Banking Current Affairs 2017

Welcome to Banking Current Affairs 2017 Section of GKToday. This section has current affairs on banking industry for IBPS Banking Recruitment, RBI Grade B, SBI PO, RRB and other banking examinations. An E-book compilation of 250 Banking Current Updates from June 2014 to December 2016 can be downloaded from This Link

Enter Your Email Address To Subscribe Daily Digest of Current Affairs:

PM Narendra Modi inaugurates India’s first international exchange at GIFT city

Prime Minister Narendra Modi inaugurated India’s first international exchange India INX at the International Financial Service Centre (IFSC) of GIFT (Gujarat International Financial Tech) City Gandhinagar, Gujarat.

India INX is a wholly-owned subsidiary of the Bombay Stock Exchange (BSE). It will enable Indian firms to compete on equal footing with offshore firms.

Key Facts
  • India INX will initially trade in equity derivatives, currency derivatives, commodity derivatives including index and Stocks. Subsequently, it will offer depository receipts and bonds once required infrastructure is ready.
  • It will work for 22 hours in a day working from sunrise to sunset i.e. starting when Japan exchanges begin and close when US markets end. It will have 250 trading members including commodity and overseas brokers.
  • India INX is one of the most advanced technology platforms with turnaround time of 4 seconds. It will facilitate international investors and NRIs to trade from anywhere in the world.\
  • It will provide benefits in terms of waiver of security transaction tax, commodity transaction tax, dividend distribution tax, long term capital gain tax and income tax.

Tags:

16th meeting of FSDC held in New Delhi

The 16th meeting of the Financial Stability and Development Council (FSDC) was held in New Delhi. It was chaired by Union Finance Minister Arun Jaitley. 

It was attended by heads of all financial sector regulators as its members. It reviewed the major issues and challenges facing the economy.

Key Highlights of the meeting 
  • Indian Economy: India appears to be much better placed because of improvement in its macroeconomic fundamental despite fragile world economy. It reviewed the major issues and challenges facing the economy.
  • Banking: The status of NPAs of public sector banks and measures taken by the government and the RBI for tackling the stressed assets were reviewed. It also discussed about further action to be taken in this regard.
  • Financial inclusion/ financial literacy: Discussed about the various initiatives taken by the government and regulators for promoting financial inclusion/ literacy. It also discussed further measures for promoting the same.
  • Technology: Discussed issues pertaining to Fintech, digital innovations and cyber security. It also discussed on further steps to be taken.
  • Demonetisation: It will help in eliminating the shadow economy and tax evasion. It will have a positive impact on GDP and fiscal consolidation in the long run.

Besides, a brief report on the activities undertaken by the FSDC sub-committee chaired by RBI Governor Urjit Patel was placed before the FSDC meeting.

About Financial Stability and Development Council

  • The Central Government had established Financial Stability and Development Council (FSDC) in December 2010 with the Finance Minister as it Chairman.
  • The idea to create it was first mooted by the Raghuram Rajan Committee on Financial Sector Reforms in 2008.
  • It is a super regulatory body for regulating financial sector which is a vital for bringing healthy and efficient financial system in the economy.
  • The FSDC envisages to strengthen and institutionalise mechanism of (i) maintaining financial stability, (ii) Financial sector development, (iii) inter-regulatory coordination along with monitoring macro-prudential regulation of economy.
Composition of FSDC
  • Chairman: Union Finance Minister.
  • Members: Heads of the financial sector regulatory authorities (i.e, RBI, SEBI, IRDA, PFRDA), Finance Secretary and/or Secretary, Department of Economic Affairs (Union Finance Ministry), Secretary, Department of Financial Services, and Chief Economic Adviser.
  • FSDC can invite experts to its meeting if required.
Two Core functions
  • Act as an apex level forum to strengthen and institutionalize the mechanism for maintaining financial stability.
  • Enhance inter-regulatory coordination and promoting financial sector development in the country.

Other functions

  • Focus on financial literacy and financial inclusion.
  • Monitor macro-prudential supervision of the economy.
  • Assess the functioning of the large financial conglomerates.

Tags:

RBI appoints Surekha Marandi as executive director

The Reserve Bank of India (RBI) has appointed Surekha Marandi as its Executive Director (ED). She was appointed in place of U S Paliwal who retired on December 31, 2016.

In her new role, she will look after Consumer Education and Protection Department, Financial Inclusion and Development Department, and Secretary’s Department of the RBI.

About Surekha Marandi

  • Prior to her promotion as Executive Director, she had served as Principal Chief General Manager and Chief Vigilance Officer in the Reserve Bank over a span of three decades.
  • She has rich experience of three decades in regulatory and supervisory, financial inclusion and development and human resource management areas in the RBI.
  • She has also served on the Boards of United Bank (UB) and Bank of Baroda (BOB). She holds a Master’s Degree from Jadavpur University.

Note: RBI has 11 Executive Directors who are in charge of various departments.

Tags:

Advertisement

12345...102030...256