Banking Awareness 14th November 2016 | Financial Affairs 14th November 2016

Students, working professionals make use of Sunday to exchange demonetised notes

Bank functions on Sunday’s for public.

• The first holiday after announcement of the decision to demonetise currency of Rs. 1,000 and Rs. 500 denomination, a number of working professionals, students and businesspersons thronged banks in the city.
• In large numbers to avail new notes by surrendering the demonetised notes at their disposal and to withdraw cash from their accounts.

December 30, 2016.

Old currency notes can be exchanged in banks till this date.

Rajnath, Jaitley review situation across country

Many ATM’s in the country running out of cash.

• People standing in queue to exchange or deposit/withdraw discontinued currency notes outside a SBI branch while ATM is not working, in New Delhi on 13 Nov 16.
• So far no report of any major violence or untoward incident has come from anywhere in the country.
• Union Home Minister Rajnath Singh and Union Finance Minister Arun Jaitley today took stock of the prevailing situation in the country in the wake of demonetisation of Rs. 1000 and Rs. 500 notes.

Ananth Kumar

The Minister of Parliamentary Affairs

Currency printing presses running at full capacity: RBI

4000 location are ready to serve to currency notes

• Currency printing presses are running at “full capacity” to sustain demand for new notes, the Reserve Bank of India (RBI) said on 12 Nov 16.
• The central bank also asked people to switch to other modes of payment, such as debit and credit cards to reduce strain on bank branches.

Four major mints in India

• Mumbai
• Kolkata
• Hyderabad
• Noida

Reserve Bank of India may revise REPO rates following currency infusion

Repo rate to reduce to 2% to make loan cheaper

• The RBI in the coming months in expected to reduce REPO rates by at least 2%, which will make loans cheaper.
• There are high probabilities that home loans come down to sub 7% and demand for housing goes up.

80

The amount of percentage was affected in collecting tax.

Tata Motors union backs Ratan

The boardroom battle in the Tata group has escalated ever since Mistry was ouste

• The Tata Motors employees union, representing the workers at the company’s plant in Pune, has backed the ouster of Cyrus Mistry, saying the relationship between the management and the employees has taken a hit over the past 14 months.
• The union’s move comes ahead of a crucial board meeting of the automobile company on Monday, which is expected to see board members take a stand on Mistry’s continuation as Tata Motors Chairman

16,000

Letters received from union to support Ratan.

Home Ministry, DIPP clash over defence industrial licences

Licensing process in limbo as committee waits for PM’s Office to sort out issue

The Prime Minister’s Office has stepped in to sort out a turf battle between the Home Ministry and the Department of Industrial Policy & Promotion (DIPP) over the issuing of industrial licences for the defence manufacturing sector.

The battle has led to a freeze in the licencing process over the last many months.

Rajnath Singh

The Ministry of Home Affair

Paytm transactions nearly double to five million daily

Expected to have Rs.24,000 crore by this year end

• Riding on this wave, the mobile wallet major expects to process transactions worth Rs.24,000 crore by the end of this year.
• Paytm, said that post-demonetisation of Rs.500 and Rs.1000 notes, it has touched a record five million transactions per day as against Rs.2.5-3 million transactions earlier.

5 million

Amount of transaction on a single day

Chinese lighting company Opple to set up manufacturing unit in India

Sets up first retail store in Chennai

• Chinese lighting solutions company Opple intends to set up a manufacturing unit in India.
• The facility is likely to come up as a joint venture with an Indian partner.At present, Opple is “doing research” on potential partners in terms of capacity and reputation.

S Venkataramani

Opple Lighting India chairman

 

 

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