Banking Awareness 9th November 2016 | Financial Affairs 9th November 2016

November 9, 2016
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StanChart launches UPI solution

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It is a solution for corporate and financial institutional, and commercial banking clients

  • Standard Chartered Bank on Tuesday said it has launched ‘Unified Payments Interface’ (UPI)solution for its corporate and financial institutional, and commercial banking clients.
  • This will enable clients to send and receive money using a Virtual Payment Address without entering additional bank account details.

UPI

People can send and receive funds without entering additional bank details.

Corporation Bank inks pact with Indian Army

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Corporation Bank has signed a memorandum of understanding (MoU) with the Indian Army on defense salary package.

  • A press release by the bank said that Corporation Bank will be providing free/concessional services to the Army under the MoU.
  • The services include free drafts, free cheque books, free funds transfers to any bank in India through RTGS/NEFT, free ATM cards, unlimited transactions on all ATMs, including that of other banks.

Military Budget

India’s Military budget is 45.2 Billion US$ which is 8th highest in the world.

India to seek greater market access in U.K. for IT, drugs

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India and the U.K. to deepen trade & investment ties

  • India and the U.K. have begun to look at ways to deepen trade & investment ties even without a Free Trade Agreement (FTA), Commerce Secretary Rita Teaotia.
  • Negotiations on the proposed India-U.K. FTA will begin only after Britain completes the formalities for withdrawal from the European Union (EU) by around 2019.

26%

India-U.K. FTA will increase bilateral trade per annum.

Support small enterprises to boost exports, says President

NEW DELHI, AUG 14 (UNI):- President Pranab Mukherjee addressing the Nation on the eve of 68th Independence Day, in New Delhi on Thursday. UNI PHOTO-121U

SME to be supported through appropriate policy

  • President Pranab Mukherjee said the Centre needed to ensure that India’s exporters, particularly those in the Small and Medium Enterprises (SME) segment, are adequately supported through appropriate policy interventions to help them tide over the present downturn.
  • India’s exports had contracted in 20 of the 21 months till August this year except in June 2016, when it expanded 1.27 per cent.

ECGC

Promotes the country’s exports through credit risk insurance covers and related services.

Ford to set up global unit in Chennai

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The global centre will hireabout 3,000 professionals

  • U.S. auto major Ford Motor Company (FMC) is setting up a Global Technology and Business Centre on a 28-acre land at Sholinganallur near here at an investment of Rs.1,300 crore.
  • This new centre will integrate all our existing India-based global business functions into one campus. This will become our third global product development centre in Asia Pacific.

$2 billion

The Amount invested by Ford in Indian market.

SoftBank writes down $555 mn in India

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Snapdeal and Ola to expand funds

Japan’s SoftBank has written down 58.14 billion yen ($555 million) on its investments in India, which includes e-commerce company Snapdeal, owned by Jasper Infotech, and ride-hailing service Ola, operated by ANI Technologies.

Investments

$210 million investment in Ola and $627 million in Snapdeal in October 2014

Federal Bank to expand in five more states

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Federal Bank has identified five states outside Kerala where it plans to increase its market share

  • Ganesh Sankaran executive director Federal Bank said that they have national aspirations. Since five years we are trying to grow in states outside Kerala and have identified five states Maharashtra, Gujarat, Tamil Nadu, Delhi and Punjab and Karnataka to increase our market share.
  • Five years ago, the bank did not have many branches outside Kerala. However now, of its 1,252 branches, 55 per cent were outside Kerala.

Five states to attain branches

  • Maharashtra.
  • Gujarat.
  • Tamil Nadu.
  • Delhi.
  • Punjab.

Telangana releases 2,000 crore for loan waiver

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The ruling TRS Party had promised to waive the farm loans if elected to power

  • The Telangana government has released ₹2,019 crore under the farm loan waiver. This is the third tranche of funds towards clearing the waiver dues of ₹17,000 crore.
  • The ruling TRS Party had promised to waive the farm loans if elected to power. It, however, had started releasing the funds in phases after assuming power.

₹17,000 crore

Total loan due for farm loan in Telangana.

GST portal goes live, GSTN software almost ready: Chairman

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It enable easy filing of returns and tax payments through credit/debit cards and other modes.

  • A new and simpler portal for the incoming Goods and Services Tax regime went live today that will enable easy filing of returns and tax payments through credit/debit cards and other modes.
  • As much as 60 per cent of the software needed to run GST is ready and GSTN — the company building the gigantic infrastructure and IT backbone for it, made the www.gst.gov.in portal live for migrating existing tax payers.

80 lakh

Number of tax payers will be migrated from the existing to GST regime.

Modi’s surgical strike on black money

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500, 1,000 notes withdrawn to check black money

  • In a shock and awe move, Prime Minister Narendra Modi announced withdrawal of ₹500 and ₹1,000 notes in a bid to check black money and cross-border monetary transactions of counterfeit currency.
  • Modi told the notes of ₹500 and ₹1,000 not valid from midnight November 8, 2016this was informed in late-evening address to the nation, evoking strong reactions from the man on the street to his political opponents.

Guidelines

  • ATM will not function till November 10.
  • Banks will be closed on November 9.
  • People can deposit from November 10 to December 30, 2016 in banks and post offices.
  • Withdrawals from bank accounts will be limited to Rs. 10,000 a day and Rs. 20,000 a week.

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