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Banking – Current Affairs – June 2016 – Govt Jobs 2016

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Contest for logo & tagline design launched by India Post for IPP (India Post Payments) Bank

On 10th June 2016, a contest for logo & tagline design was launched by India Post for IPP (India Post Payments) Bank. The contest was launched on the website MyGov. On 1st June 2016, Approval was given by the Union Cabinet for setting up IPPB (Indian Post Payments Bank) under the Postal Department to improve the financial included across India. The objective of this context is to involve citizens across the nation in designing an important DNA for the bank as well as promotion of the bank.

SBI (State Bank of India) floats IT-ISF (IT Innovation Start-up Fund) for assisting start-ups in the fintech space

On 16th June 2016 SBI (State Bank of India) announced the IT-ISF (IT Innovation Start-up Fund) for assisting start-ups in the fintech space. The bank will be floating Rs. 200 crore in this fund. Each registered firm will get up to Rs. 3 crore funds for the promotion of their innovations with the use of technology in the financial services. These fin-tech start-up firms are disrupting the existing financial business models by delivering low cost services with the use of technology.

World Bank released IDU (India Development Update) 2016

On 20th June 2016 World Bank released IDU (India Development Update) 2016. This is a mid-year edition. It reported that the growth and expansion of Indian economy was faster in the FY2016. Demand from the urban households as well as public investment lifted the economy in spite of stalled key growth sectors. It also reviewed the present challenges across the financial sector in India. Service and manufacturing sectors performed well creating urban jobs. On the other hand, household consumption across rural areas, private investments as well as exports performed negative.

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