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Current Affairs on Finance

Current affairs on 28 April 2017

Indian Bank to offload 7% of shares

  1. ​Indian Bank has decided to offload 7 percent of its shares to the public through a follow-on offer after becoming the first Indian public sector bank whose Price-to-Book value has reached the level of ‘One,” reflecting its strong performances.
  2. Union Government is the promoter of the bank holding 82 percent of shares at present.

Current affairs on 26 April 2017

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.
Posted on: 26th April 2017 Read complete Article →

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.
Posted on: 24th April 2017 Read complete Article →

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 →
Posted on: 10th April 2017 Read complete Article →
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