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Banking and Financial Awareness March 2020: Week III

Banking and Financial Awareness March 2020: Week III

GOI will Borrow Rs 51,000 crore in March 2020

  • The decision is taken after reviewing the cash position of the Centre, in line with the Revised Estimate announced by the government in the Budget 2020-21.
  • The Budget 2020-21 has raised the net borrowing to Rs 4.99 lakh crore from Rs 4.48 lakh crore in the Budget Estimate.
  • As per the earlier calendar, the GOI was to borrow Rs 24,000 crore through treasury bills of various tenure.
  • The revised calendar has allowed the government to borrow Rs 75,000 crore through the treasury bills in three tranches.

Paytm Bank to Issue Visa Virtual Debit Cards

  • PPBL has said that it is targeting to issue over 10 million new digital debit cards in 2020-21.
  • The visa virtual debit cards to its customers will enable them to transact at all merchants accepting payments through cards.
  • It will make contactless payment through their chip-inserted cards.
  • Also, for the first time, the bank’s customers will also be able to make international transactions using the card.

Governance Panel Set Up by IRDAI

  • The Insurance Regulation and Development Authority (IRDAI) has announced on 19th March 2020 that it has set up a governance panel/committee.
  • The committee will be headed by Pravin Kutumbe, member-finance and investment at IRDAI.
  • It will submit its report to IRDAI in 3 months.
  • IRDAI is an autonomous, statutory body tasked with regulating and promoting the insurance and re-insurance industries in India.

RBI Appointed Additional Directors for Yes Bank Board

  • RBI former deputy governor R Gandhi and former banker Ananth Narayan have been appointed for a term of two years.
  • RBI can appoint one or more persons as additional directors on the board of Yes, under the reconstruction scheme, which came into effect from 14th March 2020.
  • These appointments are effective on 26th March 2020.
  • R Gandhi was earlier appointed to Yes Bank’s Board as an additional director till 13th May 2021 and is being reappointed after the board was superseded on 5th March 2020.

Govt Liabilities Stood at Rs 93.89 Lakh Crore in Q3

  • The increase in the Government’s liability is about 3.2% as compared to the previous quarter.
  • The liabilities, including those under the public account, had stood at Rs 91,01,484 crore at the end of September 2019.
  • At the end of December 2019, Public debt accounted for 90.4% of total outstanding liabilities.
  • The proportion of debt (dated securities) maturing in less than one year was at 6.64% at the end of December 2019.
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