The Hindu Review: September 2017
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THE HINDU REVIEW: SEPTEMBER 2017 1 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App REPORT THE ERROR IN CAPSULE at [email protected] THE HINDU REVIEW: SEPTEMBER 2017 2 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App REPORT THE ERROR IN CAPSULE at [email protected] THE HINDU REVIEW: SEPTEMBER 2017 THE HINDU REVIEW: SEPTEMBER 2017 Banking Current Affairs enhancement of its power transmission and distribution. ADB and Nepal‟s Ministry of Finance HDFC Bank topped the list of the country‟s top 50 signed the loan agreement in Kathmandu. brands according to a report released by marketing Public sector lender Jammu and Kashmir Bank (J&K and advertising conglomerate WPP Plc and Kantar Bank) has lowered the interest rate on its savings bank Millward Brown. The bank has retained the top slot for accounts by 0.50 per cent to 3.50 per cent with the fourth year in a row. Airtel is at 2nd spot and State immediate effect. Bank of India is at 3rd. As per the notification of Finance Ministry, the Reserve According to the RBI Data, India‟s foreign-exchange Bank of India will introduce 100 rupees coin to mark reserves rose past $400 billion for the first time ever, the birth centenary (hundredth anniversary) of strengthening policymakers‟ buffers ahead of an AIADMK founder Late Dr. M G Ramachandran. expected reduction in US stimulus. Vijaya Bank has bagged the first prize under the Five banks of the BRICS Bank Cooperation Mechanism Rajbhasha Kirti Puraskar (Region C) for the year 2016- have agreed to establish credit lines in the national 17. currencies and cooperate on credit ratings. The Sunil Mittal-driven Airtel Payments Bank integrated agreement to this effect was signed ahead of the BRICS the Unified Payments Interface (UPI) on its digital Summit in China‟s Xiamen city. Brazilian platform, allowing customer choice and convenience to Development Bank, Vnesheconombank, Export-Import facilitate secure digital payments. Bank of India, China Development Bank and After a year or more of due-diligence, the RBI has Development Bank of South Africa signed the notified that peer-to-peer (P2P) lending platforms need agreement in Beijing. to be regulated and treated on par with non-banking Fincare Small Finance Bank (previously known as financial companies (NBFCs). Few important P2P Disha Microfin Limited) kick-started its banking lending platforms in India are LenDen Club, Faircent, operations with about 25 operational branches across Qbera, Lendbox, Rupaiya Exchange and Monexo. Gujarat, Tamil Nadu, Karnataka and Andhra Pradesh. Fino Payments Bank has launched its mobile banking Karnataka Bank has bagged the „best bank‟ award app called BPay. Fino aims to make banking easy for among small banks for the use of technology for millions of underbanked people in India. The financial inclusion at the 13th IDRBT Banking upgraded BPay app is available on Android at present. Technology Excellence Awards 2016-17. SBI launched the FTSE SBI Bond Index series in RBI included HDFC Bank in the list of 'too big to fail' partnership with global index provider FTSE 100, lenders, referred to as D-SIB or domestic systemically which will give tools to investors from India, the UK important bank. India's largest lender SBI and private and globally to analyse India‟s government bond sector major ICICI Bank were classified as D-SIBs in market, and drive growth in this market. 2015. State Bank of India (SBI) is India‟s most trusted and DBS Bank India, part of Singapore-based financial most popular bank according to a survey conducted by services group DBS Group Holdings, has received in- Brand Finance, a business valuation and strategic principle approval from the Reserve Bank of India consultancy headquartered in London. (RBI) to convert its existing India franchise to a locally Reserve Bank of India (RBI) announced that Masala incorporated wholly-owned subsidiary (WOS) in India. bonds will be treated as External Commercial Private sector lender IndusInd Bank and India's second Borrowings (ECB) from 3rd October 2017 thereby largest Microfinance company Bharat Financial freeing up more investments by FPIs. Masala bonds are Inclusion have signed a confidentiality agreement for rupee-denominated overseas bonds. the proposed merger between them. Artificial intelligence banking platform Payjo has Punjab National Bank and state-run firm BSNL teamed launched an AI-powered chat assistant for State Bank up to roll out open mobile wallet Speedpay across 10 of India to addresses customer enquiries. The chat states in the country. PNB Speedway wallet will assistant, known as SBI Intelligent Assistant, or SIA, operate like any other mobile wallet for paying bills, will help customers with everyday banking tasks just recharging phone besides its users will be able to like a bank representative. deposit and withdraw money from authorized retail SBI lowered the Minimum Average Monthly Balance outlets. (MAB) requirement in a savings account to Rs 3,000 Asian Development Bank (ADB) will provide a USD from Rs 5,000 and also revised downwards penalties 152 million to Nepal for the implementation and for not maintaining such a balance. 3 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App REPORT THE ERROR IN CAPSULE at [email protected] THE HINDU REVIEW: SEPTEMBER 2017 IDBI Bank launched „Project Nishchay‟ in partnership The Union Cabinet has approved the revamped Khelo with the Boston Consulting Group (BCG) to accelerate India program at a cost of Rs.1,756 crore for the period its turnaround program and improve financial 2017-18 to 2019-20. The Programme aims at performance. The project will be led by senior mainstreaming sport as a tool for individual management at IDBI Bank along with BCG. development, community development, economic US central bank has fined global banking giant HSBC development and national development. $175 million for failing to oversee foreign exchange Dr. Harshvardhan launched “Pt Deen Dayal traders who misused confidential client information Upadhyay Vigyan Gram Sankul Pariyojana” which and colluded with traders at competing banks. will experiment and endeavour to formulate and Insolvency and Bankruptcy Board of India (IBBI) implement appropriate S&T Interventions for registered National E-Governance Services Limited Sustainable Development through cluster approach in (NeSL) as an Information Utility (IU) under the IBBI Uttarakhand. (Information Utilities) Regulations, 2017. With this Minister of State Health and Family Welfare Anupriya NeSL has become the first IU registered by the IBBI Patel launched a nationwide health campaign to and the registration is valid for five years from the date sensitise women about the early screening and the of registration. preventive care for cancer. Themed 'Nurturing the India‟s largest private sector lender, ICICI Bank Nurturer', the campaign was launched by FICCI Ladies announced a new home loan scheme that offers Organisation (FLO) in partnership with the Apollo borrowers the benefit of 1% cashback on every EMI, for Hospitals group. the entire ten Union Minister for Petroleum and Natural Gas Public sector Syndicate Bank has cut savings account Dharmendra Pradhan has launched Pradhan Mantri interest rate by 0.50 percent to 3.50 percent for deposits LPG Panchayat at Mota Ishanpur village in up to Rs 25 lakh. The bank has revised rate of interest Gandhinagar district of Gujarat. on savings bank deposits with effect from October 10 Prime Minister Narendra Modi has launched Sahaj Bijli to 3.50 percent from 4 percent existing rate. For the Har Ghar Yojana or „Saubhagya‟, to supply 24/7 deposits above Rs 25 lakh, the interest rate is electricity supply to poor households. The government unchanged at 4 percent. stated that states will be required to complete the household electrification by March 31, 2019. The total Schemes/Portals/Missions Launched outlay for the Saubhagya scheme will be Rs 16,320 crore. Union Home Minister Rajnath Singh has launched first Odisha Government launched „Sampurna (Sishu Intelligence Wing of Sashastra Seema Bal (SSB) and Abond Matru Mrityuhara Purna Nirakaran Abhijan) Welfare & Rehabilitation Board (WARB) App in New Yojna‟ scheme for pregnant women, in Odisha. Under Delhi authorized to Protect the shared borders of India the scheme, Odisha government will provide Rs.1,000 with Nepal and Bhutan. as transport cost for pregnant women to travel to the Union Environment Ministry launched an hospital. environment awareness initiative on the occasion of Teachers‟ Day. Under the initiative, an online environmental quiz competition named Prakriti Khoj will be conducted at the national level. The Union Ministry of Health and Family Welfare launched two new contraceptives- an injectable contraceptive MPA under the „Antara‟ program and a contraceptive pill „Chhaya‟ in the public health system to expand the basket of contraceptive choices for couples. Energy Efficiency Services Limited (EESL), under Ministry of Power, Government of India has launched UJALA (Unnat Jyoti by Affordable Lighting for All) Scheme in the State of Melaka, Malaysia. Under this scheme, each household in Melaka will get 10 high- quality 9-watt LED bulbs. Ministry of Electronics and Information Technology (MeitY) launched a nationwide Hackathon „OpenGovDataHack‟ to support and showcase potential ideas/talent from inner India. 4 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App REPORT THE ERROR IN CAPSULE at [email protected] THE HINDU REVIEW: SEPTEMBER 2017 Prime Minister Narendra Modi launched - Pradhan up charging infrastructure and special manufacturing Mantri Sahaj Bijli Har Ghar Yojana „Saubhagya‟ to zones. provide electricity connections to over 4 crore families Tripura has become the first state in the country to set in rural and urban areas by December 2018. India will up family welfare district committees to examine the achieve the target of power for all by December 2018, complaints of women against their husbands and in- while all villages will be electrified by the end of 2017.