This Document shows latest changing in banking and finance system in Indian economy which is helpful for current affair for student who preparing competitive exam. For more detail visit us https://goo.gl/Z3dDJO
Zakat and it’s Social Benefits - THE FORGOTTEN PILLAR OF ISLAM
Current change in money and banking of Indian Economy –oureducity
1. 1. SEBI has reduced the turnover fees levied on stock brokers by 25 per cent to
Rs 15 per crore of turnover from the current Rs. 20 per crore of turnover.
2. ICICI Bank has blocked customers from accessing their accounts using the
PhonePe UPI application citing concerns over non-banks getting access to their
customer information through third-party applications developed for UPI platform.
Flipkart-owned PhonePe is a third-party app but it is able to be part of UPI
through a partnership with Yes Bank. Flipkart recently integrated UPI
payments on its website, and is offering customers cashback on their e-wallet
on PhonePe UPI payment.
However, users have discovered that they cannot add their ICICI Bank
account to the PhonePe UPI app. One of the requirements of being part of
the UPI platform is that banks should facilitate interoperability — they should
allow customers to be part of the UPI platform through any other bank's app.
3. India may lose the “fastest growing major economy” tag to China in 2016-17 with the
International Monetary Fund (IMF) downgrading India’s growth forecast for the
year by a full percentage point to 6.6% on the back of economic disruption caused
by government‟s move to demonetise high-value currencies.
International Monetary Fund (IMF)
The International Monetary Fund (IMF) is an international organization headquartered in
Washington, D.C., of "189 countries working to
a. foster global monetary cooperation,
b. secure financial stability,
c. facilitate international trade,
d. promote high employment and sustainable economic growth, and
e. reduce poverty around the world.
4. Breaking a 3-month declining trend, wholesale inflation rose to 3.39% in December
2016.
The increase was mainly due to a rise in prices of manufactured items, even
as food articles turned cheaper.
5. The Cabinet Committee on Economic Affairs (CCEA), has approved the market
listing of all five government-owned general insurance companies (GICs), namely
a. New India Assurance
b. United India Insurance
c. Oriental Insurance
d. National Insurance
2. e. General Insurance Corporation of India
The Cabinet gave nod to Finance Ministry proposal to reduce its stake in five
state-run general insurance companies to 75 per cent from present 100 per
cent.
6. The memorandum of understanding (MoU) in this regard has been signed between
PNB and IPPB.
As per the agreement, PNB shall provide technology platform for pilot
launch of IPPB on receipt of regulatory approval from Reserve Bank of India,
the bank said in a regulatory filing to stock exchanges.
IPPB last year received certificate of incorporation from the Registrar of
Companies, setting the stage for the new bank to begin operations during
2017.
IPPB
a. IPPB aims to become the most accessible bank in the world, riding on advanced
banking and payments technology.
b. Coupled with physical presence across 1.55 lakh post offices and the reach of the
postman, it plans to become a powerful and effective vehicle of real financial inclusion in
the country.
c. The bank will be headquartered in New Delhi.
d. It plans to launch 650 branches across the country during the year.
e. The first PSU under the Department of Posts, IPPB expects to complete the rollout
of its branches all over the country by September 2017.
7. The official Wholesale Price Index for „All Commodities‟ (Base: 2004-05=100) for
the month of December, 2016 declined by 0.2 percent to 182.8 (provisional) from
183.1 (provisional) for the previous month.
8. The annual rate of inflation, based on monthly WPI, stood at 3.39% (provisional)
for the month of December, 2016 (over December, 2015) as compared to 3.15%
(provisional) for the previous month and -1.06% during the corresponding month of
the previous year.
9. Government has clarified that Co-operative Banks are not authorised to accept
deposits under the Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS).
The scheme allows assesses to disclose previously unaccounted and
undeclared income under its ambit.
The PMGKDS permits voluntary declarations of previously undisclosed
income with an effective tax rate of 50% and requires assesses to deposit a
further 25% of such wealth into a four-year interest-free deposit.
The scheme was launched on 17th of last month and will remain open
3. for declarations upto 31st March this year.
10. Aimed at propagating financial literacy among school children, Kerala Gramin Bank
has conceived a novel programme called FI@School.
11. Minister of State for Food Processing Industries Sadhvi Niranjan Jyoti stated 100%
Foreign Direct Investment in food processing sector is being actively considered
by the Union Government.
RBI
1. The Bharatiya Reserve Bank Note Mudran Pvt Ltd, a fully controlled subsidiary of
RBI has set records in currency note printing. The RBI Note Mudran printing press
in Mysuru printing highest number of currency notes in December 2016
breaking all its past record.
It printed 10.9 million currency note in a day that even broke the world record
made an American currency printing press of printing 8.7 million notes in a
day.
2. Mr. Urjit Patel has informed the committee, headed by Congress leader Veerappa
Moily that 9.2 lakh crore rupees in new currency has been introduced in the
system after the decision.
3. India‟s central banking institution, Reserve Bank of India (RBI) has imposed a
penalty of Rs 75lakhs on Bombay Mercantile Co-operative Bank for violations of
norms related to KYC and anti-money laundering.
SBI
1. Future Group’s fashion and lifestyle departmental store Central joined with SBI
Card launched a second co-branded credit card to offer benefits to consumers in the
premium lifestyle and fashion space.
YES BANK
1. YES BANK in collaboration with T-Hub, Anthill and Lets Talk Payments launched a
unique business accelerator program YES FINTECH
Aim: to provide start-ups a platform for creating sustainable and market ready
products as well as provide innovative banking solutions to the customers.
2. YES Bank has launched a first of its kind unique Customizable Savings
Account to enable the customers to design an account as per their convenience.
PNB
1. In another digitalisation initiative, Punjab National Bank (PNB) has launched a
Contactless Credit Card.
This new credit card, which has been named PNB Wave N Pay --Contactless
4. Card, was launched by Usha Ananthasubramanian, Managing Director &
Chief Executive Officer, PNB in New Delhi.
This card could be used by just waving it across the terminal and the
transaction will be through.
There is no need to enter any PIN for transactions up to Rs. 2,000.
1. India’s unemployment index in 2017 will witness a marginal increase in 2017
according to a United Nations labour report.
The report noted that workers in Southern Asia and Sub-Saharan Africa have
more than a 70 per cent chance of falling into vulnerable employment
according to the report titled “2017 World Employment and Social Outlook”.
2. The Army Chief General Bipin Rawat had announced a new system for
redressal where any soldier could approach him with any grievance, which had not
been addressed.
3. India's most important tax reform (GST) in decades will roll out in July and not April
as planned because of unresolved disputes between the centre and states over
taxation powers.
4. India has slipped 3 places to rank 92 on the global index of talent
competitiveness that measures how countries grow, attract and retain talent, a list
topped by Switzerland.
5. Border Security Force (BSF) has launched operation ‘Sard Hawa’ at the western
international border of Rajasthan, under which vigil will be beefed-up to check the
instances of infiltration due to the dense fog in the area.
6. The Commerce Ministry has launched a mobile app ‘SEZ India’ which provides
detailed information related to special economic zones.
The app was launched under the ministry‟s e-Governance initiatives.
7. Suzlon, renewable energy solutions provider and manufacturer of wind turbines, has
achieved 10000 MW installed wind energy milestone in India.
8. Eleven bidders have submitted 45 initial proposals covering more than 200
Regional Connectivity Scheme routes under the UDAN scheme which seeks to
encourage common people to fly.
UDAN scheme
a. The scheme UDAN envisages providing connectivity to un-served and under-
served airports of the country through revival of existing air-strips and airports. The
scheme would be in operation for a period of 10 years.
b. Interested airline and helicopter operators can start operations on hitherto un-
5. connected routes by submitting proposals to the Implementing Agency.
c. The operators could seek a Viability Gap Funding (VGF) apart from getting
various concessions.
9. Among the businesses surveyed in the country, 48 per cent of SMEs are positive
about the current state and 62 per cent are positive about the future, revealed
the "Future of Business Survey" done by Facebook in the collaboration with the
Organisation for Economic Co-operation and Development (OECD) and the World
Bank.
10. The Union Cabinet has cleared changes to the modified special incentive package
scheme (M-SIPS) for electronics manufacturing. It has decided the following:
Proposals under MSIPS will be accepted till December 2018.
Incentives of ₹10,000 crore have been allowed.
If investment is more than $1 billion, then a high-powered committee presided
over by the Cabinet secretary will approve it.
Applications will be received up to December 31, 2018, or till such time that
an incentive commitment of Rs.10,000 crore is reached, whichever is earlier.
Further, the subsidy to electronic manufacturing companies will be provided
for investments made within five years of the project getting approved against
a subsidy time frame of 10 years earlier.
In August 2015, the scheme was extended till July 27, 2020.
11. Railway Minister Suresh Prabhu on has unveiled Mission 41k aimed at saving Rs
41,000 crore in the next decade in the rail network's energy costs. Under the
mission,
track electrification would be doubled and this would change the energy mix
of the railways
take advantage of regulatory frameworks
look at new technologies
15-16 Round Table Conferences with stakeholders are in the pipeline on
various initiatives.
Railways has set a target of 1,000 MW of solar power and 200 MW of wind
energy, according to a release.
12. India has been ranked at 60th position among 79 developing economies with a
score of only 3.38 in the Inclusive Development Index (IDI) of the World Economic
Forum (WEF).
13. Indian passport has been ranked a lowly 78 in a global ranking of the world‟s most
powerful passports which was topped by Germany.
14. State-owned Bharat Sanchar Nigam Ltd (BSNL) announced mobile TV service
‘Ditto TV’ and limited fixed mobile telephony, an app that virtually turns mobiles
into cordless phone working in sync with landlines within home premises
15. Over three lakh 80 thousand consumers and twenty-one thousand merchants
have won prize money worth around 61 crore rupees at 24 Digi-Dhan Melas across
the country.
6. 16. India‟s IT Hub, Bengaluru has been ranked at the top position in the 2017 City
17. CBDT Clarifies No TDS or Advance Tax Credit for Income under PMGKY
The Central Board of Direct Taxes (CBDT) on cleared that income declared
under Pradhan Mantri Garib Kalyan Yojna (PMGKY) would not be entitled to
get any credit by way of advance tax paid or the tax deducted at source
(TDS) or tax collected at source (TCS).
PMGKY was set up to give an opportunity to those who deposited tax-evaded
money in bank-demonetised currencies.
18. Government has launched Web-Portal ‘ShaGun’ for Monitoring Sarva Shiksha
Abhiyan
Aim: to monitor the elementary education scheme Sarva Shiksha Abhiyan
(SSA) and promote the development of education sector of India.
The portal has been developed by World Bank in collaboration with Ministry
of Human Resource Development.
ShaGun has been coined from the words „Shala‟ meaning schools and
„Gunvatta‟ meaning quality.
19. The first flight is likely to take off next month under the government's ambitious
regional connectivity scheme UDAN with the AAI
The scheme UDAN (Ude Desh Ke Aam Naagrik), seeks to boost regional air
connectivity and provides various incentives to airlines
20. UAE crown prince Sheikh Mohammed bin Zayed Al Nahyan , who will be the Chief
Guest at the Republic Day function this year, India UAE is scheduled to hold
their first strategic dialogue in New Delhi.
21. The largest warship of the Indian Navy, INS Vikramditya, will be equipped with its
own dedicated ATM.
India's largest public sector bank State Bank of India is providing the Navy the
services for the ATM which will be on the satellite link.
22. Union Minister of Micro Small and Medium Enterprises (MSME), Kalraj Mishra has
inaugurated a Workshop on MSME Cooperation amongst Indian Ocean Rim
Association (IORA) Member countries in New Delhi.
The Ministry of MSME has finalised the MoU on MSME Cooperation with
Indian Ocean Rim Association (IORA) member countries.
The MoU will come into effect after 5 countries signs it.
23. A special task force (STF) for women safety has been reconstituted under the
Chairmanship of Lieutenant Governor (L-G) Anil Baijal with his approval, the
Delhi government‟s Home Department said in a communication sent to the Delhi
High Court.
24.Russian Railways is helping India's national transporter increase the speed of
its passenger trains up to 200 km per hour.
7. 1. SpaceX has launched first rocket since explosion destroyed a $62 million SpaceX
booster and a $200 million Israeli communications satellite.
2. President Barack Obama has lifted trade and financial sanctions on Sudan
despite its current status of a “state sponsor of terrorism” and the legacy of genocide
in Darfur. However, he has extended sanctions against Russia, Iran, Cuba,
Zimbabwe and Venezuela.
3. The outgoing Barack Obama administration has announced a contribution of
half a billion dollars to the UN Green Climate Fund, just three days before Donald
Trump takes over the White House.
4. Scientists have named a species of moth as Neopalpa donaldtrumpi after
President-elect Donald Trump, days before he is to assume the office as the 45th
President of the US.
5. India sought to woo foreign investors at the WEF annual meet in Davos, where
leaders pored over (to look at and study something, carefully) the benefits of
globalisation amid concerns over the impact of automation on jobs worldwide.
World Economic Forum (WEF)
a. WEF is an independent non-profit organisation dedicated to improving global
economic and social conditions on a global scale.
b. It is well known for its annual meeting held in January in Davos, Switzerland. This is
a forum attended by business, political, policy making and other leaders to discuss current
economic and social issues, problems, ideas and possible solutions.
6. China has sold two naval ships to Pakistan to protect the strategic Gwadar port
and trade routes under the USD 46 billion China-Pakistan Economic Corridor.
The ships named Hingol and Basol gets its name from nearby rivers in
Pakistan. China will provide two more ships to Pakistan Navy named Dasht
and Zhob after two districts in Balochistan.
7. The world’s ultralight high-performance mechanical watch RM 50-03 was
inaugurated at the 27th edition of the Salon International De La Haute Horlogerie
(SIHH) in Geneva.
8. Hong Kong has withdrawn the visa-on arrival facility for Indians travelling to
Hong Kong effective from January 23, 2017.
9. The World Economic Forum Annual Meeting 2017 was held in Davos-Klosters,
Switzerland.
The theme of 47th World Economic Forum Annual Meeting 2017 is
Responsive and Responsible Leadership.
10. The International Olympic Committee (IOC) and Alibaba Group (Chinese e-
commerce firm) has entered into a long-term partnership through 2028 at the
8. World Economic Forum in Davos (Switzerland).
Alibaba has become the first company in the world to make a long-term
commitment to the IOC through 2028.
ANDHRA PRADESH
1. The first edition of Asia-Pacific Broadcasting Union (ABU) International Television
Dance Festival is being hosted by Prasar Bharti in Hyderabad the city with royal
patronage for arts, literature, and architecture, on January 15, 2017.
TAMIL NADU
1. For the benefit of both domestic and international tourists, Tamil Nadu Tourism
Department has launched a mobile app ‘pinakin’ with information on tourism in
Tamil Nadu with audio facilities.
The app, in two languages Tamil and English which covers world heritage
tourist sites like Mamallapuram, Thanjavur Big Temple, Gangaikonda
Cholapuram and Darasuram.
2. Tamil Nadu government will be promulgating an ordinance to conduct Jallikattu and
Chief Minister O Paneerselvam has appealed to youngsters and all organizations to
call off their protest as jallikattu.
WEST BENGAL
1. Government owned Bharat Heavy Electricals Limited (BHEL) has commissioned
new 500 MW Thermal Unit in West Bengal.
MANIPUR
1. Karang, a small lake island in Manipur, has become the country’s first cashless
island
NAGALAND
1. The Ministry of Petroleum and Natural Gas (MOP & NG) inaugurated one month long
oil and gas conservation campaign Saksham-2017 at a function in Unity College
Dimapur in Nagaland.
Aim: To spread the awareness on fuel conservation so as to minimize the
wastage of petroleum products as the demand for it remains high.
KOLKATA
1. Kolkata’s Sitalpati Gets place in UNESCO’s Intangible Cultural Heritage
9. GUJARAT
1. PM to address 3 day National Conference in Kutch through video conferencing
Aim: to achieve the necessary convergence among tourism, culture, youth
affairs and sports areas and synergy between the Centre and state.
2. India's ace shuttler Saina Nehwal has won the Malaysia Masters Grand Prix Gold
title at Sarawak in Malaysia.
JAMMU and KASHMIR
1. Centre has sanctioned over 2,207 crore rupees to Jammu and Kashmir as special
assistance during current financial year to expedite completion of area-specific
schemes.
MIZORAM
1. Mizoram Chief Secretary Lalmalsawma has inaugurated the Entrepreneurship
Development Scheme (EDS) under the New Economic Development Policy (NEDP)
Rs Two crore has been allocated under the NEDP during the current fiscal.
TRIPURA
1. Washington based World Bank has sanctioned Rs 1,376 crore for upgradations and
improvement of the Tripura power system network.
BIHAR
1. Bihar government has launched a Nasha Mukt campaign to make the state
addidction-free.
Chief Minister Nitish Kumar said „nasha mukti‟ in Bihar will herald a new era in
the state as no one will be permitted to use intoxicating substance and
tobacco products.
UTTARAKHAND
1. Prime Minister Narendra Modi has addressed the Combined Commanders
Conference (CCC) at Dehradun in Uttarakhand
HIMACHAL PRADESH
1. Dharamsala town in Kangra district of Himachal Pradesh has been declared as the
second capital city of the state by the Himachal Pradesh Chief Minister Virbhadra
Singh.
Dharamshala is located about 250 km from the state capital Shimla
10. ASSAM
1. Assam State Governor Banwarilal Purohit has inaugurated the Arogya Mitra
conference at Silchar in Assam.
Aim:
i. to make available minimum free medical services to the people of
isolated and backward places
ii. to make people conscious of their health.
iii. to provide special training to the workers, extend social services.
2. The North-East Frontier (NF) Railways has announced the launch of Aastha Circuit
Tourist Train from Guwahati (Assam).
The train would take the tourists to various famous religious destinations like
Gangasagar, Sri Swamy Narayan Temple, Kalighat, Birla Temple in Kolkata,
Sri Jagannath Temple and Konark Temple in Puri and Bhubaneswar -
Lingaraj Temple.
KERALA
1. Kerala Chief Minister Pinarayi Vijayan has inaugurated the 4 lakh square feet latest
IT building, „Jyothirmaya‟ at the Infopark .
1. Govt inks MoU with National Yuva Cooperative Society
Aim:
i. to set up 1,000 Janaushadhi Kendras across the country
ii. to open such medical stores in every block and
iii. gram panchayat to provide quality medicines at an affordable price.
2. Dairy firm Kwality has signed MoU with Bank of Baroda to disburse Rs 4,000
crore of loans to its one lakh farmers in initial phase out of its established network".
The company has a network of about 3.25 lakh across about 4,500 villages in
Uttar Pradesh, Haryana and Rajasthan which are amongst the largest milk
producing states of India.
Aim: to provide financial assistance to improve socio-economic lives of
farmers and steer them towards digitisation.
2. India and Mauritius signed a MoU for cooperation in the field of Agriculture and
cooperatives.
India offered to exchange its expertise and technology with Mauritius in agro
industry, fisheries and dairy sector.
11. 1. India has signed a financing agreement with World Bank for 48 million dollars for
Nagaland Health Project.
Objective: To improve health services in Nagaland. Communities in targeted
locations will benefit from project activities at the community and health facility
levels.
2. Rajeev Singh, Member of Prasar Bharati Board will take charge as interim CEO of
the public broadcaster Prasar Bharati in February, 2017. He will replace S C
Panda.
3. Delhi Police commissioner Alok Verma appointed next CBI chief
4. Bharti AXA General (Joint venture between Bharti Enterprises and AXA) has
appointed Sanjeev Srinivasan as Chief Executive Officer (CEO) and Managing
Director (MD).
1. Antonio Tajani of the EPP Christian Democrat group has been elected president of
the European Parliament.
1. The Minister of State for Youth Affairs and Sports Vijay Goel inaugurated the Khelo
India National level Competitions on various sports for Under-14 and Under-17
children in New Delhi.
2. Farrukh Amonatov of Tajikistan won the 15th edition of the Delhi International
Chess tournament
3. Punjab Royals have bagged the Pro Wrestling League Season 2 title.
4. Ex-BCCI president Anurag Thakur unanimously elected head of the Himachal
Pradesh Olympic Association (HPOA) for a four-year term.
1. China’s quantum communication satellite, Nicknamed Micius or Mozi after the
ancient Chinese philosopher and scientist, boasting of hack proof and ultra-high
security features, is officially operational after four months of in-orbit testing.
1. ISKCON’s Govardhan eco village in Thane district has been conferred with the
UNWTO Award for Innovation in the category of Non-Governmental Organisations
(NGO) at the annual United Nations World Tourism Organisation (UNWTO) Awards
for Excellence and Innovation in Tourism at Madrid in Spain.
2. Former Indian cricketer, Kapil Dev Ramlal Nikhanj (Kapil Dev) has been inducted
12. into Legends Club "Hall of Fame" at the Cricket Club of India in Mumbai.
3. Indian actress Priyanka Chopra (34-year) has won the Favourite Dramatic TV
Actress at the 43rd People‟s Choice Award.
The People's Choice Awards is an American awards show and recognizes
the people and the work of popular culture, voted on by the general public.
1. Prince Charles writes a 52-page book about Climate Change.
The prince has joined two leading environmental campaigners to produce
“The Ladybird Book on Climate Change”, the first in a new series aimed at
adults, The Ladybird Expert.
1. Former Punjab CM Surjit Singh Barnala passes away.
2. Deepak Roy, known for his movie "Limit to Freedom" which won him a National
award in 1996 under the category of best investigative film, has passed away at the
age of 67 after suffering a cardiac arrest.
3. Veteran actress Gita Sen who was the wife of renowned filmmaker Mrinal Sen
passed away in Kolkata of cerebral hemorrhage.
4. Senior Congress leader and former state minister of Chhattisgarh, Tarun Prasad
Chatterjee passed away in Raipur.
5. Renowned Urdu poet Naqsh Lyallpuri died at his residence