Banking and Financial Awareness July 2018: 3rd week

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:
    • Headquarters: Manila, Philippines
    • President: Takehiko Nakao
    • Founded: 19 December 1966
    • Membership: 67 countries
  • Bihar:
    • Capital: Patna
    • Chief minister: Nitish Kumar
    • Governor: Satya Pal Malik

Microsoft signs MoU with Rajasthan government for digital training to 9,500 students

  • 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)
    • Headquarters: Paris, France
    • Head: Audrey Azoulay
    • Founded: 16 November 1945, London, United Kingdom.

India surpasses France to become the world's sixth largest economy: World Bank data

  • 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:
    • Headquarters: Washington, D.C., United States
    • President: Jim Yong Kim
    • CEO: Kristalina Georgieva 
    • Membership: 189 countries 

Indian Army inks MoU with SBI on Defence Salary Package

  • 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

India becomes 69th shareholder of European Bank for Reconstruction & Development (EBRD)

  • 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):
    • Set up – 1991
    • Headquarters – London
    • President – Suma Chakrabarti

Proposal by Delhi-Mumbai Industrial Corridor (DICDL) to allow partnership of AAI & Gujarat government for Rs. 2000 crore worth Dholera Airport Project

  • 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
    • Capital: Gandhinagar
    • Chief minister: Vijay Rupani
    • Governor: Om Prakash Kohli

Airtel Payments Bank gets nod to resume enrolling customers from RBI

  • 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.

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