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All economy

  1. 1. Latest Current Affairs Month All Type Banking and Economy 179 Current Affairs were found in Month - All for Type - Banking and Econom y 1. India's GDP (Gross Domestic Product) Growth Rate in FY 2012 13 Stayed at 5 %, lowest in last decade. 2. Asian Development Bank (ADB) provides a USD 100 Million Loan Uttarakhand State for urbanization in five of its towns. 3. Bharati Airtel launches "Apna Chaupal" - India's first voice based one stop solution portal for value added services for Rural and Semi Urban Areas. 4. Centre and States solve the issue of CST (Central sales taxes) for implementation of GST (Goods and Service Tax). GST is meant to solve taxation issues as it will replace all indirect taxes in Country by a single simplified taxation system. 5. 6. India signed a USD 150 Million Loan agreement with Asian Development Bank (ADB) for developing hydro power projects in Uttarakhand. India's first Infrastructure Debt Fund (IDF) under the NBFC (non banking finance company) structure was formally launched by Finance Minister P. Chidambaram by handing first IDF-NBFC licence to India Infra Debt Limited (Infradebt). 7. India's per capita income for Financial Year 2011 12 was Rs. 5130/Month. It showed an increase of 13.7 % over last year's per capita income (It was 4513 in 2010 - 11). 8. India's third stock Exchange MCX (Multi Commodity Stock Exchange) started operations. 9. NABARD (National Bank for Agriculture and Rural Development )'s Net capital has been increased to Rs. 20000 Crore from Rs. 5000 Crore Initially. 10. RBI Hiked FII (Foreign Institutional Investment) Limit in Government Securities and Corporate Bonds by USD 5 Billion Each taking the total cap in domestic debt to USD 75 Billion for bridging the current account deficit. 11. RBI issued norms for opening of new banks. It says that the new banks will have a least worth of Rs. 500 Crore and have to maintain 25 % branches in Rural or Semi Urban Areas. 12. State Bank of India launched 'Mobicash Easy' a mobile wallet Service that allows users to transfer funds and make bill Payment easily using Mobile Phone. 13. World bank gave a loan of USD 60 million to Karnataka for Its Watershed Development Project Phase 2. 14. Commodity Transaction Tax (CTT) to be effective from July with a levy of 0.01 per cent of the transactional value being applicable on the seller in trading of items such as gold, silver, crude oil, base metals, sugar, soya and mentha oil etc. Note that severe agricultural commodities are exempted from this tax. 15. Following Shyamala Gopinath Committee suggestions on Post Office Small Saving Schemes, Government reduced Interest rate on all schemes run by post offices by .1 %. Note that Interest rate on deposit schemes (4 %) and fixed deposits upto one year (8.2 %) are unchanged. Current Rates on Various Post Office Savings Schemes are -> Scheme Name Previous Interest Rate Current Interest Rate Savings Deposit 4% 4% 1 Year Fixed Deposit 8.2% 8.2% 2 Year Fixed Deposit 8.3% 8.2% 3 Year Fixed Deposit 8.4% 8.3% 5 Year Fixed Deposit 8.5% 8.4% 5 Year Recurring Deposit 8.4% 8.3% 5 Year Senior Citizen Saving Scheme (SCSS) 9.3% 9.2% 5 Year Monthly Income Scheme 8.5% 8.4% National Saving Certificate with 5 Years Maturity 8.6% 8.5%
  2. 2. Years Maturity National Saving Certificate with 10 Years Maturity 8.8% Public Provident Fund (PPF) 16. 8.9% 8.8% 8.7 % Government decided to start TUFS (Technology Up-gradation Fund Scheme) Scheme for promoting better output in textile Industry by providing subsidies for purchasing machinery for production purpose. 17. Government increased import duty on Gold to 10%. 18. India signed a USD 216 Million loan with World bank for improvising roads infrastructure in state of Kerala. 19. India signed a USD 84 Million loan with World bank for strengthening panchayats in state of Bihar. 20. Indian Government gave 'Maharatna' status to Two Large Public Sector Units BHEL (Bharat Heavy Electricals Limited) and GAIL (Gas India Limited). 21. National Food Security Scheme launched on birth anniversary of Rajiv Gandhi. Salient Features are Priority households will be entitled to 5 kg of foodgrains per month per person. While Antydaya households will be given 35kgs of foodgrains in a month to the whole family. These two categories (Priority and Antyodaya) are called eligible families in Food security scheme. It will cover 75 % rural and 50% urban population. Public Distribution System (PDS) will provide rice @ Rs. 3/KG, Wheat @ Rs 2/KG and Coarse Grains @ Rs. 1/KG. The Bill has been deemed to come into force from July 5, 2013 when national Food Security Ordinance came into force. At the current terms of the bill, about 612.3 Lakh tonnes of foodgrains will be required and corresponding estimated subsidy for its implementation will be About 1.25 Lakh Crores. 22. RBI increased the import duty on Gold from 8 % to 10 % to discourage import of gold. 23. Tamilnadu government started Amma Mineral water scheme for providing mineral water at low rates of Rs. 10/Litre to BPL People (Below Poverty Line). 24. The government of India raised the cap on supply of Liquid Petroleum Gas cylinders to Nine from six per year previously. 25. World Bank issued its annual economy analysis report 2013 and expected a growth rate of 5.7 % for India in FY 2013 - 14, 6.5 % in 2014 - 15 and 6.7 % in 2015 - 16. It expected global growth rate of 2.2% in FY 2013 - 14. 26. E Business portal created by Infosys has been launched by Government to provide better connectivity between Investors, business owners and Government. 27. 'World economic situation and prospects 2013(WESP)' report was released in the month of January 2013 by United Nations. 28. Establishment of BRICS Development bank was cleared in fifth meet of BRICS Countries in Durban, South Africa. BRICS countries include Brazil, Russia, India, China and South Africa. 29. Econom y Analysis 2012 - 13 -- Finance Minister Pranab Mukherjee presented Economy Analysis 2012 - 13 report in Parliament one day before presenting the Union Budger 2013 - 14. Main Points are As per CSO (Central Statistical Organization) Reports, During 2012 - 13, contribution of various Sectors in GDP Agriculture - 8 % Industries - 27 % Services - 65 % Various Financial Statistics of India in last Five Years Metric/Year GDP Growth Rate Rates Increase (Wholesale Price Index) (% Revenue Deficit as % of Foreign Reserves (%) Change) GDP (USD) Foodgrains Production 2009 - 10 8.6 3.8 6.5 279.1 218.1 2010 - 11 9.3 9.6 4.8 304.8 244.5 2011 - 12 6.2 8.9 5.7 294.4 259.5 2012 - 13 5.0 7.6 5.1 295.5 250.1 2013 - 14 6.1 - 6.7 (Expected) 6.2 - 6.6 (Expected) Contribution of services sector in India's GDP (Gross Domestic Product) has been increased to 65.6 % in 2012 - 13 from 33.3 % in 1950 - 51. Chandigarh tops the list in GSDP (Gross State Domestic Product) across country with 85% Contribution. Delhi at second place (81.8 %). Fiscal Deficit 5.3 % in 2012 - 13. Expected Fiscal Deficit 4.8 % in 2013 - 14 and 3.0 % in 2016 - 17. Non Performing Assetsof banks increased to 3.57 % in 2012 - 13 as compared to 2.36% in 2010 - 11. 30. Rail Budget 2013 A New Train called Azaadi Express to be started for travel to places related to freedom struggle of country. Total Planned Expenditure - 63363 Crores, which is highest till now. New Factories/Units to be Established A new Forged Wheel Factory to be established in Raebareli (Uttar Pradesh) with help of Rashtriya Ispat Nigam Limited (RINL). Greenfield mainline electrical multiple units (MEMU) to be establishd in Rajasthan with collaboration of Rajasthan Government and BHEL
  3. 3. (Bharat Heavy Electricals Limited). A new Coach Manufacturing unit to be established in Sonipat District (Haryana). A new Mid-Life Rehabilitation (MLR) Workshop to be established in Kurnool (Andhra Pradesh). A New Goods Coach Maintenance Workshop in Kalahandi (Odisha). 31. Union Budget 2013 - Finance Minister P Chidambaram presented Union Budget on Feb 28, 2013 which is presented on last working day of February every year. Main Points are All Government banks' Branches to have ATM (Automatted Teller Machine) facility installed by March 31, 2014. Planned Expenditure for 2013 - 14 -- 555322 Crores, Non-Planned Expenditure - 1109975 Crores (Total 1665297 Crores). Expected GDP Growth Rate of India in 2013 - 14 -> 6.1 - 6.7 % (Expected) Estim ates of v arious Deficits Fiscal Defict (Rajkoshiya Ghata) to be 4.8 % of GDP Revenue Deficit (Rajasva Ghata) to be 3.3 % of GDP Primary Defict (Prathamik Ghata) to be 1.5 % of GDP Defence Expenditure - 203672 Crores (14.1 % Subsidies - 231084 Crores ( ) of 11 % from 2012 - 13). Food Subsidy Increased to 90000 Crore from 5000 Crores. Fertilizer Subsidy - 65971 Crores Petroleum Subsidy - 65000 Crores Schem es and Expenditure Rural Development - 80194 Crores ( of 46 %) Mahatama Gandhi National Rural Employment Guarantee Act (MNREGA) - 33000 Crores (No Change) Pradhan Mantri Gram Sadak Yojana - 21700 Crores (10 % Indira Awaas Yojana - 15184 Crores ( ) of 37 %) Jawaharlal Nehru National Urban Renewal Mission - 14873 Crores (51 % Ajeevika Mission - 4000 Crores (2.5 % ) Drinking Water and Sanitary - 15260 Crores (9 % Sarva Shiksha Abhiyaan - 27258 Crores (6.5 % Mid Day Meal - 13215 Crores (14 % ) ) ) ) SC Wajeefa - 1500 Crores (No Change) ICDS (Integrated Child Development Services) - 17700 Crores (11 % NRHM (National Rural Health Mission) - 20999 Crores (2.2 % ) ) Modernization of Postal Department - 532 Crores Skill Dvelopment Programme - 1000 Crores Nirbhaya Nidhi for Women Empowerment of 1000 Crores. Rashtriya Krishi Vikas Yojana - 9954 Crores National Food Security Mission - 2250 Crores Funds for PSU banks - 14000 Crores Rashtriya Pashu Mission - 307 Crores New Establishm ents National Institue of Sports Coaching to be opened in Patiala (Punjab) - 250 Crores Indian Institute of Agricultural biotechnology to be opened in Ranchi (Jharkhand). IIB (Inflation INdexed Bonds) to be started to combat high rate of Inflation. Taxation Those with annual income upto 5 Lakh to be given a tax exemption of 2000 Rupees. No change in existing Tax Slabs. Those with annual income over Rs. 1 Crore to pay 10 % Surcharge as compared to 5% Earlier. In rajeev Gandhi Equity Saving Scheme, Income limit for participation in tax exemption is increased to 12 Lakh from 10 Lakh Earlier. 32. Final Population Census 2011 Report India's Population - 1.21 Billion Rural Areas - 68.85% Urban Areas - 31.15 % Population Density - 382 Persons/ Km2 Sex Ratio - 943 (It was 933 in 2001 census) Literacy - 63% 33. A committee created by RBI for improvising Electronic Bill Payment System under chairmanship of Govindarajan Padmanabhan. The committee suggested creation of a new GIRO (Government Internal Review Order) Based Indian Bill Payments System (IBPS) to be enacted for a new and better bill payments system with more facilities for citizens.
  4. 4. 34. A committee under chairmanship of Deepak Parekh (HDFC Chairman) for Financing of infrastructure sector submitted its report and suggested several reforms. Increase FDI Cap in Telecom sector to 100% from Currently 74%. Underlining the need of promoting Public Private Partnership (PPP) Model in various sectors including Rail Gas, Coal etc. 35. ADB (Asian Development bank) projected 6 % Growth rate for India in FY 2013 - 14. ADB is headquartered in Manilla (Phillipinnes) with Japanese Takehiko Nakao as its 9th and current chief. 36. According to International Debt Statistics 2013 report of World Bank, China has most external Debt in the world (USD 685 Billion) while India is at 4th Position (USD 335 Billion). 37. According to recent reports, every Indian has an average foreign debt of Rs. 14692 in FY 2011 - 12. Note that it was Rs. 11517 in FY 2010 - 11. 38. All bank Accounts are to be linked to Aadhaar Number in order to Connect LPG Gas Subsidy to direct Cash Transfer Scheme. 39. Amendments in rules of GAAR (General Anti Avoidance Rule) have been finalized. It is meant to prevent tax avoidance in foreign investments coming from tax havens like Mauritius. 40. As per a recent ASSOCHAM (Associated Chambers of Commerce and Industry of India) Report, Gujarat State tops the chart in attracting private sector investors. 41. Asian Development Bank forecast India's Lowest Growth 5.4 %. 42. Bombay Stock Exchange (BSE) joins hand with S& P (Standard and Poor's) international Finance Agency. 43. Britain decide to start production of plastic notes. 44. C Rangarajan Led Prime Minister's Economic Advisory Council (PMEAC) has predicted India's GDP Growth Rate to stay at 5,.3% in FY 2013 - 14. 45. C Rangrajan Led PMEAC (Prime Minister's Economy Advisory Council) expected 6.4 & GDP growth Rate for India in 2013 - 14. 46. C Rangrajan Led PMEAC (Prime Minister's Economic Advisory Council) Expects 6.4 % GDP Growth in 2013 - 14. Various Stats of PMEAC's Report are Sector Name Share in GDP (As Per FY 2011 Growth Rate in FY 2012 Expected Growth Rate in -12) - 13 FY 2012 - 13 Services 65% 6.6% 7.7% Agricuture 17% 1.8% 3.5% Industry 18% 3.1% 4.9% How To calculate Expected GDP Growth Rate - > ((Services Sector Growth Expectation*Services Sector Share)/100) + ((Agri. Sector Growth Expectation*Agri. Sector Share)/100) + ((Industry Sector Growth Expectation*Industry Sector Share)/100) (7.7 * .65) + (3.5*.17) + (4.9*.18) = 6.5 So, PMEAC Expects Indian Economy to grow at 6.5 % in FY 2013 - 14. 47. Cabinet committee of economy affair (CCEA) allow (National Investment fund) NIS to purchase share of various public sector company. 48. Central PSE (Public Sector Enterprise) ONGC has become India's largest company in terms of market capitalization leaving IT Company TCS Behind. 49. Committee for De-regulation of sugar sector under C. Rangrajan's chairmanship presented its report. The committee has called for revising the existing arrangement for the price to be paid to sugarcane farmers. 50. Constitution for 14th Finance Commission formed under chairmanship of Y Venugopal Reddy. 51. DIPP (Department of Industrial Policy and promotion) approved New FDI (Foreign Direct Investment) Policy Pakistani Companies allowed to invest in India through FDI. New FDI Investment Caps Multi Brand Retail - 51 % Electricity Trading - 49 % Single Brand Retail - 100 % Broadcasting - 74 % Civil Aviation - 49 % 52. Draft for 12th Five Year Plan approved by Union Cabinet and presented to National Development Council. GDP growth aim reduced to 8% from 9 initially. 53. EPFO (Employee Provident Fund Organization) to keep interest rate on PF at 8.5% in 2013-14. 54. EPFO (Employee Provident Fund Organization) to keep interest rate on PF at 8.5% in 2013-14. 55. Ernakulam District in Kerala is Declared as First District in Country having Meaningful Financial Inclusion. 56. FDI (Foreign Direct investment) Terms eased and limits extends in various sectors Telecom sector - FDI Investment cap enhanced to 100% Defence - 26 % Single brand Retail - 100 % Credit Rating Agencies - 74 %
  5. 5. Government now allowed investors to open multi brand retail stores in cities with population less than ten lacs 57. FDI (Foreign Ditect Investment) limit in Asewt Reconstruction Companies has been raised to 74 % from 49%. 58. FDI Cap in Insurance Sector Hiked to 49 % (From 26%). 59. Finance Ministry constituted a committee under chairmanship of Arvind Mayaram for clearly Defining and distinguishing FDI (Foreign Direct Investment) and FII (Foreign Institutional Investors). 60. For Increasing Liquidity, Reserve Bank India extended SLR (Statutory Liquidity Ratio) by 1.5% to 24.5% from 23% initially. 61. German Chancellor Angela Merkel Offered India an aid of Euro 1 Billion for Green Energy Corridor in the country as Indian Prime Minister Manmohan Singh visited Berlin, capital city of Germany. 62. Government enhanced import duty on Gold to 15 % from 10 % Initially. 63. Government Recently set up a special Fund called Rural Flexi Fund worth Rs. 40000 for development of Rural Areas to be operational from FY 2013 14. 64. Government allotted 50 Lac Tons of Food grains to be distributed to BPL Families (Below Poverty Line) in 2013 - 14. Planning Commission stated that Person who spends more than 32 Rs. Per day in Urban and 26 Rs. per Day in Rural areas cannot be considered Poor. 65. Government allowed increase in amount of Indira Awaas Yojana 45000 to 70000 (for general area) and 48500 to 75000 (for hill areas). 66. Government approved amendments in SEBI act and empowered SEBI (Securities and Exchange Board of India) to keep track of all account activities of investors and companies in case of any doubt regarding unfair practices. 67. Government approved the Modified Industrial Infrastructure Up gradation Scheme (IIUS) Schemes during the 12th Five Year Plan period ending March 2017 to enhance the industry's competitiveness by providing infrastructure through the public-private partnership model in selected functional clusters. 68. Government decided to Change FDI (Foreign Direct Investment) limit in Various Sectors. Current Values of FDI Limits in Various Sectors are Telecom - 100 % ( 74 % Initially). Civil Aviation - 49 % (Unchanged). Insurance - 49 % (26 % Initially) Pension - 49 % (26 % Initially) Defence - 26 % (Unchanged) Basic and cellular services - 100 % (74 % Initially) Single brand retail - 100% (Unchanged), Petroleum - 49% Power exchanges - 49% Asset reconstruction companies - 100% (74 % Initially), Credit information companies - 74% (49% Initially) Stock exchanges - 49 % Tea Plantation - 100 % Courier services - 100 % ** Note That in Telecom, Single Brand Retail, Asset reconstruction companies and Tea Plantation, 49% of FDI in These Sectors will be through automatic route and does not require Government permission and rest 49-100% through FIPB (Foreign Investment Promotion Board). 69. Government decided to Change criteria in NRLM (National Rural Livelihoods Mission) to include loans to women Self Help Groups (SHGs) at less Interest Rate of 7%. It is being done to empower SHGs and make women become more self- dependent. 70. Government decided to increase Dearness allowance foe central government employees from 72 % to 80 %. 71. Government decided to liberalize norms for setting and operating of Special Economic Zones (SEZs) to restore interest of investors in SEZs that was decreased after implementation of Minimum Alternate Tax (MAT) and Dividend Distribution Tax (DDT) in SEZs. 72. Government decided to simplify Service tax refund norms for SEZs (Special Economic Zones) to enhance export and employment opportunities in SEZs. SEZ developers and units will not be required to pay tax on certain services for which they had to seek refund. Though the SEZs have been exempted from service tax, developers and unit owners have to first pay the tax and then they can claim the refund. 73. Government extended import duty on Silver and Platinum to 10% and Gold to 15 %.It is being done to discourage import of these commodities and restrict Current Account Deficit within targeted and manageable limits (3.7 % of GDP). 74. Government increased Import Duty on Sugar to 15 % from 10 % initially. 75. Government notified a list of 158 products from engineering and electronics to be included in focus product scheme (FPS) to give a boost to exports as these products will be entitled for 2 per cent duty credit scrip benefits. Duty Credit Scrip - The duty credit scrips may be used for import of any capital goods including spares, office equipments furniture etc. at a specified amount of Gain. For example, if you buy a duty credit scrip with a face value of Rs 100 at say Rs 80, then that can be used to pay duty of Rs 100 on imported goods. So, paying Rs 80 to the seller of the scrip and saved duty of Rs 100, makes a neat gain of 20 %. Duty Credit scrip may also be used to regularize defaults in export obligation under schemes covered in Foreign Trade Policy. 76. Government of India Approved MCX (Multi comodity stock exchange) as contrys third stock exchange. 77. Government of India has has appointed Dr. Y. V. Reddy as Head of 14th Finance Commission.
  6. 6. 78. Government started to stop functioning of DRDA (District Rural Development Agencies) till April 2014 that oversees the implementation of anti-poverty programs of the Ministry of Rural Development at the district Level. The decision is taken according to Suggestions of V Ramachandran Committee formed for analysis of DRDA. 79. Health ministry has raised the criterion of annual income from Rs. 75,000/- to Rs. 1,00,000/- to be eligible for the Health Minister's Discretionary Grant (HMDG). 80. High Rise in Use of KCC ( Kisan Credit Cards) has been reported. It provides Loans at 7 % to farmers. 81. ICICI Bank MD and CEO Chandra Kochhar has been named as the most powerful women in business in India. 82. IMF lowers India's GDP Growth forecast for FY 2013 - 14 to 4.9%, world bank - 6% and ESCAP (United nations Economic and Social commission for asia and pacific) - 5.9% and S&P - 5.5 %. 83. IT and Communications Minister Kapil Sibbal issued released the National Cyber Security Policy 2013 With an aim to protect information and build capabilities to prevent cyber attacks to safeguard both physical and business assets of the country. 84. Implementation of GAAR (General Anti Avoidance Rule) differed for two year. 85. Import Tax on Gold and Platinum increased to 6 % from 4 % initially. 86. In a survey of the Public Sector Enterprises of the country, ONGC (Oil and Natural Gas Corporation) is the most profitable CPSE in the country. 87. In the recent Annual Supplementary Foreign Trade Policy 2013 - 14, Government decided to extend Zero Duty EPCG (Export Promotion Capital Goods) Scheme Beyond March 2013 and to all sectors to enhance countries exports. In EPCG Scheme, manufacturers in different sectors are allowed to import machinery to be used for production at high discount in import duties and in return the government puts a certain amount of Export obligation of produced goods that the manufacturer will have to complete before he can move the equipments outside the manufacturing unit. 88. India Parliament has approved the Foreign Direct Investment (FDI) in retail. 89. India Signed TIEA (Tax Information Exchange Agreement) with Central European Country, Liechtenstein. 90. India South Korea sign a 110 Million USD Pact for promoting mutual trade. 91. India Stands 65th in Global Hunger Index as per a report by IFPRI (International Food Policy Research Institute). 92. India and Spain Sign DTAA (Double Taxation Aviodance Agreement). 93. India and world bank signed a USD 320 Million deal for development of Roads in Assam State. 94. India approved small-scale projects worth 100 million dollars for implementation in Afghanistan. 95. India has signed a $ 100 million loan with World Bank to help low-income families secure housing loans. 96. India signed a US $300 million loan agreement with Asian Development Bank (ADB) for upgradation of 254 deteriorated highways in Bihar. 97. India signed a US $300 million loan agreement with Asian Development Bank (ADB) for upgradation of 254 deteriorated highways in Bihar. 98. India's Securities and Exchange Board of India (SEBI) signed an MOU (Memorandum opf Understanding) with Argentina's Capital Market Regulator Called Comision Nacional de Valores (CNV) to Enhance Mutual Co-operation. 99. India's Bombay Stock Exchange (BSE) Became Largest in World in Number of Listed Companies with total 5174 Listings according to world federation of exchange. 100. India's GDP Growth Rate for Q3 (Oct - Dec) was 4.5 %, Q4 (Jan - Mar) was 4.8 % and Overall GDP of FY 2012 - 13 stayed at 5%. 101. India's IT Company TCS (Tata Consultancy Services) buys French Company ALTI SA for Rs. 530 Crores. 102. India's NSE (National Stock Exchange) became world's largest stock exchange in terms of equity Trading according to a report by WFE (World Federation of Exchanges). 103. India's National Stock Exchange and Japan Exchange Group signed an agreement for Launching Nifty Futures, a representatives stock index of India on Osaka Securities Exchange. 104. India's RBI recently signed a Pact with Central bank of Vietnam for Exchange of Vital Information. 105. India's Sixth Commodity Exchange UCX (Universal Commodity Exchange) started operations. 106. India's Various Financial Stats for FY 2012 - 13 and Comparison with FY 2011 - 12. Metric Value in FY 2012 - 13 Value in FY 2011 - 12 Change GDP Growth 6.2 19 % Exports $ 300.60 Billion $ 305. 9 Billion 1.7% Imports $491.48 Billion $489.31 Billion 44% Trade Deficit (Imports Exports) $183.4 Billijon $190.91 Billion 4.1% Current Account Deficit 4.2 % of GDP 4.9 % of GDP 16.6% External Debt $ 345 Billion $ 390 Billion 13% Foodgrains Production 107. 5.0 259.32 Million Tonnes 255.36 Million Tonnes 1.5% India's economic growth sliped down at nearly three-year low of 5.4% during Q2 (July - September) of 2012-2013.
  7. 7. 107. India's economic growth sliped down at nearly three-year low of 5.4% during Q2 (July - September) of 2012-2013. 108. India's largest bank State Bank of India (SBI) has signed an agreement with Spain's bank Banco Bilbao Vizcaya Argentaria, (BBVA), to support business operations of clients of both banks in both countries. 109. Indian Fertilizer Company IFFCO (Indian Farmers Fertilizers Co-operative Limited) to set up plants in Canada. 110. Indian Finance Minister on a USA to visit said that fall in growth of Indian Economy is temporary and GDP growth rate could touch 8% in next Two Years. 111. Indian Medicine Maker firm Ranbaxy's USA branch USA Ranbaxy has been fined Rs. USD 5 Billion by USA Law Ministry for producing low quality zeneric medicines. 112. Indian Signed an agreement with World Bank for assistance of US$ 70 million for Financing of Health System Development and Reform Projects in Karnataka . 113. Industrial Finance Corporation of India (IFCI) is to be made a Government Owned Corporation by increasing Government's share to 55.5%. 114. Infosys is the First Indian IT Company to to trade on NYSE Euronext, London and Paris Markets. 115. Japan Provided Rs. 11000 Cr loan to India for creation of Dedicated Freight Corridor (DFC) between Mumbai and Delhi. 116. Japan to provide a loan of Five Billion USD for sponsoring the Corridor between Delhi and Mumbai named Western Dedicated Freight Corridor. 117. Manila (Philippines) based ADB (Asian Development Bank) expects a GDP growth rate of 6 % in 2013 - 14 and 6.5 % in 2014 -15 for India in its Asian Development Outlook 2013 Report. 118. Ministry of steel became first central government ministry to get ISO 9001 : 2008 certification status.. 119. NABARD(National Bank for Agricultural and Rural Development) Provided Rs. 400 Crore Loan to Punjab to cultivate its Dairy Sector. 120. OBC Creamy Layer Income Limit has been increased from 4.5 Lakh To 6 Lakh. Now those OBC Candidates with family income upto 6 Lakh will have benefits of reservation in jobs in Government enterprises. 121. Organisation for Economic Co-operation and Development (OECD) in its report Titled "Looking to 2060", said that India's GDP will grow at an average rate of 4.9% from 2011 to 2060. 122. Pension Sector opened for Foreign Direct Investment with 26% FDI Investment Cap. 123. Planning Commission reduced GDP Growth Rate Target in 12th five year plan to 8.2 % (9 % Earlier). 124. Prime Minister's Economy Advisory Council (PMEAC) led by C. Rangrajan decrease its the GDP Growth forecast to 6 % from 6.7% Earlier. 125. RBI Directed all banks to ban zero Percent Interest Schemes saying that 0% interest in unconstitutional. 126. RBI (Reserve Bank of India) banned import of Gold keeping in view the increasing pressure on Rupee against international currencies specially US Dollar. 127. RBI Decided to Relax the terms on the Foreign investments by Indian Companies and allowed to invest up to 400 per cent of their net worth provided that the company has raised the funds through external commercial borrowings (ECBs). External commercial borrowings - External commercial borrowing (ECB) is an instrument used in India to facilitate access to foreign money by Indian private and public sector companies and includes various forms of incoming money such as commercial bank loans, buyers' credit, suppliers' credit, securitized instruments such as floating rate notes and fixed rate bonds etc., credit from official export credit agencies such as International Finance Corporation (Washington), ADB, AFIC, CDC, etc. ECBs cannot be used for investment in stock market or speculation in real estate. 128. RBI Directs all banks to issue new Cheque Books for all Customers from New Year 2013. The new cheque book will be CTS - 2010 Compliant. CTS Means Cheque Truncation System. CTS Will enable fast and secure Clearing of Cheques as Cheque's Electronic Image will be transferred for clearing and not the actual Cheque. it will make Clearing Fast and Secure. 129. RBI Extends last date for implementation of CTS - 2010 (Cheque Truncation System) to July 31 from Mar 31, 2013 initially. 130. RBI Permitted urban co-operative banks with More than 750 Crores of Deposits to be converted into Scheduled Banks. 131. RBI Rates as On July 15, 2013 -> Repo Rate -> 7.25%, Reverse Repo - 6.25% Bank Rate - 10.25% CRR (Cash Reserve Ratio) 4% SLR (Statutory Liquidity ratio) - 23 % Marginal Standing Facility (MSF) Rate - 10.25% 132. RBI allowed Kerala Government to start bank based on Islamic Trading Principles. 133. RBI changed terms of FEMA (Foreign Exchange Management Act) to enable FDI (Foreign Direct Investment) in Retail Sector. 134. RBI decided to stop production of Rs. 10/- Notes. Coins of same denomination to be used from now onwards. 135. RBI defer the implementation of CTS (Cheque Truncation System) till April 2013. 136. RBI extended deadline for issuance of new standard cheques by 3 month from March 31 2013.. 137. RBI in its Monetary and Credit Policy 2013 - 14, expected a growth rate of 5.7 % for 2013 - 14 and it decided to increase the loan limit for Micro and
  8. 8. 137. RBI in its Monetary and Credit Policy 2013 - 14, expected a growth rate of 5.7 % for 2013 - 14 and it decided to increase the loan limit for Micro and Small enterprises (MSEs) in the services sector from 2 crore to 5 crore per borrower. 138. RBI issued new regulations for Credit Default Swap (CDS) in corporate Bonds. 139. RBI makes it manadatory to have a net worth of Rs. 500 Crore and at least 25% branches in rural areas for a new Bank license. 140. RBI postponed Basel - 3 implementation by three months to 01 April, 2013. 141. RBI presented its report titled - "Trends and Progress of banking - 2012". It highlighted the fact that Increasing number of NPAs (Non-Performing Assets) may put banking system under pressure in near future. 142. RBI sets up Committee for promoting Financial Inclusion called FIAC (Financial Inclusion Advisory Committee) under Deputy Governor K Chakrobarty. 143. RBI signed a bilateral Swap Arrangement with the Bank of Japan for swapping of the local currencies. 144. Raghuram G Rajan is appointed as new governor of Reserve Bank of India (RBI) for a Three Years Term. He has taken place of ex-RBI Governor D V Subbarao. 145. Retirement fund body EPFO is to pay an interest rate of 8.5 percent on provident fund deposits for 2013-14 to its over five crore subscribers, it's the same as that provided in 2012-13. 146. SBI (State Bank of India) Signed a US $ 2 billion Pact with RDIF (Russian Direct Investment Fund) for Enhancing Mutual Collaboration and Investments. 147. SBI (State Bank of India) decided Not to provide Car Loan on anu annual income of Rs. 6 Lakhs. 148. SEBI (Securities and Exchange Board of India) has allowed mutual funds to accept investor funds in new offers under the new Rajiv Gandhi Equity Savings Scheme (RGESS) for 30 days, as against a 15-day subscription period in other schemes. 149. SEBI (Securities and Exchange Board of India) has approved country's first in house funded telecom/IT start up fund 'Startup Village' also called angel fund of $10 million that could go up to $20 million. Kris Gopalakrishnan Infosys co-founder is the Startup Village chief. 150. SEBI (Securities and Exchange Board of India) has made it mandatory for Insurance Companies to have a net worth of Min 500 Crores in order to open branches in Foreign Countries. 151. Software Company Microsoft Announced to Buy Cellphone maker Nokia in a 7.2 Billion Dollar Deal. 152. State Bank of India (SBI) plan to set up 'by-invitation-only' branches under the 'Kohinoor' brand in 20 cities to serve uber-rich clients and NRIs. 153. Strengthening and restructuring of ICDS (Integrated Child Development Scheme) approved by Cabinet Committee on Economic Affairs. 154. The Asian Development Bank cut India's growth forecast to 5.4 % in 2012-13. 155. The Cabinet Committee on Economic Affairs (CCEA) approved setting up of a Central Public Sector Enterprises (CPSE) Exchange Traded Fund (ETF) that will act like a share basket of various Central Public Sector Enterprises and each stock would have a fixed weight age in the basket. The move will help the Government in its disinvestment programs and managing portfolio of various CPSEs altogether. 156. 157. The Finance Minister P Chidambaram has given a statement "We must create at least 2-3 world sized banks". The Mission Steering Group approved the increase in the monthly paid amount of Anganwadi Workers of Mini Anganwadi Centers from Rs. 1500- to Rs. 2250. 158. The Reserve Bank of India lowered the country's economic growth forecast for the current financial year to 5.7 percent from its earlier projection of 6.5 percent. 159. The Securities Laws (Amendment) Bill, 2013 was passed in Lok Sabha to empower Capital Markets Regulator SEBI (Securities and Exchange Board of India). 160. 161. The huge Rs. 10500 Crore FDI (Foreign Direct Investment) proposal of Swedish Furniture Firm IKEA has been approved by central government. The offshore investment limit in govt. securities has been enhanced by USD 5 bn to total limit of USD 30 bn. Provided there are some conditions imparted on FIIs to be eligible in this increase in Investment Cap. 162. 163. The statement 'Multiple roles of RBI create conflict' was given by IMF. To control stem fall in rupee value, SEBI (Securities and Exchange Board of India) has tightened the norms for currency derivatives that allow traders and investors to take forward views on various currency pairs, including rupee-dollar, as it was being felt that large-scale speculations on their future movements might be adding to the downward pressure on the Indian currency. 164. UAE (United Arab Emirates) is the largest capital exporting country according to a report by UNCTAD (United Nations Council for Trade and Development). It did USD 55 Billion of Investment in foreign markets in the FY 2012 - 13. 165. UAE's (United Arab Emirates) Etihaad Airways to buy 24 % in India's Airline Jet Airways. 166. UNCTAD (United Nations Conference on Trade and Development)'s recent world investment report 2013 ranked India as third most preferred investment destination across world. It ranked China and America at First and Second Place respectively. 167. UNDESA (United Nations Department of Economic and Social Affairs) launched its world economic situation and prospect 2013 report. 168. USA's Ex-Im Bank (Export Imprt bank) approved USD 2.1 Billion Loan to India's Reliance Industries. 169. Under The Rajiv Gandhi Equity Scheme, Investors can invest upto Rs. 50000 for Tax Saving and Other Benefits. 170. White label ATM going to start in our country. Meant to be operated by Non-Banking Financial Companies without any Logo. 171. World Bank Approved a Loan of USD 37 Million for Himachal Pradesh for its ongoing Water-Shed Development Projects.
  9. 9. 171. World Bank Approved a Loan of USD 37 Million for Himachal Pradesh for its ongoing Water-Shed Development Projects. 172. World Bank accepted a $37 million loan for a power transmission and trade project of India and Nepal. 173. World Bank has approved a loan of $ 100 million for India's National Housing Bank (NHB) for implementation of a low-income housing programme. The loan has been granted under the concessional International Development Association window on a long-term basis for 25 years. 174. World Economic Forum's Meet held in Haryana, india. 175. World bank approved a loan of USD 100 Million for Himachal Pradesh for greenery and Sustainable development in the state. 176. World bank along with Asian development bank (ADB) decided to donate $ 400 mn to Uttarakhand , the huge natural Disaster hit state of northern india. 177. World bank gave US$500 Million Loan to india for Rashtriya Madhyamik Shiksha Abhiyan. 178. World bank gave a USD1.2 Billion Loan to Bangladesh for Renewing its Padma Bridge Project. 179. World bank to provide Rs. 20000 Crore Loan to Uttar Pradesh. Search Current Affairs