Quick look on Financial Awareness - 30

By Shristi|Updated : March 24th, 2017

Financial Awareness section is a major segment of many bank exams. You can go through our series, ‘Quick look on Financial Awareness’ to help you all prepare for this section. Today we are sharing some of the important financial and banking news of the week that will be useful for the upcoming SBI PO and NIACL Assistant Exam.

1. Paytm introduced new feature, Wallet Insurance


  • Paytm has introduced a new feature called Wallet Insurance for all its users, in a bid assure users their money on the app more safe and secure.
  • The digital payment service assures that users will be refunded their Paytm amount if they happen to lose it due to a hack, loss of phone, or loss of money due to any other fraudulent measures.
  • Paytm promises a refund of up to Rs. 20,000 within five days.

Note: Paytm is an Indian payment and commerce company based out of Delhi NCR, India. Launched in August 2010, it is the consumer brand of parent One97 Communications. The name is an acronym for "Pay Through Mobile."

2. CCEA approves setting up of 50 new Kendriya Vidyalayas

  • The Cabinet Committee on Economic Affairs (CCEA) has approved the proposal for setting up around 50 new Kendriya Vidyalayas (KVs) under Civil or Defence Sector in the country.
  • The Kendriya Vidyalayas are considered as model schools in the country in terms of physical infrastructure, teaching resources, curriculum and academic performance.
  • There are over 1100 functional Kendriya Vidyalayas at present, including three international branches at Moscow, Kathmandu, and Tehran.

Note: The objective of Kendriya Vidyalayas is to cater to the educational needs of children of transferable Central Government employees including Defence and Para-military personnel.

3. Bandhan Bank signs pact with Avenues India to enhance customer support

  • Bandhan Bank Ltd. has signed an agreement with a payment solution provider in India Avenues India Pvt Ltd. in Kolkata.
  • The agreement was signed to provide the merchants with seamless access to the point- of- sale (POS) and the payment gateway products.
  • The partnership will help merchants to have a faster and more direct access to POS machines, payment gateways, and competitive financing options.


  • Bandhan Bank Ltd. is an Indian banking and financial services company headquartered in Kolkata, West Bengal.
  • Bandhan, which started as a micro-finance company in 2001, received banking license by Reserve Bank of India in 2014.

4. Union cabinet clears 4 GST supplementary legislations for introduction to parliament

  • Union Cabinet chaired by Prime Minister Narendra Modi cleared four supporting Goods and Services Tax (GST) legislations, paving the way for their introduction in Parliament soon.
  • The four supporting legislations, the Compensation Law, the Central-GST (C-GST), Integrated-GST (I-GST) and Union Territory-GST (UT-GST) would be introduced as Money Bill.
  • Once approved by Parliament, the states would start taking their State-GST (S-GST) bill for discussion and passage in the respective state assemblies.
  • Earlier, the GST Council had given approval to the four legislations as also the State-GST bill.
  • While the S-GST has to be passed by each of the state legislative assemblies, the four other laws have to be approved by Parliament.
  • Passage of all the legislations would pave the way for introduction of GST from 1st July 2017.

5. Bikaner passport seva kendra inaugurated

  • The Union Minister Arjun Ram Meghwal has inaugurated a passport seva kendra at a post office in Bikaner (Rajasthan).
  • Similar kendra will be inaugurated in Jhunjhunu, Kota, Jhalawar (RPT Jhalawar) and Jaisalmer by 31st
  • The central government has taken this step of opening passport seva kendras in post offices for people's convenience.

6. Idea Cellular approves merger with Vodafone India

  • The board of directors of Idea Cellular has approved the scheme of amalgamation of Vodafone India Limited (VIL) and its wholly owned subsidiary Vodafone Mobile Services Limited (VMSL) with the company.
  • The transaction is subject to necessary approvals from concerned authorities like SEBI, Department of Telecom, RBI and others.
  • The Vodafone will hold a 45.1% stake in the combined entity, the Aditya Birla Group will hold 26% and the remaining shares will be held by the public.
  • The merger is expected to be completed by March 2019, and the newly merged entity will named at a later date.

Note: Idea Cellular Infrastructure Services is a wholly owned subsidiary of Idea Cellular which maintains the tower assets and network infrastructures.

7. Bharatiya Mahila Bank to be merged with SBI

  • The Bharatiya Mahila Bank (BMB) will be merged with the country's largest lender State Bank of India (SBI).
  • Now, the banking services are provided to more women at a faster pace, given the advantage of the large network of SBI.
  • SBI has already announced the merger of its five associates- State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore.


  • Bharatiya Mahila Bank (BMB) is an Indian financial services banking company headquarters in Delhi.
  • Former Indian Prime Minister Manmohan Singh inaugurated Bharatiya Mahila Bank (BMB) on 19th November 2013.
  • India is the third country in the world to have a bank, especially for women, after Pakistan and Tanzania.

8. ICICI Bank launches new app for rural customers

  • ICICI bank has launched a mobile banking app 'Mera iMobile' for rural customers.
  • This app will allow them to access banking services as well as information on agriculture services.
  • The app can also be used by non-ICICI Bank customers as well.
  • The Mera iMobile app provides around 135 services, available in English and 11 Indian languages (Assamese, Bengali, Gujarati, Hindi, Kannada, Malayalam, Marathi, Odia, Punjabi, Tamil, and Telugu).

9. MOU/Agreements

India & Russia sign long-term support pact on Sukhoi Su-30MKI
  • India and Russia have signed two long-term support agreements for the Sukhoi Su-30MKI combat aircraft fleet.
  • The agreements were signed by Hindustan Aeronautics Ltd (HAL) with United Aircraft Corporation and United Engine Corporation.
  • The Pacts were also signed for maintenance and life-cycle support for other Russian-origin platforms, like Mi-17 helicopters, MiG-29K aircraft, INS Vikramaditya and T-90 tanks.
  • The Su-30MKI was designed and developed by Russia’s Irkut Corporation, specifically for India.
Assam govt & SBI sign MoU over housing, educational loan at subsidized interest rates
  • The Assam govt has signed a MoU with State Bank of India (SBI) to provide Housing and Educational loan at subsidized interest rates to the employees of the state government.
  • The state Government will provide interest subsidy at the rate of 3.50% for the housing loan and education loan at 4%.
  • Maximum limit of Housing Loan is Rs. 15 lakh and the High education loan is Rs. 10 lakh.
  • There are provisions for the collateral free loan, Zero Margin, Zero Processing Fee with longer repayment tenure.

10. The Union Cabinet approves proposal for amendments to NABARD Act, 1981

  • The Union Cabinet, chaired by the Prime Minister Narendra Modi has approved the proposal for Amendments to the National Bank for Agriculture and Rural Development (NABARD) Act, 1981.
  • Amendments to NABARD Act, 1981 include provisions that enable Union Government to increase the authorized capital of NABARD from Rs 5000 crore to Rs 30000 crore.
  • It also proposes the transfer of 0.4% shareholding of RBI in NABARD to the Union Government.


  • National Bank for Agriculture and Rural Development (NABARD) is an apex development bank in India, headquartered at Mumbai.
  • The Bank has been entrusted with matters concerning policy, planning and operations in the field of credit for agriculture and other economic activities in rural areas in India.

11. Capital Infusion to 10 PSU Banks

  • Finance Minister Arun Jaitley has offered Rs 10,000 crore capital infusion in public sector banks under the Indradhanush, an old scheme.
  • 13 public sector banks got a much-needed shot in the arm when the government injected more than Rs 22,000 crore for their recapitalisation under the Indradhanush scheme launched in 2015.

All the best for your exams..

Team Gradeup...!!


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Priyanka Singh
@Akansha Jigyasu mam I lost all my notes 😟.... While I was commenting on any post... There was always a link to verify my no. And then code verification..... When I log out and sign in again....... All stuff in my saved notes gt lost 😧😟plz help me out if possible

SatweekMar 28, 2017

Please tell me how to create shortcut of any particular subject quizzes to the homescreen of my mobile 📱 so, that I will not miss any quizzes of my weaker section
I did once for English subject but I forgot 😞 @Shristi
Bhushan Sawalkar
Very nice
Thank you

PO, Clerk, SO, Insurance

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PO, Clerk, SO, Insurance

BankingIBPS POIBPS ClerkSBI POIBPS SOSBI ClerkRBIRRBLICESICNainital BankOtherQuick LinkMock Test
tags :PO, Clerk, SO, InsuranceGeneral AwarenessSBI PO OverviewSBI PO NotificationSBI PO Application FormSBI PO Exam DateSBI PO Vacancy

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