Banking and Financial Awareness August 2020: Week IV

Published on Thursday, September 03, 2020
Banking and Financial Awareness August 2020: Week IV

‘National Strategy for Financial Education 2020-2025’- RBI

  • The Reserve Bank of India has released a national strategy for financial education for a period of five years.
  • This National Strategy for Financial Education 2020-2025 aims to create a financially aware and empowered India.
  • This National Strategy for Financial Education 2020-2025 is the revised structure of the first National Strategy for Financial Education 2013-2018.

GST exemption to the Businesses with Annual Turnover of upto Rs 40 lakh

  • The ministry of finance has made an announcement to exempt the businesses with an annual turnover of Rs 40 lakh from GST.
  • Earlier the businesses with an annual turnover of Rs 20 lakh were exempted from GST.
  • Along with this, another announcement was made by the finance ministry that those businesses with a turnover of upto Rs 1.5 crore can avail for Composition Scheme.
  • If such businesses who are eligible and avail for Composition Scheme will have to pay only 1% tax.

Debt and Credit Guarantee Programme introduced by NABARD

  • The name of the programme or the product is ‘Structured Finance and Partial Guarantee Program’.
  • The ‘Structured Finance and Partial Guarantee Program’ will help to ensure the flow of credit without any interruptions to the destination in rural areas which are affected due to COVID-19.
  • The ‘Structured Finance and Partial Guarantee Program’ will provide partial guarantee on pooled loans offered to NBFCs and MFIs.

RBI Annual Report 2019-2020

  • As per the data in the report, total income in the year 2019-2020 has increased by 28.97%. In the year 2018-2019 total income was Rs 1,49,672 crore. And in 2019-2020, the total income is Rs 1,93,036 crore.
  • The expenditure decreased by 39.72%.
  • The gross non-performing ratio of the banking system has reduced to 9.1% when compared with March 2019 which was 11.2%.
  • The interest income of the bank increased by 44.62%.

ICICI Bank uses Satellite Data to Assess Creditworthiness of Farmers

  • ICICI Bank is making use of imagery from earth observation satellites i.e. making use of data from the satellite to Assess Creditworthiness of farmers.
  • Thus by doing so, ICICI Bank has become the first bank in India to use such an advance technique.
  • This advance technique will also help farmers to get better access to formal credits. 
  • Under this advance technique, on getting data from satellites, the credit assessments are made within 15 days by the bank.

Liberty Saving Account—By Axis Bank

  • The Liberty Saving Account is launched for Indian Youth.
  • The Liberty Saving Account will address the need of the youth and digitally interested Indians like changing lifestyles and hospital cash insurance covers.
  • The Liberty Saving Account will offer hospital cash insurance cover upto Rs 20,000 per year.
  • Liberty Saving Account is applicable for the people belonging in the age group of upto 35 years of age.

National GIS-enabled Land Bank System

  • The National GIS (Geographic Information System) enabled Land Bank System is launched by union minister of commerce and industry, Piyush Goyal.
  • The National GIS-enabled Land Bank System will provide real-time information about the availability of industrial land and resources. It will provide details about industrial clusters all over India.
  • The system is developed by integrating the Industrial Information System (IIS) to the State’s GIS. Until now, six major states are included in this system.

HDFC Bank partners with Adobe

  • HDFC Bank has entered into a partnership with Adobe to offer and enhance the digital experience to its customers.
  • The digital experience will be powered and supported by Adobe Experience Cloud Solutions.
  • Under this partnership, the bank will avail platforms like Data Management Platform in Adobe Audience Manager.
  • The currents solutions like adobe analytics and adobe target will help the bank to derive insights and to enhance and deepen their personalized services to its customers.

‘Smart Assist’- By Bajaj Allianz Life Insurance Company Ltd

  • Bajaj Allianz Life Insurance Company Ltd has launched ‘Smart Assist’.
  • ‘Smart Assist’ is a real-time technology-based assistant service.
  • This service allows the customers to establish a connection with the insurance company and to take the benefits in real-time basis from anywhere.
  • ‘Smart Assist’ offers complete insurance product details by allotting a secure digital platform to the customers.

Canara HSBC OBC Life Insurance partnered with Andhra Pragathi Grameena Bank

  • The Canara HSBC OBC Life Insurance has entered into a partnership with Andhra Pragathi Grameena Bank(APGB).
  • The partnership is made to sell insurance policies related to life, health and pension of Canara HSBC OBC Life Insurance at branches of APGB.
  • Canara HSBC OBC Life Insurance is a joint sector of Canara Bank and Punjab National Bank and HSBC.

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