Daily updates 30 November 2019

National News

1. Central Govt extends deadline for FASTags to 15th December

i. The Transport Ministry has extended the 01st December deadline for 100% electronic toll collection across National Highways in the country by two weeks (15th December). This comes as the government wants to allow a 15 days’ breather for vehicle owners to switch to FASTags.
ii. FASTag is a sticker that has to be put at the front windshield of your vehicle. This sticker becomes the radio frequency identity of your car which is automatically read by the sensors placed at the toll plazas.

Important Takeaways for LIC Assistant Mains and IBPS SO Prelims:

• Nitin Jairam Gadkari is the current Minister for Road Transport & Highways and Shipping Ministry of Micro, Small and Medium Enterprises in the Government of India.
• The total expenditure on the Ministry of Road Transport and Highways for 2019-20 is estimated at Rs 83,016 crore.

Banking/Economy/Finance News

2. RBI Imposes Rs 1.50 crore penalty on Corporation Bank

i. The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹1.50 crore on Corporation Bank for non-compliance with certain provisions of directions issued by RBI. The penalty has been imposed in exercise of powers vested in the RBI under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) and 51 (1) of the Banking Regulation Act, 1949. This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

Important Takeaways for IBPS Clerk Mains and IBPS SO Prelims:

• PV Bharathi is Chief Executive Officer of Corporation Bank.
• Corporation Bank headquartered in Mangalore.

3. India's GDP growth further dips to 4.5% in July-Sept

i. India's GDP growth hit an over six-year low of 4.5 percent in July-September 2019, dragged mainly by deceleration in manufacturing output and subdued farm sector activity. The Gross Domestic Product (GDP) growth was recorded at 7 percent in the corresponding quarter of FY 2018-19. In the previous quarter of the ongoing fiscal, the economic growth was 5 percent.

ii. This GDP growth data for the September 2019 quarter is the lowest since January-March of 2012-13, when it was registered at 4.3 per cent.

4. Aditya Birla Finance becomes first NBFC to list commercial paper on bourses

i. Non-bank lender Aditya Birla Finance became the first company to list its commercial papers borrowing of Rs 100 crore on the bourses. The Kumarmangalam Birla-led company listed its CPs on NSE with a value date of November 28, 2019 and maturity date on February 7, 2020 on BSE and NSE, both the bourses.
ii. ABFL is a diversified non-banking finance company (NBFC) with a long-term credit rating of AAA (Stable) from both Icra as well as India Ratings.

5. HR Khan Appointed as chairman of MFI panel

i. Former deputy governor of RBI, HR Khan has been appointed as the first chairman of the steering committee of the Code for Responsible Lending (CRL) in micro-credit. The CRL is a self-regulatory step for the micro-credit industry making diverse entities like banks, NBFC-MFIs and NBFCs adhere to standards of customer protection.
ii. CRL was launched in September by MFIN and Sa-Dhan, an RBI-recognised association of MFIs, along with Finance Industry Development Council, an association of NBFCs.

Sports

6. Australian Steve Smith becomes fastest Cricketer to reach 7,000 Test runs

i. Steve Smith became the fastest crickter to score 7,000 Test runs, shattering a record that had stood since 1946, while moving past Donald Bradman to become Australia’s 11th highest scorer. The 30-year-old took a single off Muhammad Musa during the second Test against Pakistan in Adelaide to reach the milestone and take possession of a record held for 73 years by English great Wally Hammond.
ii. Hammond reached the mark in 131 innings, while Smith, who played his first Test nine years ago, made the grade in his 126th. India’s Virender Sehwag is the third fastest in 134 innings.

Obituries

7. Former PM of Japan, Yasuhiro Nakasone Passed Away

i. Yasuhiro Nakasone, one of Japan’s longest-reigning Prime Ministers and known for his friendship with Ronald Reagan, has passed away at the age of 101. Nakasone, Prime Minister from 1982 to 1987, shared the world stage with Reagan and Margaret Thatcher while battling with bureaucrats over domestic reforms.
ii. In 1983, he became the first Japanese premier to officially visit South Korea, mending fences with a country that Japan had brutally colonised from 1910 to 1945.

Important Takeaways for IBPS Clerk Mains and IBPS SO Prelims:

• Shinzo Abe is the current Prime Minister of Japan.
• The Yen is the official currency of Japan.