Banking Awareness Bites: January-February

Reserve Bank of India:

• Non Resident Indian and Indian Citizens staying abroad can exchange the demonetized currency notes till June 30, 2017. 
• All banks should give 40% of their notes to rural branches to balance inadequate requirement. 
• Forex Reserve rise by $360 million dollar by $687 million dollar to $932 million dollar – Press report 
• Limit for withdrawal of cash from ATM per day is Rs. 10,000. 
• Rs.75 lakh penalty on Bombay Mercantile Co-operative Bank for violation KYC norms and anti-money laundering. 
• Education loan will not be considered as Non-Performing Assets and three rounds of extension period ie. Each round not more than 6 months is given. 
• Foreign Direct Investment(FDI) cannot be done in non-cooperative countries and territories identified by Financial Action Task Force. 
• No cash withdrawal limits from ATM – effective from February 1, 2017. 
• 1 billion to Nepal Rashtra Bank in 100 rupees’ denomination. 

State Bank of India:

• “SBI Exclusif” launched in Kochi by Venkataraman. 
• $50-million-dollar pact with State General Reserve Fund of Oman. 
• Waiving of Merchant Discount Rate on debit card transactions up to Rs.20 lakhs up to December 31,2017. 
• Coca-Cola tie up with SBI to enhance digital transaction. 
• Lending rate cut down by 0.9%. 
• Central SBI SELECT co-branded credit cards. 

YES Bank:

• Tie up with Bajaj Electricals for Block Chain technology. 
• YES FINTECH - Collaboration with Anthill and Let’s Talk Payments 

Government of India:

• Government of India allocates 3000 crores rupees to help 12 PSU. 
• 5 rupees’ discount on LPG cylinder for online payment. 
• 16th Financial Stability and Development Council Meeting to eliminate shadow economy and tax evasion- New Delhi. 
• Indian Standards on Hallmark gold jewellery - 14,18 and 22 carat hallmark by Bureau of Indian Standard. 
• 54.90 crore prize for NITI Aayog lucky draw scheme winners is (3.42 lakh winners) given by National Payment Corporation of India. 

GDP growth in India by various Organisations:

• Central Statistical Office, GDP lowers to 7.1% in 2016-17 to 7.6% in 2015-16. 
• GDP growth of 8 %- NITI Aayog (Demonetization is not taken into account). 
• UN Report- GDP grow by 7.7% in 2017. 
• International Monetary Fund estimates the GDP rate of India as 6.6% for 2017-World Economic Outlook Report. 
• GDP growth decreased to 7% from 7.6%-World Bank 

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