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Banking and Financial Awareness March 2020: Week I

Published on Wednesday, March 11, 2020
Banking and Financial Awareness March 2020: Week I

GST Revenue Collection: Feb 2020

  • The government has settled Rs 22,586 crore to CGST and Rs 16,553 crore to SGST from IGST as regular settlement.
  • With this, the total revenue earned by the Central Government and the State Governments after the regular settlement is Rs 43,155 crore for CGST and Rs 43,901 crore for the SGST.
  • A growth of 12% is observed in the GST revenue from the domestic transactions in Feb 2020 over the revenue during the month of February 2019.
  • GST collected from import of goods increased by 8% in comparison to the revenue during February 2019.

NABARD Infused Rs 1.46 lakh Crore in Rural Banking

  • NABARD has been extending financial support to the banks operating in rural areas to help them deploy their resources effectively for meeting the credit needs of rural people, including farmers.
  • The long term credits are aimed at supporting sectors like dairy, poultry, fishery, farm mechanisation, irrigation, and non-farm sector.
  • NABARD is also directing its resources to increase institutional credit to rural sectors through non-banking financial institutions (NBFCs) by extending Rs 4,638 crore to NBFCs and MFIs so far in FY20.

RBI Received Rs 1.71 Trillion in LTRO

  • RBI said that, it has received 66 bids in the LTRO of three-year tenor, which has reversal date on 1st March 2023.
  • The total bids imply a bid to cover ratio of 6.9, which is the amount of bids received relative to the notified amount.
  • RBI has already conducted two LTROs for Rs 25,000 crore each on 17th and 24th February 2020.

SC Lifted RBI Ban on CryptoCurrency

  • The bench quashed the central bank's order and said that the curb on cryptocurrency trade is illegal.
  • Cryptocurrency is an internet-based medium of exchange which uses cryptographical functions to conduct financial transactions.
  • It has no physical counterparts like banknotes or coins that can be carried around, and thus it exists only in electronic form.

EPFO Lowered Interest Rate on Deposits to 8.5%

  • The workers have been making a constant demand that the EPF interest payout should be higher in view of its investments in the stock market via the exchange-traded fund.
  • In 2018-19, EPFO had a surplus of Rs 151 crore after an 8.65% payout.
  • Post 8.5% payout, the EPFO will have a surplus of Rs 700 crore.
  • EPFO invests 85% of its annual accruals in the debt market and 15% in equities through exchange-traded funds.

Reserve Bank of India Imposes Restrictions on YES Bank

  • RBI has allowed to Yes bank customers that they can withdraw only Rs 50,000/- from their accounts. However, an account holder can withdraw more than Rs 50,000/- for the following three reasons: A) Medical treatment. B) Educations. C) Marriage. However, it is mandatory to get RBI approval for same.
  • The private sector Yes Bank has been banned for 30 days.

RBI Deputy Governor N S Vishwanathan Quits Ahead of Retirement

  • He has quit three months ahead of his retirement in June 2020 due to health reasons.
  • He was currently looking after the Key departments such as non-banking regulation, deposit insurance, banking regulation, co-operative banking, financial stability and inspection.
  • Vishwanathan has been a lifetime regulator after he joined the RBI in 1981.
  • He was first appointed as RBI deputy governor in 2016 for a term of three years.
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