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Current Affairs 01 Jan.2017
Accent Institute Hisar

लड़कियों के लिए HSSC की निःशुल्क कोचिंग एक्सेंट इंस्टिट्यूट हिसार
अजय शर्मा और सूरज शर्मा (डायरेक्टर एक्सेंट इंस्टिट्यूट)

RBI extends period of enhanced Prepaid Payment Instruments limit 

  • The Reserve Bank of India (RBI) has extended the period of enhanced Prepaid Payment Instruments (PPI) limit of Rs 20,000 as part of efforts to promote digital payments.
  • The limit has been extended till the completion of review of the PPI guidelines.
  • However, the balance in such PPIs cannot exceed Rs 20,000 at any point of time and the merchants can transfer funds from such PPIs to their own linked bank accounts up to Rs 50,000 per month, without any limit per transaction.
  • PPI PPIs are methods that facilitate purchase of goods and services against the value stored on such prepaid instruments.
  • These instruments can be issued as online wallets, mobile accounts, mobile wallets, smart cards, magnetic stripe cards, internet accounts, paper vouchers and any such instruments used to access the prepaid amount.
  • The value stored on such instruments represents the value paid for by the holder, by debit, by cash to a bank account or by credit card.At present, 47 non-bank entities and 45 banks are operating payment systems for PPI.

    PM launches UPI based mobile payment app called BHIM

  • Urging people to make digital payments a “habit” to make the country a cashless economy, Prime Minister Narendra Modi launched a mobile app for the Unified Payment Interface (UPI).
  • The application, which will be common across all banks and financial institutions, is called BHIM (Bharat Interface for Mobile).
  • The BHIM app will empower the poorest of the poor
  • It is for the small merchant, farmers in far-flung areas, tribals. 
  • Adding that the BHIM app doesn’t even require an Internet connection since it can also work on simple feature phones
  • Aadhaar-based payments system would be added to the app in the next two weeks

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    Government proposes setting up Financial Data Management Centre

  •  The Union Government has proposed setting up Financial Data
  • Management Centre (FDMC) based on recommendation of a committee set up under the Department of Economic Affairs (DEC).
  • The Committee was headed by Ajay Tyagi, Additional Secretary in Union Finance Ministry and has submitted its report and a draft bill titled The Financial Data Management Centre Bill, 2016.
  • Functions of FDMC Standardise data from all financial sector regulators in a single database and provide analytical insights based on the data to ensure stability in the economy.
  • Take measures to standardise data from regulators, enable financial service providers to submit data in a standardised electronic format, analyse data and maintain a financial system database.
  • Establish, operate and maintain the financial system database along with collecting financial regulatory data and providing access to it.
  • Provide analytical support to the Financial Stability and Development Council (FSDC) on issues relating to financial stability. Background In 2015, FSDC first had suggested the creation of such a body, after Reserve Bank of India (RBI) had objected to share company-specific data with FSDC.
  • RBI had given reason that FSDC is not a statutory bod in nature, and sharing such data would be a breach of confidentiality.
  • To resolve this issue, Union Finance Minister Arun Jaitley in his 2016-17 Budget Speech announced setting up of statutory FDMC under the aegis of the FSDC to facilitate integrated data aggregation and analysis in the financial sector.

    World’s highest bridge opens in China

    • The highest bridge in the world, set at a height of 1,854 feet, opened to traffic in China on Thursday.
    • The 1,341-metre-long Beipanjiang Bridge, soars over a river and connects the Guizhou and Yunnan mountainous provinces.
    • It has reportedly reduced travel time from four hours to one hour. It cost $144 million (over Rs. 977 crore) to build, Chinese media reported.

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