Note:

➢   This growth expectation had done after Exxon Mobil Corp.’s discovery of oil at Guyana.

➢   Guyana’ GDP is to get fourteen times as fast as China’s GDP in 2020.

➢   Guyana is projecting USD 300 million in petroleum revenue in 2020.

➢   The oil sector will represent about 40% of the economy within five years.

  1. Who has issued compensation guidelines for whole-time directors and chief executives of foreign, private, small finance, payments banks and local area banks, mandating the cash component of variable pay at 67%  Reserve Bank of India.

Note:

➢   If the variable pay is up to 200% of the fixed pay, at least 50 % of it should be in non-cash.

➢   If the variable pay is above 200%, 67 per cent of it should be paid via non-cash instruments.

  1. Who has allowed policyholders to revive their policies that have lapsed for more than two years Life Insurance

Corporation of India (LIC) Note:

➢   Now, The LIC policyholders who bought their policies after January 1, 2014, could revive their, Non-linked policies

within five years of the first unpaid premium.

➢   Earlier, after the IRDA Product Regulation 2013 (from 1st January 2014), the revival period was restricted to two consecutive years from the date of the first unpaid premium.

  1. Who has launched an instant digital savings account (SA) along with Fixed Deposit (FD) and Privilege Savings Account to offer distinctive banking and digital services to its customers The Ujjivan Small Finance Bank (SFB).

Note:

➢   Instant Digital SA account: This account has the restriction of Rs 1 lakh deposit. It has unlimited free transactions

on the bank’s own ATM (automated teller machine) and 6 free transactions for other bank ATMs per month.

  1. The Union Cabinet has decided to set up 25 thousand crore rupees fund to revive stalled housing projects.

Note:

➢   The union government will put in 10 thousand crore rupees in the Alternative Investment Fund (AIF) while State Bank of India (SBI) and Life Insurance Corporation (LIC) will provide 15 thousand crore rupees taking the total size to 25 thousand crore rupees.

➢   It will finance over 1,600 stalled housing projects comprising about 4.58 lakh housing units across the country.

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