A Quick look on Financial Awareness – XII

Dear Aspirants,

In continuation with our ‘A Quick look on Financial Awareness’ series, today we are providing twelfth part of recent and current Banking, Economy & Financial news.

This article will help in your preparation for General Awareness section for upcoming exams like SBI PO Mains 2016 & IBPS exams.

1. Central Board of Direct Taxes (CBDT) signs seven Unilateral Advance Pricing Agreements (APAs)

• The Central Board of Direct Taxes (CBDT) entered into seven (7) Unilateral Advance Pricing Agreements (APAs), with Indian taxpayers. Some of these agreements also have a “Rollback” provision in them.
• The APA Scheme was introduced in the Income-tax Act in 2012 and the “Rollback” provisions were introduced in 2014. The scheme endeavours to provide certainty to taxpayers in the domain of transfer pricing by specifying the methods of pricing and setting the prices of international transactions in advance. Since its inception, the APA scheme has attracted tremendous interest and that has resulted in more than 700 applications (both unilateral and bilateral) having been filed in just four years.
• The 7 APAs signed today pertain to various sectors of the economy like banking, Information Technology and Automotives. The international transactions covered in these agreements include software development Services, IT enabled Services (BPOs), Engineering Design Services and Administrative & Business Support Services.
• With these signings, the total number of APAs entered into by the CBDT has reached 77.

2. RBI appoints Sudarshan Sen as Executive Director

• RBI appointed Sudarshan Sen as an Executive Director in place of N S Vishwanathan, who has been elevated as Deputy Governor at the central bank.
• Sen will look after Department of Banking Regulation, Department of Co-operative Bank Regulation and Department of Non-Banking Regulation.

3. RBI sets up new head for Working Group on Fin Tech and Digital Banking – Sudarshan Sen

• The Reserve Bank of India (RBI) set up an inter-regulatory working group to study regulatory issues relating to financial technology and digital banking in India, as suggested by the sub-committee of the Financial Stability and Development Council (FSDC) in April.
• The working group was required in view of the growing significance of technology in financial companies.
• The group will “review and appropriately reorient the regulatory framework and respond to the dynamics of the rapidly evolving Fin Tech scenario,” RBI said in a notification on its website.
• The group will be headed by RBI’s newly appointed Executive Director Sudarshan Sen.

4. Paul Romer Appointed as World Bank Chief Economist

• As Chief Economist, Romer will support the President and the senior management in leading the institution and inspiring the development profession during this time of transformative change. As leader of the Development Economics Vice-Presidential Unit, his intellectual and strategic leadership will ensure the World Bank Group remains at the forefront of international development knowledge.
• Romer is currently a professor at New York University (NYU)

5. State Bank of India launches ‘SBI Mingle’ -social media banking social media banking platform

• State Bank of India (SBI), largest bank in the country launched SBI Mingle – the social media banking platform for Facebook and Twitter users. Using SBI Mingle, the Bank’s customers can do a host of banking services on their Facebook or Twitter at their own convenience. This new initiative was launched by Ms. Arundhati Bhattacharya, Chairman, SBI on the occasion of 61st State Bank Day.

6. USD 100 million loan signed between The Government of India and the Asian Development Bank (ADB) for ‘Climate Adaptation in Vennar Subbasin of Cauvery Delta project’ in Tamil Nadu

• The aim of the loan agreement is to strengthen key irrigation and drainage system and improve water management in the Vennar sub-basin of the Cauvery delta in Tamil Nadu.
• The financing will be used to strengthen embankments of six major irrigation water channels in the Vennar system and rehabilitate 13 irrigation pumping schemes.

7. State Bank of India (SBI) and the World Bank have inked agreements for a $625 million (around Rs 4,200 crore) facility to support grid-connected rooftop solar programme (GRPV) in the country.

• This will help SBI in financing GRPV projects at competitive rates.
• This  will catalyse the market and support the government to faster achieve its target to generate 40 gigawatt (Gw) of electricity from the widespread installation of rooftop solar photo-voltaic panels.

8.The Special Investigation Team (SIT) on black money: Ban on cash transactions above Rs 3 lakh

• The Special Investigation Team (SIT) on black money has recommended banning cash transactions of Rs 3 lakh and above and restricting cash holding with individuals and industry to Rs 15 lakh to curb illegal wealth in the country.
• The SIT, headed by Justice MB Shah (retired), submitted its fifth report to the Supreme Court on methods to curb black money in the economy

9. RIL sign shareholder agreement with SBI for payments bank JV

• Reliance Industries and banking major State Bank of India have signed the shareholder agreement to set up the payments bank joint venture.
• “The Subscription and Shareholders’ Agreement was signed by RIL as promoter with a 70 per cent equity contribution and SBI as joint venture with a 30 per cent equity contribution on June 30, 2016,”

10. Cabinet approves disinvestment of 15% in NBCC

• Disinvestment of 15% paid up equity of National Buildings Construction Corporation Limited (NBCC) out of Government of India’s 90% shareholding.
• It would result in estimated receipts of Rs.1,706 crore approximately to the Government. However, the actual realization amount will depend upon the market conditions and the investor interest prevailing at the time of actual disinvestment.
• The disinvestment would further broadbase NBCC’s shareholding and enhance the disinvestment receipts for making them available to the Government for utilization as per Disinvestment Policy. In order to inculcate a sense of belongingness amongst the employees of NBCC, it has also been decided to allot additional shares to the eligible and willing employees at a discount of 5% to the Issue/discovered (lowest cut off) price of the OFS.

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