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Project Sashakt: Sunil Mehta Committee’s 5-pronged strategy to tackle NPAs approved

Jul 3, 2018
The 'Sashakt' Report highlights nine guiding principles aimed at the operational turnaround of the banking sector in a manner that will create jobs and enhance the value of public sector banks.

Income Tax Department launches ‘Instant’ PAN Card Service

Jul 3, 2018
Once the PAN is allotted to an applicant through his electronic Aadhaar-based verification system, in a few seconds, the applicant will be sent the PAN card by post.

NRL becomes first oil PSU to introduce online legal compliance

Jul 2, 2018
Numaligarh Refinery Ltd (NRL) in Assam has become the first oil public sector undertaking (PSU) to adopt an online legal compliance system by introducing 'Legatrix'.

Explained: One year of GST: Achievements and Challenges

Jul 2, 2018
The GST regime has resulted in ‘ONE NATION, ONE TAX, ONE MARKET’, replacing multi-layered, complex indirect tax structure with a simple, transparent and technology–driven tax regime.

Rupee falls to all-time low of 69.09 against US dollar

Jun 28, 2018
Crude oil prices were at their highest at USD 77 a barrel on June 27, 2018, the highest since 2014 as the oil inventories of the United States witnessed their biggest fall in over two years and its exports touched an all-time record.

India retaliates to US tariffs, hikes import duty on 29 US products

Jun 22, 2018
In a retaliatory move to the heavy tariffs imposed by the United States on imported steel and aluminium items, India has decided to raise customs duty on 29 US products including almond, walnut and pulses. The duty hike by India would have equivalent tariff implications for the US.

2nd edition of MSME Pulse report by SIDBI-TransUnion CIBIL released

Jun 22, 2018
The 2nd edition of MSME Pulse report by SIDBI-TransUnion CIBIL shows that the MSME segment has left behind the short-term impact of GST and demonetisation and they were firmly back on the growth path with the segment having exposure below Rs 25 crore growing at 15 per cent.

RBI revises housing loan limits under Priority Sector Lending

Jun 21, 2018
The housing loan limits were revised to bring union of the PSL guidelines for housing loans with the Affordable Housing Scheme of the Union Government and to give a stimulus to low-cost housing for the economically weaker sections and low income groups.

RBI eases norms for Foreign Portfolio Investors to invest in debt

Jun 18, 2018
FPIs will now be permitted to invest in Government securities (G-secs) without any minimum residual maturity requirement, only on condition that short-term investments by an FPI shall not exceed 20 percent of the total investment.

RBI releases draft guidelines to modify loan system for large borrowers

Jun 12, 2018
Borrowers having aggregate fund based working capital limit of Rs 150 crore and above from the banking system, need to withdraw a minimum of 40 percent of the limit as loan component and the remaining as cash credit, with effect from October 1, 2018.

Government to launch Rs 500-crore credit enhancement fund

Jun 12, 2018
The Union Government is planning to launch Rs 500-crore worth credit enhancement fund in July to boost infrastructure financing. The move aims to facilitate infrastructure investments by insurance and pension funds.

RBI amends Gold Monetisation Scheme to make it more attractive

Jun 8, 2018
The maturity and rate of interest on Medium and Long Term Government Deposits will be decided by Central Government and will be notified by Reserve Bank of India from time to time.

RBI releases Second Bi-monthly Monetary Policy Statement 2018-19

Jun 7, 2018
The RBI retained GDP growth for 2018-19 at 7.4 percent, the same as that of the First Bi-monthly Monetary Policy Statement in April. Growth is projected in the range of 7.5-7.6 percent in April-September and 7.3-7.4 percent in October-March.

RBI to set up Public Credit Registry to curb bad loans

Jun 7, 2018
The move is based on the recommendations of a committee headed by Y.M. Deosthalee that was set up in 2017. The committee submitted its report in April 2018.

RBI allows Urban Co-operative Banks to become Small Finance Banks

Jun 7, 2018
The move is an outcome of the recommendations made by the High Powered Committee on Urban Cooperative Banks in August 2015. The committee was chaired by R Gandhi, the then Deputy Governor of the RBI.

World Bank approves funding for Atal Bhujal Yojana

Jun 7, 2018
The World Bank has approved Water Resources and River Development Ministry’s Rs 6000 crore worth central sector scheme, ‘Atal Bhujal Yojana’. The scheme has been formulated by the Water Resources Ministry to address the criticality of ground water resources in major country parts.

President approves promulgation of Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018

Jun 6, 2018
From now on, home buyers will have representation in the Committee of Creditors and will be an integral part of the decision making process.

M K Jain named new RBI deputy governor

Jun 5, 2018
IDBI CEO M K Jain has been appointed as the fourth deputy governor of RBI for a three-year term. He would be succeeding SS Mundra, who retired in July last year. He was previously heading the Chennai-based Indian Bank.

RBI organises ‘Financial Literacy Week’

Jun 5, 2018
The Reserve Bank of India (RBI) is organising ‘Financial Literacy Week’ across the nation from June 4 to June 8. The main aim behind the initiative is to create financial awareness among bank customers about financial products and services, good financial practices and digitisation.

Government launches ‘Online Analytical Tool’ to monitor foreign contributions under FCRA

Jun 2, 2018
The Union Home Minister, Rajnath Singh has launched an Online Analytical Tool to facilitate closer monitoring of the flow and utilisation of foreign contributions received by various organisations registered or permitted under the Foreign Contribution (Regulation) Act, 2010.

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