Banking and Financial Awareness September 2018: 1st week

Banking and Financial Awareness September 2018: 1st week

Punjab National Bank tops in digital transaction by Department of Financial Services

  • Rated sixth overall amongst all banks in India for digital performance.
  • Also average percentage of technical declines is only 0.83 per cent of total transactions which is an achievement in itself.
  • Bank is adopting three pronged to climb out of its losses by selling its
    • non-core assets,
    • aggressive sale of its non-performing assets (NPAs) and
    • recoveries.
  • Punjab National Bank
    • Headquarters: New Delhi
    • CEO: Sunil Mehta
    • Tagline: A name you can bank upon

Axis Securities launched commodity trading with MCX

  • First bank subsidiary to enter the commodity broking business.
  • At present, all existing Axis Direct customers can trade in 29 commodity futures and five options contracts through a one-time online registration process, which cover bullion, industrial metals, energy and agricultural segments.
  • It has expanded its overall investment product which includes equities, mutual funds, SIPs, IPOs, derivatives, bonds, NCDs, ETFs, company fixed deposits and overseas trading.
  • Axis Bank
    • Headquarters: Mumbai
    • CEO: Shikha Sharma

ADB approved USD 245 million in 3 districts of West Bengal.

  • For providing safe, sustainable, and inclusive drinking water service.
  • Also provide continuous potable water through metered connections to about 390,000 individual households in three districts of North 24 Parganas, Bankura and Purba Medinipur.
  • Total project cost is $349 million, for which
    • $240 million loan will provide by ADB
    • $3 million from the Japan Fund for Poverty Reduction, financed by the Government of Japan.
    • $106 million loan will provide by The West Bengal government.
  • Project will use a high-technology based smart water management system, a first for large scale rural water schemes in India, and Water will be provided through bulk water systems, consisting of intakes, water treatment plants, and transmission mains.
  • Project is due for completion in June 2024.
  • West Bengal
    • Capital: Kolkata
    • Chief minister: Mamata Banerjee

99.30% of demonetized money worth Rs.15.31 lakh crore back in the system: RBI annual report

  • Since November 8, 2016 Rs 15.31 lakh crore worth currency notes have now been returned of the total Rs 15.41 lakh crore.
  • Rs 10,720 crore of the currency did not return to the banking system.
  • From the earlier ‘Notes issued’ segment which was a part of liability, the amount has been shifted to the central bank’s ‘Other Liabilities and Provisions’ segment.
  • 37.7 per cent increased in value of banknotes in circulation over the year to Rs 18.03-lakh crore at End-March 2018 and volume of banknotes, increased by 2.1 per cent.
  • RBI spend total Rs 4,912 crore on security printing during the FY18 against Rs 7,965 crore in 2016-17.

$375 Million Loan agreement signed by ADB & India to improve irrigation in Madhya Pradesh

  • For doubling farmers’ income in Madhya Pradesh by expanding irrigation networks and system efficiency.
  • Funds will be used to develop a large-scale pressurized and automated irrigation system for boosting irrigation efficiency.
  • It will focus on two large irrigation systems.
    • The Kundalia irrigation project: develop 125,000 ha of new and highly efficient and climate resilient irrigation networks and help farmers to adopt micro-irrigated agriculture including high-value crops.
    • Sanjay Sarovar Irrigation Project: prepare a comprehensive modernization feasibility study and other preparatory work for a soundly designed project.
  • Madhya Pradesh
    • Capitals: Bhopal, Jabalpur (Judiciary)
    • Chief minister: Shivraj Singh Chouhan
    • Governor: Anandiben Patel
  •  Asian Development Bank
    • Headquarters: Mandaluyong, Philippines
    • President: Takehiko Nakao
    • Founded: 19 December 1966
    • Membership: 67 countries

$346 Million Loan signed by Government of India and ADB to improve 419 km of State Highways in Karnataka

  • Enhance connectivity and access to economic centers across 12 districts in Karnataka.
  • Ongoing road improvement project financed by ADB with a loan of $315 million is upgrading about 615 km of state roads.
  • The Karnataka State Highways Improvement III Project will upgrade about 419 km of state highways to two and four lanes with paved shoulders, and will reconstruct, widen, and strengthen culverts and bridges.

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