BANKING AWARENESS
1 Jan – 15 Jan
NRI’s Can exchange old currency notes till 30
June 2017
Key points :
1) Non – Resident Indians – June 30 , 2017
Limit – Rs 25000 under FEMA Regulations
2) Indian Residents - March 31, 2017
Limit – no
Fine :
1) False Declaration : Rs 50,000 or 5 times the amount of the face value of
Specified Bank Notes ( SBN).
2) Any possession of such notes after the declared period will invite a fine
of Rs 10,000 or 5 times the cash held, whichever is higher.
Note : Indian citizens in Nepal, Bhutan , Pakistan and Bangladesh
cannot avail this facility.
The Finance Ministry has granted approval to
12 PSU to raise capital from market.
1) They can raise a sum of Rs 2,914.038 Crore ( 3000 Cr appx)
through preferential allotment.
2) Permission given to raise Rs 200 Crore by United Bank of
India through QIP mode.
Qualified Institutional Placement ( QIP) – It is a capital raising tool
where a listed company can raise the capital from market by issuing EQUITY
Shares to a Qualified Institutional Buyer ( QIB)
What are Shares ?
Company’s capital is divided into shares.
Shares
Equity Shares
Preference Shares
1) Share
company’s
Profit & Loss
1) Get Fixed
Dividend
2) Vote Right in
AGM
2) No voting
Rights
26 Cr accounts have been opened under
Pradhan Mantri Jan Dhan Yojana.
Key Facts :
1) Rural Area : - 15.86 Crore opened
2) Urban Area : - 10.17 Crore opened
3) Rs 71 thousand & 500 Crore have been deposited so far.
4) Zero Balance accounts falls down to 23.86 %
5) 20 Cr Rupay Debit Cards have been issued under PMJDY.
100 % Implementation
States : Kerela , Goa & Meghalaya
UT : Chandigarh , Puducherry & Lakshdweep
Munich Re to open reinsurance branch
office in Mumbai
Key Facts :
To provide property causality , life & health reinsurance markets
across India .
Munich Re is present in Indian Market since 1950.
It has joint venture with HDFC ergo & Health Insurance in the form
of Apollo Munich health.
Munich re – Germany
Reinsurance Company
Unable to pay all
the claims,
Property Loss Etc
Insurance
Company
Health , life , Agriculture
insurance etc
Discount on Online payment of LPG Cylinder
Customers can avail a discount of Rs 5 on
every refill booked and paid online
Indian oil, Bharat Petroleum & Hindustan Petroleum have
begun the offering
State oil companies are already offering 0.75% discount on
purchase of petro & Diesel To customer paying digitally
Paytm has got final approval from RBI to start
operating as Payment Bank
Paytm is owned by One 97 Communication
Vijay Shekhar Sharma is Founder & CEO of both Paytm and One 97
Communication
Stakes : 51 % Vijay Shekhar Sharma
49 % One 97 Communication
First Branch : Noida , UP
Karnataka bank launched A group personal
accident insurance scheme.
Titled : KBL Suraksha
In association with Universal Sompo General Insurance Company
Subscription : Saving Bank Account holders , age 18-70 can subscribe.
Fees : Rs 100 annual premium for Rs 10 lakh coverage
Rs 50 Annual premium for Rs 5 lakh Coverage
Policy can be renewed up to the age of 75 of the account
holder.
Furthermore, premium customers ( SB – Platinum, SB – Ruby
etc ) can avail insurance coverage up to a limit of Rs 10 lakh
free of cost.
Mr Rajiv Kumar (Managing
Director & CEO)
CEO & MD : Polali Jayarama Bhat
CMD – Dr Kshatrapati Shivaji
Small Industries Development Bank of India ( SIDBI )
has tied up with Life Insurance Corporation of India (
LIC )
Objective : To boost the venture capital ecosystem for MSMEs
Chairman – V K Sharma
Online automobile market place Droom has tied
up with Axis Bank
Objective : To provide quick sanctions of loans on both new as well as used cars.
Loans will be provided for up to 85% of the value of car with a tenure of 1 – 5 years.
Founder of Droom : Sandeep Aggarwal
Axis Bank CEO– Mrs Shikha Sharma
16th meeting of Financial Stability and
development Council ( FSDC ) was held in New
Delhi
Objective – To review the major issues and challenges faced by economy
Chaired by : Finance Minister , Arun Jaitely.
UCO bank launches Suvidha Prepaid
Card
It can be used for cash withdrawals, purchase at Points of
Sale ( PoS) or over the internet
CEO: Ravi Krishan Takkar
HDFC Bank Launches Humanoid robot IRA (
Intelligent Robotic Assistant ) at its Mumbai
Branch.
It is developed in association with Kochi based
Asimov Robotics.
It will assist the customers in Banking activities
State Bank of India has waived Merchant
Discount Rate ( MDR) on Debit card transactions
for small merchants with annual turnover of up
to RS 20 Lakh for one year , i.e 31 Dec, 2017
Axis Bank has become the third private bank
to use Block Chain Solution.
ICICI & Yes Bank are already following .
Axis Bank has tied up with Fintech firm Ripple to the solution.
World bank lowers the GDP growth of India
to 7 % from its previous estimate of 7.6%
due to demonetization.
2018-2019 :- 7.65 %
2019-2020 :- 7.8%
Bureau of Indian Standard revised Indian
Standards on Gold Hallmark.
From now, Hallmark jewellery will be available in three
grades :
1) 14 Carat
2) 18 Carat
3) 22 Carat
The caratage will also be marked on jewellery :
22 Carat jewellery – 22k916
18 Carat Jewellery – 18k750
14 Carat jewellery – 19k585
Besides all this , Hallmark on gold jewellery
will now have four marks :
HDFC Ergo launches Credit Insurance Policy
Policy : Trade Credit Insurance Policy
Objective : To safeguard business against the risks of non payment for
the good or services delivered to buyers.
Tamil Nadu temples to go digital by HDFC
Bank .
HDFC Bank has opened 5 new government accounts for
collecting donations from devotees using Credit & Debit
card.
National Transformation for Transforming
India ( NITI) Aayog has estimated GDP growth
of 8% for 2016-2017
Airtel’s Payment Bank has finally started
operation with investment of 3000 crore.
The bank will provide 7.25% for saving accounts.
Payments bank will offer phone number itself as the account number.
Customers can deposit up to Rs 1 lakh in their accounts.
SEBI tightens the merger rules for Mergers &
Acquisitions for unlisted companies.
Under this :
1) Unlisted company can merger with listed company only if listed
company is listed in NSE & BSE.
2) Alteast 25 % for public shareholders.
3) Pricing Formula for Stocks as per Sebi’s ICDR ( Issue of capital and
disclosure requirements ) Norms
Also for Mutual Funds :
1) Can use celebrities for endorsements.
2) 2) They can also invest in ReITS ( Real Estate Investment Trust )
& InvITS( infrastructure Investment Trusts).
Besides all this,
Sebi has also cut the turnover fees paid by brokers by 25%.
NPCI declare RS 54.90 Cr to the NITI Aayog’s lucky draw
scheme winners.
The two scheme were :
1) Lucky Grahak Yojana
2) Digi- Dhan Vyapar Yojna
Scheme’s Aim : To promote digital payment among consumers and merchants.
Chairman NITI Aayog : P M Narendra Modi
Vice Chairman NITI Aayog : Arvind Panagariya
Chairmain NPCI – Balachandran M