Important Financial and Banking Affairs 17th March with PDF download

1. Rs 10,000 crore for safer railways

• In the backdrop of several railway accidents in the recent past, the govt is spending Rs 10,000 cr on track renewal to ensure a safe journey.
• The latest technology is being introduced and the government is working on removing all unmanned level crossings across the country.
• The government had initiated investments to the tune of Rs 3.5 lakh crore in the last three years.

2. SBI signs MoU with CREDAI

• SBI and real estate developers body CREDAI have signed MoU to conduct various initiatives towards development of the realty sector.
• The MoU will be in force for a period of 3 years.
• Each of them will leverage their individual strengths and collaborate in areas to promote housing for all, which will be beneficial to the sector.
• CREDAI is the largest real estate association in the country.

 

3. Soft compulsion pension plans

• The govt is considering the proposal to include some sectors of the economy into “soft compulsion” pension schemes to widen the social security net in India
• Under the soft auto enrollment, employees of an organisation are automatically included into pension schemes unless they opt out of it.
• PFRDA suggested best time for it because India economy is doing well and the inflation too has low.

4. RCom-Aircel merger gets SEBI nod

• RCom Ltd. has received approval from the SEBI, BSE and NSE for the proposed Scheme of Arrangement for merger of the wireless division of the company into Aircel Ltd and Dishnet Wireless Ltd.
• RCom and the present shareholders of Aircel Ltd will hold 50% each in Aircel Ltd.
• The merger will create the country’s third-largest mobile operator by subscriber base.

 

5. IndusIndBank to acquire IL&FS Securities

• IndusInd Bank has entered into an agreement with Infrastructure Leasing and Financial Services Ltd (IL&FS) to acquire 100% stake in IL&FS Securities Services Ltd (ISSL).
• ISSL, which was incorporated in 2007 as a subsidiary of IL&FS, is a capital market intermediary for professional clearing, depository and custodial Services.
• IndusInd Bank Limited is a Mumbai based bank, established in 1994.

6. India’s contribution to UN increases

• India’s contribution to the UN rose 55% to Rs 244 cr in 2015-16 compared with the previous fiscal.
• The country contributed Rs 244 crore to the UN last fiscal compared with Rs 157 crore in 2014-15.
• For the period 2016-18, India’s Scale of Assessment for the UN’s Regular and Peacekeeping budgets has been fixed at 0.737% and 0.1474%, respectively.

7. 2% hike in Dearness Allowance

• The Union Cabinet, chaired by PM Modi, approved a 2% hike in Dearness Allowance for govt employees and pensioners from Jan1, 2017.
• The approval was for the release of an additional installment of Dearness Allowance (DA) to Cent Govt employees and Dearness Relief (DR) to pensioners with effect from Jan1, 2017.
• This will benefit about 48.85 lakh Cent Govt employees and 55.51 lakh pensioners.

8.BoB approves bond issue

The Capital Raising Committee of Bank of Baroda’s board approved raising of funds through issuance of Basel III compliant Additional Tier-I bonds (perpetual debt instrument) amounting to ₹500 cr with green shoe option of Rs. 500 cr.

BoB is an Indian state-owned International banking and financial services company headquartered in Vadodara. It is the second largest bank in India, next to SBI.

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