Banking Awareness Questions for Canara Bank PO and Clerk | 30th November 2018

The International Labour Organisation (ILO) has projected unemployment in India at 18.6 million in 2018, higher than 18.3 million in 2017 in its report, Parliament was informed. "The ILO released a report "World Employment and Social Outlook Trends - 2018". As per the report, it is projected that the number of unemployed persons in India is expected to rise from 18.3 million in 2017 to 18.6 million in 2018 and 18.9 million by 2019. At the same time, unemployment rate is expected to remain static at 3.5 per cent during the same period," Labour Minister Santosh Gangwar said in a written reply to Rajya Sabha.

With the objective of obtaining people’s participation in the Income Tax Department’s efforts to unearth black money and reduce tax evasion, a new reward scheme titled “Income Tax Informants Reward Scheme, 2018” has been issued by the Income Tax Department, superseding the earlier reward scheme issued in 2007. Under the revised scheme, a person can get reward up to Rs. 50 lakh for giving specific information in prescribed manner to the designated officers of Investigation Directorates in Income Tax Department about substantial evasion of tax on income or assets in India which are actionable under the Income-tax Act, 1961.

State-run Punjab National Bank (PNB) has announced an ESOP scheme with a view to retaining its talent and incentivising staff by issuing up to 10 crore equity shares. The bank stated it will issue up to 10 crore equity shares to its employees under 'Employee Stock Purchase Scheme (ESPS)'. A note is being placed to board in its ensuing meeting dated June 15, 2018 regarding ESPS with a proposal for issuance of up to 10 crore equity shares to its employees, the bank said in a regulatory filing.

Giving an impetus to the low-cost housing segment, the Reserve Bank of India stated housing loans of up to Rs 35 lakh, for dwellings costing less than Rs 45 lakh, will be treated as priority sector lending. PSL loans are relatively cheaper than market interest rate. It comes with a condition that the overall cost of the dwelling unit in the metropolitan centre (with population of ten lakh and above) and at other centres should not exceed Rs 45 lakh and Rs 30 lakh, respectively, for being classified as priority sector.

The Reserve Bank of India has issued a licence to Bank of China to launch operations in India.

Marg ERP limited, a leading Inventory and Accounting software solution company has partnered with ICICI Bank, India's largest private sector bank by consolidated assets, to offer an integrated payments platform to Micro, Small and Medium Enterprise (MSME) customers, using MARG's accounting software. This integration aims to promote 'Connected Banking' and enables ICICI Bank's current account holders to securely connect their bank account with the MARG ERP software and undertake an array of digital transactions from within the ERP platform itself. It will enable businesses to initiate vendor & salary payments via RTGS, NEFT or IMPS directly from this platform, automate reconciliation of banking and accounting entries, apply for working capital loans as well as schedule future dated payments, thereby offering exemplary command over day-to-day financial transactions for businesses.

Prime Minister Narendra Modi’s government last year set a target of raising annual health spending to 2.5% of India’s GDP by 2025, from 1.15% now--one of the lowest proportions in the world.

Under section 35 of Insurance act 1938, the Amalgamation and Transfer of Insurance Business came.

The Securities and Exchanges Board of India (SEBI) on March 28, 2018 accepted 40 out of 80 recommendations suggested by the Uday Kotak Committee on Corporate Governance. Reduction in the maximum number of listed entity directorships from 10 to 8 by April 01, 2019 and to 7 by April 1, 2020.

MICR stands for Magnetic Ink Character Recognition.