Business, Economy & Banking Current Affairs

RBI to issue new 100 rupee notes in lavender colour

Reserve Bank of India (RBI) will shortly issue new Rs. 100 denomination banknotes in lavender colour in Mahatma Gandhi (New) Series. This comes on back of new designs introduced for Rs 200, Rs 500 and Rs 10 notes, in the last couple of years. The old Rs 100 notes in the earlier series will also continue to be legal tender along with new notes.

Key Features of new Rs. 100 note

The front side of new Rs. 100 note depicts Mahatma Gandhi’s face and back side featuresmotif of “RANI KI VAV”, highlighting the country’s cultural heritage. Rani ki Vav, a UNESCO world heritage stepwel site in Patan, Gujarat built in memory the 11th century king Bhima.

The dimension of new note is 66 mm × 142 mm, which will be the same as the other new notes of Rs 200, Rs 500 and Rs 10 released earlier. Like every other currency note, it also has a portrait of Mahatma Gandhi at the centre. It has security thread with inscriptions, ‘भारत’ and RBI. If the note is tilted, the colour changes from green to blue.

Right side of Mahatma Gandhi portrait includes guarantee clause, Governor’s signature with promise clause and RBI emblem. Ashoka Pillar emblem is on right side of note. The top left side and bottom right side have number panel with numerals in ascending font.

Mahatma Gandhi portrait and electrotype (100) watermarks and it also has Swachh Bharat logo with slogan. It also has certain features incorporated for the visually impaired. These include intaglio or raised printing of Mahatma Gandhi portrait, Ashoka Pillar emblem, raised triangular identification mark with micro-text 100, four angular bleed lines on the right and left sides.

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Government to infuse Rs 11,336 crore capital in 5 public sector banks by September-end

Union Finance Ministry is planning to infuse additional capital close to Rs 11,336 crore in 5 more public sector banks (PSBs) by September 2018-end. These five state-owned banks are Punjab National Bank (PNB), Corporation Bank, Andhra Bank, Allahabad Bank and Indian Overseas Bank (IOB).

Key Facts

This round of capital infusion will be done through issuance of recapitalisation bonds and not directly from Budget. This additional capital will help these banks to meet minimum regulatory capital adequacy ratio (CAR) and enable them to make interest payments on certain bonds on time.

Within capital infusion plan of these five PSBs, PNB is expected to get highest amount of Rs 2,816 crore. Corporation Bank is will get Rs 2,555 crore followed by Indian Overseas Bank (Rs 2157 crore), Andhra Bank (Rs 2,019 crore) and Allahabad Bank (Rs 1,790 crore).

This capital infusion by Government will be only for purpose of meeting minimum regulatory requirement and will be not growth capital which will be provided in second half of current fiscal year. The growth capital will only be given to those banks which meet performance targets and modalities set by Finance Ministry as per agreement signed with each bank.

Background

The latest round capital infusion in these 5 PSBs will be part of remaining Rs 65,000 crore out of Rs 2.11 lakh crore capital infusion announced by Union Government for two financial years. In October 2017, Union Government had announced Rs 2.11 lakh crore capital infusion programme, under which PSBs were to get Rs 1.35 lakh crore through recapitalisation bonds, and balance Rs 58,000 crore through raising of capital from market and remaining through budgetary support. The government has already infused Rs 80,000 crore out of Rs 1.35 lakh crore through recapitalisation bonds in PSBs  and balance will be done during this financial year (2018-19).

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