Banking and Financial Awareness August 2020: Week IV

‘National Strategy for Financial Education 2020-2025’- RBI

The Reserve Bank of India has released a national strategy for financial education for a period of five years.
This National Strategy for Financial Education 2020-2025 aims to create a financially aware and empowered India.
This National Strategy for Financial Education 2020-2025 is the revised structure of the first National Strategy for Financial Education 2013-2018.

The ministry of finance has made an announcement to exempt the businesses with an annual turnover of Rs 40 lakh from GST.
Earlier the businesses with an annual turnover of Rs 20 lakh were exempted from GST.
Along with this, another announcement was made by the finance ministry that those businesses with a turnover of upto Rs 1.5 crore can avail for Composition Scheme.
If such businesses who are eligible and avail for Composition Scheme will have to pay only 1% tax.

The name of the programme or the product is ‘Structured Finance and Partial Guarantee Program’.
The ‘Structured Finance and Partial Guarantee Program’ will help to ensure the flow of credit without any interruptions to the destination in rural areas which are affected due to COVID-19.
The ‘Structured Finance and Partial Guarantee Program’ will provide partial guarantee on pooled loans offered to NBFCs and MFIs.

As per the data in the report, total income in the year 2019-2020 has increased by 28.97%. In the year 2018-2019 total income was Rs 1,49,672 crore. And in 2019-2020, the total income is Rs 1,93,036 crore.
The expenditure decreased by 39.72%.
The gross non-performing ratio of the banking system has reduced to 9.1% when compared with March 2019 which was 11.2%.
The interest income of the bank increased by 44.62%.

ICICI Bank is making use of imagery from earth observation satellites i.e. making use of data from the satellite to Assess Creditworthiness of farmers.
Thus by doing so, ICICI Bank has become the first bank in India to use such an advance technique.
This advance technique will also help farmers to get better access to formal credits.
Under this advance technique, on getting data from satellites, the credit assessments are made within 15 days by the bank.

The Liberty Saving Account is launched for Indian Youth.
The Liberty Saving Account will address the need of the youth and digitally interested Indians like changing lifestyles and hospital cash insurance covers.
The Liberty Saving Account will offer hospital cash insurance cover upto Rs 20,000 per year.
Liberty Saving Account is applicable for the people belonging in the age group of upto 35 years of age.

The National GIS (Geographic Information System) enabled Land Bank System is launched by union minister of commerce and industry, Piyush Goyal.
The National GIS-enabled Land Bank System will provide real-time information about the availability of industrial land and resources. It will provide details about industrial clusters all over India.
The system is developed by integrating the Industrial Information System (IIS) to the State’s GIS. Until now, six major states are included in this system.

HDFC Bank has entered into a partnership with Adobe to offer and enhance the digital experience to its customers.
The digital experience will be powered and supported by Adobe Experience Cloud Solutions.
Under this partnership, the bank will avail platforms like Data Management Platform in Adobe Audience Manager.
The currents solutions like adobe analytics and adobe target will help the bank to derive insights and to enhance and deepen their personalized services to its customers.

Bajaj Allianz Life Insurance Company Ltd has launched ‘Smart Assist’.
‘Smart Assist’ is a real-time technology-based assistant service.
This service allows the customers to establish a connection with the insurance company and to take the benefits in real-time basis from anywhere.
‘Smart Assist’ offers complete insurance product details by allotting a secure digital platform to the customers.

The Canara HSBC OBC Life Insurance has entered into a partnership with Andhra Pragathi Grameena Bank(APGB).
The partnership is made to sell insurance policies related to life, health and pension of Canara HSBC OBC Life Insurance at branches of APGB.
Canara HSBC OBC Life Insurance is a joint sector of Canara Bank and Punjab National Bank and HSBC.