Banking and Financial Awareness October 2019: Week II

Banking and Financial Awareness October 2019: Week II

Reserve Bank of India has given the final nod for the setting up of Kerala Bank

  • It will be the largest banking network in Kerala.
  • Kerala Bank will be formed by amalgamating 13 District Co-operative Banks (DCBs) with Kerala State Co-operative Bank.
  • As per the directions of RBI, State should submit the final compliance report by 31st March 2020.

State Bank of India has decided to charge processing fee on Home-loans, top-up plans and real-estate company loans

  • The processing fee will be around 0.4% ranging from Rs.10000 to Rs.30000 for individual borrowers.
  • The processing charge for builders and real-estate companies will be Rs.5000.

Government e-Marketplace (GeM) has signed a MoU with Union Bank of India for providing services related to transfer of funds

  • It will facilitate cashless and paperless payment on the portal.
  • It will also promote transparency in the procurement of goods and services.

State Bank of India has reduced the savings interest rates by 25 basis points

  • It has now been reduced from 3.5% to 3.25% for deposits up to Rs.1lakh.
  • SBI has taken this step to boost adequate liquidity in banking.
  • The new rates will be effective from 10th October 2019.

Conference on One Nation One Tag-FASTag was held in New Delhi

  • Purpose-To rolls out the process for having a unified electronic system across the country.
  • An MoU has been signed between Indian Highways Management Company Ltd. And Goods and Services tag Network (GSTN) for the integration of FASTag with GST e-way bill system.
  • It was inaugurated by Union Minister of Roads and Transport-Nitin Gadkari.

India’s Ratings and research group has lowered India’s GDP forecast for Financial Year-2019-20 to 6.1%

  • GDP forecast was 6.9% in August 2019.
  • The slowdown in rural and urban consumption demand growth has been cited as the key reason for this downward revision of GDP forecast.

Union Government has approved 5% additional dearness allowance for the Central Government Employees

  • Currently, the dearness allowance is 12% of the basic pay which will be now increased to 17% of the basic pay.
  • Similarly, it has also been increased by 5% for the Central Government pensioners.

Government of India has launched National e-Assessment scheme

  • The purpose of this scheme is to make income tax assessment faster, smoother and hassle-free.
  • It focuses on the elimination of any middle-men between the tax-payer and the Income-tax officer.
  • The regional e-Assessment centres will be established in six cities-Chennai, Mumbai, Kolkata, Pune, Ahmedabad and Hyderabad.

The Securities and Exchange Board of India (SEBI) has brought a new rule to impact foreign funds

  • The new rule implies that only Foreign Portfolio Investors (FPIs) located at Financial Action Task Force (FATF) countries can deal in participatory notes to invest in Indian stock markets.
  • Participatory notes are financial instruments which allow the investors to invest in Indian stock markets even if they are not registered with SEBI.
  • This new rule is based on the H R Khan committee recommendation.
  • Increased inflation, Trade war between India and China and rising prices of crude oil are some of the reasons behind the imposition of this rule.
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