Banking and Financial Awareness August 2018: 3rd Week

Banking and Financial Awareness August 2018: 3rd Week

UPI 2.0 unveiled by RBI Governor Urjit Patel with enhanced features developed by NPCI

  • Features are: 
    • invoice in the inbox, 
    • signed intent or QR, 
    • UPI mandate with blocking of funds 
    • UPI for overdraft account
  • It will enable customers to check the invoice sent by merchant prior to making payment.
  • This is for ensuring adequate importance on cybersecurity.
  • UPI 2.0 member banks as on date are: 
    • State Bank of India, ICICI Bank, HDFC Bank, Axis Bank, YES Bank, IDBI Bank, RBL Bank, Kotak Mahindra Bank, IndusInd Bank, Federal Bank and HSBC.
  • National Payments Corporation of India
    • Headquarters: Mumbai
    • Founded: 2008
    • Subsidiary: RuPay

Bharti Axa ties up with Airtel Payments Bank to offer Jeevan Jyoti Bima

  • To reach deep rural pockets and serve the underinsured and to uplift financial inclusion.
  • The product (PMJJBY) Rs 2 lakh life insurance cover for a nominal premium of Rs 330 per annum provided by Bharti Axa Life Insurance offers 
  • It can be purchased by all existing or new Airtel Payments Bank savings bank account holders between the ages of 18-50.
  • Also purchasing this policy is secure, paperless and completely digital, ensuring convenience for consumers.
  • Bharti AXA General Insurance
    • CEO: Sanjeev Srinivasan 
    • Headquarters: Mumbai
    • Founded: 2008
  • Airtel Payments Bank
    • CEO: Anubrata Biswas 
    • Founded: 2016
    • Headquarters: New Delhi

India Ratings decreases growth forecast to 7.2% from 7.4% for FY19

  • This is for Increasing crude prices and the government’s decision to fix the minimum support prices of all kharif crops at 1.5 times of the production cost.
  • Private final consumption expenditure to grow 7.6% in FY19 compared to 6.6% in FY18.
  • India Ratings developed a comprehensive credit analysis approach based on:
    • An assessment of the relationship between the various tiers of government and an analysis of links between a public sector entity and sub-nationals.
    • The appropriate balance between economic and financial criteria as well as between objective and qualitative factors.
  • The fiscal deficit target of 3.3% would be met.

PhonePe partners with IRCTC app Rail connect to facilitate convenient, fast and secure payments

  • For facilitating convenient, fast and secure payments through PhonePe on the IRCTC Rail connect Android app.
  • This partnership, will boost digital payments across India.
  • For quick and hassle free payments, users have the choice of using UPI along with all the other payment methods available on the app.
  • PhonePe:
    • CEO: Sameer Nigam 
    • Headquarters: Bengaluru
    • Parent organization: Flipkart

SBI ranked as India’s most patriotic brand: Survey by UK based YouGov

  • The survey was conducted between August 2 and 8 among 1,193 respondents in India which covered 152 brands across 11 categories.
  • Around 16% respondents ranked SBI followed by Tata Motors and Patanjali (eight percent each), telcos Reliance Jio and BSNL (six percent each), and LIC and Amul (five percent each).
  • State Bank of India
    • Chairperson: Rajnish Kumar
    • Headquarters: Mumbai
    • Founded: 1 July 1955

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