Banking and Financial Awareness July 2018: 3rd week

ADB (Asian Development Bank) approves USD 503 mn loan agreement for lining project of the Son canal in Bihar

Union Minister of State (IC) for Power and New & Renewable Energy Shri R.K Singh took a meeting, with the officials from ADB (Asian Development Bank) and Finance Ministry to review the progress of this project.
Out of USD 503 million (Rs 3272.49 crore), USD 352 million is being provided by ADB.
it benefits to the agriculture sector of Shahabad – Bhojpur region of Bihar.
Asian Development Bank:

This agreement will the enhancement of digital learning and capacity building of college.
signed for one year.
The company will run MS office specialist training programme in 50 government colleges.
Microsoft will also train educators from government colleges through the Microsoft Innovative Educator Programme.
UNESCO (The United Nations Educational, Scientific and Cultural Organization)

India has recorded a GDP of USD 2,597,491 million, followed by USD 2,582,501 of France.
World Bank has predicted the GDP of India in FY2019 to be 7.3%.
The world’s largest economy is US, with a size of USD 19.39 trillion, followed by China (USD 12.23 trillion)
Japan (USD 4.87 trillion) and Germany (USD 3.67 trillion) are at the third and fourth places, respectively.
World Bank:

The 1st MoU between SBI and the Indian Army was signed in 2011 and was renewed on 23 Feb 2015.
This MOU will meet the requirements of serving soldiers, pensioners and families and benefit a large number of serving and retired Army personnel who are having their accounts with SBI.
This MoU will be valid till 3rd Jan 2019. After that, the continuation will be subject to review.
State Bank of India (SBI):

Chairman: Rajnish Kumar
Founded: 1 July 1955
Headquarters: Mumbai
Tagline: With you all the way, Pure Banking Nothing Else, The Nation’s banks on us

The Indian government applied for this EBRD membership in December 2017.
The EBRD held its inaugural business forum in Mumbai on 22th June 2018.
Co-hosted with the Federation of Indian Chambers of Commerce and Industry (FICCI), the Export-Import Bank of India, under the banner of “Mobilising private sector finance in the EBRD region and how Indian companies can benefit”.
European Bank for Reconstruction & Development (EBRD):

The Equity participation between AAI will be 51% and government of Gujarat 49%.
The airport at the biggest upcoming greenfield city in India, will be built over four years.
Gujarat

last year, the UIDAI had temporarily suspended Airtel and its payments bank from conducting Aadhaar-based verification of its mobile customers. After that RBI directed the bank not to onboard new customers.
In March, RBI also imposed a penalty of ₹5 crores on the bank for violating operating guidelines and KYC norms.
The telco had deposited ₹2.5 crore as penalty with the UIDAI and credited back ₹138 crore of funds under the direct benefit transfer (DBT) scheme to the original accounts of 5.6 million beneficiaries.