October 2019 Banking & Finance
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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 2. no limit. Gone are the 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-08 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-13 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. Page-16 (1) With so much of information around, 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 Karnataka relevant information. Page-18 (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 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 OCTOBER 2019 BANKING & FINANCE Cabinet approves Rs 4,557 crore capital Standard Chartered Bank launches infusion into IDBI Bank “DigiSmart” credit card The Cabinet has approved a capital infusion of Standard Chartered Bank has launched a Rs 4,557 crore into IDBI Bank. The capital DigiSmart credit card. The primary focus of the infusion process will be done through Bank on the ever-growing segment of millennials. recapitalisation bonds under which the The credit card will offer instant discounts and government will infuse the capital into the bank benefits across key e-commerce categories of and the bank will buy the recapitalisation bonds travel, entertainment, fashion, groceries, and food from the government on the same day. delivery around the year. The new credit card is The capital infusion aims to help the bank in its available for a nominal monthly fee of only Rs return to profitability. The capital infusion is also 49. expected to help IDBI to come out of the Prompt Government to recapitalise Public Sector Corrective Action framework of the Reserve Insurance companies Bank of India. The Department of Financial Services has ECL Finance and Central bank of India ink pact approved the Rs 12,000 crore capital infusion to co-lend to MSMEs plan in the 3 state-run general insurance ECL Finance Ltd, a subsidiary of Edelweiss companies. The decision has been taken to boost Financial Services, and Central Bank of India their capital base and meet regulatory norms. have signed an agreement for priority sector The 3 state-run general insurance companies list lending to Micro, Small and Medium Enterprise includes National Insurance, Oriental Insurance (MSME’s) customers. and United India Insurance. The partnership aims to facilitate speedy disbursal RBI to launch a mobile app for visually impaired of credit across a bouquet of products, including Reserve Bank Of India (RBI) is to implement machinery and business loans. Through this the idea to develop a mobile application with an partnership, MSMEs will be offered a blended aim to help the visually impaired people to identify lower rate of interest, translating into a lower currency notes. cost of funds, helping them deploy capital more The application should be able to identify the effectively in their business. denomination of legal tender banknotes of CRISIL revises India’s GDP growth to 6.3% Mahatma Gandhi Series and Mahatma Gandhi in fiscal 2020 (New) series by capturing the image of the notes Rating agency CRISIL has revised India’s fiscal that are placed in front of the mobile camera or year 2020 GDP growth forecast to 6.3%. CRISIL scrolled across it. The mobile application should has lowered the GDP growth forecast from 6.9% be searchable via voice option in all app stores. to 6.3%. The growth was revised as the first- IPPB rolls out Aadhaar-enabled payment quarter growth rate of India reduced to a 25- services quarter low of 5%. India Post Payments Bank (IPPB) rollout of RBI orders banks to link lending rate to Aadhaar Enabled Payment System Services external interest rate benchmark (AePS). With AePS services, any person with a The Reserve Bank of India has made mandatory bank account linked to Aadhaar can perform for banks to link retail and MSME loans to basic banking services such as cash withdrawals external interest rate benchmarks. and balance enquiry irrespective of the bank they This new norm will be effective from the 1st of hold their account with. October. Under this norm, banks have to link all of their new loan products, be it personal, housing or auto to an external benchmark rate. 2 www.arifin.in Current Affairs Magazine OCTOBER 2019 IDBI to launch co-branded credit card with of their account at over 6,50,000 Aadhaar-enabled LIC payment system (AePS) enabled outlets across The Industrial Development Bank of India (IDBI India. Bank) and Life Insurance Corporation of India Bharosa savings account would offer Rs 5 lakh Credit Cards Services (LIC CSL), a wholly- personal accident insurance on maintaining the owned subsidiary of LIC, will launch a co- balance of Rs 500 along with one debit transaction branded credit card, which will be marketed to per month. Customers would also be eligible for customers, agents, and employees of the cashback, if they decided to receive government corporation and its subsidiaries. subsidies in their Bharosa account or if they made ECGC launches scheme “Nirvik” to ease the cash deposits in it. lending process CBDT sets up NeAC & appoints KM Prasad Ministry of Commerce & Industry through as first Principal Chief Commissioner of Export Credit Guarantee Corporation has Income Tax of NeAC introduced a new Export Credit Insurance Central Board of Direct Tax(CBDT) has newly Scheme called NIRVIK. set up National e-Assessment Centre (NeAC) The Niryat Rin Vikash Yojana has been launched in Delhi. to enhance loan availability to exporters and to The initiative is a part of government efforts to ease the lending process. Under the new scheme reduce human discretion in assessments and NIRVIK, up to 90 per cent of the principal scrutiny, which in turn will eliminate possibilities amount and interest will be covered through of corruption, by leveraging new technologies like insurance. artificial intelligence, machine learning, video Public Sector Banks to organise ‘loan melas’ conferencing, telecommunication application in 400 districts software and mobile applications. Finance Minister Nirmala Sitharaman has CBDT has also appointed 1984 batch Indian announced that Public Sector Banks will organise Revenue Service (IRS) officer Krishna Mohan ‘loan melas’ or “Shamiana meetings” in 400 Prasad as the first Principal Chief Commissioner districts. of Income Tax of NeAC. The meetings will be organised to provide loans ADB cuts India growth forecast to 6.5% for to NBFCs and retail borrowers, including 2019-20 homebuyers and farmers. The Asian Development Bank has slashed its Airtel Payments Bank launches ‘Bharosa’ growth forecast for India for fiscal year 2019- savings account 20 to 6.5% from 7%. Airtel Payments Bank launched “Bharosa The bank lowered the growth rate because of savings account” services, designed for weaker growth in the first quarter due to a deepening the financial inclusion in the country. slowdown in consumption and investment This service enables customers to withdraw cash, activities that hit manufacturing and service check their balance or access a mini statement sectors. 3 www.arifin.in Current Affairs Magazine OCTOBER 2019 STATE AFFAIRS Chhattisgarh: India’s first garbage cafe to be women’s trade centre (iWTC), in consonance opened in Ambikapur with the United Nations sustainable development India’s first ‘Garbage Café’ will soon be opened goals (SDGs) in Kozhikode. in the city of Ambikapur in north Chhattisgarh. A key project of the state’s gender park under This initiative by the Ambikapur municipal the department of social justice, it is envisaged corporation of Chhattisgarh is a step towards as a safe space away from home for women to making the city plastic-free. The city has been harness their entrepreneurial capabilities, set up hailed as the second cleanest city in the country or expand their businesses and get their products in Swachhata rankings. marketed globally. In this unique Cafe’ poor people and rag pickers Haryana launches two insurance schemes for will get free food in exchange for one kilogram traders of plastic, while breakfast will be provided if half The State government of Haryana has launched a kilogram of plastic is brought to the cafe. two insurance schemes for registered small and New Health Insurance Scheme AB-MGRSBY medium traders.