GK for Bank Exams: Weekly Digest: Oct 30 to Nov 5, 2016

AP tops in energy efficiency

• The World Bank has ranked A.P. as number one in ‘Energy Efficiency Implementation Readiness’ with followed by Rajasthan, Karnataka and Maharashtra
• World bank report titled: ‘India’s State Level Energy Efficiency Implementation Readiness”

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GST Updates: Council fixes 4-level GST rate structure

• Goods and Services Tax (GST) will be levied at multiple rates ranging from 0 per cent to 28 per cent.
• Ultra luxuries, demerit and sin goods, will attract 28 per cent GST
• Two standard rates of 12 per cent and 18 per cent would be applied on the bulk of the goods and services. This includes fast-moving consumer goods.
• Lowest slab of 5 per cent will be for items of common consumption.
• Other necessary items including food will not have any tax.

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Google ties up with ASI for virtual tour of monuments

Google has tied up with the Archaeological Survey of India(ASI) to develop 360 degree virtual tours of 280 monuments across the country

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RBI allows banks to raise funds via masala bonds

• The Reserve Bank of India has allowed Indian banks to raise funds through issuance of rupee-denominated bonds overseas (also called masala bonds)
• Banks can issue perpetual debt instruments qualifying for inclusion as Additional Tier-1 capital under the extant Basel-III capital regulations.
• They can also issue long-term rupee-denominated bonds overseas for financing infrastructure and affordable housing.

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IDFC Bank using micro-ATMs

A micro-ATM at a glance, it looks like a large tablet. It has an attached biometric scanner and thermal printer and is Aadhaar-enabled and interoperable. It can do everything a regular ATM can — and more. Using multiple identifiers — whether it is your mobile number, Aadhaar number, debit card number or bank account number, one can perform all basic banking transaction, do an account opening, deposit cash into any bank account, withdraw money from your account, undertake balance enquiry, get your statements, make funds transfers, remittances, etc

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IPPB to synergie with financial services biz of India Post

• Payments banks can accept demand deposits — current deposits and savings bank deposits from individuals, small businesses and other entities, but with a condition that balances do not exceed Rs. 1 lakh. They can neither accept fixed deposits and NRI deposits nor can they give loans.
• The primary objective of a payment banks is to further the cause of financial inclusion by providing small savings accounts and payments/remittance services to migrant labour workforce, low-income households, small businesses.
• The India Post Payments Bank (IPPB) is planning to create a mechanism whereby balances over this limit get automatically transferred to the Post Office Savings Bank (POSB).
• Payments banks are planning to overcome these drawbacks using tie up with other banks. The full-time banks are also interested in marketing their loans and other products through payment banks.
• Reliance Industries and State Bank of India, Kotak Mahindra Bank and Airtel Payments Bank, ICICI Bank and FINO PayTech to foray into the payments bank space as joint ventures.

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Ease of Doing Business Reforms Ranking 2015-16

• Department of Industrial Policy and Promotion (DIPP) and the World Bank conducted the “Ease of Doing Business Reforms Ranking 2015-16.
• Andhra Pradesh and Telangana jointly topped in the ranking.