Banking Awareness

Q1. Infrastructure Finance Company (IFC) is a non-banking finance company has a minimum Net Owned Funds of-

(a) Rs.100 Crore

(b) Rs.200 Crore

(c) Rs.500 Crore

(d) Rs.300 Crore

(e) Rs.800 Crore

S1. Ans.(d)

Sol. Infrastructure Finance Company (IFC) is a non-banking finance company has a minimum Net Owned Funds of Rs.300 Crore.

Q2. Under which act NBFCs are incorporated?

(a) Banking Regulation Act, 1949

(b) Companies Act, 1956

(c) RBI Act 1934

(d) SBI Act 1955

(e) None of the given options is true

S2. Ans.(b)
Sol. NBFCs are incorporated under the Companies Act, 1956.

Q3. An NBFC must be registered with the _____________ and have specific authorization to accept deposits from the public.

(a) RBI

(b) SEBI

(c) NABARD

(d) SBI

(e) Government of India

S3. Ans.(a)
Sol. An NBFC must be registered with the Reserve Bank of India (RBI) and have specific authorization to accept deposits from the public.

Q4. RNBCs cannot accept deposits for a period less than _____ months and more than ______ months.

(a) 12, 84

(b) 14, 86

(c) 17, 92

(d) 24, 36

(e) 54, 95

S4. Ans.(a)
Sol. RNBCs cannot accept deposits for a period less than 12 months and more than 84 months.

Q5. RNBC stands for-

(a) Residuary Non-Banking Companies

(b) Reserve Non-Banking Companies

(c) Reserve New Banking Companies

(d) Re-curring New Banking Companies

(e) None of the given options is true

S5. Ans.(a)
Sol. RNBCs stands for Residuary Non-Banking Companies.

Q6. Which of the following features on the reverse of 500 rupee note?

(a) Mangalyaan

(b) Himalaya Mountains

(c) Red Fort

(d) Parliament of India

(e) Tractor

S6. Ans.(c)
Sol. The reverse side of 500 rupee note features is Red Fort.

Q7. ______ is a standard format of Bank Identifier Codes(BIC) for banks to identify banks and financial institutions globally.

(a) RTGS

(b) IFSC

(c) NEFT

(d) SWIFT

(e) None of the given options is true

S7. Ans.(d)
Sol. Society for Worldwide Interbank Financial Telecommunication (SWIFT) Code is a standard format of Bank Identifier Codes(BIC) for banks to identify banks and financial institutions globally.

Q8. How many codes are there in SWIFT code?

(a) 8

(b) 11

(c) 7

(d) Both (b) and (c)

(e) Both (a) and (b)

S8. Ans.(e)
Sol. The Swift code consists of 8 or 11 characters. When 8 digits code is given, it refers to the primary office and 11digits code refers to the branch office.

Q9. First 4 characters in the SWIFT code refers to-

(a) Bank Code

(b) Country Code

(c) Branch Code

(d) Location Code

(e) None of the given options is true

S9. Ans.(a)
Sol. First 4 characters in SWIFT code represents– bank code (only letters).

Q10. SWIFT stands for-

(a) Station for Worldwide Interbank Financial Telecommunication 

(b) Solution for Worldwide Interbank Financial Telecommunication 

(c) System for Worldwide Interbank Financial Telecommunication 

(d) Service for Worldwide Interbank Financial Telecommunication 

(e) Society for Worldwide Interbank Financial Telecommunication

S10. Ans.(e)
Sol. SWIFT stands for Society for Worldwide Interbank Financial Telecommunication. SWIFT provides a network that enables financial institutions worldwide to send and receive information about financial transactions in a secure, standardized and reliable environment.

Q11. Which among the following Banks has launches ‘Saral-Rural Housing Loan’ Scheme for weaker sections?

(a) ICICI Bank

(b) SBI

(c) PNB

(d) Syndicate Bank

(e) Axis Bank

S11. Ans.(a)
Sol. India’s largest private sector lender Industrial Credit and Investment Corporation of India (ICICI) Bank has launched ‘ICICI Bank Saral-Rural Housing Loan’ Scheme for weaker sections of society. The scheme is new home loan proposition of the bank with the special interest rate to cater people from rural areas including women borrowers as well as from weaker sections.

Q12. Which of the following public sector bank emblem figures a dog and the words ‘faithful, friendly’ in it?

(a) Punjab National Bank

(b) Oriental Bank of Commerce

(c) Syndicate Bank

(d) State Bank of India

(e) Indian Overseas Bank

S12. Ans.(c)
Sol. Syndicate Bank emblem figures a dog and the words ‘faithful, friendly’ in it.

Q13. If the Cash Reserve Ratio (CRR) is lowered by the RBI, its impact on credit creation will be-

(a) Increases

(b) Decreases

(c) No impact

(d) All of the above

(e) None of the given options is true

S13. Ans.(a)
Sol. The Cash Reserve means, RBI informs the banks to maintain particular cash as the reserve. So if the reserve ratio is lower than the bank can utilize those cash for credit purpose.

Q14. Which one of the following is a private bank?

(a) Allahabad Bank

(b) Punjab and Sind Bank

(c) Punjab National Bank

(d) South Indian Bank

(e) Bank of Baroda

S14. Ans.(d)
Sol. South Indian Bank Limited is a major private sector bank headquartered at Thrissur in Kerala.

Q15. PAN card issued by the income tax department cannot be used for which of the following purpose?

(a) Proof of identity

(b) Proof of a registered tax payer

(c) Proof of address

(d) Proof of date of birth

(e) None of the given options is true

S15. Ans.(c)
Sol. Permanent Account Number (PAN) is a ten-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department, to any “person” who applies for it or to whom the department allows the number without an application.

QUIZ-04

Q1. Traveling to which Indian neighboring country/countries Aadhaar is not a valid identification document for Indians?
Answer: Nepal and Bhutan

Q2. Which lender has recently announced the elevation of its CFO Sunil Kakar as the Managing Director and Chief Executive Officer of the company?
Answer: IDFC Bank

Q3. Venkaiah Naidu has launched the book which titled 'The Emergency - Indian Democracy’s Darkest Hour'. The book is written by ____________.
Answer: Surya Prakash

Q4. Name the Indian Boxer who has recently clinched a gold medal on the final day of the Ulaanbaatar Cup boxing tournament in Mongolia.
Answer: Ankush Dahiya

Q5. Headquarter of IDFC Bank is in ______________.
Answer: Mumbai

Q6. An agreement for IBRD Credit of USD 35 Million from World Bank for “Assam State Public Financial Institutional Reforms Project” was signed in New Delhi. IBRD stands for ____________.
Answer: International Bank for Reconstruction and Development

Q7. India’s latest communication satellite ____________ has been successfully launched from Kourou in French Guiana.
Answer: GSAT-17

Q8. Sharjah was recently named 'World Book Capital for the year' 2019 by the Director-General of UNESCO. Sharjah is the famous city of _____________.
Answer: The UAE

Q9. Who is the present Director-General of United Nations Educational, Scientific, and Cultural Organization (UNESCO)?
Answer: Irina Bokova

Q10. The 6th India - Myanmar Joint Trade Committee (JTC) Meeting co-chaired by Smt. Nirmala Sitharaman, Minister of Commerce & Industry was held recently in ______________.
Answer: New Delhi

Q11. Name the Former chief economic advisor who has recently taken over as president of the International Economic Association (IEA).
Answer: Kaushik Basu

Q12. Which state is all set to become the first state in the country to have a blood bank for the cattle?
Answer: Odisha

Q13. With which Social Networking Company the Election Commission of India (ECI) has joined hands to launch nationwide voter registration reminder process?
Answer: Facebook

Q14. The Board of Control for Cricket in India (BCCI) announced the formation of a special committee to oversee Lodha Panel Reforms to identify the ‘few critical points’. The committee has how many Members?
Answer: Seven-member

Q15. Myanmar was recently in News. What is the Capital of Myanmar?
Answer: Naypyidaw

QUIZ-04

Q1. Indian boxers had recently clinched 8 Medals at the 48th Grand Prix Usti Nad Labemat. The event was held in ________________.

(a) Slovakia

(b) The Czech Republic

(c) Poland

(d) Germany

(e) Austria

S1. Ans.(b)
Sol. Indian boxers packed quite a heavy punch at the 48th Grand Prix Usti Nad Labem, clinching five gold, two silver, and one bronze medal at the event in the Czech Republic.

Q2. Which of the following lender has recently cut the savings bank deposits rate from 4 per cent to 3.5 per cent on deposits below Rs. 1 crore?

(a) Union Bank of India

(b) UCO Bank

(c) State Bank of India

(d) Punjab National Bank

(e) ICICI Bank

S2. Ans.(c)
Sol. The decline in rate of inflation and high real interest rates have prompted State Bank of India to cut the savings bank deposits rate from 4 per cent to 3.5 per cent on deposits below Rs. 1 crore.

Q3. Name the person who has been recently appointed as a part-time member on the board of Insurance Regulatory and Development Authority of India (IRDAI).

(a) Ravi Mittal

(b) Ram Keshav Jha

(c) Amit Kushwaha

(d) Sandeep Lamba

(e) Kaushal Malani

S3. Ans.(a)
Sol. Ravi Mittal has been appointed as a part-time member on the board of Insurance Regulatory and Development Authority of India (IRDAI). Mittal has replaced N S Rao at IRDAI.

Q4. Name the Ferrari driver who has recently won the Hungarian Grand Prix 2017.

(a) Lewis Hamilton

(b) Kimi Raikkonen

(c) Nico Rosberg

(d) Sebastian Vettel

(e) Valtteri Bottas

S4. Ans.(d)
Sol. Sebastian Vettel of Ferrari won at the Hungarian Grand Prix 2017 to claim his fourth victory of the season.

Q5. On which of the following Bank, the RBI has recently imposed a penalty of Rs. 3 crore for “non-compliance” with the directions on Know Your Customer (KYC) norms?

(a) Dena Bank

(b) Union Bank of India

(c) Indian Overseas Bank

(d) IDBI Bank

(e) UCO Bank

S5. Ans.(b)
Sol. The RBI has imposed a penalty of Rs. 3 crore on state-owned Union Bank of India for “non-compliance” with the directions on Know Your Customer (KYC) norms.

Q6. James McCloughan, an Army medic from Michigan who risked his life multiple times to rescue Vietnam War comrades has recently become the first person to receive the Medal of Honor from President of which of the following country?

(a) Vietnam

(b) Thailand

(c) Cambodia

(d) China

(e) The USA

S6. Ans.(e)
Sol. An Army medic from Michigan who risked his life multiple times to rescue Vietnam War comrades is the first person to receive the Medal of Honor from President Donald Trump in Washington.

Q7. Which of the following city has recently reached on an agreement with the leaders of the International Olympic Committee to host the 2028 Summer Games?

(a) Paris

(b) Los Angeles

(c) Washington DC

(d) New York

(e) Moscow

S7. Ans.(b)
Sol. Los Angeles reached an agreement with the leaders of the International Olympic Committee on plans to host the 2028 Summer Games. Los Angeles formally announced its bid for the 2028 Summer Olympics after agreeing on a deal that paves the way for Paris to host in 2024.

Q8. Indian shuttler C Rahul Yadav has recently clinched the men's singles title at Lagos International challenge. The event was held in _____________.

(a) Chad

(b) Benin

(c) Tanzania

(d) Nigeria

(e) Venezuela

S8. Ans.(d)
Sol. Indian shuttler C Rahul Yadav and men's doubles pair of Manu Attri and B Sumeeth Reddy clinched the men's singles and men's doubles title respectively at Lagos International challenge in Nigeria.

Q9. The Metro of which of the following city was recently declared as the world’s first green metro after it added a green certification for all its major buildings and installations?

(a) Mumbai

(b) Kolkata

(c) Delhi

(d) Kochi

(e) Lucknow

S9. Ans.(c)
Sol. The Delhi Metro Railway Corporation (DMRC) was recently declared as the world’s first green metro after it added a green certification for all its major buildings and installations.

Q10. Prague is the Capital of which of the following country?

(a) Netherlands

(b) The Czech Republic

(c) Poland

(d) Greece

(e) Norway

S10. Ans.(b)
Sol. Prague is the Capital of Czech Republic and its currency is the Czech koruna.

Q11. The Central Board of Direct Taxes (CBDT) entered into nine UAP Agreements with Indian taxpayers in the month of July 2017. What does 'P' stands for in UAP?

(a) Public

(b) Population

(c) Production

(d) Pricing

(e) Program

S11. Ans.(d)
Sol. The Central Board of Direct Taxes (CBDT) entered into nine Unilateral Advance Pricing Agreements (UAPAs) with Indian taxpayers in the month of July 2017. The APA Scheme endeavors to provide certainty to taxpayers in the domain of transfer pricing by specifying the methods of pricing and determining the Arm’s Length Price of international transactions in advance for a maximum period of five future years.

Q12. Abuja is the Capital of which of the following country?

(a) Iceland

(b) Nigeria

(c) Ireland

(d) Malta

(e) Croatia

S12. Ans.(b)
Sol. Abuja is the Capital of Nigeria and its Currency is Nigerian Naira.

Q13. In which of the following country, the world's longest pedestrian suspension bridge has been opened recently? 

(a) China

(b) Romania

(c) Finland

(d) Albania

(e) Switzerland

S13. Ans.(e)
Sol. Spanning an awesome 1621 feet and rising as high as 279 feet, the newly opened Charles Kuonen Suspension Bridge in Switzerland has broken the record for the world's longest pedestrian suspension bridge.

Q14. Rajkiran Rai G is the MD & CEO of which of the following Bank?

(a) Canara Bank

(b) Corporation Bank

(c) Syndicate Bank

(d) Union Bank of India

(e) Dena Bank

S14. Ans.(d)
Sol. The Headquarters of Union Bank of India is in Mumbai. Its MD & CEO of Union Bank of India is Rajkiran Rai G.

Q15. What is the Capital of Hungary?

(a) Sofia

(b) Luxembourg City

(c) Budapest

(d) Kiev

(e) Vienna

S15. Ans.(c)
Sol. Budapest is the Capital of Hungary. The Currency of Hungary is Hungarian forint.

Daily GK Update 03rd August 2017

1. India and Somalia sign agreement on transfer of sentenced persons

i. India and Somalia signed a bilateral agreement for the transfer of sentenced persons. The move is step forward in deepening humanitarian cooperation between the two nations.

ii. The agreement was signed between External Affairs Minister Sushma Swaraj and Foreign Minister of the Federal Republic of Somalia Yusuf Garaad Omar.

Important Takeaways from Above News-

• Capital of Somalia is Mogadishu.
• Present President of Somalia is Mohamed Abdullahi Mohamed.

2. Cabinet approves MoU between India and BRICS countries to set up BRICS Agriculture Research Platform

i. The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its ex-post facto approval for a Memorandum of Understanding (MoU) signed among India and various BRICS countries for establishment of the BRICS Agriculture Research Platform (BRICS-ARP).

ii. During the 7th BRICS Summit held in July 2015 at Ufa in Russia, PM Modi proposed to establish BRICS Agriculture Research Centre which will be a gift to the entire world.

Important Takeaways from Above News-

• The 8th BRICS Summit held on 16th October 2016 at Goa.
• BRICS countries include- Brazil, Russia, India, China, and South Africa.

3. Cabinet scraps no-detention policy for kids of Class 5 and 8

i. The Union Cabinet approved the scrapping of the no-detention policy in schools till Class 8th. It also gave its nod to the Human Resource Development Ministry's plan of creating 20 world-class institutions in the country.

ii. An enabling provision will be made in the Right of Children to Free and Compulsory Education Amendment Bill which will allow states to detain students in class 5 and class 8. The bill will now be placed in Parliament for approval.

Important Takeaways from Above News-

• Under the present provision of Right to Education (RTE) Act, students are promoted automatically to higher classes till Class VIII.
• This is one of the key components of the RTE Act which came into force on 1 April 2010.

4. SEBI forms committee headed by T K Viswanathan on fair market conduct

i. Regulator SEBI has set up a committee on 'fair market conduct' which will suggest measures for improving surveillance of the markets and strengthen rules for trades.

ii. The panel, under the chairmanship of former law secretary T K Viswanathan, would suggest measures for improvement in PIT (Prohibition of Insider Trading) norms, PFTUP (Prohibition of Fraudulent and Unfair Trade Practices) regulations and mainly related to 'trading plans' and handling of 'unpublished price sensitive information' during takeovers.

Important Takeaways from Above News-

• Ajay Tyagi is the present chairman of SEBI.
• Headquarter of SEBI is in Mumbai.
• SEBI full form is Securities and Exchange Board of India.

5. 7th Meeting of BRICS Trade Ministers held in Shanghai, China

i. The 7th Meeting of BRICS Trade Ministers was held in Shanghai, China. A six-member delegation led by Commerce and Industry Minister Smt. Nirmala Sitharaman.

ii. Mr. Zhong Shan, Minister of Commerce from China, presided over the meetings. Sitharaman discussed with her Chinese counterpart, Zhong Shan, the trade deficit in India-China bilateral trade which stands at $51 billion for 2016-17 from the $71.48 billion bilateral trade between the two countries.

Important Takeaways from Above News-

• The 8th BRICS Summit held on 16th October 2016 at Goa.
• BRICS countries include- Brazil, Russia, India, China, and South Africa.

6. Humraaz app: Army to launch app for soldiers

i. The Indian Army has developed a mobile application named 'Humraaz' through which serving soldiers can track details like postings and promotions. Through the app, soldiers can also view their monthly salary slips and the Form 16 and also download them.

ii. The mobile app has been developed in-house by the Army and will be launched in the second week of August for prompt communication of information to junior commissioner officers and other personnels.

Important Takeaways from Above News-

• The current Chief of Army Staff (COAS) is General Bipin Rawat.

7. India permitted to construct Kishanganga, Ratle projects under Indus Water Treaty: World Bank

i. World Bank allowed India to construct hydroelectric power facilities on tributaries of the Jhelum and Chenab rivers with certain restrictions under the 1960 Indus Waters Treaty (IWT).

ii. Pakistan opposes the construction of the Kishanganga (330 megawatts) and Ratle (850 megawatts) hydroelectric power plants being built by India in Jammu and Kashmir.

Important Takeaways from Above News-

• Headquarter of World Bank is in Washington, D.C., United States.

8. Justice B.N Srikrishna to head committee to study issues related to data protection

i. The Ministry of Electronics and Information Technology (MeitY) has appointed an expert panel committee that would study various issues relating to data protection in the country and will suggest a draft data protection Bill.
ii. It is a 10 member panel and it is headed by former Supreme court Judge Justice B N Srikrishna.

Important Takeaways from Above News-

• Ravi Shankar Prasad is the present Electronics and Information Technology minister.

9. SEBI approves appointment of Dhirendra Swarup as BSE chairman

i. SEBI has approved the appointment of Dhirendra Swarup as the chairman of the board of directors of the BSE.

ii. Dhirendra Swarup, who was a public interest director at the BSE, replaces incumbent Sudhakar Rao.  Swarup was the former Chairman of the Pension Funds Regulatory and Development Authority (PFRDA).

Important Takeaways from Above News-

• Ajay Tyagi is the present chairman of SEBI.
• Headquarter of SEBI is in Mumbai.

10. US Senate Confirms Christopher Wray as FBI Director

i. The US Senate has confirmed Christopher Wray to lead the FBI, replacing James Comey, who was abruptly fired by President Donald Trump.

ii. Christopher Wray was also the former high-ranking official in President George W. Bush’s Justice Department who oversaw investigations into corporate fraud.

Important Takeaways from Above News-

• The first president of America was George Washington.

11. Sanjaya Baru New Secretary General of FICCI

i. Sanjaya Baru has appointed as the Secretary General of the Federation of Indian Chambers of Commerce and Industry (FICCI).

ii. Sanjay will assume the charge from 1st September 2017. He succeeds A Didar Singh, who served as Secretary General for 5 years.

Important Takeaways from Above News-

• The Federation of Indian Chambers of Commerce and Industry (FICCI) is an association of business organizations in India.
• It was formed in 1927 and is headquartered in New Delhi.
• Pankaj Patel is the President of FICCI.

12. East Bengal honours Dhanraj Pillay with 'Bharat Gaurav'

i. Former India hockey captain Dhanraj Pillay was honored by East Bengal football club on its foundation day with its highest award, Bharat Gaurav.

ii. Former India international Subhash Bhowmick, a member of the 1970 Asian Games bronze medal-winning national football team, and former national team coach Syed Naeemuddin were honored with lifetime achievement awards.

Important Takeaways from Above News-

• P. R. Sreejesh is present captain of Indian hockey team.
• In 2012, Sanskriti Yuva Sanstha started “Bharat Gaurav Award” felicitation program.

13. Gautam Kaushik appointed as PAYBACK India's new CEO

i. Payback India has appointed Gautam Kaushik as the new Chief Executive Officer (CEO).

ii. Gautam Kaushik will spearhead the India operations and lead all the critical business areas. Prior to joining PAYBACK, Gautam was working with American Express (AMEX) as Vice President (VP) and Chief Financial Officer (CFO).

Important Takeaways from Above News-

• Payback is a multi-brand loyalty program in India.

14. Facebook Acquires AI Startup to Make Messenger Smarter 

i. To build out a more elaborate personal assistant for the Messenger users, Facebook has acquired an artificial intelligence (AI) startup Ozlo that specialises in understanding text-based conversations.

ii. Ozlo claims that its virtual assistants can understand and provide answers to questions which do not have simple “yes” or “no” answers.

Important Takeaways from Above News-

• Mark Zuckerberg is the CEO of Facebook.

15. Government Launches e-RaKAM Portal for Selling Agri Produce

i. The Union Government launched a portal, e-RaKAM, to provide a platform to sell agricultural produce. 

ii. The platform is a digital initiative that aims to bring together the farmers, PSUs, civil supplies and buyers on a single platform to ease the selling and buying process of agricultural products.
iii. With the help of the platform, various crops whose price increases due to rainfall or bad weather conditions will be managed and get the market.

Important Takeaways from Above News-

• Present Consumer Affairs, Food & Public Distribution Minister is Ram Vilas Paswan. 

16. Pushpa Bhargava, Scientist And Activist, Dies At 89

i. Veteran molecular biologist and a vehement critic of genetically modified crops, Pushpa Mittra Bhargava, died at his home in Hyderabad. He was 89.

ii. Bhargava hold a position of the vice-chairman of the national knowledge commission during 2005-07. He is a recipient of over 100 national and international honours and awards including the Padma Bhushan in 1986. He was also honoured with the Legion d’honneur in 1998.

17. Peter O'Neill Re-elected Prime Minister of Papua New Guinea

i. Peter O'Neill has been re-elected prime minister of Papua New Guinea by a newly elected parliament. 

ii. He is the leader of the People’s National Congress and represents the constituency of Ialibu-Pangia. Peter O’Neill won the parliamentary vote 60 to 46.

Important Takeaways from Above News-

• The Capital of Papua New Guinea is Port Moresby.
• Its Currency is Papua New Guinean kina.

18. Former Union Minister Santosh Mohan Dev Passes Away

i. Senior Congress leader and former Union minister Santosh Mohan Dev has passed away in Silchar, Assam. He was the son of freedom fighter Satindra Mohan Dev.

ii. Santosh served as the Minister of Heavy Industries and Public Enterprises under the UPA-1 government led by Manmohan Singh. He was the Minister of State for Communications from 1986-1988 and Minister of State for Home from 1988 to 1989.

Important Takeaways from Above News-

• Present minister of Heavy Industries and Public Enterprises is Anant Geete.

19. Lok Sabha passes Bill to replace NPA Ordinance

i. The Lok Sabha gave its nod for a Bill to replace the NPA Ordinance promulgated in May 2017. The Banking Regulation (Amendment) Bill 2017 sought to amend the Banking Regulation Act, 1949, for this purpose.

ii. The NPA Ordinance had conferred powers on the Centre for authorising the Reserve Bank of India to issue directions to banks to initiate the insolvency resolution process in respect of a default, under the Insolvency and Bankruptcy Code 2016.

Important Takeaways from Above News-

• Sumitra Mahajan is the Speaker of Lok Sabha.

20. Baba Ramdev's Patanjali Teams Up With Facebook, Google for Online Advertisement Push

i. Patanjali Ayurved Ltd., the herbal products manufacturer founded by yoga guru Baba Ramdev collaborates with Google and Facebook, Patanjali is for the first time investing in advertisements tailored for online audiences.

ii. Searches for Patanjali products on Google have gone up 11 times in the past four years and three-fold over the past three years.

Important Takeaways from Above News-

• Manufacturing units and headquarters of Patanjali are located in the industrial area of Haridwar.

21. Karnataka Bank to offer 5% for Saving Deposits over Rs 1 crore, 3% for Deposits Below Rs 1 lakh

i. Karnataka Bank has raised interest rates on savings bank account for large balance above Rs 1 crore to 5% while for small balances below Rs 1 lakh, the bank has reduced it to 3%. Earlier the private bank was charging 4% irrespective of the amount in the account.

ii. Karnataka Bank has said that the bank will offer 4% on deposits in savings account between Rs 50 lakhs and Rs 1 crore. For deposits between Rs 1 lakh and Rs 50 lakhs, the bank will offer 3.5%. The reduction in rate will be with immediate effect.

Important Takeaways from Above News-

• Mr.Mahabaleshwara M.S is the Managing Director & Chief Executive Officer of Karnataka Bank.
• Karnataka Bank was incorporated in 1924 at Mangaluru.

22. Walmart India Appoints Devendra Chawla as EVP and COO

i. Wal-Mart India, a wholly-owned subsidiary of US-based Wal-Mart Stores Inc., has appointed Devendra Chawla as chief operating officer and executive vice president.
ii. Chawla was CEO of the Future Consumer Limited (FCL) and Group President - Food, FMCG, Brands Future Group. Devendra will lead merchandising, marketing, and omni channel functions for Walmart India's cash and carry business.

Important Takeaways from Above News-

• Krish Iyer is the President and CEO Walmart India.

23. MCX, Mahindra Agri sign MoU for agriculture related price information

i. Multi Commodity Exchange of India Limited (MCX) and Mahindra Agri Solutions Ltd., a wholly owned subsidiary of Mahindra and Mahindra, have signed a Memorandum of Understanding (MoU) to provide agriculture related price information.

ii. This information would be available on their recently launched mobile application- ‘MyAgriGuru’, which is available for free on Google play store. This MoU would enhance the decision-making ability of the farmers further.