Important Financial and Banking Affairs 2nd and 3rd April with PDF download

Hello friends, This is the Updates of Banking Affairs 2 & 3 April 2017. This will helpful for tackling Banking awareness section in SBI, IBPS, SSC, UPSC Exams.

1. Interest rate on PPF, KVP lowered

• Returns on small savings schemes, including public provident fund , National Savings Certificate and Kisan Vikas Patra, will be lower from April 1.
• Interest rates on all nine small savings schemes will be lower by 0.1%.
• The government moved to a market-linked interest rates system for these instruments last year but also reserved the right to review them quarterly.

2 ILO conventions approved

• The government has approved ratification of two fundamental conventions of International Labour Organization to address concerns related to child labour.
• They are Minimum Age Convention and Worst Forms of Child Labour Convention.
• India would join majority of countries who have adopted the legislation to prohibit and place severe restrictions on the employment and work of children.

3. Suresh Prabhu launches book on Railways

• Minister of Railways Shri Suresh Prabhakar Prabhu released the book titled “Indian Railway- The weaving of a National Tapestry”.
• The book is written jointly by Bibek Debroy, Sanjay Chadha & Ms. Vidya Krishnamurthi.
• The theme of this book is the historical development of railways in India, organized into chapters dealing with different periods of development in chronological order.

4. SBI to enter ‘Top 50 Global Banks’

• Following the merger of 5 associate banks and Bharatiya Mahila Bank with State Bank of India, the latter will enter the league of ‘Top 50 Global Banks’ with a balance sheet size of Rs 41 lakh cr.
• With the merger the bank now has 2.77 lakh employees, 50 crore customers, and more than 25,000 branches and 58,000 ATMs.
• Further, SBI’s market share will increase to nearly 22% from 17%.

5. Motor Vehicles Bill amended

• The government has approved changes to the motor vehicle bill.
• The amended motor vehicle bill proposes a hefty penalty on auto companies caught manufacturing faulty vehicles, statuary guidelines for cab aggregators and a 10% annual increase in penalty for traffic violations.
• The government has also proposed specific timelines for processing insurance claim.

6. Kotak Mahindra Bank launches 8-11 app

• Kotak Mahindra Bank announced the launch of 8-11, a completely digital and paperless account opening system, that can be used anytime, anywhere.
• The number 811 is inspired from Narendra Modi’s cash ban that was implemented on Nov 8.
• The app can be used to open accounts, get account details etc.

7. Mobile apps to report traffic violations

• The government has launched two mobile apps, echallan and mParivahan, that provide access to various services and information, and enable citizens to report any traffic violation or road accident.
• eChallan is an integrated enforcement solution to manage traffic violations through an Android-based mobile app and mParivahan is used to access various services, information etc.

8. Mega Power Policy 2009 amended

• The Cabinet Committee on Economic Affairs has approved amendments to the Mega Power Policy on 2009.
• The CCEA approved 25 Provisional Mega certified project for Mega Policy benefits in proportion to the long term PPA tied up, as permitted under the Mega Power Policy, once the specified threshold capacity of the project, gets commissioned.

9. Second annual meeting of BRICS New Development Bank held in New Delhi

• A new financial order built by the emerging BRICS economies of Brazil, Russia, India, China and South Africa. New Delhi is playing host to Second Annual Meeting of the New Development Bank (NDB) also known colloquially as BRICS bank. This is the first time the meet is happening in India.
• MOUs were signed between NDB and European Investment Bank (EIB), European Bank for Reconstruction and Development (EBRD), Asian Infrastructure Investment Bank (AIIB), Eurasian Development Bank (EDB) and International Investment Bank (IIB).

10. Cabinet approves new Urea Policy

• The Cabinet Committee on Economic Affairs approved amendments to the New Urea Policy–2015.
• The said amendments will protect the production beyond re-assessed capacity by the urea units and are expected to boost indigenous production.
• After the amendment, the projects will be allowed to avail tax relief for 120 months from earlier 60 months.

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