Banking Awareness 1st February 2017 | Financial Affairs 1st February 2017.

1. Economic Survey wants modification of FRBM Act

• India has “changed utterly” over the last 13 years since the Fiscal Responsibility and Budget Management (FRBM) was enshrined in law for prudent fiscal management
• Therefore, the FRBM operational framework designed in 2003 “needs to be modified to reflect the India of today and even more importantly, the India of tomorrow,” according to the Economic Survey.

2. FGII Enters Into Bancassurance Tie-Up With Bank Of Maharashtra

• Future Generali India Insurance Company Ltd (FGIL) has entered into a corporate agency tie-up for its products with Bank of Maharashtra (BOM), a public sector bank.
• Krishnamoorthy Rao, MD & CEO, Future Generali India Insurance Company, said bancassurance is one of the key avenues to distribute insurance products across a wider audience.

3. Fake Rs. 2,000 notes have 50% of security features

• “The notes have copied the geometric patterns and the colour scheme both on obverse and the reverse side including watermark, and the exclusive number pattern of the Rupees.
• In genuine currency, there is 13 features on the front (or obverse) side including two for visually impaired and four on the reverse.

4. ‘Time ripe for discussions on Universal Basic Income’

• The report justified the introduction of UBI citing several reasons such as promoting social justice, reducing poverty and an unconditional cash transfer that lets the beneficiary decide how she uses the money and generating employment by promoting labour flexibility.
• Since it allows “individuals to have partial or calibrated engagements with the labour market without fear of losing benefits.”

5. Lakshmi Vilas Bank Partners with Fisdom for Mission FINFIT

LVB recently launched our mobile app which has been a huge success and with this collaboration with Fisdom, the bank will enhance its bouquet of banking products and services offered to its customer base.

6. Railway Budget today: Commuters hope frequency of long-distance trains may go up

• COMMUTER ORGANISATIONS in the city are hoping that the Union Budget, along with the Railway Budget, on 1 Feb 2017 will meet some of their demands, primarily concerning long-distance trains and improvement in facilities at the “world class” Pune Railway Station.
• Harsha Shah, said several requests were sent to the Railway Ministry, throughout the year, to increase the frequency of long-distance trains and improve the “pathetic condition” of Pune Railway Station.

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