Monthly Current Affairs March 2016 “BUSINESS” key points to Remember.
IFClaunched its first Uridishi masala bond in India to mobilize 300 million rupees from Japanese household investors to promote private sector investment
World Bank, India and Government of Madhya Pradesh inked a credit concord worth of US $300 million for the Madhya Pradesh (MP) Higher Education Quality Improvement Project.
RBI announced relaxation of certain norms in the balance sheet – unlock 40,000 crores to support the capital requirement
Nomura report that India’s GDP growth will rise from 7.6% to 7.8% in the year 2016-17.GDP
Government cancelled the contract for the RS. 10,050 crore Zojila Pass Tunnel Building Project – Jammu & Kashmir
RBI Released the Non Banking Financial Company- Account Aggregator Directions, 2016
=> To allow a separate category of Non Banking Financial Company to emerge as an Account Aggregator
Foreign Banks Get Myanmar Licence
=> Vietnam’s Bank for Investment and Development
=> Taiwan’s E.SUN Commercial Bank
=> South Korea’s Shinhan Bank
=> State Bank of India
Capital Local Area Bank Limited got first small finance bank licence
Axis bank is better placed than ICICI and other public sector bank in terms of corporate book profitability – Nomura
Government may look into merging the twenty seven PSBs into just six -Gyan Sangam – bad loan issue
The growth forecast for India is at 7.5 per cent this fiscal and sees higher growth over the next two financial years – Fitch
Soft Bank group Corp plans to split its domestic and overseas business – Nikesh Arora
Department of Revenue sets up dedicated structure for monitoring taxpayer Services – Tax Administration Reforms Commission’s (TARC) report
YES Bank starting its first All women operated branch in Bengaluru – Yes Grace
RBI share its FDI details with the Intelligence Bureau and Research and Analysis Wing to prevent the entry of Black money
Govt removed proposed tax on EPF withdrawals
=> To make up to 60 per cent of savers corpus withdrawn from the EPF tax-free if invested in annuity and 40% tax free
ICICI Bank launched credit-linked subsidy scheme under PMAY(Pradhan Mantri Awas Yojana)
HDFC Bank tied up with 5 start ups
=> Senseforth Technologies,Tagnpin,Safe 2 Pay,Bugclipper and Taptis Technology
=> Employee Provident Fund Organisation announced an incentive for the employees who register between January and December 2016 – 5 to 10%
116 central public sector enterprises spent an amount of Rs 2447.59 crore on Corporate Social Responsibility (CSR) in 2014-15
The GDP growth of India at 7.9% for the fiscal year 2016 – Crisil
India Post Picked Deloitte as Consultant for Payments Bankto advise it on setting up a payments bank – Rs.800cr
ICICI signed a pact with Italian luxury sports car manufacturer Ferrari to issue co-branded credit cards – Visa platform
Kotak Mahindra Bank Group signed an agreement up with Canadian Pension Plan Investment Board (CPPIB) to launch a $525 million fund.
RBI is likely to pay the government Rs 57,000 crore in dividends in the fiscal year 2016-17
SBI released arrears worth Rs.1, 465 crore to about 7.75 lakh defence beneficiaries under OROP scheme
RBI asked banks to credit interest on savings accounts every quarter or shorter than that of the fiscal
ICICI Bank launched a new NFC-based mobile payment system iTap enabling contactless transactions via its Pockets app
IDBI allowed its customers to invest in bonds through its ATMs.
=> G-Sec through ATM is an extension of Bank’s Samriddhi G-Sec Portal
Gov slashed the interest rates of Public Provident Fund (PPF) scheme – will be cut to 8.1 percent from 8.7 per cent
=> Five-Year National Savings Certificates – 1 per cent as against 8.5 per cent
=> Five-year Monthly Income Account – 7.8 per cent as opposed to 8.4 per cent
=> Two-year time deposit -2 per cent instead of 8.4 per cent,
=> Five-year recurring deposit will earn 4 per cent instead of 8.4 per cent
Chhattisgarh gov disbursed Rs 1,821-crore loans to several beneficiaries under the Pradhan Mantri MUDRA Yojana (PMMY)
HDFC Bank launched banking solution for start-ups after SBI’s ‘InCube’ and RBL Bank’s ‘India start-up Club’
IRDA gave nod to allow LIC to invest in the Public Sector Banks
Government canceled Recognition of Delhi Stock Exchange following the serious irregularities in its demutualization functioning
India’s current account deficit fell further to 1.3% of the gross domestic product.
India’s GDP growth has been projected at 7.7% – ICRA
Bajaj Finance has entered into the Rs 20,000-crore life care segment
World Bank proposed a $ 1.5 billion dollar to the clean India campaign Swachh Bharat in rural
RBI soften the rules on Liquidity measurement accordance with the new Basel III norms
=> Notice period is greater than 30 days for Cash outflows of retail term deposit
Lakshmi Vilas Bank tied up with NBHC(National Bulk Handling Corporation Private Limited) for collateral management & warehousing
South Indian Bank got the ISO 9001:2008 certification.
Indian economy is fast growing which has been projected at 7.2% in 2015-16 by the BMI research – 8% in 2016-17
The Department of Industrial Policy and Promotion (DIPP) gave its nod to 49% FDI in Insurance and Pension Sector
RBI revised the Rules for rehabilitation of MSME’s to reform the banking sector and bring down the NPA’s. Loan limits -25 crores
RuPay plans to issue 100,000 credit cards in September this year
IOB(Indian Overseas Bank) has become the first bank issuing the gold coins in 5,10 and 20 gms.
World Bank approved $100 million loan to Jordan for job creation.
World Bank approved $250 million loan to Support Electricity Distribution Sector Reforms in Rajasthan.
Federal Bank plans to set up incubation centers for startups in Bangalore and Ernakulam – 25cr
RBI announced the private placement of securities for UDAY scheme
=> Applicants to apply through private placement approach and securities issued by governments of Bihar, Haryana, Jammu and Kashmir, Jharkhand, Punjab and Rajasthan
Bharat Bank ties up with Chillr to make payments easier
RBI signed Currency swap agreement with the Central Bank of Sri Lanka
=> To draw up to $700 million over a maximum period of three months
Asian Development Bank brought down the forecast of growth of Asia to 5.7% for the financial year 2016-17.
Central Board of Direct Taxes(CBDT) department signed 11 Advance Pricing Agreements with taxpayers overseas to reduce litigations
European Investment Bank Provide loan to Lucknow Metro Project of €450 million (about Rs. 3,300 crore)
Gov allowed 100% FDI in e-commerce through automatic route in marketplace model of retailing.
RBI has cancelled the certificate of registration of 22 NBFC’sunder Section 45-IA (6) of the Reserve Bank of India Act, 1934
=> SEBI has raised the FPI (Foreign Portfolio Investors) investment limit in government securities to 1,40,000 crore from April,4
Japan has been providing support to India both financially and technically for the various infrastructure projects – worth 242.2 billion yen