Banking Awareness 3rd February 2017 | Financial Affairs 3rd February 2017.

1. RBI cautions against virutal currencies

The Reserve Bank of India (RBI) has cautioned the users, holders and traders of virtual currencies (VCs), including Bitcoins, about the potential financial, legal and security related risks.

 

2. ‘GST rollout vital for logistics sector’

• The Finance Minister has made a number provisions for the port and logistics sector, including plans for 2,000-km coastal roads in the Union Budget .
• But experts feel that more details about the GST roadmap and its impact on the sector should have been shared with the market.

3. Banks must focus on information security: Mundra

• Mundra has asked banks to articulate the role of chief information security officers .
• Banks, which are increasingly focusing on the digital mode of transactions, have faced several recent breaches of cyber security both in India and globally.
• Recently, banks had to change debit card pins after security breach was detected at some ATMS of a particular bank.

4. BMC just ahead of other civic bodies:

• The Shiv Sena has seized upon Mumbai being ranked `first’ for transparency , non-governmental organization Janaagraha has clarified that of the 21 cities surveyed for the annual report, Mumbai is marginally better than the others given its resources.
• The Economic Survey of India 2016-17 has used Janaagraha’s Annual Survey of India’s City-Systems, 2015, to highlight urban issues.

5. FinMin lowers CSO’s estimates of GDP growth for 2016-17

Nominal GDP growth for the current fiscal year will be 11 per cent, about 90 basis points lower than the first advance estimate of GDP made by the Central Statistics Office (CSO), the Ministry has stated in the Budget documents.

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