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Banking & Financial Awareness GK Digest : December 2023

Published on Wednesday, January 03, 2024

Banking & Financial Awareness GK Digest

LIC Jeevan Utsav: New Life Insurance Plan Launched with Lifetime Guaranteed Returns

Current Context: The Life Insurance Corporation of India (LIC) has launched a new scheme called Jeevan Utsav.

About

  • Here are some key details about the plan:
  • Type of Plan: Jeevan Utsav is a non-linked, non-participating, individual, savings, whole life insurance plan.
  • Premium Paying Term: This policy has a limited premium paying term of 5 to 16 years.
  •  Sum Assured: The minimum basic sum assured is Rs. 5,00,000. There is no limit on the maximum basic sum assured.
  •  Returns: The plan offers lifetime guaranteed returns. After maturity, the policyholder will get 10 percent of the sum assured life long.
  • Benefits: Based on the selected Premium Paying Term (Regular Income to Flexi Income), 10% of the Sum Assured is paid back annually after the specified years.
  • Availability: The plan can be purchased offline through licensed agents, corporate agents, brokers, insurance marketing firms as well as online directly through the LIC website.

Ujjivan SFB Partners with Water.org to offer Water, Sanitation & Hygiene Loans

 CurrentContext: The Goods and Services Tax (GST) collection for the month of October 2023 has reached an impressive Rs. 1.72 lakh crore. This is the second highest ever recorded, with the highest GST collections recorded in April 2023.

Key Points

  • This shows a remarkable year-on-year growth of 13%3.
  • The gross GST revenue for October 2023 was composed of Rs.30,062 crore in CGST, Rs.38,171 crore in SGST, Rs. 91,315 crore in IGST (including Rs.42,127 crore from imported goods), and Rs. 12,456 crore in cess (including Rs.1,294 crore from imported goods).
  • After the customary settlement, the total revenue for the Centre and the States in October 2023 stood at Rs.72,934 crore for CGST and Rs. 74,785 crore for SGST.
  •  The average monthly gross GST collection for the fiscal year 2023-24 now stands at Rs.1.66 lakh crore, marking an 11% rise from the same period in the previous fiscal year.
  • This robust GST collection highlights the underlying resilience of the Indian economy.

RBI superseded the board of Mumbai-based Abhyudaya Co-op Bank for a year

Current Context: The Reserve Bank of India (RBI) superseded the board of directors of the Mumbai-based Abhyudaya Co-operative Bank for one year.

Key Highlights

  • This action was taken due to certain material concerns emanating from poor governance standards in the bank.
  • The RBI has appointed Satya Prakash Pathak, a former Chief General Manager of State Bank of India, as the Administrator to manage the affairs of the bank during this period.
  • A Committee of Advisors has also been appointed to assist the Administrator.
  • The members of this committee are Venkatesh Hegde (former General Manager, SBI), Mahendra Chhajed (Chartered Accountant), and Suhas Gokhale (former MD, COSMOS Co-operative Bank Ltd.

HDFC Securities Launches Mobile Trading App HDFC SKY On AWS Cloud


Current Context: HDFC Securities, one of India’s leading investment service providers, has launched its new mobile trading app, HDFC SKY, on Amazon Web Services (AWS) cloud on November 27, 2023.

Key Facts

  • With AWS as its preferred cloud provider, HDFC Securities is providing a secure, stable, and low-latency trading service for the growing number of tech-savvy retail investors who prefer mobile trading.
  • The app, HDFC SKY, which is built on AWS, gives investors access to the stock market at a scale of thousands of transactions per second.
  • HDFC SKY serves 75 million customers and all HDFC Group companies, investors, and traders globally on trading of shares, commodities, futures, currencies, Initial Public Offerings (IPOs), mutual funds, and Exchange-Traded Funds (ETFs).

This digest is not complete. Read the complete digest on the Financial Awareness Course.

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