Hemant Bhargava was appointed as the non-executive chairman of which bank?
IDBI Bank has appointed Hemant Bhargava as non-executive, nonwhole time chairman.
• Bhargava is currently the Chairman (in-charge) and Managing Director of Life Insurance Corporation of India (LIC).
• The bank said Bhargava has been appointed for three years or until he continues in his position at LIC.
• The life insurer is now the majority shareholder in IDBI Bank with a 51 percent stake. It became the promoter of the bank after the acquisition of stake from the government of India.
The Reserve Bank has set up a eight members Task Force on Offshore Rupee Markets which will be headed by whom?
• RBI constitutes the Task Force on Offshore Rupee Markets; Chairperson- Smt. Usha Thorat.
• The Reserve Bank has set up a Task Force on Offshore Rupee Markets. It has 8 members and is headed by Smt. Usha Thorat, former Deputy Governor, Reserve Bank of India.
• The task force shall examine the issues relating to the offshore Rupee markets in depth and recommend appropriate policy measures that also factor in the requirement of ensuring the stability of the external value of the Rupee.
AIIB and India have signed US$ 455 Million Loan agreement to improve Rural Connectivity in which of the following states?
• The Asian Infrastructure Investment Bank (AIIB) and the Government of India signed a USD 455 million loan in New Delhi to finance the Andhra Pradesh Rural Roads Project, which will connect some 3,300 habitations with a population of more than 250, and benefit around two Million people.
• The objective of the Project is to improve road transport connectivity in previously unserved communities by providing all weather rural roads in all 13 Districts of the State of Andhra Pradesh.
• The Project plans to construct rural roads to provide first connectivity, construct cross drainage works and bridges to complete missing links and structures, provide approaches to educational institutions and health care centres, construct rural roads passing through tribal areas, and upgrade earthen/gravel roads to asphalt-based roads
Which public sector bank has topped the EASE Reforms Index released by government?
• PNB tops in the implementation of ‘reforms agenda’ in 2018: EASE Reforms ranking
• Shri Arun Jaitley released the first report on EASE Reforms Index on February 28, 2019.
• It measures progress on the Public Sector Banks (PSB) Reforms Agenda announced last January on 140 objective, benchmarked metrics.
• EASE stands for – Enhanced Access and Service Excellence. The Index measures performance of each PSB on 140 objective metrics across 6 themes
• As per the Report, Punjab National Bank has topped the list among public sector banks in the implementation of ‘reforms agenda’, followed by Bank of Baroda and State Bank of India.
Which Bank has signed a bancassurance agreement with Insurance Corporation of India (LIC) under which the lender will offer LIC’s insurance products at its branches?
• Bancassurance Agreement signed by IDBI Bank and LIC
• IDBI Bank and Life Insurance Corporation of India (LIC) signed a bancassurance agreement under which the lender will offer LIC’s insurance products at its branches.
• As part of the agreement, IDBI Bank will become the preferred bank for LIC premium payments and also function as premium point to boost sale of LIC products, thereby gaining from fees and float income.
• The State-owned life insurer, LIC, acquired a majority stake in IDBI Bank, and the bank has also appointed LIC Chairman Hemant Bhargava as its non-executive whole-time Chairman.
India and ADB has signed a loan agreement of USD ______ Million for Mumbai Metro Rail Project?
• Marking its single largest infrastructure loan ever, the Asian Development Bank (ADB) on Friday signed a $926 million loan agreement with India to operationalise two lines for the Mumbai metro rail system.
• It aims to ease the distress of millions of commuters each day and help provide a cleaner and less congested city, the Ministry of Finance said in a statement.
• The Mumbai Metropolitan Region Development Authority (MMRDA) will implement the project and once operational by the end of 2022, an estimated 2 million passengers a day will use the two new lines, the Ministry said.
• It will also reduce emissions from vehicles. Carbon dioxide emissions are expected to fall by about 1,66,000 tons a year
Who has taken charge as MD & CEO of Yes Bank?
• Ravneet Gill has taken charge as its MD and CEO of Yes Bank with effect from March 01,2019.
• His appointment as MD/CEO of Yes Bank was announced in January 2019.
• He has replaced Rana Kapoor who demitted the office as the MD/CEO on January 31, 2019. In this meanwhile, Ajai Kumar was the interim MD and CEO of the bank.
Ex-Finance Secretary Hasmukh Adhia was appointed as the non-executive chairman of which bank?
• Ex-Finance Secretary Hasmukh Adhia appointed non-executive chairman of BoB
• Former Finance Secretary Hasmukh Adhia was appointed as non-executive chairman of Bank of Baroda.
• The Appointments Committee of the Cabinet has approved his appointment as the part-time non-official director as well as non-executive chairman on the board of Bank of Baroda for a period of three years.
• Adhia, a 1981-batch IAS officer of Gujarat cadre, superannuated on November 30 last year. He last served as the Finance Secretary.
How much amount has been approved by the Union Cabinet for RBI’s share capital in National Housing Bank?
• Cabinet approves Rs. 1450 crore for share capital of RBI in National Housing Bank
• The Union Cabinet on Thursday approved Rs1,450 crore for the share capital of Reserve Bank of India in the National Housing Bank.
• Subsequent to the payment of this amount to RBl, the subscribed capital of NHB shall stand transferred to and vested in the central government.
• The National Housing Bank (NHB) has been set up to operate as the principal agency to promote housing finance institutions in India.
• "The Union Cabinet Thursday approved payment of the face value of the subscribed share capital of ₹1,450 crore in National Housing Bank (NHB) to Reserve Bank of India (RBl) consequent to amendments made to the NHB Act, 1987 in 2018," said an official release
RBI has introduced a scheme named ‘VRR’ to encourage Foreign Portfolio Investors (FPIs) to undertake long-term investments in Indian debt markets. What does “V” in VRR stands for?
• RBI introduces the Voluntary Retention Route for Investments by FPIs
• The Reserve Bank of India has introduced a scheme named ‘Voluntary Retention Route’ (VRR) to encourage Foreign Portfolio Investors (FPIs) to undertake long-term investments in Indian debt markets.
• It was announced by RBI in October 2018
o Here are the major points about the Scheme:
• Opening and Closing Date: Investment under the VRR scheme shall be open for allotment from March 11, 2019. The investment limits under the current tranche shall be kept open till the limits are exhausted or till April 30, 2019 whichever is earlier.
• Investment limits: The aggregate investment limit shall be ₹ 40,000 crores for VRR-Govt and ₹ 35,000 crores for VRR-Corp.
• Retention period: The minimum retention period shall be three years.
• Minimum amount in India: During the retention period FPIs shall maintain a minimum of 75% of the allocated amount in India.
• Who will allot investment limit: Investment limits shall be allotted by Clearing Corporation of India Ltd. (CCIL) on ‘first come first served’ basis
Which bank has bagged the Best Bank Award from the Tamil Nadu government for meeting the needs of women's self-help groups (SHGs)?
• Indian Bank receives Best Bank Award
• Public sector Indian Bank has bagged the Best Bank Award from the Tamil Nadu government for meeting the needs of women's self-help groups (SHGs).
• Public sector Indian Bank has bagged the Best Bank Award from the Tamil Nadu government for meeting the needs of women's self-help groups (SHGs).
Under the World Bank funded project – Agri-business and Rural Transformation (APART), Rice Knowledge Bank web portal of whish state was launched?
Rice Knowledge Bank launched under World-bank funded Assam Agribusiness & Rural Transformation (APART) project
i. Rice Knowledge Bank- Assam, is an agriculture web portal. It is dedicated to magnifying knowledge on rice production technologies and techniques, best production practices and state agriculture facts. It was launched under the World Bank funded project – Agri-business and Rural Transformation (APART).
ii. This portal is the repercussion of efforts of Assam Rural Infrastructure and Agricultural Services Society (ARIAS), Assam Agricultural University (AAU) with technical assistance from the International Rice Research Institute (IRRI).
Who has joined as a member of the 15th Finance Commission?
• AN Jha Replaces Shaktikanta Das As 15th Finance Commission Member
• Former Finance Secretary Ajay Narayan Jha has joined as a member of the 15th Finance Commission. Jha has been posted in place of Shaktikanta Das who had resigned as a member of the Commission after being appointed the RBI Governor.
• Jha is a 1982-batch IAS officer of Manipur cadre. He was retired as a Finance Secretary to the central government.
Reserve Bank of India (RBI) has levied a penalty of Rs 4 crore on which Bank for delayed implementation of four “Swift” related operational controls?
• RBI levies Rs 4-crore fine on Karnataka Bank
• The Reserve Bank of India (RBI) has levied a penalty of Rs 4 crore on Karnataka Bank for delayed implementation of four “Swift” related operational controls.
• The Reserve Bank of India, in exercise of powers conferred under Section 46 and 47A of the Banking Regulation Act, 1949 has levied an aggregate penalty of Rs 40 million on the Bank for delayed implementation of four of the Swift-related operational controls.
• The Society for Worldwide Interbank Financial Telecommunication (SWIFT) system is a messaging network used by banks and other financial institutions globally to send and receive information, such as money transfer instructions.
Which bank has received a government nod to handle import and export transactions with Iran?
• IDBI Bank gets govt nod to handle import, export transactions with Iran
• The IDBI Bank has received government nod to handle import and export transactions with Iran, a move which would help in promoting two-way trade amid US sanctions on the Persian Gulf nation. US President Donald Trump had in May last year withdrawn from the 2015 nuclear accord with Iran, re-imposing economic sanctions against the Persian Gulf nation.
• IDBI Bank has been identified to route the payments. UCO Bank had in the previous round of sanctions handled rupee payments
Which was the first-ever Indian corporate to issue Masala Bond?
• HDFC is first ever Indian corporate to list Masala bond, chooses London Stock Exchange for landmark issuance
The World Bank will provide a $__________ million loan to India for the National Rural Economic Transformation Project (NRETP)?
• World Bank to provide India $250 mn for women led businesses in rural areas
• The World Bank will provide a $250-million loan to India for the National Rural Economic Transformation Project (NRETP) to help women in rural households develop viable enterprises for farm and non-farm products.
• NRETP is an additional financing to the $500-million National Rural Livelihoods Project (NRLP) approved by the World Bank in July 2011.
• The $250 million loan has a 5-year grace period, and a final maturity of 20 years.
The World Bank has signed USD 96 Million Loan Agreement with the Government of India to provide loan to which state’s Disaster Recovery Project?
• India – World Bank Signs USD 96 Million Loan Agreement for Uttarakhand Disaster Recovery Project
• The World Bank has signed USD 96 Million Loan Agreement with the Government of India and Government of Uttarakhand (GoUK) on March 5, 2019.
• The agreement aims to provide additional funds to the state under the Uttarakhand Disaster Recovery Project.
• The World Bank has been supporting the Uttarakhand Government since 2014 to restore housing and rural connectivity and build resilience of communities, since the floods of 2013 to strengthen its capacity for Disaster Risk Management.
India has Signed USD 25.2 Million Loan Agreement with the World Bank for which state’s Public Financial Management and Accountability Program?
Please select 2 correct answers
• India Signs USD 25.2 Million Loan Agreement with the World Bank for Chhattisgarh Public Financial Management and Accountability Program
• The World Bank and the Government of India has signed a USD 25.2 Million Loan Agreement on March 5, 2019 to support Chhattisgarh Public Financial Management and Accountability Program.
• The programs is the First Bank-Financed State-Level Project in Chhattisgarh to support the State’s Reforms in Expenditure Management, covering issues like Expenditure Planning, Investment Management, Budget Execution, Public Procurement and Accountability.
Which bank has acquired 9.9 per cent stake in non-banking finance company Kisan Finance for cash consideration of Rs 18 crore?
• ICICI Bank buys 9.9% in NBFC Kisan Finance for Rs 18cr
• ICICI Bank said it has acquired 9.9 per cent stake in non-banking finance company Kisan Finance for cash consideration of Rs 17.82 crore. The acquisition is expected to be over by the end of March 2019.
• Kisan Rural Finance Ltd (Kisan Finance), was incorporated in December 2017.
World Bank has signed a loan agreement worth Rs 2,200 Crore with which state for healthcare project?
• World Bank to give Rs 2,200 cr to Andhra Pradesh for healthcare project
• The World Bank has signed a loan agreement worth $328 million (Rs 2,200 Crore) with the Central Government and Government of Andhra Pradesh for a project that aims to strengthen the Healthcare of Andhra Pradesh state.
• The loan aims to strengthen the AP Health Systems Strengthening Project (APHSSP). The loan has been granted by the International Bank for Reconstruction and Development (IBRD) arm of World Bank.
The finance ministry has launched new series of visually impaired friendly circulation coins in which of the following denominations?
• New series of visually impaired friendly coins of Rs.1, Rs.2, Rs.5, Rs.10 and Rs.20 launched
• The finance ministry has launched new series of visually impaired friendly circulation coins in New Delhi. The denominations in which these new series coins are launched are: Rs.1, Rs.2, Rs.5, Rs.10 and Rs.20
• All coins except Rs 20 coin will be round in shape while the Rs 20 coin will be a polygon with 12 edges.
• These coins are issued as per the Coinage of One Rupee, Two Rupees, Five Rupees, Ten Rupees and Twenty Rupees Rules, 2019
The Export-Import Bank of which country has come forward to extend a loan of ₹4,100 crore for the Visakhapatnam metro rail project?
• Korean EXIM Bank offers to give ₹4,100 cr. loan for Vizag metro
• The Export-Import Bank of Korea (KEXIM) on Wednesday came forward to extend a loan of ₹4,100 crore for the Visakhapatnam metro rail project.
• A delegation led by KEXIM Director (Operations) Yang Dong Chloe discussed the issue with Chief Secretary Anil Chandra Punetha, Amaravati Metro Rail Corporation Limited (AMRCL) Managing Director N.P. Ramakrishna Reddy and other officials at the Secretariat.
• According to an official release, the Centre forwarded the AMRCL’s request for a soft loan to the KEXIM.
Which bank has signed a bancassurance deal with private life insurer HDFC Life Insurance Company?
• United Bank, HDFC Life sign bancassurance deal
• United Bank of India has signed a bancassurance deal with private life insurer HDFC Life Insurance Company. Through this partnership, United Bank’s customers will be able to take advantage of HDFC Life’s expertise in life insurance products, distribution and customer service.
• United Bank has a strong presence in rural and semi-urban areas, with over 2,000 branches and offices, while HDFC Life is India’s largest non-bank-promoted private life insurer.
State Bank of India (SBI) along with which Payment Service company has launched SBI Payment Services Pvt Ltd (SBIPSPL) for establishing a digital payments platform?
• SBI and Hitachi Payment Services launched SBIPSPL to establish digital payments platform in India.
• State Bank of India (SBI) and Hitachi Payment Services Pvt Ltd, a wholly-owned subsidiary of Hitachi Ltd, launched their merchant-acquiring joint venture, SBI Payment Services Pvt Ltd (SBIPSPL), for establishing a digital payments platform for India and other countries in the region, in Mumbai.
• SBI has a 74% stake in the joint venture and the balance 26% is with Hitachi Payment Services.
As per the new guidelines by RBI, White Lable ATMsnow can buy cash, above a threshold of _____ lakh pieces (and in multiples thereof) of any denomination, directly from the Reserve Bank or Currency Chests against full payment?
• WLA to buy atleast 1 lakh pieces of notes from Banks: RBI
• The Reserve Bank of India has issued a guideline for White Label ATMs (WLAs) operators in India. The main highlights are:
• WLA can buy cash, above a threshold of 1 lakh pieces (and in multiples thereof) of any denomination, directly from the Reserve Bank or Currency Chests against full payment.
• WLA can offer services like bill payment and Interoperable Cash Deposit services, subject to technical feasibility and certification from National Payments Corporation of India (NPCI).
• WLA can display advertisements pertaining to non-financial products / services anywhere within the WLA premises.
• WLA can source cash from any scheduled bank, including Cooperative Banks and Regional Rural Banks.
To provide short-term crop loans up to Rs 3 lakh to farmers at an interest rate of 7 per cent, the RBI has decided to offer interest subvention of what per cent per annum to lending institutions?
• RBI notifies 2% interest subsidy scheme for short-term crop loans
• The Reserve Bank of India (RBI) Thursday notified the norms for banks with regards to two per cent interest subvention or subsidy for short-term crop loans during 2018-19 and 2019-20.
• The Centre has already approved the scheme.
• To provide short-term crop loans up to Rs 3 lakh to farmers at an interest rate of 7 per cent, the RBI said it has been decided to offer interest subvention of 2 per cent per annum to lending institutions.
• "This interest subvention of 2 per cent will be calculated on the crop loan amount from the date of its disbursement/drawal up to the date of actual repayment of the crop loan by the farmer or up to the due date of the loan fixed by the banks whichever is earlier, subject to a maximum
• Under the scheme, an additional 2 per cent interest subvention is provided to farmers repaying loans promptly. For such farmers, the effective rate of short-term crop loans works out to be 4 per cent per annum.
India and World Bank has signed $_____ Million Loan Agreement for the Dam Rehabilitation and Improvement Project (DRIP)?
• India and World Bank Signs $137 Million Loan Agreement for the Dam Rehabilitation and Improvement Project (DRIP)
• The World Bank has signed the loan agreement with the Government of India along with the representatives of 5 States of Government of India and Implementing Agencies for Additional Financing of USD 137 Million under the Dam Rehabilitation and Improvement Project (DRIP).
• The five representative states are – Karnataka, Kerala, Odisha, Tamil Nadu and Uttarakhand.
• The International Bank for Reconstruction and Development (IBRD) loan will have a 3-year grace period and a final maturity of 16 years.