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GK Tornado for SBI PO Main Exam 2019 www.gradeup.co 1 www.gradeup.co GK Tornado for SBI PO Main Exam 2019 Dear Aspirants, This GK Tornado is a complete docket of important Banking Awareness & Current Affairs news and events that occurred in last 5.5 months (1 March 2019 – 10 July 2019). This file is important and relevant for all competitive exams like Banking, Insurance, SSC and UPSC Exams. News related to RBI July 1. RBI to regulate housing finance companies– In the Union Budget 2019-20, Finance Minister Nirmala Sitharaman stated that India’s central bank, Reserve Bank of India (RBI) will now be given power to takes over as the regulator of Housing Finance Firms (HFFs) instead of NHB (National Housing Bank). • The Reserve Bank of India (RBI) Act will be amended to give the RBI powers to regulate the HFC sector. • NHB was part of the RBI till April this year when the government decided to take it over. 2. No charges on NEFT, RTGS money transfers from 1 July – As per Second Bi-monthly Monetary Policy Statement for 2019-20, the Reserve Bank of India will stop imposing additional charges on Fund transfer through RTGS and NEFT systems from 1st July, 2019. • National Electronic Funds Transfer (NEFT) – There is no limit – either minimum or maximum limit. • However, maximum amount per transaction is limited to ₹ 50,000/- for cash-based remittances within India and also for remittances to Nepal under the Indo-Nepal Remittance Facility Scheme. • RTGS - Real Time Gross Settlement System (RTGS) • Maximum limit – No upper limit • Minimum limit – Rs. 2 lakhs 3. Utkarsh 2022: finalized by RBI board – The Reserve Bank of India (RBI) board has finalised Three Year Roadmap to improve supervision and regulation, among other functions of central bank. This medium term strategy is named as Utkarsh 2022. Note: • An internal committee to identify issues that needed to be addressed over next 3 years was formed, which was anchored by Viral Acharya outgoing Deputy Governor of RBI. June 1. RBI reduced repo rate by 25 bps - For the third time in a row, the Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) on 6th June 2019, reduced interest rates by 25 basis points. Current Policy & Reserve Rates 1.Repo Rate 5.75% 2. Reverse Repo 5.50% 3. CRR (Cash Reserve ratio) 4.00% 4.SLR (Statutory Liquidity Ratio) 19.00% 5.MSF (Marginal Standing Facility) 6.00% 6.Bank Rate 6.00% 2 www.gradeup.co 1. RBI: Payments related Data to be stored only in • The panel, headed by former Securities and India – Reserve Bank of India recently clarified that all Exchange Board of India chairman U K Sinha, Payment System Operators (PSOs) shall store entire submitted its report to the RBI. payment data in systems located only in India. 4. RBI advises commercial banks to adopt Education • It means that the data related to payments Loan Scheme – The Reserve Bank of India has advised must be stored in systems located only in all Scheduled Commercial Banks to adopt Education India. Loan Scheme, formulated by Indian Banks Association. 2. RBI permits ARC to buy financial assets from Peers Salient features of the Scheme includes: – The Reserve Bank of India (RBI) has permitted Asset • Loan upto Rs 10 lakh for study in India and Reconstruction Companies (ARCs) to acquire financial upto Rs 20 lakh for study abroad. assets from peers i.e. other such entities. • Collateral free loans upto Rs 7.5 Lakh under • However, RBI, the apex banking regulator the Credit Guarantee Fund Scheme for cleared that all such transactions have to be Education Loans (CGFSEL). settled in cash. • No Margin for loan up to Rs 7.50 Lakh. • The ARCs have been allowed to acquire • Repayment period of 15 years. financial assets from other ARCs, in the view of • One Year Moratorium for repayment after amendment to the Securitisation and completion of studies in all cases. Reconstruction of Financial Assets and • Moratorium taking into account spells of Enforcement of Securities Interest (SARFAESI) unemployment/under employment, say two or Act, 2002. three times during the life cycle of the loan. 3. UK Sinha panel on MSMEs suggests Rs 20 lakh • Moratorium for the incubation period if the collateral-free loan under Mudra – A Reserve Bank student wants to take up a start-up venture of India (RBI) expert committee on micro, small and after graduation. medium enterprises (MSMEs) has recommended 5. RBI launches Complaint Management System – The doubling the cap on collateral-free loans to Rs 20 lakh Complaint Management System (CMS) is a software from the current Rs 10 lakh. This will be extended to application launched by Reserve Bank of India on its borrowers falling under the Mudra scheme, self-help website. groups, and MSME. • It will be used for lodging complaints against Note: banks and NBFCs with a view to improve • Distressed asset fund: It also recommends the customer experience in timely redressal of creation of a distressed asset fund of Rs 5,000 grievances. crore for small enterprises. • Customers can lodge complaints against any • It stated the Small Industries Development Bank of regulated entity on the platform. These India (SIDBI), which is responsible for the complaints will be directed to the appropriate development of the MSME sector. office of the Ombudsman/Regional Office of • The government has notified a procurement policy the RBI. wherein PSUs (Public Sector Units)& government 6. RBI Deputy Governor Viral Acharya resigns – departments have to make 25 percent of their Reserve Bank of India’s (RBI) Deputy Governor Viral procurement from MSMEs through government e- Acharya has quit six months before the scheduled end marketplace (GeM) portal. of his term. He had joined RBI on January 23, 2017. • The proposal is part of a report prepared by the RBI Deputy Governor - eight-member RBI committee tasked with • BP Kanungo, N. S. Vishwanathan, and Mahesh reviewing the current framework for the MSME Kumar Jain are present RBI Deputy Governor. sector. 7. On June 24, 2019, the Reserve Bank of India Governor Shaktikanta Das has launched a Complaint Management System (CMS) for lodging complaints 3 www.gradeup.co against banks and NBFCs (Non-Banking Financial • FBAs: It will be incorporated in India as a Companies) on its website. company that will maintain a minimum net 8. CAD increased to $57.2 billion or 2.1% of the GDP worth of Rs 1crore at all times. in FY19 - On June 28, 2019, The Reserve Bank of India Function of FBAs: (RBI) stated that India’s Current Account Deficit (CAD) • It ensures significant benchmark’ is designed increased to $57.2 billion or 2.1% of the Gross to be an accurate and reliable representation Domestic Product (GDP) in FY19 as against 1.8% of of the referenced (specified) financial 2018 which stood at $48.7 billion. instrument and data used for the • It was the highest in 6 years on due to higher administration based on an active market trade deficit caused by high crude oil imports. involving transactions then it submits the • The Centre has pegged fiscal deficit—the report to RBI. difference between the government’s revenue • The guidelines are based on the report by and expenditure—at 3.4% of the GDP for this RBI’s executive director P Vijaya Bhaskar. fiscal year, the same as in 2018-19. 12. RBI has promoted Rabi N. Mishra as executive Note: director (ED). • Current account deficit (CAD) is one of the key • He was earlier holding the position of the indicators of an economy’s health and Principal Chief General Manager at the measures the difference between the value of central bank’s Risk Management the goods and services a country imports and Department. the value of its exports. 13. RBI conducted Financial Literacy Week 9. RBI relaxes leverage ratio for banks – The Reserve • Financial Literacy Week 2019 observed from Bank relaxed the leverage ratio (LR) to 4% for June 3-7, 2019. Domestic Systemically Important Banks (DSIBs) and • The theme of “Farmers” and how they benefit 3.5% for other banks. This has been done to help them by being a part of the formal banking system. boost their lending activities. • Financial Literacy Week is an initiative of RBI • The reduced leverage ratio will be effective to promote awareness of key topics every year from the quarter commencing October 1, 2019. through a focused campaign. • The leverage ratio, as defined under Basel-III 14. RBI releases report on ‘Benchmarking India’s norms, is Tier-I capital as a percentage of the Payment Systems’ – The report on 'Benchmarking bank’s exposures. India's Payment Systems’ which was released 10. RBI sets average base rate at 9.18% for NBFC-MFI mentions that the country is "strong" in areas like borrowers for the quarter beginning July 1, 2019 having necessary laws and cash in circulation per • On June 28, 2019, the Reserve Bank of India set capita. an average base rate of 9.18% for Non-Banking 15. RBI to infuse Rs 12,500 crore into the financial Financial Companies (NBFCs) and Micro system through bond purchase – The Reserve Bank Finance Institutions (MFIs) to be charged from of India will infuse Rs 12,500 crore into the financial their customers. It will be charged for the system through bond purchases under the Open quarter beginning July 1, 2019. Market Operation (OMO). 11. RBI issued Guidelines for Setting up of an FBAs for • The RBI uses open market operations (OMO) administering “Significant Benchmarks” – The for injecting liquidity into the system through Reserve Bank of India (RBI) has issued a regulatory the purchase of government bonds (G-Sec).
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