Friday, 28 October 2016

General Awareness Capsule : Daily GK Questions Answers (28.10.2016)

Hello, We once again we are here with your most awaited and very interesting section called "General Awareness Capsule". In this section you read and detail study about 1-5 daily basis questions OR selected topics. We hope that our effort will definitely help you in your upcoming competitive examinations.


Department of Science and Technology launches Rs 100 crore programme to support startups

NIDHI : The Department of Science and Technology has launched a Rs 100-crore programme to support startups. The programme, called National Initiative for Developing and Harnessing Innovations (NIDHI), is aimed at helping startups across the country in terms of both funding and incubation support.

A number of schemes will be taken up under NIDHI, including NIDHI Prayas, which is focused on addressing the gap between idea and prototype funding.

Under this scheme, the department plans to set up 10 Prayas centres across incubation centres supported by it. The other schemes include NIDHI Seed Support System for funding early-stage startups and NIDHI Centres of Excellence, which will help startups go global.

Harkesh Mittal, head of the National Science and Technology Entrepreneurship Development Board at the Department of Science and Technology said: "DST will soon revise the total funding limit to startups at supported incubators from up to Rs 50 lakh to Rs 1 crore. The revised investment limit is soon to be implemented." The department provides the seed amount per startup in the form of a grant to the incubator. The incubator in turn invests the same in the form of debt or equity in the companies.


DST, which has so far supported 100 technology-focused incubators across the country, plans to support another 15-20 incubators this year.

Question : What is p2p in banking?
Question : What is a peer to peer loan?
Question : What is peer to peer finance?
Answer:
Peer-to-peer lending, sometimes abbreviated P2P lending, is the practice of lending money to individuals or businesses through online services that match lenders directly with borrowers. Since the peer-to-peer lending companies offering these services operate entirely online, they can run with lower overhead and provide the service more cheaply than traditional financial institutions. As a result, lenders often earn higher returns compared to savings and investment products offered by banks, while borrowers can borrow money at lower interest rates, even after the P2P lending company has taken a fee for providing the match-making platform and credit checking the borrower.


Important Note: 
RBI keeps a watch, demands P2P lending only via bank accounts

The Reserve Bank aims to keep a close check on peer-to-peer (P2P) lending, which has been booming globally, by stipulating that anyone looking to lend through such online platforms has to be a bank account holder. With banks enforcing stringent know your customer (KYC) norms, this should ensure that fund sources can be tracked and that the P2P route won't be used to launder money.

This was one of the proposals made by RBI at a meeting between representatives of the P2P lending industry and a senior RBI official last Monday.

Read Full story here

Must Read : General Awareness Capsule : IBPS PO Mains 2016 Exam (27.10.2016)

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