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Current Affairs on Finance

Current affairs on 24 April 2017

ICICI Bank data centre becomes country's first IGBC Platinum rated project

  1. The ICICI Bank Data Centre in Hyderabad has achieved the distinction of becoming the country's first Platinum rated project under IGBC (Indian Green Building Council) Green Data Centre Rating System.
  2. IGBC Green Data Centre Rating System would facilitate in providing tremendous tangible and intangible benefits.
  3. Tangible benefits include 20 to 25 percent reduction in Power Usage Effectiveness, 25 to 30 percent reduction in water consumption. Intangible benefits include enhanced air quality, excellent daylighting, health, and well-being of the staff operating such facility.

Current affairs on 20 April 2017

State Bank of India (SBI) became the most valued PSU by market capitalization

  1. State Bank of India (SBI) on 18 April 2017 became the most valued PSU by market capitalization as it gained 2% to reach Rs. 296 levels and outperformed the market with over 18% rise, as against 11.5% gain in the benchmark index.
  2. Bank stocks has been pumped up by the recent Reserve Bank of India’s (RBI’s) action plan on Prompt Corrective Action (PCA) and an improvement in operational and financial performance over the next few quarters.
Posted on: 20th April 2017 Read complete Article →

Current affairs on 18 April 2017

Bank accounts to be blocked if not self-certified

  1. The Central Board of Direct Taxes (CBDT) under the Foreign Account Tax Compliance Act (FATCA) compliance has asked the banks/financial institutions to link their accounts with Aadhaar number and self-certification from customers by April 30, 2017.
  2. In case customer are fail to do so then they will face the cl.oser of the account.
  3. Entity has clearly directed the banks to obtain a self-certification for the accounts opened between July 1, 2014 to August 31, 2015. 
Posted on: 18th April 2017 Read complete Article →

Bank Boards Bureau evolves 'GRAF' for PSBs

  1. The Bank Boards Bureau (BBB) has evolved a Governance, Reward and Accountability Framework (GRAF) for public sector banks.
  2. This framwork is evovled to ensure that nationalize bank have the ability to compete successfully with private sector banks, small finance and payments banks, foreign banks and non-banking finance companies. 
  3. The framework is guided by the latest global benchmarking on governance practices provided by the Basel Committee on Banking Supervisions guidelines on corporate governance principles for banks released in July 2015.

I-T CPC in Bengaluru gets new unique pin code for taxpayers benefit

  1. The Department of Post has allotted the pin code "560500" to the Central Processing Centre (CPC) to ensure that letters and emails sent by taxpayers and assessees are not lost and reach the centre without delay. 

  2. Thus the taxpayers who wanted to send their paper Income Tax Return (ITR) acknowledgment forms or documents related to refunds and others to the I-T department's CPC in Bengaluru can now send it to a unique pin code '560500' and will feel comfortable that it will reach to destination correctly. 

Current affairs on 12 April 2017

Restriction on cash transactions of over Rs 2 lakh not applicable for bank, post office withdrawals
  1. As per the Income-Tax department, government and RBI, cash transaction in excess of Rs 2 lakh will not be applicable to withdrawals from banks and post office savings accounts, 
  2. In a clarification on the newly inserted Section 269ST in the I-T Act, the Central Board of Direct Taxes (CBDT) abort the restriction to withdrawal from banks and post offices. Restriction is also not applicable to any receipt by government, banking company, post office savings bank or co-operative bank respectively. 
Posted on: 12th April 2017 Read complete Article →
RBL Bank listed to India’s 10 most valuable banks
  1. RBL Bank for the first time ever on 10 April 2017 earned its place in the list of India’s 10 most valuable banks with a market capitalisation of Rs. 21,508.52 crore, the bank replaced IDFC Bank Ltd in the elite club.
  2. RBL Bank was formerly known as Ratnakar Bank. It has 215 branches and 374 ATMs across 16 states and Union territories while HDFC Bank Ltd, India’s most profitable bank, is the most valuable bank in India with a market cap of Rs 3.68 trillion, followed by state-run State Bank of India (Rs2.34 trillion) and ICICI Bank Ltd (Rs1.62 trillion). Kotak Mahindra Bank is No.4, followed by Axis Bank Ltd, IndusInd Bank Ltd, Yes Bank Ltd, Bank of Baroda and Punjab National Bank.

Current affairs on 10 April 2017

NEFT or National Electronic Funds Transfer is set to get faster
  1. RBI during April 2017 announced that fund transfer via NEFT or National Electronic Funds Transfer is set to get faster and now will happen in batches in the duration of 30 minutes
  2. Fund transfer via National Electronic Funds Transfer (NEFT) is presently done in hourly batches.
Posted on: 10th April 2017 Read complete Article →
Reverse Repo Rate (RRR) is the only rate in which a change was carried out in the policy review
  1. The Reserve Bank of India on 6 April 2017 kept the key policy rate or the repo rate unchanged at 6.25% in the first bimonthly policy review of 2017-18
  2. The Reverse Repo Rate (RRR), however, has been raised by 25 basis points to 6%. RRR is the rate that sucks out excess liquidity from the system.
  3. The hike in the reverse repo comes as a surprise as most economists had also expected RBI to introduce a Standing Deposit Facility (SDF) to help drain surplus cash from the system.

Current affairs on 04 April 2017

Axis Bank ties up with Wells Fargo

Axis Bank has tied up with Wells Fargo (which was recently much hyped company becuase of corruption) to offer real time remittances from the Indian diaspora to their relatives back home.
Under the arrangement  any member of the Indian diaspora with an account with the Wells Fargo will be able to transfer money to their relatives back home and there will be no transaction fee.​The bank has its head office in Mumbai and Registered office in Ahmedabad.

Posted on: 04th April 2017 Read complete Article →
Posted on: 04th April 2017 Read complete Article →