Regional Rural Banks Current Affairs - 2020

EKAM Fest: Event to Promote craftsmanship and products of Divyang entrepreneurs

A week-long festival called “EKAM FEST” was organized to promote the products of Divyang artisans and entrepreneurs. More than 80 Divyang entrepreneurs and artisans participated in the event.

Highlights

The event focuses to promote knowledge and entrepreneurship of Divyang Community. It also aims to market their opportunities. The event was organized by NHFDC (National Handicapped Finance and Development Corporation). The NHFDC also launched the NHFDC Swavalamban Kendra (NSK), an initiative to establish micro skill training centre for Divyangs

NHFDC

The NHFDC operates under Ministry of Social Justice and Empowerment. It was established in 1997. The Company provides financial assistance to divyangs and persons with disabilities. Currently it is implementing Vishesh Microfinance Yojana

Vishesh Microfinance Yojana

Under the scheme, NHFDC finances income generating schemes of Disabled persons. This is being done by signing agreement with Public Sector Banks, Regional Rural Banks and other financial institutions. The main objective of the scheme is to reach out unbanked population and promote inclusive livelihood.

RBI issues norms to set up Currency Chests

The Reserve Bank of India (RBI) has issued guidelines for banks to set up new currency chests. The guidelines include:

  • Area of the strong room/ vault of at least 1,500 sq ft. For those situated in hilly/ inaccessible places, the strong room/ vault area of at least 600 sq ft.
  • The new chests should have a processing capacity of 6.6 lakh pieces of banknotes per day. Those situated in the hilly/ inaccessible places, a capacity of 2.1 lakh pieces of banknotes per day.
  • The currency chests should have Chest Balance Limit (CBL)  of Rs 1,000 crore, subject to ground realities and reasonable restrictions, at the discretion of the Reserve Bank.

Currency Chest

Currency chest is the place where the currency is stored. These chests act as the distributives of RBI cash and enable RBI to take back soiled notes and mutilated notes from the public.

As per the RBI’s annual report of 2017-18, the currency management infrastructure consists of a network of 19 issue offices of the Reserve Bank, 3,975 currency chest and 3,654 small coin depots of commercial, co-operative and regional rural banks spread across the country.