Achiever's Academy Shivamogga March-2019
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ACHIEVER’S ACADEMY SHIVAMOGGA MARCH-2019 www.achieversacademyshivamogga.com Page 1 ACHIEVER’S ACADEMY SHIVAMOGGA MARCH-2019 Dear Readers, This Monthly Capsules is a complete docket of important news and events that occurred in a month of March 2019. We have compiled important & Expected questions which can be asked in upcoming Banking & Insurance Exams, interviews and all upcoming Competitive exams. SL NO. CONTENTS Page No. 1 BANKING AWARENESS 3-11 2 AWARDS & HONOURS 12-20 3 BUSINESS & MOUS 20-23 4 NATIONAL NEWS 23-38 5 INTERNATIONAL NEWS 38-46 6 NEW APPOINTMENTS & RESIGNS 47-56 7 RANKS & REPORTS 57-62 8 SCHEMES & APPS 62-67 9 BOOKS & AUTHORS 68 10 DEFENCE, SCIENCE AND TECHNOLOGY 69-72 11 IMPORTANT DAYS & EVENTS 73-77 12 SPORTS NEWS 78-86 13 OBITUARIES 87-89 www.achieversacademyshivamogga.com Page 2 ACHIEVER’S ACADEMY SHIVAMOGGA MARCH-2019 Banking & Financial Awareness Cabinet nod for Rs 1,450 cr to purchase RBI stake in National Housing Bank The Union Cabinet approved an expenditure of Rs 1,450 crore for purchase of the Reserve Bank of India-held shares in the National Housing Bank (NHB), Finance Minister Arun Jaitley announced following a Cabinet meeting in New Delhi. The RBI currently holds 100 per cent stake in the NHB. RBI, Bank of Japan sign Bilateral Swap Arrangement Reserve Bank of India and Bank of Japan have signed a Bilateral Swap Arrangement (BSA).It was negotiated between India and Japan during the visit of Prime Minister Narendra Modi to Tokyo in October 2018.The BSA provides for India to access 75 billion US dollars whereas the earlier BSA had provided for 50 billion dollars.The BSA was approved by the Union Cabinet in January 2019. Usha Thorat-led task force to ensure stability of external value of rupee The Reserve Bank of India has constituted an eight-member task force on offshore rupee markets, headed by Usha Thorat former Deputy Governor, to look into issues related to the markets and recommend appropriate policy measures to ensure the stability of the external value of the rupee. AIIB to provide USD 455 mn for Andhra rural roads project The Asian Infrastructure Investment Bank (AIIB) will provide a loan of USD 455 million to finance the Andhra Pradesh Rural Roads Project, which will connect about 3,300 habitations with a population of more than 250, and benefit around two million people. DCB Bank launches Open Banking for gen-next banking solutions DCB Bank announced the launch of its Open Banking Platform, a significant step towards creating a collaborative ecosystem with enterprises, fintechs and app developers, and enhancing customer-service delivery. The Open Banking Platform APIs will provide seamless integration of banking services by improving the existing banking technology infrastructure and at the same time meet the growing demand for innovative solutions from new- age customers. DBS to operate as wholly-owned subsidiary in India Singaporean lender DBS is set to convert its India operations into a wholly-owned subsidiary, and the transition will have no impact on the services and benefits extended to existing customers. The Asian bank, which presently operates 12 branches in the country as a franchise, incorporated locally as DBS Bank India Ltd on March 1 www.achieversacademyshivamogga.com Page 3 ACHIEVER’S ACADEMY SHIVAMOGGA MARCH-2019 IFFCO Tokio launches India‟s first policy to protect bank locker IFFCO Tokio General Insurance Company announced the launch of Bank Locker Protector Policy, which is the firstpolicy in the industry to protect the contents of a bank locker such as jewellery and other valuables. The policy offers a cover against various risks including fire, earthquake, burglary, holdup, infidelity by a bank staff or any act of terrorism. ADB to lend $926 million for Mumbai metro rail project Marking its single largest infrastructure loan ever, the Asian Development Bank (ADB) signed a $926 million loan agreement with India to operationalise two lines for the Mumbai metro rail system. It aims to ease the distress of millions of commuters each day and help provide a cleaner and less congested city. RBI imposes penalties on IDBI, Dena Bank The Reserve Bank has imposed a monetary penalty of 2 crore on Dena Bank and 1 crore on IDBI Bank for non-compliance with various directions. Dena Bank said the Reserve Bank has imposed a penalty of Rs 20 million on it for non-compliance with the directions. IDBI Bank gets govt nod to handle import, export transactions with Iran The IDBI Bank has received government nod to handle import and export transactions with Iran, a move which would help in promoting two-way trade amid US sanctions on the Persian Gulf nation. US President Donald Trump had in May last year withdrawn from the 2015 nuclear accord with Iran, re-imposing economic sanctions against the Persian Gulf nation. LIC Housing Finance partners with India Mortgage Guarantee Corp LIC Housing Finance (LICHFL) partnered with India Mortgage Guarantee Corporation (IMGC) to offer home buyers enhanced loan eligibility and easy loans. This strategic tie-up will help the LICHFL accommodate more home loan borrowers and increase market penetration, besides combating NPAs . World Bank to provide 250 Million dollars for NRETP to boost Rural incomes in India The World Bank will provide a $250-million loan for the National Rural Economic Transformation Project (NRETP) to help women in rural households develop viable enterprises for farm and non-farm products. An agreement in this regard was signed between the World Bank and the Government of India. Government announces new Rs 20 coin The Centre has announced a new Rs 20 coin which will come in 12-edged polygon (dodecagon) shape. The government is also planning to release new coins of Re 1, Rs 2, Rs 5 and Rs 10. However, the govt has not announced the exact date for the issuance of these new series coins. www.achieversacademyshivamogga.com Page 4 ACHIEVER’S ACADEMY SHIVAMOGGA MARCH-2019 United Bank, HDFC Life sign bancassurance deal United Bank of India has signed a bancassurance deal with private life insurer HDFC Life Insurance Company. Through this partnership, United Bank‟s customers will be able to take advantage of HDFC Life‟s expertise in life insurance products, distribution and customer service. Korea Exim Bank to give Rs 4,100 cr loan for Vizag Metro Korea Exim Bank has come forward to extend a Rs 4,100 crore loan for Visakhapatnam Metro Rail project. A team of officials from Korea Exim Bank called on Andhra Pradesh Chief Secretary A.C. Punetha in Amaravati and discussed the loan proposal and related issues. Income tax exemption limit on gratuity doubled to Rs 20 lakh The labour ministry said that the income tax exemption limit on gratuity has been doubled to Rs 20 lakh from the existing Rs 10 lakh, a move that will benefit employees who are not covered by the Payment of Gratuity Act, 1972.The ceiling of gratuity amount under the Payment of Gratuity Act, 1972, has been raised from time to time keeping in view overall economic condition and employers‟ capacity to pay and the salary of employees, which have been increased in private sector and in PSUs. India and ADB Sign $26 Million Loan Agreement for Additional Financing to Assam Urban Project The Government of India and the Asian Development Bank (ADB) signed in New Delhi a $26 Million Loan Agreement to provide additional financing for improving drainage infrastructure in Dibrugarh town of Assam under the ongoing Assam Urban Infrastructure Investment Program. Mr. Hoe Yun Jeong, OIC, India Resident Mission signed the Agreement on behalf of ADB and Mr. Sameer Kumar Khare, Additional Secretary (Fund Bank and ADB), Department of Economic Affairs, Ministry of Finance signed on behalf of India. IRDAI, NHA form joint working group on Ayushman Bharat Insurance Regulatory and Development Authority of India (IRDAI) and National Health Agency (NHA) will set up a joint working group for better implementation of Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY). The working group will do a comparative study of packages and define standards for quality healthcare.The 11-member group will have representatives from both IRDAI and NHA. Dinesh Arora, Deputy CEO of NHA will chair the working group. UIDAI to charge Rs 20 from Business Organisations for using Aadhar Services The Unique Identification Authority of India (UIDAI) in the official gazette notification, the Aadhaar (Pricing of Aadhaar Authentication Services) Regulations 2019 put forth that business organisations using Aadhaar services will now have to pay Rs 20 for each customer verification and 50 paise for authentication of each transaction carried out by the entities. www.achieversacademyshivamogga.com Page 5 ACHIEVER’S ACADEMY SHIVAMOGGA MARCH-2019 RBI notifies 2% interest subsidy through “Interest subvention scheme” for short-term crop loans On 7th March 2019, The Reserve Bank of India notified a 2% interest subvention or Subsidy for short-term crop loans during 2018-19 and 2019-20. RBI relax rules for White – label ATM providers On 7th March 2019, The Reserve Bank of India has eased business guidelines for white label ATMs by allowing companies that manage these machines to source cash directly from the central bank.The guidelines released by RBI include managing machines to source cash directly from RBI offices, offer non bank services like bill payment and advertise even non financial products in their premises. AU Small Finance Bank partnered with Acko General Insurance India‟s first digital insurer, AU Small Finance Bank Ltd. announced its partnership with a new age insurtech company, Acko General Insurance Limited and is now able to provide customized insurance products to its customers.