From the Md's Desk
Total Page:16
File Type:pdf, Size:1020Kb
FROM THE Content 1. MD’S DESK... BANKING & FINANCE Dear Aspirants, Page- 02 This is the information age and knowledge has 2. no limit. Gone are the STATE AFFAIRS days when people used Page-03 to depend solely on libraries and books to 3. gain knowledge. The NATIONAL NEWS means of procuring Page-04 knowledge and Anshuman Nayak accessing information 4. has undergone a sea B.E. (NIST, change with the advent Berhampur) GLOBAL NEWS of computers, internet MBA (HR) (UBS, Page-07 and smart phones. The Chandigarh) internet is the biggest 5. library ever created in human history and PEOPLE IN NEWS seemingly presents itself as an unlimited and ever Page-09 growing store of knowledge and information. So when my team approached me with the idea 6. of a current affairs magazine of ARIFIN the SPORTS first question I asked myself was why? What Page-13 difference can we make? 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 8. there is still a gap to be bridged when it Know more about Jammu & Kashmir comes to providing precise, succinct and Page-17 relevant information. (2) It need not be a mere current affairs 9. magazine but rather it can be a holistic GK/CURRENT AFFAIRS QUIZ support system for competitive Exam Page-19 preparation with question banks, tips and 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 Page-32 editorial team is a blend of youth, energy, 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 AUGUST 2019 BANKING & FINANCE RBI fines 4 Public Sector Banks for violating Punjab & Sind Bank sets up Cen-MARG KYC norms Punjab & Sind Bank has set up a centralised The Reserve Bank of India has imposed hub “Centralised MSME & Retail Group”. It penalties on four state-run lenders for violating will process retail and MSME loans for the better Know Your Customer norms and anti-money efficiency of branches in business acquisition. laundering standards. The Cen-MARG has been envisioned to ensure Punjab National Bank, Allahabad Bank, and qualitative improvement in credit appraisal, UCO Bank were fined Rs 50 lakh each while improved turnaround time, uniform Corporation Bank was fined Rs 25 lakh. documentation, and efficient monitoring. N S Vishwanathan gets extension by one year RBI board finalises ‘Utkarsh 2022’ as RBI deputy governor The Reserve Bank of India board has finalised Reserve Bank of India Deputy Governor N S a three-year roadmap ‘Utkarsh 2022’. Vishwanathan has been given a one-year It is a three-year road map for medium term extension by the GoI. Presently he is heading objectives to be achieved for improving the Department of Banking Regulation of the regulation and supervision of the central bank. Reserve Bank of India. SBI slashes lending rates by 5 bps RBI sets up panel to review CICs State Bank of India has reduced its benchmark The Reserve Bank of India has set up a working lending rate by 5 bps across all loan tenures. group to review the regulatory and supervisory The lender’s one-year marginal cost of funds framework for core investment companies based lending rate (MCLR) will be 8.4% (CIC). compared with 8.45%. The group will be headed by Tapan Ray, non- RBI fines Union Bank, SBI for flouting norms executive chairman, Central Bank of India. The Reserve Bank of India has penalised State The panel will examine the current regulatory Bank of India and Union Bank of India for framework for CICs in terms of adequacy, violating certain regulatory guidelines. efficacy and effectiveness. SBI was fined Rs 7 crore for non-compliance ‘Vasool So-Ft’ launched to digitize NPA on Income Recognition and Asset Classification recovery process norms, code of conduct for opening and Karnataka Bank Ltd has launched the web tool operating current accounts and reporting of data ‘Vasool So-Ft’ (Vasool So-Fast) for digitalising on Central Repository of Information on Large the Non Performing Asset recovery process of Credits, and fraud risk management and the bank. classification and reporting of frauds. The digital tool for the recovery of stressed assets The central bank also imposed a Rs 10 lakh will provide an end to end digital solution. It will fine on Union Bank of India for non compliance enable easy and faster processing, real time with the directions on the cyber security information and immediate decision making in framework in banks. the recovery area. HDFC Bank terminated & delisted its GDRs 2 www.arifin.in Current Affairs Magazine AUGUST 2019 from Luxembourg Stock Exchange India is expected to grow by 7% in 2019 and Private sector lender HDFC Bank has 7.2% in 2020, slightly slower than projected in terminated and de-listed its 22 outstanding global April, ADB said in its supplement to the Asian depository receipts (GDRs) from the Development Outlook 2019. Luxembourg Stock Exchange. HDFC Bank, CSC launch credit card for VLEs The action has been taken due to low trading and small traders volume of GDRs. HDFC Bank and Common Services Centres Centre cuts interest on GPF by 10 bps launched a co-branded ‘Small Business Money Finance Ministry has cut the rate of General Back Credit Card’ for small traders and village- provident fund (GPF) by 10 basis points from level entrepreneurs (VLEs). 8% to 7.9%. The credit card is specifically designed for VLEs During the year 2019-2020, accumulations at and VLE-sourced customers. It will give users the credit of subscribers to the GPF and other easy access to credit for their day-to-day similar funds shall carry interest at the rate of business expenses. 7.9% with effect from July 1, 2019 to 30th IMF lowers India’s growth outlook for FY20 September 2019. The International Monetary Fund has lowered ADB cuts India’s GDP growth rate from 7.2% its annual growth forecast for India from 7.3% to 7% for FY20 to 7% in financial year 2019-20. Asian Development Bank lowered India’s GDP The IMF’s stance reflects a weaker-than- growth rate from 7.2% to 7% for the current expected outlook for domestic demand. fiscal year. STATE AFFAIRS Tamil yeoman declared Tamil Nadu’s state The Supreme Court of India has directed the butterfly Meghalaya government to deposit the Rs 100 Tamil yeoman (Cirrochroa thais) butterfly has crore fine. been declared the state butterfly of Tamil Nadu. The fine was imposed by the NGT for failing to These butterflies are also known as Tamil curb illegal coal mining with the Central Pollution Maravan, which means warrior, are found Control Board. mainly in the hilly areas. 316 tourist spots to be developed by Assam Tamil Nadu is only the fifth state in the country Govt to declare its state butterfly. Assam Tourism Development Corporation will Tripura gets Rs 358 crore from GoI for road spent 150 crore rupees to develop the 316 projects locations under Axom Darshan. The GoI has sanctioned an additional amount 10k monthly allowance to Padma Shri of Rs 358 crore for the construction of new awardees by Odisha govt roads in rural areas of Tripura. Odisha government has decided to give Meghalaya fined Rs 100 cr for illegal coal monthly allowance of Rs 10,000 to Padma mining 3 www.arifin.in Current Affairs Magazine AUGUST 2019 award winners of the state facing financial and 35th districts of Tamil Nadu. problems. Andhra Pradesh first state to reserve 75% The decision has been taken on the basis of the private jobs for locals Culture Department’s report on the economic Andhra Pradesh has become the first state in conditions of the Padma award winners of the the country to reserve jobs for locals. The state. Andhra Pradesh Assembly passed the Andhra Maharashtra increases aid to kin of Martyred Pradesh Employment of Local Candidates in Jawans Industries/Factories Act, 2019. Maharashtra government increased financial Industries/Factories Act, 2019 reserves 75% aid to families of jawans martyred in war or private jobs across all categories in industrial war-like situations or conflict related to national units, factories, joint ventures as well as the security from Rs 25 lakh to Rs 1 crore. project that are in public-private partnership Personnel wounded in conflict will get monetary (PPP) mode. compensation ranging from Rs 20 lakh to Rs Gujarat tops in rooftop solar installation across 60 lakh each, depending on the severity of their the country injury. Gujarat ranks on top in the installation of rooftop Chengalpet, Tenkasi to be new districts in solar projects with an installed capacity of Tamil Nadu 261.97 megawatts. The number of districts in Tamil Nadu will go Total rooftop solar installation in India currently up to 35 as the government announced its stands at 1,700.54 MW. decision to carve out Tenkasi district from Gujarat is followed by Maharashtra and Tamil Tirunelveli district and Chengalpet district from Nadu with 198.52 MW and 151.62 MW. Kancheepuram district will become the 34th NATIONAL NEWS ‘Tribes India’ & ‘Go Tribal Campaign’ of wheat from any ration shop in the country as Tribes India launched long as their ration cards are linked to Aadhaar.