MONTHLY ISSUE AUGUST - 2018 Vanik ’s Current Affairs Banking | Railway | Insurance | SSC | UPSC | OPSC | PSU
Page No. 118 5 NO. OF PRACTICE SET FOR GA Asked TOPPERS’ TALK SBI-Clerk (Main) RANK RANK in All Bank SBI- PO (Prelim) 63 98 Exam - 2017 SSC-CGL (Tier-I) (Part-2) Railway Group-D (Prelim) Railway-ALP (Prelim)
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1. BEST FACULTY OF INDIA FOR CLASSES COMPARE TO ALL OTHER INSTITUTE. 18. Weekly Current Affairs handout separately. 2. Highest no of Classes from basic to advance level. 19. Weekly newspaper reading classes. 3. Highest no of hours in every subject for better understanding. Total hours for 20. One month free online test (MTD – Banking Test & Discussion) and six month banking - 450+HRS (6 MONTHS DAILY 2 HRS CLASS) AND SSC - 750+ HRS (6 free practice test (TBT, SBT, MCT, FPT & PPT) MONTH DAILY 4 HRS CLASS) 21. Two month free online test (MTD, VTD) and six month free practice test (TBT, SBT, MCT, FPT & PPT) 4. Separate vocabulary class (1000 - BANKING AND 2000 WORDS - SSC) (Weekly 22. Interview classes , mock interview with video recording and analysis Once) 23. Personal development and group discussion class 5. Special class for upcoming exams. 24. LARGEST ONLINE TEST PLATFORM (VOTE - VANIK ONLINE TEST AND 6. Separate traditional GK class for easy remember GK in the class itself. EXPLANATION ) Separately for Bank PO, Bank Clerk, SSC & Railway 7. Time to Time motivational class and classes how to crack the exam by our experts. 25. Weekly 3 online mock test of upcoming exams with discussion (MTD- MOCK TEST 8. Separate Doubt clearing classes , personal doubt clear with faculty. & DISCUSSION and VTD - VANIK TEST & DISCUSSION ) 9. Daily class test of every class after the class (Offline) 26. Online weekly class test of all batch (YOU CAN GIVE EVERY BATCH CLASS TEST 10. Weekly test of weekly covered topics of all subjects (Online) ONLINE (CTD- CLASS TEST & DISCUSSION 11. Monthly class test for monthly cover topics. 27. Unlimited online practice tests as per your choice (MCT - MY CHOICE TEST). 12. Class room assignment practice and discussion of every topic in class it self 28. Separate online test subject wise and topic wise test ( SBT - SUBJECT BASED TEST 13. Daily current affair handouts before the class AND TBT - TOPIC BASED TEST). 14. Weekly current affair class with weekly C/A question & test discussion class. 29. Hostel (both boys and ladies separately). 15. Best material with work book for practice more question at home. 30. In campus canteen facility. 16. Highest no of material. Total -25+ VOLUMES FOR BANKING AND 35+ VOLUMES 31. 24 hrs study room for self study FOR SSC. 32. Highest level of success rate. 17. Daily Quiz (Banking & SSC Separately). 33. Descriptive English Classes. OAS-2015 SELECTED CANDIDATES JYOTIKANTA BHUJABAL RANK-31
And Many More TRUPTI BARAI SANKALP SAHOO GOUTAM MAHALIK MANOBRATA SATPATHY SOUBHAGYA BEHERA SATYAVIKASH BHUYAN SUNITA PATI SWEEKRUTI BARPANDA KHIRABDI T. SAHOO PRATAP CH. SAHOO SOURYA RANJAN MISHRA Selections RANK-17 RANK-45 RANK-55 RANK-67 RANK-70 RANK-72 RANK-75 RANK-84 RANK-91 RANK-104 RANK-131 2 OFS-2015 SELECTED CANDIDATES
TRIDEV RATH PRATIK PATTNAIK SANGRAM PARIDA SHEETAL AGARWAL GYANI MOHANTY SWETAPADMA DHAL SANJIT SUMAN RAJIV DAS PREETAM KUMAR RATH SAGARIKA SAHU TAPAS DEHURY RANK-159 RANK-174 RANK-194 RANK-199 RANK-214 RANK-267 RANK-326 RANK-352 RANK-364 RANK-403 RANK-406 SANDIP KUMAR PRUSTY SATABDI MISHRA SUBHADARSHINI MOHANTY AISHA AKHATARI NISHA SWEEKRUTI BARPANDA RANK-7 RANK-18 RANK-19 RANK-20 RANK-22
And And Many Many SOURAV DAS More Selections More SUNARAM HEMBRAM RAJESH SETHI BIJAYA TOPPO MITALI M. PATRA SURENDRA GHADAI BHANUPRIYA SABAR APARNA BHOI ASHOK MAJHI BAIDYANATH MURMU SWAGATIKA SAHOO RASHMI R. SWAIN DEBIPRASAD ROUT ADISMITA NAIK JAYASHREE MURMU Selections 1 RANK-451 RANK-470 RANK-474 RANK-481 RANK-494 RANK-577 RANK-645 RANK-665 RANK-668 1 RANK-24 RANK-26 RANK-36 RANK-63 BANKING STUDY MATERIAL (25nos.) SSC STUDY MATERIAL (35nos.) Reasoning APTITUDE ENGLISH VANIK AN K NI VA K NI VA K NI VA AN K NI VA K NI VA VANIK
for APTITUDE APTITUDE for Bank PO, Clerical & for Bank PO, Clerical & H BANKING Bank PO & Clerical LIS Awareness Bank PO, Clerical & REASONING G y & SSC Railway & SSC Bank PO & Clerical | SSC & Railway EENGLISHN Railwa Bank PO & Clerical Bank PO & Clerical Banking Awareness General Awareness All Other Competitive Examinations All Other Competitive Examinations All Other Competitive Examinations
Topicwise Theory with Solved Examples Topicwise Theory with Solved Examples Topicwise Theory with Solved Examples Topicwise Theory with Solved Examples Assignment - I Assignment - II Assignment - I Assignment - II Assignment - I Assignment - II (Class Room Practice) (Home Work Practice) Assignment - I Assignment - II (Class Room Practice) (Home Work Practice) (Class Room Practice) (Home Work Practice) (Class Room Practice) (Home Work Practice)
Leading Institute for Banking, Railway & SSC Leading Institute for Banking, Railway & SSC Leading Institute for Banking, Railway & SSC P u b l i c a t i o n s Leading Institute for Banking, Railway & SSC P u b l i c a t i o n s P u b l i c a t i o n s P u b l i c a t i o n s Message from Director Vanik Publications
EDITOR Mr. Pramod Padhi ASSOCIATE EDITOR Satabdi Sagar Mohanty
ADVISORS G. Khatua & Dear Students, Team R & D The ultimate date for your performance & excellence has PUBLISHING MANAGER arrived, as the exam season has started with SBI-Clerk to be followed Smrutiranjan Chhatoi by series of exams to reach your ultimate dream career. Be composed, DESIGNING & LAYOUT feel confident, keep trust on Almighty and self, success will be yours. Vijaya Maharana
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Page Economy & Banking
Page International Page National Page 8 News 10 News 13
Page Page Page Bilateral State News Award and 15 18 20 Honour Page Person in Page Places in Page Sports 21 News 23 News 25 Page Science & Page Environment Page Defence 27 Technology 29 & Ecology 30
Page Page Page 31 Committee 31 Summit 32 Book & Author
Page Page Page 33 Miscellaneous 34 35One Liner VANIK QUESTION HUB Page 200 MCQ on Page 100 MCQ on Page 40 MCQ on Page 20 Special MCQ 38 Current Affairs 47 SSC/Railway 51Computer 53 on Banking PRACTICE SET
VANIK EXTRA DOSE
Page Page Page GA asked in Who’s Who Abbreviation 109 115 118all Bank Exam-2017
Page Page IAS/OAS SECTION 129 Event of the Month 122 (Disaster Management) MAGAZINE FOR THE MONTH OF AUGUST 2018
As per the report, UCBs with capital funds in the range of Rs 100 crore to Rs 500 crore may be granted facilities akin to Small Finance Banks in the private sector. It had further stated that a business size of ECONOMY Rs 20,000 crore could be considered the threshold limit, beyond which UCBs may convert themselves into commercial banks RBI raises home loan limits under priority sector lending (a) The Reserve Bank of India raised the housing loan limits under priority sector lending (PSL) for economically weaker sections and lower income groups. (b) Home loans up to Rs 35 lakh in metros (with population of 10 lakh and above) will now qualify for the benefits of priority sector lending, against up to Rs 28 lakh earlier. (c) Home loans up to Rs 25 lakh will now qualify under PSL for other centres, compared with Rs 20 lakh earlier. (d) Loans given under PSL are less expensive than RBI IN NEWS those provide by the banks in their ordinary course. The RBI releases Second Bi-monthly Monetary Policy Statement move is expected to make it easier to get loans for housing 2018-19 schemes classified as affordable housing in cities. (e) The overall cost of the dwelling unit in the metropolitan The Reserve Bank of India (RBI) on June 6, 2018 released its centre (with population of ten lakh and above) and at Second Bi-monthly Monetary Policy Statement 2018-19.The six other centres should not exceed Rs 45 lakh and Rs 30 members Monetary Policy Committee (MPC) decided to: lakh, respectively. • Increase the policy Repo Rate under the Liquidity Some fact Adjustment Facility (LAF) by 25 basis points to 6.25 • Under the PMAY, the government is aiming to build 3 percent. crore houses in rural areas and 1 crore in urban centres. • The Reverse Repo Rate under the LAF stands adjusted • More than 47 lakh houses have already been sanctioned to 6.0 percent. in urban areas and more than one crore in rural areas. • The Marginal Standing Facility (MSF) rate and the Bank • The outlay for PMAY-Urban in FY19 is Rs 31,500 Rate stand at 6.5 percent. crore.The outlay for PMAY-Rural for the current • CRR at 4% and SLR at 19.5% financial year is Rs 33,000 crore. (1) The decision of the MPC was consistent with the monetary policy in consonance with the objective of RBI Implements Interest Subsidy Scheme on Short-Term achieving the medium-term target for Consumer Price Crop Loans of Rs 3 lakh through DBT mode Index (CPI) inflation of 4 percent within a band of +/- 2 As per the recent notification by the Reserve Bank of India (RBI), per cent. the interest subsidy scheme on short-term crop loans of up to Rs (2) The RBI retained GDP growth for 2018-19 at 7.4 percent 3 lakh will be implemented through direct benefit transfer (DBT) (3) Retail inflation estimate to 4.8-4.9 percent for the first mode from the current financial year (2018-19). The government half of 2018-19 and 4.7 percent in the second half. has earmarked Rs 15,000 crore for 2018-19 towards interest (4) Considering the level of non-performing assets (NPAs) subvention scheme(ISS) for short-term crop loans. As per the for the ticket size of up to Rs 2 lakh as high, RBI asked scheme, farmers can avail of short-term crop loans of up to Rs 3 banks to strengthen their screening and follow up in lakh at subsidised interest rate of 7 percent that could go down to respect of lending to this segment in particular. 4 percent on prompt repayment. RBI allows Urban Co-operative Banks to become Small RBI allows banks to spread MTM losses Finance Banks The Reserve Bank allowed banks to spread their mark-to-market The Reserve Bank of India (RBI) on June 6, 2018 decided to allow (MTM) losses for the June quarter as well. The central bank had voluntary transition of the Urban Co-Operative Banks (UCB) into also asked banks to build an Investment Fluctuation Reserve (IFR) Small Finance Banks (SFB), a move that is aimed at bringing UCBs of 2% of their holdings. In April, RBI had given banks an option to into mainstream banking. The move is an outcome of the spread provisioning for MTM losses recorded on their investment recommendations made by the High Powered Committee on Urban portfolio. Cooperative Banks in August 2015. The committee was chaired by R Gandhi, the then Deputy Governor of the RBI.
3 Plot-1441, Opp. IOCL Petrol Pump, CRP Square, Bhubaneswar-751015 Ph. : 8093556677, 9040456677, Web : www.vanik.org, E-mail : [email protected] MAGAZINE FOR THE MONTH OF AUGUST 2018
RBI to set up Public Credit Registry to curb bad loans p.a. for regular Green Future: Deposits and 8.00%* p.a. for Senior The Reserve Bank of India (RBI) on June 6, 2018 announced to set Citizens. up a Public Credit Registry, an information repository that has all YES Bank-Headquarters: Mumbai, CEO: Rana Kapoor) loan information of individuals and corporate borrowers. The move is based on the recommendations of a committee headed by Y.M. HDFC Bank recognized for best practices in payment Deosthalee that was set up in 2017. The committee submitted its security report in April 2018. HDFC Bank has been conferred with the Champion Security Award 2018 at the 14th Visa Asia Pacific Security Summit for second time OTHER BANKS in a row in the India and South Asia category. The Award is a mark Karnataka Bank unveils KBL Deposit Only Card of excellence reflecting leadership in risk management and payment Karnataka Bank has unveiled a novel card variant KBL Deposit security performance. It recognizes banks who apply international Only Card , which enables hassle free cash deposit transaction at best practices to every aspect of keeping electronic transactions Bank s 24×7 e-Lobby services. This card is specially meant for secure. Bank s Current/Overdraft customers and by using this card they Yes Bank inks MoU with SIDBI to provide loans to SMEs, can perform card based cash deposit transactions even with higher MSMEs deposit limit at Bank s Bunch Note Acceptor (BNA) / Cash Yes Bank has signed an MoU with Small Industries Development Recycler kiosks. The limit for the cash deposit a day is Rs 10 lakh. Bank of India (SIDBI) to become the preferred financial institution Muthoot Fincorp, NSDC to train 10,000 youth under to extend banking facilities to small and medium enterprising (SME) PMKVY customers of SIDBI. Small Industries Development Bank of India Muthoot Fincorp Limited has announced its partnership with (SIDBI) acts as the Principal Financial Institution for the National Skill Development Corporation to train over 10,000 youth Promotion, Financing and Development of the Micro, Small and over the next three years and make them job ready. With the Medium Enterprises (MSME) sector. partnership, Muthoot Fincorp claims to have become the first HDFC Bank will now offer Digital Loans against your mutual major private sector player to partner with National Skill funds Development Corporation (NSDC) to launch the Pradhan Mantri India s most valuable lender HDFC Bank has launched Digital Loans Kaushal Vikas Yojana (PMKVY-2) programme. against Mutual Funds in partnership with transfer agent CAMS. Skill India is a campaign launched by Prime Minister Narendra Customers can now pledge mutual fund assets online and get Damodardas Modi on 15 July 2015 which aim to train over 40 overdraft limit set in their account in under 3 minutes, the bank crore people in India in different skills by 2022. PMKVY scheme claimed. under the skill India, will cover 10 million (1crore) youth during the period 2016 -2020.An allocation of Rs. 12,000 crores has been Yes Bank empaneled as Settlement Bank by National Stock made for the period 2016 - 2020. Exchange MARG ERP partners with ICICI Bank for accounting and Yes Bank has received approval from National Stock Exchange to banking solutions be enrolled as Settlement Bank for National Securities Clearing Corporation (NSCCL), a wholly owned subsidiary of NSE. YES Marg ERP limited, a leading Enterprise Resource Planning (ERP) BANK will provide comprehensive Settlement & Clearing services company has partnered with ICICI Bank to offer an integrated suitable to the members by leveraging its state-of-the-art payments platform to Micro, Small and Medium Enterprise Technology platform coupled with superior service excellence and (MSME) customers, using Marg s accounting software.This constant innovation integration aims to promote Connected Banking and enables ICICI Bank s current account holders to securely connect their bank HDFC ERGO brings its AI chatbot service DIA on Google account with the MARG ERP software and undertake an array of Assistant digital transactions from within the ERP platform itself. General insurance company HDFC ERGO launched its Artificial YES BANK Launches India s First Ever Green Deposit Intelligence (AI)-enabled chatbot “DIA” on Google Assistan to Product enable users to access the service through Google s home device. With DIA, the company aims to provide instant solutions to user Yes Bank, India s fourth largest private lender, has launched the queries related to general insurance through a simple voice command first-ever green deposit scheme named Green Future: Deposit. — “Ok Google, Talk to HDFC ERGO”. A chatbot is a computer The Bank has set the target to raise up to Rs. 1,000 crore via this program or an artificial intelligence which conducts a conversation novel product offering. via auditory or textual methods. Ritesh Kumar, Managing Director It can be opened for a tenure of 18 months and 8 days to 18 and CEO, HDFC ERGO. Headquarters: Mumbai months and 18 days, with best-in-class peak interest rate of 7.50%
4 Plot-1441, Opp. IOCL Petrol Pump, CRP Square, Bhubaneswar-751015 Ph. : 8093556677, 9040456677, Web : www.vanik.org, E-mail : [email protected] MAGAZINE FOR THE MONTH OF AUGUST 2018 KEY ISSUES Northeast India’s first small bank “North East Small Finance for using USSD based mobile banking. It is envisioned to provide financial bank” starts operation deepening and inclusion of underbanked society in the mainstream banking Tata Trust chairman Ratan Tata and Assam’s finance minister Himanta Biswa services. Sarma launched the first 28 branches of Northeast India’s first small bank, North East Small Finance bank (NESFB) Rashtriya Gramin Vikas Nidhi (North Piyush Goyal announces setting up committee for asset East) Microfinance Limited received the Small Finance Bank License from reconstruction companies the Reserve Bank of India (RBI) on March 31, 2017. Rupali Kalita, MD & Finance Minister Piyush Goyal has announced setting up of a committee to give CEO NESFB recommendations on the formation of an Asset Reconstruction Company for 1) Existing non-banking financial companies (NBFC), microfinance faster resolution of stressed accounts of public sector banks. The committee is institutions (MFI) and Local Area Banks (LAB) can apply to chaired by Sunil Mehta, the non-executive Chairman of Punjab National Bank become small finance banks.The firms must have a capital of An Asset Reconstruction Company is a specialized financial institution that buys at least Rs 100 crore the NPAs or bad assets from banks and financial institutions so that the latter can 2) The promoters should have 10 years experience in banking clean up their balance sheets. Or in other words, ARCs are in the business of and finance. buying bad loans from banks. 3) The promoters stake in the paid-up equity capital will be at As per amendment made on the SARFAESI Act in 2016, an ARC should have a least 40% initially but must be brought down to 26% in 12 years. minimum net owned fund of Rs 2 crore. The RBI plans to raise this amount to Rs Joint ventures are not permitted. 100 crore by end March 2019. Similarly, the ARCs have to maintain a capital 4) FDI allowed up to a maximum of 74 per cent of the paid-up adequacy ratio of 15% of its risk weighted assets. capital of the bank.At all times, at least 26 per cent of the paid- RBI amends Gold Monetisation Scheme to make it more up capital will have to be held by residents. attractive 5) They are established as public limited companies in the private The Reserve Bank of India (RBI) has made changes in the Gold Monetisation sector under the Companies Act, 1956. Scheme (GMS) to make it more attractive. The revamping of the scheme is 6) They are governed by the provisions of Reserve Bank of India aimed at enabling people to open a hassle-free gold deposit account. Act, 1934, Banking Regulation Act, 1949 and other relevant (1) The short-term deposits should be treated as bank’s on-balance statutes. sheet liability. These deposits will be made with the designated banks 7) 75% of its net credits should be in priority sector lending for a short period of 1-3 years . Deposits can also be allowed for 8) Small banks will offer deposit services as well as loan broken periods (e.g. 1 year 3 months and 2 years 4 months 5 days) disbursements (2) The Medium Term Government Deposit (MTGD) can be made for 5- M K Jain named new RBI deputy governor 7 years with Rate of interest at 2.25% p.a.These deposits can be (a) Mahesh Kumar Jain, MD & CEO of IDBI Bank was appointed as withdrawn any time after 3 years. the fourth deputy governor of the (3) Long Term Government Deposit (LTGD) can be made for 12 to 15 Reserve Bank of India on June 4, years with Rate of interest at 2.50% p.a. 2018. He would be serving a term (4) These deposits can be withdrawn any time after 5 years. of three years. The duration (b) The fourth deputy governor’s post and rate of has been vacant since SS Mundra interest on retired on July 31, 2017. Medium and (c) There are 4 deputy governors- BP Long Term Kanungo, N S Vishwanathan and Government Viral Acharya, Mahesh Kumar Jain. Deposits will (d) NOTE-Sudha Balakrishnan, a former vice president at National be decided by Securities Depository Ltd., assumed charge as the first Chief C e n t r a l Financial Officer (CFO) of the Reserve Bank of India (RBI) on 15 Government May 2018. and will be (e) Uma Shankar, chief general manager (CGM) in charge of the notified by Reserve Bank of India’s financial inclusion and development Reserve Bank of department has taken over as executive director (ED) in the India from time to central bank. time. The periodicity of RBI organises ‘Financial Literacy Week’ interest payment The Reserve Bank of India (RBI) will observe financial literacy week from on these deposits is June 5-9 across the country. The financial literacy week will focus on four annual and will be broad themes—Know Your Customer (KYC), Exercising Credit Discipline, paid on March 31 every year. Grievance Redressal and Going Digital (UPI and *99#) Gold Monetisation Scheme Customers will be told through banners and posters that in case of • In 2015, the government launched the Gold Monetisation Scheme unauthorised digital transaction if bank is informed within 3 days, the liability with the objective of mobilising the gold held by households and of the account holder is zero. Resolution of complaint is to be done by the institutions in the country. bank concerned within period not exceeding 90 days from the date of receipt • The minimum deposit at any one time shall be 30 grams of raw gold, of the complaint. be it bars, coins, jewellery excluding stones and other metals. There UNSTRUCTURED SUPPLEMENTARY SERVICE DATA (USSD) is no maximum limit for deposit under the scheme. UPI is also available as a mobile phone USSD service. The innovative • payment service *99# works on Unstructured Supplementary Service Data The tenure of gold deposits starting minimum from one year. (USSD) channel. This service allows mobile banking transactions using basic feature mobile phone, there is no need to have mobile internet data facility ♦♦♦♦
5 Plot-1441, Opp. IOCL Petrol Pump, CRP Square, Bhubaneswar-751015 Ph. : 8093556677, 9040456677, Web : www.vanik.org, E-mail : [email protected] MAGAZINE FOR THE MONTH OF AUGUST 2018 RATING AND SURVEY WhatsApp Introduced payments service in India World Bank forecasts 7.3 per cent growth for India in WhatsApp has introduced beta testing of WhatsApp s payments FY2018-2019 service in India. Almost one million people are “testing” the service The World Bank has forecast a growth rate of 7.3 percent for India over last few months.WhatsApp had earlier taken permission from for 2018-19 and 7.5 percent for the next two years, making it the the NPCI to tie up with banks to facilitate financial transactions fastest growing country among major emerging economies. World via the Unified Payments Interface (UPI). Bank-Headquarters: Washington, D.C. President: Jim Yong Kim, CEO: Kristalina Georgieva IRDAI Sets Up Panel To Review Norms For Marketing NOTE: Global Economic Prospects published by World BANK Firms • Ease of Doing Business-IBRD (World Bank), World The Insurance Regulatory and Development Authority of India Development Report-IBRD (World Bank) (IRDAI) has formed a 10 member panel to review norms related to • Global Financial Stability Report, World Economic insurance marketing firm (IMF) with an aim to increase insurance Outlook - IMF (International Monetary Fund) penetration in the country. The committee is headed by Suresh • Global Information Technology Report, Travel and Mathur, Executive Director of IRDAI, with nine more members. Tourism Competitiveness Report and Global IRDAI-founded:1999,Headquarters: Hyderabad, Agency executive: Competitiveness Report (GCR) report published by Subhash Chandra Khuntia (Chairman) WEF (World Economic Forum). Intra-state e-way bill comes into force WPI inflation spikes to 14-month high of 4.43% in May on costlier fuel Maharashtra, Manipur & 5 union territories have rolled out intra- Inflation based on wholesale prices shot up to a 14-month high of state e-way bill system for movement of goods worth over Rs 4.43 percent in May on increasing prices of petrol and diesel, 50,000 within the state. With this, the number of States, where the prompting industry to demand action from policymakers to keep system is being implemented will go up to 27. E-Way Bill is an fuel prices under check. The previous high was in March 2017, electronically generated document which is required to be generated when the WPI inflation stood at 5.11 per cent. for the movement of goods of more Rs. 50,000 from one place to another Fitch Raises India s growth forecast to 7.4% for FY 19 and 7.5% for FY20 True Balance partners with Bharat Bill Payment Operating Fitch Ratings has raised India s growth forecast for 2018-19 to 7.4 Unit percent from 7.3 percent due to higher financing costs and rising True Balance, a Digital Wallet and Financial Services Platform has oil prices as risks to growth. For 2019-20, it estimated the country announced a tie up with Bharat Bill payment operating Unit to grow at 7.5 percent. Fitch- Headquarters: New York City,CEO: (BBPOU), an RBI conceptualized system, to facilitate quick and Paul Taylor easy bill payments. Moody s trims GDP growth forecast for 2018 to 7.3% NOTE : International agency rating Moody s Investor Services has cut 1. Bharat Bill Payment System (BBPS) is an integrated bill India s growth forecast to 7.3 percent from the previous 7.5 percent payment system which will offer interoperable bill for calendar year 2018. However, it has maintained the estimate payment service to customers online as well as through for 2019 at 7.5 percent in its report on Global Macro Outlook: a network of agents on the ground. 2018-19 (May 2018 Update) . 2. Bharat Bill Payment Central Unit (BBPCU) will be a single authorized entity operating the BBPS. National OTHER FINANCIAL NEWS Payment Corporation (NPCI) has been identified to act EPF interest rate hits 5-year low at 8.55% as BBPCU. Government is likely to notify this week the 5-year low 8.55% 3. Bharat Bill Payment Operating Units (BBPOUs) will be interest on EPF for 2017-18 as against the interest rate of 8.65% for 2016-17. The Central Board of Trustees (CBT), the apex authorised operational entities, adhering to the standards decision making body of the Employees Provident Fund set by the BBPCU for facilitating bill payments online Organisation (EPFO), headed by the Union Labour Minister, had as well as through a network of agents, on the ground. decided to fix 8.55% interest for 2017-18 in its meeting held on 4. The total number of Bharat Bill Payment Operating Unit February 21, 2018. The EPFO had provided 8.65 per cent interest (BBPOU) certified by NPCI now stands at 24. for 2016-17. NOTE-UAN is Universal Account Number. The UAN is a 12- FDI in India fell by USD 4 billion in 2017 digit number allotted to employee who is contributing to EPF will According to latest World Investment Report 2018 released by be generated for each of the PF member by EPFO. UNCTAD, Foreign Direct Investment to India decreased to $40 billion in 2017 from $44 billion in 2016 according to a new trade report by the UN. FDI in India decreased by $4 billion (Rs 26,000 crore) in 2017 while there was outflow of $11 billion.
6 Plot-1441, Opp. IOCL Petrol Pump, CRP Square, Bhubaneswar-751015 Ph. : 8093556677, 9040456677, Web : www.vanik.org, E-mail : [email protected] MAGAZINE FOR THE MONTH OF AUGUST 2018
United Nations Conference on Trade and Development: INVESTMENT & ALLOCATION Headquarters: Geneva, Switzerland.Head- Mukhisa Kituyi NOTE: Mauritius is the largest source of foreign investment in SoftBank to invest up to $100 billion in Indian solar India, followed by the US and the UK SoftBank Group Corp has decided to invest $60 billion-$100 billion in a solar power project in India.The company is expected to make Income Tax Department launches new Benami Transactions the investment through a fund backed by Saudi Arabia s Informants Reward Scheme, 2018 government, NHK said. Saudi Arabia is the largest investor in The Income Tax Department has issued a new reward scheme SoftBank s Vision Fund. SoftBank-Headquarters: Minato, Tokyo, titled “Benami Transactions Informants Reward Scheme, 2018” to Japan.CEO: Masayoshi Son seek people s participation in the Income Tax Department s efforts to unearth black money and to reduce tax evasion. Under the Benami World Bank approves Rs. 6,000 crore Atal Bhujal Yojana Transactions Informants Reward Scheme, 2018, a person can get The World Bank has approved Water Resources and River reward up to Rs. 50 lakh for giving specific information about Development Ministry s Rs 6000 crore worth central sector scheme, substantial evasion of tax on income or assets in India which are Atal Bhujal Yojana . The scheme will be implemented over a period actionable under the Income-tax Act, 1961. of five years from 2018-19 to 2022-23 with assistance from the Besides, Rs. 1 crore for giving specific information about benami World Bank. Under the scheme, funds will be provided to the transactions and properties as well as proceeds from such properties states for strengthening the institutions responsible for the which are actionable under Benami Property Transactions Act, governance of ground water as well as for encouraging community 1988, as amended by Benami Transactions (Prohibition) involvement for improving ground water management to foster Amendment Act, 2016. Giving information about stashed black behavioural changes that promote conservation and efficient use of money can fetch individuals up to Rs 5 crore water. CORPORATE AFFAIR Government, World Bank sign agreement worth $500m for PhonePe, Ola Tie-Up For Hassle-Free Cab Auto Bookings PMGSY rural roads project The Union Government signed a $500 million loan agreement with Payments platform PhonePe has partnered with world s largest the World Bank to provide additional financing for the Pradhan taxi aggregator, Ola to offer a hassle-free cab and auto booking Mantri Gram Sadak Yojana (PMGSY) Rural Roads Project. The experience to the users. The tie-up will enable users to now book project, implemented by the Union Rural Development ministry, an Ola using the PhonePe app. aims to build 7,000 km of climate resilient roads, out of which PhonePe- PhonePe is a Fin-Tech company headquartered in 3,500 km will be constructed using green technologies. Bangalore, India. It provides online payment system based on Unified Payments Interface (UPI), which is a new process in World Bank to lend $21.7 mn for Rajasthan