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1Second banking ombudsman office opened in New Delhi

Its first office also in New Delhi

  • The Reserve Bank of India said it has set up the second office of the banking ombudsman at its office in New Delhi.
  • The new office has been opened in view of the significant increase in banking network during the recent past and the large jurisdiction being covered by the present office of the ombudsman, New Delhi.

Ombudsman Scheme

Introduced under Section 35A of the Banking Regulation Act, 1949, by the RBI with effect from 1995

2Bharat Financial Inclusion gains from cost cutting, guarded expansion strategy

Country’s second largest Mico Finance Institution

  • Bharat Financial formerly known as SKS Microfinance has said that their growth strategy continues to remain rural-focussed, whereas the industry has been tilting towards building loan portfolios in urban areas
  • A guarded expansion strategy, cost optimisation and reduction in cost of funds have been yielding results for Bharat Financial Inclusion.

Top MFIs

  1. Bandhan Financial Services Ltd
  2. Bharat Financial

3Banking infra being mapped to expand direct benefit transfer

Centre aims to provide banking services at the doorstep of beneficiaries

  • The Centre has embarked on an ambitious plan to map the banking infrastructure across the country as part of its financial inclusion initiative.
  • Known as the DBT-Geographical Information System for financial inclusion, the facility provides data not only at the State/district levels, but also at the village level.
  • Lead banks in each area have been asked to update details on a regular basis.

78

No of schemes under 17 ministries are part of the DBT

4i-exceed banks on its pre-built digital suite

Banks could integrate Appzillon without altering their existing systems

  • Appzillon is a comprehensive suite for Banks will be all in one Digital suite for banks with both Desktop and mobile presence.
  • The recent debit-card data breach has raised questions on the safety of using the cards, and also that of banking channels such as internet banking and apps.
  • Banks need to have robust systems and equally strong software that can safeguard data. With almost all banks pushing the use of mobile apps, their security becomes key.

Founders of i-exceed

  • Joseph John
  • Sundararajan S

5Infrastructure sector growth hits three-month high

Growth rate is 5% against 3.7 last year

  • Infrastructure sector recorded a growth rate of five per cent in September – the highest in three months – on account of healthy performance by cement, steel and refinery products.
  • The growth rate of the eight infrastructure sectors – coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity – was 3.7 per cent in September 2015.

38%

Contribution of coal sector in Industrial production

6Manufacturing PMI at 22-month high

Rising continuously for record 10th month

  • A private sector survey showed that India’s factory activity rose for the tenth consecutive month to a 22-month high in October bolstered by a sharp increase in new orders, purchasing activity and output.
  • The Manufacturing Purchasing Managers’ Index, compiled by Nikkei and Markit, reported a value of 54.4 in October, up from 52.1 in September.

PMI

Purchasing Managers’ Index

7Ramadorai’s resignation from NSDC, NSDA fuels speculation

Hinted at new Chairmanship of Tata sons

  • Tata Group veteran S. Ramadorai aged 71 has resigned from the posts of Chairman of National Skill Development Corporation (NSDC) and National Skill Development Agency (NSDA) adding to speculation that he may be in the reckoning for the chairmanship of Tata Sons.
  • The NSDA, in a notice put up on its website, has announced Mr. Ramadorai’s resignation. It has not cited any reason.

NSDC

National Skill Development Corporation

8Lakshmi Vilas Bank’s top post lies vacant despite RBI nod

B.K. Manjunath is waiting to become head of LVB

  • Despite the Reserve Bank of India’s (RBI) approval to appoint B.K. Manjunath as Chairman of Lakshmi Vilas Bank, the Karur-based lender has kept the post vacant.
  • The post itself has remained unfilled for about two years.

Karur Based Banks

  1. Karur Vysya Bank
  2. Lakshmi Vilas Bank

9‘Cess plan could mean 10 different GST rates’

The plan will more complicate the GST analysts say

  • Industry consultants are surprised that it will not be uniform, and fear this will make GST highly complicated
  • Finance Ministry has proposed differential cess rates to be levied over and above the highest tax rate of 26 per cent for products such as cigarettes, tobacco products and luxury commodities doesn’t decline under the GST regime.

26%

Highest GST Rate

10Data fraud: IRDAI readies cyber security shield

To prevent data leaks from Financial sector

  • In the wake of the recent data breach involving the banking system, insurance regulator IRDAI is in the process of setting up a cyber-security framework to prevent any such incident in future.
  • The Insurance Regulatory and Development Authority of India (IRDAI) said it will be a comprehensive framework for the sector.

IRDAI

The Insurance Regulatory and Development Authority of India

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General awareness 02nd November 2016 | Current affairs