Banking and Financial Awareness August 2018: 3rd Week

UPI 2.0 unveiled by RBI Governor Urjit Patel with enhanced features developed by NPCI

It will enable customers to check the invoice sent by merchant prior to making payment.
This is for ensuring adequate importance on cybersecurity.
UPI 2.0 member banks as on date are:

State Bank of India, ICICI Bank, HDFC Bank, Axis Bank, YES Bank, IDBI Bank, RBL Bank, Kotak Mahindra Bank, IndusInd Bank, Federal Bank and HSBC.

To reach deep rural pockets and serve the underinsured and to uplift financial inclusion.
The product (PMJJBY) Rs 2 lakh life insurance cover for a nominal premium of Rs 330 per annum provided by Bharti Axa Life Insurance offers
It can be purchased by all existing or new Airtel Payments Bank savings bank account holders between the ages of 18-50.
Also purchasing this policy is secure, paperless and completely digital, ensuring convenience for consumers.
Bharti AXA General Insurance

This is for Increasing crude prices and the government’s decision to fix the minimum support prices of all kharif crops at 1.5 times of the production cost.
Private final consumption expenditure to grow 7.6% in FY19 compared to 6.6% in FY18.
India Ratings developed a comprehensive credit analysis approach based on:

An assessment of the relationship between the various tiers of government and an analysis of links between a public sector entity and sub-nationals.
The appropriate balance between economic and financial criteria as well as between objective and qualitative factors.

For facilitating convenient, fast and secure payments through PhonePe on the IRCTC Rail connect Android app.
This partnership, will boost digital payments across India.
For quick and hassle free payments, users have the choice of using UPI along with all the other payment methods available on the app.
PhonePe:

The survey was conducted between August 2 and 8 among 1,193 respondents in India which covered 152 brands across 11 categories.
Around 16% respondents ranked SBI followed by Tata Motors and Patanjali (eight percent each), telcos Reliance Jio and BSNL (six percent each), and LIC and Amul (five percent each).
State Bank of India