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Important Banking Awareness for upcoming banking exams: IBPS Clerk Mains & IBPS SO Exam 2016

Dec 17, 2016 11:15 IST

    General Awareness is considered one of the most scoring sections in bank exams. To crack this section, candidates need to update their current affairs of the national and international importance along with the banking industry.
    In order to help in your preparation, here the banking team of jagranjosh is providing top five banking news of last ten days. Candidates who are appearing for bank exams must go through the below notes.

    1. RBI releases fifth Bi-monthly Monetary Policy Statement 2016-17

    The Reserve Bank of India (RBI) on 7 December 2016 released the fifth Bi-monthly Monetary Policy Statement 2016-17, the first policy review post-demonetisation.
    The key announcement under the policy was that the policy Repo Rate under the Liquidity Adjustment Facility (LAF) was kept unchanged at 6.25 percent. This decision was taken on the basis of an assessment of the current and evolving macroeconomic situation.

    • Reverse Repo Rate: Consequently, the Reverse Repo Rate under the LAF remains unchanged at 5.75 percent.
    • Marginal standing facility (MSF) Rate: The MSF rate was also kept unchanged at 6.75 percent.
    • Bank Rate: The Bank Rate also stands at 6.75 percent.

    The policy decision was taken by Monetary Policy Committee (MPC) of RBI.

    2. India's GDP accelerated to 7.3% in Q2 of 2016-17: CSO

    The Central Statistical Office (CSO) announced that India’s Gross Domestic Product (GDP) accelerated to 7.3 percent in the second quarter (July-September) of 2016-17 financial year from a provisional 7.1 percent expansion in the previous quarter.
    On the other hand, the Gross Value Added (GVA) increased to 7.1 percent. While GDP growth accelerated in the second quarter from the 7.1 percent seen in the April-June quarter, GVA growth slowed from the 7.3 percent registered in that period.

    Both GDP and GVA growth were slower in Q2 of this financial year as compared with the Q2 of 2015-16. The Q2 of 2015-16 showed a GDP growth of 7.6 percent and GVA growth of 7.3 percent.


    The agriculture sector maintained the overall growth by registering a 3.3 percent GVA growth rate in Q2 of this financial year in comparison with 2 percent in Q2 of 2015-16.

    The manufacturing sector saw a significant slowdown as it registered a GVA growth of 7.1 per cent in Q2 of this financial year as compared with 9.2 percent in Q2 of 2015-16.

    Output in sectors such as manufacturing, electricity, mining, services and others show a fall in the September quarter because they are not supported by demand.

    There was a drop in outputs across all sectors except for agriculture, construction and public administration.

    Experts Speak:

    GDP growth numbers for the first half of the current fiscal year revealed a good and consistent performance but lot of uncertainty remains on the outlook for the second half of the year with the implementation of demonetisation plan of PM Narendra Modi.

    With the scraping of Rs 500 and Rs 1000 banknotes as a part of the attack on tax dodgers and black money launderers, the outlook for upcoming quarters is not encouraging as this decision has removed 86 percent of the currency in circulation in a country where most of the transactions are done in cash.

    Supply chains of all sectors have already crumbled up. Trucks are stuck with no money for fuel, farmers have run out of cash, workers and labourers are not loading goods for free and the distributors are unable to make payments. Moreover, the Wholesale markets in many cities are shut.

    At this point of time when India remains the world’s fastest growing major economy ahead of 6.7 percent GDP of China, uncertainties hover over India's ability to hold on to the accelerating growth following the demonetisation drive.

    3. Union Government forms Chandrababu Naidu Committee to promote digital economy

    NITI Aayog, under the banner of the Union Government, constituted a 13-member committee to promote cashless economy. The committee will be headed by Andhra Pradesh CM Chandrababu Naidu.

    The committee will be formed by Chief Ministers of various states representing different political parties to examine and promote the use of digital payment systems across the country.

    Composition of the Committee

    Chandrababu Naidu (Chief Minister of Andhra Pradesh)


    Naveen Patnaik (Chief Minister of Odisha)


    Shivraj Singh Chouhan (Chief Minister of Madhya Pradesh)


    Pawan Kumar Chamling (Chief Minister of Sikkim)


    V. Narayanasamy (Chief Minister of Puducherry)


    Devendra Fadnavis (Chief Minister of Maharashtra)


    Arvind Panagariya (Vice- Chairman of NITI Aayog)


    Amitabh Kant (CEO of NITI Aayog)

    Member Secretary

    Nandan Nilekani (Former Chairman, UIDAI)

    Special invitee

    Janmejaya Sinha (Chairman, Boston Consulting Group)

    Special invitee

    Rajesh Jain (Managing Director, netCORE)

    Special invitee

    Sharad Sharma (Co-founder, iSPIRIT)

    Special invitee

    Jayant Varma (Professor (Finance) at IIM Ahmedabad)

    Special invitee

    Terms of Reference of the Committee

    The Committee will identify the best global practices for implementing an economy primarily based on digital payment.

    It will identify and outline measures for rapid expansion and adoption of the system of digital payments like cards (Debit, Credit and pre-paid), Digital-wallets, internet banking, Unified Payments Interface (UPI), banking apps, etc.

    It will develop an action plan to reach out to the public at large with the objective to create awareness and help them understand the benefits of switching over to digital economy.

    It will prepare a roadmap for the administrative machineries in the States to facilitate adoption of digital modes of financial transactions.

    It will identify and address problems and indicate solutions pertaining to adoption of the steps required to move towards a digital economy.

    4. Ravishankar Prasad launched Digishala TV Channel to promote cashless India

    Union Information and Technology Minister Ravishankar Prasad in December 2016 launched Digishala TV Channel. Digishala TV is a free-to-air channel which will educate people about digital payment and is available on DD free DTH service.

    The channel was launched with an aim to encourage people for digital payment in their everyday life. It will be airing shows targeted at the rural and suburban population to inform them of various aspects of going digital like UPI, e-wallet, AADHAAR, USSD and usage of cards through talk shows and demonstrations.

    Apart from Digishala TV Channel, the minister also launched Digi Dhan Abhiyan. The Abhiyan seeks to enable every citizen, small traders and merchants to adopt digital payments in their everyday financial transactions. During the campaign, the citizens will be informed about various modes of digital payments. People will be educated to download, install and transact digital payments via their mobile.

    While launching Digishala TV Channel and Digi Dhan Abhiyan, the minister said digital mode of payment has witnessed an unprecedented upsurge from four hundred to one thousand percent. According to him, since demonetisation, the e-wallet has gone up to 63 lakh from 17 lakh transaction per day after demonetization. Transactions through Rupay cards have also gone up from 3.85 lakh to 16 lakh per day.

    5. RBI to issue new Rs 50 & Rs 20 currency notes

    The Reserve Bank of India (RBI) on 4 December 2016 announced to issue Rs 50 and Rs 20 denomination banknotes.  However, the old Rs 50 and Rs 20 notes will also continue to be legal tender.

    Features of Rs 50 denomination banknotes

    These notes of the Mahatma Gandhi Series-2005 will not have inset letter in both the number panels.

    It will bear the signature of Dr Urjit R Patel, Governor of Reserve Bank of India.

    The year of printing that is '2016' will be printed on the reverse of the banknote.

    The design and security features of these banknotes will be similar to the banknotes of old Rs 50 denomination with the ascending font of numerals in both the number panels and without intaglio print that was issued earlier in Mahatma Gandhi Series- 2005.

    Features of Rs 20 denomination banknotes

    The new Rs 20 denomination currency notes will be printed with inset letter ‘L’ in both the number panels.

    It will bear the signature of Dr Urjit R Patel, Governor of Reserve Bank of India.

    The year of printing '2016' will be printed on the backside of the banknote.

    The design and security features of these banknotes will be similar to the old banknotes of Rs 20 with the ascending font of numerals in both the number panels and without intaglio print that was issued earlier in Mahatma Gandhi Series- 2005.

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