Here’s your daily summary of Current Affairs – October 02-03, 2019
‘Consumer App’ for filing consumer complaints launched by Ram Vilas Paswan
The government launched an App that would help consumers register their grievances online as well as give suggestions on consumer-related issues. This was launched by Consumer Affairs Minister Ram Vilas Paswan. The complaints which are simple in nature will be resolved within 15 days, while complicated ones will be redressed in 60 days. This can serve a one-stop solution for consumer grievance redressal and complaints filed on the app can be tracked by consumers to know the progress.
IRCTC to compensate Lucknow-Delhi Tejas Express passengers for delay
In a first, IRCTC will compensate passengers of the new Lucknow-Delhi Tejas Express in case of delay in the train schedule. An amount of 100 rupees will be paid in case the delay is for over an hour and 250 rupees for delay of over two hours. This is the first of its kind offer from any national carrier. It is in addition to the 25-lakh rupees free insurance that will be given to passengers of the train.
Current account deficit narrows to 2% of GDP: RBI
India’s current account deficit (CAD) narrowed to $14.30 billion in the April-June 2019 quarter against $15.80 billion in the year-ago quarter, primarily on account of higher invisible receipts. As a percentage of GDP, CAD (which arises when a country’s total import of goods, services, and transfers is greater than exports) in the reporting quarter (Q1) was lower at 2 percent of gross domestic product (GDP) against 2.3 percent in the year ago quarter.
All PSBs in India to have uniform timings across all states starting from 1st October
Public sector banks will now have uniform timings across all states as per a new directive issued by the Indian Department of Financial Services. Customer banking hours will now be from 10:00 am to 4:00 pm in all public sector banks starting today, 1 October 2019. Lunch hours, irrespective of business timings, will be from 2:00 pm to 2:30 pm. However, the only exception to this rule will be Madhya Pradesh (10:30-4:30), Mizoram (9:00-3:00) and Nagaland (9:00-3:00).
Axis Bank launches “Express FD”
Private sector lender Axis Bank announced the launch of a digital fixed-deposit product. Called ‘Express FD’, a customer can open an Express FD account in three minutes through the digital mode without opening a savings account with the bank. ‘Express FD’ offers attractive interest rates, zero issuance fees and no penalty on premature withdrawal of up to 25% of the amount, the bank said. A customer can open an Express FD account by investing a minimum Rs 5,000 up to Rs 90,000, for a tenure of 6 to 12 months.
SBI becomes the first Indian bank to have an office in Australia’s Victoria
The State Bank of India opened its Melbourne office, becoming the first Indian bank to have a branch in the Australian state of Victoria. The Melbourne office will assist the growing trade and investment relations between Victoria and India and is the outcome of the state’s 10-year India Strategy – our shared future.
Bank of Baroda signs MoU with the Indian Army for customized services
Bank of Baroda (BoB) has signed a Memorandum of Understanding (MoU) with the Indian Army, under which the bank will offer customised services, along with a host of facilities to account holders. The MoU includes free personal accident insurance cover, free air accident insurance cover of Rs. 15 lakh to Rs. 50 lakh, and an overdraft facility up to three times the monthly net salary. The features are also applicable for pensioners of the Indian Army up to the age of 70 years.
SS Mallikarjuna Rao appointed as MD and CEO of Punjab National Bank
Ch S S Mallikarjuna Rao was appointed as the Managing Director and Chief Executive Officer of Punjab National Bank. Rao, 57, currently the Managing Director and Chief Executive Officer of Allahabad Bank, has been appointed to the new post up to September 18, 2021. He will replace Sunil Mehta as the MD and CEO. The government in August merged United Bank of India and Oriental Bank of Commerce with Punjab National Bank, making the proposed entity the second largest public sector bank (PSB).
Economist Surjit Bhalla Appointed as Executive Director for India at IMF
Eminent economist Surjit S Bhalla was appointed as the Executive Director for India on the board of the International Monetary Fund (IMF). Bhalla (71) will succeed former RBI deputy governor Subir Gokarn, who died in the US on July 30. The Appointments Committee of the Cabinet (ACC) approved the appointment of Bhalla for a period of three years from the date of assumption of charge of the post. Bhalla, an economist, and columnist, in December last year resigned as part-time member of the Economic Advisory Council to the Prime Minister (EAC-PM).
RBI appoints Jai Bhagwan Bhoria as the new administrator for PMC Bank
The Reserve Bank of India (RBI ) superseded the Board of crisis-hit Punjab and Maharashtra Cooperative Bank Ltd. Mumbai and appointed Jai Bhagwan Bhoria as the administrator of the bank. Last week, RBI increased the amount of withdrawal allowed to the depositors from Rs. 1,000 to Rs. 10,000. The directives of RBI shall remain in force for a period of six months.
Kallie Puri awarded with “India’s Most Powerful Women in Media”
Indian magazine India today’s Vice-Chairperson(VC) Kallie Puri was honored with 2019 “India’s Most Powerful Women in Media” award at famed Confluence Excellence Awards at the British Parliament in London, United Kingdom. In September 2019, she was also honored with Two ‘Outstanding Media & Entertainment Award’ at the annual 21st Century Icon Awards in London.
International Day of Non-Violence: 2nd October
The International Day of Non-Violence is observed on 2 October, the birthday of Mahatma Gandhi. On 15 June 2007 the United Nations General Assembly voted to establish 2 October as the International Day of Non-Violence. The year 2019 marks the 150th birth anniversary of the global peace icon who led India to independence. He was born on 2 October 1869, Porbandar in Gujarat.