About Aditya Birla Idea Payments Bank:

Headlines Aditya Birla Idea Payments Bank begins operations Indian Navy successfully test fires nuclearcapable ballistic missile Dhanush 106-year-old Swachch Bharat brand ambassador Kunwar Bai passes away Assam to observe Rhino Day on September 22

Headlines Paytm sets up life, general insurance units Petro: Venezuela becomes First country to launch virtual currency Union Finance Ministry announced that the first sale of electoral bonds will start from March 1, 2018 for a period of 10 days at select branches of State Bank of India (SBI).

Aditya Birla Idea Payments Bank begins operations Aditya Birla Idea Payments Bank Limited commenced operations as a payments bank with effect from February 22, 2018. -- continued

About Aditya Birla Idea Payments Bank: Aditya Birla Idea Payments Bank Ltd. is a 51:49 joint venture (JV) between Aditya Birla Nuvo Ltd. (ABNL) and telecom operator Idea Cellular. In April 2017, it had received a final licence from Reserve Bank of India (RBI) for carrying out the business of payments bank in India. In November 2016, Airtel Payments Bank Ltd became the first entity to start operations as Payments Bank. Paytm and Fino Payments Bank are the other two entities that have already launched their operations. India Post Payments Bank is expected to start nationwide operations from April 2018.

Facts about Payments Bank: Objective To further Financial Inclusion Concept of Payments Bank was recommended by Committee on Comprehensive Financial Services for Small Businesses and Low Income Households, set up by Reserve Bank of India (RBI). This committee was headed by Nachiket Mor. Payments Bank is currently permitted to accept demand deposits up to Rs. 100000/- per customer. It is not allowed to give loans. -- continued

Indian Navy successfully test fires nuclear-capable ballistic missile Dhanush On February 23, 2018, Indian Navy successfully test-fired nuclear-capable surface-to-surface ballistic missile Dhanush from a naval warship positioned in the Bay of Bengal.

Information about Dhanush Missile: Dhanush is an indigenously developed naval version of the Prithvi short-range ballistic missile (SRBM). It has been developed by the Defence Research and Development Organisation (DRDO) under its ambitious Integrated Guided Missile Development Programme (IGMDP). Dhanush Missile has strike range of up to 350 km and can hit land-basedas well as sea-basedtargets. -- continued

It can carry conventional or nuclear warhead up to 500 kg. Dhanush Missile is about 8.53 metres in length and 0.9 metre in diameter. Its launch weight about 4.4 tonnes Test conducted on February 23, 2018, met all the parameters as expected.

106-year-old Swachch Bharat brand ambassador Kunwar Bai passes away On 23 rd February 2018, Kunwar Bai, Chattisgarh s Swachh Bharat Abhiyan mascot, passed away after suffering from a long time illness, at Ambedkar Hospital, Raipur.

Death of Kunwar Bai: Kunwar Bai was 106 years old. She was felicitated by Prime Minister Narendra Modi for her work to make her village open defecation free in 2016. Kunwarbai had sold her goats for Rs 22,000 and built a toilet at her home with that money, after she was inspired by Swachch Bharat mission. Kunwarbai was made Swachhta Doot by Chattisgarh state government. She had been spreading awareness on the importance of toilet among the village people.

Some wildlife sanctuaries in Chattisgarh: Achanakmar Wildlife Sanctuary Sitanadi Wildlife Sanctuary Tamor Pingla Wildlife Sanctuary

Assam to observe Rhino Day on September 22 Assam government has announced that 22 September will be celebrated as Rhino Day to create awareness on protection of the one-horned rhinoceros of Assam.

Rhino Day September 22 This announcement was made by Assam Chief Minister Sarbananda Sonowal at the 10 th meeting of State Board for Wildlife on 22 nd February 2018. The Rhino Day will be a tribute to nearly 2500 rhinoceros in Assam. Also, a State Rhino Project in line with the National Rhino Project will be introduced soon in Assam. The State Rhino Project s aim is to safeguard the rhinoceros from poaching. Sarbananda Sonowal also asked the wildlife board to form a quick response team to reach the sites where animals have died unnaturally. It was also decided to set up a Special Battalion to safeguard wild animals in Manas National Park.

Some National Parks in Assam: Kaziranga National Park Dibru-Saikhowa National Park Manas National Park

Paytm sets up life, general insurance units On February 21, 2018, One 97 communications, the parent company of Paytm, created Paytm Life Insurance Corporation Ltd. and Paytm General Insurance Corporation ltd.

Information about 2 Insurance entities of Paytm: Paytm Life Insurance Corporation Ltd and Paytm General Insurance Corporation Ltd, both have a share capital Rs 1000000 each. Paytm founder Vijay Shekhar Sharma and One 97 Communications are holding majority shares in both the entities. In context of this news, it is important to note that Insurance Regulatory Development Authority of India had granted a corporate agency license to One 97 Communications in September 2017.

Quick Facts about Paytm Founded in 2010 Headquarters Noida, Uttar Pradesh

Petro: Venezuela becomes First country to launch virtual currency February 22, 2018 Venezuela become first sovereign country to officially launch its own cryptocurrency called Petro backed by oil, gas, gold and diamond reserves to circumvent US-led financial sanctions. Venezuelan President Nicolas Maduro has claimed that the pre-mined cryptocurrency Petrohas raised US $735 million on the first day of its pre-sale.

Key Facts The Petro aims to help Venezuela to advance in issues of monetary sovereignty, to make financial transactions and overcome financial blockade. It is based on blockchain technology. Petro Gold With encouraging response to Petro, Venezuelan government is planning to launch another cryptocurrency based on gold called Petro Gold which will be backed by gold. It will be more powerful and strengthen the Petro. But Petro Gold will, be not the first cryptocurrency based on gold. Many such currencies are traded in market including one called RMG created by The Royal Mint in Britain.

Background Venezuela, an OPEC member has one of the largest oil reserves in the world. It has over 300 billion barrels oil reserves largest in the world. The socialist country earns 95% of its forex from oil exports is going through one of the biggest financial crisis in its history. With new official cryptocurrency, Venezuela hopes to overcome economic blockade imposed by United States which has resulted in 99% depreciation of value of its fiat currency Bolivar.

On February 22, 2018, Union Finance Ministry announced that the first sale of electoral bonds will start from March 1, 2018 for a period of 10 days at select branches of State Bank of India (SBI). -- continued

Background Information: The electoral bonds scheme was announced during the 2017-18 Union Budget speech of Finance Minister, Arun Jaitley. Broad contours of this scheme were notified in January 2018. This scheme will serve as an alternative to cash donations and is thereby an attempt to make political funding more transparent.

Electoral Bonds Specifications: The bonds will be available in multiples of Rs.1000, Rs. 10000, Rs. 10 lakh, Rs. 1 crore. These bonds would be valid for 15 days from the date of issue. Any citizen of India or an entity incorporated or established in India can purchase these bonds. However, at the time of purchasing the bonds, the donor will have to fulfil Know Your Customer (KYC) norms at the bank and will have to make payment from a bank account. The bonds will not carry his/her/entity s name. Thus it will be a bearer instrument. Besides, it will be an interest-free banking instrument.

Individuals can buy electoral bonds, either singly or jointly, with other individuals. Only registered political parties, which have secured not less than 1 per cent of the votes polled in the last election of the Lok Sabha or legislative assembly of the state, are eligible to receive donation through electoral bonds. Political parties that receive these bonds can encash it only through a designated bank account with Election Commission. The payee political party shall not receive the payment if the bond is deposited after expiry of the validity period of 15 days. -- continued

First Sale of Electoral Bonds: Electoral Bonds can be purchased from four main branches of State Bank of India in Chennai, Kolkata, Mumbai and New Delhi, starting from March 1, 2018 for a period of 10 days.

In context of this news, it is important to note that many States will be going to polls during 2018. Nagaland and Meghalaya will go for polls on February 27, 2018, followed by Karnataka in April-May 2018. Madhya Pradesh, Rajasthan, Chhattisgarh and Mizoram are the other states which will have state assembly elections in later half of 2018.

Quiz 1. Aditya birla Payments Bank is currently permitted to accept demand deposits up to? a. Rs 1000000/- b. Rs. 100000/- c. No limit

2. Indian Navy successfully test fires nuclear-capable ballistic missile? a. Prithvi b. Dhanush c. Agni

3. Kunwar bai was made Swachhta Doot by state government? a. New Delhi b. Chhattisgarh c. Madhya pradesh

4. Which National Parks is not in Assam? a. Dibru-Saikhowa National Park b. Jaldapara National Park c. Kaziranga National Park

5. Who is the parent company of Paytm? a. One 95 communications b. One 97 communications c. One 96 communications

6. Which country becomes the First country to launch virtual currency? a. Russia b. Venezuela c. India

6. Which country becomes the First country to launch virtual currency a. Russia b. Venezuela c. India