IBPS PO 2020 Institute of Banking Personnel Selection (Probationary Officer)
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Important Banking Awareness IBPS PO 2017

By: Shreyansh Shrivastava on August 31, 2017
Bank related Gk constitute a significant portion of the IBPS PO 2017 exam paper. IBPS PO Banking GK can become a selection deciding factor. Getting time to time insights of the Banking GK can help the candidate to get an extra edge over the other competitors. Have a look at the latest Banking news that is important from the examination point of view.
 
RBI Demonetization Report-
 
  • RBI (Reserve Bank of India) has recently released a report on the monetary after effects of the demonetization of currency happened in 2016. 
  • According to RBI, 99% of Rs 500 and Rs 1000 notes have been recovered at the banks after the demonetization.
  • As per the RBI estimate, Rs. 15.28 lakh crore has been so far recovered out of Rs. 15.44 lakh crore rupees.
  • The report said that the recovered notes do not include notes deposited by the Nepal citizens and its financial institutions and the notes collected by the District Central Cooperative Banks (DCCB).
  • Due to demonetization factor, RBI's dividend to the Central Government for the financial year 2016-17 halved to Rs 30,659 crore from Rs 65,876 crore in the previous fiscal year.
  • According to the RBI's report, 2.56 lakh pieces of Rs 1000 notes and 3.7 lakh pieces of Rs 500 notes were detected after demonetization. 
  • Surprisingly, only overall 0.0013% of the Rs. 15.4 lakh crore demonetized notes were found to be fake.
  • RBI also announced a major setback that 199 pieces of fake currency notes of Rs 500 in new designs are also found which is foiling one of the purposes of demonetization.
  • RBI stated that demonetization did not help to destroy the black money from India, but contributed to trace the unaccounted wealth across the country. 
  • As per the report, overall currency circulation in the system had come down to 20.2% on a year-on-year basis at the end of the March. 
 
Stay tuned for more latest Banking Awareness!! 

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