Economy and Banking Current Affairs May 2017

RBI’S ACTIVITY

RBI Celebrated 82nd Anniversary
• The RBI celebrated its 82nd anniversary on April 1, 2017.

  • The Reserve Bank of India (RBI) is India’s central banking institution, which Controls the monetary policy of the Indian rupee.
  • It commenced its operations on April 1, 1935 during the British Rule in accordance with the provisions of the Reserve Bank of India Act, 1934.
  • The original share capital was divided into shares of 100 each fully paid, which were initially owned entirely by private shareholders.
  • Following India’s independence on August 15, 1947, the RBI was nationalised on January 1, 1949.
  • The RBI plays an important part in the Development Strategy of the government of India. It is a member bank of the Asian Clearing Union.

Use of Bitcoin, Other Virtual Currencies not Authorised by RBI

  • Use of virtual currencies like Bitcoins is not authorised by the RBI and could result in breach of anti-money laundering provisions on March 28, 2017.
  • The absence of counter parties in usage of virtual currencies, including Bitcoins, for illicit and illegal activities in anonymous/pseudonymous systems could subject the users to unintentional breaches of anti-money laundering and combating the financing of terrorism laws.
  • Bitcoin is both a cryptocurrency and an electronic payment system invented by an unidentified programmer, or group of programmers, under the name of Satoshi Nakamoto.

Read More – National Current Affairs

Banking Current Affairs

SHI Moi l’d with Five Associate Hanks and Bharatiya Mahila Hank

  • Five associate banks of SHI and Bharatiya. Mahila Bank (BMB) were merged with the State Bank of India on April 1, 2017.
  • With this merger, the SBI Joined the league of top 50 banks globally In terms of assets.
  • The five associate banks that were merged with the SBI arc—State Bank of Bikaner fe- Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Hank of Trtvancore.

SBI Launched Unnati Credit Card

  • SBI Card launched the Unnati Credit Card to spread credit inclusion among masses on March 28, 2017.
  • The card was launched in the presence of SBI Chairman Arundhati Bhattacharya and SBI Card CEO Vljay Jasuja.
  • Tailored for new users of credit cards, ’Unnati* would have no annual fees for the initial four years and will be altered through the 20000 plus SBI branches.

India and NDB Inked $ 350 Million Loan Pact

  • India signed its first loan agreement with the New Development Bank (NDB) for $ 350 million to be used in the development and upgradation of district roads In Madhya Pradesh on March 31, 2017.
  • The objective of the project is the upgradation of major district roads in the State of Madhya Pradesh to improve connectivity of the interior areas of the State with the national and State highway networks.
  • The project would include upgradation, rehabilitation or reconstruction of approximately 1500 km of district roads to intermediate lane, all-weather standards, with road safety features and improved road asset maintenance and management.
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