Banking Affairs 23rd February 2017 | Financial Awareness 23rd February 2017

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1. CII signs MoU with Singapore trade and business agencies

  • For the first time, Confederation of Indian Industry (CII) has signed a Technology Partnership MoU with two Singapore agencies International Enterprise (IE) Singapore and the Singapore Business Federation (SBF) to promote expertise in expanding businesses.
  • 2. It will help build platforms to forge partnerships that connect our small enterprises and startups


2.SIDBI, Vijaya Bank combine to provide concessional loans to micro, small units

  • SIDBI has signed a Memorandum of Understanding (MoU) with Vijaya Bank for providing concessional finance to micro and small enterprises (MSEs).
  • The MoU aims at promoting and strengthening units in the MSE segment through concessional funding  that is at the marginal cost of funds-based lending rate (MCLR) of Vijaya Bank under refinance from SIDBI.

3. 13 villages under digital banking

  • Karnataka Vikas Grameen Bank (KVGB) has made 13 villages under its jurisdiction as 100% digital villages for banking activities, according to S Ravindran, Chairman of KVGB.
  • The bank is planning to make 100 villages as 100 per cent digital for banking activities by the end of the current financial year.
  • KVGB has 2,602 service area villages and more than 65 lakh customers.

4. Telangana Govt signs MoU with NABARD for Rs 874 crore loan

  • The Telangana Government led by K. Chandrashekar Rao signed an  Memorandum of Understanding (MoU) with NABARD for a loan of Rs 874 crore .
  • This loan will be used for Horticulture Development Corporation to cover 3.15 lakh acres under Micro
    Irrigation scheme for 2016-17 and 2017-18.

5. IFC invests $47.5 mn in Granules India

  • World Bank arm International Finance Corporation plans to part-fund the expansion programme of Hyderabad-based pharma firm Granules India Ltd.
  • It includes setting up of a greenfield facility for manufacturing APIs in Vishakhapatnam, Andhra Pradesh.
  • The project will support the company’s expansion enabling wider availability of high quality, low cost drugs in developed and developing markets.

6. SEBI seeks views on norms for intermediaries

Since many representations have been received from various stakeholders, such as MIIs, on issues related to governance, ownership, concerns arising post-listing of stock exchanges and depositories, it is felt that the regulations may require a comprehensive review


7. UK created maximum jobs in India via FDI: Report

  • The UK remains the largest job creator in India via foreign direct investment, seeing off tough competition from Japan, creating one in ten jobs between April 2000 and September 2016, says a report.
  • “Between 2000 and 2016, British FDI created 371,000 jobs 10 percent of all jobs created by FDI. The total number of people employed by British companies in India currently stands at 788,000 representing 5.3 percent, or one in twenty, of private sector jobs,” according to the report.

8. Indian economy remains a bright spot in global landscape

  • The Indian economy is growing strongly and remains a bright spot in the global landscape despite temporary setback due to demonetisation, a senior IMF official has said.
  • In its annual country report on India, the International Monetary Fund (IMF) yesterday said growth is expected at 6.6 percent in this fiscal year and at 7.2 percent in the following year.

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