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Banking and Financial Awareness 18 August 2015 - 24 August 2015

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Economy Current Affairs

Whats is the name of an efficient smart LED based street lighting project that CM of Himachal Pradesh launched on 20 August 2015?: Rajiv Gandhi Illuminating Scheme for Hill Town Advancement (RISHTA) Scheme

Explanation: The Chief Minister of Himachal Pradesh Virbhadra Singh launched Urban Smart Street Lighting Project 'Rajiv Gandhi Illuminating Scheme for Hill Town Advancement (RISHTA) with the view of introducing effective and smart street lighting project in the state. Thus, Himachal Pradesh has become the first state to introduce such a scheme in the north of India.The scheme is also known as Centralized Control and Monitoring System (CCMS) Smart Street Lighting Scheme for Urban Local bodies which implements LED based street lighting project. This project is being implemented by collaboration of state Urban Development Department and EESL. In this scheme, Energy Efficient Services Limited (EESL) will invest all the capital upfront. The investment will be paid back my municipalities over a period of seven years from energy and cost savings that accrue as a result of installation of energy efficient LED lights, operation and maintenance through highly sophisticated CCMS. Thus, n this project, a total of 63484 street lights will be replaced with LEDs in all the Urban Local Bodies to achieve 45 to 55 percent energy savings. The total savings within a year in terms of operation and maintenance will be 6.5 crore rupees. The scheme will be immediately implemented in Shimla, Dharamsala, Sundernagar, Paonta Sahib, Ghumarwin and Manali. While, the rest of the towns of Himachal Pradesh would be lighted well before 31 March 2016.

On 17 August 2015, Telangana Government launched which flagship programme / scheme across the state, which is aimed at comprehensive development of rural areas allowing planning and execution of works by villages themselves?: Grama Jyothi Scheme

Explanation: The Grama Jyothi programme aims to empower gram panchayats and thus this programme introduces a participatory approach in preparing village development plans involving the panchayats, self help groups, people and all interested in the holistic development of the village. For this scheme, the state government has decided to invest 25000 crore rupees to empower villages. The government will also incentivise villages that achieve 100 percent targets in the areas of sanitation, immunisation, nutrition, literacy and green cover.

Odisha government on 13 August 2015 approved a 1500 crore rupees for the improvement of which scheme and will be implemented in five years that is from 2015-16 to 2019-20?: State Capital Region Improvement of Power System (SCRIPS) scheme

Explanation: During the State Cabinet meeting that was chaired by Odisha Chief Minister Naveen Patnaik approved a 1500 crore rupees for the improvement of State Capital Region Improvement of Power System (SCRIPS) scheme and will be implemented in five years that is from 2015-16 to 2019-20.  

Highlights of State Capital Region Improvement of Power System (SCRIPS) scheme

• The scheme aims to provide 24x7 quality power supply to the people in and around the state capital of Bhubaneswar.

• The scheme will be implemented by the Odisha Power Transmission Corporation Limited (OPTCL), that has already chalked out broad features for SCRIPS for underground cabling, smart grid and others.

• The project envisages renovation, modernisation and expansion of the existing transmission and distribution infrastructure.

• The main objective of the scheme is to ensure uninterrupted, reliable and stable power supply to all classes of consumers, including public services in the geographical areas covered under the Comprehensive Development Plan (CDP) for Bhubaneswar and Cuttack urban complex.

Finance Current Affairs

In a Historic move RBI has passed an order in which all public sector bank will now remain closed on which 2 days?: 2nd and 4th Saturday

Explanation: The moments of cheers came to all the public banker employees when RBI has passed an order in which all public sector bank will now remain closed on 2nd and 4th Saturday however in case of a month having five Saturdays, only 2nd and 4th Saturday will be an off as per the notice. All India Bank Employees' Association ( AIBEA) has welcome this decision.

The Union Government on 20 August 2015 issued norms for selection of which position in Mid and Small Public Sector Banks (PSBs)?: Managing Directors (MDs) and Chief Executive Officers (CEOs)

Explanation: The guidelines were issued after the approval by the Appointments Committee of Cabinet (ACC) for selection of MDs & CEOs in Public Sector Banks (PSBs) other than five large Public Sector Banks. 

Guidelines for Selection of CEOs and MDs of Small PSBs

• The top post in the PSBs would be filled from the existing pool of executive directors (EDs) or deputy managing directors (DMDs) in state-owned banks with a remaining service period of 2 years. Henceforth the private sector executives would not be the part of the selection process of top management. 

• The DMDs of IDBI Bank, the EDs of nationalised banks and MDs of associate banks of State Bank of India (SBI) who have one year of service experience as ED/DMD/MD and who have two years of service left are entitled for post of MD & CEO. 

• Other than five large PSBs, for the remaining banks hiring will be conducted from the pool of executive directors of the public sector banks itself. 

• For the five large banks viz. Punjab National Bank, Bank of Baroda, Bank of India, Canara Bank and IDBI Bank, there will be a separate procedure for selection. Selection Methodology

• The selection will be done by the interaction of the candidates with three panels of the sub-committee of the Appointments Board, where the candidates will be rated out of 100 marks. 

• 50 marks will be awarded for Annual Performance Appraisal Reports (APARs) of five years and 50 marks will be assigned on the basis of performance during interaction with the sub-committee. 

• For the post of Executive Director, the General Managers of nationalized banks and CGMs of associate banks of SBI, who have two years of experience of service will be eligible. The guidelines came following the irk raised due to appointment of two private sector bankers to head Bank of Baroda and Canara Bank. This selection process will be followed from September 2015.

To attract talent, the government think-tank NITI Aayog has proposed paying over what  percent more than the pay scale offered by the erstwhile Planning Commission to young professionals on its payrolls?: 30 percent

Explanation: The concept of hiring young professionals was introduced at the Planning Commission by its then Deputy Chairman Montek Singh Ahluwalia in 2009.  Thus, after this decision of payroll hike now this is more than 30 percent higher than the pay package of Rs 31,500-51,500 offered by the erstwhile Planning Commission for such young professionals. Besides, NITI Aayog has also brought down the age limit for such positions to 32 years, from 40 years prescribed earlier by the Planning Commission. The Aayog is also looking for a Chief Economist to conduct research on India's economic policy issues and to to build contacts with other institutions. The Chief Economist will be entrusted with the task of conducting research on contemporary and futuristic economic policy issues on India and its states. The job profile would also include conducting workshops, building a research culture within NITI Aayog and promotion of contacts with outside scholars and institutions of distinctions.

On 18 August 2015 ICICI Bank has launched the first of its kind fully automated digital locker. What is the name of this volt?: Smart Vault

Explanation: ‘Smart Vault’ is a unique locker service which enable the user to access the lockers even on weekends and post banking hours. This locker is equipped with multi-layer security system, including biometric and PIN authentication and debit cards, among others. ICICI Bank’s Customers can access it without any intervention by the branch staff.

What is the name of the m-wallet (mobile wallet) application that was launched by the State Bank of India (SBI) on 18 August 2015?: SBI Buddy

Explanation: SBI Buddy is the m-wallet app lancuhed by the India’s largest bank SBI. M-wallets are similar to savings bank accounts that can be accessed through mobile phones and can be used to send money to new and registered customers, book for movies, flights, hotels as well as for shopping. The application is build to be accessed in 13 different Indian languages and has been launched in collaboration with Accenture and MasterCard.

In a major banking revolution, RBI on 19 August 2015 clears 11 payment banks. These banks can accept upto what amount of money and cannot issue/grant loans?: 1 lakhs

Expplanation: RBI in historic move on 19 August 2015 clear the 11 payment banks. They are Aditya Birla Nuvo, Airtel M Commerce Service, Cholamandalam distribution service, Department of post, Fino Paytech, National securities dipositry, Reliance Industries, Dilip Shantilal Shinghvi, Vijay Shekhar Sharma, Tech Mahindra and Voda M-Paisa. They all can deposit money in government bonds & maximum of 25% can be invested in an account with another bank. These payment banks can issue debit card but not credit cards. These paymnets bank are largely dependent on ATM and mobile infrastructure to provide services. the opening an account is like getting new mobile connection pre-paid.

India, Seychelles sign pact for exchange of information on which entity on 20 August 2015?: Information on taxes

Explanation: The agreement makes it clear that information may be disclosed to any other person or entity or authority or jurisdiction with the prior written consent of the country sending the information. The Union Cabinet on Thursday approved the signing and ratification of the agreement between India and Seychelles for exchange of information with respect to taxes, a crucial factor in the government's fight against black money. The agreement will stimulate the flow of exchange of information between India and Seychelles for tax purposes, which will help curb tax evasion and avoidance. 

What is the name of the website which is launched on 20 August 2015 for students seeking educational loans?: vidyalakshmi.co.in

Explanation: The portal has been developed and maintained by NSDL e-governance infrastructure limited (NSDL e-Gov) under the guidance of department of financial services in the finance ministry, department of higher education, ministry of human resource development and Indian Banks Association (IBA). Five banks, including SBI, IDBI Bank and Bank of India, have integrated their system with the portal."Vidya Lakshmi was launched on the occasion of Independence Day for the benefit of students seeking educational loans. he portal will provide information about educational loan schemes of banks, common educational loan application form for students, facility to apply to multiple banks for educational loans, and facility for banks to download students' loan applications.It also has facility for banks to upload loan processing status, facility for students to email grievances/queries relating to educational loans, dashboard facility for students to view status of their loan application and linkage to National Scholarship Portal for information and application for government scholarships.

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Current affairs 24th August 2015 contain all the latest news and current events from India and Abroad. User can find the 24th August 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 Vidyalakshmi.co.in, educational loans, Indian Banks Association, RBI 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.

24th August 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 24th August 2015 is made on the subjects payment banks, Smart Vault, fully automated digital locker, ICICI Bank, Information on taxes, SCRIPS scheme, SBI Buddy, m-wallet, SBI, MasterCard, NITI Aayog, Planning Commission, Grama Jyothi Scheme, Rajiv Gandhi Illuminating Scheme for Hill Town Advancement Scheme, RISHTA Scheme, Centralized Control and Monitoring System, Mid and Small Public Sector Banks, Appointments Committee of Cabinet, All India Bank Employees' Association that have recently occurred.

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