Recent Financial News & Banking Updates:
(Dec. 22nd to Dec. 28th )
- Economic Growth Rate: India’s economic growth rate for 2015 -16 is 7.5% and this is often the first time that India crosses the major leading countries in terms of GDP growth.
Brazil, Russia, China has below 7 percent economic growth.
• Expecting India might become third largest economy when 2030
• Chief Economist of World Bank – Kaushik Basu.
- World Bank may review India’s GDP Forecast: Gross NPA (Non-Performing Advances) of commercial banks has exaggerated to 5.1% from 4.6%.
- CAD (Current Account Deficit):
India’s CAD (Current Account Deficit) exaggerated to 1.6% of the value from 1.2% of previous quarter.
CAD means that excess of imports of the worth of goods & services than its exports. CAD is measure of the country’s trade worth.
- India’s Exports might grow in 2016.
- Commerce and Industry Minister – Nirmala SeetaRaman.
- FIEO – Federation of Indian Export Organizations.
- GAIL could take 5% stake in international association of building 8.7 billion U. S. dollars of TAPI gas pipeline.
- CSR (Corporate Social Responsibility): Govt. has made it obligatory for the organizations to pay 2% of their annual profits for the social sector.
- In the fiscal year 2017, HSBC might pay over 44 crores.
- TRAI Chairman – R. S. Sharma.
- FIA –Free Trade Agreement
- BITA – Broad based Investments and Trade Agreement.
- Satyavati Barera: The first women COO (Chief Operations Officer) of Pwc India– one of the big four accounting firm in India. She started her career in Pwc corporations in 1980.
- From the last 4 years, India has paid Rs. 400 crores as commitment charges to the international agencies – ADB, Japan, and Germany as part of Unutilized External Loans.
– Precisely, 65% of the India’s external debts are unutilized.
- Income Tax Department has detected un-revealed amount (black money) value over 16000 crore for the past twenty months.
- FCRA – Foreign Contribution Regulation Rules.
- PFMS – Public Finance Management Services.
- CBDT (Central Board of Direct Taxes) has set a target of12.56 trillion for Mumbai Region- Largest tax collected region – from Mumbai over a third of total tax income is generated.
- FIPB – Foreign Investment Promotion Board.
– FIPB has 9 FDI proposals.
– Chairman: Shakti Kanta Das.
- To Exchange Pre-2005 Notespoint Extended:
RBI set to increase the last date for exchanging the currency notes that were written before 2005 year to june 30th.
- PayTm founder Vijay Shekar Sharma told thatthey’re expecting $ 500 million to be value-added into the paytm wallet from the purchasers in 2016.
- BankingOmbudsman Scheme:
RBI said, there are over 9500 pending complaints with ombudsman scheme reported on various private and public sector banks.
- Block Chain technology created the customers to not worry of the fallacious activities in bitcoin transactions over the web.
– Block chain is that the digital technology which can be recorded all the bitcoin transactions and can’t be altered by anyone.
– Bitcoins is nothing but virtual currency which can accepted by Amazon, Walmart etc.,
- whichbank has created the cyclothone on Dec 25th to make awareness on cyber crimes because of exaggerated use of digital technology?
– AXIS Bank.
- FDIC– (Federal Deposit Insurance Corporation), S.A. primarily based Insurance Corporation.
- Lakshmi Vilas Bank’s freshly appointed MD & CEO: Parthasarathi Mukherjee
- DBS Asia Hub2 Pvt. Ltd.: Singaporebased mostly DBS bank has opened its native subsidiary in India as DBS Asia Hub 2 Ltd.
- Union Minister of state for Minority Affairs – Mukhtar Abbas Naqvi.
- As per the Sachar Committee Report – 20000 new bank branches may be opened within the areas wherever there is substantial minority population.
- TechMahindra is launching itscase
- BTI Paymentsprivate Ltd is white label ATM operator is aiming to add 1000 ATMs in next three- BTI’s CEO: K. Srinivas.
- TelecomMinister: Ravi Shankar
- IndiaPost can begin its payment bank by March 2016.