Latest Current Affairs
India’s First Lady Suvra Mukherjee passed away
President Pranab Mukherjee’s wife, Suvra Mukherjee, Ms Mukherjee was born on September 17, 1940 in Jessore (now in Bangladesh) and married Mr. Mukherjee on July 13, 1957. A graduate, Ms Mukherjee was an ardent fan of India’s national poet, Gurudev Rabindranath Tagore.
Ms Mukherjee has written two books: Chokher Aloey which is a personal account of her close interaction with Smt. Indira Gandhi and Chena Achenai Chin – a travelogue recounting her visit to China.
Prime Minister Narendra Modi visited United Arab Emirates
first by an Indian Prime Minister in 34 years, Mr. Modi will seek to enhance cooperation in energy and trade and reach out to investors to hardsell India as an attractive business destination.
Given that late Indira Gandhi was the last Indian Prime Minister to have visited United Arab Emirates in 1981, Mr. Modi’s trip is being seen as an opportunity to boost India-UAE ties in key areas of trade and security. Mr. Modi, ahead of his visit, described UAE as a “valued partner”. This fact, he said, was reflected in India being UAE’s second largest trading partner
PM Narendra Modi launched a new campaign Start-up India, Stand up India
Prime Minister Narendra Modi put his emphasis squarely on entrepreneurship and job creation, announcing incentives for companies that generate employment besides launching a new campaign ‘Start up India, Stand up India’ to promote bank financing for startups by the underprivileged.The campaign was launched during the celebrations of 69th Independence Day at Red Fort, Delhi.
Reserve Bank of India granted ‘in-principle’ approval to 11 applicants to start a payments bank
Reserve Bank of India granted ‘in-principle’ approval to 11 applicants to start payments banks. The Committee of the Central Board (CCB) of RBI has selected 11 entities among the 41 applicant who has the reach and the technological and financial strength to provide service to the customers and promote government’s initiative of financial inclusion across the country.
The selected applicants are:
Airtel M Commerce Services
Aditya Birla Nuvo
Department of Posts
Cholamandalam Distribution Services
National Securities Depository Ltd (NSDL)
As per RBI notification for Payment Banks:
RBI has given ‘in principle’ approval to these 11 applicants to set payment banks is valid for 18 month period.
The payments banks will be able to take deposits and remittances, internet banking and other specified services but cannot undertake lending services.
Their holding are restricted to a maximum balance of Rs 1 lakh per individual customer.
They can issue ATM/debit cards but not CREDIT CARDS and can also issue other prepaid payment instruments.
They can distribute non-risk sharing simple financial products like mutual funds and insurance products.
Non resident Indians will not be allowed to open accounts in payment banks.
Finance Minister had directed RBI to create a framework for licensing payment banks so as to meet government’s financial inclusion target.
It is mandatory for payment banks to hold minimum capital of Rs. 100 crore. FDI of 74 per cent is allowed in payment bank.
Selection: The applicants were detailed inspected by an External Advisory Committee (EAC) under the Chairmanship of Dr. Nachiket Mor the Director, Central Board of the Reserve Bank of Indi