Finance Ministry Current Affairs

Government to release Rs 75 commemorative coin to mark 75th anniversary of Tricolour hoisting by Bose

Union Ministry of Finance has announced to release Rs 75 commemorative coin on occasion of 75th anniversary of hoisting of Tricolour for first time by Netaji Subhash Chandra Bose at Cellular Jail, Port Blair on December 30, 1943. Earlier on October 21, 2018, Prime Minister Narendra Modi had hoisted National Flag at Red Fort and unveiled plaque to commemorate 75th Anniversary of formation of Azad Hind Government, formed by Bose.

Features of coin

The 35-gram coin will be composed of 50% silver, 40% copper, and 5% each of nickel and zinc. It will bear the portrait of Netaji Subhash Chandra Bose saluting flag on background of cellular jail. It will have numeral 75th along with inscription “anniversary” will be depicted below portrait. It will also have inscription in both Devanagari script and English saying ‘First Flag Hoisting Day’.

First Flag Hoisting by Netaji Subhash Chandra Bose

Subhash Chandra Bose on December 30, 1943 had hoisted Tricolor for first time on free Indian soil at Cellular Jail of Port Blair during his visit to Andaman and declaring the island as the free territory from the British rule. It was much before India attained Independence in 1947. On same occasion, he had announced freedom of Andaman & Nicobar Islands (making it first Indian Territory) from the British rule and renamed them as “Shaheed-dweep” (Martyr Island) and “Swaraj-dweep” (Self-rule Island).  The island at that time was liberated from British rule by Japan which captured it during World War – II. Major General Arcot Doraiswamy Loganadan of Indian National Army (INA) was made the Governor of the Andaman and Nicobar Islands.

Month: Categories: India Current Affairs 2018

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Finance Ministry launches web portal to grant loans to MSMEs within hour

Union Finance Minister Arun Jaitley launched portal www.psbloansin59minutes.com to enable micro, small and medium enterprises (MSMEs) to get in-principle approval of loans within hour without need for branch visit.

The web portal will enable in principle approval for MSME loans up to Rs. 1 crore within 59 minutes from Small Industries Development Bank of India (SIDBI) and 5 Public Sector Banks (PSBs). It also simplifies decision making process for loan officer as final output provides summary of credit, valuation and verification on a user-friendly dashboard in real time.

PSB loans in 59 minutes Portal

The portal is strategic initiative of SIBDI led five PSB consortium incubated under aegis of Department of Financial Services (DFS), Ministry of Finance. It sets new benchmark in loan processing and reduces turnaround time from 20-25 days to 59 minutes. Subsequent to this in principle approval, the loan will be disbursed in 7-8 working days.

The portal integrates advanced fintech to ensure seamless loan approval and management in MSME banking credit space. The loans under it are undertaken without human intervention till sanction and or disbursement stage. It has User Friendly Platform, which omits need for physical submission of any physical document for in-principle approval.

It also uses sophisticated algorithms to read and analyse data points of MSME borrower from various sources such as IT returns, GST data, bank statements, MCA21 etc. in less than hour. It also captures applicant’s basic details using smart analytics from available documents.

Month: Categories: Banking Current Affairs 2018

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