Quick look on Financial Awareness - 40

By Astha Shukla|Updated : August 5th, 2017

Today we are sharing some important banking & financial awareness news that took place recently. In General Awareness section of competitive exams, Banking & financial awareness hold a major part. To help you all prepare well for this section, we have started our series 'Quick look on financial Awareness'. Here is the next part of the series to keep you well updated with all the important banking & financial sector news.

1. India featured among top nations with potential for digital payments’ in Digital Evolution Index 2017 :

  • Emerging as a high potential country in Digital payments field, India has been featured in Digital Evolution Index 2017.
  • Total 60 nations are featured in this list which has exhibited a high potential in digital payments and advancements.
  • India has been categorised under 'break out segment' in Digital Evolution Index 2017. This segment refers to the countries that have relatively lower absolute levels of digital advancement, but which have high chances of growth and also which are attractive to investors because of their growth potential
  • The Index is a comprehensive research that tracks the progress countries have made in developing their digital economies and integrating connectivity into the lives of billions.

2. Reserve Bank announced its third bi-monthly policy statement of the current fiscal year :

  • Country's central bank Reserve Bank of India has announced its Third Bi-Monthly Monetary Policy Statement for the financial year 2017-18 on August 2, 2017.
  • Repo rate, Reverse repo rate, MSF and Bank rate is reduced by 25 Basis points in this Bi-Monthly Monetary Policy review.
  • CRR and SLR have been kept unchanged by RBI in this.
  • The policy rates and reserve ratios announced by RBI in Third Bi-Monthly Monetary Policy Statement  are as follows :
Rate/RatioEarlier PercentChangeNew percent
Policy Repo Rate6.25%Reduced by 25 basis points.6.00%
Reverse Repo Rate6.00%Reduced by 25 basis points.5.75% 
Marginal Standing Facility Rate6.50%Reduced by 25 basis points.6.25%
Bank Rate6.50%Reduced by 25 basis points.6.25%
Cash Reserve Ratio (CRR)4.00%Unchanged4.00%
Statutory Liquidity Ratio (SLR)20.00%Unchanged20.00%

3. GDP growth is expected to be around 6.6% in June quarter in India – Nomura :

  • According to Japanese financial services major Nomura, India's GDP growth is likely to be higher at 6.6 percent in the June quarter from the previous three months this year.
  • Nomura has predicted this even the pick-up in growth which was visible toward end-of March quarter had lost some momentum towards the end of the June quarter due to destocking and uncertainty ahead of the Goods and Services tax (GST).
  • According to Nomura, it is expected average GDP growth in Q2 (April-June) to be modestly higher at 6.6% from 6.1% in Q1 (January-March).In the second half (H2) of 2017, growth recovery is expected to accelerate to 7.4%.
  • The pickup in growth numbers in the second half is likely to be led by a resumption of production (after GST), ongoing re-monetization, stronger rural consumption buoyed by normal monsoons and easier financial conditions (lower lending rates, liquidity).

4. Indian Government is on track to meet 3.2% fiscal deficit target – UBS Report :

  • According to the report by UBS, a global financial services major, The Indian government is on track to achieving the fiscal deficit target of 3.2 per cent of GDP in the current fiscal year.
  • The central government's fiscal deficit has already reached 81 per cent of the full-year target in the first quarter (April to June) of 2017-18.
  • The Centre's fiscal deficit narrowed from a peak of 6.5 per cent of GDP in 2009-10 (after the global financial meltdown) to 3.5 per cent of GDP in 2016-17 and is estimated to fall further to 3.2 per cent of GDP in 2017-18.
  • The global financial services major said however that balance sheets of states remain "stretched" with the fiscal deficit rising from a low of 1.9 per cent of GDP in 2011-12 to 3 per cent of GDP in 2016-17.

5. Canara Bank launches first digital branch named 'Candi' :

  • Country's public sector bank, Canara Bank has become first public sector bank to initiate artificial intelligence in banking by launching its first Digital branch named 'Candi'with an aim to provide an end-to-end digital experience to customers.
  • With the introduction of 'Candi', the customers of Canara bank will be able to get maximum information without visiting the branch.
  • This initiative includes many other features such as Touch Banking, the instant opening of Savings Bank account by the customer on his own using fingerprint, IRIS authentication, cheque book, mobile, Internet banking registration and many more features.
  • It also offers  Digital Challan to facilitate filling up challans digitally by customers at their own convenience for services like cash deposit, fund transfer, and cheque clearing.
  • The branch has been launched by Canara Bank at Spencer Towers in MG Road, Bengaluru.
  • Canara Bank is headquartered in  Banglore. Mr T.N. Manoharan is the chairman and Mr Rakesh Sharma is the M.D and CEO of Canara Bank.
  • Its tagline is 'Together we can'.

6. Airtel Payment Bank partners with HPCL for ATM services  :

  • India's first payment Bank Airtel Payment Bank has signed an agreement with Hindustan Petroleum Corporation Limited (HPCL) with an aim to provide more convenience to Airtel payments banks customers and to promote digital transactions.
  • Under this strategic partnership, 14,000 fuel stations of HPCL will act as banking points for Airtel Payments Bank. 
  • As a banking point, HPCL fuel stations can also offer opening of the account, cash deposit and cash withdrawal to the customers of Airtel Payment Bank. Through this customer of Airtel, Payment Bank will also be able to make digital payments for fuel purchases across 14000 HPCL fuel stations through their mobile phones without any transaction fees.

7. SBI and Samsung to collaborate to advance Digital India program :

  • Country's largest bank State Bank Of India and Samsung(India) have collaborated for the advancement of digital India initiative.
  • Now  Samsung Pay will be available for higher variants of SBI Debit card. It will give a major boost to Digital India Program.
  • Samsung pay is an app which enables customers to make offline payments without the need for a physical Card. It is currently available on Samsung smartphones.
  • With this collaboration, 130 million SBI debit cardholders will be able to tap and pay using a Samsung smartphones at merchant outlets having card acceptance machines.
  • SBI is headquartered in Mumbai. It is headed by Arundhati Bhattacharya. 
  • The taglines of SBI are: With you all the way, Pure banking nothing else, The nation’s bank on us.

8. SEBI forms committee on fair market conduct  chaired by T K Viswanathan on:

  • India's stock market regulator SEBI (Securities and Exchange Board of India) has formed a committee on fair market conduct, which will be headed by T K Viswanathan.
  • The aim to set up this committee is to suggest short term and medium term measures for improving surveillance of the markets and strengthen rules for algo trades, among other norms.
  • Basically, measures for improvement in PIT (Prohibition of Insider Trading) norms, PFTUP (Prohibition of Fraudulent and Unfair Trade Practices) regulations will be suggested in this committee. Also, it will provide recommendations for evidentiary issues in anti-fraud enforcement.
  • The headquarter of SEBI is in Mumbai. Mr Ajay Tyagi is the chairman of SEBI.

9. SEBI approved Dhirendra Swarup as the chairman of Bombay Stock Exchange :

  • The appointment of Dhirendra Swarup as the chairman of the board of directors of the BSE has been approved by India's stock exchanges regulator SEBI.
  • Dhirendra Swarup will replace Sudhakar Rao from this post with effect from July 31, 2017.
  • Before this Dhirendra Swarup was public interest director at the BSE.Also, he was earlier the chairman of Cash and Debt Management Committee of the Reserve Bank of India (RBI) from 2000 to 2003 and former chairman of Pension Funds Regulatory and Development Authority (PFRDA).
  • BSE (Bombay Stock Exchange) is the oldest stock exchange in Asia. It has its headquarter in Dalal Street, Mumbai.
  • Mr Ashish Kumar Chauhan is MD & CEO of Bombay Stock Exchange.

10. BRICS trade ministers meeting held in Shanghai :

  • The meeting of BRICS Trade ministers held in Shanghai, China on 1st and 2nd August 2017.
  • From India, Union Commerce Minister Nirmala Sitharaman attended BRICS Trade ministers meeting.
  • The meeting was held to discuss expanding e-commerce cooperation in an upcoming annual meeting.
  • BRICS is an organization of five countries Brazil, Russia, India, China and South Africa.

11. SBI cuts saving account rate by 0.5% on balance up to Rs 1 crore :

  • India's largest bank State Bank of India has cut interest rates on savings account deposits by 0.5% or 50 basis points to 3.5 per cent on balance up to Rs 1 crore.
  • For the balance of Rs. 1 crore and above, SBI will continue to offer  4% interest.
  • The bank said that the decline in the rate of inflation and high real interest rates are primary reasons for the revision in rates of interest on savings bank deposits.
  • This revision of saving bank rate will enable the bank to maintain the marginal cost of fund based lending rate (MCLR) at existing rates. 

12. SBI is set to raise 2000 crore via BASEL- III bonds :

  • State Bank of India is planning to raise Rs 2,000 crore by allotting Basel-III compliant bonds to various investors. 
  • The bonds will carry a coupon rate of 8.15 per cent per annum with a call option after 5 years or the anniversary date thereafter. It will allow 20,000 AT1 Basel-III compliant non-convertible, perpetual, subordinated bonds in the nature of debentures.
  • The committee of directors for capital raising accorded its approval on 3rd of August 2017.

13. Sanjay Baru appointed as Secretary General of FICCI :

  • FICCI, an association of business organization in India, has appointed Sanjay Baru the Secretary General of this organization.
  • Sanjay Baru has replaced A Didar Singh as the Secretary General of Ficci.
  • The headquarter of FICCI is in New Delhi, India.
  • Mr Pankaj Patel is president of FICCI.


write a comment

PO, Clerk, SO, Insurance

BankingIBPS POIBPS ClerkSBI POIBPS SOSBI ClerkRBIRRBLICESICNainital BankOtherQuick LinkMock Test
tags :PO, Clerk, SO, InsuranceGeneral AwarenessIBPS PO OverviewIBPS PO NotificationIBPS PO Apply OnlineIBPS PO VacancyIBPS PO Eligibility Criteria

Follow us for latest updates