Financial Affairs 27 October 2016 | Banking Awareness for SBI IBPS UPSC SSC Exams

Applicants blame banks for seeking security


  • Many commercial banks are fighting shy of giving Mudra loan.
  • They are seeking security even for these loans, even though there are clear-cut guidelines to the contrary.
  • Swarnalatha, president of an NGO in Amalapuram in East Godavari district, said her organisation was working for the welfare of destitute women, deserted women and women in distress in general.

ACs, chappals can’t attract the same GST rate: Jaitley


  • Arun Jaitley wrote in his blog post. “Otherwise the GST would be regressive.Air conditioners and hawai chappals cannot be taxed at the same rate.
  • It explained the rationale behind the GST Council’s suggestion of four GST rates.
  • The clean energy cess and the tobacco cess was to make good Centre’s commitment to compensate states for any loss of revenue that may arise from the implementation of GST for the first five years.

Catching them young: financial literacy test to motivate students

JA Capstone Shoot. Featuring JA kids, staff, and volunteers, doing various financial activities at the Boeing Center for Free Enterpriese in Auburn, WA.

  • The National Centre for Financial Education (NCFE) is catching students young to create awareness.
  • Supported by Reserve Bank of India, SEBI, Insurance and pension fund regulators
  • NCFE will be conducting a national financial literacy assessment test for all school students from classes VI to X.

Axis Bank’s KYC goes online


  • Axis Bank has launched ‘Insta Services’ to enable electronic submission of Form15G/H through its mobile application.
  • The bank, in a statement, said the new service will allow customers to click an image through mobile camera or upload the scanned copy of KYC documents through its mobile application.

Look closely before accepting currency notes: RBI tells public

Police officer stands guard in front of the RBI head office in Mumbai

  • The RBI on 26 oct 16 cautioned the public to subject currency notes that are accepted to careful scrutiny.
  • The central bank requested members of the public to make it a habit to look at the notes before accepting them in the usual course of daily transaction.
  • RBI said genuine Indian currency notes of higher denominations have strong counterfeit resistant security features.

Now, a location validation tool to check cyber frauds

Security concept: computer keyboard with word Cyber Crime, selected focus on enter button background, 3d render
Security concept: computer keyboard with word Cyber Crime, selected focus on enter button background, 3d render
  • Offered by mobile security firm Zumigo, the service helps banks verify the distance between a customer and a point of transaction.
  • The recent ATM fraud data breach episode has given rise to a number of concerns about the purported safety of the systems and procedures followed in the country.
  • National Payments Corporation of India has said that there were about 640 complaints from customers and the amount they lost was about ₹1.3 crore.

Nasscom may set sights lower for 2017 fiscal year


  • IT industry body Nasscom will look at reducing the guidance for the IT sector for the fiscal year 2017.
  • Nasscom expects the $143-billion IT sector to grow at 10-12 per cent.
  • Analyst said that “Looking at the macroeconomic factors and the companies’ readiness in dealing with this situation, growth could be in single digit.”

US Consulate opens American Corner in Ahmedabad


  • In a bid to make available current and reliable information about the US to the masses through resources like DVDs, books and online.
  • The US Consulate General, Mumbai, on 26 oct 16 launched the renovated American Corner in Ahmedabad.
  • The Indo-American Education Society (IAES), the American Centre will serve as a one-stop source of information on American society, culture, and the economy.

India will be home to 10,500 start-ups by 2020: Report


  • In India the ecosystem is poised to grow by an impressive 2.2X to reach more than 10,500 start-ups by the year 2020, it is slowing down.
  • A remarkable growth of 25 per cent has been witnessed in 2016 with over 350 ventures founded by young students.
  • The median age of start-up founders has reduced marginally from 32 years in 2015 to 31 years in 2016.

Govt notifies revised DTAA with South Korea


  • The govt notified ‘”The earlier Double Taxation Avoidance Convention between India and South Korea was notified on September 26, 1986″.
  • It was signed by Prime Minister Narendra Modi during his visit to Seoul in May 2015.
  • The provisions of the new DTAA will have effect in India in respect of income derived in fiscal years beginning on or after April 1, 2017, the government said in a statement.

LPG distributors raise concerns over govt haste in PMUY implementation

Indian women participate in a protest against the price hike in diesel and capping the number of subsidized cooking gas cylinders in Ahmadabad, India, Friday, Sept. 14, 2012. India's government is facing angry protests from its political allies as well as the opposition after it raised the price of diesel fuel in a bid to curb its ballooning fiscal deficit and also announced a reduction in cooking gas subsidies. The replica of cooking gas cylinder reads as "down with price rise." (AP Photo/Ajit Solanki)

  • LPG distributors have raised serious concerns regarding the government’s haste in implementing the targets set under the Pradhan Mantri Ujjwala Yojana (PMUY).
  • It is aimed at providing poor households with LPG connections, saying that rushed implementation could compromise the safety of the recipients.
  • It has been providing safety handouts, safety briefings at the time of installation and has been organising safety melas and clinics to increase awareness.

India to have 1bn mobile subscribers by 2020: Study


  • India is expected to have one billion unique mobile subscribers by 2020.
  • India 2016’, at the end of June 2016, 616 million unique users had subscribed to mobile services in India, making it the second-largest mobile market globally.
  • Improving affordability, will help deliver over 330 million new unique subscribers by 2020, taking the penetration rate to 68 per cent.

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