Banking Affairs 10th March 2017 | Financial Affairs 10th March 2017

1. J&K Bank to promote state tourism

• Jammu and Kashmir Bank has decided to promote the state’s rich tourism potential through its branches in different cities across the country.
• J&K Bank will promote the state of J&K through all its branches by providing publicity materials and other information to its clients and customers.
• J&K bank’s website will also have information displays about the state tourism product and services.

2.Fairfax gets preliminary IRDAI nod

• IRDAI has given its initial approval known as R1 to the 2nd Indian non life venture by Fairfax Financial Holdings, owned by Canada-based Ind billionaire Prem Watsa.
• Fairfax has a 49% stake in the new Indian venture
• IRDAI, which cannot allow 2 licences for the same business in India, has stipulated that Fairfax has to reduce its stakes in the existing joint venture ICICI Lombard to below 10%.

3. Biggest banking system in the world

• China’s banking system overtakes eurozone to become the biggest in the world.
• The country’s banks have more assets than those of the eurozone for the first time
• China’s GDP surpassed that of the EU’s economic bloc in 2011 but its banks have taken more time to catch up, helped by a huge explosion in lending since the 2008 global financial crisis.

4. India sees options in U.S. energy policy

• President Donald Trump and Republican lawmakers have already set in motion a series of measures that will deregulate American oil, gas and coal sectors and India sees an opportunity to enhance bilateral cooperation in these areas in the coming years.
• Petroleum Minister Dharmendra Pradhan said that  30% of all increase in world’s energy demand from 2017 to 2040.
• It will be from India, and energy cooperation and will be an increasingly key component of bilateral relations.

5. RBI to soon introduce new Rs 10 notes with more security features: Five things to know

The Reserve Bank of India (RBI) on 9^th March 2017 said that it will soon issue Rs 10 denomination notes with enhanced security features for the circulation.

1) The banknotes in the Mahatma Gandhi series-2005 are to carry inset letter ‘L’ on both number panels, bearing the signature of Governor Urjit Patel.

2) The year of printing, 2017 on Note

3) Numerals on both the panels will be in ascending size from left to right.

4) The first three alpha-numeric characters (prefix) will remain constant in size.

5) “All the banknotes in the denomination of Rs 10 issued by the Bank in the past will continue to be legal tender.”

6. China warns of ‘trade war’ if WTO ignored 

• China warned that the United States ignoring World Trade Organisation rulings could trigger a “trade war” after President Donald Trump’s administration said it was not bound by the body’s decisions.
• Last week a letter sent from the United States Trade Representative to Congress outlining Trump policy reviewed the terms of which the United States joined the WTO when it was founded in 1995.

7. Himachal Pradesh launches mobile App ‘Mera Hunar’

• Himachal Pradesh Chief Minister Virbhadra Singh launched mobile App and website ‘Mera Hunar HP’, a first of its kind in the country.
• ‘Mera Hunar’ is a web based platform where the skilled, semi-skilled persons can apply for various jobs as per their convenience like a plumber, carpenter, mechanic, security guards, drivers, tourists guides, etc online. The platform is available both in English and Hindi.

8. Ford Foundation appoints Pradeep Nair as regional director for India, Nepal, and Sri Lanka

• The Ford Foundation appointed Pradeep Nair as regional director for India, Nepal and Sri Lanka.
• As regional director, Nair will guide the foundation’s operations out of New Delhi. He will assume his new position at the end of March, succeeding David Hulse.
• As India country director of the US-based Institute for Sustainable Communities, Nair established the organisation’s India office and was helped build strong relationships with the Indian government, the private sector and NGO communities across Asia.

9. Air India’s all-female crew makes history with round-the-world flight

• Air India says it has become the first airline to fly around the world with an all-female crew
• Air India scripted history by flying an all-women crew flight around the world
• The Boeing 777 flew from New Delhi to San Francisco, traveling over the Pacific Ocean. The crew completed a mandatory rest period before flying over the Atlantic back to New Delhi, completing the round-the-world trip.

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