Ae Daily Current Affairs & Banking Awareness - 7 & 8th November 2021 & Doubt Clearing Session eo Cee aetna one eas (News Kopil Kathpal + Lesson 4 + Nov 8, 2021uel —(7:30 AM) A 7 Daily Current Affairs & (Unacademy Plus- Bank Exam Category) Banking/Financial/Economic Awareness 10:00 PM) <7 | Daily Current Affairs MCQs Unacademy Special Free Class Weekly Financial/Economic Editorials Unacademy Regulatory Body Exams RBI Grade B Category os ll AT TeTra on are Brett: wedi) iOMT RS eC st Lestat © Teaching on Unacademy Since 2017 SO ee OUT CUny aU ema Ere a OL Ly Cen mat eT CHUN Ret aaa) Urea SNL CUNY Chartered Financial Analyst Post Graduate in Accounting & Business Statistics SMCS Ne a SMC q a. . Ms sé) ee bePrepare with| Be Ea ee APPLY CODE GET 10% \] DISCOUNT[emcee Karnataka launches ‘Janasevaka’ Scheme false V CKamataka launched the state’s ambitious ‘Janasevaka’ (peoples’ servant) scheme and ‘Janaspandana’, an Integrated Public Grievance Redressal System ‘Janasevaka’ — A scheme for Citizens to avail doorstep delivery of government services. 58 Government services can be availed at doorstep using this scheme — Aadhaar card, caste or income certificate are also included. Citizens can use the toll-free helpline or the web portal to book for the government certificates required and avail the service at a cost of Rs 115. — — — ‘Janaspandana’ - It is a one-stop platform for citizens to raise complaints on any government scheme or service:” saute aeDoT Formed a Technology Innovation Group on 6G en + The Department of Telecommunications under the Ministry of Communications, has formed a technology innovation group on the Sixth Generation (6G), to take lead in the development of 6G Technology globally. — Paes v i mary, Chairman Digital Communications Commission & Secretary has been named the ‘chairperson of the inifiative. ~ gil cist + Technology Innovation Group isKapil Kathpal BR Celie sm eae cul ealreP URC eB aT Uttar Pradesh government to manage Varanasi Milk Union + The National Dairy Development Board Anand signs a pact with Uttar Pr: government to manage Varanasi Milk Union for a p patiod of Syears. w ed + AMemorandum of Understanding was signed virtually between the government of UP, Pradeshik Cooperative Dairy Federation Ltd (PCDF), Varanasi Milk Union and NDDBs { Varanasi Milk Union would be the country's first milk union to have a biogas-based trigeneration \_plantinstalled. -~ aisciaaeaedneneCentre Launched “Har Ghar Dastak” a Campaign to Increase Vaccination Coverage * Mansukh Mandaviya, Union Minister of Health and Family Welfare, announced that the government of India has launched the\‘Har Ghar Dastak’, a door to door Covid-19 vaccination campaign to increase vaccination coverage across India. ,, Kn _——Government of the United Kingdom unveiled wietisea a £5 coin to commemorate Mahatma Gandhi Government of the United Kingdom unveiled & £5 coin tp/commemorate Mahatma Gandhi on the occasion of Diwali. This is the 1st time the UK government is releasing a coin on Mahatma Gandhi, v- It is the first time Mahatma Gandhi has been commemorated on an official UK coin./ Coin Designer — Heena Glover ~ Image in Coin - Lotus Flower —~ Quote in Coin - ‘My Life is my message’ -~ [The coin is available both in Gold and Silver. *~ \ It is a part of the Royal Mint Advisory Committee's wider Diwali collection. Which includes 1gram and Sgram gold bars in henna-style packaging. 7 eee ee —-—) This is the first gold bar from the UK, which depicts Goddess Lakshmi. rs ee The 20gram Lakshmi Gold bar was designed in partnership with the Hindu community in South Wales ~ Eee nee -ommmunity i aeKapil Kathpal ETE Ue ate) cece Ree Ulead Bank” of RBI to Conduct Govt. Business Reserve Bank of India appointed Bandhan Bank as an “Agency Bank” for undertaking government business._, TS Bandhan Bank will now be authorised to handle transactions related to GST, VAT & other functions on behalf of Central & State governments. ee ee MD & CEO- Chandra Shekhar Ghosh Cp \ow Headquarters — Kolkata esetTl) Pa) BU + South African author Damon Galgut/has won the prestigious Booker Prize. 2021 for fiction for his novel ie Promise’. + Booker prize is the world’s most prestigious literary honours which is also called Oscars of world literature eee | He has previously been nominated twice; first in 2003 for ‘The Good Doctor’ and in 2040 for ‘In a Strange Room’, but lost both times. a + He is the third South African novelist_to win the Booker Prize, after Nadine Gordimer in 1974 and JM. Coetzee, who won twice, in 1983 and 1999. = —— + The chair of the judges (Booker Prize) was Maya Jasanoff_’ ee =Indian-origin Canadian Anita Anand Sworn-in eon ORT CCR Sako m LL sc UL coe Anita Anand an Indian-origin Canadian has been sworn in as the 43rd Defence Minister of Canada replacing Harjit Sajjan, who has been appointed as the Minister of International Development Agency. > ees She is the 2nd Woman to hold this position following the former Canadian Prime Minister Kim Campbell ~ a She is the first Hindu Canadian to become a federal cabinet minister eee _———————Director-producer Imtiaz Ali Appointed as eh PCC UM RL + Director-producer {Imtiaz Ali has been appointed as the ambassador of the Russian Film Festival in India. ~ —_—— + Asa part of the festival, 10 Russian Films are premiered on Disney+ Hotstar — * This is the first-ever online Russian Film Festival in India. + It is organised by ROSKINO, the only state institution in chargeof_pramoting Russian cinema worldwide, Ministry of Culture of the Russian Federation, the Cinema Fund, the Moscow City Tourism Committee, Discover Moscow, eto and Kartina Entertainment. ~Vice Admiral Krishna Swaminathan assumed charge as veel Chief of Staff, Western Naval Command + Vice Admirall Krishna Swaminathan assumed charge as Chief of Staff_of the nea sei Western Naval Command 4China Launches world’s first Earth Science Satellite ean + China sent world’s first_Earth-science_satellite, Guangmu-1 or SDGSAT-1 into space from the Taiyuan Satellite Launch Center in the northern Shanxi Province? + SDGSAT-1 is the first satellite customized according to the UN 2030 for Sustainable Deve which adopted in 2015 with 17_SDGs for peace and prosperit = —*Book “An Economist at Home and Abroad: A Personal Journey” sat. a new book titled “An Economist at Home and Abroad: A Personal Journey) Economist and int Chief Economic Adviser to the Government of In oe ‘Shankar Acharya has authored y aad Dr Shankar Acharya has been serving as the honorary professor at the Indian Council for Research on International Economic Relations(ICRIER), Delhi since 2001_~ He was the longest-serving chief economic adviser to the Government of India, who served for a period of 8 years (1993-2001) under 3 different finance ministers (Manmohan Singh, P Chidambaram and Yashwant ) -_EC Lau oad saa Cea a nad + Anew book titled’ of Satya ay’ written by the author Bhaskar Chattopadhy details the life of legendary indian Fimmaker ~ ‘Satyajit Ray’. The book iS divided into two sections, first is about art and second is the artist.- L ———— J \ ‘Here Falls the Shadow" and ‘The Bhaskar Chattopadhyay also authored novels like “Patang Disappearance of Sally Sequeira” “g erence of Sally Seaus The book describes (39 feature films of Satyajit Ray)— including various short films and documentaries to investigate their cinematic and social context. ‘Satyajit Ray is the only Indian to receive Academy Honorary Award (1992) In 1992, he was also awarded with the India's highest civilian award — Bharat Ratna for his contribution to the field of Art (Cinema).Bank Guarantee | This is a kind of bank’s promise that the liabilities of a debtor will be met in the event that if one fails to fulfill his contractual obligations. Y Financial Guarantee. v Performance Guarantee. vY Deferred Payment Guarantee.Letter of Credi In international trade, where buyers and sellers are far apart in two different countries, or even continents, the Letter of Credit acts as a most convenient instrument, giving assurance to the sellers of goods for payment and to the buyers for shipping documents, as called for under the Credit. LETTER OF CREDIT: PROCEDURE 1. Sale Contract 2 Request for Cred 3. Send Credit 4. Deliver Letter Kapil of CreditLetter of Credit Prox KapilQoe Ss Y Types of Letter of Credit A confirmed letter of credit is one where a second bank agrees to pay the letter of credit at the request of the issuing bank.) — the issuing bank + Alletter of credit may also be 4 transferrable | credit) These are commonly used when the beneficiary is simply an intermediary for the real supplier of the goods and services or is one all or part of the payment to the actual suppliei aaanEnha + Aletter of credit may also be(@t sight which is payable as soon as the documentation has been presented and.vetied or pale may be deferred. Deferred eters of cred are also called a usance letter of credit and may be put off until a certain time pefiod has passed or the buyer has fad the opportunity to inspect or even sell the related goods. group of suppliers. It allows the named an its own documentation but transfer + Ared clause letter of credit allows the beneficiary to receive partial payment before shipping-the products or performing the_services. Originally, these terms were written Th red ak. hence the name. In practical use, issuing banks will rarely offer these terms unless the beneficiary is very creditworthy or an advising bank agrees to refund the money if the shipment is not made. u ick-to-back letter_of credit is used in a trade involving an intermediary, such as a trading house. It is actually made up of two letters of credit, one issued by the buyer's bank to the termediary and the other issuedhy fhe intermediary's bank to the selles.!e/—+@ Letter of Undertaking is a bank guarantee and is issued for overseas import payments. A bank, while issuing LoUs for a client agrees to repay the principal and interest on the client's loan_unconditionally. When an LoU is issued it involves an_issuing bank, a receiving bank, an importer and a beneficiary entity overseas, Letter of Undertaking in simple terms is bank guarantee isstied by Indian bank against which overseas bank provide tance) PNB officials allegedly used their access to SWIFT messaging system (used for overseas transaction) and verified guarantees given on LoUs without taking necessary sanctions. Asa result, overseas branches of many Indian banks gave buyers credit,) Letter of Comfort is referred to a document which is provided_by_a person (bank- holding / parent company) of the borrower assuring the financial soundness of the borrower to repay its debt(s) to the bank branch overseas. If SBI India's client takes buyers credit from SBI's overseas branches, SBI India will give Letter of Comfort, whereas if the funding is arranged from say-Bank of India overseas branches, SBT Tndia will give LOU. a KapilWh; A ‘Ve A nt’? 4 Nostro account refers to an account that a bank holds in a foreign currency in another bank. Nostros, a term derived from the Latin word for "ours," are frequently used to facilitate foreign exchange and trade transactions. The opposite term vostro accounts, derived from the Latin word for "yours," is how a bank refers to the accounts that other banks have on its books in its home currency. + Nostro account and vostro account refer to the same thing from a different perspective. For example, Bank X has an account with Bank Y in Bank Y's home currency. To Bank X, that is a nostro, meaning "our account on your books," while to Bank Y, it is a vostro, meaning "your account on our books.” These accounts are used to facilitate international transactionsNOSTRO a/c In context of Indian banks f@ and in ~~ fit country only BOAVostro A/c BOI BOA It will be in INR Pls open our and in India only a/c with you? ok LORO a/c Loro is used when referring to third party accountsNOSTRO a/c In context of Indian banks BOA Hi! We dontt have banchin | BOI US. could we use your NOSTRC as LORO? and in ~~ fit country only bh Indian Bank