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-05 accessing information Anshuman Nayak has undergone a sea B.E. (NIST, 4. change with the advent Berhampur) GLOBAL NEWS of computers, internet MBA (HR) (UBS, Page-07 and smart phones. The Chandigarh) 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-09 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-12 There are the news papers, a plethora of similar national level magazines and of course the 7. internet which serve the purpose already. AWARDS The reason I gave my nod was simple. (1) With so much of information around, Page-14 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 Madhya Pradesh relevant information. Page-16 (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-18 tricks , concepts and practice exercises, general awareness, traditional GK and 10. more such similar features. FUN TIME LESSON Hence, the result is this magazine whose 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 DECEMBER 2019 BANKING & FINANCE IndusInd Bank appointed Sumant Kathpalia as in the govt’s target of 3.3%. new MD & CEO This was due to corporate tax rate cuts, slow A private sector lender, IndusInd Bank has growth etc. The long term foreign currency bond appointed its consumer banking head Suman and bank deposit ceilings were unchanged at Kathpalia, as its new Managing Director (MD) Baa1 and Baa2(both being 2nd lowest and Chief Executive Officer (CEO). investment-grade score), respectively. He will replace Romesh Sobti, who will be retired Banks cannot charge on NEFT transactions in March 2020. from January 2020 Finance Minister launches two IT initiatives As per the report titled “Furthering Digital ICEDASH and ATITHI Payments” released by the Reserve Bank of Finance Minister Nirmala Sitharaman unveiled India (RBI), With a view to promoting digital two new IT Initiatives – ICEDASH and ATITHI transactions on the 3 anniversary of for improved monitoring and pace of customs demonetisation, the Reserve Bank has moved a clearance of imported goods and facilitating proposal in this regard. arriving international passengers. From January 2020, banks can no longer charge ICEDASH is an Ease of Doing Business savings bank account holders for online monitoring dashboard of the Indian Customs transactions in the NEFT system. helping the public see the daily Customs The Reserve Bank of India (RBI) has now clearance times of import cargo at various ports mandated banks to do this. RBI stated that it is and airports. doing this to promote digital payments. The ATITHI app will facilitate hassle-free and SBI’s economic research team revised India’s faster clearance by Customs at the airports and FY20 GDP forecast to 5% enhance the experience of international tourists The economic research team from the State and other visitors at the airports. Bank of India (SBI) has revised India’s Gross Exim Bank grants $30 million line of credit to Domestic Product(GDP) to 5% from its earlier Ghana estimate of 6.1% for the Fiscal Year 2020 The Export-Import (Exim) Bank has provided a (FY20). USD 30 million (about Rs 210 crore) line of credit This downgrade was due to global slowdown in to Ghana for a potable water project in the the index of industrial production (IIP). country. The SBI economic research team group has As per the agreement, the terminal utilisation projected the second quarter (July-September) time is 60 months period after the scheduled GDP growth at 4.2% in their report titled completion date of the project. “EcoWrap”. Moody’s revises India’s economic outlook to It expects the growth rate to pick up in FY2021 “negative” from “Stable” to 6.2%. The American financial service company BHIM UPI all set for global launch with Moody’s has downgraded India’s economic Singapore demo outlook to “Negative” from “Stable”. This A demo of BHIM UPI QR-based payments downgrade was due to slow growth in the began in Singapore with a live transaction at a economy. merchant terminal at the FinTech Festival 2019. It also predicted that slow growth would be High Commissioner of India to Singapore Jawed prolonged and would also have debt rises. Ashraf demonstrated the first transaction under Moody’s has also predicted a budget deficit of the pilot run, which was continue during the 3.7% of the Gross Domestic Product (GDP) in Singapore FinTech Festival 2019. the year through March 2020, which is a breach NBFCs with over Rs. 500 cr assets size now 2 www.arifin.in Current Affairs Magazine DECEMBER 2019 under IBC UN agencies for the year 2020. On the heels of putting in place a generic The contribution was announced at the UN framework for insolvency proceedings of General Assembly Pledging Conference for Systemically Important Financial Service Development Activities. The contribution is in Providers (FSP), the Centre has now specifically line with the country’s long-standing tradition of brought Non Banking Finance Companies supporting development activities across the UN (NBFCs) with over Rs. 500 crore assets size system. under the Insolvency and Bankruptcy Code NCAER forecasts India’s GDP growth at 4.9% (IBC) fold. for FY20 After discussions with the central bank, the The National Council of Applied Economic corporate affairs ministry issued a notification Research (NCAER) has pegged India’s gross specifying the categories of financial service domestic product (GDP) growth for 2019-20 at providers (FSPs) that can be taken up for 4.9% as against 6.8 % in 2018 (or FY-19). resolution under the “generic framework” of the It lowers its outlook due to the slowdown in Insolvency and Bankruptcy Code. almost all sectors & it is primarily driven by a The ministry notified the framework for dealing simultaneous deceleration of all the drivers of with systemically important FSPs, excluding aggregate demand. banks, under the Code wherein sectoral RBI enhances scope of Non-Resident Rupee regulators can seek resolution of stressed Accounts entities. The RBI expanded the scope of Special Non- New rules framed under IBC for rescue of non- Resident Rupee Accounts (SNRR account) by bank lenders permitting non-residents to open such accounts The Government of India has issued fresh rules for rupee-denominated overseas borrowings, under the Insolvency and Bankruptcy Code trade credit and trade invoicing for popularising (IBC) to govern the rescue of non-bank lenders. cross-border transactions in the domestic The new rules are likely to help out distressed currency. shadow banks and housing financiers, which Any person resident outside India, having a have been battling a liquidity crunch for a year. business interest in India, can open a non-interest These entities will be covered by a special bearing Special Non-Resident Rupee Account window under the bankruptcy code, which will (SNRR account) with a bank for bona fide be notified from time to time. transactions in rupees. Reserve Bank of India has been given the The restriction on the tenure of SNRR account, authority to decide which companies will be which is currently 7 years, has also been taken up to a bankruptcy tribunal under these removed. rules. RBI has also modified norms regarding re- India to contribute $13.5 mn for UN export of unsold rough diamonds from the special development activities for 2020 notified zone of Customs without export India will contribute USD 13.5 million for various declaration form (EDF) formality. operational activities of development across the 3 www.arifin.in Current Affairs Magazine DECEMBER 2019 STATE AFFAIRS Punjab Cabinet passes resolution to institute The decision to switch over to the English Sri Guru Nanak Dev Ji Award medium in government schools has been taken Punjab State Cabinet passed a unanimous to uplift the marginalised section of society. resolution to institute Sri Guru Nanak Dev Ji Yogi Adityanath inaugurates North India’s 1st Award for Promotion of Peace and Interfaith sugar mill which will produce ethanol Understanding, in commemoration of the 550th Uttar Pradesh Chief Minister Yogi Adityanath has Prakash Purb of Sri Guru Nanak Dev Ji. inaugurated North India’s first sugar mill which The award would carry a citation and a cash will produce ethanol direct from sugarcane. prize of 11 lakh rupees. This coveted award would The mill was inaugurated in Pipraich area of be given each year and would be adjudicated by Gorakhpur. a jury to be notified by the State Government. Darjeeling’s green and white teas get GI tag Satya Pal Malik takes oath as Goa Governor The green tea and white tea of Darjeeling have New Governor of Goa, Satya Pal Malik took oath been registered as a geographical indication (GI) of office.