Banking Awareness 16th November 2016 | Financial Affairs 16th November 2016.

Union Budget to be presented on Feb 1st

 Session to begin in January

• Government said the inter-ministerial discussions for finalising the Revised Budget Estimates have been completed.
• Adding that it will not be impacted by the government decision to scrap old notes and replace them with a new Rs 500 and Rs 2,000 notes.Suresh Prabhu

Railway Minister of India

IIM Bangalore joins hands with Goldman Sachs

launch programme for women entrepreneurs

• The NS Raghavan Centre for Entrepreneurial Learning (NSRCEL) at the Indian Institute of Management Bangalore (IIMB), with the support of Goldman Sachs, a global investment bank, has launched a Women Startup Programme.
• The programme is customised to offer online and classroom training as well as business incubation, to support the next generation of women entrepreneurs.Rs 40,000

Amount is offered as monthly fellowship for 12 months.

FinMin wants speedy dividend payment by PSUs

Dividends and profits includes RBI’s surplus funds

• To improve government’s cash management, the finance ministry wants ministries to take steps to ensure timely payment of dividends and profits by PSUs under their administrative control.
• Dividends and profits including the transfer of surplus from RBI are a major component of non-tax revenues.Abbreviation

PFMS – Public Financial Management System.

Ahead of Parliament session, Modi urges all parties to support note ban

19 Bills in Centre’s list for Winter Session

• The smooth functioning of Parliament during the Winter Session depends on the approach of the Centre towards the adjournment motions submitted by a united Opposition on the withdrawal of high denomination notes.
• Though a section of the Opposition wants complete rollback of the announcement, the prominent demand is to allow “white transactions” using the Rs. 500 and Rs. 1000 currency notes at least till December 31.

Major Bills

• GST
• Surrogacy
• Prevention of corruption

RBI directs banks to waive ATM charges till Dec 30

The waiver is applicable on transactions done at ATMs from 10th Nov to 30th Dec 2016.

• Reserve Bank of India has directed banks to waive off ATM charges on all transactions at own banks as well as others till December 30.
• In a late night notification, RBI said this facility will be applicable at both financial and non-financial transactions and is not limited by number of times a customer makes transactions.Rs.20

Charges applied after 5 transactions made across ATM’s.

March 2017 deadline for bank clean up still stands: RBI deputy governor

Deadline is fixed till Mar 2017.

• RBI’s deputy governor N S Vishwanathan has reiterated that March 2017 still stands as the deadline for banks to clean up their balance sheets.
• Speaking to reporters on the sidelines of Infrastructure Finance summit in Mumbai, Mr. Vishwanathan said that increment in stressed assets is coming down.N S Vishwanathan

RBI’s deputy governor

Centre mulls changes to BPO scheme on tepid response

The lukewarm response to the scheme is tied to employees’ preference to stay put in big metros.

• The Centre is mulling changing some of the clauses in its scheme to promote BPOs in smaller towns across the country, following tepid interest received from companies .
• The India BPO Promotion Scheme (IBPS), under Digital India Programme, was introduced in April 2016 to incentivise BPO firms to extend operations beyond the metros.1,45,000

Number of jobs considering three-shift BPO operations.

Maruti Suzuki to set up industrial training institute in Gujarat

300 youths are trained in technical trades and Japanese shop-floor practices.

• Maruti Suzuki India announced a Rs.3.2 crore investment on 15 Nov 16 to set up an industrial training institute in Gujarat’s Mehsana district which will train 300 youths a year in technical trades and Japanese shop-floor practices.
• The ‘Japan-India Institute of Manufacturing or JIM’ will become operational in August 2017, the country’s largest car maker said in a statement.Technical training
• Hiring of faculty
• Finalizing curriculum
• End to end execution from admissions to placement of students.

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