Competition ZENITH

Prime Minister Narendra Modi has announced three insurance and pension schemes for the social welfare. These are the latest burning topics in the current affairs sections. We can expect many questions out of these in the coming exams. So we have prepared a PDF for you so that you can download it eaisly and tie it up in your notes sections. CLICK HERE   to download the PDF

“Dear customer, XXX bank offers Pradhan Mantri Suraksha Bima Yojana, an accidental cover of Rs.2 lakh for annual premium amount of Rs.12. To enroll, SMS PMSBY <nominee name> Y to XXX from your registered mobile number. The premium amount will be debited from your bank savings account.” Did you recently get this message from your bank? If not, then you may soon get it. In his budget speech, finance minister Arun Jaitley said the government will launch two insurance products — Pradhan Mantri Suraksha Bima Yojna (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). “A large proportion of India’s population is without insurance of any kind, health, accidental or life. Worryingly, as our young population ages, it is also going to be pension-less. Encouraged by the success of the Pradhan Mantri Jan Dhan Yojana (PMJDY), I propose to work towards creating a universal social security system for all Indians that will ensure that no Indian citizen will have to worry about ...

Micro Units Development and Refinance Agency Bank (or MUDRA Bank), a public sector financial institution of India is launched by Prime Minister Narendra Modi on 8 th April 2015 under the Pradhan Mantri Jan Dhan Yojana for funding the unfunded small entrepreneurs. The Main Objectives of Mudra Bank are, to encourage entrepreneurs and small business units to expand their capabilities and operations, to reduce over indebtedness and to provide formal system of credit (finance). Agriculture & Self-employment will be the focus areas of MUDRA Bank. Reason for establishing Mudra Bank? MFIs do not meet the funding requirements of small entrepreneurs who want more than Rs.50,000 and up to a few lakhs. Commercial banks, too, are reluctant to have business relationships with this segment of borrowers. There are 57.7 million small business units and only 4% of them are able to access institutional finance. How does one solve the funding gap? This very reason led to the establish...

Pradhan Mantri Suraksha Bima Yojana This scheme is mainly for accidental death insurance cover for up to Rs. 2 lakh. Here are the key details: Eligibility : Available to people in age group 18 to 70 years with bank account. Premium : Rs. 12 per annum. Payment Mode :   The premium will be directly auto-debited by the bank from the subscribers account. This is the only mode available. Risk Coverage:   For accidental death and full disability - Rs. 2 lakh and for partial disability – Rs. 1 lakh. Joining the scheme:  Any person having a bank account and Aadhaar number linked to the bank account can give a simple form to the bank every year before June 1 in order to join the scheme. Name of nominee to be given in the form. Terms of Risk Coverage:   A person has to opt for the scheme every year. He can also prefer to give a long-term option of continuing in which case his account will be auto-debited every year by the bank. Who will implement this scheme?: ...

In a move that cheered markets and India Inc, RBI governor Raghuram Rajan on Wednesday cut repo rate by 25 basis points to 7.5% from 7.75%. The move comes on the back of lower inflation and Rajan's thumbs up to measures announced by Finance Minister Arun Jaitley in Budget 2015.  What is repo rate? Repo rate is the rate at which the central bank of a country (RBI in case of India) lends money to commercial banks in the event of any shortfall of funds. Definition: Repo rate is the rate at which the central bank of a country (Reserve Bank of India in case of India) lends money to commercial banks in the event of any shortfall of funds. Repo rate is used by monetary authorities to control inflation. Description: In the event of inflation, central banks increase repo rate as this acts as a disincentive for banks to borrow from the central bank. This ultimately reduces the money supply in the economy and thus helps in arresting inflation. The central bank takes the ...

Click Here For The PDF Version Of Union Budget-2015 Presented by- Shri Arun Jately (a)The Union Budget of India, referred to as the Annual Financial Statement in Article 112 of the Constitution of India, is the annual budget of the Republic of India, presented each year on the last working day of February by the Finance Minister of India in Parliament. The budget, which is presented by means of the Financial Bill and the Appropriation bill has to be passed by the House before it can come into effect on April 1 , the start of India's financial year. (b)The first Union budget of independent India was presented by R. K. Shanmukham Chetty on November 26, 1947. (c)Former Finance Minister Morarji Desai presented the budget ten times , the most by any. (d)Until the year 2000, the Union Budget was announced at 5:00 pm on the last working day of the month of February.It was Mr.Yashwant Sinha, the then Finance Minister of India in the NDA government (led ...