Monthly GK Digest Is a Complete Docket of Important News and Events That Occurred in a Month of November 2017
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www.gradeup.co 1 | P a g e www.gradeup.co Monthly Digest November-2017 Dear readers, This Monthly GK Digest is a complete docket of important news and events that occurred in a month of November 2017. We have compiled important & expected questions, which can be asked in upcoming Banking interviews and all upcoming Banking & Insurance exams. Banking & Financial Awareness 1. Chairman of 15th Finance Commission – NK Singh. 4. SBI launched ‘YONO’ app - The State Bank of India has The Government has constituted the 15th Finance launched a unified integrated app ‘YOYO’. The ‘YOYO’ Commission under the chairmanship of NK Singh. The stands for – ‘You Only Need One’. commission will make recommendation for five years • The app is launched by Finance Minister Arun commencing from 1 April 2020 to 31 March 2025. Jaitely. • The other members of the 15th Finance commission • ‘YOYO’ is the first digital banking platform which are –Shaktikanta Das, former Secretary to Union offer customized products to the customer. SBI has Government & Anoop Singh, Adjunct Professor at tied with 60 e-commerce players, including Georgetown University. Amazon, Ola, Flipkart, Yatra, etc. to provide more • While, Chairman of Bandhan Bank Ashok Lahiri and facility other than banking services. Member of NITI Aayog Ramesh Chand will be the • With the help of this app, any customer can open Part time members of the Commission. their bank accounts with SBI in a few minutes, • Arvind Mehta will be the Secretary to the transfer funds, and utilize various other services. Commission. • The application can be accessed on web browser Note: and mobile phones– Android and iOS platforms. • N. K. Singh is a politician, economist, and former 5. The Sub-Committee of Financial Stability and Indian Administrative Service officer. He is a senior Development Council (FSDC) headed by Reserve Bank of Member of the Bharatiya Janata Party since March India (RBI) Governor Urjit Patel has reviewed the major 2014 after having served as a Member of Parliament global and domestic developments that could block in the Rajya Sabha from Bihar. country’s financial stability. • The Chairman of 14th Finance Commission is – Y.V. 6. IMD Talent Rankings 2017 – India ranked at 51st Reddy (former Governor of RBI). position among 63 countries. The rankings of countries • The 15th Finance Commission is constituted under are based on their performance in three main categories clause (1) of article 280 of the Indian Constitution, — investment and development, appeal, and readiness. the commission came into force with the approval Note: President Ram Nath Kovind. • India previous year ranking – 54 2. BOB launched Digital Supply Chain Solution – Bank of • Top three countries – Switzerland, Denmark, and Baroda has launched a supply chain finance solution to Belgium. offer working capital loans to small and medium 7. RBI raises shareholding limit of ARCs enterprise and large corporate clients. • As per the notification released by the Reserve 3. S&P Retains India’s Sovereign Rating at ‘BBB- Bank of India, now Asset Reconstruction American financial services firm, Standard & Poor's kept Companies (ARCs) can hold more than 26% post India’s Sovereign Rating unchanged at ‘BBB. The conversion of debt into equity in companies headquarter of S&P is in New York. undergoing restructuring. • The RBI also said that; i. ARCs should also maintain new owned fund (NOF) of Rs. 100 crores. 2 | P a g e www.gradeup.co ii. ARCs should have at least half of the board 15. UAE’s Emirates NBD has started operations in India by members as independent directors to be eligible opening a branch in -- Mumbai. for exemption from shareholding limit. Note: This branch is Emirates NBD’s fifth international branch outside of its UAE, offer a range of services to 8. RBL Bank has set up an all women branch in -- Chennai, corporate, institutional clients and Small and Medium Tamil Nadu. Enterprises (SMEs). The bank has planned to invest USD Note: The branch would be managed by eight women 100 million capital into its Indian operations over a and offer all products and services across liability and period of time. assets. RBL Bank has 246 branches and 389 ATM 16. The bank has “strategic alliance” with mobile wallet services across the country. major MobiKwik to launch a co-branded virtual Visa prepaid card for customers of MobiKwik -- IDFC Bank. 9. Moody’s Investors Service upgrades ratings of PSUs-- Note: This pre-paid card will now allow MobiKwik users Nine. to shop from Amazon or Flipkart where currently Note: Moody's Investors Service has upgraded ratings MobiKwik wallet use is not allowed. This Visa pre-paid (stable from positive) of nine state-owned firms. These card is replica of the wallet and can be used anywhere. are Bharat Petroleum Corp Ltd (BPCL), Hindustan 17. GST Council reduces tax on 178 items from 28 to --18%. Petroleum Corp Ltd (HPCL), Indian Oil Corp (IOC), Note: Tax on 178 items have been reduced to 18% from Petronet LNG Ltd (PLL), Oil and Natural Gas Corp 28% and only 50 items now remain in the highest tax slab of 28%. The Council has decided that food at all (ONGC), National Thermal Power Corporation (NTPC), restaurants in the country, except those in starred hotels, NHPC, National Highway Authority of India (NHAI) and will be taxed at 5% rather than 18%, without Input Tax GAIL India Credit (ITC). 10. Bank of China’s first branch in South Asia in - Karachi 18. American digital payments company PayPal has (Pakistan). launched domestic operations in India. Note: The bank would strengthen the "brotherly Note: Indian customers will not be able to store any money in their PayPal accounts as the company is yet to relations" between the two countries in the financial receive a prepaid payment instrument (PPI) licence from sector. the RBI. 11. The Reserve bank of India (RBI) has asked banks to 19. The Uttar Pradesh state govt toped in opening new provide doorstep banking facilities to senior citizens PMJDY (Pradhan Mantri Jan-Dhan Yojana) accounts after (above 70 years) and differently-abled persons by -- demonetization. December 2017. Note: More than five crores new PMJDY accounts in the Note: Banks have also been advised that a fully KYC Indian banking system came from Uttar Pradesh alone. compliant account should automatically be converted 20. Urjit Patel has been appointed to the Financial Stability into a 'Senior Citizen Account' based on the date of birth Institute Advisory Board or the Bank of International available in the bank's records. The RBI asked banks to Settlement (BIS). provide a minimum of 25 cheques leaves every year for a Note: The Advisory Board will comprise a small but savings bank account free of charge. diverse group of central bank Governors, heads of 12. Full GST council headed by Union Finance minister Arun financial sector supervision and chairs of standard- Jaitley meet and review the impact of the new tax regime setting bodies and regional supervisory groups.Bank for in the first quarter of its implementation in -- Guwahati. International Settlements (BIS) is an international 13. US-based Major credit rating agency Moody's has financial organisation owned by 60-member central upgraded India's sovereign credit rating to 'Baa2' from banks across the world. 'Baa3’. 21. The union govt. has constituted a ministerial panel Note: Moody's Investors Service was established in headed by Finance Minister Arun Jaitley to oversee 1909, headquarters in New York, USA. Standard & Poor's merger proposals of state-owned banks. Financial Services LLC: was founded in 1860, Note: The other members of the panel are Railway & headquarters in New York, USA, subsidiary of S&P Global. Coal Minister Piyush Goyal and Defence Minister 14. HDFC Bank has announced the launch of its SmartUp Zone in -- Kochi. Nirmala Sitharaman. Note: The objective is to harness the potential of the 22. The Corporation has come together with HDFC to create startup and fintech eco-system using a multi-pronged a USD 800 million fund for finance construction to boost approach. SmartUp Zones will be launched in over 65 affordable housing finance in India -- IFC (International branches in 30 cities across India. Finance Corporation). 3 | P a g e www.gradeup.co Note: IFC will infuse USD 200 million by subscribing to 29. The new series of Sovereign Gold Bonds (SGBs) has been masala bonds, rupee-denominated instruments issued by fixed per gram at 2,934 rupees. HDFC and to be listed on the London Stock Exchange. Note: SGBs are government securities denominated in The remaining amount of USD 600 million will be grams of gold, substitutes for holding physical gold. contributed by HDFC from its own resources. 30. The India Post Payments Bank (IPPB) will become 23. The Reserve Bank of India (RBI) has withdrawn the sale operational in all 650 districts of the country by April of Rs. 10,000 crores worth of government securities 2018. under -- Open Market Operations (OMO). Note: These banks will be linked to 1.55 lakh rural post Note: It is view of the recent market developments and offices and carry out banking services. Two such banks based on a fresh review of the current & evolving are already operational in Ranchi and Raipur. liquidity conditions. 31. The cash sales of agricultural produce by a cultivator to a 24. India to be third largest economy by 2028, says trader for less than 2 lakh rupees will not attract tax report – As per the report of Bank of America Merrill under the Income Tax Act. Lynch, India will emerge as the world’s third-largest Note: The cultivator and the trader will also not have to economy, overtaking Japan in nominal GDP by 2028.