31 Dec, 2015
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Ushering another banking revolution in the country, the Reserve Bank of India (RBI) on 16 September 2015 accorded “in-principal” approval for 10 small finance banks. These banks will focus on small geographies for operations but with a strong capital base. Which 10 entities were selected for these small banks? – 1) Au Financiers 2) Capital Local Area Bank 3) Disha Microfin 4) Equitas Holdings 5) ESAF Microfinance 6) Janalakshmi Financial Services 7) RGVN (North East) Microfinance 8) Suryoday Micro Finance 9) Ujjivan Financial Services and 10) Utkarsh Micro Finance
In an important step for India’s banking sector, the Reserve Bank of India (RBI) on 19 August 2015 granted its in-principle approval to setting up Payments Banks to 11 entities and individuals. The RBI had received 41 applications for payments banks by end of deadline in February this year. Which are these 11 entities and individuals to get approval for payments bank? – 1) Aditya Birla Nuvo 2) Airtel M Commerce Services 3) Cholamandalam Distribution Services, 4) Department of Posts 5) Fino PayTech 6) National Securities Depository Ltd (NSDL), 7) Reliance Industries 8) Tech Mahindra, 9) Vodafone m-pesa (Entities) and 10) Dilip Shanghvi and 11) Vijay S. Sharma (Individuals)
MUDRA Bank, an ambitious initiative to provide boost to India’s micro and small business entities, was inaugurated by Prime Minister Narendra Modi at a programme held in New Delhi on 8 April 2015. What is the full expansion of the term MUDRA? – Micro Units Development and Refinance Agency
Asian Infrastructure Investment Bank
The signing ceremony of the Asian Infrastructure Investment Bank (AIIB) took place at the Great Hall of the People in Beijing on 29 June 2015. 50 founding members of AIIB, including India, signed on the articles of AIIB that determine each country’s share and the lender’s initial capital. What is India’s stake in AIIB? – 8.52% (India is its second largest shareholder with a stake of 8.52% and voting share of 7.5%. The voting shares are based on the size of each member country’s economy and not contribution to the Bank’s authorised capital. China’s shareholding is 30.34% and it has retained 26.06% of the voting rights with veto powers for certain key decisions)
China on 8 October 2015 launched the much anticipated international payment system that seeks to provide global dimensions to its currency Yuan. What is the name of this payment system? – China International Payment System (CIPS)
India Post, the postal department of Govt. of India, on 1 April 2015 closed its 135-year old Money Order (MO) service. The Money Order service, which provided pan-India door-delivery of funds to a payee from over 155,000 post offices, was an integral part of the department since 1880. India Post is now focusing on which 2 postal remittance services? – Electronic Money Order (eMO) and Instant Money Order (iMO)
Price Stabilization Fund
The Union Govt. during March 2015 established a fund with a corpus of Rs. 500 crore which seeks to keep prices of perishable farm commodities under control through suitable market interventions. What is the name of this fund? – ‘Price Stabilization Fund’ (PSF)
Unified Payment platform
National Payments Corporation of India (NPCI), the umbrella organisation for retail payment system in India, on 18 February 2015 launched a unified platform for providing a single payment interface across all systems. What is the name of this interface that will enable all account holders to send and receive money from their smartphones with a single identifier? – Unified Payment Interface (UPI)
Gold Monetisation Scheme
Union Cabinet on 9 September 2015 announced the Gold Monetisation Scheme under which gold in any form can be deposited with banks for a period of one to 15 years. What is the primary objective of this scheme? – To bring out the huge amount of gold that is being kept idly by Indians
The Union Government on 4 January 2015 announced Rs. 1,900 crore for e-governance project “Panch Deep”. This project seeks to achieve what? – To automate all transactions between the organisations and employees with regard to ESIC
What is the name of the first dedicated portal for the benefit of students seeking educational loans that was launched during August 2015 by the Union Govt.? – “Vidya Lakshmi”
The Reserve Bank India (RBI) on 11 June 2015 gave permission to which investor segment to invest in regulated chit funds in India? – Non-Resident Indians (NRIs)
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Know, who is Vijay Kelkar and what is PPP !
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