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Current Affairs on Finance

Current affairs on 26 May 2017

Karnataka Bank pact with HDFC Asset Management

  1. Karnataka Bank Ltd has entered into a distribution agreement to sell the mutual fund products of HDFC Capital Asset Management Ltd (HDFCAML) during exchanged the memorandum of understanding in Mangaluru, Karnataka.

Current affairs on 25 May 2017

DIPAM launches online investor facilitation platform

  1. The Finance Ministry launched an Investor Facilitation Platform that will provide information about stocks of public sector units. 
  2. The platform will be an interactive forum for all stakeholders, including investors, investment banks, law firms, public sector units and administrative ministries that are involved in stake sales. 
Posted on: 25th May 2017 Read complete Article →

HDFC Life launches AI-based insurance email bot 'SPOK'

  1. In order to improve customer experience, while providing the support staff with the bandwidth to focus on customer satisfaction, HDFC Life announced the launch of an artificial intelligence-based application 'SPOK' that can automatically read, understand, categorize, prioritize and respond to customer emails sent to the private insurer.
  2. 'SPOK', an insurance email bot, can read customer queries within milliseconds and respond to them.

Current affairs on 23 May 2017

State Bank of India (SBI) levied Rs. 25 per transaction of its Buddy application

  1. On 10 May 2017, SBI had  announced that the customers will be charged Rs. 25 per transaction on every cash withdrawal from ATMs through its Buddy Application and will be effective from 1 June 2017.
  2. All Normal Saving Bank accounts will continue to get eight free ATM transactions (5 SBI ATMs + 3 other bank ATMs) in Metros & 10 free transactions in Non Metro (SBI ATM + 5 Other Bank ATMs) free apart from the bank transaction.
Posted on: 23rd May 2017 Read complete Article →

Current affairs on 09 May 2017

Promulgation of the Banking Regulation (Amendment) Ordinance, 2017 launched 

  1. The promulgation of the Banking Regulation (Amendment) Ordinance, 2017 inserting two new Sections (viz. 35AA and 35AB) after Section 35A of the Banking Regulation Act, 1949 enables the Union Government to authorize the Reserve Bank of India (RBI) to direct banking companies to resolve specific stressed assets by initiating insolvency resolution process, where required.
  2. The RBI has also been empowered to issue other directions for resolution, and appoint or approve for appointment, authorities or committees to advise banking companies for stressed asset resolution. 
  3. RBI will be empowered to intervene in specific cases of resolution of non-performing assets, to bring them to a definite conclusion. 
  4. The recent enactment of Insolvency and Bankruptcy Code (IBC), 2016 has opened up new possibilities for time-bound resolution of stressed assets.
  5. The SARFAESI and Debt Recovery Acts have been amended to facilitate recoveries. A comprehensive approach is being adopted for the effective implementation of various schemes for timely resolution of stressed assets. 
Posted on: 09th May 2017 Read complete Article →

Current affairs on 06 May 2017

MP became the 1st state to shift financial year

  1. Madhya Pradesh has become the first state to switch to the Jan-Dec financial year from the existing April-March cycle.
  2. The move breaks a 150-year tradition as India started adopting the April-March financial year from 1867.
  3. The central govt had constituted a high-level committee under former CEA Shanker Acharya to examine “desirability and feasibility” of having a new financial year.
  4. The government is of the view that such a shift will help in better economic and political management of the country and also help the Indian economy integrate with the global economic architecture.
Posted on: 06th May 2017 Read complete Article →

RBI can now Act Against Loan Defaulters

  1. Through an ordinance Union Cabinet has empowered the Reserve Bank of India (RBI) to act against wilful defaulters. President Pranab Mukherjee has approved an ordinance to amend the Banking Regulation Act, empowering the Reserve Bank of India to act directly against top loan defaulters
  2. And thus, shares of public and private sector banks witnessed good buying interest in trade after as India’s banks have been beset with non-performing assets (NPAs), loans that have turned bad.Total NPAs at the end o f December 31, 2016, is estimated to have crossed Rs 7 lakh crore.

Current affairs on 01 May 2017

Sebi clears P-Note norms

  1. SEBI giving another setback to Indian living aborad, as it barred resident as well as non-resident Indians from making investments through participatory notes (P-Notes).
  2. P-notes are mostly used by overseas individual investors, hedge funds and foreign institutions to invest in the Indian securities markets through registered foreign institutional investors (FIIs).
Posted on: 01st May 2017 Read complete Article →

Current affairs on 28 April 2017

 Employees’ Provident Fund Organisation (EPFO) during April 2017 came up with new guidelines

  1. The Employees’ Provident Fund Organisation (EPFO) during April 2017 came up with important guideline regarding EPF subscribers which has done away with the requirement of EPF subscribers to get their employer’s approval or submit doctor certificates to withdraw provident fund savings for medical purposes
  2. Subscribers can withdraw their provident fund savings to pay hospital bills in case of serious illness by submitting a self-declared form to the EPFO. 
  3. EPF account holder are allowed to withdraw provident fund savings up to six months’ salary in cases of hospitalisation for at least a month, major surgical operation or in case they are suffering from tuberculosis, leprosy, paralysis, cancer and heart ailments.
Posted on: 28th April 2017 Read complete Article →

BSE achieved landmark of 3000 points

  1. BSE achieved a major milestone when it closed over 30,000 points for the first time ever landmark on 26 April 2017. While sensex has breached the 30,000 mark two times earlier- first time in March 2015 and for the second time on 5 April 2017.
  2. This was the third time that Sensex crossed this mark as it was first time that Sensex closed at over 30,000 points. In the morning at 10:37 am, BSE’s 30-share Sensex rose 0.56% or 168.58 points higher at 30,111.82 points. The index ended on 30,133.35 points, the first-ever above 30k closing for it.
  3. On the other hand NSE’s Nifty ended the day on 9,351.85 points, it highest-ever closing and the main reason for this rally was an upbeat sentiment in the global markets, on the back of robust US corporate earnings and a centrist victory in the first round of the French presidential election.
Posted on: 28th April 2017 Read complete Article →
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