.
- The government has announced 100 crore rupee award for states that would complete the household electrification early under the Saubhagaya scheme.
- Economic growth usually link with Reflation.
- “Batuaa App” has been launched by Cooperation Bank in India.
- Main objective of Monetary Policy in India is Reduce Poverty.
- Ramanujan Prize first awarded in 2004.
- Shri Raghuram Rajan Committee is related of Banking Ombudsman.
- Equity Shares term is not associated with Money Market.
- Recently Global Competitiveness Report 2018 was released. This report is released by World Economic Forum.
- India and Sri Lanka has signed two MoU for construction of 1200 houses through 50 model villages, using Indian grant assistance of 60 crore Srilankan rupees.
- The government has amalgamated three Regional Rural Banks into a single RRB. These 3 banks are Punjab Gramin Bank, Malwa Gramin Bank and Sutlej Gramin Bank.
- The government has announced reservation in jobs for those belonging to the upper castes and earning less than Rs 8 lakh per year.
- Gita Gopinath has become the first woman chief economist of International Monetary Fund.
- Reserve Bank of India (RBI) has constituted a High-Level Committee on Deepening of Digital Payments to encourage digitisation of payments and enhance financial inclusion. This committee is headed by Nandan Nilekani.
- The new managing director and CEO of the Axis Bank Amitabh Chaudhry.
- As per RBI Report on Trend and Progress of Banking in India, 57% of the total complaints received by all BO offices, is from tier-1 cities like New Delhi, Mumbai, Chennai, Kolkata, Bengaluru and Hyderabad.
- Hemant Bhargava has been appointed as the Acting Chairman of Life Insurance Corporation of India.
- The Reserve Bank of India (RBI) set up an expert committee to suggest long-term solutions for the economic and financial sustainability of the MSME sector. U.K. Sinha is the chairman of this committee.
- Punjab Gramin Bank, Malwa Gramin Bank and Sutluj Gramin Bank have been merged into a Single Bank.
- Odisha state has announced interest-free loans of up to Rs. 3 lakh for women self-help groups (WSHGs) in the state.
- SEBI has constituted a “Research Advisory” committee which will assist in formulating policy to undertake research relevant for development and regulation of capital markets. It will be headed by Sankar De.
- Sri Lanka’s Central Bank announced that the Reserve Bank of India (RBI) has agreed to provide USD 400 million under a swap arrangement to boost the island nation’s reserves.
- IIFL Asset Management has raised Rs.950 crores for its IIFL India Private Equity Fund. The fund will back professional entrepreneurs at multiple stages.
- The Board of UCO Bank has approved raising Rs.1000 Crores through QIP.
- SBI chairman Rajnish Kumar said that Section 29A of Insolvency and Bankruptcy Code is being stretched too far and needs more clarity. The clause disallows defaulting promoters and related persons from bidding for assets.
- In a first for any private company, Reliance Industries reported a quarterly profit of Rs.10,000 Crores during the third quarter of fy18-19.
- Serious Fraud Investigation Office has received approval from MoC to prosecute 71 individuals and companies in the NSEL scan of Rs. 5600 Crores. The list includes 63 moons and its founder Jignesh Shah, the now-defunct spot exchange.
- In India National Income is estimated by Central Statistical Organization.
- Census in India is being held regularly after every 10 years.
- Floating Capital refers to the capital which is not invested in fixed assets, such as machinery, but in work in progress, wages paid etc.
- Crossing of a cheque means a direction to the bank to not to pay the cheque across the counter.
- Currency swap is an instrument to manage Cash flows in different currencies.
- The term IPR as used in the field of world trade. Full form of the term IPR is Intellectual Property Right.
- Purchasing Power Parity theory is related with Exchange rate.
- Capital of Venezuela Caracas.
- The official currency of Denmark is Krone.
- Cheap money means Low rate of interest.
- Leasehold is a property which is leased from the freeholder for a specified period of time.
- Mortgage and lease are defined in Transfer of Property Act.
- Commercial Bank is the sponsor of Regional Rural Banks.
- Kolkata is the Headquarters of UCO Bank.
- Radhanagari Dam is built on Bhogawati River.
- CRISIL is India’s first credit rating agency. The abbreviation of CRISIL is Credit Rating Information services of India Limited.
- The United Nations Educational, Scientific and Cultural Organization(UNESCO) removes Mesoamerican Belize reef from endangered World Heritage list. UNESCO headquartered at Paris.
- United Nations Conference on Trade and Development (UNCTAD) is headquartered in Geneva.
- Assets which are generating regular income to the bank is known as Standard assets.
- An asset which is overdue for a period of more than 12 months is known as Doubtful assets.
- Know Your Customer (KYC) guidelines are issued under Section 35A of the Banking Regulation Act, 1949.
- S.S. Kohli committee recommended wilful loan defaulter.
- Sol is the currency of Peru.
- RBI provides Ways and Means Advances (WMA) to State Government & Central Government.
- The Allahabad Bank was established in 1865.
- M stands for Mention in SMA with respect to NPA.
- Currency of Switzerland Franc.
- Headquarters of UCO Bank is at Kolkata.
- The name of the first artificial intelligence based application launched by HDFC Life insurance email bot is SPOK.
- India's rank in World Bank's Ease of Doing Business Index 2019, out of 190 countries in 2018 is 77.
- The finance ministry has announced that the sixth tranche of electoral bonds sale has been started.SBI bank is the only authorised bank to issue such bonds.
- Section 7 of the RBI Act empowers the Central Government to consult and give instructions to the Governor of the RBI to act on certain issues.
- HDFC Bank had announced that the RBI had approved the re-appointment of Aditya Puri as MD and CEO of the bank. Now, he will be serving the bank till 2020.
- The National Investment and Infrastructure Fund (NIIF) has acquired IDFC-IFL an infrastructure debt fund. This acquisition is the first investment from NIIF’s strategic fund.
- Reserve Bank of India announced that it will inject 10,000 crore rupees into the system to increase liquidity through open market operations (OMOs). The offers have been instructed to be submitted in electronic format on the RBI Core Banking Solution (E-Kuber) system.
- 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.
- Private sector lender IDFC Bank changed its name to IDFC First Bank Ltd owing to the merge of the bank with Non-Banking Finance Company (NBFC) Capital First on December 2018.
- Deepak Maheshwari, the retired HDFC Bank executive and former Federal Bank board member took charge as chief credit officer (CCO) at Axis Bank as part of an ongoing reshuffle undertaken by new CEO Amitabh Chaudhry.
- Private sector ICICI Bank inducted former SBI Managing Director B Sriram and management consultant Rama Bijapurkar on its board as independent director.
- 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.
- 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.
- The Government has amalgamated three Regional Rural Banks - Punjab Gramin Bank, Malwa Gramin Bank and Sutlej Gramin Bank - into a single RRB. The sponsor banks of the RRBs are National Bank for Agriculture and Rural Development (NABARD), the Government of Punjab and Punjab National Bank, State Bank of India and Punjab and Sind Bank.
- SBFC and ICICI Bank bank signed a Memorandum of Understanding to provide loans worth Rs. 1 crore to MSMEs for 15-year tenure.
- Syndicate Bank and SBI Life Insurance signed a bancassurance pact aiming to offer a comprehensive financial planning solution to its customers. The pact was signed between Syndicate Bank MD & CEO, Mrutyunjay Mahapatra and MD and CEO of SBI Life, Sanjeev Nautiyal.
- The cabinet has approved the merger of Vijaya Bank & Dena Bank with Bank of Baroda. After this merger, Bank of Baroda will become the third biggest public sector bank. The merger will be effective from April 1. This is also the first ever three-way merger in Indian banking.
- A 'bancassurance' pact was signed between State-owned Allahabad Bank and SBI Life Insurance to sell the policies of the insurer from over 3,238 branches of the Allahabad Bank.
- The Reserve Bank of India (RBI), under the relevant provisions of the Banking Regulation Act, 1949, imposed a penalty of Rs 3 crore on Citibank India for non-compliance in criteria for directors of the bank.
- The Reserve Bank of India has allowed tokenization of debit, credit and prepaid card transactions to enhance the safety of the digital payments ecosystem in the country.
- Jana Small Finance Bank launched Current Account with Auto-Sweep facility. The facility will enable bank's existing and potential new customers to auto sweep-in and sweep-out the idle funds in the current account to Sweep Fixed Deposit and earn high interest.
- An MoU was signed between the Indian Army and Punjab National Bank on the Defence Salary Package. The signing ceremony was chaired by the Adjutant General, Lt Gen Ashwani Kumar.
- The United Bank of India (UBI) and Srei Equipment Finance have entered into an agreement for financing the Micro, Small and Medium enterprises (MSME) and agriculture sector. Under the agreement UBI plans to leverage the co-lending model to offer credit at blended interest rate of 11-12 per cent.
- ESAF Small Finance Bank has received the Reserve Bank approval to operate as scheduled bank making it the fifth scheduled bank that operates from Kerala.
- State Bank of India will issue the Seventh Phase of Electoral Bonds to Sale from 1 Jan The government of India has decided to infuse Rs 2,159 crore in the bank of United Bank of India.
- HDFC Bank pipped Tata Group as India's largest business house worth Rs. 10.40 lakh crore.
- Reserve Bank of India (RBI) launched a 'Survey on Retail Payment Habits of Individuals (SRPHi)' for 6 cities.
- ICICI Bank has projected the GDP (Gross Domestic Product) to increase to 7.4 % in 2019-20 and 7.2% in 2018-19.
- Private sector IDFC Bank and Non-Banking Financial Company (NBFC) Capital First have announced completion of their merger to create IDFC First Bank. Capital First Founder and Chairman V Vaidyanathan has been appointed Managing Director (MD) and Chief Executive Officer (CEO) of the merged entity.
- Paisabazaar.com, India's largest online marketplace for financial products, and Karnataka Bank announced a strategic partnership to offer the bank's home loan product to customers on the Paisabazaar platform.
- Reserve Bank of India (RBI) has allowed Bandhan Bank to open as many as 40 new branches, by the end of December, releasing the restriction that RBI has put on the Bandhan bank's branch opening spree three months back.
- The Reserve Bank of India (RBI) appointed former governor Bimal Jalan as the chairman of the Economic Capital Framework (ECF) committee formed to address the issue of excess reserves with the central bank. Former RBI deputy governor Rakesh Mohan has been appointed the vice-chairman of the committee.
- The NITI Aayog released the Second Delta ranking for the Aspirational Districts which measures the incremental progress made by them between June 1, 2018 and October 31, 2018, across six developmental areas of Health and Nutrition, Education, Agriculture and Water Resources, Financial Inclusion, Skill Development, and Basic Infrastructure. The Second Delta Ranking was released by Amitabh Kant, CEO, NITI Aayog.
- Nepal imposed a monthly limit on the amount of Indian currency its citizen can spend in India. A spokesperson of the Nepal Rastra Bank (NRB) stated that a Nepali citizen would be unable to spend more than INR 1 lakh per month while paying for goods and services in India.
- Prime Minister Narendra Modi announced Rs. 4,500 crore financial assistance to Bhutan for its 12th five-year plan after holding wide-ranging talks with his Bhutanese counterpart Lotay Tshering.
- The Union Cabinet has approved the Gaganyaan project under which a three-member crew will be sent to space for at least seven days, Union Minister Ravi Shankar Prasad stated. The project will cost INR 10,000 crore.
- The Reserve Bank of India (RBI) will capture the payment habits of individuals in six cities Mumbai, Delhi, Kolkata, Chennai, Bengaluru and Guwahati. For the purpose, the central bank has launched a ‘Survey on Retail Payment Habits of Individuals (SRPHi)’.
- State-owned United Bank of India announced that the government has decided to infuse Rs 2,159 crore in the bank as part of Rs 28,615 crore capital infusion to be done in about half a dozen banks.
- According to data furnished by the Reserve Bank of India, between 2015 and 2017, private lender ICICI Bank penalized the highest number of employees for defrauding bank assets in the last three year out of 60 scheduled commercial banks operating in India.
- Mohammad Mustafa is the present CMD of Small Industries Development Bank of India. SIDBI Headquarters in Lucknow. SIDBI was set up on 2nd April 1990 under an Act of Indian Parliament.
- Pakistan’s cabinet has approved the issuance of first-ever renminbi-denominated ‘Panda Bonds’ to raise loans from China’s capital markets.
- According to the RBI data, in the fiscal ended March 2018, banks recovered Rs 40,400 crore worth of bad loans as against Rs 38,500 crore recovered in FY17. The various channels through which lenders recovered their bad loans include the Insolvency and Bankruptcy Code (IBC), SARFAESI Act, debt recovery tribunals (DRTs) and Lok Adalats.
- Star India’s Chairman and CEO Uday Shankar has been elected Vice President of Federation of Indian Chambers of Commerce and Industry (FICCI) for 2018-19.
- Senior bureaucrat Pranab Kumar Das has been appointed as chairman of the Central Board of Indirect Taxes and Customs (CBIC), the apex policy-making body for indirect taxes. Das, special secretary and member (customs) at CBIC, was succeed S Ramesh.
- IDFC Bank and non-banking financial company (NBFC) Capital First has announced the completion of their merger, creating a combined loan asset book of Rs 1.03 lakh crore for the merged entity IDFC First Bank. The merged entity to be called IDFC First Bank, subject to shareholders’ approval.
- The Reserve Bank of India, in consultation with the government, has decided to have a rule-based dynamic limit for outstanding stock of External Commercial Borrowings (ECB) at 6.5% of GDP at current market prices.
- The government will infuse an additional Rs 41,000 crore into cash-starved public sector banks (PSBs). The outlay will go up from Rs. 65,000 crore to Rs. 1,06,000 crore in the current financial year to propel economic growth, cementing India’s position as the fastest growing economy of the world.
- Commerce and Industry Minister Suresh Prabhu has conferred the Skoch Golden Jubilee Challenger Award at the 55th Skoch Summit in New Delhi. J&K Bank was conferred with SKOCH Award in ‘Banking and Finance (B&F) Silver Category’.
- Prime Minister Narendra Modi releases a 100 rupees commemorative coin in honour of former Prime Minister and Bharat Ratna Atal Bihari Vajpayee. Atal Bihari Vajpayee’s birth anniversary, which falls on 25th December, is celebrated as ‘Good Governance Day’.
- The Reserve Bank of India has shortlisted six major IT companies, including TCS, Wipro and IBM India, to set up a wide-based digital Public Credit Registry (PCR) for capturing details of all borrowers and wilful defaulters.
- The Reserve Bank of India will soon introduce Rs 20 notes with additional features. It will bear the signature of RBI Governor.
- P V Bharathi has been appointed as managing director and chief executive officer of the Corporation Bank. Bharathi is at present Executive Director, Canara Bank. She will replace Jai Kumar Garg.
- In Cheque Truncation System clearing the physical cheque is kept with the Presenting banker.
- Under National Housing Bank Act, 1987 the National Housing Bank was set up on July 9, 1988.
- The clearing of cheques on the basis of electronic cheques is called Cheque Truncation.
- Discount and Finance House of India Ltd is a money market intermediary and a primary dealer in government securities.
- Dollar is the currency of Fiji.
- Inclusive Banking is Providing financial services to low income groups at an affordable cost.
- The Headquarters of United Nations World Tourism Organization (UNWTO) is located in Madrid, Spain.
- The government has constituted a seven-member panel to select managing directors of public sector insurance companies. The panel would be headed by Banks Board Bureau (BBB) chairman BP Sharma.
- Amazon India has recently announced a partnership with the Federation of Indian Micro and Small and Medium Enterprises(FISME) to empower Micro, Small & Medium Enterprises (MSMEs).
- India announced a $1.4 billion package for which of the following country to meet its immediate budgetary as well as some medium-term requirements.
- SEBI has renamed Institutional Trading Platform (ITP) as Innovators Growth Platform (IGP)
- Reserve Bank of India Governor Urjit Patel has resigned. He was 24th governor of RBI.
- The Government of India and the Asian Development Bank (ADB) signed in New Delhi a Loan Agreement for $31 million to build-up the State Tourism Industry and boost visitor arrivals in Tamil Nadu.
- In a bid to make retirement income scheme more attractive for central government employees, the government has agreed to chip in a higher 14% of the basic salary of an individual as its contribution to the National Pension System (NPS).
- The government has appointed Shaktikanta Das as the new RBI governor, a day after Urjit Patel resigned as RBI Governor. He is the 25th Governor of the RBI.
- Israel country became a full member of the Financial Action Task Force (FATF), an international body set up to combat money laundering, terrorist financing and other threats to the international financial system recently (December 2018).
- The Reserve Bank of India has imposed a fine of Rs 1 crore on Indian Bank for violating cyber security norms recently.
- Union Minister of Agriculture and Farmers’ Welfare Radha Mohan Singh launched a portal ‘ENSURE’- National Livestock Mission-EDEG developed by NABARD and operated under the Department of Animal Husbandry, Dairying & Fisheries.
- The government has appointed Shaktikanta Das as the new RBI governor. He is appointment for three years.
- CAG has announced that Comptroller and Auditor General Rajiv Mehrishi has become the Vice-Chair of the UN Panel of Auditors.
- SIPRI organisation has announced in its annual report on the world’s 100 biggest armaments groups that the combined arms sales of Russian companies amounted to $37.7 billion in 2017, an 8.5 percent rise from a year earlier.
- The Asian Development Bank (ADB) and India signed a $60 Million Loan Agreement in New Delhi to continue financing riverbank protection works, renovation of flood embankments in critically flood-prone areas in Assam.
- IMF has announced that global debt has reached an all-time high of 184 trillion US dollars with the United States, China and Japan accounting for more than half of it.
- Yes Bank Ltd has named one of its Independent Directors Brahm Duttas the bank’s part-time non-executive independent chairman.
- As per the UN Economic and Social Commission for Asia and the Pacific (ESCAP) report, FDI inflows to South and South-West Asia decreased by 06% in 2017.
- Fitch Ratings revised downwards India’s GDP growth forecast to 7.2% for current fiscal.
- Paisabazaar.com of the following organization has launched an industry-first feature that will help loan applicants choose their most-suited lender on its platform.
- Leading Investment Bank Axis Capital announced that its MD & CEO Dharmesh Mehta has stepped down.
- At the India Water Impact Summit 2018, the government has sanctioned 254 projects worth over 24,000 Crore rupees under National Mission for Clean Ganga.
- Export-Import Bank of India of the following Bank has extended a credit facility of USD 500 million to Tanzania for water supply projects in the country.
- HCL company will acquire seven IBM products by mid-2019 for $1.8 billion (over Rs 12,700 crore) in its biggest ever acquisition so far.
- The ‘Agriculture Export Policy, 2018’ seeks to double farm exports to $60 billion by 2022 from $30 billion currently and will invest Rs. 1,400 crore to set up specialised clusters in different states for different produce to push exports.
- The Union Cabinet has approved the launching of National Mission on Interdisciplinary Cyber-Physical Systems to be implemented by the Department of Science and Technology at a total cost of Rs 3,660 crore for a period of five years.
- The government has appointed Dr Krishnamurthy Subramanian as the new Chief Economic Advisor.
- The Department of Industrial Policy and Promotion (DIPP) in the Ministry of Commerce and Industry and the Government of Goa, hosted the annual Startup India Venture Capital Summit in Goa. Mobilizing Global Capital for Innovation in India is the theme of this summit.
- The number of patents granted by India shot up by 50% in 2017, keeping up a trend of steep increases, according to the UN’s World Intellectual Property Organisation (WIPO).
- Maharashtra Government has launched World Bank assisted State of Maharashtra's Agribusiness and Rural Transformation (SMART) Project.
- Current account deficit (CAD) widened to 2.9% of GDP for the July-September quarter.
- According to the World Bank report, India will retain its position as the world’s top recipient of remittances in 2018 with its diaspora sending a whopping USD 80 billion back home.
- Atul Sahai among the following has been appointed as the Chairman and Managing Director (CMD) of New India Assurance.
- NITI Aayog has begun a series of Development Dialogues to engage experts, thought leaders and government stakeholders across key avenues of long-term social and economic development.
- The World Bank has unveiled 200 billion US Dollars in climate action investment for 2021 to 2025, adding that this amounts to a doubling of its current five-year funding.
- SBM Bank is the first foreign bank to set up a wholly owned subsidiary (WOS), to provide universal banking service with a focus on wholesale banking, trade finance, capital market and retail banking.
- Moody’s Investors Service’s annual Banking System Outlook on India estimated the country’s real gross domestic product (GDP) for the current financial year and next fiscal to grow at 7.2% and 7.4%, respectively.
- The Defence Acquisition Council (DAC) accorded approval for the acquisition of defence equipment worth nearly Rs 3000 crore which includes BrahMos Missiles, and Armoured Recovery Vehicles (ARVs) for Battle Tank Arjun.
- State-owned Bank of Maharashtra announced that AS Rajeev has joined the lender as its managing director and chief executive officer.
- FMCG major Hindustan Unilever Limited (HUL) announced that its board has approved the merger with GlaxoSmithKline Consumer Healthcare (GSKCH India) through an-all equity deal, valuing the total business of the latter at Rs 31,700 crore.
- Ajay Narayan Jha, the Secretary of Department of Expenditure, has been appointed as new Finance Secretary to succeed Hasmukh Adhia who retired on November 30.
- The Centre and Asian Development Bank (ADB) have signed an 85 million dollar loan to improve skill development eco-system in Odisha.
- Portal for Affordable Credit and Interest Subvention Access web platform has been designed and developed by Allahabad Bank which is the Nodal bank.
- Private sector lender Yes Bank Ltd appointed former IRDAI chief T.S. Vijayan as an additional director (Independent) for five years with immediate effect.
- State Bank of India has roped in Asian Games gold medalist Swapna Barman as brand ambassador for its digital app YONO.
- Currency Swap Agreement was signed between the Reserve Bank of India and the Central Bank of the UAE. The MoU was signed by Ambassador of India to UAE, Shri Navdeep Suri and Dy. Governor of Central Bank of UAE.
- HDFC ERGO General Insurance Company, India's leading private sector general insurance company, and Federal Bank, announced tie-up for the distribution of HDFC ERGO's range of non-life insurance offerings to the customers of the Bank through its network branches.
- ICICI Securities (ISec), a brokerage firm, launched the 'eATM' instant fund credit feature to enable real-time payments in bank accounts upon selling stocks in Bombay Stock Exchange (BSE).
- The European Central Bank launched a new system aimed at letting banks settle payments instantly across Europe, helping them to compete with PayPal and other global tech giants.
- Mauritius based SBM group granted a license by Reserve Bank of India to operate SBM Bank (India) Limited through Wholly Owned Subsidiary (WOS) mode under the Banking Regulation Act, 1949 with effect from December 1, 2018.
- State Bank of India (SBI) revised its fixed deposit (FD) interest rates on select maturities by 0.05-0.10 per cent or 5-10 basis points. The hiked interest rates are on deposits below Rs. 1 crore.
- The Reserve Bank has launched a survey to gauge their scope with respect to turnover, profitability, and workforce with an aim to create a profile of India's startup sector. The survey would also throw light on the problems faced by the startup sector.
- The central bank of India, Reserve Bank of India (RBI) in consultation with the government of India, reduced the mandatory hedging provision to 70 per cent from 100 per cent.
- Government of India may reduce its budgetary deficit by various measures. Increasing taxes measures can be used for this purpose.
- 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 that recommended the introduction of electronic clearing services.
- Through Voice mail facility of the 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.
- Money laundering occurs in three stages which includes placement, layering and Integration. Layering refers to the creation of a complex network of transactions which attempts to obsure the link between the initial point & the end of the laundry cycle.
- A Non Banking Financial Institution Cannot accept demand deposit and cannot issue cheques.
- IBBI handles the cases using two tribunals like NCLT(National company law tribunal) and Debt recovery tribunal.
- The Central Government has constituted National Company Law Tribunal (NCLT) under section 408 of the Companies Act, 2013.
- First domestic bank of India to open a branch in Myanmar is SBI, Yangon branch is the 54th foreign branch of the SBI.
- Nedungadi Bank was the first private sector bank in India which was founded in 1899 in Kerala.
- HSBC Bank has introduced first ATM in India.
- ICICI Bank has introduced software Robotics for power banking operations.
- In Gujarat state India’s first international exchange INX was inaugurated at International Financial Servce Centre(IFSC).
- Tata Communications Payment Solutions is the first Non-Banking organization opened ATM in India.
- India’s First bank launched ‘talking’ ATM for visually and physically challenged people is Union Bank of India.
- State Bank of India, Bank of Calcutta was founded on 2 June 1806. Bank of Calcutta, and the two other Presidency banks such as the Bank of Bombay and the Bank of Madras had merged and became Imperial Bank of India in 1921.
- Central Bank of India is the First Indian Commercial bank which completely controlled and owned by Indian called as ‘First Swadeshi Bank”.
- First Bank introduced the Point of Sales Terminal (POS) is Union Bank of India.
- Bharatiya Mahila Bank became India’s first all woman bank.
- First Rural Bank has introduced co-branded ATM card is Pallava Grama Bank.
- RBI has allowed Paytm Payments Bank to restart opening accounts of new customers. It had restricted.
- Paytm from opening any new accounts on 20th June following issues with KYC norms.
- GST collection in December dropped to Rs.94,726 crore from Rs.97,637 crore collected in November 2018.
- The government has appointed Hemant Bhargava, MD, LIC as interim chairman. He is taking over from recently retired V K Sharma. The process for selection of regular chairman & MD has also been started.
- Jet Airways has defaulted on debt payment to a consortium of banks led by SBI, stating the reason being “due to temporary cash flow mismatch”.
- Online sellers’ representative body alleged that Ekart has fired around 300 seasonal workers. However, Flipkart has said that those workers were hired through third-party vendors for a limited duration.
- Uday Kotak has missed the deadline of 31st December set by RBI to cut his holding in the bank to 20%.
- Shikha Sharma, MD & CEO of Axis Bank, has retired. Amitabh Chaudhry will be taking her place.
- Shapoorji Pallonji has hired ICICI Securities for managing IPO of its solar business.
- The Government has turned down the demand of airlines’ for alternative airports including reopening old airports in major cities. Airlines had requested this citing shortage of slots and overnight parking bays at major airports.
- Zomato is reportedly looking to raise another round of funding between $500 million to $1billion. It has so far raised $635 million and is valued at $2 billion.
- The Cabinet Secretariat has instructed ministries not to engage with US directly on trade issues and go through the Deptt of Commerce only. US is seeking unconditional market access for dairy goods in India, as also incentives and tariff concessions for ICT products.
- Union Cabinet has given its approval for the proposed merger of Vijaya Bank and Dena Bank with Bank of Baroda. The merger will be completed by 1st April 2019. Vijaya and Dena shareholders will get 402 & 110 shares respectively for every 1000 shares of BoB.
- Syndicate Bank would raise upto Rs.500 Crores by issuing shares to employees.
- Tata Cleantech Capital has raised Rs 180 crore via a green bond offering from Netherlands Development Finance company for its renewable energy projects.
- RBI has set up an expert committee under U.K. Sinha, former Sebi chairman, to suggest long-term solutions for MSME sector’s economic and financial sustainability.
- Tata Cleantech Capital has raised Rs 180 crore via a green bond offering from Netherlands Development Finance company for its renewable energy projects.
- Ujjivan small finance bank a wholly owned subsidiary of Ujjivan Financial Services Limited introduced a new personal loan scheme for salaried individuals.
- Housing finance firm HDFC disbursed over Rs 1,100 crore subsidy to over 51,000 customers under the government's flagship scheme Pradhan Mantri Awas Yojana (PMAY).
- Karnataka Bank has launched a special campaign for opening current account and savings accounts (CASA). The campaign will remain in force for a period of three-and-a-half months from November 15 to February 28.
- Reserve Bank of India imposed a fine amounting to Rs. 6.1 crores fine each on two lenders Deutsche Bank and Jammu and Kashmir Bank. A monetary penalty of Rs 30.10 million on Deutsche Bank was imposed.
- IndusInd Bank has announced the launch of IndusInd Bank Nexxt Credit Card, which empowers customers with a choice of payment options such as EMI, Reward Points or Credit at the push of a button, on the card, at the point of sale (POS).
- ICICI Bank, in a first-of-its-kind programme, signed MoU with Small Business FinCredit India Pvt. Ltd. (SBFC), a systemically important Non-Banking Finance Company for entrepreneurs, to jointly provide credit worth up to Rs. 1 crores to MSMEs for a tenure of 15 years.
- Vijay Mallya became the first tycoon to be charged under a new anti-fraud law, with a court in Mumbai naming him as an offender under the Fugitive Economic Offenders Act, 2018.
- Union Cabinet approved a 10% reservation for economically backward‟ upper castes in government jobs. Government. announced reservation in jobs for those belonging to the upper castes and earning less than Rs 8 lakh per year. A bill to amend Article 15 and 16 of the constitution will be moved in Parliament to this effect.
- Alok Verma has been reinstated as the CBI chief by the Supreme Court, three months after the government divested him of his powers and sent him on forced leave.
- World Bank President, Jim Yong Kim made the surprise announcement that he is stepping down after six years in the post. His resignation will take effect from 1 February.
- RBI constituted a High-Level Committee on Deepening of Digital Payments to encourage digitisation of payments and enhance financial inclusion. The five-member committee will be headed by UIDAI‟s former Chairman Nandan Nilekani.
- The interim budget for 2019 will be presented on 1 February during the budget session of the parliament. The budget session of the Parliament to be held from 31 January to 13 February.
- India‟s GDP is expected to grow at 7.3% in the fiscal year 2018-19, and 7.5% in the following two years, the World Bank has forecast. China‟s economic growth is projected to slow down to 6.2% each in 2019 and 2020 and 6% in 2021.
- HDFC Mutual Fund has pipped ICICI Prudential MF to become the country's largest asset management company after a gap of over two years. Mr. Milind Barve is the Managing Director of HDFC MF.
- Syndicate Bank and SBI Life Insurance signed a bancassurance pact aiming to offer a comprehensive financial planning solution to its customers. CEO of SBI Life, Sanjeev Nautiyal.