Banking Awareness 20th January 2017 | Financial Affairs 20th January 2017

1.Obama Sends $500M to UN Climate Fund

• The US government has given $500m to the UN’s Green Climate Fund, just three days before Donald Trump takes office.
•  The $500 million is the second transfer to the Green Climate Fund, whose aim is to help developing countries reduce greenhouse gas (GHG) emissions
• Mr Obama pledged in 2014 to give $3bn to help tackle the effects of climate change in the poorest countries.

2.UN Puts India’s GDP Growth at 7.7%

• India is projected to grow by 7.7% in fiscal 2017, remaining the fastest growing large developing economy according to a United Nations report.
• The United Nations World Economic Situation and Prospects (WESP) 2017 projected India’s economy to grow by 7.7% in fiscal year 2017 & 7.6% in 2018.
• China’s growth is projected to remain stable at 6.5% for fiscal years 2017 & 2018.

3.RBI Replaces 60% of Demonetised Notes

• The RBI has infused around 60 per cent of the total banned currency notes after demonetisation.
• The central bank had infused new currency notes worth around Rs 9.2 lakh crore into the system
• The RBI Governor Urjit Patel told a parliamentary standing committee on finance.
• Currency notes estimated around Rs 15.4 lakh crore were withdrawn when the Centre announced demonetization.

4.Belfrics’s Bitcoin Exchange Ops in India

• Malaysia based Belfrics,has launched its India-based Bitcoin exchange.
• It would enable people to sell or buy Bitcoins using Indian currency.
• The objective is to provide liquidity for buying and selling Bitcoin against Indian rupees.
• This development comes on the back of the demonetisation efforts taken by the Indian government push to move India towards a digital-based cashless economy.

5.PNB, India Post Bank Team up

• Punjab National Bank & India Post Payments Bank have signed a memorandum of understanding.
• PNB will provide technology platform for pilot launch of IPPB on receipt of regulatory nod from the RBI.
• IPPB has been incorporated under the Department of Posts with 100 per cent government equity.
• IPPB will offer demand deposits such as savings & current accounts upto a balance of Rs 1 Lac.

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