Current Affairs on Finance

Aadhaar Shila and Aadhaar Stambh from LIC

1. LIC has introduced two endowment assurance plans for individuals having Aadhaar card.
2. Aadhaar Shila is a plan exclusively designed for women, the other scheme Aadhaar Stambh is meant for men.
3. These plans offer a combination of protection and savings and provide a lump-sum amount  in case of death of the policyholder to the person’s family.

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.

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.

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. 

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. 

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.