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04 June 2016 Current Events RBI Shows Way to Ease Bad Loans of Banks

With public sector banks reeling under bad loans, Reserve Bank of India has written a letter to the Indian Banks’ Association (dated 31 May) proposing that lending banks may set up two different funds so that bad debt issue can be resolved at the earliest. While one fund can infuse working capital to companies, the other can infuse equity into stressed companies. Reports say that gross non-performing assets of listed companies have reached a staggering Rs. 5.91 lakh crore by March 2016.


India to Discuss sale of BrahMos Supersonic Cruise Missiles to Vietnam

Defence Minister Manohar Parrikar  is all set to visit Vietnam from 5 -6 June (after attending Shangri-La Dialogue in Singapore) to discuss export of BrahMos Supersonic Cruise Missiles (290-km range) that was jointly manufactured by India and Russia. BrahMos missile flies at the speed of Mach 2.8 (thrice the speed of sound). The move comes just before the 10 June Malabar exercise, off Okinawa, even as China (trying to increase its presence in the contentious South China Sea) is already prickly on the issue.


RBI Shows Way to Ease Bad Loans of Banks

With public sector banks reeling under bad loans, Reserve Bank of India has written a letter to the Indian Banks’ Association (dated 31 May) proposing that lending banks may set up two different funds so that bad debt issue can be resolved at the earliest. While one fund can infuse working capital to companies, the other can infuse equity into stressed companies. Reports say that gross non-performing assets of listed companies have reached a staggering Rs. 5.91 lakh crore by March 2016.

India to Discuss sale of BrahMos Supersonic Cruise Missiles to Vietnam

Defence Minister Manohar Parrikar  is all set to visit Vietnam from 5 -6 June (after attending Shangri-La Dialogue in Singapore) to discuss export of BrahMos Supersonic Cruise Missiles (290-km range) that was jointly manufactured by India and Russia. BrahMos missile flies at the speed of Mach 2.8 (thrice the speed of sound). The move comes just before the 10 June Malabar exercise, off Okinawa, even as China (trying to increase its presence in the contentious South China Sea) is already prickly on the issue.

Reliance Industries closes down few Dahej Plant Units

Reliance Industries Ltd. has shut down few units of its Dahej petrochemical plant in Gujarat due to water shortage. The lower release of dam water and the increasing level of salinity of water supply to RIL’s Dahej manufacturing complex has led to shortage of good quality water at the Dahej complex. RIL has temporarily shut down its PTA and PET plants. 

Sales of Khadi Units increase by 14 Per Cent as India Inc Complains

In a stark contrast with India Inc’s complaint of having weak rural sales in rural India due to poor rains, khadi and village industries are registering double-digit growth (14 per cent sales growth registered during 2015-16 reaching Rs. 37, 935 crore). Most of the 7 lakh privately-owned household units, funded through PM's Employment Generation Programme, have spiked sales in the last 2 years mainly through aggressive distribution push including bulk order from institutional buyers such as Indian Railways and Air India.

PM Modi says RBI Rajan's reappointment not Issue of Media's Interest

With current Reserve Bank of India’s Governor Raghuram Rajan’s term coming to an end this September and newly elected Rajya Sabha BJP MP Subramanian Swamy beating up the rhetoric of sacking Rajan immediately, Prime Minister Narendra Modi broke his silence in a question to Wall Street Journal. PM Modi said that reappointment of Rajan as RBI Governor is purely an administrative issue (finalised after consultation between Finance Ministry and Prime Minister) and went on to say that it shouldn’t “be an issue of interest to the media”.

RBI Governor Rajan pitches for Better Start-up Business Environment

Reserve Bank Governor Raghuram Rajan has pitched for providing better business environment for start-ups. He categorically mentioned that India has surely done away with the “license raj” but, to some extent, is continuing “inspector raj”. He stressed on self-certification by start-ups with some checks on part of authorities for preventing misuse. Rajan also gave examples of UK where liberal regulations have led to higher start-up growth than in Italy. While speaking at 4th Odisha Knowledge Hub, RBI Chief said that Indian economy is recovering.

Jaitley praises eCommerce companies for benefitting customers

While delivering speech at annual lecture of Competition Commission of India (CCI), Union Finance Minister Arun Jaitley lauded eCommerce companies for bringing widest possible choices before consumers at most competitive prices. Jaitley went on to add that E-commerce “promotes innovation, efficiency and quality”. He said that his government is making every possible effort for improving India’s “ease of doing business index”. Minister went on to say that passage of Insolvency and Bankruptcy Code is going to help sick industrial companies resolve problems quicker.

HSBC India to shut down 24 branches in 15 cities

HSBC India, part of London-based banking gianst HSBC, has planned to shut down 24 branches in 15 different cities in India. The intention behind this step is to reflect the changes in the customer behaviour, who are frequently using various digital channels for undertaking banking transactions. The bank network would be consolidating from 50 branches across 29 cities to 26 branches across 14 cities.

Sensex & Nifty open lower during early trade

Both BSE Sensex and Nifty have opened lower with Sun TV shares shrinking by 10%. As per analysts, a rate hike in the US would actually make it less attractive for the foreign investors to put capital in India’s emerging markets. Also, the Federal Reserve Officials believe increasing interest rates in June is actually appropriate if the economic data points to the stronger second-quarter growth.

Mounting Defaults make PSU Banks report Rs. 7000 Crore Loss

Reports say, 6 public sector banks have reported an aggregate loss of Rs. 7000 crore, among which the biggest loser is Bank of Baroda (Rs. 3230 crore). Only one bank that reported marginal profit is Union Bank of India, which earned a profit of Rs. 97 crore in the 4th quarter. Poor performance of the PSU banks dragged down the BSE Bankex index by 1.25 per cent, with biggest losers in the banking sector being PNB, Kotak Mahindra, ICICI Bank, and SBI.

SBICAP Trustee Company Limited attaches Rs. 90 Crore Kingfisher Villa in Goa

SBICAP Trustee Company Limited has attached Goa’s plush Kingfisher Villa (worth Rs. 90 crore) of liquor baron Vijay Mallya as part of the ongoing drive to recover the outstanding amount owed to the consortium of banks led by SBI. The move comes even as ED (Enforcement Directorate) froze Mallya’s Rs. 9,000 worth assets and shares for forcing him repay the outstanding debt to banks. Banks had earlier tried to possess the Goa’s Kingfisher Villa but were thwarted by United Spirits.

Bank Employees to go on a nationwide strike on 29 August

Bank employees union named as The United Forum of Bank Unions (UFBU) has called for a nationwide strike on 29 August 2016 to protest against the government’s current banking reforms. The union comprises 10 lakh bank officers and employees as members. All India Bank Employees Association general secretary C.H. Venkatchalam took the decision at an UFBU meeting held on 12 May 2016.

BSE Sensex gains by over 200 points

With an increased buying interest in banking and IT stocks, Sensex saw a rise by 225 points to close at 25,822. On the other hand, Nifty also went above its 7,900 mark with Nifty Bank and Nifty IT sub-indices rising by 1 per cent each. Sensex opened with 100+ points gains along with the 50-shares Nifty rising by 40 points to close at 7,887.

Sensex shoots up by 300+ points, Nifty by 7,800+

During the morning trades, both the BSE Sensex as well as Nifty witnessed huge gains. While the Sensex advanced by over 300 points to reach 25,537, Nifty scaled to over 7,800 points to reach a high of 7,825. The gains were led by banking stocks with the Bank Nifty being the top sectoral gainer, rising by 1.4 per cent. Additionally, stocks related to power, metal, realty and capital goods, FMCG and auto hiked by over 1 per cent each.

Indian Scientists lead Team in designing Drones for Organ Delivery

With increasing need for faster delivery of organs for transplant, two Indian scientists - Kota Harinarayan and Dr. K Ramachandra - from the National Design and Research Forum are spearheading a project whose success can cut the organ delivery time by over 50 per cent. Rs. 100-crore National Programme for Micro Air is designing a drone or unmanned aerial vehicle that will help in faster organ delivery. Fully ready-to-fly 184 can automatically carry passenger-by-air by simply entering destination in the smartphone app.

RBI Governor Rajan tears into "Paper Tiger" Allegation, Vouches for Regulation Enforcement

RBI Governor Raghuram Rajan rebutted claims that the apex bank is a "paper tiger" and went on to stress on enforcing all regulations for all businesses including app-based taxi services Ola and Uber. Rajan said they have already taken action against one of the app-based taxi providers because of their regulation violation. While emphasising that RBI cannot be a paper tiger, Rajan said that no matter how ugly a regulation is, must be enforced. However, he also added the need of changing bad regulations.

Cheque Bounce case: AAI seeks Mallya's arrest warrant from court

Airports Authority of India (AAI) has sought arrest warrant of liquor baron Vijay Mallya from a court of 63rd Metropolitan Magistrate, Andheri, Mumbai on charges of two bounced cheques of worth Rs. 100 crore. The two AAI applications sought permanent cancellation of Mallya’s exemption and issuance of arrest warrant. AAI reasoned that appearance of Mallya’s advocate on his behalf becomes null and void as the liquor barron’s passport has been cancelled. Next hearing will take place on 13 May.

Jindal brothers sign Rs. 6500 crore power deal

Sajjan Jindal’s JSW Energy has confirmed to purchase a 1,000 megawatt power plant from his brother’s Jindal Steel and Power in a deal amounting to $976 million (Rs. 6500 crore). Jindal Steel has stated the deal will be completed by mid-2018 with JSW getting into power via acquisition of the power plant in Chattisgarh.

Sensex slides by 200+ points, unaffected by ICICI selloff

A continuous selloff in banking stocks pulled down the BSE Sensex along with Nifty. While Sensex fell over 200 points below 25,400 levels, the Nifty traded below its key 7,800 levels. Private lender ICICI Bank reported its Q4 earnings, detailing the corporate exposure post markets on 29 April 2016. The bank also said 4.8 per cent of its assets fall in below-investment grade.

Finance Business Bills to rule Parliament Agenda Next Week

Official statement issued by Parliamentary Affairs ministry said second week of Parliament’s second budgetary session will discuss finance business bills pertaining to 2016-17 general budget. Finance Bill 2016, Appropriation (No.2) Bill 2016 and Compensatory Afforestation Fund Bill, 2015 will be taken up in Lok Sabha for consideration and passage in the coming week. Some other important bills that are likely to be taken up in the Rajya Sabha are Indian Trusts (Amendment) Bill,2015 and Mines and Minerals (Development and Regulation) Amendment Bill, 2016.




FAQs and Answers on Indian History and Geography
Which States Share Boundary with China?India, in total, shares land borders with 6 sovereign countries. China is one of those. Below are the Indian states which share borders with the country. 1. Jammu and Kashmir This northern state of India is mostly located in the Himalayan mountains. It shares a… Read More...
Which States Share Boundaries with Pakistan? There are four states that share a border with Pakistan, namely, Jammu and Kashmir, Punjab, Rajasthan, and Gujarat. The India Pakistan Border is quite intriguing. Since India has installed 1,50,000 flood lights on… Read More...
Which Places in India Still Largely Speak Sanskrit?Sanskrit is considered as Dev Bhasha, the language of Gods. It has a history of around 3500 years. It used to be a primary language of ancient India. Its earliest form Vedic Sanskrit, was prevalent from 1500 500 BCE. However, it is fading… Read More...



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