Banking and Financial Awareness November 2019: Week III

Banking and Financial Awareness November 2019: Week III

RBI has enhanced the scope of Special Non-resident Rupee (SNRR)

  • Persons who are residing outside India will be allowed to open accounts for external commercial borrowing and trade credit in INR.
  • The credit of amount payable to a non-resident nominee from the account of a deceased account holder to Non-resident external account will be also permitted through normal banking channels.

J& K Gramin Bank has got the top position in terms of achievement of Rupay card transaction targets (POS)

  • Bank has secured 1st position among 56 RRBs across India.
  • According to the survey of National Payment Corporation of India (NPCI), J& K Bank has achieved a 94.91% target for POS transaction for FY-2018-19.
  • There are six regional offices and 217 branches of this bank throughout India.

Government of India is going to launch India’s first Fixed Income Exchange Traded Fund (ETF)

  • It will comprise debt securities of large central public sector enterprises (PSUs).
  • It will be launched by mid-December of 2019.
  • The expected size of the project is Rs.15000crore to Rs.20000crore.
  • It will help to improve liquidity in corporate bond market.

5th India-Europe 29 Business forum was held in New Delhi from 20-21 November 2019

  • Industrial Body Confederation of India (CII) in collaboration with Union Ministry of External Affairs organized this forum.
  • 400 delegates from 29 European countries participated in this forum.
  • Smart cities, IT, Renewable energy and Artificial Intelligence were the main focus of the discussion in the forum.

IRCTC has signed an MoU with Karnataka State tourism development Corporation (KSTTDC)

  • The MoU has been signed to run and operate the Golden Chariot train.
  • The main aim of this MoU is to promote tourism in tourist destinations of Karnataka, Kerala, Puducherry and other South Indian states.

World Bank has developed a 300 million USD plan for the development of logistic infrastructure in Kolkata

  • It will focus on the construction of rail, road and industrial parks.
  • The main aim of this plan is to improve employment opportunities.
  • It will help to develop Kolkata as the hub of the North-eastern region.

Asian infrastructure investment bank (AIIB) has proposed to invest 100 million USD in India for solar and wind projects

  • Head Quarter of this bank is in Beijing, China.

ADB, India Sign $91 Million Loan

  • Government of India signed a $ 91 million loan with the Asian Development Bank (ADB) for Comprehensive Water Management in Karnataka.
  • The first project is helping the modernization of the Gondi irrigation system and the second Project to modernize Vijayanagara Channel.

SEBI Issued Stricter Disclosure Norms for Listed Companies

  • SEBI Chairman Ajay Tyagi announced the changes focuses on the need to build trust among whistle-blowers after a whistle-blower approached the US watchdog, Securities and Exchange Commission with a complaint against IT major Infosys instead of SEBI.
  • Portfolio Managers (PM) Regulations, 2019 have been amended following which net worth requirement of portfolio managers has been enhanced from 2 crores to 5 crore rupees.
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