SIDBI, Vijaya Bank - Current Affairs Questions and Answers

ANSWER: Mohammad Mustafa

Explanation:
Senior bureaucrat Mohammad Mustafa was appointed as Chairman and Managing Director in Small Industries Development Bank of India (SIDBI).

Mustafa, a 1995 batch IAS officer of Uttar Pradesh cadre, is at present Joint Secretary in Department of Financial Services.

The Appointments Committee of the cabinet has approved his appointment to the post for three years, an order issued by the Department of Personnel and Training (DoPT) indicated.

SIDBI

• Small Industries Development Bank of India (SIDBI) was set up on April 2, 1990 under an Act of Indian Parliament.
  It acts as the Principal Financial Institution for the Promotion, Financing and Development of the Micro, Small and Medium Enterprise (MSME) sector and for Co-ordination of the functions of the institutions engaged in similar activities.
• The business domain of SIDBI consists of Micro, Small and Medium Enterprises (MSMEs), which contribute significantly to the national economy in terms of production, employment and exports.
• MSME sector is an important pillar of Indian economy as it contributes greatly to the growth of Indian economy with a vast network of around 5.1 crore units, creating employment of about 11.7 crore, manufacturing more than 6,000 products.
• It is contributing about 45% to manufacturing output and about 40% of exports in terms of value, about 37% of GDP.
  The business strategy of SIDBI is to address the financial and non-financial gaps in MSME eco-system.

ANSWER: Vijaya Bank

Explanation:
Vijaya Bank is going to develop 100 digital villages spread across various states of the country.

The step is being undertaken by the bank as a part of its initiative to promote digital banking among the rural population.

Vijaya Bank is the only public sector financial institution to develop digital villages with a focus on rural areas and it has already developed five villages including the one in Guntur district.

The project of 100 digital villages will be inaugurated within a month.

The digital villages will comprise services such as internet, Wi-Fi connectivity, mobile payment facilities, ATM cards and online banking among others.

The bank would also be running a door-to-door campaign to educate the villagers. It will also open bank accounts to all the eligible villagers including children and encourage them to make transactions digitally.

The bank’s digital villages project was developed even before the announcement of demonetisation.

Already, the bank has developed 5 villages into Digital Villages. Out of the 100, Andhra Pradesh will be getting 10 digital villages.

Vijaya Bank: Know More

• Vijaya Bank is a public sector bank with its corporate office in Bangalore.
• As on March 31 2017, the business worth of the bank is estimated to be ?229833 Cr. The bank has around 1900 branches across the country.
• It boasts of about 13 lakh mobile banking users and 8 lakh Internet banking users. It is the first public sector bank to take up such initiative.
• The bank is further working on financing the metro project of the city.