Quick look on Financial Awareness - 32

By Astha Shukla|Updated : May 31st, 2017

 1.Recent Predictions for India's GDP Growth :


  • UN lowers India GDP growth forecast for 2017 to 7.3%,due to bad loans ,but predicted a higher 7.9% for 2018 .
  • IMF Updated  India's GDP Growth Prediction - 7.2% in 2017-18 and 7.7% In 2018-2019.
  • According to FICCI survey , India’s GDP growth to be around 7.4 per cent in 2017-18.
  • According to  Finance Secretary Ashok Lavasa , India will clock over 7.5% growth in 2017-18.

2. Paytm launched  it’s Payment Bank :

  • India’s digital solutions platform Paytm has launched its Payments Bank. The first physical branch has been unveiled in Noida.
  • Renu Satti has been appointed the chief executive officer of Paytm's Payment Bank .
  • Paytm will be will be able to accept deposits upto Rs 1 lakh per customer in wallet and their savings or current accounts and it will also offer cashbacks on deposits.
  • Paytm has decided to offer 4% interest rates on saving accounts deposits.
  • Paytm is the third payment bank in India after Airtel Payments Bank Ltd and India Post Payments Bank Ltd.

3. Government changes Definition of Start-Ups :


  • The definition of Start-up has been amended by the nodal body for Start-up India ,DIPP (Department of Industrial Policy and Promotion).
  • Acording to the new definition , an entity will be considered as a Start-Up if its turn over is less than Rs 25 crore and has not completed seven years from the date of its incorporation/registration.
    Presently the time-period is five years from the date of  a company’s incorporation/registration.
  • However , a period of up to 10 years from the date of incorporation/registration is allowed for the Start-Ups of the biotechnology sector. Which means as per the new definition , the start-ups of biotechnology sector will be considered as start-ups for a period of up to 10 years from the date of incorporation/registration.
  • The aim of Start -Up India Program is to encourage the youth of the India for entrepreneurship , so as to create more job opportunities within the country. It was launched by Prime Minister Narendra Modi on 16th January 2016.

4. Union Cabinet approved winding up of  FIPB :

  • Union Cabinet has given the final approval for the abolition of  Foreign Investment Promotion Board (FIPB) , which is a 25 year old governing body of foreign investment. This decision of phasing out of FIPB has been taken with the expectation of ease of doing business.
  • After the abolition of FIPB , the concerned ministries will be responsible for direct approval of foreign investment proposals.
  • The decision to abolish FIPB was taken by the Cabinet, chaired by Prime Minister Narendra Modi.
  • Currently, only 11 sectors, including defence and retail trading, require government approval for foreign direct investment (FDI).The concerned ministry will directly deal these 11 sectors.

5. Government decreases interest rates on nine Small saving schemes by 0.1% :

  • The interest rates on all nine small saving schemes are lowered by 0.1% by Union Finance Ministry. The interest rates has been lowered for the  April-june quarter as compared to January-March quarter .
  • These  nine schemes for which interest rates has been lowered are : Kisan Vikas Patra , Public provident fund (PPF), , Sukanya Samriddhi Account, Senior Citizens Savings Scheme , National Savings Certificate (NSC).
  • The interest rates of Post Office Savings Account has not been lowered.
  • Small Savings Schemes are government run schemes which provide higher interest rates.

6. Central Government  clears Ordinance to tackle Bad Loans :


  • The Union Cabinet , led by Prime Minister Narendra Modi has given approval to an ordinance which aims to empower the Reserve Bank Of India in dealing with  with non-performing assets and bad loans whicj are faced by Indain Banking Sector.
  • Under this , the banking regulation act has been amended and sent to the President for confirmation.This decision of this ordinance aims to deal with Rs 6 lakh crore worth of non-performing assets (NPAs) in Indian Banking sector. This will give more powers to RBI soa s to take action against the loan defaulters.
  • Also , It will enable RBI to set up multiple oversight committees to tackle NPAs.
  • A non performing asset (NPA) is a loan or advance for which the principal or interest payment remained overdue for a period of 90 days .NPAs are responsible for the huge losses , reversal of income in indian Banks.
  • Public sector banks suffer more with NPAs problem due to the less strict rules and Regulations. As per the finance ministry data, the gross NPAs of the Scheduled commercial banks’ is Rs 9.64 lakh crore as on 31 December , 2016.

7. State Bank of India inked an MOU with CREDAI :

  • Country's largest bank SBI has signed an memorandum of understanding with CREDAI (Confederation of Real Estate Developers' Associations of India) for concessional loans on housing and real estate projects.
  • This MOU will be applicable for a period of 3 years.
  • The aim of this MOU is to work towards the aim of Housing for All.This MOU is aimed to cater both home loans and construction finance requirements of the real estate sector.”
  • CREDAI is the largest real estate association in the country with over 11,500 members.

8. Yes bank inks with Paisabazzar.com :

  • India’s fifth largest private sector bank Yes bank announced its tie up with Paisabazzar.com . Through this MOU ,Yes bank will offer conditionally approved loans to the existing customers of PaisaBazaar.com .
  • The aim of this alliance is  to make the process of availing a loan easy and  to act as a one stop financial solution provider for all retail lending needs of the customer of both the entities.
  • Paisabazzar.com is India’s largest financial marketplace for loans and credit cards 

9. IOC overtakes ONGC to become India's most profitable PSU :

  • Indian oil corporation (IOC) has overtaken Oil and Natural Gas Corporation (ONGC) . With this overtake , IOC has now become India's most profitable State owned company.
  • IOC got the 70% jump in its net profit resulting in Rs. 19,106.40 crore in financial year 2016-17.
  • Reliance industries has the position of India's most profitable Private company. It posted the net amount of Rs. 29,901 crore in the finanacial year , which ended on 31st March , 2017.
  • The current Chairman of IOC is Mr. B. Ashok.
  • The current chairman of ONGC is Mr. Dinesh K. Sarraf.

10. Google’s Rajan Anandan is the new Chairman of IAMAI :

  • Rajan Anandan , Google’s vice-president for South East Asia and India, has been appointed as the new chairman of IAMAI (Internet and Mobile Association of India) .
  • Rajan will take place of Kunal Shah ,  FreeCharge’s co-founder.
  • IAMAI is a not-for-profit industry body registered under the Societies Act, 1986 which was founded in 2004. It works with an aim  to improve and expand the value added services pertaining to mobiles and several online services. It is the only existing specialized body that represents the interests of online and mobile value added services 

11. Shobana Kamineni appointed  new President of CII :

  • Shobana Kamineni,  executive vice-chairperson of Apollo Hospitals, is the new President of CII (The Confederation of Indian Industry ) for the year 2017-18. She has taken the place Dr Naushad Forbes, co-chairman, Forbes Marshall Limited. 
  • Uday Kotak is the new Vice President, while Rakesh Bharti Mittal of Bharti Enterprises is the President Designate of CII
  • The Confederation of Indian Industry (CII) is a premier business association in India which works to create an environment for the growth of industry in the country. It is a non-government, not-for-profit, industry-led and industry-managed organization.

You can check the previous articles of this series from the link below :

Quick Look on Financial Awareness

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Mukesh Kumar Dangi
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Deepthi S

Deepthi SJun 3, 2017

Paytm is second payment bank

ShubhamJun 3, 2017

@deepti  paytm is third payment bank dear
1st   airtel payment bank
2nd   indian post payment bank
3rd paytm
Singh Vikram
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tags :PO, Clerk, SO, InsuranceGeneralSBI PO OverviewSBI PO NotificationSBI PO Application FormSBI PO Exam DateSBI PO Vacancy

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