Department of Financial Services (DFS), Ministry of Finance and National Informatics Centre  (NIC) have jointly developed a mobile app called Jan Dhan Darshak as a part of financial inclusion (FI) initiative. This app will act as a guide for the common people in locating a financial service touch point at a given location in the country.

While over 5 lakh FI touch points (Bank branches, ATMs, Post Offices) have been mapped on this App, approx. 1.35 lakh Bank Mitras would be on-boarded by 01.12.2018. Phone number of bank branches are available in the app, with the facility of call button for integrated dialling. 

The BRICS’ New Development Bank has approved a $525-million loan for infrastructure projects in India. The loan will be used by the Indian government for on-lending to the Madhya Pradesh government for rehabilitating major district roads with a total length of about 2,000 km. The loan aims to improve connectivity of the rural interior with the national and state highways.

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Midsized private sector lender Yes Bank has paid Rs 38 crore in fines to the GST department for alleged violations in domestic remittances. Over Rs. 32 crore has been paid to the GST department, while Rs 6 crore has been paid in service tax which has been replaced by GST. 

The issue relates to remittances by migrants from urban pockets to their homes in rural areas. The tax department feels the bank has violated norms and underpaid the tax, while the bank feels the opposite.

Static/Current Takeaways Important for IBPS PO Exam 2018- 

• Yes bank Headquarter- Mumbai, CEO– Rana Kapoor

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Insurance regulator IRDAI has raised the minimum insurance cover for owner-driver to Rs. 15 lakh for a premium of Rs. 750 per annum, a move to provide some succour to road accident victims. 

Currently, the capital sum insured (CSI) under this section for motorised two-wheelers and private cars/commercial vehicles is Rs. 1 lakh and Rs. 2 lakh, respectively. The owner-drivers also have the option of a cover over and above Rs. 15 lakh on payment of additional premium.

• IRDAI- Insurance Regulatory and Development Authority
• IRDAI Chairman– Subhash Chandra Khuntia 

State-owned India Post Payments Bank (IPPB) and Private Life Insurer Bajaj Allianz Life Insurance Co Ltd (BALIC)  entered into a strategic partnership to provide life insurance solutions, especially at the doorstep of every household in the country.

This partnership will leverage IPPB’s last mile reach for building awareness about life insurance. Both the companies came together, to formally sign the Corporate Agency Agreement.

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Markets regulator SEBI approved a slew of proposals, including a revised framework for settlement of cases and new KYC norms for foreign portfolio investors. The watchdog has approved a proposal to allow foreign investors to trade in commodity derivatives market, except for sensitive commodities, as well as common application form for the registration of FPIs in the domestic market. 

The board has given its nod for amending delisting regulations. Further, inter-operability of clearing houses for commodities and new methodology to calculate the total expenses ratio for fund managers have been cleared. 

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The government has proposed amalgamation of Bank of Baroda, Vijaya Bank, and Dena Bank to create India’s 3rd largest globally competitive Bank. Finance Minister Arun Jaitley announced that the amalgamation will increase the banking operations and no employee will face any service condition adverse to present conditions. 

The government had announced in the budget that consolidation of banks was also in the agenda of the government. Earlier, the government had merged five subsidiaries of SBI into State Bank of India. 

Federal Bank, which is in the process of formation of a wholly owned subsidiary company, has executed MOU with Infopark Kakkanad for leasing space in their campus. The Bank has already obtained in principle approval of the Reserve Bank of India for the creation of a subsidiary company. 

The proposed company will integrate and handle all the back-end operations of the Bank. This move towards having a distinct and exclusive outfit for back-end activities is a stride is in line with the practice of progressive financial institutions. 

The National Bank for Agriculture and Rural Development (NABARD) has approved Rs 65,634.93 crore loan so far to 93 prioritised irrigation projects under the government’s flagship scheme Pradhan Mantri Krishi Sinchai Yojana (PMKSY).

The NABARD is funding the central and state share of 99 prioritised irrigation projects under the PMKSY through long term irrigation fund (LTIF). It is mandated to provide Rs 70,000 crore loan to these projects to be completed by 2019.