A Quick look on Financial Awareness VIII


A Quick look on Financial Awareness VIII

Dear Aspirants,

In continuation with our ‘A Quick look on Financial Awareness’ series, today we are providing seventh 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 ClerkSBI PO 2016, UIIC AO 2016 & IBPS exams.


1. EPFO launches One Employee-One EPF Account drive


  • Sh. Bandaru Dattatreya, the Union Minister for Labour & Employment (Independent Charge) launched a special Mission consolidation drive “One Employee-One EPF Account” for members of the EPFO.
  • The initiative of launching the Mission consolidation “One Member One EPF Account” is a step towards encouraging EPF members to access enhanced IT enabled services through UAN accounts that are linked with Aadhaar.

2. PM launches Ujjwala Scheme to provide free LPG to poor people

  • Under PMUY, each of the beneficiaries will receive monetary support of about 1,600 rupees to get a connection of cooking gas’
  • Finance Minister Arun Jaitley had, in his Budget speech in February, announced a provision of Rs. 2,000 crore this financial year to provide LPG connections to 1.5 crore women from BPL households.

 3. Japan announces $7 billion plan to develop Mekong region


  •  Japan has pledged 750 billion yen ($7 billion) initiative to promote development in theMekong region, which encompasses parts of Vietnam, Laos and Thailand through which the river flows.

 4. Forex reserves at record high of USD 361.601 bn


  • India’s foreign exchange reserves increased by 1.350 billion US Dollars to touch a record high of 361.601 billion dollars in the week to 22nd April.

5. Andhra Pradesh Govt. launches Chandranna Bima Yojana       

  • 128    This is an insurance scheme for the working class people. It will cover about 1.5 crore workers of the state.

6. RS Ethics Committee recommends expulsion of Mallya


  • The Ethics Committee of Rajya Sabha (RS) has unanimously recommended the expulsion of beleaguered businessman Vijay Mallya with immediate effect.
  • Mallya is facing a case of loan default of over Rs 9,400 crore .

7. South Korea, Japan, China agree to put joint efforts to ensure financial stability

  • Finance Ministers and Central Bank Governors from JapanChinaSouth Korea and the Association of South east Asian Nations have agreed on the need to addressdownside risks to global economic development.


8. Nashik man’s Rs1.3 cr golden shirt is world’s most expensive


  • The Guinness World Records recognised  businessman Pankaj Parakh as the man with “the most expensive gold shirt in the world”.

9. ECB discontinues production, issuance of 500 euro note


  • The 25-member governing council of European Central Bank (ECB) has announced that it will permanently stop producing the 500 euro banknote by the end of 2018.

10. NSE to launch new exchange for MSME


  • ‘The National Stock Exchange (NSE) is all set to launch a new trade receivable and credit exchange platform for micro, small and medium enterprises (MSMEs).

11. Zimbabwe to print own version of US dollar 


  • Zimbabwe is set to print its own version of the US dollar in order to ease a cash shortage in the country.
  • The cash, known as bond notes, will be backed by 200 million dollars support from the Africa Export-Import Bank.

12. SBI launches new mobile-based payment app for customers 


  •  The country’s largest bank State Bank of India has now launched ‘mVisa‘ ,a mobile-based payments solution
  • “mVisa is a card-less solution which facilitates payment by scanning the QR code displayed at the merchant outlet or from the merchants mobile,” SBI said in a statement. The new technology eliminates the need to swipe the physical card at a point-of-sale machine.

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