Banking and Financial Awareness March 2019: Week IV

Banking and Financial Awareness March 2019: Week IV

Implementation of Indian Accounting Standards has been deferred by RBI

  • Reserve Bank of India has postponed the implementation of the Indian Accounting Standards (Ind AS) by banks until further notice for the reason of requisite legislative amendments, which are still under consideration of the government.
  • It would impact public sector lenders to boost “substantial” amounts of extra capital, beyond the estimated 1.9 trillion rupee infusion which government had committed for the two-year period to the end of March.

Reserve Bank of India (RBI) has appointed a five-member committee under the chairmanship of Nandan Nilekhani

  • A five member committee under the chairmanship of Nandan Nilekani has been appointed to strengthen digital payments and to boost financial inclusion through financial technology.
  • The decision for the formation of committee was taken during the first event of Financial Technology (Fintech) Conclave, which was organized by NITI Aayog in New Delhi.

RBI slapped Rs 2 crore penalty on PNB for violation of SWIFT norms

  • Society for World Wide Interbank Financial Telecommunication (SWIFT) is a network which enables the financial institutions worldwide to send and receive information about the financial transactions in a secure manner.
  • The misuse of SWIFT messaging software has lead to the massive Rs.14000 Cr fraud in the PNB which attracted the penalty.

ICICI Prudential Bharat Consumption Scheme has been launched

  • It is launched by ICICI Prudential Mutual Fund.
  • It is launched to get advantage from Indian consumption market.
  • Nifty India Consumption Index is the benchmark for the Scheme.
  • The scheme will be managed by Rajat Chandak, Dharmesh Kakkad and Priyanka Khandelwal will manage the overseas investments.
  • Minimum investment for the scheme is Rs 5,000 and it is in multiples of one rupee thereafter.
  • Penalty for leaving the scheme is 1 percent if investments are redeemed within 12 months from the date of allotment.

Bank of Baroda is going to develop Digital Agri platform "Baroda Kisan"

  • BOB has signed MoU with six firms namely Skymet Weather Services, Weather Risk Management Services, BigHaat, Agrostar India, EM3 Agri Services and Poorti Agri Services.
  • Baroda kisan will provide solutions for agricultural requirements.
  • The execution of the platform will be done by IT Centre of Excellence (ITCoE) of Bank of Baroda in partnership with IBM India.

Government has decided to infuse Rs 5042 cr into Bank of Baroda

  • The capital infusion has been decided ahead of its merger with two other public sector lenders Dena Bank and Vijaya Bank,with Bank of Baroda which would be effective from 1st April 2019.

Punjab National bank has sold 13.01% stake in housing finance arm for Rs 1851.60 cr

  • Stake has been sold to General Atlantic Group and VardePartners for Rs 1851 cr at Rs 850 per share.
  • PNB would still hold a strategic stake of 19.78% in the housing finance company.

Interest rate on Small Saving Schemes remained unchanged

  • Finance Ministry has decided to keep IR unchanged on SSS for three month period beginning April 1.
  • It covers Psot Office Saving Account, Post Office Time Deposits, national Saving Certificate, PPF, Kisan Vikas Patra and Sukanya Samriddhi.
  • Based on Shyamala Gopinath panel, IR on these schemes are reviewed before end of every quarter and new rates are announced for the next quarter.

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