Financial Awareness at a Glance (18 March – 24 March 2018)

Dear readers,

Today, we are sharing the next part of our Banking and Finance Awareness Series “Financial Awareness at a Glance “. Go through this now to get all the important insights which took place last week in Banking and Finance Sector in India and world. This will immensely help you in upcoming exams.

Financial Awareness at a Glance

1. Axis Bank open representative office in Sharjah

  • Axis Bank, India’s third largest private sector bank opened a representative office in Sharjah, United Arab Emirates.
  • Shri Vipul, Consul General of India in Dubai, inaugurated the representative office.
  • The representative office in Sharjah is the third such Axis Bank office in the UAE after Dubai and Abu Dhabi.
  • Shikha Sharma is a present CEO & Managing director of the Axis Bank.
  • Its headquarters is in Mumbai.

Note:

  • The UAE has the largest NRI community in the world with a dynamic and diverse population base of 3.3 million NRIs.
  • Sharjah is the third largest emirate in the UAE after Dubai and Abu Dhabi.
  • As per estimates, approximately 0.65 million NRIs reside in the emirate of Sharjah.
  • Abu Dhabi is the Capital of UAE.
  • Dirham is the Currency of UAE.

2. ABFL merge with Allahabad Bank

  • Ministry of Corporate Affairs has allowed the merger of the wholly own subsidiary – All Bank Finance Ltd (ABFL) with the Allahabad Bank.
  • The Board of the All Bank Finance Ltd had decided to surrender its NBFC (non-banking finance company) licence in 2005.
  • It had also surrendered its merchant banking licence to market regulator Sebi.

Note:

  • CEO of Allahabad Bank – Usha Ananthasubramanian
  • Headquarter – Kolkata, West Bengal

3. President released ₹10 & ₹1000 commemorative coins

  • President of India Ram Nath Kovind released commemorative coins in denominations of ₹10 and ₹1000.
  • The memorial coins were launched on the Lord Jagannath’s Nabakalebar festival in Odisha.

Note:

  • The designing and minting of coins in various denominations is also the responsibility of the Government of India.
  • Ministry of Finance issues all the coins, including the Re.1 currency notes.
  • Under the Section 22 of the RBI Act 1934, RBI has the sole right to issue Banknotes of all denominations except one rupee note.

4. Yi Gang named Governor of the Central Bank of China

  • Yi Gang became the new Governor of the Central Bank of China “People’s Bank of China”.
  • Since 2008 he is working as a deputy governor of the central bank.
  • Yi Gang replaced Zhou Xiaochuan.
  • Zhou Xiaochuan was holding the governor post since 2002.
  • President of China Xi Jinping has appointed Liu He as the new economic advisor of the country.
  • People’s Bank of China head office is in Beijing, China

5. First G20 Meeting of Finance Ministers & Central Bank Governors held in Argentina

  • The First G20 Meeting of Finance Ministers and Central Bank Governors was held in Buenos Aires, Argentina.
  • The summit gathered 22 finance ministers, 17 central bank governors and 10 heads of international organisations, including IMF Director-General Christine Lagarde.

Note:

  • The 2018 G20 summit will be the 13th meeting of Group of Twenty (G20).
  • The summit will be held on 30 Nov – 1 Dec 2018 in the city of Buenos Aires, Argentina.
  • It will be the first-ever G20 summit to be hosted in South America.
  • G 20 Summit in 2017 was held in Hamburg, Germany.

Note:

  • The capital of Argentina is Buenos Aires
  • The currency of Argentina is Peso.
  • Mauricio Macri is the current President of Argentina.

6. India hosted WTO ministerial meeting

  • World Trade Organization (WTO) ministerial meeting was held in New Delhi, India.
  • The main aim of the meet was to once again rejuvenate the spirit of negotiations between the developed and the developing countries.
  • This was the second mini-ministerial meeting being hosted by India, after the first one being held in 2009 in New Delhi.
  • India is one of the Founding Members of the World Trade Organization.

Note:

  • The World Trade Organization is an intergovernmental organization that regulates international trade.
  • WTO headquarter is in Geneva, Switzerland.
  • Roberto Azevêdo is the head of the WTO.

7. Anti-dumping duty imposed on Ofloxacin import from China

  • The government has imposed anti-dumping duty on import of Ofloxacin from China.
  • Ofloxacin is pharma product of China which is used in the treatment of certain infections.
  • The levy has been slapped following the recommendations of the Directorate General of Anti-Dumping and Allied Duties (DGAD) to protect domestic producers from below-cost shipments.
  • The imposed is being done by the Revenue Department in the Finance Ministry.

About Ofloxacin

  • Ofloxacin is the class of antibiotics called fluoroquinolones.
  • It is used to treat certain infections including bronchitis, pneumonia and infections of the skin, bladder, urinary tract, reproductive organs, and prostate (a male reproductive gland).
  • It works by killing bacteria that cause infections.

8. ‘NCAA’ became the World’s First Trusted Digital Repository

  • National Cultural Audio-visual Archives (NCAA) became the world’s first Trusted Digital Repository.
  • NCAA has been certified as the world’s first Trusted Digital Repository as per ISO 16363:2012 standard, granted by Primary Trustworthy Digital Repository Authorisation Body Ltd. (PTAB), United Kingdom.
  • The main objective of the NCAA is to identify and preserve the cultural heritage of India available in audio-visual form through a process of digitization and making it accessible to the people.
  • National Cultural Audio-visual Archives (NCAA) is a project of the Ministry of Culture, Government of India.
  • It is implemented by the Indira Gandhi National Centre for the Arts (IGNCA).
  • At present, NCAA has a total of twenty-one (21) Partnering Institutions from across the country, covering 11 governmental and 10 non-governmental cultural organisations.

9. For the first time, MCX launches brass futures contracts

  • Multi Commodity Exchange of India Limited (MCX) launched world’s first brass futures contracts.
  • It will facilitate brass stakeholders to hedge their price risk.
  • MCX Brass futures will be the first non-ferrous contract with a compulsory delivery option.

Multi Commodity Exchange (MCX)

  • MCX is a country’s largest commodity exchange which was established in 2003.
  • The headquarter of MCX is in Mumbai.
  • It is regulated by SEBI.

10. India & Hong Kong sign double tax agreement

  • India and Hong Kong have signed an agreement for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income.
  • This agreement will stimulate the flow of investment, technology and personnel from India to Hong Kong and vice versa, prevent double taxation and provide for an exchange of information between two contracting parties.
  • A former British colony, Hong Kong is a special administrative region of China which enjoys a high degree of autonomy under which it has an independent taxation system.

11. Goldman Sachs lowered India’s GDP growth rate at 7.6% in 2018

  • Goldman Sachs has lowered India’s GDP growth forecast for the fiscal year 2018-19 to 7.6% from 8% earlier.
  • The forecast revised by the Goldman Sachs is the is higher than estimates made by the World Bank and rating agency Fitch.
  • World Bank & Fitch projected India’s GDP growth at 7.3% in 2018.

12. India & European Union signed a pact to share earth observation data

  • India’s Department of Space (DoS) and the European Union signed an agreement to share earth observation data from each other’s satellites.

As per the agreement –

  • The EU will provide India free, full and open access to its global data from its Copernicus satellite system.
  • India, on its part, will provide the Copernicus programme with an open access to the data from Isro’s earth observation satellites, including Oceansat-2, Scatsat-1.

Note:

  • Copernicus comprises a constellation of six families of satellites (Sentinels) and dozens of third-party satellites that store a large amount of global data and help in providing reliable information on the status of our planet.
  • The European Union is a political and economic union of 28-member states.
  • The headquarter of European Union is in Brussels, Belgium.

Thanks

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