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.
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.
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.
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.
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.
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.
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.
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.
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 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.
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 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.
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.
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.