A Quick look on Financial Awareness – 21

Dear Aspirants,

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

This article will help in your preparation for General Awareness section for upcoming exams like IBPS PO, RRB, India Post & NABARD exams.

1. DCB Bank launches mobile payment service for retail outlets

• DCB Bank has announced to launch mobile-based payment solution mVisa for easier retail payment.
• Customers can now pay through their smartphones by scanning the unique Quick Response (QR) code at the retail outlet.
• mVisa is a card less mobile payment solution that offers customers the convenience of doing digital payments at retail outlets.
• DCB Bank has partnered with M2P Solutions and GI Technology to implement mVisa.

2. Air India Express turns profitable for the first time

• Air India Express (International subsidiary of Air India) has turned profitable for the first time since it started operations in 2005.
• The airline has made the net profit of 361.68 crore rupees in the fiscal year 2015-16 against the loss of Rs. 61 crore registered in the year 2014-15.
• The capacity offered and the Operating Revenues are expected to go up further by about 25% in the fiscal 2016-17.

3. Govt. approves Rs 450 cr for five states under Swadesh Darshan scheme

• Union Tourism Ministry has approved the amount 450 crore rupees for the development of Heritage circuit in Madhya Pradesh and Uttarakhand, Ramayana Circuit in Uttar Pradesh, North East Circuit in Sikkim and Coastal Circuit of Tamil Nadu.
• The Heritage Circuit in Madhya Pradesh covers Gwalior- Orchha-Khajuraho-Chanderi-Bhimbetka-Mandu.
• The Heritage Circuit in Uttarakhand is on developing Tourism Infrastructure in Jageshwar-Devidhura-Katarmal-Baijnath sites.
• Coastal circuit in Tamil Nadu envisages development of Chennai-Mamamallapuram-Rameshwaram-Manpadu-Kanyakumari.
• Ramayana Circuit in Uttar Pradesh envisages development of two destinations, Chitrakoot and Shringverpur.
• North East circuit in Sikkim includes development of cultural centre, paragliding centre and craft bazaar for mountaineering and meditation hall.

4. Union Govt. announces financial package for Andhra Pradesh

• Union Finance Minister Arun Jaitley has announced a financial package for Andhra Pradesh.
• It includes full funding of Pollavaram irrigation project, tax concessions and a special assistance.
• The funding of Pollavaram project would be met by the Centre from 1st of April 2014.
• The state will also get a railway zone.

5. Syndicate Bank appoints Director

• Syndicate bank has nominated Jayant Purushottam Gokhale as the  part-time non-official director under the chartered accountant category for a period of  3  years.
• Gokhale appointment is subject to his resignation from the board of LIC Nomura Mutual Fund Asset Management Company, before joining the bank’s board.

6. CBDT launches e-nivaran to resolve I-T grievances

• The Central Board of Direct Taxes (CBDT) has launched “e-nivaran” (electronic resolution) facility for online redressal of taxpayers’ grievances related to refunds, ITRs and PAN issues.
• Its link will be available on the e-filing portal “http://ift.tt/1lks1jo” of the department.
• It was launched as part of CBDT’s initiative to reduce instances of harassment of the public when it comes to complaints related to the I-T department.

7. Retail inflation eases to 5-month low of 5.05% in August

• Retail inflation eased to a five-month low of 5.05% in August this year due to sharp fall in food inflation as per data released by the Central Statistics Office (CSO).
• Retail inflation had stood at 6.07 % in July this year and 3.74% in August last year.
• Inflation in vegetables was just 1.02% in August,overall retail food inflation in August slipped to 5.91%.
• Retail inflation in cereals and products was 4.11% in August.

8. Union Cabinet approves establishment of HEFA

• The Union Cabinet has approved to create the Higher Education Financing Agency (HEFA) to give a major push for the creation of high-quality infrastructure in premier educational institutions.
• The HEFA will be jointly promoted by the Union Ministry of Human Resource Development (MHRD) and identified Promoter with an authorised capital of Rs. 2,000 crore and the government equity would be Rs.1,000 crore.

9. Axis Bank, BHU team up for banking courses

• Axis Bank has tied up with Faculty of Commerce at Banaras Hindu University (BHU) to offer specialised banking courses.
• The partnership will offer courses like Master of Financial Management (MFM), Masters in Commerce (M.Com.), Master of Financial Management (Risk & Insurance),Master of Foreign Trade etc.
• The courses will be designed to introduce the students to functioning of banking industry in India and to academically and vocationally prepare them for corporate world.

10. Tourism Ministry approves Rs. 500 Crore for integrated development of tourism in J&K

• Tourism Ministry has approved Rs. 500 Crore as part of development package of Prime Minister Reconstruction Plan for integrated development of tourism in Jammu and Kashmir (J&K).
• New projects include integrated development of tourist facilities at Mantalai – Sudhmahadev – Patnitop Circuit ,Baramulla-Kupwara-Leh circuit, Rajouri – Bafliyaz – Shopian – Pulwama Circuit and Anantnag-Kishtwar- Pahalgam – Daksum – Ranjit Sagar Dam Circuit.
• Rs. 100 crore have been earmarked for each of the four projects and  100 crore rupees for integrated development of tourist facilities in lieu of damaged assets in the floods.

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