Economy and Banking Current Affairs August 2015 Part 4

India’s Seafood Exports Touched One-million-tonne-mark

  • Leena Nair, Chairman of Marine Products Export Development Authority said on July 2, 2015 that India’s seafood exports got to the magical one-million-tonne-mark, earning a record $ 5511 million (Rs 33441 crore) during 2014-15.
  • This height is reached despite a fall in shrimp price in the international market. Seafood export earnings grew 10.69% (in rupees) and 10.05% (in dollars) terms over the previous financial year 2014-15.
  • Volume of exports grew 6.86%. Frozen shrimp constituted bulk of the exports and accounted for 34% of the quantity and 67% of the rupee earnings. The volume of export was 3.57 lakh tonnes. Value of the exports grew 16% in rupee term.

RBI will Issue Rs 10 Coins to Mark International Yoga Day

  • The Reserve Bank of India (RBI) said on July 30, 2015 that it will shortly put into circulation f 10 coins to commemorate the International Day of Yoga.
  • These coins are legal tender as provided in The Coinage Act,2011. The existing coins in this denomination will also continue to be legal tender.
  • The obverse side of the coins will bear Lion Capital of Ashoka Pillar in the centre with legend Satyamev Jayate inscribed below, flanked on the left periphery with the word Bharat in Devnagri script. On the right periphery it will be flanked with the word ‘INDIA’ in English.
  • It also bears the rupee symbol and denominational value ’10’ in the international numerals below the Lion Capitol.
  • On the reverse, the coin will bear the logo of ‘International Day of Yoga’, with inscription ‘Samahjasya avam Shanti ke Liye Yog’ in Devnagri script and ‘YOGA FOR HARMONY AND PEACE’ around the logo and design. The date ’21 JUNE’ will at the bottom of the logo.

Read Also – India & World Current Affairs September 2015 (Part 1).

RBS will Sell Indian Private Banking Unit to Sanctum Wealth

  • Royal Bank of Scotland Group pic (RBS), Britain’s largest public bank has signed a non-binding framework agreement and is now in discussions to sell RBS India Private Banking, to Sanctum Wealth Management (Sanctum) on July 29, 2015.
  • Sanctum buy out is possible as three of its top executives are working with private funds to engineer a takeover. Sanctum will be led by Shiv Gupta, who is now the managing director of RBS’s .private banking operations in India.
  • RBS has about $ 2.5 billion of private-banking assets under management in ‘the South Asian nation.
  • It is joining global banks including UBS Group AG, Morgan Stanley and Macquarie Group Limited that have exited India’s private-wealth market in the past two years.

Kotak Launched Mobile Banking App for ‘Un-banked’ Regions

  • Kotak Mahindra Bank launched a mobile banking android app ‘Kotak Bharat’ on July 21, 2015 in order to provide mobile banking services to customers in the remotest areas of the country. The app doesnot require any internet connectivity.
  • Customers can access its services in their preferred language, is currently available in Hindi and English but it would also 1 available in Gujarati, Marathi, Tamil and Kannada in about a month, followed by other Indian languages.
  • The app facilitates other value added propositions, including recharging mobile/DTH services, linking Aadhaar number to I account, finding Kotak ATMs & branches, applying for Pradfc Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana etc.

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Updated: December 29, 2015 — 12:18 pm

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