Monthly GK Banking Capsule 2019

July 2019

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MONTHLY GENERAL KNOWLEDGE BANKING &
FINANCE CAPSULE
(July 2019)
Banking News
RBI imposed fine on 4 public sector banks
 The RBI has imposed penalties ranging between Rs 25-50
lakhs on four banks for violating Know Your Customer
(KYC) norms and anti-money laundering standards.
 Punjab National Bank, Allahabad Bank, and UCO Bank
were fined Rs 50 lakh each while Corporation Bank was
fined Rs 25 lakh.
 Notices were issued to the banks advising them to show
cause as to why penalty should not be imposed.
Reserve Bank of India (RBI)
Governor: Shaktikanta Das
Headquarters: Mumbai
Founded on: 1st April 1935
HDFC, Manipal Academy launched a programme
 HDFC Bank along with Manipal Global Academy of BFSI has
launched a future bankers programme for training and
grooming candidates.
 The bank plans to hire 5,000 such professionals over the
next two to three years who will be posted as personal
bankers.
 The starting salary for the job is ₹4 lakh per annum plus
allowances depending on the category of town or city of
posting.
HDFC
MD and CEO: Aditya Puri
Headquarters: Mumbai
Founded on: August 1994
ICICI Bank tied up with Indostar
 ICICI Bank has tied up with IndoStar Capital Finance Ltd
(IndoStar) to finance purchase of used and new
commercial vehicles (CV) by small and medium fleet
owners.
 IndoStar has over 322 branches across the country and a
niche in financing used commercial vehicles.
 Under this partnership, IndoStar will originate and service
the customers through the entire loan life-cycle.
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Karnataka Bank launches web tool
 Karnataka Bank Ltd has launched the web tool – ‘Vasool
So-Ft’ (Vasool So-Fast) – for digitalising the NPA (non-
performing asset) recovery process of the bank.
 The tool for the recovery of stressed assets will provide an
end-to-end digital solution.
 It will enable easy and faster processing, real-time
information and immediate decision making in the
recovery area.
Karnataka Bank
MD and CEO: Mahabaleshwara M S
Headquarters: Mangaluru
Punjab & Sind Bank sets up centralised hub
 Punjab & Sind Bank has set up a Centralised MSME &
Retail Group (Cen-MARG).
 Cen-MARG will process retail and MSME loans for better
efficiency of branches in business acquisition.
 Cen-MARG will be housed at its head office in New Delhi.
 It will ensure qualitative improvement in credit appraisal,
improved turnaround time, uniform documentation, and
efficient monitoring.
Control of HFCs handed over to RBI from
 The government has taken away the powers of the
National Housing Bank (NHB) to regulate housing finance
companies (HFCs) and handed them to the Reserve Bank
of India (RBI).
 The Reserve Bank of India (RBI) Act will be amended to
give the RBI powers to regulate the HFC sector.
 NHB was part of the RBI till April 2019 when the
government decided to take it over.
Reserve Bank of India announces additional liquidity facility
 The Reserve Bank of India announced an additional
liquidity facility to banks for purchase of assets from and
on-lending to non-banking financial companies and
housing finance companies.
 This will enable banks to avail additional liquidity of
₹1,34,000 crore.
 Punjab National Bank has reported RBI about a fraud of
more than Rs 3,800 crore by Bhushan Power & Steel Ltd

RBI's norms stricter than requirements: BCBS
 RBI's norms on large exposures for banks are compliant
with the Basel requirements, infact they are stricter in
some areas, according to the Basel Committee on Banking
Supervision.
 The assessment was conducted by the Regulatory
Consistency Assessment Programme (RCAP) and focused
on the completeness and consistency of the domestic
regulations in commercial banks in India.
Oriental Bank of Commerce bank cuts MCLR rate
 Oriental Bank of Commerce (OBC) has reduced the
marginal cost of funds-based lending rate (MCLR) by up to
10 basis points (bps) for various tenors.
 It is effective from 11 July 2019.
 MCLR for overnight has been reduced to 8.20% from
8.30% and one-month loan tenor has been reduced by 10
bps from 8.35% to 8.25%
Oriental Bank of Commerce (OBC)
CEO: Mukesh Kumar Jain
Headquarters: Gurugram
SBI waives IMPS charges from August 1
 State Bank of India (SBI) decided to remove the charges on
fund transfer through mobile phones using the IMPS
(Immediate Payment Service) from 1 August 2019.
 It has waived charges on NEFT and RTGS transactions
through the Internet and mobile banking from 1 July
2019.
 Before July 1, SBI used to charge between ₹1 and ₹5 for
transactions through NEFT and ₹5 to 50 for RTGS
transactions.
State Bank of India (SBI)
Chairman: Rajnish Kumar
Headquarters: Mumbai
Exim Bank inks loan pact with PNG and Senegal
 Exim Bank has signed agreements with Papua New Guinea
(PNG) and Senegal governments for providing USD 124
million.
 The loan amount will be used to finance infrastructure and
health care projects in these countries.
 The agreement under this line of credit is effective from 25
June 2019.
RBI fined SBI, Union Bank
 The RBI has penalised State Bank of India and Union Bank
of India for violating certain regulatory guidelines.
 SBI was fined ₹7 crore for non-compliance with the
directions issued by the RBI. o A ₹10-lakh fine was
imposed on Union Bank for non-compliance with the
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July 2019
directions on the cybersecurity framework in banks issued
by the RBI
ADB cut India's GDP growth forecast to 7%
 Asian Development Bank lowered India's GDP growth
forecast to 7% for the current year on the back of fiscal
shortfall concerns.
 India is expected to grow by 7% in 2019 (FY20) and 7.2% in
2020 (FY21), slightly slower than projected in April
because the fiscal 2018 outturn fell short.
 For the south Asian region, the growth is
 projected at 6.6% in 2019 and 6.7% in 2020.
HDFC bank launches 'MoneyBack' Credit Card
 HDFC Bank and Government of India’s Common Service
Centre (CSC) have launched a co-branded small business
MoneyBack Credit Card for Village-Level Entrepreneurs
(VLEs) and VLE-sourced customers.
 The credit card will give users easy access to credit for
their day-to-day business expenses.
 CSCs act as access points for delivery of various services.
SIDBI introduces web-based application system
 Small Industries Development Bank of India (SIDBI) has
introduced a web-based application system for
contribution from the Fund of Funds for Startups (FFS).
 The aim of the system is to improve the turnaround time
and increase transparency.
 Applications for contribution from various Alternative
Investment Funds (AIFs) will now be accepted online.
SIDBI
CEO: Mohammad Mustafa
Headquarters: Lucknow
Andhra Bank launches AI Chatbot
 Andhra Bank on 15 July 2019 launched its Artificial
Intelligence interactive assistant —ABHi.
 With ABHi, customers will be able to get the information
instantaneously 24x7, anytime they want.
 The Bank's AI-powered chatbot-ABHi uses the latest
Artificial Intelligence (AI) and Natural Language Processing
(NLP) algorithm to understand the customer query.
ICICI Bank launches InstaBIZ Banking Platform
 ICICI Bank launched ‘InstaBIZ’ a new digital platform for
MSMEs and self-employed customers to enable them to
undertake their business banking transactions digitally and
instantly.
 The programme allows customers to avail as many as over
115 products and services on their mobile phone or
internet banking platform.
 MSMEs, who are not customers of the Bank, can also
download ‘InstaBIZ’

ADB sanctioned Rs. 1925 cr for projects
 Asian Development Bank has sanctioned Rs.1,925 crore
project for upgradation of power generation and
distribution in Tripura.
 The project has been sanctioned for upgrading capacity of
63 MW Rokhia Project to 120 MW and modernising Gumti
Hydro Electric Project.
 Rokhia project is located at West Tripura district whereas
Gumti project is in Gomati district.
Domestic banks can sell NPAs abroad
 The Reserve Bank of India allowed domestic banks to
directly sell their bad loans in manufacturing and
infrastructure sectors to investors abroad as part of one-
time settlement (OTS) exercises.
 The move will allow overseas investors to take direct loan
exposure to Indian corporates.
 It will also allow companies to raise cheap, long-term loans
easily now.
Finance News
Government to introduce new system for GST
 The government introduced the new return system on a
trial basis on the second anniversary of Goods and Services
Tax (GST) on 1 July 2019.
 It will come into force from 1st of October this year on a
mandatory basis.
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 The government will rationalize a single cash ledger in
such a manner that earlier 20 heads are merged into 5
major heads
Fund transfer through NEFT to get cheaper
 Fund transfer through Real-Time Gross Settlement (RTGS)
and National Electronic Funds Transfer (NEFT) systems
became cheaper from 1 July 2019.
 The transaction cost comprises two components-RBI’s
charges plus banks’ services charges based on the
infrastructure cost they incur.
 The RGTS system is for large-value fund transfers.
 The NEFT system is for fund transfers of up to Rs. 2 lakh.
NBFC growth may have fallen by a third: RBI
 The share of non-banking financial companies in loans
extended to the commercial sector shrank by almost a
third in the previous financial year.
 NBFC exposure in the industry credit pie narrowed to 26.6
per cent in FY19 from 39.1 per cent a year earlier.
 This was given in the Reserve Bank of India's biannual
Financial Stability Report (FSR).
Vishwanathan reappointed RBI deputy governor
 N.S. Vishwanathan was reappointed as deputy governor of
the Reserve Bank of India.
 The Appointments Committee of Cabinet has approved
the extension of Vishwanathan's term as RBI deputy
governor by one year with effect from 4 July this year, the
order issued by the Personnel Ministry.
 His tenure was to end on 3 July
First ever IICTF fair to be held in October
 The First Ever India International Cooperatives Trade Fair
(IICTF) is going to be held at Pragati Maidan, New Delhi
from 11th till 13th October, 2019.
 Steered by NCDC, the Fair is being conducted with the
support of one international organization (NEDAC), 3
Ministries, 4 State Governments.
 The Trade Fair is aimed at promoting cooperative to
cooperative trade within India and abroad.
Tax Treaty to be implemented
 India has ratified the Multilateral Convention to
Implement Tax Treaty Related Measures to Prevent Base
Erosion and Profit Shifting (MLI).
 It was signed by the Finance Minister at Paris on 7th June
2017 on behalf of India, along with representatives of
more than 65 countries.
 The Multilateral Convention/MLI is an outcome of the
OECD / G20 Project to tackle Base Erosion and Profit
Shifting.
Govt to raise health services expenditure

 The government has set a target to raise health services
expenditure to 2.5 per cent of the country's GDP by 2025.
 The National Health Policy 2017 envisages the same.
 The public expenditure on health services is continuously
increasing.
 The policy recommends that State governments should
spend more than 8% of their budget on the health sector
by 2020.
Economic Survey 2018-19
 A day before the Union Budget is presented, Finance
Minister Nirmala Sitharaman on 4 July 2019 tabled the
Economic Survey 2018-19,
 It has been prepared by Chief Economic Adviser
Krishnamurthy Subramanian, in the Parliament.
 The Economic Survey projects the state of health of the
Indian economy and outlines the challenges.
 The Indian economy is at a 5-year low of 6.8% in 2018-19.
RBI set up working groups to review norms
 The RBI has set up a working group to review the
regulatory and supervisory framework for core investment
companies (CICs).
 The six-member working group, which will be headed by
Tapan Ray, Non-Executive Chairman, Central Bank of
India.
 The working group has also been tasked with
recommending appropriate measures to enhance RBI’s
off-sight surveillance and on-site supervision over CICs.
A Global B2B Managed Marketplace - iConnect
 iConnect Business Pvt Ltd has announced that it will soon
launch iConnect, a global B2B managed marketplace for
worldwide MSMEs to seamlessly trade with each other.
 iConnect will be an end-to-end solution provider to trade
across borders.
 It will enable MSMEs to get access to import export data
from 200+ countries, find genuine trade counterparts and
trade service providers.
Finance Minister presented first budget
 Finance Minister Nirmala Sitharaman presented the first
budget in the second term of the government, for the
fiscal year 2019-20 in the Lok Sabha.
 This is the first budget being presented by a woman
Finance Minister.
 From 1.85 trillion dollars in 2014, the economy has
reached 2.7 trillion US dollars and we can very well reach 5
trillion dollars in the next few years.
Economic Survey projected 7% GDP growth
 Finance and Corporate Affairs Minister Nirmala
Sitharaman tabled the Economic Survey 2018-19 in both
Houses of Parliament on July 5, 2019.
 The survey projects GDP to grow at 7% in 2019- 20.
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 The Indian economy is expected to grow at 6.8% in 2018-
19.
 The theme of the survey is about enabling shifting of gears
to sustained economic growth to achieve a 5 trillion dollar
economy by 2025.
Govt started review of Foreign Trade Policy
 The Ministry of Commerce and Industry started an
exercise to review the current Foreign Trade Policy.
 The objective is to boost exports and domestic
manufacturing and reduce the trade deficit.
 The present Foreign Trade Policy was brought out on 1
April 2015 and is valid for five years, which ends on 31st
March 2020.
 A mid-term review was held in December 2017 after the
introduction of GST.
Budget I
 The Union Budget 2019-20 proposed customs duty
reductions on certain raw materials and capital goods
needed for nuclear power plants. These measures will
further promote domestic manufacturing.
 Union Budget envisaged a total outlay of Rs 27,86,349
crore. Out of this Rs 3,18,931.22 crore has been
earmarked for Defence (excluding Defence Pension).
Budget II
 Government has increased funds allocation for drug de-
addiction measures to Rs 135 crore from Rs 33 crore in
2014. There is provision for fining the culprits responsible
for drug menace in the country.
 FDI inflows into India have remained robust despite global
headwinds. India’s FDI inflows in 2018-19 remained strong
at USD 64.375 billion marking a 6% growth over the
previous year.
Budget - III
 4 new embassies will be opened in 2019-20, to improve
footprint of India's overseas presence and to provide
better public services to local Indian communities.
 The government has proposed to increase budget
allocation for the Ministry of Agriculture and Farmers
Welfare by over 78% to 1.39 lakh crore rupees for the
current fiscal.
Budget aimed at 10-year vision
 Finance Minister Nirmala Sitharaman has said budget
2019-20 is aimed at the ten-year vision and five-year
target for every sector.
 It lays emphasis on the overall development of the
economy.
 Start-ups have been given a whole set of tax benefits,
which will enable them to do their business with much
bigger ease.
New tranche of gold bonds out

 The government announced a new tranche of sovereign
gold bonds at an issue price of ₹3,443 per gram, with a
discount of 1.45%.
 Sovereign gold bonds track the price of physical gold and
also pay out an interest of 2.5%.
 These bonds are government securities denominated in
grams of gold and come with a maturity period of 8 years
with an exit option from the fifth year.
RBI board finalises Utkarsh 2022
 RBI board finalised the three-year medium-term strategy -
Utkarsh 2022 during its meeting held in New Delhi.
 The issues to be discussed were finalised by the committee
headed by outgoing Deputy Governor Viral Acharya.
 It is a roadmap to improve regulation and supervision,
currency management and payment system etc. The board
also finalised RBI's budget for July 2019-June 2020.
2nd India-Russia Strategic Economic Dialogue
 The 2nd India-Russia Strategic Economic Dialogue began in
New Delhi.
 The first Dialogue was held in St. Petersburg in November
2018.
 The meeting will focus on six core areas of cooperation,
including development of transport infrastructure and
technologies, agriculture and agro-processing sector and
small and medium business support.
BSE, Haryana govt signed pact
 BSE has inked a pact with Haryana government to
encourage and support state’s micro, small and medium
enterprises (MSMEs) to raise capital.
 The Government of Haryana and BSE intend to facilitate
SMEs in raising funds through BSE’s dedicated platform for
SME’s 'BSE SME'.
 By getting listed on the BSE's SME platform, the
enterprises will get equity financing opportunities.
G7 Finance Ministers agree plan for taxing
 G7 Finance Ministers meeting in France agreed a plan for
taxing digital companies such as Facebook and Google that
will set a minimum level of taxation for them.
 G7 looks forward to further progress in the context of the
G20 and a global agreement on the outlines of the
architecture by January 2020.
 Ministers fully supported a two-pillar solution to be
adopted by 2020.
Lok Sabha passed Finance Bill 2019
 The Lok Sabha passed the Finance Bill, 2019 that gives
effect to the proposals of the Central Government for the
year 2019-2020.
 Finance Minister Nirmala Sitharaman pointed out that the
said amendments will promote 'Make in India' and
Startups.
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 The deduction on the loan interest is to encourage buyers,
keeping in mind the state of the environment.
Government of India cuts interest rate on GPF
 The government of India has lowered interest rate on
General Provident Fund (GPF).
 For the July-September, General Provident Fund and other
similar funds will pay a 7.9% interest rate to its
subscribers, as compared to 8% in the previous quarter.
 This interest rate will be applicable on provident funds of
central government employees, railways and defence
forces.
India's current account balance deficit grew
 'The External Sector' Report was released by the
International Monetary Fund (IMF) on 17 July 2019.
 According to the report, India's current account (CA)
balance deficit grew to $68 billion in 2018-19 from $49
billion the previous year.
 India's overall international reserves, though stood at
$411.9 billion at the end of March 2019, down from March
2018 by $12.5 billion.
FDI inflow registered growth of 79%
 Foreign Direct Investment (FDI) inflow has increased
during the last six years from 36.05 billion US Dollars in
2013-14 to 64.38 billion US Dollars in 2018-19.
 The growth registered during this time was 79%.
 The intent is to make the FDI policy more investor-friendly
and remove the policy bottlenecks that have been
hindering investment inflow into the country.
Ban on cryptocurrencies in India recommended
 India seems to ban private cryptocurrencies after an inter-
ministerial committee (IMC) suggested outlawing private
cryptocurrencies, like Bitcoin.
 The committee comprised of the Secretary (Economic
Affairs) as the chairman, along with the Secretary, Ministry
of electronics and information technology, SEBI chairman
and the deputy governor of the Reserve Bank of India.
Parliament passed Finance Bill
 Parliament has passed the Finance Bill 2019 and
Appropriation Bill 2019 with the Rajya Sabha returning
them to the Lower House.
 The Finance bill gives effect to the financial proposals of
the Central Government for the financial year 2019-20.
 The Appropriation Bill seeks to authorise payment and
appropriation of certain sums from and out of the
Consolidated Fund of India for the FY 2919-20.
Cars24 got NBFC licence from RBI
 Cars24 has received a non-banking finance company
(NBFC) licence from the RBI.

 It is set to carve out the lending business as a separate
entity within the Cars24 group.
 The company plans to foray into both consumer lending
and business lending, to eventually expand its scope of
operations and help it cater to a larger clientele.
Increase of loan limits to MSME sector
 A Committee was constituted by Reserve Bank of India
(RBI), headed by former SEBI Chairman UK Sinha.
 It has recommended that the limit for collateral free
lending should be increased to Rs 20 lakh for MSMEs and
Self-Help Groups (SHGs).
 The Committee has also recommended revision of loan
limit sanctioned under MUDRA to Rs 20 lakh from Rs 10
lakh.
GDP growth to be at 6.8% in FY20
 DBS estimates that the Indian economy will not be able to
achieve the official forecast of 7% growth in FY20.
 Singaporean lender DBS estimates FY20 growth to stay at
6.8%, the same as FY19.
 The report expects the focus on fiscal consolidation and
low inflation will help the monetary policy to be more
growth-oriented.
 DBS Headquarters: Singapore.
 CEO: Piyush Gupta.
IBBI amends norms for liquidation process
 The Insolvency and Bankruptcy Board of India (IBBI) has
amended norms pertaining to insolvency resolution
process for corporate persons and liquidation process.
 The amendments specify the process for withdrawal of
applications before the constitution of Committee of
Creditors (CoC) and other scenarios.
 CoC has to approve a plan providing for contribution for
meeting the liquidation costs
7th Economic Census to be launched in Tripura
 The fieldwork of the 7th Economic Census will be launched
in Tripura on 29 July 2019.
 The fieldwork in other State/ UTs will be launched in
August/ September 2019.
 The enumerators and supervisors engaged by CSC have
been trained to collect data on a mobile application
developed for data capture, validation, report generation
and dissemination.
NPCI ties up with JCB for global RuPay card
 The National Payments Corporation of India (NPCI) and JCB
International, along with domestic banks, have launched
RuPay JCB Global Cards.
 The cards will be accepted in India at all POS terminals and
ATMs that accept JCB cards.
 NPCI had earlier tied up with Discover for international
cards.
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RBI launches banking framework 'Utkarsh 2022'
 RBI Governor Shaktikanta Das launched Utkarsh 2022, the
central banks' medium-term strategy framework on 23
July 2019.
 The framework has been launched to achieve excellence in
the performance of RBI's mandates and strengthening the
trust of citizens and other institutions.
 The strategic framework contains, the RBI's mission, core
purpose, values and vision statements.
Committee formed for issues related to FDI
 A committee has been constituted under the Department
for Promotion of Industry and Internal Trade (DPIIT) to
examine issues related to FDI in the e-commerce sector.
 The committee will be headed by an additional secretary-
level officer from the DPIIT.
 According to the current policy, 100% FDI is allowed in the
marketplace format of e-commerce retailing.
RBI relaxed Ext Commercial Borrowing norms
 The RBI has liberalised the end-use stipulations for the
External Commercial Borrowings (ECBs) both for
corporates as well as liquidity starved non-banking
lenders.
 The liberalisation will be applicable to ECBs taken for
working capital, general corporate purpose loans or
repayment of rupee loans.
 The RBI also issued a revised circular for bankers capturing
the changes.
Financial Schemes & MoUs
SBI, NIIF signs pact
 The State Bank of India has signed a memorandum of
understanding with National Investment and
Infrastructure Fund to boost availability of capital for
infrastructure projects.
 The scope of the agreement includes equity investments,
project funding, bond financing, renewable energy support
and take-out finance for operating assets.
 Rajnish Kumar is the Chairperson of SBI
MoU signed between BPR&D and Morarji Institute
 Bureau of Police Research & Development (BPR&D) and
Morarji Desai National Institute Yoga (MDNIY) entered into
a MoU on 3rd July, 2019,
 They will organize Yoga education and training
courses/programmes for Police Personnel and CAPFs at
different levels and their family members across the
country.
 This will help the Police personnel in overcoming stress in
day to day professional lives.
MoU signed between India and Maldives
 Monthly GK Banking Capsule 2019
July 2019

 The Union Cabinet approved the MoU between India and  The Department of Telecom (DoT) and the Indian Council
Maldives for the establishment of passenger and cargo for Research on International Economic Relations (ICRIER)
services by sea. signed an MoU to develop a Broadband Readiness Index
 Male and Kulhudhuffushi are good prospects for (BRI) for Indian States and UTs.
introduction of ferry service from Kochi for both tourists as  The first estimate will be made in 2019 and subsequently
well as cargo. every year until 2022.
 The proposed ferry service would contribute in a big way  The index will appraise the condition of the underlying
to promote people to people contact and to boost digital infrastructure at the State/UT level.
bilateral trade.
EFLU, IIM-V signed MoU
 English and Foreign Languages University (EFLU),
Hyderabad and Indian Institute of Management (IIM)
Visakhapatnam signed a MoU for mutual capacity-building
and skill development.
 The objective was to attain standards of global excellence
in common areas of research and teaching.
 It provides an opportunity for EFLU students pursuing
foreign languages to study short-term courses of IIM-V
MoU signed between Indian Army and NeGD
 The Army and the National eGovernance Division inked a
pact for developing a revamped application to maintain
the centralised database for personnel, equipment and
major stores.
 The NeGD is a part of the Ministry of Electronics and
Information Technology (MeitY).
 The Management Information Systems Organisation
(MISO) of the Indian Army is the nodal agency under the
DGIS.
Prasar Bharati signs MoU with IIT Kanpur
 Prasar Bharati and Indian Institute of Technology, Kanpur
signed a Memorandum of Understanding for research
collaboration in newly emerging technologies and
broadcasting-related areas in New Delhi. GeM and SAIL signed MoU
 The move is likely to boost research activities in the  Government e-Marketplace (GeM) and Steel Authority of
broadcasting field. India (SAIL), signed an MoU to set up GeM Organizational
 Chief Executive Officer of Prasar Bharati - Shashi Shekhar Transformation Team (GOTT)Project Management Unit
Vempati. (PMU).
 Director, IIT Kanpur - Abhay Karandikar.  The MoU was signed by S. Suresh Kumar, Additional CEO,
Defence Ministry signed MoU with IPFC and NRDC GeM and Harinand Rai, Director (Technical), SAIL.
 SAIL has become the first PSU to establish GOTT PMU for
 IPFC, Department of Defence Production, Ministry of transforming their procurement landscape through this
Defence and NRDC, Ministry of Science and Technology MoU.
signed an MoU with a vision to bridge the capacity
shortfall.
 It will promote a culture of Innovation and Intellectual
Property Rights IPR in Indian Defence industry.
 The move will be a boost to the Mission Raksha Gyan
Shakti.
DoT and ICRIER signed MoU

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July 2019

New Appointments
Appointments
Role Person in Charge
Chairman and Managing Director of Bharat Heavy Electricals Limited (BHEL) Nalin Shinghal

Director of Institute of Banking Personnel Selection (IBPS) B Harideesh Kumar

Chief Financial Officer (CFO) – J&K Bank Rajni Saraf
Indian National Cricket Academy’s Head of Cricket Rahul Dravid
Linkedin – Country Manager of India Ashutosh Gupta
Managing Director and Chief Financial Officer of the World Bank Anshula Kant
Senior vice-president (product) - BharatPe Pawan Pathak
Bandhan Bank - Head of the business Sanjeev Naryani
Member of National Statistical Commission (NSC) Dr Kiran Pandya

Important Definitions

Terms Definitions
Liquidity Liquidity Facility means the obligation of a Liquidity Provider to provide funds
Facility for the purpose of purchasing tendered Bonds or Notes, which Liquidity Facility
may be in the form of a line of credit, bond purchase agreement or letter of
credit.
Basel The Basel Committee on Banking Supervision (BCBS) is the primary global
Committee standard setter for the prudential regulation of banks and provides a forum for
regular cooperation on banking supervisory matters.
MCLR Marginal Cost of Funds based Lending Rate (MCLR) is the minimum interest
rate, below which a bank is not permitted to lend.
NPA A nonperforming asset (NPA) refers to a classification for loans or advances that
are in default or are in arrears on scheduled payments of principal or interest.
Base Erosion & Base erosion and profit shifting (BEPS) refers to corporate tax planning
Profit Shifting strategies used by multinationals to "shift" profits from higher–tax jurisdictions
to lower–tax jurisdictions, thus "eroding" the "tax–base" of the higher–tax
jurisdictions.
FDI A foreign direct investment (FDI) is an investment in the form of a controlling
ownership in a business in one country by an entity based in another country.
GPF (General It is a provident fund account available for the government employees. In this
Provident fund, the government employees contribute a certain percentage of their salary
Fund) to the account. The accumulated amount is paid to the employee at the time of
superannuation or retirement.
Current The current account deficit is a measurement of a country's trade where the
Account value of the goods and services it imports exceeds the value of the products it
balance deficit exports.
Crypto currency A crypto currency is a digital currency in which encryption techniques are used
to regulate the generation of units of currency and verify the transfer of funds,
operating independently of a central bank.

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