Current Affairs - Banking

Why Current Affairs Banking?

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Exercise :: Banking - Latest Current Affairs

  • Banking - Latest Current Affairs

Which bank will pay Rs 28,000 Crore as Interim Dividend to the Government?

D. Axis

Answer: Option B


The Reserve Bank has announced that it will transfer an interim surplus of 28,000 crore rupees to the central government for the half-year ended 31st December 2018. The central bank follows a July-June financial year and usually distributes the dividend in August after annual accounts are finalised. With this interim transfer, the government will get a total of Rs 68,000 crore from the central bank in the current fiscal. The RBI had transferred Rs 40,000 crore to the government in August 2018. This will be the highest receipt from RBI in a single financial year for the government, exceeding the Rs 65,896 crore it received in FY16 and Rs 40,659 crore in FY18. A committee headed by former Reserve Bank of India governor Bimal Jalan has been set up to review RBI's economic capital framework.


Indian Wealth management company, Edelweiss and this bank signed an MoU to access each other product platforms, recently.

A. Bank of Singapore
B. Asian Development Bank
C. Bank of America
D. World Bank

Answer: Option A


A memorandum of understanding (MoU) has been signed between Edelweiss and Bank of Singapore in order to form a strategic partnership. The MoU will provide an opportunity to clients of both entities to access each other product platforms.Edelweiss became the first Indian Wealth management company to sign an MoU with offshore private bank (Bank of Singapore).Bank of Singapore has signed similar MoU with financial companies from Switzerland and Japan.


Which among the following became the First US Bank with Cryptocurrency?

A. Bank of America
B. Goldman Sachs
C. JP Morgan Chase & Co
D. Wells Fargo

Answer: Option C


JP Morgan rolled out as the first US bank with cryptocurrency. The change in opinion of JP Morgan is the first step in the program of making it more competitive. The currency is designed to be decentralized so that no one has control over transactions being sent over the network. JP Morgan will be using the cryptocurrency to see its potential in using digital coins to reduce risk and enable instant transfers. Cryptocurrencies are used successfully to move money between bank and a client which usually runs on a blockchain technology. JPM Coin is not for retail customers . It will be used internally by the bank to enable instant transfers of payments between institutional accounts.


Which bank cleared the Divergence charges imposed by RBI?

A. Kotak Mahindra Bank
B. Yes Bank
C. IndusInd Bank
D. Axis Bank

Answer: Option B


The Reserve Bank of India cleared Yes Bank of Divergence charges i.e. disparity in reporting bad loans and provisioning numbers for the year ended March 2018. The final report has observed nil divergence in the bank's asset classification and provisioning from the norms of the RBI. In FY16, after its first assessment, Yes Bank was found divergence of Bad loans by RBI at Rs. 4,176 crore higher than the reported gross NPA of Rs. 748.9 crore. Further, in FY17, Yes Bank was found to be divergence again at Rs. 6,355 crore and reported gross NPA of Rs. 2,018 crore lower than RBI's estimation of Rs. 8,373 crore.


The Reserve Bank of India (RBI) has penalised Rs 2 million each for __________, Kotak Mahindra Band and IDBI Bank for non-compliance with respect to Know Your Customer (KYC) norms and Anti-Money Laundering (AML) standards.

A. HDFC Bank
B. Andhra Bank
C. Indian Overseas bank
D. Union Bank of India

Answer: Option A


The Reserve Bank of India (RBI) has penalised seven banks for not including public and private sector banks for not complying with various norms. HDFC Bank, Kotak Mahindra Band and IDBI Bank were fined Rs 2 million each for non-compliance with respect to Know Your Customer (KYC) norms and Anti-Money Laundering (AML) standards. Allahabad Bank, Andhra Bank, Indian Overseas bank and Bank of Maharashtra were penalised for not following directions set by RBI on monitoring end use of funds, exchange of information with other banks, classification and reporting of frauds and restructuring of accounts. The penalty was Rs 10 million for Andhra Bank and Rs 15 million each for others. Bank of Baroda and Union Bank of India has imposed a penalty of Rs 1 crore each for violating various banking norms.