Banking and Economy Awareness PDF– May 2019

Banking and Economy Awareness PDF

News and Questions
May 2019

1. SEBI bars NSE from accessing the securities market for a period of six months
 Securities and Exchange Board of India (SEBI) has barred Q1. Which trading entity has been
National Stock Exchange (NSE) from accessing the banned by SEBI due to co-location?
securities market directly or indirectly for a period of six Q2. IPEF fund full form?
months starting from April 30, 2019. It means NSE Q3. TBT full form?
cannot launch a new derivative product for the next six Q4. NSE banned for what
months. duration?
 This has been done as NSE had not exercised the
requisite due diligence while putting in place the TBT
architecture. There were some chances of fraud due to
server co-location issue.
 Tick-by-Tick (TBT) is a data feed, which provides
information regarding every change in the order book on
the NSE.
 SEBI has also directed NSE to disgorge an amount of
Rs.624.89 crores to the Investor Protection and
Education Fund (IPEF) created by SEBI under Section 11
of the SEBI Act.

2. India Was the Biggest Recipient of Funds from ADB in 2018

 India was the biggest recipient of funds from the Asian Q1. Country with highest recipient
Development Bank (ADB) in the year 2018. of funds from ADB in 2018?
 The country received USD 3 billion in sovereign loans in Q2. India received what amount of
2018 from ADB. funds from ADB in 2018?
 This is the highest level of assistance since sovereign
operations began in the country in 1986.
 The multilateral funding institution is committed to
grant sovereign loans in excess of USD 3 billion in 2019
as well.

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3. Monetary Authority of Singapore and the Bank of Canada complete first

international cross-currency payment
 The Monetary Authority of Singapore and the Bank of Q1. The world’s first international
Canada have completed the first international cross- cross-currency payment was done
currency payment with digital currencies between between central banks of which
central banks. This was done using blockchain country?
technology between the two central banks.
 The BoC’s experimental domestic payment network,
Project Jasper, was linked up with Singapore’s Project
Ubin network as part of the international cross-currency
payment.

4. Canada’s $10 bill adjudged as the best bank note for 2018 by IBNS
 $10 bill of Canada has been adjudged as the best bank Q1. Which banknote has been
note for 2018 by the International Bank Note Society adjudged as the best bank note for
(IBNS). 2018 by the International Bank
 This note of Bank of Canada features civil rights activist Note Society (IBNS)?
Viola Desmond (civil rights activist). Banknotes from 16 Q2. Banknote from which Central
nations were in the race. Bank has been adjudged as the
 The IBNS Banknote of the Year award is an initiative to best bank note for 2018 by the
recognise an exceptional banknote issued every year. International Bank Note Society
(IBNS)?

5. Malaysia Set to Open World’s First Crypto Powered City

 Malaysia is set to become the site of the world’s first Q1. First country with Crypto
crypto city, where cryptocurrency called DMI will be Powered City?
used in place of cash.
 The government of Malaysia is developing 835 acres of
Malacca City into a tourist destination for the crypto
lovers. The city will be called the Melaka Straits City.
Tourist visiting the city will reportedly be able to convert
their money into DMI through their mobile phones or
computers.

6. India’s Foreign Exchange Reserves Rise By $4.3 Billion as on April 26: RBI
 The Reserve Bank of India (RBI) released a data on May 3, 2019 stating that India’s Foreign
Exchange Reserves increased by $4.368 billion to $418.515 billion in the week ending April 26
helped by the second dollar-rupee swap auction.
 Within the foreign exchange reserves, the foreign currency assets rose by USD 4.387 billion to
USD 390.421 billion.
 Gold reserves remained unchanged at USD 23.303 billion.
 Special drawing rights with the International Monetary Fund was down by USD 5.9 million to
USD 1.449 billion.
 India’s reserve position with the Fund also declined USD 13.6 million to USD 3.341 billion.

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7. Pakistan appoints IMF official as new central bank governor

 International Monetary Fund (IMF) economist Reza Baqir Q1. Reza Baqir has been appointed
has been appointed as the Governor of State Bank of as the governor of central bank of
Pakistan. State Bank of Pakistan is the central bank of which country?
Pakistan. Q2. Reza Baqir was an economist
 He will replace Tariq Bajwa, who was removed from his at?
post. Q3. Central Bank of Pakistan?

8. RBI enhances housing-loan limits under priority sector lending for RRBs, SFBs
 The Reserve Bank of India has increased the housing loan limit under the priority sector
lending for Regional Rural Banks and Small Finance Banks. The new limits are as under:
 Housing loans to individuals in metropolitan centres (with population of ten lakh and above)
– up to ₹ 35 lakh
 [provided the overall cost of the dwelling unit in the metropolitan centres does not exceed ₹
45 lakh]
 Housing loans to individuals in other centres – up to ₹ 25 lakh
 [provided the overall cost of the dwelling unit at other center does not exceed ₹ 30 lakh]
 Family income limit eligible for loans to housing projects for Economically Weaker Sections
(EWS) – ₹ 3 lakh per annum
 Family income limit eligible for loans to housing projects for Low Income Groups (LIG) – ₹ 6
lakh per annum

9. ADB Launches $5 Billion Healthy Oceans Action Plan

 The Asian Development Bank (ADB) has launched the Q1. Which bank has launched the
‘Action Plan for Healthy Oceans and Sustainable Blue Action Plan for Healthy Oceans?
Economies for the Asia and Pacific region’. Q2. Amount of support from ADB
 The initiative was launched at the 52nd Annual Meeting for Action Plan for Healthy
of ADB’s Board of Governors in Fiji. Oceans?
 The $5 billion action plan will run between 2019–2024
 The basic objective of the plan is investing in sustainable
marine economies for poverty alleviation in Asia and the
Pacific.

10. SEBI allows foreign portfolio investors to invest in municipal bonds

 Securities and Exchange Board of India (SEBI) has Q1. Limit for FPI in municipal
announced that Foreign portfolio investors can now bonds?
invest in municipal bonds.
 Recently Reserve Bank of India permitted FPIs to invest
in municipal bonds as a measure to broaden access of
nonresident investors to debt instruments.
 The limits for FPI investment in municipal bonds is 2

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percent of outstanding stock of securities.

11. Australian Central Bank prints 46 million piece of $50 note with spelling mistake
 Reserve Bank of Australia (RBA) i.e the Central Bank of Q1. Which central bank printed
Australia has printed the $50 note with a spelling $50 note with spelling mistake?
mistake where the word “responsibility” is printed as Q2. RBA printed which
“responsibilty”. denomination banknote with
 Around 400 million notes of $50 were printed and 46 spelling mistake?
million of them are in circulation. The total value of the Q3. Central Bank of Australia?
notes in circulation is around $2.3 billion.

12. NABARD Launches Rs 700-crore Venture Capital Fund for Agri & Rural Startups
 The National Bank for Agriculture and Rural Q1. Which entity has launched Rs
Development (NABARD) has launched Rs 700-crore 700-crore venture capital fund for
venture capital fund for equity investments in startups equity investments in startups
engaged in agriculture, food and rural development eengaged in agriculture?
space. Q2. Which entity has launched
 The fund called NABVENTURES Fund I, has been Nabventures.
launched by Nabventures, a subsidiary of NABARD. Q3. Outlay of Nabventures
 This is the first time that the rural development bank has
launched a fund of its own.
 The fund has a proposed corpus of Rs 500 crore with an
option to retain over-subscriptions of Rs 200 crore called
as the greenshoe option.

13. Paytm Launches Credit Card in Partnership With Citi Bank with Universal Unlimited
Cashback
 Indian digital wallet company Paytm has tied up with Q1. Paytm has partnered with
American card company Citibank to launch a credit card which bank for Paytm First Card?
called the Paytm First Card. Q2. Name of credit card of Paytm?
 The card will offer minimum assured one percent
“universal unlimited cashback” on all transactions to
customers along with no restrictions on earning
categories.
 Paytm First Card will have an annual fee of Rs. 500, with
the facility of full waiver of annual fee on spends
exceeding Rs 50,000 per year.
 It is the first card of its kind card launched in India by Citi
as well as first white-label credit card to offer unlimited
one per cent cash-back.

14. Ola launches credit card in partnership with SBI and Visa
 Cab aggregator Ola has launched Ola Money Credit Card Q1. Ola has partnered with which

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in partnership with State Bank of India. The Ola Money bank for its credit card?
Credit Card is powered by Visa.
 The Ola-SBI credit card will come packaged with an
exclusive rewards program. The team is currently
targeting to issue 10 million Ola Money-SBI Credit Cards
by 2022.

15. RBI directs NBFCs with asset size greater than Rs.5000 crore to appoint a CRO
 The Reserve Bank of India has directed the Non-Banking Q1. RBI has directed NBFCs with
Financial Company (NBFCs) with asset size of more than asset size of more than ___ to
Rs.50 billion (Rs 5000 Crore) to appoint a Chief Risk appoint a CRO.
Officer (CRO). Q2. RBI has directed ___ to
 This has been done for best risk management practices. appoint a CRO.
The CRO is required to function independently so as to Q3. RBI has directed NBFCs with
ensure highest standards of risk management. asset size greater than

16. RBI releases “Payment and Settlement Systems in India: Vision 2019 – 2021″
 The Reserve Bank of India has released its vision Q1. Core theme of “Payment and
documents on digital payment named “Payment and Settlement Systems in India: Vision
Settlement Systems in India: Vision 2019 – 2021. It 2019 – 2021″?
shows the vision of RBI for growth of Digital Payment in Q2. “Payment and Settlement
India. Systems in India: Vision 2019 –
 The Payment Systems Vision 2021 covers the period up 2021″ released by?
to December 2021.
 Core theme of the Vision Document: ‘Empowering
Exceptional (E)payment Experience’.
 Vision Statement – Empower every Indian with access to
a bouquet of e-payment options that is safe, secure,
convenient, quick and affordable.
 Vision envisages four goal-posts (4 Cs) – Competition,
Cost, Convenience and Confidence. It has 36 specific
action points.

17. SIDBI launches Scheme for Assistance to New Age Fin-Tech NBFCs
 Small Industries Development Bank of India (SIDBI) has Q1. Minimum Net Owned Fund: Rs
launched a Scheme for Assistance to New Age Fin-Tech 20 Crore
NBFCs registered as Investment and Credit Company Q2. Minimum Asset Size: Rs 50
(ICC) with the RBI. It as been launched on pilot basis. Crore
 SIDBI will extend financial assistance of up to ₹10 crore Q3. Maximum Exposure/Maximum
to new-age fintech non-banking finance companies Assistance: Rs 10 Crore
(NBFCs) engaged in financing small businesses and other
income-generating activities
 Fintech NBFCs are digital loan companies. They leverage
information technology to provide fast and convenient
access to funding.

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18. HDFC Capital Advisors launches HeART Initiative for affordable housing
 HDFC Capital Advisors has announced the launch of a Q1. Name of digital affordable
new initiative named HDFC Affordable Real Estate and housing initiative launched by
Technology Programme (HeART) that seeks to mentor, HDFC Capital Advisors?
partner and invest in real estate technology companies Q2. HeART launched by?
that drive innovation and efficiencies within the
affordable housing ecosystem.
 As a part of HeART programme, HDFC Capital will
provide a platform to real estate technology companies
with innovative products aimed at creating efficiencies
and lowering costs in each part of the development
cycle.

19. Nitin Chugh to be the MD and CEO of Ujjivan Small Finance Bank from December
01
 Ujjivan Small Finance Bank has announced that Nitin Q1. Who is the MD/CEO of Ujjivan
Chugh will take over as the MD and CEO of the bank Small Finance Bank?
w.e.f December 01, 2019 for a term of 3 years. Q2. Who will replace Samit Ghosh
 He will succeed Samit Ghosh whose term as MD and CEO as MD/CEO of Ujjivan Small
ends on November 30, 2019 as he will attain the age of Finance Bank?
70 years. Q3. Nitin Chugh will be the MD-
 Nitin Chugh will take over as the president of the bank CEO of which bank?
from August 2019 and will work closely with Samit Q4. Headquarters of Ujjivan Small
Ghosh till November 30, 2019 to ensure a smooth Finance Bank?- Bengaluru
transition.

20. BSE launches Mutual Funds app BSE StAR MF

 BSE has launched ‘BSE StAR MF’ app to enable more Q1. Name of the mutual fund app
participation in mutual funds and help mutual fund launched by BSE?
distributors process transactions faster.
 BSE StAR MF mobile app supports real-time client
registration and paperless transactions, creates and
uploads mandate for SIPs, generates the basket of
multiple orders, tracks and allows the distributor to
analyse his business at his fingertips.
 BSE StAR MF is the exchange’s mutual fund platform
which helps distributors purchase and redeem mutual
fund units on behalf of their clients.

21. Kerala CM rings bell at London Stock Exchange for listing of KIIFB’s masala bonds
 On 17th May, 2019, The Chief Minister of Kerala, Q1. First state in India to issue
Pinarayi Vijayan, rang the bell at London Stock Exchange Masala Bond?- Kerala

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for listing of Kerala Infrastructure Investment Fund Q2. First state-owned entity to
Board’s (KIIFB) masala bonds. issue masala bond?- KIIFB
 Kerala Infrastructure Investment Fund Board is the first Q3. KIIFB masala bond listed on?-
state-owned entity to issue masala bonds. Kerala is also LSE
the first state in India, to issue masala bonds.
 KIIFB has raised Rs 2,150 crore through masala bonds at
a fixed interest rate of 9.723% per annum.

22. NAARM awarded World Bank-funded national agricultural higher education

project worth Rs. 69.41 crore
 The National Academy of Agricultural Research Q1. NAHEP project is funded by?-
Management (NAARM) has received the mandate to World Bank
implement Rs.69.41 crore national agricultural higher Q2. Outlay of project?- Rs 69.41
education project (NAHEP). crore
 It is a three-year project and is funded by the World Q3. Implementing body?- NAARM
Bank. It calls for investments in the Indian Council of Q4. NAARM located at?-
Agricultural Research Leadership in Agricultural Higher Hyderabad, Telangana
Education.
 It aims at establishing partnerships with globally
recognised agricultural higher education institutions. It is
also for establishing career development centres at
agriculture universities.
 Besides NAARM, Indian Agricultural Statistical Research
Institute (IASRI) and National Institute of Agricultural
Economics and Policy Research of Indian Council of
Agricultural Research will take part in the
implementation of the project.

23. India Registers Trade Deficit with 11 RCEP Members in FY 2018-19

 India’s recorded trade deficit with 11 out of 16 Regional Q1. India has trade deficit with
Comprehensive Economic Partnership (RCEP) bloc how many RCEP member nations
members in the financial year 2018-19, as per the in 2018-19?
provisional trade data available. Q2. RCEP members?
 Trade deficit is the difference between imports and
exports of a country, where the imports exceeds its
exports.
 RCEP is a bloc comprising of 10 ASEAN members (Brunei,
Cambodia, Indonesia, Malaysia, Myanmar, Singapore,
Thailand, the Philippines, Laos and Vietnam) and their
six FTA partners (India, China, Japan, South Korea,
Australia and New Zealand).
 India only had trade surplus with Cambodia, Philippines
and Myanmar in 2018-19 while it did not carry out any
trade with Laos in that fiscal.
 India has no free trade agreement with China.

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24. World Bank and CommBank Australia Launch First Blockchain-Based Bond
 World Bank has partnered with the Commonwealth Q1. World Bank has partnered with
Bank of Australia (CommBank) to enable recording of which bank World Bank has
blockchain-based secondary market trading for its bond- partnered with the
i. Commonwealth Bank of Australia
 The bond will be the world first bond to be both issued (CommBank) to enable recording
and traded via the use of distributed ledger of blockchain-based secondary
technologies. market trading for its bond-i.
 The two entities conducted the successful trading
activity on a distributed ledger technologies (DLT) of
Blockchain Operated New Debt Instrument (bond-i)
enabling capital markets to leverage distributed ledger
technologies for faster, more efficient, and more secure
transactions.
 Bond-i was first issued by the World Bank in August 2018
which was the first bond in the world to be created,
allocated, transferred and managed through its entire
lifecycle via DLT.

25. OECD Cuts Global Growth Forecast to 3.2 Percent for FY20
 The OECD has cut its forecast for the global economic growth to 3.2 percent for 2019-20 from
3.3 percent earlier on the backdrop of rising trade tensions between China-US.

26. United Nations Lowers India’s GDP Growth at 7.1% in 2019-20

 The United Nations World Economic Situation and Q1. GDP growth rate for India as
Prospects (WESP) 2019 Mid-year Update report was per UN in 2019-20?- 7.1%
released on May 21, 2019. Q2. GDP growth rate for India as
 As per the report, India’s economy is projected to grow per UN in 2018-19?- 7.0%
at 7.1 percent in the fiscal year 2019-20 on the back of
strong domestic consumption and investment.
 For 2018-19 it is 7.0%

27. Shadow banking 14.3% of total financial assets in India: FITCH

 As per a Fitch Report, Shadow banking assets as a Q1. Share of Shadow Banking as
percentage of total financial assets within India, were at percentage to total financial assets
14.3 percent, in line with the global percentage of 13.7 in India?- 14.3%
percent. Q2. Share of Shadow Banking as
 The reports pointed out that India’s shadow banking percentage to total financial assets
assets were fairly small by international standards, in the world?- 13.7%
ranking 17th globally at $571.7 billion. Q3. Rank of India in terms of
shadow banking assets?- 17th

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28. Indian Economy to grow at 7.25% in FY19 7.5% in FY20: OECD

 Organisation for Economic Co-operation and Q1. India’s GDP growth rate in
Development (OECD) has said in its Economic Outlook FY19 as per OECD?
that Gross domestic product (GDP) growth in India is Q2. India’s GDP growth rate in
projected to strengthen to close to 7.25% in FY19 and FY20 as per OECD?
close to 7.5% in FY20.

29. ADB to provide USD 750 mn loan to India for Electrification of Railway Track
 Asian Development Bank (ADB) has signed an Q1. Amount of loan?
agreement to provide USD 750 million equivalent in Q2. Purpose of loan?
Indian rupee long-term financing to electrify railway
tracks in India.
 ADB has committed this amount to Indian Railway
Finance Corporation (IRFC) to fund the railways track
electrification project. This is the largest single non-
sovereign loan ever committed by ADB to IRFC.
 IRFC will use the proceeds from the loan to install
electric traction equipment along about 3,378 kilometres
of existing railway lines to enable migration of passenger
and freight traffic from diesel to electric traction.

30. RBI revises Voluntary Retention Route for Investments by Foreign Portfolio
Investors (FPIs) and opens allotment ‘on tap
The Reserve Bank of India had introduced the Voluntary Q1. VRR full form
Retention Route for Investments by Foreign Portfolio Investors Q2. investment limit.
(FPIs) on March 01, 2019. Now RBI has introduced some Q3. VRR-Govt and VRR-Corp
changes in it. These are given below: combined into?
 Earlier there was an aggregate investment limit of ₹ 40,000 Q4. retention period?
crores for VRR-Govt and ₹ 35,000 crores for VRR-Corp. Q5. allotment percentage?
 Now both the categories have been merged under the VRR–
Combined category, which allows investment in both
government securities and corporate debt. The investment
limit shall be ₹ 54,606.55 crores.
 The minimum retention period shall be three years. During
this period, FPIs shall maintain a minimum of 75% of the
allocated amount in India. (No Change)
 Investment limits shall be available ‘on tap’ and allotted on
‘first come, first served’ basis.
 The ‘tap’ shall be kept open till the limit is fully allotted or
till December 31, 2019, whichever is earlier.
 FPIs may apply for investment limits online to Clearing
Corporation of India Ltd. (CCIL) through their respective
custodians.

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31. RBI allows large modern Currency Chests to increase service charge from Rs 5 to Rs
8
 The Reserve Bank of India has allowed large modern Q1. Amount of service charge?
Currency Chests (CC) to increase the service charges that
the CCs charge on cash deposited by non-chest bank
branches from the existing rate of ₹ 5/- per packet of
100 pieces to a maximum of ₹ 8/- per packet.

32. CBDT task force gets 2-month extension to draft new direct tax code till July 31
 Central Board of Direct Taxes (CBDT) task force has been given an extension of two months to
draft a new Direct Tax Code from May 31, 2019 to July 31, 2019.
 The new Direct Tax code will simplify complex income tax laws. The extension was given by
Finance Minister Arun Jaitley.
 Also senior citizens with a taxable income of up to Rs 5 lakh can now submit Form 15H to
claim exemption from TDS on interest income on deposits in banks and post offices. Earlier,
the limit for seeking TDS exemption was Rs 2.5 lakh.

33. Corporation Bank launches ‘Corp SME Suvidha’ for MSMEs

 Corporation Bank has launched ‘Corp SME Suvidha’, a Q1. Which bank has launched
product for GST-registered MSMEs. ‘Corp SME Suvidha’?
 The product has been designed as part of the bank’s Q2. Name of the scheme?
efforts to provide the best products to MSME.
 Managing Director and Chief Executive Officer of
Corporation Bank- PV Bharathi

34. Ind-Ra Lowers GDP Estimate for FY 19 to 6.9 Percent

 The India Ratings and Research (Ind-Ra) expects India’s Q1. GDP rate for India in 2018-19
GDP growth rate to be 6.9 percent during 2018-19 as as per Ind-Ra?
against the advance estimate of 7 percent.
 Further, it expects that the fourth quarter (January to
March 2018) GDP growth of FY19 will decelerate to 6.3
percent from 6.6 percent in the third quarter (October to
December 2018).
 It said that 2018-19 will be the second consecutive year
of an economic slowdown in India. The GDP growth was
7.2 per cent during 2017-18.

35. Indian Overseas Bank Launches ‘Bank on Wheels’ Facility

 The Indian Overseas Bank (IOB) has launched a new Q1. Which bank has launche ‘Bank
service named ‘Bank on Wheels’ on May 27, 2019 in its on Wheels’ facility?
16 lead districts in the state of Tamil Nadu, Andhra Q. Bank on wheels facility
Pradesh and Kerala. launched by IOB in how many
 The ‘Bank on Wheels’ facility has been launched in districts?

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Kanyakumari, Karur, Nagapattinam, Perambalur,

Pudukottai, Ramanathapuram, Sivaganga, Thanjavur,
Tiruchirapalli, Tirunelveli, Tiruvarur, Virudhunagar and
Chennai, besides, Vijayawada and Kakinada in Andhra
Pradesh and Thiruvananthapuram in Kerala.
 The mobile van facility will enable the public, especially
senior citizens, conveniently get door-step banking
facility available at identified locations of the lead
districts.
 Bank on Wheels will have a dedicated Banking
correspondent, micro ATM inside the van, to provide
services like account opening, enrolment of customers in
social security scheme, passbook printing and other
financial inclusion activities.

36. RBI Extends Timings for RTGS Transactions for Customers from 4:30 pm to 6:00 pm
 The Reserve Bank of India has decided to extend the timings for customer transactions in Real
Time Gross Settlement (RTGS) System by 1.5 hours.
 The timings for customer transactions (initial cut-off) in RTGS will be extended from 4:30 pm
to 6:00 pm.
 The new timing will be effective from June 1, 2019.
 Accordingly, the new timing under RTGS time window is as follows
o Open for Business: 08:00 hours
o Customer transactions (Initial Cut-off): 18:00 hours
o Inter-bank transactions (Final Cut-off): 19:45 hours
o IDL Reversal: 19:45 hours – 20:00 hours
o End of Day: 20:00 hours

37. United States Removes India from its Currency Monitoring List
 The US Treasury Department has removed India as well as Switzerland from its currency
monitoring list of countries having potentially questionable foreign exchange policies.
 Removal of India from the currency watch list radar is a positive development, which
otherwise could have ultimately led to a tag of being a currency manipulator.
 Now nine major trading partners continue to be placed on Treasury’s ‘Monitoring List’ of
major trading partners that merit close attention to their currency practices.
 These countries are: China, Japan, Germany, South Korea, Ireland, Italy, Malaysia, Vietnam
and Singapore.
 Currency manipulator: Countries which indulge in manipulating the currency exchange rate
for gaining unfair competitive advantage in international trade often end up with the tag of a
currency manipulator.

38. Facebook Plans to Launch Cyrptocurrency Under the Name GlobalCoin

 Technology major Facebook is planning to launch its own Q1. Name of Cryptocurrency to be
cryptocurrency, in early 2020, which is likely to be launched by Facebook?
GlobalCoin to be launched by?

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named GlobalCoin.
 The cryptocurrency is being launched by Facebook under
its Secret project “Project Libra” and will require around
$1 billion in funding to support the project.
 Mark Zuckerberg owned social media giant may start its
testing by the end of 2019. Initially, the currency would
be launched in about a dozen countries.

39. RBI Constitutes Committee on the Development of Housing Finance Securitisation

Market
 The Reserve Bank of India has constituted a Committee Q1. Head of committee? - Dr.
on the Development of Housing Finance Securitisation Harsh Vardhan
Market. Q2. No. of members?- 6
 The six member committee will be chaired by Dr. Harsh
Vardhan, Senior Advisor, Bain & Company.
 The basic purpose of constituting the committee is to
come up with a suitable mechanism to make the
mortage securitisation market available for diverse
investor classes which otherwise is primarily dominated
by direct assignments among a limited set of market
participants.
 The committee will review the existing state of mortgage
securitisation in India and various issues constraining
market development, and to develop the market
further.
 The Committee shall submit its report by the end of
August 2019.

40. RBI Constitutes Task Force on the Development of Secondary Market for Corporate
Loans
 The Reserve Bank of India (RBI) has constituted a six Q1. Head of committee? - Shri.
member Task Force on the Development of Secondary T.N. Manoharan, Chairman, Canara
Market for Corporate Loans to bring in place a well- Bank
developed secondary market for debt for transparent Q2. No. of members?- 6
price discovery of the inherent riskiness of the debt
being traded.
 The committee will be chaired by Shri T. N. Manoharan,
Chairman, Canara Bank.
 The task force will review the existing state of the
market for loan sale/transfer in India as well as the
international experience in loan trading and shall submit
its report by the end of August 2019.

41. RBI Extends Relaxation on the Guidelines to NBFCs on Securitisation Transactions

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 The Reserve Bank of India has decided to extend the ‘Relaxation on the guidelines to NBFCs
on securitisation transactions’ till December 31, 2019.
 The “Relaxation on the guidelines to NBFCs on securitisation transactions” was issued on
November 29, 2018 by RBI to be applicable till May 2019.
 RBI has relaxed the minimum holding period (MHP) requirement for non-banking finance
companies (NBFC) in respect of loans with maturity of over five year.
 The lenders can now sell their loan pools or securitise them after holding them for six months
on their books. (Earlier it was one year)
 To avail the relaxed norms by NBFC, RBI has also prescribed the Minimum Retention
Requirement (MRR) of 20% of the fresh eligible loan portfolio instead of the regular norm of
10%.

42. Indian Economy to Grow at 7.1% for FY20 & 7.2% for FY21: FICCI
 The Industry body FICCI (Federation of Indian Chambers Q1. India GDP rate in 2019-20 as
of Commerce and Industry) expects the median GDP of per FICCI?
India to grow at 7.1% in 2019-20 in its economic outlook Q2. India GDP rate in 2020-21 as
survey released on May 30, 2019. per FICCI?
 The GDP growth projection for the fiscal 2020-21 is 7.2
per cent.

43. RBI to Observe Financial Literacy Week 2019 from June 3-7
 The Reserve Bank of India will observe the Financial Q1. When was Financial Literacy
Literacy Week from June 3-7, 2019. Week observed by RBI?
 The theme for 2019 is Farmers. Q2. Theme?
 Financial Literacy Week is organised by RBI to promote
awareness on key topics every year through a focused
campaign.

44. Sovereign Gold Bond Scheme 2019-20

 The Government of India, in consultation with the Q1. Who issues SGB?- RBI on
Reserve Bank of India, has decided to issue Sovereign behalf of GoI
Gold Bonds for 2019-20 starting from June 2019 to Q2. Denomination of SGB
September 2019. Q3. Tenor of SGB?
 The Bonds will be sold every month between July and Q4. Minimum and Maximum size
September only through: of SGB
 Scheduled Commercial banks (except Small Finance
Banks and Payment Banks),
 Stock Holding Corporation of India Limited (SHCIL),
 Designated post offices, and
 Recognised stock exchanges viz., National Stock
Exchange of India Limited and Bombay Stock Exchange
Limited.
 Denomination: multiple of 1 grams
 Tenor: 8 years with exit option after 5th year to be

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exercised on the interest payment dates.

 Minimum Size: 1 grams
 Maximum Size: 4 KG for individual, 4 Kg for HUF and 20
Kg for trusts and similar entities

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