Banking and Financial Awareness – 67

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07 Sep, 2014

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PMJDY-2

1) The ambitious Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched formally on 28 August 2014 by the Prime Minister Narendra Modi at function held at Vigyan Bhawan in New Delhi. The scheme promoted mainly to end financial untouchability in India saw the opening of an estimated 1.5 crore bank accounts across the country on this single day. What are the main benefits for families opening accounts under PMJDY?

Explanation :

Following are the main benefits for account holders of PMJDY

  1. A RuPay debit card for every account holder
  2. Rs. 1 lakh accident insurance cover
  3. Rs. 5,000 overdraft facility
  4. An additional Rs. 30,000/- life insurance cover for those opening bank accounts before 26 January 2015

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2) Which professional services firm was hired by the Union Finance Ministry to undertake a validation exercise of the number of basic bank accounts opened by the banks under the Pradhan Mantri Jan Dhan Yojana (PMJDY)? – KPMG

Explanation :

KPMG would provide some comfort to the Finance Ministry that the numbers submitted by the banks pertaining to PMJDY were accurate and reflected the true picture. KPMG’s confirmation of the number of accounts opened will help the Centre pitch for an entry into the Guinness Book of World Records for the maximum number of bank accounts opened in a day. On 28 August 2014, the launch date of the PMJDY, the banking system had opened around 1.5 crore bank accounts. KPMG has already commenced work for this purpose and have approached banks to share information on the number of accounts opened under the PMJDY. Under the PMJDY, the Government is looking to open at least 7.5 crore basic bank accounts for 7.5 crore unbanked families in the country.

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3) What is the slogan (punchline) of Pradhan Mantri Jan Dhan Yojana (PMJDY) which was launched on 28 August 2014? – “Mera khaata Bhagya vidhataa” (which means “My Bank Account – The Good Fortune Creator”)

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4) Which public sector bank on 5 September 2014 Pehla Kadam and Pehli Udaan – two new Savings Bank products for children? – State Bank of India (SBI)

Explanation :

Pehla Kadam is a Savings Bank account for minor of any age operated jointly with his/her parent/guardian, while Pehli Udaan is a singly operated Savings Bank Account for a minor aged 10 years and above and who can sign uniformly. Specially branded passbook and cheque book have been designed for these products. All the account holders will be given an exclusively designed personalised photo ATM-cum-Debit Card. Other features bundled along with the two products include Internet banking with limited transaction facilities like bill payment, opening of fixed deposits, recurring deposits, etc. with per day transaction limit of Rs. 5,000, and mobile banking with limited transaction facilities like bill payment, and top-ups with per day transaction limit of Rs. 2,000.

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5) The Reserve Bank of India (RBI) during August 2014 notified that the two-step authentication for credit card transactions including ‘card not present transactions’ is a must as mandated under the rules. This announcement was made by the RBI primarily to set right which anomaly? – To bring under check the so-called customer-friendly payment model followed by certain service providers

Explanation :

The toughening RBI stance on two-step authentication process is primarily aimed to set right an unintended wrong arising out of the so-called customer-friendly payment model followed by certain service providers. By doing so, they have managed to give the two-step authentication requirement a slip. According to the RBI, however, this is resulting in foreign exchange outflow. The non-adherence to the two-step authentication process has also made the field uneven for players especially in fields such as taxi operation. Frequent taxi users among credit card holders will prefer a cab provider who accepts a hassle-free payment process.

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6) The much-awaited minimum monthly pension of Rs. 1,000 and a higher wage ceiling of Rs. 15,000 for social security scheme run by retirement fund manager Employees’ Provident Fund Organisation (EPFO) came into effect from 1 September 2014. This Rs. 1,000 pension scheme is being made available under which scheme of EPFO? – Employees’ Pension Scheme 1995 (EPS-95)

Explanation :

The government has notified enhancement of wage ceiling to Rs. 15,000 per month, fixed minimum monthly pension at Rs. 1,000 under EPS-95 and enhanced the maximum sum assured under the Employees’ Deposit Linked Insurance (EDLI) Scheme to Rs. three lakh. The government’s decision to fix pension entitlement of Rs. 1,000 under the Employees’ Pension Scheme 1995 (EPFS-95) will immediately benefit 28 lakh pensioners who get less than this amount at present. The move to enhance the minimum wage ceiling for becoming a subscriber of Employees’ Provident Fund Organisation to Rs. 15,000 per month is expected to bring 50 lakh additional formal sector workers under the ambit of the body.

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7) To strengthen warehousing facilities in the commodity futures market, regulator Forward Markets Commission (FMC) has come out with which important proposal during August 2014? – Uniform norms should be established for the accreditation of warehousing service providers

Explanation :

The draft rules, on which public comments have been sought by 15 September 2014, come in the wake of Rs 5,600 crore payment scam at the National Spot Exchange Ltd (NSEL) that surfaced in July last year, exposing loopholes in the system. The proposed changes are being made because at present no uniform norms are being followed by national level commodity exchanges for accreditation of warehousing service providers (WSPs).

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8) What is the most important recommendation of the Kelkar Committee on gas pricing, as disclosed in the second report of the committee presented during August 2014? – Domestic gas prices should be linked to the market

Explanation :

The committee to recommend a new gas-pricing formula was constituted in 2013 under former Finance Secretary Vijay Kelkar. The suggestion of market-linked pricing for domestic natural gas came after a series of consultations by the committee. The committee in its recommendations said that natural resources should be priced at the highest price possible in the market, based on market-determined pricing. This will ensure energy security for the country by encouraging domestic exploration and production, efficient use of the resource and reduction in the import burden. The first report of this committee was brought out in January 2014.

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9) The Central Board of Direct Taxes (CBDT) on 28 August 2014 constituted a high-level committee to scrutinise all income tax cases arising out of the retrospective tax amendment. Which govt. official heads this committee? – The Joint Secretary of the Foreign Tax and Tax Research Unit -1 of CBDT

Explanation :

The announcement about this mechanism was announced by Finance Minister Arun Jaitley in his Budget 2014-15 speech on 10 July 2014. According to the terms of reference for the new committee, it would decide on such retrospective cases within of 60 days of receiving them from the Assessing Officer. Retrospective tax is the tax rate levied by income tax department which is perceived higher by the company being assessed, charged higher due to some unknown reasons.

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10) Ratan Tata, Tata Sons Chairman Emeritus, recently made personal investments in which online marketplace company? – Snapdeal.com

Explanation :

Snapdeal is the second largest online marketplace in India after Flipkart.com. The company has raised about $400 million since its inception and has invested about $100 million in logistics and operations to expand its presence in the $3 billion Indian e-Commerce market. Snapdeal currently houses over 5 million products across 500 diverse categories from over 50,000 sellers. Snapdeal claims that it had seen 600% growth year-on-year for the last two years.

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(Photo Courtesy : Indian Express)


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  6. sumityadav says:

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  8. sudhir says:

    explanatory notes.But there is a mistake in PMJDY.It should be 28 Aug not the september.

  9. savita says:

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