Banking Awareness 30th November 2016 | Financial Affairs 30th November 2016

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Bharatiya Mahila Bank merger with SBI cleared

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Has approved the amalgamation of Bharatiya Mahila Bank into SBI

  • Paving the way for consolidation in the banking sector, the Competition Commission of India has approved the amalgamation of Bharatiya Mahila Bank into State Bank of India (SBI).
  • Both the banks offer various banking products to their retail and corporate customers.

26%

Women have an account with a formal financial institution.

Mastercard, Pine Labs team up for contact-less terminals

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To roll out more than 26,000 contact-less terminals

  • Mastercard has tied-up with Pine Labs, a leading retail Point of Sale (PoS) solution provider, to roll out more than 26,000 contact-less terminals across key merchant stores over the next 12 months.
  • The contact-less payments solution will also help merchants build greater efficiency in managing their costs and time by way of reducing check-out time at the counters and costs related to handling of cash.

Contact-less payments

  • radio-frequency identification (RFID)
  • near field communication (NFC)

Samsung India signs MoU with Karnataka IT dept

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To promote digital education to under privileged girl students in rural areas

  • Samsung India and the Department of IT & BT, Karnataka have entered into a Memorandum of Understanding with an aim to promote computer and digital education to underprivileged girl students of Government Schools and rural areas for three years.
  • This will be a part of Samsung’s CSR activity and in the current financial year, the Korean tech major will donate 400 tablets. Further, these Samsung tabs will be used in the Chetana Programme of the Department.

400 tablets

Samsung tabs will be used in the Chetana Programme of the Department.

Gross Non-Performing Assets of PSU banks touch over 6 lakh by Sept

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Public sector banks has touched around six lakh thirty thousand crore rupees

  • Gross Non-Performing Assets (NPA) of public sector banks has touched around six lakh thirty thousand crore rupees at the end of September this year.
  • The minister said six new Debt Recovery Tribunals have been established for improving recovery of loans

66 lakh 40 thousand.

Total no of NPA accounts

Finance Ministry invites suggestions from public for forthcoming Budget

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Suggestions from public for Budget 2017-18 to encourage Jan Bhagidari

  • Finance Ministry has invited suggestions from public for Budget 2017-18 to encourage Jan Bhagidari and make the procedure of budget formation transparent.
  • According to a post on ‘My Gov’ portal, people can submit their suggestions by 15th of next month. People can submit suggestions either directly in the comments box or attach a PDF document.

40 thousand suggestions

Received for Union and Railway budget and several on My gov.

RBI caps withdrawals from Jan Dhan accounts at Rs 10,000 a month

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To protect from money-laundering and benami transactions

  • In a move aimed at protecting “the innocent farmers and rural account holders of PMJDY (the Pradhan Mantri Jan Dhan Yojana) from activities of money launderers and legal consequences under the Benami Property Transaction & Money Laundering laws”,
  • The Reserve Bank of India (RBI) has placed a limit of Rs 10,000 on monthly withdrawals from Jan Dhan bank accounts.

Rs 50,000

Amount can be deposited in Jan Dhan accounts.

Flipkart’s valuation cut again by Morgan Stanley

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India’s biggest online retailer, by 38 per cent

A mutual fund managed by U.S.-based Morgan Stanley has marked down the value of its holding in Flipkart, India’s biggest online retailer, by 38 per cent.

Flipkart’s valuation after the latest markdown stands at $5.54 billion.

Two other investors

  • Valic
  • Fidelity

Mistry chairs Tata Power board meet without ‘contest’

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Firm to hold EGM on December 26 to remove him

  • Cyrus Mistry, the ousted chairman of Tata Sons, chaired the board meeting of Tata Power on Tuesday without encountering any opposition
  • The company had already called for an extraordinary general meeting (EGM) of the shareholders to remove him as director at request of its parent firm Tata Sons which holds a 31.05 per cent stake in the company.

31.05

Percentage of stake in the company.

SC agrees to hear co-op banks’ plea

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Demonetisation will cripple the entire co-operative sector, says the petition

  • The Supreme Court agreed to hear a petition filed jointly by seven district co-operative banks from Kerala claiming demonetisation policy is well on its way to cripple the entire co-operative sector banking in rural, agrarian societies across the country.
  • A Bench led by Chief Justice of India T.S. Thakur agreed to hear the petition on December 2.

T.S. Thakur

Chief Justice of India.

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