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Home , Ajay Narayan Jha, Finance Commission, Shaktikanta Das, Subhash Chandra Garg

Weekly GK Banking Capsule 2019

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Weekly GK Banking Capsule 2019

WEEKLY GENERAL KNOWLEDGE BANKING & FINANCE CAPSULE (3rd to 9th March 2019)

Banking News Intelligence and other technological capabilities of Hitachi AIIB approves loan for Andhra Pradesh Rural Roads Project. to SBI Payment Services.  A loan agreement of USD 455 million was signed and Signs Loan Agreement. between the Asian Infrastructure Investment Bank (AIIB)  The , the State Government of and the Government of India for financing the Andhra Chhattisgarh and the World Bank signed a $25.2 Million Pradesh Rural Roads Projects. Loan Agreement to support the State’s Reforms in  These projects will connect 3,300 habitations with a Expenditure Management. population of more than 250, and benefit around 2  The Chhattisgarh Public Financial Management and million people. Accountability Program, which is the First Bank-Financed  It is the third project in Andhra Pradesh signed by the State-Level Project in Chhattisgarh in nearly a decade, AIIB after two projects in Power Sector and Water will also help the State strengthen its Direct Benefit Sector. Transfer (DBT) and Tax Administration Systems.  This support will cover Expenditure Planning, Investment Asian Infrastructure Investment Bank Management, Budget Execution, Public Procurement,  President: Jin Liquin and Accountability.  Headquarters: Beijing, China India signs loan agreement with World Bank for Uttarakhand Disaster Recovery Project. SBI and Hitachi jointly launched digital payments platform.  India has signed a loan agreement with the World Bank for  State Bank of India (SBI) and Hitachi Payment Services Pvt 96 Million US dollars for additional financing of Ltd, a wholly-owned subsidiary of Hitachi Ltd has launched Uttarakhand Disaster Recovery Project. their merchant-acquiring joint venture.  Finance Ministry in a release stated the World Bank has  SBI Payment Services Pvt Ltd (SBIPSPL) in for been supporting the State Government since 2014 to establishing a digital payments platform for India and restore housing and rural connectivity and to build the other countries in the region. resilience of communities.  The joint venture (SBI) has a 74 percent stake, and the  The Project will also help to increase the technical capacity balance is with Hitachi Payment Services) will facilitate of the State Entities to respond promptly and more expansion of the digital payments landscape in India via its effectively to such crises in the future. digital payments platform. HDFC Life and United Bank signs 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.  United Bank has a strong presence in rural and semi- urban areas, with over 2,000 branches and offices, while HDFC Life is India’s largest non-bank-promoted private life insurer.

 This will offer innovative products to suit the requirements United Bank of India of all segments of merchants by leveraging the brand value  President: Ashok Kumar Pradhan and vast distribution network of SBI, and bring Artificial  Headquarters: Kolkata  2 | P a g e

Weekly GK Banking Capsule 2019

 This portal is the repercussion of efforts of Assam Rural HDFC Life Infrastructure and Agricultural Services Society (ARIAS),  CEO: Vibha Padalkar Assam Agricultural University (AAU) with technical  Headquarters: Mumbai assistance from the International Rice Research Institute

(IRRI).

India and ADB Sign Loan Agreement for Assam Urban Project. Assam  The Government of India and the  Capital: Dispur (ADB) signed in a $26 Million Loan Agreement  CM: Sarbananda Sonowal to provide additional financing for improving drainage  Governor: Jagdish Mukhi infrastructure in Dibrugarh town of Assam under the ongoing Assam Urban Infrastructure Investment Program. Bharti AXA General Insurance backs the ‘Non-Life Insurer of  Mr. Hoe Yun Jeong, OIC, India Resident Mission signed the the Year Award 2019’ Agreement on behalf of ADB and Mr. Sameer Kumar Khare, Additional Secretary (Fund Bank and ADB),  ASSOCHAM (The Associated Chambers of Commerce and Department of Economic Affairs, Ministry of Finance Industry of India), which is one of the apex trade signed on behalf of India. associations of India has conferred ‘Non-Life Insurer of the  The additional financing will further support in improving Year Award 2019′ to Bharti AXA General Insurance. drainage system in Dibrugarh,and also support project  It is a joint venture between Bharti Enterprises and French management activities. insurance giant AXA.  This award recognizes efficacy, excellence and Asian Developement contribution in the insurance industry annually.  President: Takehiko Nakao Cabinet Approves ‘Pradhan Mantri JI-VAN Yojana’.  Headquarters : Manila, Philippines  The Cabinet Committee on Economic Affairs, chaired by Prime Minister approved the ‘Pradhan World Bank, India and representatives of 5 States signed Loan Mantri Jaiv Indhan- Vatavaran Anukool fasal awashesh Agreement For DRIP. Nivaran (JI-VAN) Yojana’ for providing financial support to  The World Bank, the Government of India and the Integrated Bioethanol Projects. representatives of 5 States of Government of India and  The scheme aims to incentivise the Second Generation Implementing Agencies signed in New Delhi the Loan (2G) Ethanol sector and support the industry by creating a Agreement for Additional Financing of $137 Million for the suitable ecosystem for setting up commercial projects and Dam Rehabilitation and Improvement Project (DRIP). increasing R&D in this area.  This agreement will help rehabilitate and modernize over  The PM JI-VAN Yojana will be supported with the total 220 selected large dams in the States of Karnataka, Kerala, financial outlay of Rs 1969.50 crore for the period 2018-19 Madhya Pradesh, , and Uttarakhand. to 2023-24.  The $137 Million Loan from the International Bank for Textiles Minister Launches Scheme For Development Of Reconstruction and Development (IBRD), has a 3-year Knitwear Sector. grace period, and a final maturity of 16 years.  Union Minister of Textiles, Smriti Zubin Irani launched a comprehensive scheme for the development of knitting Interim World Bank Group and knitwear sector under PowerTex India in New Delhi.  President & World Bank CEO: Kristaline  Apart from financial incentives, the two key elements are Georgieva Yarn Bank and financial assistance for the solar energy  Headquarters : Washington, D.C., US scheme.

India launched First of its Policy To Protect Bank Locker. Financial Schemes & MoUs  IFFCO Tokio General Insurance has launched ‘bank locker APART launched “Rice Knowledge Bank- Assam”. protector policy’, the first stand-alone bank locker cover offered by any insurance company with a plan to protect  Rice Knowledge Bank-Assam, is an agriculture web portal. the contents of a bank locker such as jewelry, title It is dedicated to magnifying knowledge on rice production documents, and other valuables. technologies and techniques, best production practices  The policy offers a cover against various risks including and state agriculture facts. fire, earthquake, burglary, holdup or any act of terrorism.  It was launched under the World Bank funded project – Agri-business and Rural Transformation (APART).

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Weekly GK Banking Capsule 2019

 It offers 7 options of sum insured ranging from Rs 3 lakh to Rs 40 lakh and above and the premium rate is affordable with a cover of Rs 3 lakh available at just Rs 300. Indian Bank Receives best bank award from The State .  Indian Bank, a Public Sector Bank (PSB), headquartered at , Tamil Nadu has been awarded the Best Bank Award by the Tamil Nadu government for successfully meeting the needs of women’s self-help groups (SHGs).  The award was given to MK Bhattacharya, the executive director of Indian Bank by the Chief Minister of Tamil Nadu K Palaniswami at Salem, Tamil Nadu.

Appointments and Resignations AN Jha Replaces As 15th Member.  Former Finance Secretary has joined as a member of the 15th Finance Commission.  AN Jha has been posted in place of Shaktikanta Das who had resigned as a member of the Commission after being appointed the RBI Governor.  Jha is a 1982-batch IAS officer of cadre. He was retired as a Finance Secretary to the central government.

 Finance Minister of India:  15th Finance Commission Chairman: NK Singh

Subhash Chandra Garg Appointed As Finance Secretary.  The Appointments Committee of the Cabinet has approved designating Shri , lAS, Secretary, Department of Economic Affairs, Ministry of Finance as Finance Secretary.  Former finance secretary Ajay Narayan Jha superannuated on February 28. Garg, 58, a 1983 batch IAS officer of cadre, has been working as the Secretary in Department of Economic Affairs since June 2017.

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