Banking General Awareness section is the vital section for any bank recruitment exam. It is considered one of the 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.
1. Unified Payments Interface introduced by banks
Unified Payments Interface (UPI) was introduced on 25 August 2016 by four banks, namely Axis Bank, Union Bank of India, Federal Bank and Bank of Maharashtra. The app will allow customers to make payments via digital means.
The app went live for these banks after National Payments Corporation of India (NPCI) issued letters to them asking them to make the apps available on Google Play Store. Apart from this, the UPI-enabled apps will be available for other 19-banks in near future.
Initially, the facility, which is available on Google Play Store, will be available for bank customers with Android smartphones. Versions for Apple’s iOS operating system will be launched in next six months.
UPI, a product of NPCI, will help move India towards a cashless economy. It will allow account holders across banks to send and receive money from their smart phones using virtual payments address without entering bank account details.
The interface is a brainchild of RBI Governor Raghuram Rajan.
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2. RBI announced interest subvention scheme for Women Self-Help Groups
Reserve Bank of India (RBI) on 25 August 2016 asked all commercial and Co-operative banks to provide loans to women Self-Help Groups (SHGs) in rural areas at 7 percent per annum.
The laons will be provided for the financial year 2016-17 under the Deendayal Antyodaya Yojana - National Rural Livelihoods Mission (NRLM) in 250 districts.
Interest subvention scheme for Women SHGs - Year 2016-17
Further, the SHGs will be provided with an additional 3% subvention on the prompt repayment of loans. For the purpose of interest subvention of additional 3% on prompt repayment, an SHG account will be considered prompt payee if it satisfies the following criterion as specified by RBI.
Note: NRLM (Aajeevika) was launched by the Union Ministry of Rural Development (MoRD) in June 2011. In 2015, the mission was replaced by the Deen Dayal Antyodaya Yojana.
Aided in part through investment support by the World Bank, the NRLM aimed at creating efficient and effective institutional platforms of the rural poor. It seeks to enable them to increase household income through sustainable livelihood enhancements and improved access to financial services.
3. SBI board approved merger of 5 associate banks, BMB with itself
The State Bank of India (SBI) board in August 2016 approved merger of its five associate banks and Bharatiya Mahila Bank (BMB) with itself.
Apart from the BMB, the 5 associate banks that will be merged with the SBI are -
I. State Bank of Bikaner and Jaipur
II. State Bank of Hyderabad
III. State Bank of Mysore
IV. State Bank of Patiala
V. State Bank of Travancore
Further, the board also finalised the share swap ratio for three of the listed subsidiaries and Bharatiya Mahila Bank.
The listed subsidiaries of the SBI are - State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of Travancore.
Highlights of the merger
4. India Post Payments Bank incorporated
The India Post Payments Bank Limited (IPPB) in August 2016 was incorporated. In this regard, it has received the Certificate of Incorporation (CI) from the Registrar of Companies, Ministry of Corporate Affairs under the Companies Act, 2013.
With this incorporation, the bank has become the first Public Sector Undertaking (PSU) under the Department of Posts (DoP).
The incorporation also paves the way for the constitution of the Board of the India Post Payments Bank Limited.
Features of India Post Payments Bank Limited
5. Urjit R Patel appointed as 24th Governor of Reserve Bank of India
Union Government in August 2016 appointed Dr. Urjit R Patel as the 24th governor of Reserve Bank of India (RBI). He will be having tenure of three years with effect from 4 September 2016.
At present, Dr Patel is the Deputy Governor of RBI and is holding this assignment since 2013. With this appointment, he also becomes the eight Deputy Governor to be elevated as the Governor at RBI. He will succeed the present RBI Governor Dr. Raghuram Rajan, the former International Monetary Fund chief economist.
Dr. Urjit R Patel