CURRENT AFFAIR

Kolkata Becomes First Indian Metro To Get Floating Market

• Kolkata, capital of West Bengal became first metro city in India to get floating market.

• Chief Minister of the state Mamata Banerjee inaugurated it through a remote control during a programme at Netaji Indoor Stadium.

• The floating market is located on lake at Patuli in South Kolkata which is 400 metres long and 60 metres wide. 

• The lake has been transformed into the floating market similar to the one in Thailand.

FACTS ABOUT THE FLOATING MARKET OF KOLKATA

1. It is the first such market in a metro city in India.
2. The floating market is similar to that of Jammu & Kashmir and Thailand.
3. Two water bodies were merged to set up the place.
4. There are wooden walkways all around the area to help the customers reach the boats.
5. The shopkeeper will be selling vegetables, fruits, fish, cereals etc.
6. The timing of the floating market is set up to be 6 am to 9 pm.
7. The boats have been specially designed and build for the market with a length of 10 ft and a space of two stalls.
8. In its early operation, the market will have about 114 boats featuring double the sellers.

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List Of Indian Space and Nuclear Research Centers

• India Rare Earths Limited - Alwaye, Kerala.

• Uranium Corporation of India - Jadugoda.

• Indian Space Research Organization - Bengaluru.

• Atomic Energy Commission (ABC) - Mumbai.

• Electronics Corporation of India - Hyderabad.

• Bhabha Atomic Research Centre - Trombay.

• Radio Astronomy Centre - Ootacamund.

• Tata Institute of Fundamental Research - Mumbai.

• Saha Institute of Nuclear Physics - Kolkata.

• College of Satellite Communication Technology - Ahmedabad.

• Vikram Sarabhai Space Centre - Thiruvanandapuram.

• Indian Scientific Satellite Project - Bengaluru.

• Thumba Equatorial Launching Station - Thumba, Kerala.

• Space Commission - Bengaluru.

• Space Application Centre - Ahmedabad.

• Nuclear Fuel Complex - Hyderabad.

• Nuclear Power Complex - Mumbai.

• Centre of Earth Science Studies - Trivendrum.

• Physical Research Laboratory - Ahmedabad.

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National Emblems of Various Countries

• Australia - Kangaroo.

• Barbados - Head of Trident.

• Canada - White Lily.

• Denmark - Beach.

• France - Lily.

• Guyana - Canje Pheasant.

• India - Lioned Capital.

• Ireland - Shamrock.

• Italy - White Lily.

• Japan - Chrysanthemum.

• Luxembourg - Lion with Crown.

• Norway - Lion.

• Papua New guinea - Bird of paradise.

• Senegal - Bhobab Tree.

• Sri Lanka - Lion.

• Syria - Eagle.

• U.K. - Rose.

• Bangladesh - Water Lily.

• Belgium - Lion.

• Chile - Candor and Huemul.

• Dominica - Sisserou Parrot.

• Germany - Corn Flower.

• Hong kong - Bauhinia.

• Iran - Rose.

• Isarel - Candelabrum.

• Ivory Coast - Elephant.

• Lebanon - Cedar tree.

• Mongolia - The Soyombo.

• New Zealand - Sothern Cross, Kiwi.

• Pakistan - Crescent.

• Spain - Eagle.

• Sierra leone - Lion.

• Sudan - Secretary Bird.

• Turkey - Crescent and Star.

• USA - Golden rod.

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Know Your Customer (KYC)

• Know your customer ('KYC') is the process of a business identifying and verifying the identity of its clients.

• The term is also used to refer to the bank and anti-money laundering regulations which governs these activities. 

• Know your customer processes are also employed by companies of all sizes for the purpose of ensuring their proposed agents, consultants, or distributors are anti-bribery compliant. 

• Banks, insurers and export creditors are increasingly demanding that customers provide detailed anti-corruption due diligence information.

Standards

1. The objectives of KYC guidelines is to prevent banks from being used, intentionally or unintentionally, by criminal elements for money laundering activities. 
2. Related procedures also enable banks to better understand their customers and their financial dealings.

For the purposes of a KYC policy, a Customer/user may be defined as -

• A person or entity that maintains an account and/or has a business relationship with the bank,

• One on whose behalf the account is maintained (i.e. the beneficial owner),

• Beneficiaries of transactions conducted by professional intermediaries such as stockbrokers, Chartered Accountants, or solicitors, as permitted under the law, or

• Any person or entity connected with a financial transaction which can pose significant reputational or other risks to the bank, for example, a wire transfer or issue of a high-value demand draft as a single transaction.

KYC controls typically include the following.-

1. Collection and analysis of basic identity information such as Identity documents.
2. Name matching against lists of known parties (such as "Politically Exposed Person").
3. Determination of the customer's risk in terms of propensity to commit money laundering, terrorist finance, or identity theft.
4. Creation of an expectation of a customer's transactional behavior.

Indian Law About KYC 

• The Reserve Bank of India introduced KYC guidelines for all banks in 2002. 

• In 2004, RBI directed all banks to ensure that they are fully compliant with the KYC provisions before December 31, 2005.

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Important One Liner Question & Answer

• In BSBDA (Basic Savings Bank Deposit Account) the balance at any point of time does not exceed rupees.-

:- Rs. 50,000/-.

• In BSBDA (Basic Savings Bank Deposit Account) the credits in a financial year does not exceed rupees.-

:- Rs. 1 lakh.

• In BSBDA (Basic Savings Bank Deposit Account) the withdrawals and transfers in a month does not exceed rupees.-

:- Rs. 10,000/-.

• In CBS, C stands for.-

:- Core.

• In CRAR, A stands for.-

:- Assets (Capital to Risk Weighted Assets Ratio).

• In India, one- rupee coins are issued by.-

:- Govt. of India.

• In what denominations Commercial Paper (CP) can be issued.?

:- Rs. 5 lakh.

• In which of the following fund transfer mechanisms,can funds be moved from one bank to another and where the transaction is settled instantly without being bunched with any other transaction.?

:- RTGS.

• Increased interest rates, as is existing in the economy at present will.-

:- Mean higher
cost of raw materials.

• Pradhan Mantri Jan Dhan Yojana' is a Scheme for.-

:- Financial inclusion.

• Prime Lending Rate is replaced by.-

:- Base rate.

• Purpose of starting Minor account for 10 years children.-

:- Financial inclusion.

• Exchange of cash flow in different currency is known as.-

:- Currency Swap.

• Expand ASBA.-

:- Application Supported by Blocked Amount.

• Fastest mode of transaction.-

:- RTGS.

• First Indian Bank to introduce credit card.-

:- Central Bank of India.

• Fixed Deposit (FD)Account may be opened for a minimum period of.-

:- 7 days.

• Fixed deposits and recurring deposits are.-

:- Repayable after an agreed period.

• Forward Market Commission merge with.-

:- SEBI.

• Full form IFSC.-

:- Indian Financial System Code.

• Full form of CASA.-

:- Current Account Saving Account.

• Full form of CVV.-

:- Card Verification Value.

• Full form of EFT.-

:- Electronic Fund Transfer.

• Full form of REIT.-

:- Real State Investment Trust.

• How much amount of money can RBI lend to a bank.?

:- 2% of NDTL.

• How much amount RBI allows in 'Tap and pay'transactions without PIN.?

:- Rs. 2000/-.

• How much fee charged to file a complaint under Banking Ombudsman.?

:- Banking Ombudsman does not charge any fee.

• How much overdraft facility to be provided in 'Pradhan Mantri Jan Dhan Yojana' scheme.?

:- Rs. 5,000/-.

• If a cheque is postdated, the bank on which it is drawn.?

:- will not honour the cheque before the date of the cheque.

• If any customer is not satisfied by the decision of Banking Ombudsman, customer can appeal against the award before the appellate authority within how many days from the date of receipt.?

:- 30 days.

• If RBI reduces CRR, what happens.-

:- Credit Supply increases, loans get cheaper.

• IFRS full form.-

:- International Financial Reporting Standards

• IFSC code consists of _____ alpha numeric code.-

:- 11 digits (The IFSC is an 11 digit alpha numeric code, with the first four digits identifying the bank, fifth is numeric(kept
0) and the last six digits represent the bank branch.)

• IMPS - Immediate Payment Service is an interbank electronic instant mobile money transfer service through mobile phones in India, the facility is provided by.-

:- NPCI
(National Payment Corporation of India)

• In a bank, which of the following are the usual types of accounts.?

:- Current accounts, Savings bank accounts and Term deposit accounts

• In banking business, when the borrowers avail a term Loan, initially they are given a repayment holiday and this is referred as.-

:- Moratorium.


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Indian Financial System Code (IFSC)

• The Indian Financial System Code (IFS Code or IFSC) is an alphanumeric code that facilitates electronic funds transfer in India. 

• A code uniquely identifies each bank branch participating in the two main Payment and settlement systems in India  - The Real Time Gross Settlement (RTGS) and The National Electronic Fund Transfer (NEFT) systems.

Format

• The IFSC is an 11-character code with the first four alphabetic characters representing the bank name, and the last six characters (usually numeric, but can be alphabetic) representing the branch.

• The fifth character is 0 (zero) and reserved for future use. 

• Bank IFS Code is used by the NEFT & RTGS systems to route the messages to the destination banks/branches.

The IFSC system is only for domestic transactions thus every bank branch in India irrespective of whether they are public sector, private sector or foreign banks will have an IFSC Code that acts as a unique identifier for the bank branch.

In case of overseas remit systems, the international standard continues to be the SWIFT code, which is often not branch specific.

International Bank Account Number integration

• Although the integration may be a complicated technical process for the financial institutions, it is expected that India will integrate the IBAN system by the end of 2016. 

• More detailed description of the IBAN structure for the upcoming integration can be found on each bank's official website.

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CURRENT AFFAIR

75th Golden Globe Awards - 2018

• Formed by a group of writers, Hollywood Foreign Press Association created a generously distributing award called Golden Globe Awards, in 1943.

• These awards are accolades bestowed to those excelling in film and television, both domestic and foreign. 

• It is an annual ceremony at which the awards are presented, making it the major part of the film industry's awards season and playing an important role in marketing.

HERE'S A LIST OF WINNERS 

• Best Motion Picture, drama :- Three Billboards Outside Ebbing, Missouri.

• Best Director, motion picture :- Guillermo del Toro, The Shape of Water.

• Best Performance by an actress in a motion picture, drama :- Frances Mcdormand, Three Billboards Outside Ebbing, Missouri.

• Best Performance by an actor in a motion picture, drama :- Gary Oldman, Darkest Hour.

• Best performance by an actress in a supporting role in any motion picture :- Allison Janney, I, Tonya.

• Best performance by an actor in a supporting role in any motion picture :- Sam Rockwell, Three Billboards Outside Ebbing, Missouri.

• Best Motion Picture, animated :- Coco.

• Best original song, motion picture :- This Is Me - The Greatest Showman.

• Best television series, drama :- The Handmaid's Tale, Hulu.

• Best performance by an actress in a television series, drama :- Elisabeth Moss, The Handmaid's Tale.

• Best performance by an actor in a television series, drama :- Sterling K. Brown, This Is Us.

• Best performance by an actress in a supporting role in a series, limited series or motion picture made for television :- Laura Dern, Big Little Lies.

• Best performance by an actor in a supporting role in a series, limited series or motion picture made for television :- Alexander Skarsgard, Big Little Lies.

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Banking Abbreviations

• ADB - Asian Development Bank.

• ADTV - Average Daily Trading Volume.

• AMEX - American Express.

• CMP - Current Market Price.

• BIS - Bank for International Settlements.

• BOI - Bank of India.

• BOP - Balance of Payments.

• CC - Cash Credit.

• CD - Certificate of Deposit.

• CD Ratio - Credit Deposit Ratio.

• CDBS - Committee of Direction on Banking Statistics.

• CBS - Challan Core Banking Solution.

• NEFT - National Electronic Fund Transfer.

• FDI - Fixed Deposit Income.

• UIC - Unique Identification Code.

• EXIM Bank - Export Import Bank of India.

• IDBI - Industrial Development Bank of India.

• IIBI - Industrial Investment Bank of India.

• LAS - Loan & Advances by States.

• LBD - Land Development Bank.

• LBS - Locational Banking Statistics.

• LIC - Life Insurance Corporation of India.

• HDFC - Housing Development Finance Corporation.

• CCB - Central Co-operative Bank.

• RBI - Reserve Bank of India.

• FFA - Federal Financial Assistance.

• FFB - Federal Financing Bank.

• FRB - Federal Reserve Bank.

• PEP - Personal Equity Plans.

• CBS - Consolidated Banking Statistics.

• IBS - International Banking Statistics.

• CBI - Common Bank of India.

• CBI - Central Banking Institution.

• CBI - Central Bank of India.

• RBI - Regional Bank of India.

• RBI - Rural bank of India.

• UTI - Unit Trust of India.

• IBA - Indian Bank Association.

• AML - Anti Money Laundering.

• BBR - Bank Base Rate.

• BIS - Bank Of International Settlements.

• EMI - Equated Monthly Installment.

• SCB - Scheduled Commercial Bank.

• SDS - Special Deposit Scheme.

• SLR - Statutary Liquidity Ratio.

• STD - Short Term Deposit.

• ECB - External Commercial Borrowing.

• PCARDB - Primary Cooperative Agriculture and Rural Development Bank.

• PF - Provident Fund.

• SCB - State Cooperative Bank.

• SCB - Scheduled Commercial Bank.

• UBB - Uniform Balance Book.

• UBD - Urban Banks Department.

• UCB - Urban Cooperative Bank.

• UCN - Uniform Code Number.

• WPI - Wholesale Price Index.

• ECD - European Central Bank.

• IIBM - Indian Institute of Bank Management.

• IIFCL - India Infrastructure Finance Company Limited.

• IIFT - Indian Institute of Foreign Trade.

• IIP - Index of Industrial Production.

• KYC - Know Your Customer.

• TIEA - Tax Information and Exchange Agreement.

• NDSAP - National Data Sharing and Accessibility Policy.

• NCMC - National Common Mobility Card.

• MEDP - Multinational Design Evaluation Progrrame.

• DRT - Debt Recovery Tribunals.

• IFSC - Indian Financial System Code.

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YOJANA

Atal Mahaaphan Vikas Abhiyan

Announced Year :- 2017.

Launched By :- The Maharashtra state government.

Inaugurated By :- Shri Devendra Fadnavis, the Chief Minister of Maharashtra government.

Introduction 

• Atal Mahaaphan Vikas Abhiyan is named after former Prime Minister Shri Atal Bihari Vajpayee and a reason behind launching scheme is that cooperative sector is facing a crisis of funding. 

• This new scheme will not only benefit cooperative sectors but also assist and promote many other weaker sections because in rural area cooperative sectors play an important role in development. So, it is the backbone of the provincial economy. 

• This new scheme will strengthen and encourage pastoral area and it will create employment opportunity which leads to income generation. 

• Atal Mahaaphan Vikas Abhiyan will also give assistance to the women self-help group and agriculture community to earn income and create job possibility for others. 

• This scheme will boost the rural community and bring the standard of living up. 

• The Maharashtra state government has launched a new scheme Atal Mahaaphan Vikas Abhiyan to improve the life of farmers and women in a state, the state government will grant a handful of a fund to start a new business. 

• The state government will aim to attract more private organizations to offer fund and promote the agricultural sector. 

• This scheme is an effort to sustain and nurture the rural sector by improving the productivity.

Aim Of This Scheme 

The main aim of this scheme is to double the income of farmers by the financial year 2022.

Motive Of This Scheme

To increase the standard of living of farmers and women in the rural area. It also aims to inspire and assist young blood to take an initiative to set up new business. And all this leads to bring status up of a rural community.

Objective Of This Scheme

1. To support and promote non-banking business in a state.
2. To help and give financial support to cooperative communities to start a new business.
3. To encourage, assist and supervise young entrepreneurs.

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CURRENT AFFAIRS

Lok Sabha Passes Insolvency And Bankruptcy Code Amendment Bill

• The Lok Sabha passed the Insolvency and Bankruptcy Code (Amendment) Bill, 2017, which disqualifies wilful defaulters and existing promoters from bidding for stressed assets of companies undergoing insolvency proceedings.

• The high levels of NPA at present are due to window dressing and due to evergreening of loans. 

• This situation has arisen because loans were restructured and not classified as NPAs. 

• The problems were shoved under the carpet and these came to light because of the asset quality review initiated by RBI in 2015. 

• Importantly, the bill replaces an ordinance that was brought in last month seeking to bar wilful defaulters, defaulters whose dues had been classified as non-performing assets (NPAs) for more than a year and all related entities of these firms from participating in the resolution process.

China Launches World's Largest Human Genome Research Project

• The world's largest human genome research project of 100,000 people was launched by China to document their genetic makeup for a study that aims to help generate the precision medicines of the future. 

• It is the country's first large project detecting the genetic links between health and sickness and will involve 100,000 people from different ethnic backgrounds and regions.

• The project includes four stages - collecting, sequencing gene samples, gathering the data and sharing the findings.

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Negotiable Instruments Act, 1881

Negotiable Instruments Act, 1881 is an act in India dating from the British colonial rule, that is still in force largely unchanged.

An Act to define and Law relating to negotiable instruments which are Promissory Notes, Bills of Exchange and cheques.

Enacted By :- Imperial Legislative Council (India).

Date enacted :- 9 December 1881.

Date commenced :- 1 March 1882.

History :-

• The Act was originally drafted in 1866 by the 3rd India Law Commission and introduced in December, 1867 in the Council and it was referred to a Select Committee.

• Objections were raised by the mercantile community to the numerous deviations from the English Law which it contained. 

• The Bill had to be redrafted in 1877. 

• After the lapse of a sufficient period for criticism by the Local Governments, the High Courts and the chambers of commerce, the Bill was revised by a Select Committee. 

• In spite of this Bill could not reach the final stage. 

• In 1880 by the Order of the Secretary of State, the Bill had to be referred to a new Law Commission. 

• On the recommendation of the new Law Commission the Bill was re-drafted and again it was sent to a Select Committee which adopted most of the additions recommended by the new Law Commission. 

• The draft thus prepared for the fourth time was introduced in the Council and was passed into law in 1881 being the Negotiable Instruments Act, 1881 (Act No.26 of 1881).

Main Types of Negotiable Instruments are :-

1. Inland Instruments.
2. Foreign Instruments.
3. Bank Draft.

The Important Definitions Of The Act Are :-

• Promissory Note :-

A "promissory note" is an instrument in writing (not being a bank-note or a currency-note) containing an unconditional undertaking, signed by the maker, to pay a certain sum of money only to, or to the order of, a certain person, or to the bearer of the instrument.

• Bill of exchange :-

A "bill of exchange" is an instrument in writing containing an unconditional order, signed by the maker, directing a certain person to pay a certain sum of money only to, or to the order of, a certain person or to the bearer of the instrument.

• Cheque :-

A cheque is bill of exchange drawn on a specified banker and not expressed to be payable otherwise than on demand and it includes the electronic image of a truncated cheque and a cheque in the electronic form.

• Negotiable instrument :-

A Negotiable Instrument means a promissory note, bill of exchange or cheque payable either to order or to bearer.


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