- BharatQR code launched (Source: MINT)
- Retail electronic payments will become more seamless with the launch of BharatQR code—a quick response (QR) code mandated by the government to enable digital payments without card swiping machines.
- Currently, the QR code-based acceptance systems in the country are largely closed systems. Right now only 15 banks have come on board and are in the process of deploying Bharat QR code. The 15 banks are Axis Bank, Bank of Baroda, Bank of India, Citi Union Bank, DCB Bank Ltd, Karur Vysya Bank, HDFC Bank Ltd, ICICI Bank Ltd, IDBI Bank Ltd, Punjab National Bank, RBL Bank Ltd, State Bank of India, Union Bank of India, Vijaya Bank and Yes Bank Ltd.
- BharatQR is a common QR code jointly developed by all the four major card payment companies—National Payments Corp. of India that runs RuPay cards, MasterCard, Visa and American Express—under instructions from the Reserve Bank of India (RBI).
- It is a major revolutionary step because of interoperability. The merchants will be identified by one QR code whether the payment is through MasterCard, Visa or RuPay and this will result in deepening of acceptance infrastructure. Besides working as a common interface for the Visa/MasterCard/RuPay platform, BharatQR will also facilitate acceptance using Aadhaarenabled payments and Unified Payments Interface (UPI).
Continue reading “Financial Awareness-February(21-28) 2017”
- Govt said to cut bank capital infusion for this fiscal because of slow loan growth (Source: MINT)
- Government may cut the amount of capital it plans to inject into state-controlled lenders this fiscal year by as much as Rs7,800 crore($1.2 billion) because of slow loan growth
- India can infuse the deferred Rs7,800 crore in the coming fiscal year, along with the Rs10,000 crore pledged for the period as part of the Union budget revealed on 1 February.
Continue reading “Financial Awareness-February(11-20) 2017”
- Budget 2017: State-run banks gain 4% on Rs10,000 crore infusion announcement (Source: MINT)
- Shares of public sector banks on February 1st rose by as much as 4% as the government announced infusion of Rs10,000 crore in public sector banks in the next fiscal year.
- Union Bank of India closed up 5.64%, Bank of Baroda rose 4.88%, State Bank of India went up 3.96% and Punjab National Bank gained 3.24% on the BSE in the closing hours.
- “As per the Indradhanush plan, the public sector banks will be provided with Rs10,000 crore in the next fiscal. Additional allocation would be made if required,” said FM.
Continue reading “Financial Awareness-February(1-10) 2017”
Though the Union Budget is essentially a Statement of Account of public finances, it has historically become a significant opportunity to indicate the direction and the pace of India’s economic policy. The 2017-18 Union Budget was presented amidst a somewhat wobbly backdrop of the world economy facing considerable uncertainty, increasing signs of a retreat from globalization of goods the world over, and high expectations from people back home relating to good governance. Amidst all these developments, India has stood out as a bright spot in the world economic landscape. India‟s macro-economic stability continues to be the foundation of economic success. Continue reading “Decoding Union Budget 2017-18”
Economic Survey says economic growth to return to normal as new currency notes in required quantities come back into circulation and follow-up action on demonetisation is taken.
The CPI based core inflation remained stable in the current fiscal year averaging around 5 per cent.
The Economic Survey says that the rupee performed better than most of the other emerging market economies.
The total area coverage under Rabi crops as on 13.01.2017 for 2016-17 is 616.2 lakh hectares which is 5.9 per cent higher than that in the corresponding week of last year.
The area coverage under Gram (Channa Dal) as on 13.01.2017 for 2016-17 is 10.6 percent higher than that in the corresponding week of last year. Continue reading “Key Highlights of Economic Survey 2016-17”
The Union Budget for the year 2017-18 was presented by the Finance Minister Mr. Arun Jaitley in the Parliament on 1 st February 2017.
- Agricultural credit during the year 2017-18 is targeted at Rs.10 lakh crores, with 60 days interest waiver.
- The government intends to double the NABARD fund (for long term irrigation) corpus from Rs. 20,000 crore to Rs. 40,000 crore.
- A dedicated micro irrigation fund will be set up for NABARD with Rs 5,000 crore initial corpus.
- Dairy processing infrastructure fund will be initially created with a corpus of Rs. 2000 crore.
- Soil testing: The government will set up mini labs in Krishi Vigyan Kendras for soil testing.
Continue reading “Key Highlights of Union Budget 2017-18”