Banking & Economy Current Affairs 2020 (February): Banking News 2020

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Banking Economy Current Affairs 2020 February

Union Budget proposes 16-point action plan to boost agriculture & farmers’ welfare.

Union Budget has proposed a 16-point action plan to boost agriculture and farmers welfare and doubling farmers’ income by 2022. It also seeks to double farmers’ income by 2022. Finance Minister said, the budget is aimed at boosting the income of people and enhancing their purchasing power.

Budget 2020-21: Personal Income Tax slabs simplified; income upto Rs 5 lakh exempted from tax.

10% tax for income between 5 lakh-7.5 lakh; 15% tax for income between 7.5 lakh to 10 lakh; 20% tax for income between 10 lakh to 12.5 lakh; 25% tax for income between 12.5 lakh to 15 lakh ; 30% tax for income above 15 lakh.

Budget 2020 Key Highlights PDF Download

Union Government appoints M Ajit Kumar as chairman of CBIC.

Central Government appoints M Ajit Kumar as chairman of the Central Board of Indirect Taxes and Customs.

Shaktikanta Das named best central banker in Asia Pacific.

The Reserve Bank of India governor Shaktikanta Das has been named the ‘Central Banker of the Year 2020’ for the Asia-Pacific region by financial intelligence magazine The Banker.

Paytm launches Android POS device for SMEs & merchant partners.

Paytm has launched an Android POS device for small and medium businesses (SMEs) & merchant partners. The android based device will enable the merchants to accept payments in various ways like debit and credit cards, Paytm Wallet, UPI-based apps and cash.

38 Cr bank accounts opened under Pradhan Mantri Jan Dhan Yojana till last month.

Around 38 crore bank accounts have been opened under the Pradhan Mantri Jan Dhan Yojana till last month. In a written reply in the Rajya Sabha today, Minister of State for Finance, Anurag Thakur said, out of 38 crore accounts, around 31 crore accounts are operative.

Cabinet approves amendment to bring cooperative banks under regulatory control of RBI.

Union Cabinet has decided to bring Cooperative banks under the regulatory mechanism of Reserve Bank of India. This move will ensure greater accountability and transparency in the functioning of Cooperative Banks.

RBI maintains status quo, keeps repo rate unchanged at 5.15%.

The Reserve Bank of India, RBI in its sixth and last bi-monthly Monetary Policy for FY 19-20 today maintained a status quo on policy rates, despite the economic slowdown. The policy repo rate remains unchanged at 5.15 percent under the Liquidity Adjustment Facility (LAF).

Consequently, the reverse repo rate under the LAF remains unchanged at 4.90 percent and the Marginal Standing Facility (MSF) rate and the Bank Rate at 5.40 per cent.

Highest ever Budget for Uttar Pradesh of over Rs 5 lakh crore tabled in State Assembly.

The Uttar Pradesh Government presented the state’s largest ever annual budget in the State Legislature.

The budgetary demands of five lakh 12 thousand 860 crore rupees was tabled in Assembly by Finance Minister Suresh Khanna in the presence of Chief Minister Yogi Adityanath.

This is the fourth budget presented by Yogi Adityanath Government. In the Upper House, the budget was tabled by Deputy Chief Minister Dr Dinesh Sharma. There are new schemes of 10 thousand 967 crore 87 lakh rupees included in the budget.

A fund of three thousand 300 crore rupees have been given for Piped drinking water in Bundelkhand and Vidya area. An amount of 510 crore rupees has been allocated for the development under Purvanchal Nidhi and Bundelkhand Nidhi.

For rural road development, 2,305 crore rupees and for state roads 1,500 crore rupees have been earmarked. In addition, 1,200 crore rupees have been allocated for youth skill development.

The government has emphasized on Metro Rail transport and 844 crore rupees have been given for Agra, Kanpur and Gorakhpur projects.

Apart from that 6,240 crore rupees have been allocated for PMAY Rural for construction of five lakh houses. The government has allocated 5 ,791 crore rupees for Swachh Bharat Mission.

WhatsApp receives NPCI’s approval to expand its UPI project to 10 million users.

The instant messaging platform “WhatsApp” has received the (NPCI) National Payments Corporation of India’s approval to expand its Unified Payment Interface (UPI) services to 10 million users through “WhatsApp Pay”.

National Institute of Financial Management, Faridabad, to be renamed as Arun Jaitley National Institute of Financial Management.

National Institute of Financial Management (NIFM), Faridabad will be renamed as Arun Jaitley National Institute of Financial Management (AJNIFM). The renaming of the institution is decided by the Government of India to align the vision and aspiration of the Institute for the future with the vision and contribution of Late Shri Arun Jaitley. Late Shri Arun Jaitley was the former Union Finance Minister of India. The National Institute of Financial Management (NIFM), Faridabad was established in 1993.

Cabinet approves protocol amending the Agreement between India and Sri Lanka for avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income.

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved the Signing and Ratification of the Protocol amending the Agreement between India and Sri Lanka for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income.

Impact:

Updation of preamble text and inclusion of Principal Purpose Test, a general anti abuse provision in the Double Taxation Avoidance Agreement (DTAA) will result in curbing of tax planning strategies which exploit gaps and mismatches in tax rules.

J&K LG Girish Chandra Murmu launches Financial Inclusion Outreach Campaign.

In Jammu and Kashmir, Lieutenant Governor Girish Chandra Murmu launched the Financial Inclusion Outreach Campaign with special focus on extending banking services to all un-banked areas. It also lays emphasis on opening of bank accounts for adults under Pradhan Mantri Jan Dhan Yojana (PMJDY), promotion of RuPay Cards, enrollments under Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), outreach for Mudra Yojna, housing and other retails loans, credit Linkage with SHGs, Rural Self-Employment Training Institutes and other skilling centres in J&K and issuance of Kisan Credit Cards to all eligible beneficiaries.

Atul Kumar Gupta is the new ICAI President.

Atul Kumar Gupta will be the new President of the Institute of Chartered Accountants (ICAI)for the year 2020-21. Nihar Niranjan Jambusaria has been elected as the Vice President of the ICAI for 2020-21.

Narayana Murthy’s son-in-law appointed as UK’s new Finance Minister.

Infosys co-founder Narayana Murthy’s son-in-law, Rishi Sunak has been appointed as UK’s Finance Minister. He replaced Pakistani Chancellor Sajid Javid.

Central Excise Day celebrated on 24th February across India.

Central Excise Day is celebrated every year on February 24 across India. The day is being celebrated to honour the service of Central Board of Excise and Custom (CBEC) to the country.

NABARD sanctions Rs 400.64 Cr to boost infrastructure in J&K.

National Bank for Agriculture and Rural Development (NABARD) has sanctioned 400.64 crore rupees to the Union Territory of Jammu and Kashmir. This sanction is for giving a boost to the infrastructure in the rural areas of J&K.

FM Nirmala Sitharaman launches Ease 3.0 for tech-enabled banking.

Finance Minister Nirmala Sitharaman today launched Ease 3.0 for smart, tech-enabled banking for aspiring India.

Microsoft & SBI join hands to train differently-abled.

Microsoft announced a partnership with State Bank of India to train differently-abled people to find jobs in the banking, financial services and insurance (BFSI) sector.

NPCI launches UPI awareness campaign “UPI Chalega”.

National Payments Corporation of India (NPCI) has launched an industry campaign named “UPI Chalega” to promote UPI as Easy, Safe, and Instant mode of payment. The “UPI Chalega” campaign is aimed to guide users towards the right usage of Unified Payments Interface (UPI) and help create a habitual change, use of UPI in their daily life. NPCI has launched the campaign in association with the payment ecosystem players.

Michael Miebach appointed as new Chief Executive Officer (CEO) of Master Card.

Mastercard Chief Executive Officer Ajay Banga will step down at the start of the next year and will be replaced by Chief Product Officer Michael Miebach.

Rajesh Kumar becomes new MD & CEO of CIBIL.

TransUnion CIBIL Limited, the largest credit information bureau appointed Rajesh Kumar of HDFC Bank as its new managing director and chief executive. He will succeed Satish Pillai.

Aadhaar-enabled Payment System rolled out by Airtel Payments Bank.

The Airtel Payments Bank has launched the Aadhaar-enabled Payment System (AePS). The facility has been launched by the payment bank at over 2,50,000 banking points across India.

Finance Secretary launches Baroda Startup Banking in 15 cities.

Finance Secretary Rajiv Kumar inaugurated “Baroda Startup Banking”. It is an initiative aimed at making the Bank of Baroda (BoB) a preferred banking partner for the start-up community and establishing connect with at least 2,000 start-ups over the next two years. The initiative was launched simultaneously across 15 cities in the country.

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