banking and financial awareness => june – september 2014

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Banking and Financial Awareness specially focused on the IBPS PO CWE.

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  • 1. Banking and Financial Awareness => June September 2014Dear aspirants,We hope the last edition of Banking and Financialawareness fact file was very helpful to you. This studymaterial is the second edition which contains facts from lastJune to September. We expect you can easily answer thecurrent affairs questions in the forthcoming CWE of IBPSPO with the help of this file.Wish you guyz All the best.For More Current Affairs and GK stay tuned to our page...1. Which public-sector bank declared Kingfisher Airlines, its promoter Vijay Mallya and three directors as wilfuldefaulters on 1 September 2014, with which it became the first bank to make such a declaration against Mallya? United Bank of India (UBI)______Note : Kolkata-based United Bank of India (UBI) is a part of the State Bank ofIndia-led consortium to have financed Kingfisher and has an exposure of around Rs. 400 crore to it. A wilfuldefaulter tag means Mallya cannot be on the board of any company nor can he raise money from the public. Hecan also be subjected to criminal proceedings under Sections 403 and 425 of the IPC, dealing withmisappropriation and fraud.2. The Law Ministry of India has opined that the Government of India has all the powers to print currency notes ofRe. 1 denomination. Why the opinion of Law Ministry on this issue was taken? The RBI was of the view thatwith the repeal of Section 2 of the Currency Ordinance, the Government of India is not empowered to issuenote of denominational value of one rupee______Note : Section 4 of the Coinage Act of 2011 provides that thecentral government may authorise minting of coin of denomination not higher than Rs. 1,000. The definition ofcoin in the Act makes it clear that Government of India one rupee note is included in the definition of coin. TheLaw Ministry in its opinion stated that the Act, which consolidates the laws relating to coinage and the mints, doesnot bar the Government of India from printing one rupee notes. The printing of notes in the denominations of Re.1 and Rs. 2 has been discontinued as these denominations have been coinised. However, such notes issued earlierare still in circulation.3. NIFTY, the 50-scrip benchmark index of the National Stock Exchange (NSE) crossed which milestone mark for thefirst time on 1 September 2014? 8,000 mark____Note : Nifty hit 8,000 level for the first time while Sensex hit anew high of 26,900 on 1 September mainly due to positive GDP growth figures released recently. The CSO hadLetz Talk => A Complete Current Affairs Solution [www.facebook.com/4krrish]

2. estimated 5.7% GDP growth rate during the first quarter of 2014-15, which is the best quarter performance sinceMarch 2012.4. The Reserve Bank of India (RBI) cancelled licences of five non-banking financial companies (NBFCs) on 2September 2014. These NBFCs include Unichem Finance & Enterprises Pvt., Shimansu Vyaparik Kendra Ltd., ShreeBhagwati Marketing Private Ltd. and Sureka Teknik Private Limited. All these NBFCs are based in same city. Whichcity is this? Kolkata5. The Competition Commission of India (CCI) during September 2014 initiated an investigation against publicsector general insurers and their association. The PSU insurance companies against whom this investigation hasbeen initiated include New India Insurance, Oriental Insurance, United India Insurance and National Insurance, aswell as their combine, the General Insurers (Public Sector) Association of India (GIPSA). What is the reason for thisinvestigation? Alleged anti-competitive practices relating to third-party administrators (TPAs) in healthinsurance committed by these companies_____Note :The charges against these public general insurers are thatthey are not allowing TPAs to function independently and have created in-house TPAs to settle any claims. It isalso alleged that GIPSA, an ad hoc and unregistered body, was providing a platform to the companies to sharesensitive information with each other. This affects competition in the market and also provides space to them forexchanging information regarding claims ratios, marketing efforts and terms and condition of TPAs, among others.6. The Union Government during September 2014 asked Expenditure Management Commission (EMC) to suggestan effective strategy for meeting reasonable proportion of expenditure on services through user charges. Thenewly set up EMC will have to review the major areas of Central Government expenditure and suggest ways forcreating fiscal space required to meet developmental expenditure needs. Who is heading EMC? Bimal Jalan(former RBI Governor) ______Note : Bimal Jalan, who has been conferred with the status of a Union CabinetMinister, has been asked to design a framework to improve the operational efficiency of expenditures throughfocus on utilisation, targets and outcomes. Union govt. has asked the EMC to review the fiscal responsibility andbudget management (FRBM) rules to suggest improvements for enforcing better fiscal discipline. The EMC, whichwill be headquartered in New Delhi, will have to submit an interim report before Budget 2015-16.7. India has been ranked third in a list of countries most affected by online banking malware during the April-Junequarter of 2014 as announced by security solutions provider Trend Micro on 6 September 2014. Which countryhas been ranked first in this list? Japan__________Note : Japan topped the list with the highest number ofonline banking malware infections during the April-June quarter of 2014. In May alone, it saw 13,000 malwareinfections. Japan was followed by U.S. in this list which saw about 5,000 malware infections during the month,followed by India with 3,000 attacks. Growing Internet penetration and rising popularity of online banking havemade India a favourite among cybercriminals, who target online financial transactions using malware. These andmany such incidents show that cybercriminals will always adapt to new trends and situations whether in the use ofnew malware or targeted attacks techniques to continue their attacks.8. After being in business for seven years, Future Generali Life Insurance has reported its maiden quarterly profitduring the quarter ended 30 June 2014. Future Generali Life Insurance is the part of which group? FutureGroup__________Note : Future Generali Life Insurance is life insurance venture between Kishore Biyanis FutureGroup and Italian insurance company Generali.Letz Talk => A Complete Current Affairs Solution [www.facebook.com/4krrish] 3. 9. Barring a few, most of the life insurance companies have disclosed lower persistency ratios for the first quarterof the current fiscal ended 30 June 2014 as also for the full financial year ended 31 March 2014. What is thereason for lower persistency ratio? A new standardised disclosure regime put in place for insurancesector__________Note : The persistency ratio broadly measures the quantum of the customer retention by thelife insurance companies, while determining the percentage of policyholders paying renewal premiums at the endof one year, or more years depending on the tenure of the policy. However, persistency ratio has been one of themost abused financial metric by many insurers, who tend to disclose their best possible persistency ratios withoutfollowing any standard formula or any specific time period. The insurance sector regulator IRDA earlier this yearmade changes in norms for such disclosures and put in place a standard formula to be followed by all companiesin reporting their 13th month persistency ratios. An analysis of the disclosures made by various life insurers so farthis year shows that there has been a marked decline in the high level of persistency reported earlier by manycompanies.10. What is the name of a deadly Trojan virus which hacks and steals personal credit and debit card data and isprowling in the Indian cyberspace as announced on 3 September 2014 by Indian cyber security watchdog CERT-In? Backoff __________Note : Explanation : Backoff is being seen spreading through computer networks whichuse Windows as their operating systems. It targets Point of Sale (POS) systems and propagates by scanning forsystems with remote desktop applications enabled. The virus is capable of stealing customer payment cards datalike card holders name, account number, expiration data, CVV code among others from POS systems. The virus isso notorious that it is able to capture keystrokes and communicate with the command and control server forfurther hacking. CERT-In (Computer Emergency Response Team India) is the nodal agency to combat hacking,phishing and to fortify security-related defences of the Indian Internet domain.11. The ambitious Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched formally on 28 August 2014 by thePrime Minister Narendra Modi at function held at Vigyan Bhawan in New Delhi. The scheme promoted mainly toend financial untouchability in India saw the opening of an estimated 1.5 crore bank accounts across the countryon this single day. What are the main benefits for families opening accounts under PMJDY?a. A RuPay debit card for every account holderb. Rs. 1 lakh accident insurance coverc. Rs. 5,000 overdraft facilityd. Additional Rs. 30,000/- life insurance cover for those opening bank accounts before 26 January 2015e.12. Which professional services firm was hired by the Union Finance Ministry to undertake a validation exerciseof the number of basic bank accounts opened by the banks under the Pradhan Mantri Jan Dhan Yojana (PMJDY)? KPMG__________Note :KPMG would provide some comfort to the Finance Ministry that the numbers submittedby the banks pertaining to PMJDY were accurate and reflected the true picture. KPMGs confirmation of thenumber of accounts opened will help the Centre pitch for an entry into the Guinness Book of World Records forthe maximum number of bank accounts opened in a day. On 28 August 2014, the launch date of the PMJDY, thebanking system had opened arou