A Quick look on Financial Awareness VIDEVENDRA VISHWAKARMA
In continuation with our ‘A Quick look on Financial Awareness’ series, today we are providing sixth part of recent and current Banking, Economy & Financial news.
This article will help in your preparation for General Awareness section for upcoming exams like SBI Clerk, SBI PO 2016, UIIC AO 2016 & IBPS exams.
A Quick look on Financial Awareness VI
1. India tops global confidence rankings: Nielsen
- According to a study by global performance management company Nielsen, Indian consumers were the most confident in the world in terms of job prospects, personal finances and concerns in the first quarter of 2016 with their confidence index touching a nine-year high during the period.
- As per the study, India was followed by the Philippines with a score of 119 and Indonesia with 117 points although it was a mixed bag among the world’s largest economies.
The Consumer Confidence Index score for India increased three index points
in the first quarter to a score of 134,
the highest for the country since 2007.
(i) While the score jumped 10 points to 110 in the US, China (105), Germany and UK (97) and Japan (73) showed quarter-on-quarter decline.
(ii) All three confidence indicators — job prospects, personal finances and concerns — increased from the previous quarter in India with job sentiment, personal finances and immediate spending intentions at consistently high levels.
(iii) In the latest online survey, fielded March 1—23, 2016, 83 per cent of urban Indian respondents indicated the highest level of optimism globally on job prospects — up by three index points since fourth quarter of 2015.
(iv) The Nielsen Global Survey polled more than 30,000 online consumers in 63 countries throughout Asia—Pacific, Europe, Latin America, the Middle East/Africa and North America.
2. WB approves $625 m loan to support rooftop solar programme in India
- The World Bank has approved a $625 million loan to support the central government’s programme to generate electricity from rooftop solar power plants in India.
- The board also approved a co-financing loan of $120 million on concessional terms and a $5 million grant from the Climate Investment Fund’s Clean Technology Fund, the global development bank said in a statement.
- These installations will provide clean, renewable energy and reduce greenhouse gas emissions by displacing thermal generation.
- The project will also strengthen the capacity of key institutions and support the development of overall solar photovoltaic market,”.
3. PayU India, Paytm get in-principle approvals for consumer bill payment services
- PayU India and Paytm have got amongst the first in-principle approvals for operating as a Bharat Bill Payments Operating Unit (BBPOU), allowing them to offer interoperable bill payment service to consumers.
- Consumers will be able to pay all their bills anytime and anywhere under the Bharat Bill Payment System (BBPS), and the companies will provide platforms to offer these services.
- Companies with in-principle approvals would have to meet two conditions, including a certification from National Payment Corporation of India (NPCI) for adherence to BBPS standards and system readiness. A system audit would also have to be conducted to evaluate the hardware, software, critical applications and security.
(i) In November 2015, RBI had granted in-principal approval to NPCI to function as Bharat Bill Payment Central Unit.
(ii) RBI had received 62 applications for authorisation from non-bank entities and 80 requests in all for approvals from banks for operating as a payment operating unit under BBPS.
(iii) Till now, it has given approvals to 33 applicants including Oxigen , aggregators like BillDesk and banks including SBI , ICICI, HDFC and others.
About Bharat Bill Payment System (BBPS)
(i) BBPS is an integrated bill payment system that will enable payment services online or through an offline network. Payment can be made through multiple modes and the users will get instant confirmation.