Banking Awareness 24th November 2016 | Financial Affairs 24th November 2016
Airtel Payments Bank
It offer 7.25% interest on savings deposits
- Airtel Payments Bank – a joint venture between Airtel M-Commerce and Kotak Mahindra Bank, will offer 7.25 per cent interest rate on savings bank deposit.
- The bank has clarified that even non-Airtel mobile customers can open a savings account. Customers’ Aadhar number will be required for opening an account.
Customers can deposit or withdraw cash at any Airtel retail outlets.
Goldman forecasts dip in GDP
Expects growth to 6.8% in Financial year.
- Goldman Sachs has forecast a deceleration in India’s GDP growth to 6.8 per cent this fiscal, down from 7.6 per cent last financial year, due to demonetisation.
- According to them, post the ‘dramatic currency reform’ the liquidity shortage would be a significant constraint on domestic activity, which in turn would affect GDP growth.
Founded in New York in 1869 by Marcus Goldman.
SEBI eases rules for angel funds
Boost investment for start-ups in the country
- The Securities and Exchange Board of India (SEBI) has liberalised norms for angel funds to invest in early-stage entities as part of its attempts to facilitate fund-raising for start-ups.
- The capital markets regulator also enhanced the scope of investment of foreign investors in unlisted debt securities.
Minimum investment amount by an angel fund in any venture capital undertaking.
Jan Dhan accounts:
Mobilise Rs 21,000 crore after demonetization
- Jan Dhan Accounts have seen a huge surge in deposits, with Rs 21,000 crore being parked in such accounts following demonetisation announced earlier this month.
- Mamata Banerjee-ruled West Bengal leads the pack of States, which has seen the highest deposits so far followed by Karnataka
Maximum limit amount to deposit
L&T lays off 14,000 people to be ‘agile’
Due to challenging conditions in the key Middle East market
- Engineering major Larsen & Toubro Ltd (L&T) said it had laid off 14,000 employees between April and September this year, a move attributed by analysts to challenging conditions in the key Middle East market.
- HR experts familiar said that no further job cuts are expected as L&T is hiring in select positions to execute ongoing projects
R. Shankar Raman
Chief Financial Officer – L&T.
Centre pushes for digital identity tags in vehicles
Reiterated the need for use of digital identity tags in all vehicles
- To ensure smooth movement of traffic at toll plazas, the government reiterated the need for use of digital identity tags in all vehicles, including cars, to enable electronic payment at such places.
- It added that the Ministry of Road Transport and Highways is therefore advising the automobile manufacturers to provide ETC- compliant RFID in all new vehicles.
Minister for Road Transport and Highways and Shipping.
RBI increases e-wallet spend limit to Rs. 20,000
Increase the limits to Rs.50,000 to Merchant banks
Digital wallet companies on Wednesday welcomed the RBI’s decision to increase the limits on mobile wallets spend to Rs. 20,000 for users and to Rs. 50,000 for merchant bank transfers in view of the cash crunch following the demonetisation of high-value currency.
Today is last day to use old Rs 500/1000 notes at public utilities
The deadline ends by 24th November 2016
The deadline to use the old currency notes of Rs 500 and Rs 1,000 to pay for public utilities ends today, according to guidelines given by the Centre a few days ago as from November 25 onwards, only old notes will be exchanged or deposited in banks until December 30.
- Government hospitals
- Petrol Pumps
- Milk booths
Dollar at a premium for old notes
Dual foreign exchange rates are now prevailing in the city
- Small currency changers are now offering to buy demonetised notes of Rs. 500 and Rs. 1,000 in exchange for the U.S. and Australian dollar, and the euro.
- For instance, a currency changer in north Bengaluru is offering $ 1 at Rs. 90 for demonetised notes, while the same US dollar would cost Rs. 71.50 if other notes, including the newly released Rs. 500 and Rs. 2,000 are offered.
Is exchanged to demonetized notes at Rs. 90.
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