Preperations for banking exams
AUG 2015 ---- VISITS
1. Prime Minister of India Narendra Modi visited United Arab Emirates. He is the first Prime Minister of India to visit UAE after 34 years. He also visited the historic Sheikh Zayed Grand Mosque in Abu Dhabi.
AUG 2015 ---- AWARDS & HONOURS
1. Bangladesh novelist Zia Haider Rahman won the James Tait Black award 2015 for his debut novel In the Light of What We Know.
2. Prof. Mustansir Barma won the prestigious Gujar Mal Modi Award for Innovative Science and Technology for the year 2015.
3. President of India, Pranab Mukherjee presented the 24th Saraswati Sammaan for the year 2014 to Dr. M Veerappa Moily, Member of Parliament (Lok Sabha) in New Delhi. He received the award for his epic Sri Ramayana Mahanveshanam written in Kannada.
4. Goa Tourism Minister Dilip Parulekar received the Pacific Area Travel Writers Association (PATWA) - Safari India South Asia Travel Award 2015.
5. Mathematician Doctor Amalendu Krishna won the Ramanujan Prize for year 2015.
6. Helena Ndume of Namibia and Jorge Sampaio of Portugal were awarded with the first-ever Nelson Rolihlahla Mandela Prize by the United Nations.
7. Chief Minister Jayalalithaa presented the first APJ Abdul Kalam award to Indian Space Research Organisation (ISRO) scientist N. Valarmathi, who led the team that successfully launched Radar Imaging Satellite RISAT-1 in 2012.
8. Prime Minister Narendra Modi presented The Hindu‘s senior journalist Gargi Parsai with the prestigious Indian Council of Agricultural Research (ICAR) award.
9. Whistleblower officer Sanjeev Chaturvedi and human rights activist Anshu Gupta are among the five winners of the Ramon Magsaysay Award this year.
Integrated Power Development Scheme (IPDS)
Moving towards the government's objective to provide 24x7 power supply, Prime Minister Shri Narendra Modi launched Integrated Power Development Scheme (IPDS) on 18th September 2015 at Varanasi.
What is objective of IPDS?
The Scheme, announced in the Union Budget 2014-15, aims at strengthening of sub-transmission network, Metering, IT application, Customer Care Services, provisioning of solar panels and the completion of the ongoing works of Restructured Accelerated Power Development and completion of the Reforms Programme (RAPDRP).
The Project envisages converting area overhead lines into underground cabling in the areas around the temples and ghats in the Varanasi city. The Scheme includes up-gradation of the electrical assets at Sub – centers, lines and distribution transformers, capacity enhancement and renewal of the old sub – stations and installation of roof-top solar panel in government buildings.
The scheme will help in reduction in AT& C losses, establishment of IT enabled energy accounting / auditing system, improvement in billed energy based on metered consumption and improvement in collection efficiency.
“Swavlamban Health Insurance Scheme” to provide affordable Health Insurance to the persons with disabilities (PwDs).
MoU inked between Trust Fund for Empowerment of Persons with Disabilities and The New India Assurance Company Limited, on 21.9.2015 to launch Group Mediclaim Policy for empowerment of persons with disabilities – “Swavlamban Health Insurance Scheme”
The Trust Fund for Empowerment of Persons with Disabilities, under the Department of Empowerment of People with Disabilities, Ministry of Social Justice and Empowerment, signed a Memorandum of Understanding (MoU) with the The New India Assurance Company Limited on providing a comprehensive and affordable Health Insurance Scheme - “Swavlamban Health Insurance Scheme” - for the Persons with Disabilities (PwDs), here today. Shri Awanish Kumar Awasthi, Honorary Secretary, Trust Fund for Empowerment of Persons with Disabilities and Ms. Neera Saxena, Deputy General Manager, The New India Assurance Company Limited, inked the MoU in the presence of Mr. Luv Verma, Secretary, Department of Empowerment of People with Disabilities.
Health services and its access to persons with disabilities assume a very significant role in order to enable and empower persons with disabilities (PwDs) to live independently and with dignity as possible. In this context, the Health Insurance facility becomes important but presently such products are not easily available for persons with developmental disabilities. In such a situation, a tailor made Group Health Insurance Scheme like “Swavlamban Health Insurance Scheme” has been conceived with the objective of providing affordable Health Insurance to persons with blindness, low vision, leprosy-cured, hearing impairment, loco-motor Disability, mental Retardation and mental Illness. It also aims to improve the general Health condition & quality of life of persons with disabilities.
The scheme has been designed to deliver comprehensive cover to the beneficiary as well as his family (PwD, Spouse & up to two children), has a single premium across age band and can be availed by PwDs aged between 18 years and 65 years with family annual income of less than Rs. 3, 00, 000 per annum. The scheme also ensures coverage of any pre-existing condition and a health Insurance cover up to Rs. 2, 00, 000 per annum as family floater. The scheme will be implemented through active participation of the National Institutes and Composite Regional Centres for Persons with Disabilities (CRC’s) under the DEPwD, MOSJ& E. The registered organizations shall liaise with the Insurance Company, MOSJ& E, Health service providers, National Institutes, CRCs and all the stakeholders concerned for awareness generation and enrolment. Under the MoU, the New India Assurance Company Limited will create a network of Hospitals, where the Insured persons can get cashless treatment.
Senior Officers of the Department and New India Assurance Company Limited were present during the signing of the MoU.
AUG. 2015 ------- NEW APPOINTMENT INDIA
1. Ashwani Lohani was appointed as CMD of Air India.
2. Former Cabinet secretary Ajit Kumar Seth was appointed as the Chairman of the Public Enterprises Selection Board.
3. Om Prakash Rawat was appointed as the Election Commissioner of India.
4. Justice Jayant Patel was appointed as acting Chief Justice of the Gujarat High Court.
5. Swati Maliwal took charge as the Chairperson of Delhi Commission for Women.
6. Ashish Bahuguna was appointed as the Chairman of food safety regulator Food Safety and Standards Authority of India (FSSAI).
7. Ram Sevak Sharma was appointed as the Chairman of telecom regulator Telecom Regulatory Authority of India.
8. Acharya Dev Vrat was sworn-in as the Governor of the Himachal Pradesh.
9. Bollywood megastar Amitabh Bachchan was announced tiger ambassador of Maharashtra.
10. Ram Nath Kovind (69) and Acharya Dev Vrat (56) were appointed Governors of Bihar and Himachal Pradesh, respectively.
AUG. 2015 -------- NEW APPOINTMENT (WORLD)
1. Ranil Wickremesinghe was sworn in as the Prime Minister of Sri Lanka. He was administered the oath of office by President Maithripala Sirisena. Wickremesinghe had served the country as its Prime Minister on three occasions.
2. Indian-American Atul Keshap was appointed as the United States (US) Ambassador to Sri Lanka and Maldives.
AUG. 2015 ---- ECONOMY NEWS (INDIA AND WORLD)
1. RBI kept its policy rates unchanged in its 3rd Bi-monthly monetary policy review on 4th Adug 2015.
a. Bank Rate – 8.25 % (Unchanged)
b. Cash Reserve Ratio – 4 % (Unchanged)
c. Statutory Liquidity Ratio – 21.5 % (Unchanged)
d. Repo Rate – 7.25 % (Unchanged)
e. Reverse Repo Rate – 6.25 % (Unchanged)
f. Marginal Standing Rate – 8.25 % (Unchanged)
2. RBI notified Section 23 of the Banking Regulation Act, 1949 -Relaxations in Branch Authorisation Policy. The notification allows banks to shift, merge or close branches, in urban areas, at their own discretion.
3. RBI decided to put into circulation 10 rupees coins to commemorate the International Day of Yoga.
4. HDFC Bank launched ‗Dhanchayat, ‘ an educational film to create awareness on the dangers of borrowing money from the unorganised sector. The film was launched under the aegis of Swachh Banking.
5. SEBI moved the Supreme Court seeking the appointment of a receiver to auction off Sahara group‘s domestic and offshore properties to raise money to recover liabilities of over Rs 36, 000 crore, after chairman Subrata Roy has failed to raise even Rs 10, 000 crore to secure his release from jail.
6. SEBI barred 59 entities, including HNIs, from securities markets and also referred the case to the Income Tax Department for further investigations.
7. The International Monetary Fund (IMF) said it will freeze its benchmark currency basket Special Drawing Rights until October 2016, giving markets more time to adjust to the possible addition of China‘s yuan as part of a review of global reserve currencies.
8. China‘s central bank has made USD 17 billion available to more than a dozen financial institutions to help boost the economy, it said, a day after injecting nearly USD 100 billion into two government policy banks.
9. Global rating agency Moody‘s Investors Service trimmed India‘s growth forecast for the current fiscal to around 7% from 7.5% predicted earlier, citing risks from a deficient monsoon season.
10. India‘s exports fell by 10.3% to $23.1 billion in July, their eighth consecutive month of contraction, reflecting the sluggish global commodity prices.
11. The Centre declared that the second and fourth Saturday of every month would be a holiday for banks, with effect from September 1, 2015.
12. ICICI Bank launched the first of its kind fully automated digital locker Named ‗Smart Vault‘ which would be available to customers even on weekends and post banking hours.
13. The government has estimated capital requirement of PSU banks over four years till 2018-19 at Rs 1.80 lakh crore. Of this, the government would infuse Rs 70, 000 crore, while the remaining Rs 1.10 lakh crore would be raised from market. As pergovernment‘s capital infusion plan, Rs 25, 000 crore would be infused in 2015-16 and 2016-17 and Rs 10, 000 crore each in 2017-18 and 2018-19.
14. Banks may not get to use gold mobilised under the proposed gold monetisation scheme to meet the cash reserve ratio (CRR) requirement as the Reserve Bank of India has opposed the move that could dilute the effectiveness of this monetary policy tool.
15. Government sought Parliament‘s approval to infuse Rs 70, 000 crore into public sector banks (PSBs) out of budgetary allocations between FY16 and FY19.
16. Wholesale price inflation hit a record low of -4.05% in July, as the steepest fall in food inflation in at least a decade further deepened a broad-based slowdown in input prices.
17. Retail inflation unexpectedly hit a record low of 3.78% in July as food inflation plunged.
18. China‘s central bank devaluate its currency yuan by 2 percent.
19. Standard & Poor‘s Ratings Services lowered its outlook on the European Union to negative from stable.
20. IDFC Bank is set to start lending operations from October 1.
21. Yes Bank informed BSE that it had raised Rs.315 crore through the issue of Green Infrastructure Bonds to International Finance Corporation (IFC), Washington, on a private placement basis.
22. The Employees‘ Provident Fund Organisation (EPFO), for the first time since its inception in 1951, would invest in equities with a corpus of Rs.5, 000 crore initially through SBI Mutual Fund.
23. SEBI notified new norms. In which firms in which public shareholders own stocks worth Rs.1, 000 crore will now be able to access this route through a follow-on public offer (FPO). Currently, the minimum requirement is Rs.3, 000 crore. The minimum public holding requirement for a rights offer is Rs.250 crore.
RBI AND ITS ROLES
RBI is the central Bank of India and controls the entire the entire money issue, circulation and control by its monetary policies and lending policies. RBI is also known as the lender of last resort.
The reserve bank of India was established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934. The Central Office of the Reserve Bank of India was initially established in Calcutta but was permanently moved to Mumbai in 1937. Though originally privately owned, since nationalization in 1949, the Reserve Bank is fully owned by the Government of India.
1) Monetary Authority: Formulate, implements and monitors the monetary policy.
2) Regulator and supervisor of the financial system: Prescribes broad parameters of banking operations within which the country‘s banking and financial system functions.
3) Manager of Foreign Exchange: Manages the Foreign Exchange Management Act, 1999.
4) Issuer of Currency: Issues and exchanges or destroys currency and coins not fit for circulations.
5) Development role: Performs a wide range of promotional functions to support national objectives.
6) Bankers to the Government: performs merchant banking function for the central and the state governments; also acts as their banker.
7) Bankers to banks: maintains banking accounts of all scheduled banks.
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