First in India _ First newspaper published in India - The Bengal Gazette, The Bengal Gazette was published on January 29,1780. _ Raja Harishchandra (1913) is the first silent feature film made in India directed by Dadasaheb Phalke _ Alam Ara is the the first Indian sound film which is directed by Ardeshir Irani. _ First colour film in Hindi - Kisan Kanya (1937) directed by Ardeshir Irani. _ The first Indian to win Nobel Prize – Rabindra Nath Tagore _ The first woman to receive Nobel Prize – Mother Teresa _ The first person to receive Nobel Prize in Economics -Amartya Sen _ The first person to receive Nobel Prize in Physics –C.V. Raman _ The first Indian to receive Bharat Ratna award – Dr. Radhakrishnan _ India’s first person in space – Rakesh Sharma _ The first woman Olympic medal Winner – Karnam Malleswari (2000) _ The first woman Asian Games Gold medal Winner – Kamalijit Sandhu _ The first woman Chief Minister of an Indian State – Sucheta Kriplani _ The first woman to climb Mount Everest – Bachendri Pal Source of Power Generation in India Source of Power Generation in India - Thermal power is the largest source of power in India. There are different types of Thermal power plants based on the fuel used to generate the steam such as Coal, Gas, Diesel etc. Note: About 75% of electricity consumed in India are generated by thermal power plants. Breakup of power sources in India - Coal – 60.2% Gas – 8.9% Oil – 0.5% Hydro – 16.1% Nuclear - 1.9% Renewable Energy Sources(RES) – 12.5% News related to RBI 1. Government needs to infuse as much as Rs 2.4 lakh crore ($38.78 billion) into state-owned banks by end-March 2019 to meet different kinds of capital requirements including Basel III, provisioning for asset quality, and additional risks, said a central bank Deputy Governor SS Mundra 2. RBI tightens norms for NBFCs: Tightening norms for non-banking financial companies (NBFCs), the Reserve Bank of India raised the capital adequacy requirement and the net owned fund limit, among others, with an objective to mitigate risks in the sector. Note: i. At present, the net owned fund (NOF) requirement is at Rs.25 lakh. In a phased manner, the NBFCs would be required to raise it to Rs.1 crore by March, 2016, and to further double it to Rs.2 crore by 2017. iii. Also, NBFCs primarily engaged in lending against gold jewellery, will have to maintain a minimum Tier I capital (or equity capital) of 12 per cent with effective from April 1 as against existing requirement of 10 per cent. iv. For deposit and non-deposit taking NBFCs, Capital to Risk (Weighted) Assets Ratio or CRAR, which includes Tier I capital of 7.5 per cent, which have to be raise the Tier I capital to 8.5 per cent by end of March 2016 and 10 per cent by March, 31, 2017. 3. The Reserve Bank has signed a pact with Central Bank of Kenya for exchange of information and supervisory cooperation. 4. RBI Draft Guidelines for Licensing of New Banks in the Private Sector – Key points: i. Minimum capital requirement will be Rs 500 crore. ii. Aggregate foreign shareholding in the new bank should not exceed 49 per cent for the first five years. iii. The new bank should open at least 25 per cent of its branches in unbanked rural centres. 5. Non-Banking Financial Company (NBFC): A Non-Banking Financial Company (NBFC) is a company registered under the Companies Act, 1956 are financial institutions that provide banking services without meeting the legal definition of a bank, i.e. one that does not hold abanking license. Difference between banks & NBFCs: i. NBFC cannot accept demand deposits; ii. NBFCs do not form part of the payment and settlement system and cannot issue cheques drawn on itself; iii. deposit insurance facility of Deposit Insurance and Credit Guarantee Corporation is not available to depositors of NBFCs, unlike in case of banks. Key Points i. Minimum capital requirement will be Rs 500 crore. ii. Aggregate foreign shareholding in the new bank should not exceed 49 per cent for the first five years. iii. The NBFCs are allowed to accept/renew public deposits for a minimum period of 12 months and maximum period of 60 months. They cannot accept deposits repayable on demand. iv. NBFCs cannot offer interest rates higher than the ceiling rate prescribed by RBI from time to time. The present ceiling is 12.5 per cent per annum. v. The deposits with NBFCs are not insured. 6. RBI Draft Guidelines for Licensing of Foreign Banks - Foreign banks that want to set up operations in India will have to do so through an independent subsidiary. This means they cannot operate as a branch of the parent bank. Key Points: i. The initial minimum capital for a WoS will be Rs. 500 crore. ii. RBI said that the WoS (wholly-owned subsidiary) will be required to meet Basel-III requirements (9 per cent Tier-I capital) right from Day One. For the first three years, the WoS will have to maintain Tier-I capital at 10 per cent. iii. The Priority Sector Lending (PSL) requirement will be 40 per cent for WoSs, such as domestic scheduled commercial banks iv. The new bank should open at least 25 per cent of its branches in unbanked rural centres. 7. The Reserve Bank of India decided to fix the maximum age for Managing Directors and Chief Executive Officers in private sector banks at 70. Note: The RBI Move aligns retirement with the Companies Act 2013 ii. Minimum age to become Manager is 21 years. iii. Maximum age for CEOs, whole-time directors is 70. iv.The P J Nayak committee recommended a maximum age of 65 for private bank CEOs. iii. The issue emerged when the board of Induslnd Bank cleared the extension of tenure of Romesh Sobti by another three years. Romesh Sobti is M.D. and CEO of Induslnd Bank. iv. However, the RBI allowed only a years extension. The move triggered speculation that the RBI wanted to fix the retirement age at 65. 8. RBI board approves essential changes, introduces COO post as proposed by Raghuram Rajan: Note: i. RBI governor create the post of Chief Operating Officer (COO), an executive who’s likely to be made responsible for executing the RBI’s reform agenda. ii. Rajan proposed to bring all aspects of RBI under 5 functional departments to be supervised by 4 Deputy Governors and a COO. iii. The position of COO is likely to be at the deputy governor level. iv. Nachiket Mor is seen as the most likely candidate for the post of COO. Mor is a former executive director of ICICI Bank and also chaired the RBI panel on financial inclusion. 9. CAD narrowed down to 1.7 per cent of GDP in Q1 of 2014-15: RBI Note: Current Account Deficit (CAD) of India narrowed down sharply to 1.7 percent of Gross Domestic Product (GDP) in the Quarter 1 (Q1) of the fiscal year 2014-15 as compared to 4.8 percent in the Q1 of 2013-14. 10. Reserve Bank of India reduced free usage of other bank automated teller machines (ATMs) to 3 per month from 5: Frequent withdrawal of money from ATMs will become expensive from November, with the RBI imposing a limit of 3 transactions per month from ATMs of other banks and 5 from the same bank in six metropolitan cities. Note: A customer will be required to pay a fee of up to Rs 20 for using Automated Teller Machines (ATMs) beyond the permitted numbers of transactions in Delhi, Mumbai, Chennai, Bangalore, Kolkata and Hyderabad. 11. RBI issued two new categories of banks—Small and Payments which can improve financial inclusion. Important Points: i. The idea of small and payments banks was first proposed by the Nachiket Mor committee on financial inclusion. ii. The minimum paid-up capital requirement of both small banks and payments banks is Rs. 100 crore. iii. The payments bank will have to invest in government securities with a maturity of up to one year. iv. Small banks will offer both deposits as well as loan products. ii. Payments banks will be used only for transaction and deposits purposes. Unlike small banks, payments banks can’t lend money to people. iii. Payments Banks cannot set up subsidiaries to undertake NBFC business. iv. Hence, payments banks will offer only a limited range of products such as acceptance of demand deposits and remittance of funds. v. Those eligible to set up a small bank include resident individuals with 10 years of experience in banking and finance, companies and societies, NBFCs, microfinance institutions and local area banks. v. Of the minimum capital, the guidelines said, the promoters initial minimum contribution will be at least 40 per cent, to be locked in for a period of 5 years. 12. RBI issues guidelines for NBFCs on lending against shares. Note: According to the guidelines applicable to NBFCs with asset size of Rs. 100 crore and above, the NBFCs have to maintain a loan-to-value (of shares pledged) of 50 per cent and accept only Group 1 securities as collateral for loans of a value more than Rs. 5 lakh. 13. RBI notified the increase in deposit money under Public Provident Fund, PPF to 1.5 lakh rupees from 1 lakh rupees. 14. The Reserve Bank of India (RBI) issued draft guidelines for implementation of Bharat Bill Payment System (BPPS), an anytime anywhere bill payment system: Note: i. Bharat Bill Payment System is intended for the implementation of a unified bill payment system across the country. This integrated bill payment system will comprise of two entities: i. Entity operating at Bharat Bill Payment System (BBPS) will be setting up the standards related to payments, clearance and settlement process ii. Second entity would be Bharat Bill Payment Operating Units (BBPOUs). It will be carrying out the operations in adherence to the standards fixed by BBPS. iii. Authorised entities such as agents, banks, service providers, payment gateways would be the participants at the Bharat Bill Payment System. 15. The Reserve Bank of India has inked a memorandum of understanding (MoU) with the Monetary Authority of Hong Kong for exchange of supervisory information. 16. RBI permits NBFCs to work as Business Correspondents of banks: With a view to achieve financial inclusion, the Reserve Bank of India has allowed Non-Banking Finance Companies to operate as Business Correspondents (BCs) of banks, permitting them to offer limited services. Banks will be allowed to work with non-deposit taking NBFCs as BCs. Note: The RBI took into account recommendations of Nachiket Mor Committee while reviewing the existing guidelines on the appointment of BCs 17. The Reserve Bank of India said banks should make all new ATMs installed from July 1, 2014 as “talking ATMs” with Braille keypads. 18. Raghuram Rajan, the Governor of the Reserve Bank of India (RBI) announced that plastic currency notes will be launched in 2015 after field trials. 19. RBI panel headed by ex-Chairman of Axis Bank, P. J. Nayak recommend for diluting govt stake in public sector banks to below 50 %. The government should cut its holding in public sector banks to under 50 per cent. 20. Reserve Bank of India granted banking licences to infrastructure financing firm IDFC and microfinance institution Bandhan Note: The in-principle approval will be valid for a period of 18 months during which the applicants have to comply with the requirements under the guidelines and fulfil the other conditions as may be stipulated by the RBI. Chandra Shekhar Ghosh: CMD of Bandhan financial services Dr. Rajiv B. Lall: Chairman of IDFC – Infrastructure Finance Company. 21. Reserve Bank of India (RBI) issued the guidelines to allow the minors of age above 10 years to independently open and operate savings bank accounts and use other facilities like ATM and cheque books. 22. RBI extended the timeline for full implementation of Basel III norms 31 March 2019 instead of 31 March 2018. 23. RBI extends date of exchanging pre-2005 notes to Jan 1, 2015 Banks and Their Tag Lines - 1. SBI - With you all the way, Pure Banking Nothing Else, The Nation’s banks on us 2. State Bank of Hyderabad – You can always bank on us. 3. State Bank of Mysore - Working for a better tomorrow 4. State Bank of Patiala – Blending Modernity with Tradition 5. State Bank of Travancore - A long Tradition of Trust 6. Allahabad Bank - A Tradition of Trust 7. Andhra Bank – Where India Banks 8. Bank of Baroda - India’s International Bank 9. Bank of India - Relationship beyond banking 10. Bhartiya Mahila Bank – Empowering Women 11. Bank of Maharashtra - One family one bank 12. Canara Bank – Together We Can 13. Central Bank of India – “Central To you Since 1911” 14. Corporation Bank – A Premier Public Sector Bank 15. Dena Bank - Trusted Family Bank 16. ECGC Bank – You focus on exports. We cover the risks 17. IDBI Bank – Banking For All, “Aao Sochein Bada” 18. Indian Bank – Your Tech- Friendly Bank 19. Indian Overseas Bank – Good people to grow with 20. Punjab National Bank - The name you can bank upon 21. Punjab & Sind Bank – Where service is a way of life 22. Oriental Bank of Commerce – Where every individual is committed 23. UCO Bank – Honours Your Trust 24. Union Bank of India – Good People to Bank with 25. United Bank of India – The Bank that begins with “U” 26. Vijaya Bank - A friend you can bank on 27. Axis Bank – Badhti Ka naam Zindagi 28. ICICI Bank – Hum Hai Na, Khyal Apka 29. HDFC Bank - We understand your world indeed 30. Yes Bank – Experience our Expertise 31. HSBC - The world’s local bank Headquarters of Nationalised & Public Sectors Bank in India – 1. SBI ------------------- Mumbai 2. State Bank of Bikaner and Jaipur -- Jaipur 3. State Bank of Travancore -- Thiruvananthapuram 4. State Bank of Mysore ---- Bangalore 5. State Bank of Patiala ---- Patiala 6. State Bank of Hyderabad --- Hyderabad 7. Union Bank of India ----- Mumbai 8. Bank of India ----- Mumbai 9. Central Bank of India ----- Mumbai 10. Dena Bank ------ Mumbai 11. IDBI Bank ----- Mumbai 12. Allahabad Bank ----- Kolkata 13. UCO Bank ----- Kolkata 14. United Bank of India ----- Kolkata 15. Punjab National Bank ----- New Delhi 16. Oriental Bank of Commerce ---- New Delhi 17. Punjab and Sind Bank --- New Delhi 18. Bhartiya Mahila Bank --- New Delhi 19. Canara Bank --- Bangalore 20. Vijaya Bank --- Bangalore 21. Indian Bank --- Chennai 22. Indian Overseas Bank--- Chennai 23. Bank of Baroda --- Vadodara 24. Syndicate Bank ---- Manipal(Karnataka) 25. Corporation Bank --- Mangalore 26. Andhra Bank --- Hyderabad 27. Bank of Maharashtra --- Pune Note: There are a total of 27 PSBs in India [21 Nationalised banks + 6 State bank group (SBI + 5 associates) ] ii. At present there are 23 Private Banks functioning in India iii. At present there are 56 RRBs (Regional Rural Banks ) functioning in India. iv. At present there are 41 Foreign Banks functioning in India
Posted on: Sat, 13 Dec 2014 07:04:30 +0000
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