Banking Awareness 13th February 2017 | Financial Affairs 13th February 2017

1. India fastest growing e-commerce market3

• India is world’s fastest growing e-commerce market expected to reach $64 billion by 2021 with a compound annual growth rate of 31.2%, according to a Forrester Research study.
• India will take over 10 years to reach the level of the US and China markets, the report said. China remains the largest market for e-commerce globally.

2. India to pitch global services accord to WTO chief Azevedo

• India made a presentation to World Trade Organisation (WTO) Director General Roberto Azevedo and India Inc. on New Delhi’s proposal for a global pact to boost services trade.
• The proposed Trade Facilitation in Services (TFS) Agreement at the WTO-level aims to ease norms including those relating to movement of foreign skilled workers/professionals across borders for short-term work.

3. China is way ahead of India in terms of railway investment.

India is way behind China on investment in railway, including border infrastructure, says Railway Minister Suresh Prabhu, even as he defends the government’s delivery record in MoUs with other countries such as Japan, China and Korea.

4. Government to come out with 2nd PSB recapitalisation plan Indradhanush 2.0

• The Union Government is planning to come out with ‘Indradhanush 2.0’, a comprehensive plan for recapitalisation of public sector lenders.
• Indradhanush 2.0 will be finalised by Reserve Bank of India (RBI) after completion of Asset Quality Review (AQR) which is likely to be completed by end of March 2017. It aims to clean up the balance sheets of PSBs to ensure banks remain solvent and fully comply with global capital adequacy norms, Basel-III.

5. Narinder Chauhan appointed as Ambassador of India to the Republic of Philippines

• Former IFS officer Narinder Chauhan  has been appointed as the next Ambassador of lndia to the Republic of the Philippines on February 11, 2017.
• Currently Narinder is working as the Ambassador of lndia to the Republic of Serbia.

6. Govt. appoints IAS officer Ajay Tyagi as SEBI chief for 5 years

• Senior Finance Ministry official Ajay Tyagi has appointed as chairman of Securities and Exchange Board of India (SEBI). He will succeed U K Sinha, whose extended tenure ends on 01st March 2017.
• The Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi has approved Tyagi’s appointment for a period not exceeding five years or till the age of 65 years.

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