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Weekly Banking and Financial Awareness July 2018

Published on Tuesday, July 24, 2018
Banking and Financial Awareness

State Bank of India (SBI) to organise a nation-wide Kisan Mela:

  • This program is for helping imparting financial literacy to the farmers and would cover 10 lakh farmers in 14000 rural and semi urban branches.
  • The initiative by SBI for resolving farmer’s grievances and educate them about their rights and to educate farmers about the benefits of renewing KCC account.
  • The bank will also issue Kisan Credit Card (KCC) with 10% of enhancement on their credit limit.
  • SBI: 
  1. Chairperson: Rajnish Kumar
  2. Headquarters: Mumbai
  3. Founded: 1 July 1955

7th edition of ‘Transformation Series challenge’ to be unveiled by Yes Bank:

  • To address India's urban development concerns through Technology, It has partnered with 12 global leaders like Microsoft, Cisco, IBM and Adobe for the collaboration.
  • The theme is ‘Tech for Urban Development’ and its main focus on Collaborative Innovation – Collaboration as a Service (CaaS) which is an extension of the bank's ART (alliances and relationships driven by technology) philosophy.
  • A cash prize of ₹5 lakhs will be awarded to the winning team, followed by ₹3 lakhs and ₹2 lakhs to the runners-up, over 30,000 students submitted solutions last year.
  • Yes Bank
  1. Headquarters: Mumbai
  2. CEO: Rana Kapoor
  3. Tagline: Experience our Expertise

India growth forecast cut by 0.1% for 2018 to 7.3%: IMF (The International Monetary Fund):

  • the GDP growth to be 7.3% in 2018-19, earlier estimate of 7.4%, slightly less 0.1 percentage point in 2018 and 7.5% in 2019 for India as against 6.7% in 2017.
  • cut is due to higher oil prices on domestic demand, Despite India’s slight downgrade in the projections, it continues to outperform China.
  • The global growth is projected to reach 3.9% in 2018 and 2019.
  • World Economic Outlook (WEO)
  1. survey conducted and published by IMF.
  2. IMF Headquarters: Washington, D.C, United States
  3. CEO: Christine Lagarde (5 Jul 2011–)
  4. Membership: 189 countries

Finance Ministry approved Rs 11,336 cr capital infusion in 5 PSU Banks:

  • The 5 banks are: Punjab National Bank (PNB), Andhra Bank, Corporation Bank, Indian Overseas Bank and Allahabad Bank.
  • To enable the banks to make interest payments on additional Tier 1 bonds issued by banks.
  • It would be the part of remaining Rs 65,000 crore out of Rs 2.11 lakh crore capital infusion over two financial years.

RBI to issue new 100 Rupee notes with special Gujarat connection and motif of Gujarat’s ‘Rani Ki Vav’

  • It is a part of the revised design series introduced after demonetization in November 2016.
  • The note has Swachh Bharat logo and slogan on its reverse and The base colour of the note is lavender.
  • Dimension of the banknote will be 66 mm x 142 mm.
  • "RANI KI VAV":
  1. Situated in the town of Patan in Gujarat, on the banks of Saraswati River
  2. Added to the list of UNESCO's World Heritage Sites on 22 June 2014.

All-Women J&K Bank branch inaugurated by First Lady Usha Vohra

  • 13 all women staffers of the inaugurated bank were given badges of distinction by the first lady.
  • The bank will provide special service exclusively for women clients of the bank which include: Pink Gold and Platinum Saving Scheme, Special Loan facility for Women Entrepreneurs, Pink Gold Debit Card and Platinum Credit Card.
  • ·Jammu & Kashmir:
  1. Capitals: Jammu (Winter), Srinagar (Summer)
  2. Governor: Narinder Nath Vohra.
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