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Banking and Financial Awareness 1 September - 7 September 2015

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Economy Current Affairs

The Andhra Pradesh Assembly on 3 September 2015 passed the Andhra Pradesh Special Courts Bill, 2015 for which constitution?: The constitution of special courts to facilitate time bound disposal of corruption cases and attachment of assets

Explanation: The Special Courts Bill will ensure time-bound trial of the economic offences and will pave way for the State to recover the properties earned illegally and utilise them for the development of the State and for public good and purpose. Under Prevention of Corruption Act, State had no power to attach properties. Thus, the Bill will enable the State to recover wealth amassed by the corrupt public servants through exploitation of public property or in a benami manner. Other Bills passed in the Assembly Along with the Andhra Pradesh Special Courts Bill, 2015, few other bills were also passed. These are:

• Andhra Pradesh (Telangana Area) Horse Racing and Betting Tax Regulation

• Andhra Pradesh Farmers' Management of Irrigation Systems (Amendment) Bill

• Andhra Pradesh Protection of Depositors of Financial Establishments (Amendment) Bill

Cabinet approves reimbursement to 4 government agencies for import of pulses. Which are these 4 agencies?: NAFED, MMTC, PEC and STC

Explanation: The Union Cabinet on Wednesday cleared reimbursement of Rs 113 crore of losses on pulses imported between 2006-11 by four government agencies – NAFED, MMTC, PEC and STC. Cabinet has also approved import of 5,000 tonnes each of Tur and Urad Dal by MMTC for retail distribution to consumers by September 5. The retail prices of most pulses including tur had crossed Rs 100 per kg following a supply crunch due to a decline in domestic production. Total production of pulses is estimated to have fallen to 17.38 million tonnes in 2014-15 crop year (July-June) from 19.25 million tonnes in the previous year due to deficient monsoon and unseasonal rains.

How many cities and towns of the country have been identified by the Union Govt. for implementation of its ambitious ‘Housing for All’ scheme?: 305

Explanation: ‘Housing for All’ scheme was launched as Pradhan Mantri Awas Yojana by Prime Minister Narendra Modi on 25 June 2015. Under ‘Housing for All’ scheme, two crore houses are targeted to be built for the poor in urban areas by year 2022, coinciding with 75 years of Independence. Thus, to accomplish this the sheme has started in which Housing for all scheme assistance of over Rs. 2 lakh crore would be provided over the next six years for enabling two crore urban poor own their own houses. Thus, 305 towns and cities spread across nine states in India have been identified for implementation of ‘Housing for All’ scheme. These selected cities and towns are in Chhattisgarh (36 cities/towns), Gujarat (30), Jammu and Kashmir (19), Jharkhand (15), Kerala (15), Madhya Pradesh (74), Odisha (42), Rajasthan (40) and Telangana (34). 

Indian Government will auction 69 small and marginal oil and gas fields from state-run ONGC and Oil India to private firms on a which new revenue model, offering operators full marketing and pricing freedom.?: Revenue sharing model

Explanation: The Cabinet Committee on Economic Affairs (CCEA) on Wednesday approved auctioning of the fields that state-owned firms are surrendering because they were uneconomical to develop due to government's subsidy sharing mechanism. Thus the government has decided to move away from production-sharing model to revenue-sharing regime for auctioning 69 small oil and gas fields, a major reform push that would make it simpler for explorers to do business and unlock hydrocarbons treasure worth Rs 70,000 crore. The government hopes to raise Rs 70,000 crores from the sale. In a major step to rejuvenate the energy sector, the Cabinet on Wednesday approved marginal fields policy (MFP) that will enable auctioning of unutilized fields of Oil & Natural Gas Corporation Ltd (ONGC) and Oil India Ltd (OIL). 

Manipur Legislative Assembly on 31 August 2015 unanimously passed the Protection of Manipur People Bill, 2015. Which 2 other bill were also passed in the same session?: Manipur Land Revenue and Land Reforms (Seventh Amendment) Bill, 2015 and the Manipur Shops and Establishments (Second Amendment) Bill, 2015

Explanation: These 3 bills were introduced in the House on 28 August 2015 to protect indigenous people. the house also passed a resolution welcoming the Peace Accord signed between the Union Government and the National Socialist Council of Nagaland (NSCN)-IM. The resolution was moved by Chief Minister Ibobi Singh. 

Finance Current Affairs

Indian Government on 1 September 2015 partnered with the United Nations’ (UN) which programme to share success stories and speed up the programme Pradhan Mantri Jan-Dhan Yojana (PMJDY)?: Better Than Cash Alliance

Explanation: The Better Than Cash Alliance is made up of governments, companies and international organizations. The objective is to reduce the cost and digitization of the money transfer process. So that it help to curb the black money and speedy process. The partnership is an extension of Indian Government’s commitment to reduce cash in its economy. Digital financial services lower the cost of providing financial services and make it more convenient for poor people to access their accounts. PMJDY was launched in 2014 with a goal of covering every household with a bank account in less than five months’ time. The programme focuses on citizens excluded from the formal financial sector, including women, small farmers, and labourers. The Better Than Cash Alliance was launched in September 2012 in response to public and private sector demand for more strategic advocacy, research and guidance on digitizing these cash payments. The UN Capital Development Fund (UNCDF) serves as the Secretariat of the alliance.

The Securities and Exchange Board of India (SEBI) on 2 September 2015 notified SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations). For what purpose this new regulation was notified?: To provide ease of reference by consolidating into one single document across various types of securities listed on the Stock exchanges

Explanation: The Securities and Exchange Board of India (SEBI) notified SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations), which should be implemented in time period of ninety days. However, two provisions of the regulations, which are facilitating in nature, are applicable with immediate effect. These are:

(i) passing of ordinary resolution instead of special resolution in case of all material related party transactions subject to related parties abstaining from voting on such resolutions, in line with the provisions of the companies Act, 2013

(ii) re-classification of promoters as public shareholders under various circumstances. The Listing Regulations have been sub-divided into two parts

(a) substantive provisions incorporated in the main body of Regulations;

(b) procedural requirements in the form of Schedules to the Regulations. 

Union urban development minister M Venkaiah Naidu gifted accident insurance policies to 10,000 women from which state on 31 August 2015 as Rakhi gift?: Nellore district in Andhra Pradesh

Explanation: Under this insurance gift the woman beneficiaries would get accident insurance cover of Rs 2 lakh each. Under the scheme, Rs 201 can be deposited against each beneficiary in the bank from which premium for two years at the rate of Rs 12 per year will be deducted and from the interest on the remaining amount of Rs 177, premium requirements for 10 years will be met. This enables accident insurance of Rs 2 lakh for beneficiaries of 18-70 years of age for life time. 

RBI on 31 August 2015 declared hich 2 banks as Domestic Systemically Important Banks?: SBI and ICICI Bank

Explanation: The Reserve Bank of India (RBI) on 31 August 2015 declared State Bank of India (SBI) and ICICI Bank as Domestic Systemically Important Banks (D-SIBs) in line with the D-SIB Framework released by the RBI on 22 July 2014. In order to identify a D-SIB, the D-SIB Framework specifies a two-step process of identification of D-SIBs. In the first step, the sample of banks to be assessed for systemic importance has to be decided. The selection of banks in the sample for computation of SIS is based on analysis of their size as a percentage of annual GDP. In line with this, RBI adopted an assessment methodology primarily based on the Basel Committee on Banking Supervision (BCBS) methodology for identifying the G-SIBs with suitable modifications to capture domestic importance of a bank. The indicators used for assessment are: size, interconnectedness, substitutability and complexity. Based on the sample of banks chosen for computation of their systemic importance, a relative composite systemic importance score of the banks will be computed. 

In a latest announcement by RBI, which online system will not be available on second and fourth Saturdays to allows real time transfer of large funds, due to fact that on second and fourth Saturdays with banks observing public holiday?: RTGS System

Explanation: RTGS means Real Time Gross Settlement which refers to continuous or real time settlement of funds. As per Reserve ban of India, Processing of future value dated transactions with value date falling on second and fourth Saturdays will not be undertaken under RTGS.  As per earlier timings for Saturdays or short days, the initial cut-off was at 1400 hrs and final cut off at 1500 hrs. The close of business was at 1530 hrs but after this decision now as per the new time schedule for regular days, including Saturdays except second and fourth, business opening would be at 0800 hrs while initial cut off (customer transactions) would be 1630 hrs. The final cut-off (inter-bank transactions) will be at 1945 hrs and IDL reversal between 1945-2000 hrs and the close of business is at 2000 hrs. RTGS primarily meant for large value transactions. The minimum amount to be remitted through RTGS is Rs 2 lakh. There is no upper ceiling for RTGS transactions.

On 1 September 2015, Global ratings agency Fitch downgraded which PSU bank’s Viability Rating by one notch to ‘bb’ on account?: Punjab National Bank (PNB)

Explanation: PNB’s Viability Rating (VR) was downgraded by Global ratings agency Fitch to below one notch to ‘bb’ to reflect the growing risk to the bank’s capital position from its mounting stock of stressed assets, which has risen at a faster rate than its capital replenishment.

To ensure effective transmission of its policy rate decisions by banks, RBI on 1 September 2015 proposed which methodology for calculation of their base lending rates on the basis of marginal cost of funds?: Uniform methodology

Explanation: In the first Bi-monthly Monetary Policy Statement 2015-16 in April, RBI had said that in order to improve the efficiency of monetary policy transmission, it will encourage banks to move in a time-bound manner to marginal-cost-of-funds-based determination of their Base Rate. Many banks currently follow average cost of funds or 'blended cost of funds (liabilities) method' for calculating the base rate, while a few already take into account the proposed measure of 'marginal cost of funds'. However, the marginal cost of funds should be used for computing the cost of funds. The marginal cost should be arrived at by taking into consideration all sources of fund other than equity.

India’s leading stock exchange NSE has launched which program as a awareness campaign across India to connect with investors 1 September 2015?: Nivesh India program Explanation: The program is expected to cover 12 cities in the first phase. Apart from spreading knowledge about financial instruments the program is also expected to improve the financial well-being of people through knowledge driven investments. The Nivesh India initiative is expected to cover various issues like managing ones wealth, dealing with saving and financial planning. This will also talk about various financial instruments, returns comparison of investing in different assets, among others.

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Current affairs 07th September 2015 contain all the latest news and current events from India and Abroad. User can find the 07th September 2015 affairs article which is a detailed analysis and discussion of news stories that have recently occurred. These news articles are made on the topic Nivesh India program, Basel Committee on Banking Supervision methodology, Global ratings agency Fitch, Viability Rating and many other are best study material for the students which are preparing for the competition exams, government exams, Banking exams, IAS exam and many other.

07th September 2015 Current Affairs is available in Question and Answer format which will also help reader to prepare in Objective format. On Time2study, Current affair category contains the articles for each day and these articles have the detailed background of each topic. Current affairs from India and abroad are teller made to the user and thus one can find very interesting, selected and important topic on Current events to read and prepare the notes for exam. Current affairs 07th September 2015 is made on the subjects RTGS System, National Highways Authority of India, Manipur Legislative Assembly, Housing for All scheme, Pradhan Mantri Awas Yojana, Better Than Cash Alliance, Pradhan Mantri Jan-Dhan Yojana, PMJDY, UN Capital Development Fund, Andhra Pradesh Special Courts Bill - 2015, Horse Racing and Betting Tax Regulation, Horse Racing and Betting Tax Regula that have recently occurred.

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