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Download Free PDF Here www.gradeup.co 1 | Page www.gradeup.co GK Tornado for IBPS PO Mains Exam -2017 Dear readers, This GK Tornado is a complete docket of important news and events that occurred in last 4.5 months (1st July–14th Nov 2017). Tornado is important and relevant for all competitive exams like Banking, Insurance, SSC and UPSC Exams. Banking & Financial Awareness 1. RBI keeps repo rate unchanged at 6% - On 4th October 2017, RBI in its fourth Bi-Monthly Monetary Policy Statement decided to keep the policy Repo rate unchanged at 6%. Therefore, the reverse repo rate under the LAF remains at 5.75 per cent, and the marginal standing facility (MSF) rate and the Bank Rate at 6.25 per cent. However, RBI cut the Statutory Liquidity Ratio (SLR) by 0.5 percent to 19.5 percent. New Policy & Reserve Rates 1. Repo Rate 6% (unchanged) 2. Reverse Repo Rate 5.75% (unchanged) 3. CRR (Cash Reserve Ratio) 4.00% (unchanged) 4. SLR (Statutory Liquidity Ratio) 19.50% (changed) 5. MSF (Marginal Standing Facility) 6.25% (unchanged) 6. Bank Rate 6.25% (unchanged) 2. RBI sets up task force on Public Credit Registry financial transactions in different national (PCR) - The Reserve Bank of India constituted a 10- jurisdictions can be fully tracked. The first LEIs member ‘High Level Task Force on Public Credit were issued in December 2012. Registry (PCR) for India’. The task force will be headed ➢ Legal Entity Identifier India Limited (LEIL), a by YM Deosthalee, ex-CMD of L&T Finance Holdings. wholly-owned subsidiary of Clearing 3. Legal Entity Identifier mandatory for all large Corporation of India (CCI), acts as a local corporate borrowers: RBI - The Reserve Bank of India operating unit (LOU) for issuing globally (RBI) has made 20-digit Legal Entity Identifier (LEI) compatible legal entity identifiers (LEIs) in compulsory for companies having aggregate fund- based and non-fund based exposure over Rs 5 crore. India. The move is aimed at improving risk management in 4. Banks to Provide Funds at 7% to Women SHGs wake of huge stressed assets in banking system. Before under DAY-NRLM: RBI - The RBI has issued this, RBI had made LEI mandatory for transactions in guidelines to banks will provide funds to women self interest rate, forex and credit derivative market help groups, SHGs, in rural areas at 7 per cent under Legal Entity Identifier (LEI) the Deendayal Antyodaya Yojana - National Rural ➢ LEI is a 20-digit unique code to identify Livelihoods Mission (DAY-NRLM) in the current fiscal parties to financial transactions worldwide. (2017-18). ➢ It is a global reference number that uniquely Note: identifies every legal entity or structure that is ➢ National Rural Livelihood Mission (NRLM) is a party to a financial transaction, in any poverty alleviation project implemented by jurisdiction. Ministry of Rural Development, Government of ➢ LEI code has been conceived as key measure to India. improve quality and accuracy of financial data ➢ NRLM is focused on promoting self- systems for better risk management post the employment and organization of rural poor. global financial crisis. ➢ Deen Dayal Antyodaya Yojana or DAY is a ➢ The LEI system was developed by G20 in Government of India scheme for the helping the response to inability of financial institutions to poor by providing skill training. identify organisations uniquely, so that their 5. RBI Slaps Rs2-cr Penalty on IDFC Bank - The Reserve Bank of India has imposed a monetary 2 | Page www.gradeup.co penalty of Rs 2 crore on IDFC Bank for contravention (v) NBFC-P2P can’t cross-sell products. of regulatory restrictions pertaining to loans and Guidelines for lenders and borrowers – advances. (1) A lender can’t lend more than Rs 10 lakh to all The penalty has been imposed in the exercise of borrowers at any point of time across all P2Ps powers vested in RBI under the Banking Regulation (2) Borrowers can’t borrow more than Rs 10 lakh from Act, 1949, taking into account failure of the bank to all lenders at any point of time across all P2Ps (3) Not more than Rs 50,000 can be borrowed from adhere to certain directions issued by RBI. single lender to the same borrower, across all P2Ps. 6. RBI opens branch in Dehradun – RBI had opened its (4) The maturity of the loans shall not exceed 36 months. new branch in Dehradun, Uttarakhand. The branch was Fund transfer mechanism – Bank account is mandatory inaugurated by Uttarakhand Chief Minister Trivendra for transfer of funds. The transfer of funds between lenders Singh Rawat. Earlier, the state government had to do & borrowers on the P2P platform will be done through financial transactions through the Kanpur branch of the escrow account mechanisms. Cash transactions are not RBI. allowed in P2P platform. 7. Reserve Bank of India recently acknowledged HDFC 10. RBI to conduct financial literacy drive in 9 states – Bank Ltd as a Domestic-Systemically Important Bank The Reserve Bank of India (RBI) has decided to launch (D-SIB). With this, HDFC Bank joins State Bank of India and ICICI Bank in the elite D-SIB list. a financial literacy drive in 80 blocks in 9 states. Note: The higher capital requirements applicable to D- The nine states include - Maharashtra, Chhattisgarh, SIBs will be applicable from April 1, 2016, in a phased Bihar, Odisha, Karnataka, Telangana, Andhra Pradesh, manner and would become fully effective from April 1, Haryana and Uttar Pradesh. 2019. Objective – 8. P2P platforms will now act as NBFCs: Govt. - ● The main objective of the financial literacy drive According to the gazette notification issued by the is to educate people on e-transactions, formal government, all Peer-to-peer lending (P2P) platforms sector borrowings and insurance purchases. will now considered as Non-Banking Financial ● Also, to create awareness among people on - e- Companies (NBFCs) and will be regulated by Reserve transactions through electronic means such as Bank of India (RBI). NEFT, RTGS, IMPS, Internet Banking, Mobile About Peer-To-Peer Lending (P2P) - Peer-to-peer Banking and UPI (Unified Payment Interface). lending (P2P) is a method of bulk funding that enables Key points – individuals to borrow and lend money - without the use of any official financial institution or bank as an ● Depositor Education and Awareness Fund (DEAF) intermediary. Peer-to-peer lending removes the will implement the pilot project in collaboration middleman from the process and matches lenders with with banks and six non-governmental organisations borrowers online, but it also involves more time, effort (NGOs) and risk than the general lending process. ● Six NGOs include - CRISIL Foundation, Dhan 9. RBI issues guidelines for Peer to Peer lending Foundation, Swadhaar Fin Access, Indian School of platform – Following are the guidelines - Micro Finance for Women (ISMW), Samarpit and the ● Unless an NBFC has received the Certificate of PACE Foundation. Registration, it cannot start the the business of a ● The total cost of the project over a period of three P2P lending platform. years would be around Rs 18.40 Cr. ● New companies who are looking for registration 11. Masala Bonds to be treated as ECB: RBI - Masala with the bank as an NBFC-P2P must have a net owned funds of not less than 20 million rupees or bonds were treated by Foreign Portfolio Investors (FPI) rd such higher amount as the RBI may specify. till 3 October 2017.Now, The Reserve Bank of India ● The existing NBFC-P2Ps have to apply for (RBI) announced that it is free from FPI and being registration as NBFC-P2Ps within 3 months. treated by External Commercial Borrowings (ECB). Functions of NBFC-P2P – Following are the functions of Note: Masala bonds are rupee-denominated overseas NBFC-P2P – bonds. Currently, the limit for investment by Foreign (i) It is necessary to provide online platform to members Portfolio Investors (FPIs) in corporate bonds is Rs involved in P2P lending. 2,44,323 crore and this includes masala bonds of (ii) Cannot lend on its own. Rs.44,001 crore. (iv) Cannot hold its own balance sheet of funds received 12. Two regional rural banks record Over Rs 150-cr from lenders or funds given to borrowers Profit in FY17: According to the Reserve Bank of 3 | Page www.gradeup.co India’s ‘Report on Trend and Progress of Banking in 12 accounts which represents 25% of the gross bad India’ - Karnataka Vikas Grameena Bank and loans in the banking system. RBI had ordered the banks Andhra Pragathi Grameena Bank recorded net profit to implement the insolvency and bankruptcy code on of more than ₹150 crore during 2016-17. these 12 accounts to recover the dues. These accounts 13. RBI to pay Rs 30,659 cr dividend to Govt. - The are overdue of above Rs 5,000 crore each. Reserve Bank has to pay Rs 30,659 crore to the Name of some accounts include - Lanco Infratech Ltd, Essar Steel, Bhushan Steel, Electrosteel Steel, Alok government for the fiscal ended June 2017. It is a less Industries, Jyoti Structures, Monnet Ispat and Jaypee than half of what it paid in 2016. Previous year in 2016 Associates. Note: IDBI Bank has initiated insolvency RBI had paid Rs 65,876 crore dividend to the proceeding against Lanco Infratech ltd. government. 16. RBI initiates PCA against six banks as NPA mounts - 14. RBI issues new Rs 200, Rs 50 banknotes - After The Reserve Bank of India has initiated prompt demonetization, Rs 200 is the fourth note introduced by corrective action (PCA) against six banks in view of the apex bank. the high level of bad loans. Features of Rs. 200 bank note – The note will carry Six banks include – Bank of Maharashtra, Central Bank the signature of RBI governor Urjit Patel, the year of of India, IDBI Bank, UCO Bank, Dena Bank and Indian printing on the left, and the Swachh Bharat logo with the Overseas Bank.
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