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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.

Income Tax Department launches new Benami Transactions Informants Reward Scheme, 2018

Jun 2, 2018
The Tax Department has launched New Benami Transactions Informants Reward Scheme, 2018 to get people’s participation in the Income Tax Department’s efforts to unearth black money and to reduce tax evasion.

PM Narendra Modi launches RuPay card, BHIM and SBI apps in Singapore

Jun 1, 2018
Prime Minister Narendra Modi launched RuPay, BHIM app and UPI by SBI app at the 'Business, Innovation and Community Event' in Singapore. The development is significant, as it would create multi-billion dollar transactions as some five million Indians travel to and transit through Singapore.

Government, World Bank sign agreement worth $500m for PMGSY rural roads project

May 31, 2018
The Union Government has signed a $500 million loan agreement with the World Bank to provide additional financing for the Pradhan Mantri Gram Sadak Yojana (PMGSY) Rural Roads Project. The project aims to build 7,000 km of climate resilient roads, out of which 3,500 km will be constructed using green technologies.

India, World Bank sign USD 21.7 million loan agreement for Rajasthan Project

May 29, 2018
The project will be implemented at a total cost of around USD 31 million, of which USD 21.7 million will be financed by the World Bank, and the remaining amount will be funded-out of the State Budget.

A sigh of relief for homebuyers, Union Cabinet approves ordinance to amend Insolvency and Bankruptcy Code

May 24, 2018
The Union Government had earlier formed a 14-member Insolvency Law Committee (ILC) headed by corporate affairs secretary Injeti Srinivas to recommend amendments to the Insolvency and Bankruptcy Code, 2016.

NITI Aayog, ABB India sign Statement of Intent

May 24, 2018
NITI Aayog and ABB India have signed a Statement of Intent (SoI) to support the Indian government realise its vision of ‘Make in India’ through advanced manufacturing technologies that incorporate the latest developments in robotics and artificial intelligence.

Union Finance ministry ties up with 40 companies for extending loans under Mudra scheme

May 22, 2018
These companies will identify people who need loans under the Mudra Yojana, endorse them and the loans will be extended to them under the scheme.

India ranked 6th wealthiest country

May 21, 2018
The AfrAsia Bank Global Wealth Migration Review ranked India as the 6th wealthiest country in the world with a total wealth of $8,230 billion, while the United States was ranked as the wealthiest with a total wealth of $62,584 billion.

Venezuelan President Nicolas Maduro re-elected, opposition cries foul

May 21, 2018
Venezuelan President Nicolas Maduro won another six years of term in an election that has been called as a sham by the opposition and other countries including the United States. The vote came amid opposition calls for a boycott.

Top approvals by Cabinet Committee on Economic Affairs

May 17, 2018
The Cabinet Committee on Economic Affairs (CCEA) has approved an initial corpus of Rs 5000 crore for setting up of a dedicated ‘Micro Irrigation Fund’ with NABARD under Pradhan Mantri Krishi Sinchayee Yojana.

Explained: India's green sectors to employ 300,000 workers by 2022: ILO

May 15, 2018
As per the report of ILO, 300000 workers will be employed directly in the solar and wind energy sectors by 2022 to meet India's goal of generating 175 gigawatts of electricity from renewable sources.

Explained: RBI bars Dena Bank from lending loans and hiring staff

May 14, 2018
The move is a part of the RBI’s prompt corrective action against public sector lender Dena Bank in view of its high non-performing loans. The RBI initiated Prompt Corrective Action (PCA) for Dena Bank in May 2017 and imposed certain restrictions on the bank.

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