Major Ports in India

Major Ports in India

16620   12-Dec-2017, Tue

Western Coast

Eastern Coast

Kandla (child of partition)

Kolkata-Haldia (riverine port)

Mumbai (busiest and biggest)

Paradip (exports raw iron to Japan)

Jawahar Lal Nehru (fastest growing)

Vishakjapatnam (deepest port)

Marmugao (naval base also)

Chennai (oldest and artifical)

Mangalore (exports Kudremukh iron-ore)

Ennore (most modern-in private hands)

Cochin (natural Harbour)

Tuticorin (southernmost )

Few Facts about some port:- Among major ports, Mumbai is the biggest. Kandla is a tidal port. Marmugao enjoys the second position by value of the tonnage of the bulk of which is export of Iron core. Vishakhapatnam is the deepest land-locked and protected port. Chennai has an artificial harbour, Kolkata is a riverine port, Haldia has a fully equipped containerised berth.

Shipping:- Overseas shipping has an extremely important role to play in Indias international trade. The country has the largest merchant shipping fleet among developing countries and ranks 17th in the world in shipping tonnage. There were 102 shipping companies in country operating as on 31 March 2000, includes shipping corporation of India, a public sector undertaking.

Banking Awareness Update - IBPS PO / Clerk 2017 Part - 4

Banking Awareness Update - IBPS PO / Clerk 2017 Part - 4

1432   04-Sep-2017, Mon

Get Rs. 5 Discount On Online Payment Of LPG Cylinder

  1. After petrol and diesel, buying and paying for cooking gas (LPG) online will get consumers a discount of Rs. 5 per cylinder.
  2. State-owned fuel retailers,  Indian Oil Corp (IOC),  Bharat Petroleum Corp Ltd (BPCL) and  Hindustan Petroleum Corp Ltd (HPCL) will offer "an upfront discount of Rs. 5 on every LPG refill to all LPG customers who will book and pay for it online," an official statement said here. 
  3. To provide cash-less transactions, the government had asked oil companies to pay consumers  0.75 per cent discount on cashless fuelling of petrol and diesel at petrol pumps.

Sensex to hit 30,500 by year-end due to govt reforms: HSBC

  1. Financial services major HSBC has set a benchmark BSE Sensex target at 30,500 for December, 2017 saying that structural reforms like demonetisation and GST will push growth in the long run."If we move towards transparency and know where the money is coming from and also have GST, we would have much less incentive to...not contribute to development," HSBC said.
  • Bank : HSBC;
  • Headquarters: London, United Kingdom;
  • CEO: António Pedro dos Santos Simões;

SBI Signs $ 50 mn Pact with Oman’s SGRF

  1. State Bank of India has signed a pact with the State General Reserve Fund of Oman (SGRF), a Sovereign Wealth Fund to infuse $50 million in private equity fund  Oman India Joint Investment Fund (OIJIF) while the SGRF would infuse $150 million.
  2. The SBI aims at backing the private equity fund for its  second offering (Fund II).
  3. This decision is driven by the performance in the first fund and capital requirement for mid-size companies in the country. The first fund of  $100 million, has been fully invested across seven companies and has returned around 50 per cent of the capital invested.


Capital: Muscat

Currency: Omani rial

Sultan: Qaboos bin Said al Said

Market Regulator SEBI Tightens Mergers & Acquisitions Norms Among Unlisted Firms

  1. The Capital market regulator of India, Securities and Exchange Board of India (SEBI) on January 14 tightened the norms associated to  Mergers and Acquisitions (M&A) of Indian companies.
  2. The public shareholding of the resultant entity created by the merger of an unlisted and a listed company has to be  more than 25 per cent.
  3. The unlisted entity can only merge with those companies that are listed on exchanges such as the  National Stock Exchange (NSE) and BSE.
  4. Sebi has permitted the mutual fund sector to invest in instruments such as  real estate investment trusts (ReITs). It has also permitted them to use celebrities for industry-level advertisements. However, celebrities can only be used for industry-level ads and not at the fund house or the scheme level.
  5. The involvement of Celebrities would enable growth of MF sector and simplify communication between investors and companies.

Mysuru Printing Press Breaks Record by Printing Highest No. of Currency Notes in a Month

  1. As per the data released by the President of Note Mudran Limited Employees Union, A Ramdass, the RBI Note Mudran printing press in Mysuru printing highest number of currency notes in December breaking all its past record.
  2. 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.
  3. As per the data,  1350 million currency notes were printed in December 2016 in Mysuru which employess 650 workers who work for  12 hours in two shifts.
  4. Besides, the printing wastage was also reduced to  2 percent which in America was 4 percent. Similarly, cost of printing in American Press was Rs. 4 per currency while in Mysuru, printing a single currency costed just Rs. 3.40.
  5. RBI Note Mudran printing press is a subsidiary of Reserve Bank of India that was established in 1995 to meet the demand and supply for the bank notes.
  6. It has  two presses: one at Mysuru, Karnataka and the other at Salboni, West Bengal.

India Signs Financing Agreement with World Bank for US$ 48 Million for “Nagaland Health Project”

The Joint Secretary of Department of Economic Affairs,  Mr. Raj Kumar and  Acting Country Director of the World Bank  Mrs. Genevieve Connors are signed s financing agreement for IDA credit of  US$ 48 million for the ‘Nagaland Health Project’ on January 16, 2017.

Nagaland Health Project :

  1. The Nagaland Health Project has approved by the world bank on December 19, 2016. The deadline of Nagaland health Project is 31st March, 2023.
  2. Aim : To improve health services and increase their utilization by communities in targeted locations in Nagaland.
  3. The project will support an existing systems and mechanisms involving communities under the National Health Mission.

World Bank :

CEO : Dr. Jim Yong Kim

Headquarters: Washington, D.C., USA

Motto: Working for a World Free of Poverty

Founded: 27 December 1945

Central & SBI Card launch premium co-branded card

  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 on January 16, 2017
  2. The Central SBI SELECT and SELECT+ Cards will offer an accelerated reward points structure
    1. 20 reward points for  every Rs 100 spent in Central stores.
    2. 10 reward points per  Rs 100 spent in dining and entertainment
    3. 2 reward points per  Rs 100 in other categories

SBI app names :

♦ SBI has recently launched a Digital Platform, Mobile App powered by Manipal Global Education Services’ (MaGE) EduNxt Platform.This app will acts as a digital mentor to probationary Officers and Trainee Officers right.

 Other appsSBI Pay , SBI Buddy, mVisa, NO Queue, MobiCash

IRDAI forms panel to review life insurance product norms

  1. The Insurance Regulatory and Development Authority of India (IRDAI) has formed a 8 member committee headed by Amitabh Chaudhry, CEO of HDFC Standard Life Insurance Company to review life insurance product regulations on January 16, 2017
  2. The committee will analysis the existing framework of  IRDA-linked and  non-linked insurance product regulations
  3. They will review other key aspects like changing economic and insurance market environment, customers’ needs and expectations and insurance product flexibility and innovations. IRDAI instructed to the committee to submit its report before March 15, 2017.

Committee Members :

Head : Amitabh Chaudhry, CEO of HDFC Standard Life Insurance Company

 K S Gopalakrishnan, CEO, Aegon Religare Life Insurance,

 Sai Srinivas, Appointed Actuary, Bajaj Allianz Life Insurance and Sandeep Bakshi, CEO, ICICI Prudential Life


Chairman IRDA‎: ‎T.S. Vijayan

Headquarters: ‎Hyderabad

Study by Oxfam Shows Richest 1% in India Holds 58% of Total Wealth

  1. As per a report titled ‘An economy for the 99 per cent’ released by rights group Oxfam on January 16, 2017, the  richest 1 percent of the population in India holds  58 percent of the country’s total wealth which is higher than the global figure of 50 percent.
  2. The report found that since 2015, the richest 1 percent population in India has continued to own more wealth than the rest of the countries.
  3. Besides, it also discovered that  57 billionaires in India having collective wealth of USD 216 billion was equal to the wealth that lowest 70 percent population held. However, when taken globally only 8 billionaires have the same amount of wealth as the poorest 50 percent of the world population.
  4. The study stated that India has  84 billionaires with a collective wealth of  USD 248 billion. The total Indian wealth in the country was calculated at USD 3.1 trillion. Top 3 billionaires comprised of Mukesh Ambani (USD 19.3 billion), Dilip Shanghvi (USD 16.7 billion) and Azim Premji (USD 15 billion). 

IMF Lowers India’s GDP Growth Rate to 6.6% from 7.6% for FY17

  1. According to the World Economic Outlook report, the International Monetary Fund (IMF) on January 16, 2017 has lowered the India’s GDP growth rate for the current fiscal year by one point to  6.6 percent from its previous  estimate of 7.6 percent due to the effect of demonetization on consumption and expenditure.
  2. IMF also cut India’s GDP forecast for 2017-18 by  0.4 points to  7.2 percent as against previous forecast of 7.6 percent. For the year 2018-19, the projected growth rate remained unchanged at 7.7 percent.
  3. Besides, IMF estimated the growth rate of China at 6.7 percent for 2016-17, 6.5 percent for 2017-18 and  6 percent for 2018-19.
  4. The  global growth for 2016 was estimated at 3.1 percent that remained unchanged from previous forecast while for 2017 the global forecast is estimated at 3.4 percent for advanced and  3.6 percent for developing economies.

International Monetary Fund (IMF)

Headquarters: Washington, D.C.

 CEO: Christine Lagarde

  Founded: 27 December 1945

Yes Bank Launches India’s First Customisable Savings Account

  1. 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.
  2. Mumbai based bank has become the first bank in India to launch such type of account that enables the customer to choose various features of a savings accounts that suits one’s own lifestyle.
  3. The Customizable Savings Account will also protect the customer from unwarranted charges by eliminating unnecessary account features.
  4. Customers can choose options like debit cards, alternatives to minimum balance requirements, and banking benefits such as ATM usage, digital banking products, branch banking and family grouping.


Headquarters: Mumbai

Founded: 2004

CEO: Rana Kapoor

RBI Hikes Cash Withdrawal Limit from ATMs to Rs. 10,000 per Day

  1. The Reserve Bank of India (RBI) from January 16, 2017 has increased the limit of cash withdrawal from ATMs to Rs 10,000 per day from the current Rs 4,500 with immediate effect.
  2. However the bank made no changes to the weekly withdrawal limits which is  Rs 24,000.
  3. Besides, the total limit to withdraw from current accounts has also been increased to Rs 1,00,000 per week from the current limit of Rs 50,000 per week which will also be applicable on the overdraft and cash credit accounts. 

Reserve Bank of India (RBI)

Headquarter: Mumbai, Maharashtra

Founded: April 1, 1935

Governor: Urjit R Patel

Tax department, Japanese company sign advance pricing pact

The tax department signed a Bilateral Advance Pricing Agreement (BAPA) with Indian subsidiary of a apanese trading company to include rollback provisions to reduce litigations by providing certainty in transfer pricing on January 13, 2017 Now the total number of BAPAs entered into by the CBDT is increased to 8.
Highlights :

  1. BAPA is an important step towards ascertaining transfer pricing matters of multinational company cases and dispute resolution.
  2. Under BAPA, certainty in tax treatment is provided for the  next five years while rollback provides dispute redressal for a maximum of four past years preceding APA years.
  3. It will strengthens the government’s mission of fostering a  non-adversarial tax regime.

Advance pricing agreement(APA):

♦ An advance pricing agreement (APA) is an ahead-of-time agreement between a taxpayer and a tax authority on an appropriate transfer pricing methodology (TPM) for a set of transactions at issue over a fixed period of time.

♦ The concept of Advanced Pricing Agreement (APA) was introduced in India via the Finance  Act 2012.

Spicejet signs $22-bn deal to buy 205 Boeing aircraft

  1. India based Budget carrier SpiceJet and US based aircraft manufacturer Boeing has signed a deal worth $22 billion (Rs 150,000 crore) for the purchase of up to 205 Aircraft on January 13, 2017.
  2. This is one of the largest orders ever made in the airline history. The agreement also provided a big boost for Boeing in India.
  3. The deal includes 100 new 737 Max 8 jets, builds upon an existing order for 55 aircraft.

Spicejet :

♦ SpiceJet is a low-cost airline. It is the fourth largest airline in the country by number of passengers
♦ It is established as air taxi provider ModiLuft in 1994, the company was acquired by Indian entrepreneur Ajay Singh in 2004 and re-christened as SpiceJet.

Headquarters: Gurgaon

CEO: Ajay Singh

WPI Based Inflation Increases to 3.39% in December 2016

  1. Wholesale Price Index (WPI) inflation rose to 3.39 percent in December 2016 breaking the record of last three months. The rise was due to increase in prices of manufactured items.
  2. WPI based inflation in vegetables declined by 33.11 percent in December 2016 mainly because of a substantial fall in price of onions which stood at -37.20 percent.
  3. However, the overall food inflation witnessed contraction in December 2016 as against previous month November 2016. It declined by -0.70 percent from 1.54 percent in November.
  4. While Pulse inflation remained high at 18.12 percent in December, Potato showed maximum price increase by 26.42 percent. Rate of price increase in egg, meat and fish was 2.73 percent.
  5. Manufactured article was 3.67 percent compared with 3.20 percent in the November 2016. Inflation in the fuel and power segment was 8. 65 percent in December 2016 up from 7.07 per cent in November.
  6. The rate of price rise in sugar was 28.04 percent, for petrol it was  8.52 per cent, and for high speed diesel it was 20.25 percent.

Nick Names of Some Indian Places

Nick Names of Some Indian Places

14701   12-Dec-2017, Tue

Nick Name


Golden City


Manchester of India


City of seven islands


Sorrow of Bengal

Damoda river

Sorrow of Bihar

Kosi River

Blue Mountains


Queen of Arabian Sear


Space City


Garden City of India


Silicon valley of India


Electronic City of India


Pink City


Gateway of India


Twin City


City of festivals


Deccan Queen


City of Buildings


Dakshin Ganga


Old Ganga


Egg bowls of Asia

Andhra Pradesh

Soya region

Madhya Pradesh

Manchester of the South


City of Nawabs


Venice of the east


Queen of the Mountains

Mussoorie (Uttarkhand)

Sacred river


Hollywood of India


City of Castles


State of five rivers


City of weavers


City of lakes


Steel city of India

Jamshedpur (called Tatanagar)

City of Temples


Manchester of the north


City of Rallies

New Delhi

Heaven of India

Jammu & Kashmir

Boston of India


Garden of spices of India


Switzerland of India


Abode of the God

Prayag (Allahabad)

Pittsburg of India



Banking Awareness Update - IBPS PO / Clerk 2017 Part - 3

Banking Awareness Update - IBPS PO / Clerk 2017 Part - 3

2109   04-Sep-2017, Mon

HSBC reported that India's GDP may have dipped to 5% in Dec quarter post note ban

  1. India’s GDP is likely to have grown at a much slower-than-expected pace of 5% in the October-December period due to a slowdown in manufacturing and services sectors post demonetisation, an HSBC report said.
  2. Further, GDP may see 6% growth in the following quarter, it stated. Activity data, and consumption and investment have clearly taken a hit after demonetisation, it added.

Mega merger of 5 associate banks, Bharatiya Mahila Bank with SBI pushed to next fiscal

  1. SBI Chief Arundhati Bhattacharya has hinted that the mega merger of its five associate banks and Bharatiya Mahila Bank could be pushed to the next financial year as it is still awaiting the government notification in this regard.
  2. Ms. Bhattacharya said undertaking the merger process in the last quarter; will not be a wise decision as there are a lot of IT system changes during annual closing. Globally, SBI will come at the 45th position in terms of asset size after the merger with an asset base of 37 trillion rupees, 22,500 branches and over 58,000 ATMs and more than 50 crore customers.

Banks cut base rates; home, corporate loans to be cheaper

  1. Housing, auto and corporate loans are all set to become cheaper with half a dozen PSU and private banks today steeply reducing benchmark lending rate by up to 1.48 per cent after spurt in deposits following demonetisation.
  2. Taking a cue from State Bank of India, other lenders including largest private sector lender ICICI Bank and state-owned Oriental Bank of Commerce and Andhra Bank announced cut in  marginal cost of funds based lending rate (MCLR). SBI along with PNB and Union Bank of India, yesterday reduced the lending rate by a good 0.9 per cent after Prime Minister Narendra Modi in his new year eve address.

Cash transfer to major mobile wallets is temporarily blocked by SBI

  1. The State Bank of India has temporarily blocked major digital wallets including Paytm,  MobiKwik and FreeCharge from its net banking service. The move disables SBI customers from transferring money from their bank account to the mobile wallets.  
  2. SBI Chairman Arundhati Bhattacharya has said that the service has been blocked following recent  breaches and security reasons.

RBI Reported that Net profit of listed private sector companies recorded 16% growth in 2nd quarter of fiscal:

  1. The Reserve Bank of India has said that net profit of listed private sector companies recorded a robust growth of 16 per cent in the second quarter of the fiscal compared to 11.2 per cent in the previous quarter. Among the sectors, manufacturing continued to record high net profit growth, whereas services (Non-IT) sector continued to witness contraction in net profits but at a much lower rate.
  2. The Central Bank said, that aggregate sales growth (Year-on-Year) of the listed  non-government non-financial (NGNF) companies grew by  1.9 per cent in Quarter two of 2016-17, after near stagnation in Quarter 1.

Odisha government plans to issue 11.40 lakh RuPay cards to farmers

  1. The Odisha government plans to issue 11 lakh 40 thousand RuPay cards to farmers of the state by March this year. Cooperation minister Damodar Rout said, the Odisha government is bound to implement the RuPay card scheme as the Prime Minister NarendraModi had asked to convert  Kisan Credit Card to RuPay cards.
  2. Odisha State Cooperative Bank Managing Director TusharKanta Panda said, necessary steps have been initiated to provide Point of Sale (POS) machines in all  708 Samitis of the State through which the farmers can withdraw money by using their RuPay card.

Mumbai-Pune Expressway soon to get WiFi coverage :

  1. The Maharashtra State Road Development Corporation has decided to provide high-speed WiFi coverage zones on the Mumbai-Pune Expressway of  94-km, according to reports. The WiFi network will help the police to monitor CCTV footage along the expressway and at the toll booths in real time, said an official. The services are likely to be offered for free.
  2. Apart from WiFi, the MSRDC also plans to strengthen the mobile network. “There are a lot of shadow areas on the expressway. We want telecom operators to install  base transceiver stations (BTS) and other infrastructure

Apple decides to invests $1 bn in world's largest tech fund by SoftBank

  1. Technology giant Apple has confirmed that it plans to invest $1 billion in a $100 billion technology fund being set up by Japan’s  SoftBank Group. SoftBank last year announced the world's largest technology fund with $45 billion investment from Saudi Arabia's  sovereign Public Investment Fund. The fund will include $25 billion investment from SoftBank.

Govt reported nearly Rs 23,500 Cr realized via disinvestment this year so far

  1. Government has realized around 23500 crore rupees during the current financial year so far from disinvestment of its stake in  Central Public Sector Enterprises, CPSEs. This includes  21,432 crore rupees through minority stake sale in  14 CPSEs and around 2096 crore rupees through strategic disinvestment.

Export of Spices is up by 5% in volume in first half of 2016-17

  1. Spices export from India grew five percent in volume in the first half of 2016-17 and rose up to 8415.97 crore rupees during the period registering seven per cent increase in value.
  2. The total value of export was 7892 crore rupees during the corresponding period last year, according to Spices Board, Kochi. Export of spices rose  4,37,360 tonnes during the period compared to  4,14,780 tonnes in the first half of financial year 2015-16.
  3. Chilli became the most exported spice with the shipment of above  1.65 lakhs tonnes fetching rupees 2307.75 crore rupees.

Under GST the exporters to get 90% tax refund within 7 days:

  1. The government has agreed to refund 90% of the duties paid by exporters within a period of seven days under the GST regime. The exporters would get interest on the refund in case of delays, it added. Earlier,  Commerce and Industry Minister Nirmala Sitharaman said.
  2. The Commerce secretary Rita Teaotia also said the revenue department has committed that 90% of the refund will be made within seven days, while the remaining 10% “will be subject to whatever verification the revenue department is required to do”. Under the GST structure, taxes must be paid and that the refund will be provided.

Single-window customs clearance for exporters is extended by Revenue department:

  1. The revenue department has extended the facility of single window customs clearance for export consignments with a view to bringing down transaction cost. In a circular, Central board of excise and customs department said, after the successful implementation of  single window interface for facilitation of trade (SWIFT) for imports, it is proposed to implement online-release from partner government agencies for exports.
  2. A pilot project for exporters has been started at Chennai, Delhi and Mumbai air cargo complexes from yesterday. SWIFT provides importers and exporters a single point interface for Customs clearance of shipments thereby reducing interface with government agencies and cost of doing business.

500 Startups delays $25 million India-focussed Kulfi fund :

  1. California-based early-stage seed fund 500 Startups, has reportedly delayed its plans to raise a $25 million India-focussed fund called 500 Kulfi.
  2. The accelerator, led by angel investor Dave McClure, cited taxation and regulatory concerns as reasons for putting the fund on hold. 500 Startups has invested in over 50 companies in India since 2011 including Instamojo and CultureAlley.

EPFO makes Aadhaar mandatory for pensioners, members

  1. Retirement fund body Employees’ Provident Fund Organisation (EPFO) has made it mandatory for its about pensioners and subscribers to provide either Aadhaar or a proof that they have applied for it till month-end to remain a beneficiary of its social security schemes.
  2. Since the government provides subsidy to an EPFO member, it has invoked  Section 7 of the Aadhaar Act.
  3. Section 7 of the Act provides that where government provides subsidy, benefit or service from  Consolidated Fund of India, an individual can be asked to undergo authentication, or furnish proof of possession of Aadhaar number.
  4. It also provides that where an individual to whom no Aadhaar number has been assigned, such individual can apply for enrollment.

General Anti-Avoidance Tax Rule to kick in from April 2017

  1. The General Anti-Avoidance Rule,GAAR, will kick in from April 1, 2017 said the Central Board for Direct Taxes today. GAAR was part of the 2012-13 Budget speech of the then Finance Minister Pranab Mukherjee to check tax evasion and avoidance.
  2. During the 2015 Budget presentation, Finance Minister Arun Jaitley announced that its implementation will be delayed by 2 years.
  3. Its implementation was repeatedly postponed because of the apprehensions expressed by  foreign investors as GAAR contains provision allowing the government to retrospectively tax overseas deals involving local assets.

Air India ranked third-worst performing airline in the world

  1. Every year, the aviation insights company FlightStats puts together a list of the international airlines with the best on-time performance records.
  2. Air India ranked third-worst performing airline in the world
  3. Icelandair – 41.05% El Al –  56% are on first and second position respectively.

Vodafone to offer unlimited 3G, 4G data for 1 hour at Rs.16

  1. Telecom operator Vodafone today announced a Super Hour scheme under which it will offer unlimited 3G or 4G data for one hour at a starting price of Rs,16 for pre-paid customers.
  2. It will also offer unlimited local voice calls (within network) with one hour validity for Rs,7.
  3. Under the scheme, prepaid customers will get unlimited 4G/3G data usage for one hour, starting at just Rs,16 which will be launched from January 7 and available to customers across all circles by January 9.

Cabinet approves 26% strategic sale in BEML

  1. The Centre will sell 26 per cent stake in defence equipment manufacturer BEML, making it the first major PSU to be sold through strategic disinvestment, which may fetch the exchequer over ₹1,000 crore.
  2. In a notification to the stock exchanges, BEML said that the Cabinet has given an ‘in-principal’ approval for strategic disinvestment of 26 per cent equity shares in BEML Ltd. out of government’s shareholding of 54.03 per cent.
  3. At the current market pricing of ₹999.50 a share, 26 per cent stake of BEML could fetch the exchequer over ₹1,000 crore. After the strategic sale, government stake in the PSU would come down to 28.03 per cent.

RBI to provide rupees 1 billion in Rs 100 notes to Nepal Rashtra Bank

  1. The Rserve Bank of India, RBI, has agreed to provide rupees one billion in Rs 100 denomination notes to Nepal Rastra Bank (NRB) to ease the acute shortage of 100 Rs notes faced by the Himalayan nation.
  2. The NRB's plan to import INR 100 denomination notes was delayed due to the Indian government's move to  demonetise INR 500 and INR 1,000 notes on November 8.
  3. According to Himalayan Times, RBI recently wrote to NRB that it will be able to provide  INR one billion in INR 100 denomination notes. As RBI has agreed to provide INR one billion, NRB officials have said that the central bank is preparing to bring the amount within January.

India's GDP growth estimated at 7.1% this year; per capita net national income rises by over 10%

  1. The Gross Domestic Product (GDP) growth is estimated at 7(point)1 per cent in 2016-17 as compared to 7(point)6 per cent in 2015-16. Releasing the data, Chief Statistician T C A Anant said in New Delhi this evening that the per capita net national income during 2016-17 is estimated to be One lakh three thousand seven rupees showing a rise of 10.4 per cent as compared to  93 thousand two hundred ninety three during 2015-16 with the growth rate of  7.4 percent.

FDI up 27% at $ 27.8 bn in Apr-Oct this fiscal

  1. Foreign direct investment inflows into the country grew over 27 per cent, to  27.8 billion dollars during the April to October 2016 period.
  2. According to the Department of Industrial Policy and Promotion, the main sectors to attract foreign inflows include telecom, trading, computer hardware and software and automobiles.
  3. India receives maximum FDI from Singapore, Mauritius, the Netherlands and Japan.

Important Indian and International Days

Important Indian and International Days

42966   12-Dec-2017, Tue

Following are some of the Important Indian and International Anniversaries and Days.



Army Corsp Establishment Day

January 1

Infant Protection Day

Januray 7

African National Congress Foundation Day

January 8


January 9

National Youth Day

January 12

Army Day

January 15

International Custom Duty Day,

Indian Tourism Day

January 25

Republic Day (India),

International Customs Day;Law Day

January 26

International Day of Solidarity with Palestinian

January 29

Martyrs' Day (India),

World Leprosy Eradication Day

January 30

Sarvodaya Day

January 30


Rose Day

February 12

Sarojini Naidu's Birth Anniversary

February 13

World Marriage Day

Second Sunday of Februrary. (February 13)

Valentine Day

February 14

Delhi Police Day,

National Day, Lithuania

February 16

Arunachal Pradesh, Mizoram Day

Feburary 20

Mother Tongue Day (World)

February 21

Central Excise Day

February 24

National Science Day

February 28


National Safety Day

May 4

International Women's Day

International Literacy Day

March 8

World Kidney Day

May 9

CISF Foundation Day

May 12

World Consumer Day

May 14

World Disabled Day

World Consumer Rights Day

March 15

World Forestry Day

International Day for Elimination of Racial

March 21

World Day for Water

March 22

World Meteorological Day

March 23

Ram Manohar Lohia's Birth Day (Anniversary)

March 23

Bhagat Singh, Sukhdev and Rajguru's Martyrdam Day

March 23

World TB Day

March 24

Rural Postal Life Insurance Day

March 24

National Day of Bangladesh

March 26

World Threatre Day

March 27


National Day, Senegal

April 4

National Maritime Day

April 5

SPG(Special Protection Group)

April 7

World Health Day

April 7

CRPF Valour Day

April 9

Water Resources Day/National Survey Day

April 10

World Homeopathy Day (Birth day of Samuel Hanimen)

April 10

B.R. Ambedkar Remembrance Day,

Fire Extinguishing Day

April 14

National Day, Syria

World Haemophilia Day

April 17

World Heritage Day

National Day Zimbabwe

April 18

Secretaries's Day,Indian Civil Service Day

April 21

Earth Day

April 22

World Books and Copyright Day

April 23

Panchayat Divas

April 24

National Day, Tanzania

April 26

South Africa Freedom Day

April 27


Worker's Day (International Labour Day)

May 1

World Asthma Day

First Tuesday of May

World Press Freedom Day

May 3

Coal Miner's Day

May 4

World Red Cross Day

May 8

World Migratory Birds Day

May 8

World Laughter Day

First Sunday of May

World Mother's Day

Second Sunday of May

World Thalassaemia Day

May 9

National Technology Day

May 11

International Nurses day

May 12

Natioanl Solidarity Day

May 13

International Day of the Family

May 15

World Telecommunication Day

May 17

Anti-Terrorism Day

May 21

National Day, Yemen

May 22

Africa Day

May 23

Commonwealth Day

May 24

National Day, Argentina

May 25

Death Anniversary of Jawahar Lal Nehru

May 27

National Day, Ethiopia

May 28

Everest Day

May 29

Anti-Tobacco Day (No Smoking Day)

May 31


International Day of Innocent

Children Victims of Aggression

June 4

World Environment Day

June 5

National Day, Sweden

June 6

National Day, Portugal

June 10

National Day, Seychelles

June 14

World Blood Donation Day

June 14

World Consumer Rights Day World

June 15

National Day, Iceland

June 17

Father's Day

Third Sunday of June

World Refugee Day

June 20

U.N. Charter Signing Day

June 25

International Day Against Drug Abuse & Illicit Trafficking

June 26

Poor's Day

June 28

National Day, Congo

June 30


Doctor's Day (Birth of Dr. Bidhan Chandra Roy)

July 1

State Bank of India Foundation Day

July 1

American Independence Day

July 4

World Zoonosis Day

July 6

World Population Day

July 11

Kargil Memorial Day

July 26


World Breast Feeding Day

August 1-7

International Friendship Day

August 3

World Peace Day, Hiroshima Day

August 6

World Senior Citizen's Day

August 8

Quit India Day

Nagasaki Day

August 9

World Youth Day

August 12

Indian Independence Day

August 15

International Day of the World's Indigenous People

August 18

Photography Day

August 19

Sabdhavna Divas

August 20

National Sports Day (Birth Day of Dhyanchand)

August 29

Small Industry Day

August 30


World Yoga Day

September 2

Coconut Day

September 2

Teacher's Day (Birth Day of S.Radhakrishan)

September 5

Sanskrit Day

September 5

Forgiveness Day

September 7

World (International) Literacy Day

September 8

Hindi Day

September 14

All India Flag Day

September 15

Engineer's Day

September 15

World Ozone Day

September 16

RPF(Railway Protection Force) Foundation Day

September 20

Alzheimer's Day

September 21

Day for Peace & Non-Violence (UN)

September 21

Rose Day (Welfare of Cancer Patients)

September 22

World Heart Day, Social Justice Day

International Tiger Day

September 25

Day of the Deaf

September 26

World Tourism Day

September 27


International Day of the Elderly

October 1

Gandhi Jayanti, International Day of Non-Violence

October 2

Lal Bahadur Shastri's Birth Anniversary

October 2

World Animal Day

October 2

World Vegetarian Day

October 2

World Habitat Day

October 3

World Animal Welfare Day

October 4

World Teacher's Day

October 5

World Wild Animal Day

October 6

Indian Air Force Day

October 8

World Post Office Day

October 9

National Post Day

October 10

World Sight Day

Second Thrusday of October

UN International Day for Natural Disaster Reduction

October 13

World Standards Day

October 14

World White Cane Day (guiding the blind)

October 15

World Food Day

October 16

World Allergy Awareness Day

October 16

Police Commemoration Day

October 21

UN Day

October 24

World Development Information Day

October 24

Infants Day

October 27

World Thrift Day

October 30

National Rededication Day

October 31

National Integration Day

October 31

Death Anniversary of Indira Gandhi

October 31


Legal Services Day

November 9

Children's Day

November 14

World Diabetes Day

November 14

International Day for Endurance

November 16

National Journalism Day

November 17

World Adult Day

November 18

World Citizen's Day

November 19

Universal Children's Day

November 20

Africa Industrialisation Day

November 20

World Television Day

November 21

National Law Day

November 26

World Environment Protection Day

December 26

International Day of Solidarity with Palestinian People

November 29


World AIDS Day

December 1

International Day for the Abolition of Slavery

December 2

World Disabled Day

December 3

Chemical Accidents Prevention Day

December 4

Navy Day

December 4

International Volunteers Day

December 5

Armed Forces Flag Day

December 7

International Civil Aviation Day

December 7

Girl Child Day (Balika Divas), India

December 9

International Human Rights Day

December 10

World Children's Fund Day

December 11

Natioinal Energy Conversation Day

December 14

Liberation Day of Goa

December 19

Farmer's Day (Kisan Day, Birthday of Chaudhary Charan Singh)

December 23

X-mass Day

December 25

CPRF Foundation Day

December 26

Banking Awareness Update - IBPS PO / Clerk 2017 Part - 2

Banking Awareness Update - IBPS PO / Clerk 2017 Part - 2

2663   03-Sep-2017, Sun

South Indian Bank unveils mobile banking app for NRIs

  1. South Indian Bank has introduced a full-fledged NRI-focused mobile banking application called SIB Mirror+ across major mobile platforms.
  2. The new app was launched after the path-breaking ' E-Lock' feature that provided a single tap solution to fully secure all digital transaction from frauds.
  3. SIB Mirror+ equips the customers to perform almost all banking transactions from their smart phones. The app comes with self-registration facility for ease of activation and utilises NEFT facility for interbank fund transfers. 
  4. It also provides bill payment facility, instant mobile/DTH recharge, cheque book request and 24x7 ‘ within bank’ fund transfer.

Indian Army partners with IIT Gandhinagar for critical technology requirements

  1. Indian Army has inked an agreement with IIT Gandhinagar to set up a research and development (R&D) cell at the IIT campus to identify problems and possible solutions for the Indian Army.
  2. The agreement also enable the IIT and Indian Army to collaborate in areas including critical technology requirements of Indian Army, sharing of professional and technical knowledge.
  3. This is an initiative which would result in meaningful realization and efficient transfer of research into customized solutions for the Indian Army.

Au Financiers gets final nod to start small finance bank operations

  1. Non-banking finance company Au Financiers (India) said it has received final approval of the Reserve Bank to start operations as small finance bank.
  2. The company was among the 10 entities that received in-principle approval of RBI last year to set up small finance banks. The company has operations in 10 states with 300 branches.

Twitter partners with ICICI Bank for advanced customer care

  1. Twitter and ICICI Bank announced a partnership on Wednesday that is aimed at integrating additional digital customer care support features to benefit customers with direct online response to their queries and feedback in real-time.
  2. The social networking platform said ICICI Bank is the first bank in India to implement the new features to its Twitter account  @ICICIBank_Care for social customer care.
  3. Businesses can now clearly communicate which of their company accounts provides support on Twitter. The ‘ Provides Support’ indicator will show up when people search for a business, mention a business in a Tweet, or find a business in Direct Messages.

State bank of India ties up with

  1. State Bank of India, the country’s largest bank has tied up with online classifieds portal, to conduct joint marketing activites and help rejuvenate the real estate sector.
  2. To kick start the MOU, SBI and Magicbricks are launching the “ Seal the Deal” campaign. Under Seal The Deal, SBI and Magicbricks will be hosting a mega online property show for SBI Approved Projects. This will be the first housing carnival in the industry at this scale.

Alibaba to soon open first India office in Mumbai

  1. Chinese e-retail giant Alibaba, which has made investments in India's Snapdeal and Paytm, is setting up its first office in India in Mumbai.
  2. The office will be located at the commercial  Bandra-Kurla Complex (BKC) in Mumbai. US e-commerce giant Amazon also has its office in the same complex.
  3. Alibaba's decision to open the office could imply that the competition in e-commerce sector in India is likely to get even more fierce.

Cash withdrawal limit from ATMs increased to Rs 4,500 per day

  1. In a major relief for the common man, Reserve Bank of India (RBI) increased the daily limit of ATM withdrawal to Rs 4500 from current Rs 2500 with effective from January 1, 2017.
  2. RBI in a notification issued has said that there has been no change in the weekly withdrawal limit, which stands at Rs  24,000, including from ATM, for individuals and  Rs50,000 in case of small traders. It further said such disbursals will predominantly be in the denomination of Rs 500.

MobiKwik gets RBI nod to accept payments for utility, convenience bills

  1. Mobile wallet firm Mobikwik has received an in-principle approval from the Reserve Bank of India (RBI) to set up a  Bharat Bill Payments Operating Unit (BBPOU).
  2. MobiKwik said its users across the country will now be able to pay their utility and convenience bills using the wallet.
  3. The company will now be integrated in  Bharat Bill Payment System (BBPS), a bill payment system by  National Payments Corporation of India (NPCI), offering interoperable and accessible bill payment service to customers through a network of agents.

Govt permits 12 PSU banks to raise Rs 3,000 cr from market

  1. In a bid to strengthen capital base of  public sector banks (PSBs), the government has allowed 12 lenders to raise nearly Rs 3,000 crore via preferential shares over and above the Rs 22,915 crore capital support committed to them in July last year. 
  2. Budgetary provision of Rs 25,000 crore has been made for 2016-17 and the government has already allocated Rs 22,915 crore to  13 PSBs on July 19, 2016 of which 75 per cent has been allocated in first tranche while remaining amount will be released on assessment of performance of PSBs, the Department of Finance in its year-end review for 2016.

IDBI Slashes Lending Rates

  1. IDBI Bank has taken the lead in slashing interest rates by announcing a 40 basis points (bps) cut.
  2. Borrowers seeking three-year loans will be charged 9.30%, down 40 bps; while sixmonth loans have been pegged at 8.90%, down 35 bps.
  3. The bank will charge 9.15% on one-year loans against 9.30% now
  4. State Bank of Travancore, a subsidiary of SBI, too slashed benchmark lending rate by up to 0.3%.

BoB launches agriculture investment credit scheme in Rajasthan

  1. State-run Bank of Baroda has launched an agricultural investment credit for the farmers of Rajasthan.
  2. Under the scheme, farmers can avail of loan from the banks branches for construction of farm ponds, installation of solar pumps, installation of micro irrigation, and for any other viable agriculture and allied activities.
  3. Initially, the scheme will be implemented in the districts of  Sri Ganganagar, Hanumangarh and Bikaner and will be gradually extended to all the districts of Rajasthan.

NRIs can exchange Old Notes till June 30

  1. The RBI has come out with conditions for exchange of defunct notes for those who failed to do so.
  2. Resident Indian citizens, who were abroad from Nov 9th to Dec 30th, can avail this facility up to March 31st, 2017.
  3. NRI citizens, who were abroad during this period, can exchange their defunct notes up to June 30th, 2017.
  4. The limit for NRIs will be 25,000 rupees per person.

Mother Dairy unveils Aadhar-enabled payment

  1. To promote cash less transactions, Mother Dairy Fruit & Vegetable Pvt. Ltd. introduced Aadhar-Enabled Payment System (AEPS) in more than  1,000 milk booths and ’Safal’ retail stores.
  2. This service would now be available in addition to the existing modes like e-wallets and SmartChange Cards.
  3. The service was commissioned in association with  CSC e-Governance Service India Ltd. under the aegis of  Department of Electronics and Information Technology (Deity)

RBI extends loan repayment window to 90 days

  1. The Reserve Bank of India (RBI) has asked lenders to provide borrowers 90 days for repayment of housing, car, farm and other loans worth up to 1 crore rupees, saying that the dispensation will apply to dues payable between 1st November and 31st December.
  2. In a notification, RBI said, on a review, it has been decided to provide another  30 days over and above the existing  60 days.
  3. So, borrowers together get 90 days from getting the account classified under non-performing asset (NPA) category. It said, running working capital accounts or crop loans with the sanctioned limit of 1 crore rupees or less would be eligible for this benefit.

BoB signs MoU with HFL to provide dairy loans to farmers

  1. State-run Bank of Baroda and  Heritage Foods Ltd (HFL) today signed a Memorandum of Understanding to provide dairy loans to farmers through the lender's branches across the country.
  2. Heritage Foods is in the business of procurement, processing and sale of milk and milk products.BoB and HFL will work jointly to provide dairy loans to the farmers which will benefit them in increasing their productivity and earnings under allied activities

Ambuja Cements inks pact with ICICI Bank to drive cashless transactions: Report

  1. Ambuja Cement has tied up with ICICI Bank to drive cashless transactions among its business partners — retailers, contractors and masons.
  2. It will help them open current accounts for regular business transactions.Post-demonetisation, construction activity, especially in rural and semi-urban areas, has been facing several challenges as it mostly deals in cash.

FIPB clears 6 FDI proposals worth Rs 1,200 crore

  1. The  Foreign Investment Promotion Board (FIPB) has approved six Foreign Direct Investment (FDI) proposals worth Rs 1,200 crore. Decision in this regard was taken by FIPB meeting headed by Economic Affairs Secretary Shaktikanta Das. 
  2. It has approved the proposals of, Star Den Media Services, SanofiSynthelabo India, Idea Cellular Infrastructure Services, Menarini India, BoehringerIngelheim India and Recipharm Participation.

Direct Tax Dispute Resolution Scheme- 2016 extended up to 31st January, 2017

  1. In view of the representations received from various stakeholders and for the convenience of the taxpayers, the last date for availing the  Direct Tax Dispute Resolution Scheme, 2016 (the Scheme) has been extended up to 31st January, 2017. The scheme was to close on 31st December, 2016.
  2. In order to reduce the pending litigation, the Scheme was introduced by the  Finance Act, 2016. The Scheme came into force from 1st June, 2016 vide notification S.O. 1902(E) dated 26th May, 2016.

SBI cuts lending rate by 90 bps

  1. A day after Prime Minister NarendraModi asked banks to priorities lending towards poor and lower middle class, country's largest lender SBI today cut benchmark interest rate across various maturities by 0.9 per cent.
  2. In a statement, the bank has reduced  marginal cost of funds based lending rate (MCLR) by 0.9 per cent from 8.90 per cent to 8 per cent for 1-year tenure.

RBI extends period of enhanced Prepaid Payment Instruments limit

  1. Reserve Bank today extended the period of enhanced  Prepaid Payment Instruments (PPI) limit of Rs 20,000 as part of efforts to promote digital payments.
  2. RBI said in a notification today that keeping in view that Bank is undertaking a comprehensive review of the guidelines and framework for PPI issuance in the country, it has been decided to extend the measures till the completion of review of the PPI guidelines.

Jan Dhan account deposits doubled to Rs.87,000cr post note ban

  1. Jan Dhan account deposits have more than doubled to  Rs.87,000 crore till December 23, prompting tax department to "dissect" information relating to them, a senior official said.
  2. Inflow of funds into these accounts was highest in the  first week post demonetisation. If it's found that money in these accounts belongs to other persons, necessary action will be taken, he added.

SBI waives MDR charges for small merchants for one year

  1. Country's largest lender SBI has waived Merchant Discount Rate (MDR) on debit card transactions for all small merchants with annual turnover of up to Rs 20 lakh for one year.
  2. SBI further said the move is targeted primarily towards a segment of population and small merchants, who have not yet experienced the convenience of Card Payments.

Axis Bank becomes third lender to offer block chain service

  1. Private sector Axis bank has become the third lender in the country to announce usage of block chain solutions for its operations, after its peers ICICI Bank and Yes Bank.
  2. The  Shikha Sharma-led bank, the third largest private sector lender, will be using the upcoming technology for cross-border remittances.

Bank of India to reduce its interest rates

  1. The bank earlier reduced its minimum lending rates or marginal cost of funds based lending rates (MCLR) by up to 90 basis points, effective January 7.
  2. The rate on home loans has been lowered to 8.65 per cent for women borrowers, while for others the rate has been set at 8.70 per cent. The bank has reduced the interest rates for vehicle loans to 9.35 per cent.
  3. For loan against property, the new rates are set in the range of  10.50-11 per cent. The rates for women borrowers will be 0.5 per cent lower than the others.

Banking Awareness Update - IBPS PO / Clerk 2017 Part - 1

Banking Awareness Update - IBPS PO / Clerk 2017 Part - 1

1418   03-Sep-2017, Sun

New Development Bank (NDB)

  1. The New Development Bank (NDB), formerly referred to as the BRICS Development Bank, is a multilateral development bank established by the BRICS states.
  2. ( Brazil, Russia, India, China and South Africa). According to the Agreement on the NDB, "the Bank shall support public or private projects through loans, guarantees, equity participation and other financial instruments." Moreover, the NDB "shall cooperate with international organizations and other financial entities, and provide technical assistance for projects to be supported by the Bank.
  3. The initial authorized capital of the bank  is $100 bln divided into 1 mln shares having a par value of  $100,000 each. The initial subscribed capital of the NDB is $50 bln divided into paid-in shares ($10 bln) and callable shares ($40 bln). The initial subscribed capital of the bank was equally distributed among the founding members. The Agreement on the NDB specifies that the voting power of each member will be equal to the number of its subscribed shares in the capital stock of the bank.
    1. Headquarters: Shanghai, China
    2. President: K. V. Kamath
    3. Abbreviation: NDB,or NDB BRICS
    4. Founder: BRICS
    5. Founded: 15 July 2014, Fortaleza, Ceará, Brazil
    6. First president: K. V. Kamath

Asian Infrastructure Investment Bank

  1. The Asian Infrastructure Investment Bank (AIIB) is an multilateral development bank that aims to support the building of infrastructure in the Asia-Pacific region. The bank currently has 56 member states while another 24 are prospective members for a total of 80 approved members and was proposed as an initiative by the government of China. The initiative gained support from  37 regional and 20 non-regional Prospective Founding Members ( PFM), all of which have signed the Articles of Agreement that form the legal basis for the bank. The bank started operation after the agreement entered into force on 25 December 2015, after ratifications were received from 10 member states holding a total number of 50% of the initial subscriptions of the Authorized Capital Stock. Major economies that are not members include Japan and the United States.
  2. The United Nations has addressed the launch of AIIB as having potential for "  scaling up financing for sustainable development for the concern of global economic governance. The capital of the bank is $100 billion, equivalent to  2⁄3 of the capital of the Asian Development Bank and about half that of the World Bank.
  3. The bank was proposed by China in 2013 and the initiative was launched at a ceremony in Beijing in October 2014.
    1. Formation :- 16 January 2016 (Open for business)
      • 25 December 2015 (Entry into force Articles of Agreement)
    2. Type :- Regional Investment Bank
    3. Legal status:- Treaty
    4. Purpose:-Crediting
    5. Headquarters:- Beijing, China
    6. Region served:- Asia and Oceania
    7. Membership:- 56Members
      • 24 prospective members
    8. Official language:- English
    9. President:- Jin Liqun

Payments banks

  1. banks is a new model of banks conceptualised by the Reserve Bank of India (RBI). These banks can accept a restricted deposit, which is currently limited to  ₹1 lakh per customer and may be increased further. These banks cannot issue loans and credit cards. Both current account and savings accounts can be operated by such banks. banks can issue services like ATM cards, debit cards, net-banking and mobile-banking.  Airtel has launched India's first live payments bank.  Paytm is the second such service to be launched in the country. India Post Bank is the third entity to receive payments bank permit after Bharti Airtel and Paytm. Aditya Birla group earned payments bank permit on 3 March 2017.
  2. Regulations : The minimum capital requirement is ₹100 crore. For the first five years, the stake of the promoter should remain at least 40%. Foreign share holding will be allowed in these banks as per the rules for FDI in private banks in India. The voting rights will be regulated by the Banking Regulation Act, 1949. The voting right of any shareholder is capped at 10%, which can be raised to 26% by Reserve Bank of India. Any acquisition of more than 5% will require approval of the RBI. The majority of the bank's board of directors should consist of independent directors, appointed according to RBI guidelines.
  3. The bank should be fully networked from the beginning. The bank can accept utility bills. It cannot form subsidiaries to undertake non-banking activities. Initially, the deposits will be capped at ₹100,000 per customer, but it may be raised by the RBI based on the performance of the bank. The bank cannot undertake lending activities. 25% of its branches must be in the unbanked rural area. The bank must use the term "  payments bank" in its name to differentiate it from other types of bank. The banks will be licensed as payments banks under Section 22 of the Banking Regulation Act, 1949, and will be registered as public limited company under the Companies Act, 2013.
  4. The applicant entities were examined for their financial track record and governance issues. On 19 August 2015, the Reserve Bank of India gave "in-principle" licences to eleven entities to launch payments banks:
    1. Aditya Birla Nuvo
    2. Airtel M Commerce Services
    3. Cholamandalam Distribution Services
    4. Department of Posts
    5. FINO PayTech
    6. National Securities Depository
    7. Reliance Industries
    8. Sun Pharmaceuticals
    9. Paytm
    10. Tech Mahindra
    11. Vodafone M-Pesa

Airtel launches its payments bank across India

  1. Bharti Airtel on Thursday launched its pan India payments bank, which is India's first payments bank. Airtel Payments Bank will operate across 29 states with a network of 2.5 lakh banking points through Airtel retail stores. A customer’s Airtel mobile number will be payments bank account number and the company will offer a  7.25% interest rate on savings accounts deposits.
  2. CEO & Managing Director of Airtel Payment Bank:  Shashi Arora
  3. Yes Bank Launches Business Accelerator Program Yes Fintechi. Private sector lender YES BANK in collaboration with T-Hub, Anthill and Lets Talk Payments launched a unique business accelerator program “ YES FINTECH” to provide start-ups a platform for creating sustainable and market ready products as well as provide innovative banking solutions to the customers.
    1. YES FINTECH has invited start-ups applications from across the global community, till February 3, 2017 on its website It would select top 12 start-ups for 15 week dual destination program to be held in Mumbai and Hyderabad.
    2. The 15-week programme would be conducted in four phases with three weeks of on-site interventions and 11 weeks off-site interventions. Each stage will be focussed on creating a market-ready product and a sustainable business model.
    3. The focus areas will be payments, forex & treasury, capital markets, lending, trade finance, customer value added services, government risk & compliance, and enterprise software.
    4. T-Hub is India’s fastest growing start-up engine specialized in innovation, scale and deal flow. Anthill and LetsTalkPayments are global platform for  financial technology (Fintech).

Bandhan Bank Ltd

  1. Bandhan Bank Ltd. is an Indian banking and financial services company headquartered in Kolkata, West Bengal. Bandhan, which started as a micro-finance company in  2001, received banking licence by Reserve Bank of India in 2014.
  2. On 23 August 2015, Union Finance Minister Arun Jaitley officially inaugurated the bank in Kolkata. Initially it opened with 501 branches, 50 ATMs and 2,022 Door step Service Centres (DSCs) across India. Bandhan Bank was incorporated on 23 December 2014 as a wholly owned subsidiary of Bandhan Financial Holdings. Bandhan received the in-principle approval of the (RBI) for setting up a universal bank in April 2014; the banking regulator gave its final nod in June 2015.
  3. Kolkata-headquartered Bandhan is the first bank to be set up in eastern part of India after Independence. Presently, Bandhan Bank has 3,565 touch points pan India consisting of 840 bank branches, 2,443 Doorstep Service Centres (DSCs) and 282 ATMs, serving more than 10.5 million customers.
  4. Bandhan Financial Holdings is owned by  Bandhan Financial Services Limited (BFSL), the largest micro finance organization in India. Its public shareholders include International Finance Corporation (IFC), Small Industries Development Bank of India (SIDBI), Caladium Investment Pte. Ltd. (a company managed by GIC Special Investments Private Limited), Bandhan Employees Welfare Trust, and a few individuals.
  5. Headquarters‎: ‎Kolkata, West Bengal, India
  6. Number of employees‎: ‎24066
  7. Founders‎: ‎Chandra Shekhar Ghosh
  8. Founded‎: ‎2001


Kotak Mahindra Bank has launched Kotak Remit

  1. Kotak Mahindra Bank has launched Kotak Remit — an Aadhaar-based integrated outward forex remittance solution for both customers and non-customers. The 24×7 forex remittance service offers a completely paperless process that enables users to register online using Aadhaar and PAN numbers, and initiate remittances instantly.
  2. Kotak Mahindra Bank HQ – Mumbai;
  3.  Managing Director – Uday Kotak


Karnataka VikasGrameen Bank launches ‘Bank Sakhi’ scheme

  1. To promote and popularise cashless transactions in rural areas, the Karnataka VikasGrameen Bank (KVGB) has come out with an innovative method of employing women in villages.
  2. Bank chairman S. Ravindran said that the bank would appoint women business correspondents called “Bank Sakhi” in select villages where this scheme would be implemented.
  3. To start with, the bank had hired 11 “Bank Sakhis and had plans to appoint a minimum of 50 such women in different districts


Maharashtra village, Sangli, adopted for Digital Transactions by Bank of Maharashtra

  1. Pune based financial institution, Bank of Maharashtra has helped in transformation of the village of Malangaon of Sangli district into a completely cashless village.
  2. The measure has been taken as a step ahead of withdrawal of the 500 and 1000 currency notes by the central Government, as a push to cashless society, financial inclusion which became the need of the hour.
  3. Ravindra Prabhakar Marathe, Managing Director, Bank of Maharashtra stated that the bank has complete support to the central Government’s decision for a cashless economy and adoption of Malangaon is a testament to the fact.

International Organizations & Their Abbreviations

important abbreviations gk

1337   04-Jun-2017, Sun

ABEDA -  Arab Bank for Economic Development in Africa

ACC  - Arab Cooperation Council
ACCT  - Agency for Cultural and Technical Cooperation
ACP  - African, Caribbean, and Pacific Countries
AfDB  - African Development Bank
AFESD  - Arab Fund for Economic and Social Development
AG  - Andean Group
AL  - Arab League
ALADI  - Asociacion Latinoamericana de Integracion
AMF  - Arab Monetary Fund
AMU  - Arab Maghreb Union
ANZUS  - Australia-New Zealand-United States Security Treaty
APEC  - Asia Pacific Economic Cooperation
AsDB  - Asian Development Bank
ASEAN  - Association of Southeast Asian Nations

BAD  - Banque Africaine de Developpement
BADEA  - Banque Arabe de Developpement Economique en Afrique
BCIE  - Banco Centroamericano de Integracion Economico)
BDEAC  - Banque de Developpment des Etats de l’Afrique Centrale
Benelux - Benelux Economic Union
BID  - Banco Interamericano de Desarvollo

BIS  - Bank for International Settlements
BOAD - Banque Ouest-Africaine de Developpement

C - Commonwealth
CACM - Central American Common Market
CAEU - Council of Arab Economic Unity
CARICOM - Caribbean Community and Common Market
CCC - Customs Cooperation Council
CDB - Caribbean Development Bank
CE  - Council of Europe
CEAO - Communaute Economique de l’Afrique de l’Ouest
CEEAC - Communaute Economique des Etats de l’Afrique Centrale
CEMA - Council for Mutual Economic Assistance; also known as CMEA or Comecon; abolished 1 January 1991
CEPGL - Communaute Economique des Pays des Grands Lacs
CERN - Conseil Europeen pour la Recherche Nucleaire
CG - Contadora Group
COCOM - Coordinating Committee on Export Controls
Comecon Council for Mutual Economic Assistance (CEMA)

CP - Colombo Plan
CSCE - Conference on Security and Cooperation in Europe

DC - Developed country

EADB - East African Development Bank
EBRD - European Bank for Reconstruction and Development
EC - European Community
ECA - Economic Commission for Africa
ECAFE - Economic Commission for Asia and the Far East
ECE - Economic Commission for Europe
ECLA - Economic Commission for Latin America
ECLAC - Economic Commission for Latin America and the Caribbean
ECOSOC - Economic and Social Council
ECOWAS  - Economic Community of West African States
ECWA - Economic Commission for Western Asia
EFTA - European Free Trade Association
EIB - European Investment Bank
ESA - European Space Agency
ESCAP - Economic and Social Commission for Asia and the Pacific
ESCWA - Economic and Social Commission for Western Asia

FAO - Food and Agriculture Organization
FLS - Front Line States
FZ - Franc Zone

G-2 Group of 2
G-3 Group of 3
G-5 Group of 5
G-6 Group of 6 
G-7 Group of 7
G-8 Group of 8
G-9 Group of 9
G-10 Group of 10
G-11 Group of 11
G-20 Group of 20
G-24 Group of 24
G-30 Group of 30
G-33 Group of 33
G-77 Group of 77
GATT - General Agreement on Tariffs and Trade
GCC - Gulf Cooperation Council

IADB - Inter-American Development Bank
IAEA - International Atomic Energy Agency
IBEC - International Bank for Economic Cooperation
IBRD - International Bank for Reconstruction and Development
ICAO - International Civil Aviation Organization
ICC - International Chamber of Commerce
ICEM - Intergovernmental Committee for European Migration
ICFTU - International Confederation of Free Trade Unions
ICJ - International Court of Justice
ICM - Intergovernmental Committee for Migration
IOM - International Organization for Migration (IOM)
ICRC - International Committee of the Red Cross
IDA - International Development Association
IDB - Islamic Development Bank
IEA - International Energy Agency
IFAD - International Fund for Agricultural Development
IFC - International Finance Corporation
IGADD - Inter-Governmental Authority on Drought and Development
IIB - International Investment Bank
ILO - International Labor Organization
IMCO - Intergovernmental Maritime Consultative Organization
IMF - International Monetary Fund
IMO - International Maritime Organization
INMARSAT - International Maritime Satellite Organization
INTELSAT - International Telecommunications Satellite Organization
INTERPOL - International Criminal Police Organization
IOC - International Olympic Committee
IOM - International Organization for Migration
ISO - International Organization for Standardization
ITU - International Telecommunication Union

LAES - Latin American Economic System
LAIA - Latin American Integration Association
LAS - League of Arab States
LDC - less developed country
LLDC - least developed country
LORCS - League of Red Cross and Red Crescent Societies

NAM - Nonaligned Movement
NATO - North Atlantic Treaty Organization
NC - Nordic Council
NEA - Nuclear Energy Agency
NIB - Nordic Investment Bank
NIC - newly industrializing country
NIE - newly industrializing economy

OAPEC - Organization of Arab Petroleum Exporting Countries
OAS - Organization of American States
OAU - Organization of African Unity
OECD - Organization for Economic Cooperation and Development
OECS - Organization of Eastern Caribbean States
OIC - Organization of the Islamic Conference
OPANAL - Agency for the Prohibition of Nuclear Weapons in Latin America
and the Caribbean

OPEC - Organization of Petroleum Exporting Countries

PCA - Permanent Court of Arbitration

RG - Rio Group

SAARC - South Asian Association for Regional Cooperation
SACU - Southern African Customs Union
SADCC - Southern African Development Coordination Conference
SELA - Sistema Economico Latinoamericana; see Latin American Economic
System (LAES)

SPC - South Pacific Commission
SPF - South Pacific Forum

UDEAC - Union Douaniere et Economique de l’Afrique Centrale
UN - United Nations
UNAVEM - United Nations Angola Verification Mission
UNCHS - United National Center for Human Settlements
UNCTAD - United Nations Conference on Trade and Development
UNDOF - United Nations Disengagement Observer Force
UNDP - United Nations Development Program
UNEP - United Nations Environment Program
UNESCO - United Nations Educational, Scientific, and Cultural

UNFICYP - United Nations Force in Cyprus
UNFPA - United Nations Fund for Population Activities
UNHCR - United Nations Office of the High Commissioner for Refugees
UNICEF - United Nations International Children’s Emergency Fund
UNIDO - United Nations Industrial Development Organization
UNIFIL - United Nations Interim Force in Lebanon
UNIIMOG - United Nations Iran-Iraq Military Observer Group
UNMOGIP - United Nations Military Observer Group in India and Pakistan
UNRWA - United Nations Relief and Works Agency for Palestine Refugees in the Near East
UNTSO - United Nations Truce Supervision Organization
UPU - Universal Postal Union

WADB - West African Development Bank
WCL - World Confederation of Labor
WEU - Western European Union
WFC - World Food Council
WFP - World Food Program
WFTU - World Federation of Trade Unions
WHO - World Health Organization
WIPO - World Intellectual Property Organization
WMO - World Meteorological Organization
WP - Warsaw Pact (members met 1 July 1991 to dissolve the alliance)
WTO - World Tourism Organization

Highest Civilian Awards of Different Countries

highest civilian awards of various countries

1198   04-Jun-2017, Sun

Afghanistan - The Amir Amanullah Khan

Australia - Order of Australia

Argentina - The Order of Sona Martin

Bangladesh - Bangladesh Freedom Honour (Bangladesh Swadhinta Sammanona)

Bhutan - Order of Great Victory of Thunder Dragon

Brazil - Order of Southern Cross

Britain - Member of British Empire, Victoria Cross

Canada - Order of Canada

Cambodia - Royal Order of Cambodia

China - Order of Brilliant Jade

Denmark - Order of Diana Brog

France - Legion of Honour (Full Name- National Order of the Legion of Honour)

Germany - Order of Merit of the Federal Republic of Germany 

Indonesia - Star of Republic of Indonesia

Hungary - The Order of Banner

India - Bharat Ratna

Japan - Order of the Rising Sun

Kuwait - Mubarak-Al-kabir Medal

Mongolia - Best Worker

Nepal - Jewel of Napal

New Zealand - Order of New Zealand

Netherlands - Netherlands Lion

Norway - Order of St Olav

Pakistan - Nishan-e-Pakistan

Philippines - Quezon Service Cross

Poland - Cross of Merit

Republic of Ivory Coast - National Order of the Republic of Ivory Coast

Russia - Order of Saint Andrew the Apostle

Saudi Arabia - King Abdul Aziz Medal

Spain - Order of Isabella the Catholic

Sri Lanka - Pride of Sri Lanka

Turkey - Order of Democracy

United Kingdom - Order of Merit

United States of America - Presidential Medal of Freedom

Vietnam - The order of the Golden Star

Types of Loans in India

type of loan in india

1956   03-Jun-2017, Sat

1. Secured Loan

A secured loan is one where the borrower provides a certain property or asset as collateral against the loan. The main condition of these loans is that if the loan remains unpaid, the bank has the right to use the Collateral security.

Meaning of Collateral : Valuable property owned by someone who wants to borrow money, that they agree will become the property of the bank who lends the money if the debt is not paid back.

2. Unsecured Loan

Unsecured Loan has no collateral and therefore command higher interest rates. These include credit cards, credit facilities such as lines of credit, corporate bonds & Bank overdrafts.

3. Mortgage Loan

Mortgage loans that are provided by commercial banks are similar to secured loans but are used specifically to buy real estate property for commercial purposes. If the customer fails to pay loan then the bank has right to use the property in any way.

4. Home Loan

Home loans which can be helpful to you in buying a property. Home loans can be of many types:

  1. Loan for land purchase
  2. Loan for repairing and extension of your home
  3. Loan for building a home

5. Personal Loan

Personal Loans are meant to meet the personal needs of an individual. People can use this money for anything they want.

6. Vehicle Loan

Vehicle Loan or to be more specific car loans fulfills your dream of having a car or bike. This loan is a secured loan.

7. Education Loan

This loan provides better study opportunities for the students who are financially backward under priority sector study in India up to Rs. 10 lakhs and foreign up to Rs. 20 lakhs can be given.
Note: There is no need of Margin, collateral security, and third party guarantee loan up to 4 lakhs.

8. Gold Loan

The easiest and fastest one to get the loan is the gold loan. Earlier when gold rates were increasing at an exponential rate, this loan was the most popular.

9. Agricultural Loan

There are different types of loans offered by banks for the farmers which can help them in their agriculture practices. They can buy seeds, insecticides, tractors and other equipment needed for agriculture.

KCC (Kisan Credit Card)

KCC started in 1998-99 by the government of India, RBI, NABARD. It aims to provide adequate and timely short-term credit needs of farmers during the cropping season.
Eligibility: Individual
Repayment Period: Within a maximum of 12 months.
Collateral Security: Registered mortgage of land in case loan is more than Rs. 100000 and hypothecation of crops to be raised.

KCC allows farmers to have cash credit facilities without going through time-consuming bank credit screening process repeatedly. Repayment can be rescheduled if there is a bad crop season and extensions are offered up to 4 years.

Insurance Under KCC

KCC holders are covered by a personal accident insurance. This cover is available when the person enters the scheme. The cover is as follows:
Death : 50,000
Disability : 25,000
Max. age to enter: 70 years

10. Loan against Insurance Policy

If you own an insurance policy you can apply for the loan. The policies which have completed its 3 years are only eligible for the loan.

11. Loan against Bank FDs

If you have a fixed deposit in the bank you can also apply for the loan against fixed deposit. The rate of interest you pay for this amount is a bit higher than the interest paid by the bank for the fixed deposit.


Overdraft is a procedure of requesting for loans from banks. This means the customers withdraws more money than he has deposited from any particular bank.

Cash Credit

Cash Credit is the payment done by the bank to the customers in advance. This facility allows the borrowers to borrow a certain amount of money from the bank. Securities are provided by the borrower to the bank.

12. Loan against Shares and Mutual Funds

Most of the people also present their shares and mutual funds to the banks for having the loan. The banks provide loans of amount lesser than the total amount of the share.

13. Reverse Mortgage Loan (RML)

Reverse mortgage loan enables a senior citizen i.e., above the age of 60 years to avail of periodical payments from a lender against the mortgage of his / her house while remaining the owner and occupying the house.

14. Bridge Loan

It is a type of short-term loan, typically taken out for a period of 2 weeks to 3 years for pending the arrangement of larger or longer term financing.

15. Consumer Durable Loan

It is an installment loan to the individual for a specified sum of money towards the purchase of consumer durable products.