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Banking and Financial Awareness February 2020: Week II

Banking and Financial Awareness February 2020: Week II

Union Ministry of Finance notifies Rules for Printing of One Rupee Currency, 2020

  • The Government of India will start the circulation of new one rupee note in the market.
  • Government has specified and notified "Printing of One Rupee Currency Notes Rules, 2020".
  • These new 1 Rs notes will be printed by the Ministry of Finance, not by RBI.
  • The note will have the bilingual signature of Atanu Chakraborty who is the Secretary of Ministry of Finance.
  • The new one rupee currency notes will be of rectangular size measuring 9.7 x 6.3 cm.
  • The colour of the new notes will be pink green on obverse and reverse in combination with others.
  • The Obverse side of the note will contain words ‘भारत सरकार’ above the words “Government of India”. It will also have a replica of New Rupee One coin with ‘□’ symbol of 2020 issued with 'Satyamev Jayate' and capital Inset letter ‘L’ in numbering panel.

RBI proposes Draft Framework for setting up an Alternative Retail Payments System

  • The Reserve bank of India has proposed a draft framework for setting up a new umbrella entity (NUE) focused on retail payments system which will work along the lines of National Payments Corporation of India (NPCI).
  • It will set up, manage and operate new payments system, methods, standards and technologies especially in the retail space.
  • This new entity will be incorporated in India under the Companies Act, 2013.
  • The new entity will have a minimum paid-up capital of Rs 500 crore. Along with this, there will be no single promoter/promoter group holding more than 40% investment in the capital.
  • As per RBI, a minimum net-worth of Rs 300 crore will be maintained for the entity at all times.

PSBs recover Rs.2.03 lakh crore Bad Loans in last one-and-half years

  • According to the Finance Ministry, the Public Sector Banks have recovered a record Rs 2.03 lakh crore bad loans in the last one-and-half years.
  • The bad loans have fell down to Rs 7.27 lakh crore at the end of September 2019 from Rs 8.96 lakh crore at the end of March 2018.
  • Along with this, Out of 18 PSBs, 12 have reported a profit in the first half of the current financial year.

Induslnd Bank records Highest Increase in Brand Value among Top 500 Banking Brands 2020

  • According to a report titled 'The Banker's Top 500 Banking Brands 2020', Induslnd Bank has topped the list of 'Highest increase in brand value' among global banks.
  • As per the report, the brand value of Induslnd Bank has increased by 122% over the last 12 months.

EIU lowers Global Growth Forecast 2020 to 2.2% from 2.3%

  • The Economist Intelligence Unit (EIU) has reduced its global growth forecast for the year 2020 to 2.2 per cent. Earlier, it has forecasted the growth to be at 2.3 per cent.
  • This decrease has been made due to the impact of Novel coronavirus outbreak in China and its spread in other countries globally.
  • EIU has also projected the GDP growth for India to be at 6.1 per cent in 2020.

Odisha MSME Dept inked MoU with HDFC Bank to boost startups

  • The Micro Small and Medium Enterprises (MSME) Department of Government of Odisha have signed an agreement with the Housing Development Finance Corporation (HDFC) Bank Limited to boost startups.
  • The basic aim of this MoU is to provide smart banking solutions to Startups recognised by the "Startup Odisha".

RBI: Lending from CRR Buffer to get 5-year Relief

  • RBI said that the window will open for six months ending 31st of July 2020.
  • The Net Demand and Time Liabilities (NDTL) will be calculated as of 31st of January.
  • RBI asked banks to report the CRR exemption availed at the end of a fortnight under exemptions/others in the Section 42 return, under the provisions of the master circular on CRR and SLR issued on 1st of July, 2015.
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