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BRICS Summit Highlights

1.      BRICS Summit Highlights:

i. South Africa hosted the fifth BRICS Summit from 26 to 28 March 2013 at the Durban International Convention Centre (ICC). This will complete the first cycle of BRICS summits.

ii. The central area of discussion was under the overarching theme, BRICS and Africa: Partnership for Development, Integration and Industrialisation.

Highlights of the Summit:

i. The BRICS Nations fully support the efforts of their respective governments at the G20 that has emerged as the premiere forum to address critical global economic and financial issues.

ii. The possibility of setting up of a development bank and investment fund and promoting trade within this group in local currencies are particularly encouraging and progress in finalising these.

iii. BRICS and Africa will forge a closer partnership for development integration and industrialisation.

iv. China and Brazil have agreed to establish a currencyswap line worth around 30 billion dollar in their respective currencies, which they say is designed to protect against future global financial crises.

v. BRICS countries will actively support infrastructure development and industrialisation on the African continent in order to contribute to its development and to expand trade links between Africa and BRICS

Banking awareness quesitons for SBI-PO

Banking awareness quesitons for SBI-PO
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1. Which of the following is the correct statement?
(1) State Bank of India is the sole authority to issue and manage currency in India
(2) A nationalized bank is the sole authority to issue and manage currency in India
(3) A cooperative bank is the sole authority to issue and manage currency in India
(4) RBl is the sole authority to issue and manage currency in India
(5) None of the above
ANSWER : 4

2. Which of the following is correct statement?
(1) Normally no interest is paid on current deposit accounts
(2) Interest is paid on current accounts at the same rate as term deposit accounts
(3) The rate of interest on current account and savings account are the same
(4) No interest is paid on any deposit by the bank
(5) Savings deposits are the same as current deposits
ANSWER : 1

United Bank ties up with Tata Power Solar

United Bank of India has entered into a memorandum of understanding (MoU) with Tata Power Solar to provide credit to the non-renewable energy sector.

Under the MoU, Tata Power will leverage the bank’s branch network in the eastern region to make easy finance available to the purchaser of the off-grid solar home lighting or water heating system, said a bank statement.

National Film Awards Announced

60th National Film Awards Announced
The 60th National Film Awards were announced on Monday. National Film Awards are touted as the most coveted film honours in the realm of Indian cinema.
Critically acclaimed films like 'Paan Singh Tomar' and 'Kahaani' have emerged big winner at the National awards.

The list of winners in National Film Awards 2013 is as follows:

1. Best actor: Irffan Khan for 'Paan Singh Tomar' and Vikram Gokhalefor Marathi film 'Anumati'
2. Best film on social issues: `Spirit` (Malayalam)
3. Best film - wholesome entertainment: ‘Vicky Donor’
4. Best supporting actor: Annu Kapoor

RBI cuts repo rate by 25 bps, leaves CRR unchanged

The Reserve Bank of India has cut repo rate by 25 basis points from 7.75 per cent to 7.5 per cent with immediate effect. Consequently, the reverse repo rate stands adjusted to 6.5 per cent and the marginal standing facility (MSF) rate and the Bank Rate to 8.5 per cent with immediate effect.

The RBI has left the cash reserve ratio unchanged at 4 per cent.

The central bank said high current account deficit and inflationary expectations limit possibility of further easing of rates.

At 14.02 p.m., the 30-share BSE index Sensex was trading tanked 322.17 points or 1.67 per cent to 18,971 and the 50-share NSE index Nifty fell 98 points or 1.68 per cent to 5,737.25.

The rupee fell to 54.33 against the dollar after the RBI indicated that the "headroom for further monetary easing remains quite limited".

Economic activity weakens

18 march Headlines

Virender Sehwag, Gautam Gambhir may play individually but not as pair: Gavaskar
Italian envoy can end up in jail: Harish Salve
Shiv Sena threatens IPL teams to 'contribute' Rs 500 cr
Marine issue: SC may pose tough questions to Italian envoy Daniele Mancini
India vs Australia, Mohali Test: Clarke 's boys set for another M S Dhoni-inked disgraceful defeat
Australian Grand Prix: Kimi Raikkonen bags race for Lotus F1, Sebastian Vettel bites dust
Piloting political parties: Sonia Gandhi, Jayalalithaa, Mayawati, Mamata typify women's power
Poll fever catching up in Karnataka ahead of Assembly election
Italian marines row: Killer's mother says 'justice' has been done, everything 'fine'
At Delhi's Ramlila Maidan rally, Bihar CM Nitish Kumar says Bihar will be kingmaker at Centre
Sri Lankan Tamils issue: Cong decries 'maligning' of PM by pro-Tamil groups
Will oppose move to lower age of consent for sex: RSS
Shatrughan Sinha, Jaya Prada, Lalu Prasad, Amar Singh team up for Bhojpuri film
17 aspirants for every one engineering job available: Study

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New licensing norms: Bank unions call for nationwide protest

Bank unions are opposed to the RBI’s new bank licensing policy by which private industrial, business and corporate houses will be permitted to open their own banks.

The United Forum of Bank Unions, a representative body of nine bank unions, has called for countrywide demonstrations by bank staff on March 18 in this regard, C.H. Venkatachalam, General Secretary, All India Bank Employees Association (AIBEA), said.

Information management essential for banks

Creative management of information could give banks a competitive advantage, according to a banker.

Addressing the members of Bankers’ Club of Mangalore here, M.V. Nair, Chairman of CIBIL (Credit Information Bureau India Ltd), said technology-based products such as internet banking, mobile banking, debit and credit cards and ATMs, have already been commoditised. They no more offer a competitive edge to banks.

“In such a situation, creative management of information alone could give banks a competitive advantage,” he said.

Now, pay your auto fare via mobile

Old private sector lender Federal Bank has turned to auto drivers to increase its mobile payment services through IMPS (Interbank Mobile Payment Service).

The facility will enable auto drivers to receive their fare from the customers of any bank using a mobile phone.

“This is a cashless mobile-based payment system which accommodates any amount starting from Re 1 and adds convenience and security to both passengers and drivers eliminating coin shortage and fake currency problems, said D. Sampath, Head - Retail Banking, Federal Bank.

A passenger can make payments by sending an SMS from his mobile phone to his bank. 

The simple instructions to follow are displayed inside the auto rickshaw.

The bank of the passenger will then process the transfer request with the technical support of National Payment Corporation of India (NPCI) and send the SMS confirmation to both the passenger and the driver within seconds, Sampath explained.

RBI asks banks to identify erring officials quickly

The Reserve Bank of India has asked banks to fix responsibility on officials and auditors responsible for verification, certification, or for passing wrongful claims in the Rs 52,000-crore Agriculture Debt Waiver and Debt Relief Scheme.

Action needs to be initiated and full responsibility fixed at the earliest with no exceptions, the RBI said in a notification relating to performance audit of the Scheme.

Referring to the serious nature of observations made by the Comptroller and Auditor General, the RBI said, the Government of India, among others, wants the beneficiaries’ lists completely verified with priority being given to areas where indebtedness was high.

Banks take steps to make credit card payments more safe

In view of the rampant rise in credit card frauds, banks and merchant establishments are upgrading their security measures to make electronic payment transactions more secure.

Among the big credit card players, HDFC Bank and ICICI Bank have started issuing chip-based EMV (Europay, MasterCard and Visa) cards.

Further, they are also employing real time fraud control tools such as second factor authentication and sending SMS and email alerts regarding card-based transactions.

This comes even as the Reserve Bank of India on Thursday issued guidelines for card issuers to only issue cards with an embedded chip and a compulsory pin (like that used for ATM transactions) from July.