Banking and Financial Awareness – 50

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16 Feb, 2014

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India post ATM

1) India Post (Indian postal department) during January 2014 announced an ambitious plan to install as many as 3,000 ATMs and 1.35 lakh micro-ATMs at its post offices across the country for savings account holders. This plan was rolled-out by installing three ATMs in New Delhi, Chennai and Bangalore on 5 February 2014 and ramping it up gradually. What is the tentative deadline given by India Post for installing these 3,000 ATMs and 1.35 lakh micro-ATMs? – September 2015 (Under this plan, 1,000 ATMs with the India Post branding will be put in within the first year, which will be ramped up massively to 3,000 in the next 18 months. To start with, the ATMs can be used only by 26 crore savings account-holders who save with the postal department but India Post hopes that within six months of the launch, it will get the interoperability permission from the Reserve Bank of India (RBI). Postal savings are worth around Rs 6.05 trillion, which is half the savings in the largest lender SBI and more than double that of the largest private sector lender ICICI Bank)

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2) What is the new Repo Rate after Reserve Bank of India (RBI) Governor Raghuram Rajan on 28 January 2014 increased it by 0.25% under RBI’s third quarter monetary policy review? – 8% (This move is expected to translate into higher EMIs and push up the cost of borrowing for corporates. Consequently, the Reverse Repo Rate under the Liquidity Adjustment Facility (LAF) will be revised to 7% and the marginal standing facility rate and bank rate to 9%. However, the RBI kept the cash reserve ratio (CRR) unchanged at 4% as liquidity seems to be comfortable)

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3) The RBI released the Macroeconomic and Monetary Developments Report along with the third quarter monetary policy review on 28 January 2014. What is RBI’s broad expectation about economic growth rate (GDP Growth Rate) during 2013-13? – GDP growth rate will remain below 5% (The RBI said the growth is expected to fall below 5% in 2013-14 in absence of pick-up in manufacturing sector, but likely to recover to 5.5% in the next financial year (2014-15). In the first half of 2013-14, the GDP growth was at 4.6%)

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4) What is the name of a new fund announced on 27 January 2014 by the National Innovation Council (NInC) and the Ministry of Micro, Small and Medium Enterprises to combine innovation and the dynamism of enterprise to solve the problems of citizens at the bottom of the economic pyramid in India? – India Inclusive Innovation Fund – IIIF (The fund, launched by Sam Pitroda, head of the NInC, is an autonomous Rs. 500-crore fund, with the Union Government contributing 20%. The balance will come from public sector banks, financial institutions, insurance companies, multilateral/bilateral development agencies, Indian & global corporates)

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5) What was the GDP growth rate figure for Indian economy for 2012-13 declared by the Union Government on 31 January 2014? – 4.5% (This GDP growth rate is 0.5% lower as compared with the earlier estimate of 5% on account of subdued performance in agriculture, mining and manufacturing. Growth in 2012-13 is the lowest in a decade, with the previous low of 4% recorded in 2002-03. The estimates for 2012-13 were released by the Central Statistics Office (CSO) under the Ministry of Statistics and Programme Implementation)

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6) The Cabinet Committee on Political Affairs (CCPA) on 30 January 2014 raised the subsidised LPG cylinder quota from 9 to 12 per year per household. It also decided to put on hold the direct benefit transfer scheme for LPG which linked payment of subsidy directly into the bank accounts of the consumers under the Aadhaar platform. After increase in the cap on subsidized LPG cylinders what percentage of LPG cylinders are now covered by subsidisd cylinders? – Around 97% (Petroleum and Natural Gas Minister Veerappa Moily disclosed that 89.2% of the 15 crore LPG consumers use up to nine cylinders in a year and only 10% have to buy the additional requirement at the market price. After the quota is raised to 12, about 97% of the LPG consumers would be covered by subsidised LPG)

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7) In a first of its kind venture, six public sector undertakings (PSUs) including state-run Bharat Heavy Electricals Limited (BHEL) and Power Grid Corporation of India Limited (PGCIL) on 29 January 2014 announced joining hands to set up world’s largest 4,000 MW ultra mega solar power project in Rajasthan. Where in Rajasthan this solar plant spread across 19,000 acres is going to be established? – Sambhar (The project will be the largest single location solar plant spread across 19,000 acres at Sambhar in Rajasthan. It entails an investment of Rs. 7,500 crore in the first phase. The JV will have equity of 26% from BHEL, 23% from SECI (Solar Energy Corporation of India), 16% from SSL (Sambhar Salt Ltd), 16% from PGCIL, 16% from SJVNL (Satluj Jal Vidyut Nigam) and 3% from REIL (Rajasthan Electronics & Instruments Limited))

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8) India’s first monorail – Mumbai Monorail was opened for the general public on 2 February 2014 after being inaugurated on 1 February. Which authority owns and operates this monorail project? – Mumbai Metropolitan Region Development Authority (MMRDA) – The Rs. 3,000-crore Mumbai Monorail project is being implemented in two phases. The MMRDA has already spent Rs. 1,900 crore of Rs. 3,000 crore allocated for the project, including the civil work for the second phase. Commercial operations of the 8.9-km first phase connecting Wadala-Chembur stations on the northeastern fringe of Mumbai metropolis commenced on 2 February with the first train leaving the Wadala station at 7am. The Mumbai Monorail is not just the first in the country, but across the subcontinent. Monorails are in operation in China, Japan, Singapore, Australia, Dubai, Europe, and the Americas

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9) Vakrangee Ltd., which is engaged in providing e-governance solutions, recently came to news for banking related activities. Why? – It has received final authorization for operating White Label ATM (WLA) license from Reserve Bank of India (RBI) – Under, the RBI license, the company is entitled to set up and run minimum 15,000 ATMs across the country in next three years. White label ATMs are those which are not run by the Banks but by a non- banking entity in its own brand name (like Vakrangee ATM) after passing through all the stringent qualification and due-diligence process undertaken by RBI)

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10) Tata Chemicals on 23 January 2014 celebrated its platinum jubilee (75th year) and on this occasion company’s Managing Director R. Mukundan rang the opening bell on the Bombay Stock Exchange. At which place 75 years back Tata Chemicals established its first centre of salt and soda ash production? – Mithapur – Gujarat (Tata Group was associated with Mithapur in 1939 when it took over the Okha Salt Works at Mithapur near Okha. Mithapur, situated between Okha and Dwarka, is a small colony supported by Tata Chemicals Limited, which is one of the flagship companies of the Tata Group)

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The Swedish newspaper was recently asked it to delete the reference made by President Pranab Mukherjee to the Bofors scam in an interview to it, as a claim protested by the Indian Government on 27 May 2015. India has expressed disappointment over the disrespect shown to the President, the newspaper has defended its right to publish what was said during the interview.

Know, who is Vijay Kelkar and what is PPP !

Vijay Kelkar is a renowned economist and a former Finance Secretary. He was appointed head of newly constituted committee to give recommendations to recast the model of Public-Private-Partnership (PPP) model in India. India is one of the largest PPP market with over 900 projects. The Kelkar committee will review the PPP policy, suggest a better risk-sharing mechanism between private developers and the government after analysing such projects.

Know, who is Yaduveer Krishnadatta Chamaraja Wadiyar !

Yaduveer Krishnadatta Chamaraja Wadiyar was crowned as the new Maharaja of of Mysuru (Mysore) royal family. He is the 23-year old grandson of Princess Gayathri Devi, who was the eldest daughter of the last Maharaja of Mysore, Sri Jayachamarajendra Wadiyar. The coronation was held at Mysuru’s famous Amba Vilas Palace, which was decked up for the occasion.

Know about Sepp Blatter!

Swpp Blatter, was re-elected as FIFA president for a fifth term at the 65th Annual Congress of FIFA held at Zurich for four year term.

Prince Ali bin al-Hussein of Jordan stood against Blatter in this election. It is worth mentioning that FIFA is going through a major controversy regarding corruption in the organisation with two FIFA vice presidents and a recently elected FIFA executive committee member still in custody.

 


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