Current Affairs- CSEET IMPORTANT

1. The Reserve Bank of India was established on April 1, 1935 .

2. The Central Office of the Reserve Bank was initially established in Calcutta later shifted permanently to Mumbai in 1937.

3. On formation RBI was a privately owned and it was nationalized in 1945.

4. Now RBI is wholly owned by government of India and it implements and monitor monetary policies, for maintaining interest rates and for maintaining price stability.

5. RBI is banker’s bank and also government's bank .

6. RBI supervises and regulates financial system to protect the depositor’s interest.

7. RBI is the manager of foreign exchange and also issuer of currency (one rupee note is issued by ministry of finance and not by RBI)

8. RBI has 27 regional offices and 4 sub-offices.

9. Present RBI governor - Shaktikanta Das.

1O. Union budget 2020 is presented by Finance Minister Smt. Nirmala Sitharaman .

11. Few PSBs to be encouraged to approach the capital market to raise additional capital.

12. Deposit Insurance and Credit Guarantee Corporation (DICGC) has been permitted to increase Deposit Insurance Coverage for a depositor, which is now Rs. one lakh to Rs. Five lakh per depositor.

13. It is proposed to sell the balance holding of Government of India IDBI Bank to private, retail and institutional investors through the stock exchange.

14. FPI (Foreign Portfolio Investors) increase to 15% to 9%.

15. Certain categories of Government securities to be opened fully for non -resident investors also.

16. Ten big public sector banks (PSBs) have been merged into four.

17. Now India has 12 public sectors bank.

I8. After merger of OBC (oriental bank of commerce) and united bank of India with PNB – PNB 2nd largest bank .

19. Few more mergers of PSB’s are as follows :

Punjab National Bank Oriental Bank of Commerce United Bank of India 2nd largest

Canara Bank Syndicate Bank 4th largest

Union Bank of India Andhra Bank Corporation Bank 5th largest

Indian Bank Allahabad Bank 7th largest

20. Banning of unregulated deposits Schemes Bill, 2019 was approved by parliament.

21. ICICI bank to open 450 new branch in financial year 2020 and also crossed the milestone of having 5000 branches across the country and milestone set up at THANE in Maharashtra.

22. Government announced Disinvestment in LIC by way of IPO.

23. Tax concessions For foreign investment - grant 100% tax exemption to the interest , dividend and capital gain income

24. Investment made in infrastructure and notified sectors before 31st march 2024 with minimum lock in period of 3 years.

25. Abolisation of dividend distribution tax (DDT)

26. Government announced concessional corporate tax rate of 15% for new manufacturing sector and 22% for existing manufacturing companies to boost the make in India initiative.

27. MAT rate has been reduced from 18.5 % TO 15%.

28. RBI has barred for doing business to Punjab and Maharashtra co-operative bank.

29. Aadhar Enabled Payment System (AEPS) recently launched by India post payment bank.

30. New export credit insurance scheme - NIRVIK (NIRYAT RIN VIKASH YOJANA)(ease of lending process).

31. Which payment bank launched Bharosa saving account with 5 lakh personal accident insurance – Airtel payments bank .