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Banking & Finance Current Affairs 2020 - Abbreviations For Banking Exams

Are you preparing any Banking Exams 2020? NaukriAddaInd blog updates very important and latest Banking & Finance Current Affairs 2020 Updates for all competitive exams like Bank PO, SO & clerk exam, SSC CGL, NDA, CDS, UPSC exams.

Banking adda Current Affairs 2020
Get More Information about World Financial Institution Grant & SAARC Corona Emergency Fund for Covid-19, Important High Lights from Finance Minister Speech, RBI’s 7th Bi-Monthly Monetary Policy Statement for 2019-20 and Abbreviations in Banking Exams 2020 etc.

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World Financial Institution Grant for Corona Virus (Covid19)

  • International Monetary Fund (IMF): $50 BN
  • World Bank (WB): $14 BN
  • Asian Development Bank (ADB): $4 MN
  • Donald John Trump (President of the United States): $ 8.3 BN
  • United Nations Conference on Trade and Development (UNCTAD): $ 2 TN

SAARC Corona Emergency Fund For Covid-19

South Asian Association for Regional Cooperation (SAARC) nations as part of an initiative led by Prime Minister Narendra Modi through video-conference to help fight the Coronavirus outbreak. The purpose of this fund is to tackle and neutralized the risks accompanied by the Coronavirus COVID-19 pandemic in the South Asian region.

Other SAARC appreciated the decision of PM of India for the proposal of COVID-19 emergency fund.

  • India: $10 million+ $1 million with material assistance in the forms of masks, gloves and disinfectants
  • Srilanka: $5 million
  • Bangladesh: $1.5 million
  • Nepal: $1 million
  • Afghanistan: $1 million
  • Maldives: $200,000
  • Bhutan: $100,000
  • Pakistan: Nil

Important High Lights from Finance Minister Speech

  • PM Gareeb Kalyan Scheme will entail Rs 1.7 lakhs Crore. It’ll include both cash transfer and food security. This scheme will be targeting 80 Crore people.
  • The government provide insurance cover worth Rs 50 lakhs for sanitation workers, ASHA workers, doctors, nurses, paramedics just in case they have it as they’re on the front-lines of the corona battle.
  • Over and above 5kgs of rice/wheat that’s already given, another 5 kg per person are going to be given liberally to around 80 Crore people through PDS. Besides, one kg of preferred and region-specific choice of the pulse will also be given.
  • The first installment of PM Kisan scheme for farmers of Rs 2,000 will be given in the 1st week of April. Around Rs 8.69 Crore farmers will get immediate benefit out of it.
  • The wages of MGNREGA workers has been increased from Rs. 182 to ₹202 per day. This will benefit 5 Crore families and will result in an additional ₹2,000 given per worker. 
  • Social distancing norms must be followed at MGNREGA worksites during this period.
  • An additional Ex-gratia amount of Rs 1,000 for old age and widows for next three months available in two installments. It will benefit 3 Crore widows and senior citizens.
  • Women Jan Dhan account holders will receive Rs 500 in their accounts so that they can take care of their households. This will happen for the next 3 months. This will benefit 20 Crore women.
  • Women Ujjawala scheme beneficiaries will be given free cylinders for the next 3 months. This will benefit 8.3 Crore BPL families.
  • Under the Deen Dayal National Livelihood Mission, the collateral-free loan will be given to, Women Self Help Groups up to Rs 20 lakhs from Rs 10 lakhs earlier. Impact on 7 Crore holders through 63 lakhs SHGs.
  • Government of India will pay the EPF contribution both of the employer and the employee put together 24% for the next three months. This is for those establishments with up to 100 employees, 90% of them earning less than Rs 15,000.
  • For the organized sector, EPFO regulation will be amended so that workers can draw up to 75% for their contingency expenditure non-refundable advance or three months of wages in advance whichever is less. This will benefit 4.8 cr workers.
  • The state government has been directed to use the welfare fund for building & construction labourers which have around Rs 31,000 Crore to help those who are facing economic disruption because of the lock-down.
  • Utilize the funds available under the district mineral fund for testing activities, medical screening, and providing health attention needed to fight the Coronavirus pandemic.
  • The Confederation of Indian Industry (CII) lobby group, had sought a stimulus of about 1% of the GDP or Rs 2 lakh Crore, has sought a three-month moratorium on all loans and said all repayment obligations should be suspended for this period.

Weekly CA One Liner 18-22 March 2020

RBI’s 7th Bi-Monthly Monetary Policy Statement for 2019-20

RBI Governor Shaktikanta Das announced the Statement of Seventh Bi-monthly Monetary Policy Statement, 2019-20 . The RBI reduce the policy repo rate under the liquidity adjustment facility (LAF) by 75 bps to 4.40% from 5.15% with immediate effect.

  • Repo rate reduced by 75 basis points to 4.4%
  • Rev repo reduced by 90 basis points to 4%
  • GDP growth for Q4 19-20 and FY 20-21 to be affected
  • Aggregate demand may weaken
  • Future outlook uncertain and negative
  • CRR reduced by 100 basis points to 3% for 1 year to release 1.37 lakh crores
  • Min daily CRR balance reduced from 90% - 80% till 30/06/2020
  • 3.74 lakh crore liquidity injected
  • 3 month moratorium on payment of instalments of Term Loan outstanding
  • Interest on WC facilities to be deferred by 3 months
  • Such deferment not to be considered for NPA
  • Revised DP calculations by reassessing WC cycle

Weekly Current Affairs One Liner 7-11 March 2020

Latest Abbreviations in Banking Exams 2020

Latest Banking and Finance Abbreviation questions are regularly asked in all the Banking exams like IBPS, SBI, RBI, RRB, UPSC and other banking exams.
Candidates preparing for RBI exam, SBI PO exam, IBPS PO exam & RRB PO Clerk exam must read these 60 Abbreviations during this lockdown period of COVID-19.
1. PSBs: Public Sector Banks
2. SNBCs: Schedule Non Commercial Banks
3. SENSEX: Sensitive Index Of Stock Exchange
4. GNP: Gross National Product
5. KYC: Know Your Customer
6. RTGS: Real Time Gross Settlement
7. NEFT: National Electronic Money Transfer
8. EFT: Electronic Fund Transfer
9. CBS: Core Banking Solutions
10. LIBOR: London Interbank Offered Rate
11. MIBOR: Mumbai Interbank Offered Rate
12. MIBID: Mumbai Interbank Bid Rate
13. SARFAESI: Securitisation And Reconstruction Of Financial Assets And Enforcement Of Security Interest
14. CAR: Capital Adequecy Ratio
15. FIIs: Foreign Institutional Investments
16. FDI: Foreign Direct Investment
17. IPO: Initial Public Offering
18. MICR: Magnetic Ink Character Recognition
19. BIRD: Bankers Institute Of Rural Development
20. IBA: Indian Bank Association
21. BPLR: Benchmark Prime Lending Rate
22. SWOT: Strength, Weaknesses, Opportunities And Threats
23. SWIFT: Society For Worldwide Interbank Financial Telecommunication
24. FERA: Foreign Exchange Regulatory Act
25. FEMA: Foreign Exchange Management Act
26. CASA: Current And Saving Account
27. NDTL: Net Demand And Time Liabilities
28. NASDAQ: National Association For Securities Dealers Automated Quotations
29. CRISIL: Credit Rating And Investment Services India Limited
30. CIBIL: Credit Information Bureau Of India Limited
31. NAV: Net Asset Value
32. ICRA: Indian Credit Rating Agency
33. CARE: Credit Analysis And Research Limited
34. INFINET: Indian Financial Network
35. OLTAS: On-line Tax Accounting System (OLTAS) for Direct Taxes
36. TIN: Tax Information Network (TIN)
37. IMPS: Interbank Mobile Payment Service (IMPS) or Immediate Payment Service
38. CDR: Corporate Debt Restructuring
39. CAD: Capital Account Deficit
40. REITs: Real Estate Investment Trusts
41. ASBA: Application Supported by Blocked Amount
42. PIN: Personal Identification Number
43. DTAA: Double Taxation Avoidance Agreement
44. ECBs: External Commercial Borrowings
45. EFSF: European Financial Stability Facility
46. FINO: Financial Inclusion Network Operation
47. FIPB: Foreign Investment Promotion board
48. FSLRC: Financial Sector Legislative Reforms Commission
49. CRAR: Capital to Risk-weighted Assets Ratio
50. LCR: Liquidity Coverage Ratio
51. TARC: Tax Administration Reform Commission
52. FRBMA: Fiscal Responsibility and Budget Management Act
53. TIEA: Tax Information exchange Agreement
54. BCSBI: Banking Codes and Standards Board of India.
55. BIS: Bank for International Settlements.
56. CDS: Credit Default Swap.
57. FIMMDA: Fixed Income Money MARKETS and Derivatives Association.
58. FPI: Foreign Portfolio Investment.
59. IBRD: International Bank For Reconstruction And Development.
60. UIDAI: Unique Identification Development Authority of India

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