BANKING Awareness June 2017

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 Mis-selling is an offence, accepts RBI
Apart from banking services, a bank customer can
now also complain about wrongly sold third-party
products such as mutual fund schemes and
insurance policies

Ombudsman – 1995 (came into effect)

Amended 1949 Banking regulation act Section
35A
 Post-demonetization, the government, the banking
regulator and the banks have been increasingly focusing
on electronic and mobile payments and transactions. With
more and more banking customers going digital, an
integrated platform to address any related grievance was
becoming necessary.

Keeping this in mind, the RBI has included in its amended

scheme that in case of any grievance, you can lodge a
complaint against the bank for its non-adherence to RBI's
instructions on mobile banking and electronic banking
services in India.

The banking ombudsman will now look into complaints

related to delay or failure of online payments or fund
transfers and unauthorized electronic payments or fund
transfers.
RBI has also amended the compensation limit. It
has now been increased from Rs10 lakh to Rs20
lakh.

The compensation excludes the amount involved

in the dispute. For instance, if you have a
complaint about a transaction amount of, say,
Rs15 lakh. The compensation will be over and
above this amount. The banking ombudsman will
also give up to Rs1 lakh to the complainant
considering her loss of time, expenses incurred,
and the harassment and mental agony suffered.
 Government’s target of
1 Trillion dollar Digital Economy – by
2022
 Prompt Corrective Action
RBI initiates Prompt Corrective Action against Bank of
Maharashtra

It is to be noted that IDBI Bank, Indian Overseas Bank, UCO Bank,

Dena Bank and the Central Bank of India have already come
under the PCA initiated by the RBI, which is a noose- tightening
on fresh loan disbursal as well as dividend distribution.

Earlier in April, the RBI revised the PCA framework with a clause
that if the bank does not show improvement, then it could be
either merged or taken over by other bank.

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Which government scheme crossed 50
lakh subscribers ?

Atal Pension Yojana

Age – 18-40
Pension starts – 60
1000-5000 per month
Open to all bank account holders
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India, the world's third-largest oil importer, will import crude oil
from the United States for the first time after Indian Oil Corp
bought a cargo that will be delivered in October 2017
 Smart move by Modi ?
$24.3 billion goods trade deficit that the U.S. had with India in 2016
As much as 80 percent of the country’s crude oil needs are being
satisfied by imports

India has bought 2 million barrels of crude oil from North America
comprising 1.6 million barrels of US Mars crude and 400,000 barrels
of Western Canadian Select

US Mars is a heavy, high-sulphur grade which will be processed at

IOC's newest refinery at Paradip in Odisha. (NOT VERY SMART)

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 Why oil prices down
• OPEC Cartel
($46.72 for a barrel of 159 litres)

Role of Saudi Arabia

Static demand from India, China, Japan
Declining demand from Europe
America – Shale oil

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Copyright @ Study-IQ education
 Government’s argument
The primary reason is to reduce consumption. India
already suffers a lot from environmental problems with
its major cities already among the most polluted in the
world.
The government also says we are spending this money
saved in infrastructure.
Funding social security schemes (APY,PMSBY,PMJJBY)
India like many European countries with high fuel taxes
has a negative balance of trade, a chunk of which is due
to oil imports. Keeping the prices high reduces the
consumption and hence lowers impact.

What will happen if oil prices increase ?

 The Reserve Bank of India has introduced the
concept of “zero liability” and “limited liability”
for bank customers for any card or online fraud,
thus making electronic payments safer for
consumers.

Under the new directive issued, the central bank

has also made it mandatory to register all
customers for text message alerts and link mobile
numbers with bank accounts
Customers cannot be made liable if they notify
the bank within three working days of
unauthorised transactions

It has capped customer liability at Rs 25,000 if

they report unauthorised transactions within
seven working days

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These rules will be applicable for a third party
breach – where the deficiency lies neither with
the bank nor with the customer, but lies
elsewhere in the system.

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 The central bank’s latest circular covers both
online and face-to-face transactions in stores
done using electronic payment methods.
The RBI has asked banks to allow customers the
option to report unauthorised transactions on
their home page.

Consumers will be able to report fraud through

other channels, such as phone banking, SMS,
email, call centre and interactive voice response.
 If the fraud is report after seven days, the
customer liability will be determined as per the
bank’s Board approved policy.

The maximum liability of a savings bank account

customer will be Rs10,000 in such cases.

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Indian economy is expected to recover in the coming
quarters and the country is expected to clock a real
GDP growth of 6.9 per cent in this financial year.

According to a report by BMI Research, India’s

growth is expected to pick up following the
negative ramifications from the demonetisation
drive in November 2016, but weak public banks will
likely cap the recovery.

Real GDP growth slowed substantially to 6.1 per

cent year-on-year in the fourth quarter of 2016-17.
Fitch Ratings said that demonetisation did have
a material impact on the Indian economy
which slowed down to 6.1% GDP growth rate in
the last quarter of the fiscal ended March 31,
2017 registering slowest growth since fourth
quarter of financial year 2014.

Gross Domestic Product (GDP) or India's

economic growth is expected to rise by 7.4%-
7.6% in the next two fiscal years – FITCH

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 The Reserve Bank of India (RBI) – GVA growth is
expected to be higher at 7.3% in 2017-18

The National Council of Applied Economic Research

(NCAER) has revised up its projections for the
country's economic growth to 7.6 per cent for the
current financial year, compared with the earlier
forecast of 7.3 per cent.
The agency has also revised upward its forecast of
GVA (Gross Value Added at Basic Prices) growth at
7.3 per cent for 2017-18
The "shadow economy" in India will shrink to 13.6
per cent of the GDP by 2025, a study by Association
of Chartered Certified Accountants (ACCA) said.

Shadow economy refers to the production of and

trade in goods and services that are deliberately and
often illegally concealed from public authorities.

The report, titled 'Emerging from the shadows: The

shadow economy to 2025', said the shadow economy
in India currently represents 17.22 per cent of GDP,
totaling about Rs.26,15,800 crore in 2016.
The World Bank has forecast growth to be 7.2 per cent
during 2017-18.

IMF calls for accelerated economic reforms for India

to achieve a higher growth trajectory, while retaining
its GDP growth rate projection of 7.2% for 2017-18

The UN World Economic Situation and Prospects

report says India is projected to grow 7.3% in 2017.
India will achieve an impressive 7.9% GDP growth in
2018
ADB projects India's GDP to grow at 7.4 per cent this
fiscal and at 7.8 per cent next year

India recorded a growth rate of 7.1 per cent during

2016-17

Asian Development Bank will provide USD 275

million loan for a piped water supply project for
rapidly urbanising small towns, covering 3 lakh
households, in Madhya Pradesh.
 ADB to invest $10 billion over five years in
Indian infrastructure

While $5 billion will be used to create

infrastructure in UP, Bihar, Jharkhand, Odisha
and Chhattisgarh, the rest will be utilised for
developing the East Coast Economic Corridor
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 India to be base to economic pole of global growth:
Harvard study
India will be the base to the economic pole of global growth over
the coming decade, remaining ahead of China, according to a
Harvard University research.

The study also warns of a continued slowdown in global growth

over the coming decade.

India and Uganda top the list of the fastest growing economies to
2025, at 7.7 per cent annually.

The growth projections still have China growing above the world
average, though at 4.4 per cent annually for the coming decade,
the slowdown relative to the current growth trend is significant
India in 88th place in money hoarded in Swiss bank
India has slipped to the 88th place in terms of money parked by its
citizens with Swiss banks, while the U.K. remains on the top.

Also, the money officially held by Indians with banks in Switzerland

now accounts for a meagre 0.04 per cent of the total funds kept by
all foreign clients in the Swiss banking system, as per an analysis of
the latest figures compiled by the Swiss National Bank as on 2016-
end.

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 India in 88th place in money hoarded in Swiss bank

75th position in 2015 and at 61st in 2014 , though it used to be

among top-50 countries in terms of holdings in Swiss banks till 2007.
The country was ranked highest at 37th place in 2004.

New framework with SNB for automatic exchange of information

between Switzerland and India to help check the black money
menace.

UK – 25%
USA – 14%

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 NMCE and ICEX to merge, creating India’s third largest
commodity exchange

National Multi-Commodity Exchange (NMCE), India’s

first demutualized multi-commodities exchange, will
merge with Indian Commodity Exchange (ICEX)

The proposed merger will create India’s third largest

commodities exchange, offering a range of contracts
including bullion, oil, rubber and other agri-
commodities. The exchange will also offer the
world’s first diamond futures contract
 According to the agreed swap ratio,

ICEX shareholders will hold 62.8% stake and

NMCE shareholders will hold 37.2% stake in ICEX,

post merger.

Reliance Capital, part of Anil Ambani-led Reliance

Group, is the largest investor in the ICEX exchange.
 Multi Commodity Exchange
MCX, among the first exchanges to open in
India, accounts for more than 80 percent of the
country's commodity futures market. It ranked the
world's sixth largest commodity futures
exchange by number of contracts traded.
NATIONAL COMMODITY & DERIVATIVES EXCHANGE
LTD
Launched in 2003, NCDEX is the second biggest
exchange and is promoted by leading financial
institutions and state owned banks
 What is the 'Commodity Market'
A commodity market is a physical or virtual marketplace for
buying, selling and trading raw or primary products

In India MCX and NCDEX are the national exchange that provide a
platform to many buyer and seller to exchange there commodities
through future contract trading. MCX is widely known for hard
commodities trading on derivative or future contract, while NCDEX
widely known for agri commodities trading.

In both this exchange commodities are traded on its future contract.

SEBI allows hedge funds to invest in commodity derivatives

 Telangana launches T-Wallet for people with
and without mobile phones

The Telangana Government launched a digital

wallet, named T-Wallet, which doesn’t charge
transaction fee from consumers.

The government is planning to use the wallet, for

remittances under job guarantee scheme
MNREGA and scholarships for students.
- Over 4,000 MeeSeva (e-governance centres) in the
State and those without phones can also have wallets
using these centres.

- Two-factor authentication to ensure security of the

wallet

- The two-factor authentication happens with Aadhaar

with biometrics or Aadhaar with OTP (one-time
password) to Aadhaar-linked phone number.

- It allows a maximum transaction of ₹1 lakh for e-KYC

(know your customer) users. For non-KYC users, the
limit is set to ₹20,000
 India becomes 3rd largest aviation market in
domestic traffic
India's domestic air passenger traffic stood at 100
million in 2016 and was behind only the US (719
million) and China (436 million), Sydney-based
aviation think-tank Centre for Asia Pacific Aviation
(CAPA) said in its latest report.

India acquired the third spot globally by unseating

Japan, which flew 97 million domestic passengers in
2016, CAPA said.
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 Overall (Domestic + International)

United States with 815 million passengers in

2016 enjoyed the top position, followed by China
with 490 million

Japan – 141 million

India – 131 million
 Himachal Pradesh Gets $36 Million Loan From
World Bank
The Himachal Pradesh Public Financial Management
Capacity Building Program of GoHP has been
extended an IBRD Credit of $36 million from the World
Bank.

The Himachal Pradesh has been given the loan in

support of its plans for improving the Public
Expenditure Management sector and Tax
Administration department.

The state of Himachal Pradesh is looking forward to

transform its financial state completely
SBI has inked agreements with the World Bank for a
$625 million facility to support grid connected
rooftop solar programme in the country

This will help SBI in financing grid connected

rooftop solar photovoltaic (GRPV) projects at very
competitive rates

World Bank – CEO – Kirstina Georgieva

World Bank – President – Jim Yong Kim
SIMO financed by World Bank
Uday Kotak to head new SEBI corporate governance
panel

The 21-member panel headed by Uday Kotak will advise SEBI

on issues relating to corporate governance in Indian firms

The committee will advise the markets regulator on areas such

as ensuring the active participation of independent directors
in the functioning of companies; improving safeguards and
disclosures pertaining to related-party transactions; issues in
accounting and auditing practices by listed firms; improving
effectiveness of board evaluation practices; addressing issues
faced by investors on voting and participation in general
meetings; and disclosure- and transparency-related issues.
 ‘India has 31% of world’s poor kids

About 31% of the world’s “multidimensionally

poor” children live in India, according to a new
report by the Oxford Poverty and Human
Development Initiative (OPHI)

In terms of countries, fully 31% of the 689

million poor children live in India, followed by
Nigeria (8%), Ethiopia (7%) and Pakistan (6%)
A “multidimensionally poor” child is one who lacks
at least one-third of ten indicators, grouped into
three dimensions of poverty: health, education
and standard of living.

The health dimension comprises indicators such

as nutrition, child mortality, and education. Under
standard of living are indicators such as access to
cooking fuel, improved sanitation, safe drinking
water, electricity, flooring, and asset ownership.
In terms of absolute numbers, India accounts for
both the highest and a staggering number of
multi-dimensionally poor people. Sadly, more
than 528 million (52.8 crore) Indians are poor,
which is more people than all the poor people
living in Sub-Saharan Africa combined

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India beats China to become top country for retail
investment: AT Kearney

India’s strong GDP growth and growing middle

class coupled with a more favorable regulatory
environment over the past few years have played
significant roles in attaining this ranking.

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 World Bank – Global prospects

Global economic growth is forecast to accelerate

moderately to 2.7 per cent in 2017 after a post-
crisis low of 2.3 per cent in 2016.

World Bank projects global growth at 2.7% in

2017
 ICICI Bank commissions 200 solar-powered ATMs

ICICI Bank has reduced its overall energy

consumption in large offices and branches from
198 million units in 2013-14 to 164 million units
in 2016-17, saving 34.2 million units in last three
years

This is equivalent to the amount of energy that

can power 42,000 rural households for an entire
year.
 The National Stock Exchange launched its trading at
Gujarat International Finance TecCity (GIFT), near
Gandhinagar, Gujarat

NSE IFSC is a fully-owned subsidiary company of

National Stock Exchange of India, a stock exchange
launched as a global trading platform in the
International Financial Service Centre (IFSC) in Gujarat
International Finance Tech (GIFT) city.
GIFT city is a special economic zone, which hosts the
first-ever international financial services centre in India
Financial institutions setting up business units in GIFT
City will pay a reduced tax valid for special economic
zones and can more easily offer foreign-currency loans
to Indian companies aboard and foreign firms.
 The INDIA INX is located in the country's first
International Financial Services Centre (IFSC), which is
located in GIFT City

The INDIA INX is a wholly owned subsidiary of BOMBAY

STOCK EXCHANGE Ltd is expected to start trading
middle of this month.

World's fastest international exchange: INDIA INX will

be the fastest international exchange in the world in
terms of order response time, with a median trade
speed of four microseconds. This is better than BSE's
domestic exchange at Mumbai, which has a order
response time of six microseconds. In comparison, the
second fastest international exchange at Singapore has
an order response time of 60 microseconds.
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 The WORLD BANK has approved a US $44 million
loan assistance to improve the predictability and
transparency in budget execution and efficiency in
tax administration in the state under Assam State
Public FINANCE Institutional Reforms (ASPIRe)
Project.

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India signed a USD 39.2 million loan agreement with the World
Bank for the Assam Citizen Centric Service Delivery project.

The loan will be provided by the International Bank for

Reconstruction and Development (IBRD), an international
financial institution under the World Bank that offers loans to
middle-income developing countries.

Highlights of the project

• The total estimated cost of the Assam Citizen Centric Service
Delivery project is USD 49 million, out of which USD 39.2
million will be financed by the World Bank. The remaining
funds will be utilised from the Assam Budget.
• The objective of the project is to improve access in the
delivery of selected public services in Assam.
• The programme duration is of 5 years.
 Dewan Housing group companies Aadhar
Housing Finance Ltd and DHFL Vysya Housing
Finance Ltd will be merged into one to create a
pan-India entity with Rs 3,300 crore of loan
assets for financing affordable housing
Vijaya Bank set to develop 100 digital
villages
HQ – Bengaluru
CEO – Kishore Kumar Sansi

Vijaya Bank bagged nine Skoch Awards

VPAYQWIK APP
India signed an agreement with Sri Lanka to provide USD 318
million as line of credit to develop the island nation’s railway
sector

During his first visit to Sri Lanka as prime minister in 2015,

Narendra Modi had declared a line of credit of USD 318 million
for the development of Sri Lanka’s railway sector.
That visit, the first standalone bilateral visit by an Indian prime
minister since 1987, had come in the backdrop of increasing
Chinese presence in the Indian Ocean nation.

China has been investing heavily in Sri Lanka, developing

mainly ports that could potentially be used as a base for its
navy, though Beijing says the investments are part of its Belt
and Road Initiative that aims to link it with Europe and Africa
via the Indian Ocean.
 Axis Bank Ltd on Tuesday announced biodegradable
prepaid gift cards on the occasion of World Environment
Day.
The card made of biodegradable plastic will help
spread awareness about the benefits of such products.
The cards will be acceptable at all domestic merchant
outlets and online portals.
Biodegradable plastics can break down safely into their
raw materials and do not release harmful substances.
They can also be recycled.

According to a circular issued by the Reserve Bank of

India on 1 July 2014, the maximum validity of pre-paid
gift instruments is three years.
 The government said post the abolition of the FIPB, ministries
will have to decide on FDI proposals within 60 days of the
application and any rejection will need concurrence of the DIPP.

India scrapped the 25-year old foreign investment advisory

body FIPB as it looks to attract more FDI by providing quick
approvals under a single-window clearance system.

Currently, about 91-95 per cent of FDI is coming through the

automatic route and only 11 sectors, including defence and
retail trading, require the government approval for FDI. Inflow of
foreign direct investment into India increased by 9 per cent to
USD 43.48 billion in 2016-17.
Foreign investment proposals above Rs 5,000 crore would
continue to be cleared by the Cabinet Committee on Economic
Affairs.
 The US, China and India are considered to be the most
prospective destinations for foreign direct investment (FDI),
predicted the United Nations Conference on Trade and
Development (UNCTAD) in its annual report on investment.

According to the World Investment Report 2017: Investment

and the Digital Economy, global FDI flows retreated marginally
in 2016 by two per cent to $1,75 trillion, amid weak economic
growth and significant policy risks perceived by multinational
enterprises

Flows to developing countries were especially hard hit, with a

decline of 14 per cent, while FDI outflows from developed
countries decreased by 11 per cent, mainly owing to a slump in
investments from European multinational enterprises.

The US remained the largest recipient of FDI, attracting $391

billion in inflows, followed by Britain with $254 billion,
and CHINA with inflows of $134 billion.
Canara Bank and the New India Assurance Company
have entered into a corporate agency
arrangement for distribution of insurance
products.

HQ – Bengaluru
CEO - Rakesh Sharma

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Tata Consultancy Services (TCS), announced the
launch of BaNCS App Development Kit (ADK) that
enables Banks to design and build their own
Apps faster and seamlessly deploy across
devices and desktops.
Government launches Digiyatra for ‘seamless passage’ through
airports
Digital travel experience initiative was launched for the Indian fliers by the
government on June 8, 2017. The goal of Digiyatra is to digitally link the
unique IDs such as Aadhaar, passport or PAN card to the booking PNR of
airlines. This will ensure a ‘seamless experience’ of passing through the
airports for the travel passengers and will also relieve queues and congestion.

The unique IDs will be digitally linked to the airline PNR at the time of the
booking by the system. The passengers will have all the information required
for the smooth passage digitally. The information will involve a digital
boarding pass and will also be instructed to the proper boarding gate.
if the passengers do a digital check-in, they can do the baggage check-in
themselves. He mentioned that another mode of identification can be a ‘QR
code’ which is generated on the smartphone.

MoS – Jayant Sinha

Union Minister for Civil Aviation – Mr Ashok Gajapati Raju
 India, France and the European Union have joined hands as part of a
global sustainable development project, which will seek to transform
three major Indian cities by improving urban mobility and cutting down
carbon footprint.

India’s Department of Economic Affairs (DEA) and French

Development Agency (AFD signed a Grant Facility Agreement of 3.5
million euros, to be financed by the European Union under its Asia
Investment Facility (AIF), for implementing the ‘MobiliseYourCity’
initiative.

The three cities that will benefit from the project are — Nagpur, Kochi
and Ahmedabad.
MobiliseYourCity (MYC) is part of an international initiative supported
by the French and the German governments. It was launched at Paris’
21st Conference of Parties (COP21) in December 2015.
The project seeks to back 100 cities worldwide by 2020, which are
engaged in sustainable urban mobility planning to reduce greenhouse
gas emissions.
 Commerce Secretary Rita Teaotia

India has emerged as the seventh largest exporter of

agri-products globally

Goods exports during 2016-17 stood at $276.28

billion, out of which agri exports comprised of
$33.38 billion representing 12.08% of the total
exports

Vietnam, UAE, Saudi Arabia, USA, Iran, Iraq and Nepal

are the major destinations for export of food
products from India.
• The Reserve Banks of India (RBI) announced
introduction of new Rs 500 currency notes.

The new version will have few different aspects.

The one noticeable aspect of the new currency
notes is the inclusion of an inset letter "A".

Besides, in the new notes the signature of the RBI

Governor will be on the reverse side
 Inset
The volume of banknotes printed in India are huge which
necessitated the use of inset which in the case of Indian
Banknotes are Alphabets. This inset is a capital letter and appears
on the number panel. There are four different currency press that
print notes for the Reserve Bank of India . Each of the four
currency printers are allotted a separate set of inset letters for
their internal identification purposes. For security reasons, the
Reserve Bank of India does not reveal which inset letters are
assigned for which printing press from where it originates. As in
the case of the prefix, only twenty alphabets are used as insets.
The alphabets that are excluded are I, J, O, X, Y, Z.

1. MYSORE
2. DEWAS
3. SALBONI
4. NASIK

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 CSO to change GDP base year to 2017-18 from 2011-12: D V
Sadananda Gowda
Minister of Statistics and Programme Implementation
The statistics ministry is set to change the base year of national
accounts to 2017-18 from 2011-12 after completion of the
household consumer expenditure survey and labour force data by
the end of 2018.
Chief Statistician T C A Anant
Read more at Earlier in 2015, the Central Statistics Office (CSO)
under the Statistics Ministry had changed the base year for
tabulating the Gross Domestic Product or size of economy to 2011-
12 from 2004-05.
Last month, the CSO has changed the base of Index of Industrial
Production (IIP), which measures factory output, to 2011-12 from
2004-05. Besides, the base year of Wholesale Price Index (WPI) has
also been changed to 2011-12 from 2004- 05.
 Only one fourth of the 51 banks in the country are rated 'high' for
complying with Banking Codes and Standards Board of India
(BCSBI) codes, which focuses on fair treatment of customers.

BCSBI is an independent body set up by the RBI. It's objectives are

to promote good banking practises, setting minimum standards,
increasing transparency, achieving higher operating standards and
promoting a cordial banker-customer relationship.

Of the 12 banks rated 'high', only one public sector lender, IDBI Bank
featured in the list and the rest were private and foreign banks,
according to the annual code compliance rating released by BCSBI
today.
TerraPay has partnered with Yes Bank in a Rupee
Drawing Arrangement which enables TerraPay’s
network partners to make instant cross-border
money transfer to bank accounts in India.

This means that Indian migrants worldwide can

walk into TerraPay’s partner outlet anytime and
send money to their family and friends back home,
instantly in their bank account.

India is the world’s largest recipient of

remittances. According to World Bank reports,
Indian migrants sent $62.7 billion in FY 2016-17
 AIIB grants $150 million loan for India
Infrastructure Fund

China-led Asian Infrastructure Investment Bank has

approved $150 million equity investment loan to the
India Infrastructure Fund, the bank's first such loan to
fund private projects

AIIB was officially established in 2016 with 57 founding

members. With authorised capital of $100 billion, China is
the largest shareholder with 26.06 per cent voting shares.
India is the second largest shareholder with 7.5 per cent
followed by Russia 5.93 per cent and Germany with 4.5
per cent.

Board of AIIB 3rd meeting – Mumbai, June 2018

State-owned oil firms IOC, BPCL and HPCL today signed an
agreement to jointly set up India's biggest refinery at
Ratnagiri district of Maharashtra at a cost of USD 30 billion
or Rs. 2 lakh crore.
Indian Oil Corp (IOC) will be the lead partner with 50 per
cent stake while Hindustan Petroleum Corp Ltd (HPCL) and
Bharat Petroleum Corp Ltd (BPCL) will take 25 per cent
stake each.

IOC Chairman Sanjiv Singh

HPCL Chairman and Managing Director Mukesh Kumar
Surana
BPCL Chairman and Managing Director D Rajkumar
DCB Bank launches first iris-based ATM

In a first, DCB Bank launched an ATM that

dispenses cash without a debit card.as the
machine verifies the customer from the Adhaar
details like the iris and fingerprint.

HQ – Maharashtra
CEO – Murali Natrajan

RBL Bank (Kohlapur)

 A GST facilitation cell has been set up in the
Department of Industrial Policy & Promotion to
answer queries regarding GST.

The GST facilitation cell is headed by Shri

Sudhansu Sekhar Das, Economic Adviser

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State Bank of India has entered into a tie-up with
Tirumala Milk Products, a South- based company
which was acquired by Groupe Lactalis in 2014,
to provide loans to dairy farmers who supply
milk to the latter.

France-based Groupe Lactalis

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 India’s current account deficit (CAD) narrowed during last
fiscal due to a contraction in the country’s trade deficit

According to data furnished by the Reserve Bank of India

(RBI), the CAD for last fiscal narrowed to 0.7 per cent of the
GDP from 1.1 per cent in 2015-16 on the back of the
contraction in trade deficit.

The current account is the net difference between inflows

and outflows of foreign currencies.

India’s trade deficit during the fiscal under review

narrowed to $112.4 billion in 2016-17 from $130.1 billion
in 2015-16.
 Amazon bought Whole Foods
the upscale grocery chain Whole
Foods for $13.4 billion

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 The iconic Taj Mahal Palace hotel in the city has
acquired an `image trademark’, making it the first
building in the country to get intellectual property
rights protection for its architectural design.

It will ensure that commercial use of the image of its

dome and grand exterior can be made only with the
consent of Taj Hotels Palaces Resorts Safaris.
Meghalaya government signed two MoUs with
the SBI as a part of an initiative towards
migrating government transactions to digital
mode.

two MoUs with the State Bank of India for

their SBI ePay and SBI CMP facilities

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YES BANK, India’s fourth largest private sector bank,
has partnered with Hike to power UPI based
payment solutions.
Rana Kapoor - MD
This partnership will instantly provide UPI access to
over 100 million Hike users and provide a significant
fillip to India’s digital payments ecosystem.
This is the first time in India that a large mobile
chat platform has embedded a payments solution
in its app
 Axis Bank, India's third largest private sector BANK
in association with Kochi Metro Rail Corporation
(KMRL) has launched KMRL Axis Bank 'Kochi1'
Card, India's first open loop EMV contactless metro
card that would make travel a convenient and
hassle free experience for commuters in Kochi.
Axis Bank has partnered with National Payments
Corporation of India (NPCI) in developing this transit
EMV contactless specification on interoperable
open standards.
 Overseeing committee
Chairman – Pradeep Kumar
• The reconstituted OC will work with an
expanded mandate to review, in addition to
cases being restructured under the Scheme
for Sustainable Structuring of Stressed Assets
(S4A), resolution of other cases where the
aggregate exposure of the banking sector to
the borrowing entity is greater than Rs. 500
crore.
 The Finance Ministry has asked banks and post
offices to deposit junked Rs.500 and Rs.1,000
notes with the Reserve Bank of India by July 20.

December 31 2016 – Previous Window

BP Kanungo, S S Mundra, N S Vishwanathan and

Viral Acharya
 To finance its 24x7 water supply project, the
Pune Municipal Corporation on Thursday
launched India’s biggest municipal bonds
programme.
The project looks to raise Rs 2,264 crore in five
years.
 In an attempt to bring Indian researchers and
scientists abroad together for conducting joint
researches in India, Department of Science and
Technology (DST) launched VAJRA

“Visiting Advanced Joint Research Faculty (VAJRA)”

web portal was launched by Harsh Vadhan, Minister
of Science and Technology.

Under this scheme, scientists or senior researchers

abroad—of Indian origin or otherwise—can
collaborate with faculties here.
 Power project in Andhra
World Bank said it has signed an agreement with the
government of India and Andhra Pradesh
government to extend $240 million of loan.

AIIB has also signed a $140 million loan, which is

considered the first such project in India to be co-
financed by it.

The World Bank and AIIB will provide loans in a

60:40 ratio for all the components of the project that
is aimed at providing 24X7 power for all.
 The fiscal deficit of all states was a whopping Rs 4,93,360 crore
in 2015-16, with Rajasthan and Uttar Pradesh accounting for Rs
1,31,670 crore, or 26 per cent of the total deficit, RBI data

According to the Budget estimates, though the fiscal deficit of

all states is expected to come down to Rs 4,49,520 crore in
2016-17, Rajasthan and Uttar Pradesh would continue to have
the highest fiscal deficits of Rs 43,150 crore and Rs 49,960 crore
respectively, according to the Reserve Bank of India’s
‘Handbook of Statistics on Indian States’

With Uttar Pradesh, Maharashtra, Karnataka and Punjab

announcing farm loan waivers in the current fiscal, the risk of
fiscal slippages has further increased.

From 1990-91 till 2015-16, the combined fiscal deficit of all

states zoomed 2,525 per cent from Rs 18,790 crore to Rs
4,93,360 crore.
 50 years since it heralded a transformation in the
way people obtained and used cash, the world’s first
ATM was turned into gold for celebrations of its
fiftieth anniversary.

The brainchild of Scottish inventor Shepherd-Barron,

the first ATM (automated teller machine) was
opened on June 27, 1967, at a branch of Barclays
bank in Enfield, north London

Actor Reg Varney, was the first to withdraw cash

from the machine.

HSBC – 1st ATM in India 1987

• Svatantra Microfinance has launched an app,
an end-to-end cashless solution called Saathi,
for an entire spectrum of operations in areas
such as loan originating system, loan
management system and collections.

• Founder – Ananya Birla

 IBPS PO

Call
95-8004-8004
729-10-594-76

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