August Due to Rise in Foreign Currency Assets
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FROM THE Content MD’S DESK... 1. BANKING & FINANCE Dear Aspirants, Page- 02 This is the information age and knowledge has no limit. Gone are the 2. days when people used STATE AFFAIRS to depend solely on Page-04 libraries and books to gain knowledge. The 3. means of procuring NATIONAL NEWS knowledge and Page-06 accessing information Anshuman Nayak has undergone a sea B.E. (NIST, Berhampur) 4. change with the advent GLOBAL NEWS of computers, internet MBA (HR) (UBS, and smart phones. The Chandigarh) Page-08 internet is the biggest library ever created in human history and 5. seemingly presents itself as an unlimited and ever PEOPLE IN NEWS growing store of knowledge and information. Page-10 So when my team approached me with the idea of a current affairs magazine of ARIFIN the 6. first question I asked myself was why? What SPORTS difference can we make? Page-13 There are the news papers, a plethora of similar national level magazines and of course the 7. internet which serve the purpose already. The reason I gave my nod was simple. AWARDS (1) With so much of information around, Page-16 there is the problem of overload; I believe there is still a gap to be bridged when it 8. comes to providing precise, succinct and Know more about Jharkhand relevant information. Page-19 (2) It need not be a mere current affairs magazine but rather it can be a holistic 9. support system for competitive Exam GK/CURRENT AFFAIRS QUIZ preparation with question banks, tips and Page-20 tricks , concepts and practice exercises, general awareness, traditional GK and more such similar features. 10. Hence, the result is this magazine whose FUN TIME LESSON editorial team is a blend of youth, energy, Page-32 knowledge and experience. As explained earlier, I promise my readers two things: (1) This is not going to be just another magazine. This will be a magazine with a difference. (2) With each new issue, the magazine will get better and better with new and innovative features,. So, watch out, enjoy and benefit!! Current Affairs Magazine SEPTEMBER 2019 BANKING & FINANCE India Post Payments Bank to be converted The Reserve Bank of India (RBI) allowed “Bank into SFB of China” to offer regular banking services in the The postal department has decided to convert country. the India Post Payments Bank into a small finance Banks falling under this schedule have to adhere bank. to the norms of the RBI. ‘Bank of China Limited’ This bank will provide micro credit at the has been included in the 2nd Schedule to the doorsteps to individuals and SME’s. The postal Reserve Bank of India Act, 1934. department has also target the milestone of 1 RBI fines PNB Rs 50 lakh crore accounts for IPPB in 100 days. RBI has imposed a penalty of Rs 50 lakh on Crisil cuts India’s GDP growth forecast to Punjab National Bank (PNB) for the delay in 6.9% for FY 2019-20 reporting of fraud observed from the fraud Ratings agency CRISIL has cut its forecast for monitoring report-1 submitted by Punjab India’s GDP growth by 20 basis points for FY National Bank on July 10, 2018, in the account 2019-20. of Kingfisher Airlines Limited. It has lowered India’s GDP growth to 6.9% from RBI reduces repo rate by 35 basis points in 7.1%. its 3rd Bi-monthly policy India slips to 7th largest economy in 2018 In its 3rd Bi-monthly Monetary Policy According to the World Bank, India has been Committee meeting, the Reserve Bank of India pushed to the 7th place in the global GDP has reduced the policy repo rate by 35 basis rankings in 2018. In 2017, India had emerged points (bps). as the 6th largest economy. The repo rate under the liquidity adjustment facility The US remains the top economy with a GDP (LAF) was reduced from 5.75% to 5.40%. The of $20.5 trillion in 2018. China was the 2nd benchmark rate is now at its lowest since April largest economy with $13.6 trillion, while Japan 2010. took the 3rd place with $5 trillion. The reverse repo rate under the LAF stands India’s GDP was at $2.7 trillion in 2018, while revised to 5.15%. UK and France were at $2.8 trillion. The marginal standing facility (MSF) rate and India still remains the fastest-growing major the Bank Rate revised to 5.65%. economy in the world. RBI has also reduced the real GDP growth for SBI, Shanghai becomes first Indian bank to 2019-20 from 7% to 6.9%. link up with CNAPS RBI to set up “Central Payment Fraud The State Bank of India’s (SBI) Shanghai branch Registry” is now connected to China’s National Advance The Reserve Bank of India has decided to set Payment System (CNAPS). up a “Central Payment Fraud Registry”. The SBI is the only Indian bank to have obtained the registry will track frauds in the payment systems. license to do business in local currency and also Under this registry, payment system participants inducted to the CNAPS by the People’s Bank will be provided access to it for near-real time of China (PBOC). fraud monitoring. The aggregated fraud data will SBI Shanghai can also offer the real-time transfer be published to educate customers on emerging of local funds within China by routing them risks. through the PBOC. Currently, banks report all banking frauds to the RBI allows Bank of China to offer regular Central Fraud Monitoring Cell of the Reserve banking services in India Bank of India. 2 www.arifin.in Current Affairs Magazine SEPTEMBER 2019 NEFT facility to be available 24x7 by ‘free ATM transactions’: December 2019 . Transactions failed at ATMs due to technical The Reserve Bank of India will make available reasons like hardware and software issues. the National Electronic Funds Transfer system . Transactions failed due to non-availability of on a 24x7 basis from December 2019 as per currency in ATMs. the Payment System Vision 2021 document. Use of ATMs for non-cash withdrawal Presently, the transfer of funds via NEFT can transactions such as balance enquiry, cheque only be done during banks’ working hours. The book request, payment of taxes, funds transfer. facility of electronic transfer of funds is available India’s forex reserves reaches life-time high from 8 am to 7 pm on all working days, except of $430.57 bn the second and the fourth Saturday of the month. India’s forex reserves has reached the highest The move will revolutionize the retail payments ever valuation of $430.57 bn. As per the latest system of the country. It will also reduce the RBI data, India’s foreign exchange reserves number of cheques while making payments and increased by $1.620 billion in the week to 9 will also increase efficiency in businesses. August due to rise in foreign currency assets. RBL Bank launches India’s first health- Foreign currency assets expressed in dollar terms focused credit card includes the effect of appreciation/depreciation Private sector bank, RBL Bank and digital of non-US units like the euro, pound and yen healthcare platform Practo have partnered to held in the reserves. launch an industry-first co-branded health credit RBI allows e-mandate for cards for recurring card. This credit card is powered by Mastercard. transactions RBL Bank’s new credit card offers benefits like The Reserve Bank of India has permitted online consultations with doctors and a free health processing of e-mandate on credit and debit check-up. cards for recurring transactions (merchant Government rolls out scheme for liquidity payments). The maximum limit for such a support to NBFCs transaction will be Rs 2,000. The Central government has rolled out scheme While processing the first transaction in e- for liquidity support to NBFCs. The partial mandate-based recurring transaction series, guarantee scheme will allow state-run banks additional factor authentication (AFA) validation (PSBs) to purchase assets of non-banking and should be performed. housing finance companies (NBFCs and HFCs). As per the RBI circular, no charges should be The partial guarantee scheme aims at providing levied or recovered from the card holder for liquidity support to avoid distress sale of assets availing the e-mandate facility on cards for in a sector facing a shortage of cash due to asset- recurring transactions. The direction is applicable liability mismatch. NBFCs will be able to sell for transactions performed using all types of 20% of standard assets, worth up to Rs 5,000 cards-debit, credit and Prepaid Payment crore, as on March 31. Instruments (PPIs), including wallets. RBI clarifies rules on ‘free ATM transactions’ The Reserve Bank of India has clarified rules on RBI to transfer Rs 1.76 lakh crore to ‘free ATM transactions’ provided by banks to government its customers. Banks provide certain number of The Reserve Bank of India has approved the free transactions at ATMs to their customers and transfer of record Rs 1.76 lakh crore dividend beyond that impose charges. and surplus reserves to the government. The sum According to the Reserve Bank of India, the of Rs 1,76,051 crore comprises Rs 1,23,414 following transactions should not be counted as crore of surplus for the year 2018-19 and Rs valid ATM transactions for the customer as the 3 www.arifin.in Current Affairs Magazine SEPTEMBER 2019 52,637 crore of excess provisions identified as Indian Bank opens MSME Centralised per the revised Economic Capital Framework.