Current Affairs

Current Affairs

Tirumala Tirupati temple deposits 2780 kg gold with SBI


Tirumala Tirupati Devasthanams which is the famous temple of Lord Venkateswara and of the richest Hindu temple in India has deposited 2,780 kg of gold with State Bank of India under long term deposit schemeannounced on 29th Aug 2017.
Key Points:
      The gold deposits have been converted into the Long Term Deposit Scheme at a rate of 2.5% per annum for a period of 12 years from the date of investment under the Gold Monetisation Scheme.
      The temple receives offerings from devotees in cash, jewellery, gold, silver, property deeds, and Demat share transfers.
      The certificate for the gold deposit was handed over by Amaravathi Circle SBI Chief General Manager Mani Palvesan to the TTD Financial Advicer and Chief Accountants Officer Mr. O. Balaji.
      During 2017-18, TTD expects to receive Rs 1,110 crore from capital funds (as kanuka), which would be the major source of revenue, from devotees.
      Other revenue streams include the Rs 300 special entry darshan, which is expected to fetch a minimum of Rs 256 crore for the financial year,Rs 124 crore from accommodations and Rs 55 crore through Arjitha Seva tickets.
About Tirumala Tirupati:
      Tirumala Tirupati Devasthanams, abbreviated as TTD, is an independent trust which manages the Tirumala Venkateswara Temple at Tirumala, Andhra Pradesh.
      The trust oversees the operations and finances of the second richest and the most visited religious center in the world. I
      It is also involved in various social, religious, literary and educational activities. TTD is headquartered at Tirupati.
      TTD was established in 1932 as a result of the TTD Act of 1932.



Image result for DEBT MONETISATION in india

  • A term that refers to the purchase of goverment bonds by the central bankto finance the spending needs of thr goverment.
  • Here the central bank creats fresh money to purchase these bonds in the open market,which leads to an increase in total money supply.
  • This money supply can lead to higher prices in the economy, which the central bank can counter by selling the bonds that it owns out in the open market.
  • This kind of bond sales help in reducing excess money from the economy, thus helping in the control of rising prices.

HDFC Bank UPI on Chillr app

         HDFC Bank announced its Unified Payments Interface (UPI) will also be available on Chillr, a multi-bank mobile payments app. UPI is an instant payment system developed by the National Payments Corporation of India (NPCI) to enable faster money transfer between any two parties’ bank accounts.

        Unified Payments Interface (UPI) is a payment system launched by National Payments Corporation of India. UPI is an advanced version of Immediate Payment Service (IMPS) designed for transferring funds using a Virtual Payment Address (a unique ID provided by the bank), Account Number with IFS Code, Mobile Number with MMID (Mobile Money Identifier), AadhaarNumber, or a one-time use Virtual ID. An MPIN (Mobile banking Personal Identification number) is given to the banking customer once they register for UPI which is required to be entered to confirm each payment.

            Chillr is a multi-bank mobile banking app that lets users send and receive money to/from anyone in their phone book. Chillrdifferentiates from online wallets as all fund transactions are between bank accounts.


Monetary policy review: RBI leaves repo rate unchanged

            The Reserve Bank of India has released the first Bi-monthly Monetary policy of the new financial year (2017-18). GDP growth has hiked to 7.4% from 6.7%. Rates in the newly released Monetary policy are as follows-
  • Repo Rate under the Liquidity Adjustment Facility (LAF) unchanged at 6.25%. 
  • The Reverse Repo Rate (RRR) under the Liquidity Adjustment Facility (LAF) has been hiked to 6% from 5.75%. 
  • The Marginal Standing Facility (MSF) rate and the Bank Rate are at 6.50% decline from 6.75%. 
  • Cash Reserve Ratio (CRR) remains unchanged at 4% and Statutory Liquidity Ratio (SLR) also remains unchanged at 20.50%.


Kotak Mahindra Bank launches 811 app to double customer base

       Kotak Mahindra Bank has launched the '811 banking app' which is part of the lender's vision to double customer base in 18 months.

      Customers will be able to open an account on the 811 banking app with zero balance. Only Aadhaar and PAN card would be required to open 811 account which would provide access to over 100 features on mobile. The account offers up to 6 percent interest rate on savings deposits.