Banking, Financial and Economic Awareness

2020-02-28

1. 76% of total beneficiaries under PMJDY have debit cards

  • Till February 19, RuPay debit cards were issued to 76% (29.14 crore) of total beneficiaries (38.13 crore) under Pradhan Mantri Jan Dhan Yojana (PMJDY).
  • Public sector banks have issued the maximum number of RuPay debit cards. They are followed by regional rural banks and private banks.
  • On January 15, the government has said that the number of operational PMJDY accounts stands at 30.78 crore (81.3 %).
  • A RuPay debit card is issued to every PMJDY account holder. Earlier, All PMJDY RuPay cards carried accidental insurance cover of Rs. 1 lakh.
  • The insurance cover has been increased to Rs. 2 lakh. The increased insurance cover is available to new PMJDY accounts that are opened after 28.8.2018.
  • PMJDY Debit Card holders can use their cards at all ATMs, POS terminals and e-commerce websites.  
  • Pradhan Mantri Jan Dhan Yojana (PMJDY):
    • It was launched on 28th August 2014.
    • It is the government’s National Mission for Financial Inclusion (NMFI).
    • Eligible PMJDY account holders are provided an overdraft facility of Rs. 10,000.
    • PMJDY account holders who began their bank account for the first time between 15.8.2014 to 31.1.2015 are also given a life insurance cover of RS. 30,000.
    • PMJDY accounts fall into the category of Basic Savings Bank Deposit Accounts (BSBDA). BSBDA accounts provide some minimum facilities without the need for maintaining the minimum balance.

 

2. Eleven REMCs to be inaugurated

  • Union Power Minister will inaugurate 11 Renewable Energy Management Centers (REMCs).
  • These REMCs are being established under the supervision of Power Grid Corporation of India, a government-owned Maharatna Company in Gurugram.
  • One REMC will be formed in the National Load Dispatch Centre. Three will be established in Regional Load Dispatch Centers.
  • Remaining REMCs will come up in State Load Dispatch Centers of seven different states.
  • They are Tamil Nadu, Karnataka, Andhra Pradesh, Maharashtra, Madhya Pradesh, Gujarat and Rajasthan.
  • REMCs are parts of load Dispatch Centers. They control forecasting, transmission and generation of renewable energy from renewable energy plants.
  • Load dispatch centers supervise generation and transmission of power. National Load Dispatch Centre (NLDC) was formed in 2005.
  • The government has also established five Regional Load Dispatch Centers (RLDCs). They are located in northern, eastern, north-eastern, western and southern regions.
  • They are operated by Power System Operation Corporation Ltd (POSOCO). POSOCO is a subsidiary of Power Grid Corporation of India Limited. 
  • Currently, India's wind and solar capacity is 71,643 MW.

 

3. Sumant Kathpalia appointed as new MD and CEO of IndusInd Bank

  • IndusInd Bank has appointed Sumant Kathpalia as the new MD and CEO of IndusInd Bank.
  • He will replace Romesh Sobti. Romesh Sobti will retire from his position next month.
  • Currently, Sumant Kathpalia is head of the consumer banking division of IndusInd Bank.

 

4. India is one of the top manufacturers of smuggled drugs

  • As per the International Narcotics Control Board (INCB) report, India is one of the top manufacturers of legal and illegal drugs that are smuggled to other countries.
  • United Nations Office on Drugs and Crime (UNODC) has released the report of the International Narcotics Control Board (INCB).
  • India has not submitted Form P for 2018 by the deadline of 30 June 2019. Form P is an annual statistics report on manufacturing, trade, and consumption of substances regulated under the Convention on Psychotropic Substances of 1971.    
  • As per the report, India was a source of most of the tramadol seized worldwide between 2013 and 2017.
  • International Narcotics Control Board (INCB) was formed in 1968. Its headquarters is located in Vienna, Austria.
  • United Nations Office on Drugs and Crime (UNODC) was formed in 1997. Its headquarters is also located in Vienna, Austria.

 

5. Puneet Sharma appointed as CFO of Axis Bank

  • After March 6, Puneet Sharma will be the new Chief Financial Officer (CFO) of Axis Bank.
  • He will also work as the President of the bank. He will report to Amitabh Chaudhary.
  • Amitabh Chaudhary is the current Managing Director (MD) and CEO of Axis Bank.
  • Group executive and Chief Financial Officer of Axis Bank, Jairam Sridharan, has resigned on 6 December 2019.
  • Axis Bank is the fifth-largest Indian bank. Its chairman is Shri Rakesh Makhija.

 

Multiple Choice Questions (MCQs)

1. When was Pradhan Mantri Jan Dhan Yojana (PMJDY) launched?

  1. 15th August 2014
  2. 28th August 2014
  3. 15th August 2015
  4. 28th August 2015
  5. None of the above

2. How many Renewable Energy Management Centers (REMCs) will be inaugurated by Union Power Minister, Raj Kumar Singh?

  1. Seven
  2. Eight
  3. Nine
  4. Ten
  5. Eleven

3. Who has been appointed as the new MD and CEO of IndusInd Bank?

  1. Sumant Kathpalia
  2. Romesh Sobti
  3. Arvind Kumar
  4. Madhukar Kamath
  5. Sudeep Lakhtakia

4. What was the deadline for submitting Form P for 2018?

  1. 30 April 2019
  2. 30 May 2019
  3. 30 June 2019
  4. 30 July 2019
  5. 30 August 2019

5. Puneet Sharma is appointed as the new Chief Financial Officer (CFO) of which bank?

  1. Axis Bank
  2. Bank of Baroda
  3. Oriental Bank of Commerce
  4. Union Bank of India
  5. Canara bank

 

Correct Answers:

  1. B
  2. E
  3. A
  4. C
  5. A

 

 

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