Daily : January 4, 2017

Govt proposes setting up financial data management centre

Financial data management centre

Question: The setting up of financial data management centre under the aegis of the financial stability and development council was announced in which of the following year’s budget speech?
(a) 2013-14
(b) 2014-15
(c) 2015-16
(d) 2016-17
Ans:(d)
Related facts:

  • On 29 December 2016 government appointed panel has suggested setting up a financial data management centre (FDMC).
  • The Committee, headed by Ajay Tyagi (additional secretary in finance ministry), has submitted its report and a draft bill titled ‘The financial data management centre bill 2016’.
  • Finance minister Arun Jaitley in budget speech 2016-17 had announced setting up of financial data management centre under the aegis of the financial stability and development council (FSDC) to facilitate integrated data aggregation and analysis in the financial sector.
  • Financial Stability and Development Council is an apex-level body constituted by the government of India. The idea to create such a super regulatory body was first mooted by the Raghuram Rajan Committee in 2008.
  • Finally in 2010, the then Finance Minister of India, Pranab Mukherjee, decided to set up such an autonomous body dealing with macro prudential and financial regularities in the entire financial sector of India.

Reference:
http://www.livemint.com/Politics/b6HeuDfIyYcf2hFrkM6EVP/Govt-proposes-setting-up-financial-data-management-centre.html
http://www.finmin.nic.in/reports/FDMCReportalongwithdraftbill29122016.pdf
http://finmin.nic.in/fsdc/GazNote31122010.pdf
http://pib.nic.in/newsite/erelease.aspx?relid=66284

Bank of Maharashtra assists Malangaon village to go fully digital

Sangli

Question: Recently Bank of Maharashtra has made Malangaon village in the state completely cashless by opening Aadhaar-linked bank accounts for its residents, this village is located in which of the following district?
(a) Akola
(b) Dhule
(c) Kolhapur
(d) Sangli
Ans:(d)
Related facts:

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