Banking and Financial Awareness November 2019: Week II

Banking and Financial Awareness November 2019: Week II

The withdrawal limit of Punjab and Maharashtra Cooperative (PMC) Bank has been increased upto Rs.50000 per account by RBI

  • This announcement has been made by Central Bank after checking the liquidity position of the bank.
  • This will allow the depositors to withdraw their entire account balance.

The Central Government is going to infuse a fund of Rs.10000crores for the stalled real estate

  • The aim is to boost the real estate sector which was struggling due to liquidity crisis.
  • Apart from the Government’s fund, SBI and LIC will also contribute Rs.15000crore to boost the sector.

Government e-Marketplace (GeM) has signed a MoU with Central Bank of India

  • This will enable Central Bank to provide an array of services including the transfer of funds through GeM pool accounts to the users.
  • This will promote paperless, contactless and cashless transactions.
  • GeM has signed MoU with 18 public and private sector banks.

RBI has increased the household income limits for the borrowers of Non-Banking Financial Companies (NBFC) and Microfinance institutions (MFIs)

  • It has been increased from Rs.1 lakh to Rs.1.25 lakh.
  • This will strengthen the credit system in rural areas.
  • For urban and semi-urban areas, the limit has been increased from Rs.1.6 lakh to Rs.2 lakh.

Karnataka Gramin Bank has launched Mobile ATMs in Kalaburagi, Karnataka

  • It aims to create awareness among farmers about the use of digital ATMs and also about bank schemes.
  • The project has been assisted by NABARD.
  • It will boost digitization in rural areas.

Amazon has introduced ‘Project Zero’ in India

  • The aim is to ensure that customers receive authentic goods.
  • This will block the selling of counterfeit goods on the platform of Amazon.
  • Project Zero is a combination of three powerful tools-Automated protection, self-service and product serialization.

A global pilot demo of BHIM-UPI QR based payment was presented at the Singapore Fintech Festival on 13th November 2019

  • It is an achievement of Fintech Cooperation between India and Singapore.
  • Under this pilot run, the first transaction was demonstrated by the High Commissioner of India to Singapore-Jawed Ashraf.
  • This project is being developed by the National payment corporation of India (NPCI) in collaboration with Singapore’s Network for Electronic Transfer.
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