By: D.K Choudhary
The Reserve Bank of India has released the first Bi-monthly Monetary policy of the new financial year (2017-18). GDP growth has hiked to 7.4% from 6.7%. Rates in the newly released Monetary policy are as follows-- Repo Rate under the Liquidity Adjustment Facility (LAF) unchanged at 6.25%.
- The Reverse Repo Rate (RRR) under the Liquidity Adjustment Facility (LAF) has been hiked to 6% from 5.75%.
- The Marginal Standing Facility (MSF) rate and the Bank Rate are at 6.50% decline from 6.75%.
- Cash Reserve Ratio (CRR) remains unchanged at 4% and Statutory Liquidity Ratio (SLR) also remains unchanged at 20.50%.
Cabinet approvals on 5th April 2017
The Union Cabinet chaired by Prime Minister Narendra Modi has approved the following agreements on 5th April.The list of agreements is given as follows-
i. Prime Minister Narendra Modi will lay the foundation stone of a multi-modal terminal on River Ganga at Sahebganj in Jharkhand. ii. The state of the art terminal, to be constructed at an estimated cost of 280 crore rupees, is an important component of the development of the National Waterway-1 from Varanasi to Haldia.
International Day of Sport for Development and Peace: 06th April
i. 6 April was declared as the International Day of Sport for Development and Peace (IDSDP) by the UN General Assembly.ii. On the occasion of the 2017 International Day of Sport for Development and Peace (IDSDP), the United Nations Office on Sport for Development and Peace (UNOSDP) launches the digital campaign #WePlayTogether to encourage organizations and individuals.
Haryana government to provide Rs 21,000 to families for third girl child
i. Haryana government has decided to provide a one-time grant of Rs 21,000 to all those families whose third girl child was born after August 24, 2015, under the ‘Aapki Beti, Hamari Beti’ scheme. ii. Under the scheme, the eligible families will receive the amount irrespective of their caste, creed, religion, income and number of sons.
Yogi Adityanath govt waives Rs 36,359-crore loan for UP farmers
i. The BJP-led government in Uttar Pradesh decided to waive off crop loans of up to Rs 1 lakh of small and marginal farmers in the state.
ii. About 92.5% of the state’s farmers fall in the small and marginal categories. Besides, the cabinet also decided to write off Rs 5,630 crore in non-performing assets (NPAs) of 700,000 farmers.
i. Aditya Birla Idea Payments Bank Ltd becomes the seventh entity to receive a final licence from the Reserve Bank of India (RBI) to set up a payments bank. ii. Except Vodafone M-Pesa Ltd, all payment bank licence holders have received the final approval.iii. Among payment bank licence holders, two entities namely Airtel Payments Bank and India Post Payments Bank (IPPB) have started operations so far. While Airtel is offering 7.25% interest on its savings account, IPPB is offering three types of accounts where interest rates will vary from 4.5-5.5%.
IDBI Bank cuts deposit rates by up to 75 bps
i. IDBI Bank has reduced interest rates, ranging from 50 to 75 basis points, on retail term deposits (RTD) with effect from April 5, 2017.ii. Following the rate cut, the highest interest rate that the bank now offers is 6.40% (earlier 6.90%) on deposits of one-two years maturity.
India, UK to set up 240 mn pound fund for green energy
i. India and the UK decided to set up a 240 million pound fund to finance clean energy projects.ii. The Green Growth Equity Fund will be a sub-fund of NIIF. India had in 2015 set up the Rs 40,000 crore National Infrastructure and Investment Fund (NIIF) to finance greenfield as well as brownfield projects.
iii. The fund will focus initial investments in India’s rapidly growing energy and renewables market.
India’s ranks 7th in world’s largest tourism economy in terms of GDP
i. India’s travel and tourism sector ranks 7th in the world in terms of its total contribution to the country’s Gross Domestic Product (GDP), according to a new report of the World Travel and Tourism Council (WTTC), 2016. ii. The USA topped the list followed by China and Germany at the second and third positions, respectively.
ADB lends $175 m loan to Power Grid Corporation
i. The Manila-headquartered Asian Development Bank (ADB) lends a $175 million loan to the Power Grid Corporation of India Ltd.
ii. The project will improve the capacity and efficiency of interstate transmission networks, particularly in transmitting the electricity generated from the new solar parks to the national grid.
Raman Roy is new Nasscom chairman
i.The National Association of Software and Services Companies (Nasscom) appointed Raman Roy (Managing Director of Quatrro Global Services) as its chairman for 2017-2018.ii. Rishad Premji (Chief Strategy Officer (CSO), Wipro Limited) has been appointed Vice Chairman. Raman Roy has replaced Mr. CP Gurnani.
FMCG highest paying industry in India: Randstad survey
i. The Fast-moving consumer goods (FMCG) industry has emerged as the highest paying industry in India with an average annual cost to company (CTC) of Rs. 11.3 lakh across all levels and functions according to Randstad survey, 2017.
ii. Randstad is a Dutch multinational human resource consulting firm headquartered in Diemen, Netherland. Randstad is the world’s second-largest HR service provider.
India allows duty-free imports of 500,000 tonnes of raw sugar
i. India, the world’s biggest sugar consumer, will allow imports of 500,000 tonnes of duty-free raw sugar, as a drought has cut output below consumption levels for the first time in seven years. Duty-free imports would be allowed until 12 June, 2017.
NTPC appoints head for Kudgi project
i. NTPC has appointed Sanjeev Kishore as Group General Manager at Kudgi Super thermal Power Project, Karnataka. Kishore joined the services of NTPC in 1984 and has served in various capacities of NTPC projects.
Japan Officially Recognises Bitcoin as Currency
i. Bitcoin has finally gained the recognition of a mainstream currency along the lines of other fiat currencies.
ii. The privilege follows the implementation of a new law in Japan which categorizes Bitcoin as a legal payment option within the country.
Virat Kohli crowned Wisden’s ‘king of the willow’ for 2016
i. India’s Virat Kohli was named Wisden’s Leading Cricketer in the World for 2016.
ii. Kohli had also won the prestigious ‘Polly Umrigar award’ presented to the ‘International Cricketer of the Year’ at the BCCI Annual Awards.
iii. Kohli was additionally declared Wisden India Almanack’s Cricketer of the Year for the second time in its 2017 edition.
Important Takeaways from above GK Update are as follows-
- PM Narendra Modi will lay the foundation stone of a multi-modal terminal on River Ganga in Jharkhand
- National Waterways (NW-1) runs from Haldia (Sagar) to Allahabad across the Ganges, Bhagirathi and Hooghly river systems
- CM of Jharkhand is Raghubar Das
- Governor of Jharkhand is Draupadi Murmu
- ADB grants $175 m loan to Power Grid Corporation
- Takehiko Nakao is the President of the Asian Development Bank (ADB)
- ADB full form is Asian Development Bank
- Headquarter of ADB in Manila, Philippines
- National Association of Software and Services Companies is the full form of Nasscom
- Raman Roy is new chairman of Nasscom
- He has replaced Mr. CP Gurnani
- Rishad Premji has been appointed as Vice Chairman
- International Day of Sport for Development and Peace is observed on 6th April
- United Nations Office on Sport for Development and Peace (UNOSDP) launches the digital campaign #WePlayTogether
- Peter Thomson is the President of the United Nations General Assembly
- Aditya Birla Group gets RBI licence to start payments bank
- Airtel launched India’s first payments bank
- A payments bank is like any other bank, but operating on a smaller scale without involving any credit risk.
- India stand’s at the world’s 7th largest tourism economy in terms of GDP
- WTTC full form is World Travel and Tourism Council
- WTTC 2016 list is topped by the USA.
- Haryana Govt grant Rs 21,000 to families for third girl child
- ‘Aapki Beti, Hamari Beti’ scheme was launched to insure the survival of newborn girl child along with proper health and promote education of girls in the state
- Haryana CM is Manohar Lal Khattar
- Governor of Haryana is Kaptan Singh Solanki.
- India and UK to set up 240 mn pound fund for green energy
- Full form of NIIF is National Infrastructure and Investment Fund
- Capital of the United Kingdom (UK) is London and its Prime Minister is Theresa May
- Currency of UK is Pound
- IDBI Bank reduced deposits rates by up to 75bps
- IDBI Bank headquarter is in Mumbai
- CEO of IDBI Bank is Kishor Kharat
- FMCG industry has emerged as the highest paying industry in India
- FMCG full form is Fast-moving consumer goods
- Randstad human resource consulting firm headquartered in Diemen, Netherland.
