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Sol. India has contributed $100,000 to a UN fund to help developing countries actively participate in the discussion of tax issues, becoming the first country to make the contribution. The UN Tax Trust Fund aims to support the work of the Committee of Experts on International Cooperation in Tax Matters.
Q2. Which bank has started insolvency resolution process against Lanco Infratech Ltd. following a directive from the Reserve Bank of India (RBI), While this is the first resolution process initiated by the lenders against 12 large borrowers identified by the RBI recently?
Sol. IDBI Bank has started insolvency resolution process against Lanco Infratech Ltd. following a directive from the Reserve Bank of India (RBI), While this is the first resolution process initiated by the lenders against 12 large borrowers identified by the RBI recently.
Sol. Stepping up its fight against tax evasion, the Centre has made it mandatory to quote the Aadhaar number for opening bank accounts and for transactions exceeding Rs.50,000. With the amendments to the Prevention of Money Laundering (Maintenance of Records) Rules, 2005 notified earlier this month, banks will have to demand both Aadhaar and the Permanent Account Number (PAN) for verification of identity.
Sol. The Reserve Bank of India has initiated prompt corrective action (PCA) on Bank of Maharashtra placing a restriction on the banking activities. This RBI has said that the action is taken on the bank in view of the high level of bad loans. This is the sixth bank to be placed under PCA by the RBI and of this five banks were placed under PCA in the last three months. RBI has initiated PCA on Central Bank of India, IDBI Bank, UCO Bank, Dena Bank and Indian Overseas Bank.
Sol. The World Bank has cleared a USD 250-million loan for making Indian youth more employable through reskilling, in a move that is seen to aid the Skill India Mission. The multi-lateral lender is keen to support the Indian government in its efforts to better equip the young workforce with employable skills. Under the program, adults in 15-59 years of age, underemployed or unemployed, will get the skill training.
Sol. Headquarter of SBI is in Mumbai, Maharashtra.
Sol. After the merger of Associates of SBI, the total customer base of the bank reaches 37 crore.
Sol. List of Directors on the Central Board of State Bank of India w.e.f. 26th June 2017.
1. Arundhati Bhattacharya (Chairman)
2. B. Sriram (Managing Director)
3. Rajnish Kumar (Managing Director)
4. Dinesh Kumar Khara (Managing Director)
5. P. K. Gupta (Managing Director)
Sol. After the merger of Associates of SBI, nearly 59,000 ATMs across the country.
Sol. 1st April, 2017 was the record date in India as the merger of State Bank of India took place (SBI) with five of its associate banks and Bhartiya Mahila Bank. The five associate banks are State Bank of Bikaner and Jaipur (SBBJ), State Bank of Mysore (SBM), State Bank of Travancore (SBT), State Bank of Hyderabad (SBH) and State Bank of Patiala (SBP). In August 2010 State Bank of Indore officially merged into State Bank of India.
Sol. paid up capital of NABARD stood at Rs. 5,000 crore as on 31 March 2016. Consequent to the revision in the composition of share capital between Government of India and RBI, the Government of India has holds Rs. 4,980 crore (99.60%) while Reserve Bank of India holds Rs. 20.00 crore (0.40%).
Sol. Ajay Tyagi is the present Chairman of SEBI.
Sol. The importance of institutional credit in boosting rural economy has been clear to the Government of India right from its early stages of planning. Therefore, the Reserve Bank of India (RBI) at the insistence of the Government of India, constituted a Committee to Review the Arrangements For Institutional Credit for Agriculture and Rural Development (CRAFICARD) to look into these very critical aspects. The Committee was formed on 30 March 1979, under the Chairmanship of Shri B. Sivaraman, former member of Planning Commission, Government of India.
Sol. In RRBs, 50% share shall be held by the central government, 15% by the concerned state government and 35% by the sponsor bank.