Current Affairs 17th August 2017 - Banking, SSC, UPSC Affairs

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Karur Vysya Bank (KVB) appointed Shri P R Seshadri as Managing Director & Chief Executive Officer of the Bank. He replaced K Venkataraman. He is appointed for the period of three years.

Union Cabinet approved raising extra budgetary resources up to 9,020 crore rupees for Long Term Irrigation Fund in 2017-18 under Pradhan Mantri Krishi Sinchayee Yojana (PMKSY). According to Finance Minister Arun Jaitley, the amount will be raised by National Bank for Agriculture and Rural Development  (NABARD) through Bonds. The loans are for implementation of Accelerated Irrigation Benefits Programme works of 99 ongoing prioritized irrigation projects.

Reserve Bank of India (RBI) made Aadhaar linkage mandatory for availing short-term crop loans up to Rs 3 lakh in 2017-18. The advice to all public and private sector scheduled commercial banks was sent through a RBI notification on the "Interest Subvention Scheme for Short Term Crop Loans during the year 2017-18". In order to get the free benefits to farmers under interest subvention scheme, the banks are advised to make Aadhaar linkage mandatory for availing short-term crop loans.

State Bank of India launched a CSR (Corporate Social Responsibility) initiative, SBI Gram Seva, which will work in the areas of health, education, environment and rural infrastructure. The SBI Foundation will identify and partner with NGOs to carry out CSR initiatives under which it adopts five villages each from 10 village panchayats with each village getting around Rs 2.40 crore over the next three years. Initially, 10-gram panchayats comprising of 50 villages in six states have been adopted.

Italy will host a summit of G-7 interior ministers centered on security issues. According to Italian Interior Minister Marco Minniti, the meeting is being organized at the request of Italy's G-7 partners namely Canada, France, Germany, the United Kingdom, Japan and the United States. The summit is expected to be held in October.

City Union Bank is going to offer instant credit cards and customers can generate a credit card online. The bank introduced the option of an “instant credit card” for free for its Net banking customers. The physical delivery of the card will take a day or two. In the meantime, the card-holder can use it for online purchases. CUB has tied-up with MasterCard for the instant credit card.

Corporation Bank bagged the best performance awards for SHG-bank linkage program for Karnataka for 2015-16 and 2016-17 from National Bank for Agriculture and Rural Development (Nabard). The bank was given the award for its overall performance under SHG-bank linkage program for 2015-16 and 2016-17 among commercial banks operating in Karnataka. The bank formed more than 1.32 lakh self-help groups (SHGs).

Parsi New Year, Navroz is being celebrated across the world. The festival is celebrated by follows of Zoroastrianism in Middle-East, USA and South Asian countries such as India and Pakistan. The vibrant festival began 3,000 years back by the mighty emperor Jamshed, who introduced the new calendar in Persia. The day is celebrated to gain health, wealth, prosperity, and productivity. Four ‘Fs’ - Fire, Fragrance, Food, and Friendship play an important role in the celebration.

National Bank for Agriculture and Rural Development (NABARD) conferred the ‘best performance award’ for 2015-16 and 2016-17 to Karnataka Vikas Grameen Bank (KVGB) for its work in the field of credit-linking joint liability groups (JLGs). The outstanding accounts under JLGs stood at 6,329 involving an amount of Rs 63.83 crores. JLGs(Joint Liability Group) were credit-linked by disbursing Rs 19.38 crore during 2016-17.

The Cabinet Committee on Economic Affairs (CCEA) chaired by the Prime Minister Narendra Modi approved the revision in the procedure and mechanism for strategic disinvestment. In this regard, the proposal was forwarded by the Department of Investment and public Asset Management (DIPAM). DIPAM is the nodal agency of Union Finance Ministry mandated to advise the Union Government in the matters of the financial system.

The Union Cabinet of Prime Minister Shri Narendra Modi accorded its approval today for the creation of a non-lapsable pool in the Public Account for secondary and higher, education is known as "Madhyamik and Uchchtar Shiksha Kosh" (MUSK) which all proceeds of "Secondary and Higher Education Cess" are credited. The funds arising from MUSK will be utilized for schemes in the education sector which will be available for benefit of students of secondary and higher education.

Rahul Gandhi launched the ‘Indira Canteen’ scheme, dedicated to former Prime minister Indira Gandhi- a State government initiative to provide food at low cost to cater to the urban poor. The canteen, located in Kanakana Palya (Jayanagar) in Bengaluru, is one of 101 such that opened across various locations in Bengaluru.

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