Banking Affairs 3rd March 2017 | Financial Awareness 3rd March 2017

1. LPG prices raised by Rs 86, steepest hike in India’s history     

• The price of non-subsidised cooking gas (LPG) was hiked by a steep Rs 86 per cylinder
• Non-subsidised LPG, bought by those who have either given up their subsidies or exhausted the quota of 12 bottles of 14.2-kg in a year at below market price, will now cost Rs 737.50.
• It was priced at Rs 651.50 per 14.2-kg cylinder till yesterday, according to state-owned oil companies.

2.HDFC Bank, others resume levy on cash transactions

• Some banks, including HDFC Bank, have begun charging a minimum amount of Rs 150 per transaction for cash deposits and withdrawals beyond four free transactions in a month.
• The new charges would apply to savings as well as Salary accounts effective from today
• The bank would also cap the third party cash transactions at Rs 25,000 per day, while cash handling charges would be withdrawn effective today, the circular added.

 

3.Reliance General Insurance, Catholic Syrian Bank tie up

• Reliance General Insurance (RGI), a part of Reliance Capital, has entered into a bancassurance tie-up with Catholic Syrian Bank.
• With this tie-up, RGI will offer its general insurance products to Catholic Syrian Bank’s 1.5 million customer base spread across its 430 branches in Kerala, Tamil Nadu, and Maharashtra.

 

4.Ajay Tyagi takes charge as Sebi chairman

• Senior IAS officer Ajay Tyagi on Feb 28 took charge as the chairman of the Securities and Exchange Board of India.
• He has taken over from U K Sinha, who completed his six-year tenure on February 28.
• Sinha was the second-longest serving Sebi chief after D R Mehta’s seven-year term from 1995 to 2002.

 

5.International Monetary Fund

• IMF is an international organization Hq. in Washington, D.C., of “189 countries.
• Formed in 1944 at the Bretton Woods Conference primarily by the ideas of Harry Dexter White and John Maynard Keynes.
• Voting power in the IMF is based on a quota system. Each member has a number of basic votes plus one additional vote for each Special Drawing Right (SDR) of 100,000 of a member country’s quota.

6.SIDBI, CSFB pact to help MSMEs in loans

• SIDBI signed an agreement with the Capital Small Finance Bank to enable it to provide loans at a concessional rate to MSMEs through a multi-pronged strategy comprising of concessional funding at MCLR of CSFB.
• The MoU also envisages joint financing/co-financing of MSMEs for capital expenditure under ‘SIDBI Make in India Soft Loan Fund for MSMEs’, popularly known as SMILE.

The post Banking Affairs 3rd March 2017 | Financial Awareness 3rd March 2017 appeared first on Exambin | IBPS SSC UPSC Preparations.