Banking Awareness 05th December 2016 | Financial Affairs 05th December 2016

India’s economy expected to grow five fold by 2040

Growth was expected in manufacturing, transport and civil aviation.

• Prime Minister Narendra Modi said that India’s economy is expected to grow five fold by 2040 while speaking at the inauguration of Petrotech-2016 in New Delhi.
• “While global economy goes through uncertainty, India has shown tremendous resilience. Foreign Direct Investment (FDI) is at the highest.

Top 5

India is in the place of FDI in 2015.

RBI Governor gets Rs. 2 lakhs pay.

No supporting staff at home

• The Central bank said that the RBI Governor Urjit Patel gets a little over Rs. 2 lakh as salary and has not been provided with any supporting staff at his residence.
• Patel, who took over as RBI Governor in September, is in possession of the bank’s flat (Deputy Governor’s flat) at Mumbai

August 20^th 2016

Patel was named as RBI’s Governor to succeed Rajan.

Push in Digital payments

Single UPI platform in offing for banks

• Finance ministry to promote digital transactions, an upgraded Unified Payments Interface for banks is in the offing that will provide a cost effective and secured option.
• A single UPI platform is being developed for all banks as against the existing system of individual platform.

Individual platforms

• SBI
• PNB
• Canara Bank

Apple holding talks with govt on opening stores.

Senior company officials will meet with DIPP Secretary.

• US-based technology major Apple is back in talks with the Indian government to examine conditions for opening up its stores in the country.
• Senior officials from Apple’s South Asia team are scheduled to meet DIPP Secretary Ramesh Abhishek this week to discuss details of the new Foreign Direct Investment (FDI) rules in single brand retail and the company’s future prospects, a government official .

FDI single brand rule:

Mandatory sourcing of at least 30 per cent inputs from domestic companies.

I-T dept rejects ‘false’ income declarations.

The Income Tax Department has rejected two sets of declarations.

• The Income Tax Department has rejected two sets of declarations of ₹2 lakh crore and ₹13,860 crore, respectively, made under the Income Declaration Scheme 2016 announced in this year’s Budget.
• The rejections were made after it was found that the declarants were persons of suspicious nature and very small means, and the declarations could have been misused.

Total declaration of 2016

₹65,250 crore were received from 64,275 people.

Cash crunch pangs may force RBI to advance rate cut

Tepid inflation outlook buoys expectation of 25 bps cut now

Buoyed by moderating food inflation and under pressure to counter any negative impact on growth from the demonetisation move, the Reserve Bank of India is likely to cut its repo rate by 25 basis points from 6.25 per cent to 6 per cent in the bi-monthly monetary policy review.

6%

Repo rate of RBI.

RBI to issue new Rs. 20, 50 notes.

It will have sign of RBI Governor Urjit R. Patel with the year 2016.

The Reserve Bank of India on Sunday said it will shortly issue new Rs. 20 and Rs. 50 notes in the Mahatma Gandhi Series-2005. The new notes will bear the signature of RBI Governor Urjit R. Patel, and the year of printing 2016 on the reverse of the banknote.

Rs.50 and Rs.20.

It will continue to have legal tender.

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