Banking Awareness Questions for Canara Bank PO and Clerk | 28th November 2018

Finance Minister Arun Jaitley is not in MPC.

99.3% of demonetised notes worth Rs 15.3 lakh crore returned: RBI.

PMFBY will provide a comprehensive insurance cover against failure of the crop thus helping in stabilising the income of the farmers and encourage them for adoption of innovative practices. The Maximum Premium payable by the farmers will be 2% for all Kharif Food & Oilseeds crops, 1.5% for Rabi Food & Oilseeds crops and 5% for Annual Commercial/Horticultural Crops.

The merger of Idea Cellular and Vodafone India has been completed, creating India’s biggest telecom service provider with over 408 million subscribers.

SBI Card, the country's second largest credit card issuer, today announced the launch of 'ELA' (Electronic Live Assistant), a virtual assistant for customer support and services. Driven by Artificial Intelligence and Machine Learning, ELA is designed to enhance customer experience by providing relevant and instant responses to customer queries.

YES Bank is all set to roll out a capacity building project with farmers in Haryana and Rajasthan under its ‘Livelihood and Water Security’ CSR initiative.

The World Bank has approved Atal Bhujal Yojana (ABHY), a Rs.6000 crore Central Sector Scheme of the Ministry of Water Resources, River Development and Ganga Rejuvenation. The scheme is to be implemented over a period of five years from 2018-19 to 2022-23, with World Bank assistance. The scheme proposal has already been recommended by the Expenditure Finance Committee and the Ministry will be seeking Cabinet approval for the project shortly.

The Reserve Bank of India (RBI) has launched "financial literacy week" based on theme of "consumer protection" in Jammu and Kashmir with an aim for good practices for safe digital banking experience.

Investors will be permitted to purchase mutual funds worth up to Rs 50,000 through digital wallets, the market regulator, Sebi said in a release. "Investments up to Rs 50,000 per mutual fund per financial year can be made using e-wallets," the regulator said while redemptions of such investments can be made only to the bank account of a unit holder.

Enthused by the success of India's largest bank State Bank of India's merger, the government is reportedly mulling another mega bank merger. As per a report, the government is planning to merge Bank of Baroda, IDBI Bank, Oriental Bank of Commerce and Central Bank of India. These four banks had reported a combined loss of Rs 21,646.38 crore in the year ended 31 March 2018.

Amidst rampant economic slowdown, Prime Minister Narendra Modi constituted an Economic Advisory Council to PM (EAC-PM) to help turn things around. Bibek Debroy, the vice chairman of Niti Aayog has been appointed as the Chairman of this economic review body. Also, Ratan Watal has been named member-secretary of the council, whereas Surjit Bhalla, Rathin Roy and Ashima Goel will be part-time members.

Banks may have to borrow money from the RBI at times whenever there’s a shortfall. And when they borrow money from the RBI, they have to pay interest to them. The RBI lends money to the commercial banks at repo rate.

The minimum amount required to open the Sukanya Samriddhi Yojana (SSY), a government backed scheme targeted towards a girl child and her financial needs, has been reduced. The Sukanya Samriddhi Account can now be opened with a minimum deposit of Rs 250 which was Rs 1,000 earlier. Also, in subsequent years, the minimum of Rs 250 needs to be deposited each year as against Rs 1,000 earlier. A maximum of Rs 1.5 lakh can be deposited during the ongoing financial year.

The Ministry of Culture, Government of India has introduced a new scheme namely ‘Seva Bhoj Yojna’ with a total outlay of Rs. 325.00 Crores for Financial Years 2018-19 and 2019-20. The scheme envisages to reimburse the Central Government share of Central Goods and Services Tax (CGST) and Integrated Goods and Service Tax (IGST)so as to lessen the financial burden of such Charitable Religious Institutions who provide Food/Prasad/Langar (Community Kitchen)/Bhandara free of cost without any discrimination to Public/Devotees.

In a major relief to the medium and small enterprises sector the Reserve Bank of India on Wednesday announced that GST registered MSME borrowers will get a further 180 day window to pay dues if their accounts were standard as on August 31st 2017. This dispensation allowed to banks and NBFCs will be applicable for dues between September 2017 and January 2018 if the aggregate exposure does not exceed Rs 25 crore. Banks and NBFCs will also not be required to downgrade asset classification.