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1RBI to maintain status quo in December

Cut in policy rates in February and April

  • The Reserve Bank is expected to maintain a status quo in the upcoming December meet and will go for a 25 bps rate cut each in its February and April policy review meetings.
  • According to the global financial services major, the accommodative policy stance of the central bank would be largely driven by weak global growth and the fact that inflation is expected to be on track to its March-2017 target of 5 per cent

6.25%

Repo Rate of RBI

2Govt working on measures to open out economy more: Jaitley

India to invest more on development in Infrastructure

  • Finance Minister Arun Jaitley said that the government is working on measures to open out the economy and also pitched for more investments in sectors such as infrastructure.
  • He further said that there is growing impatience in India for faster and higher economic growth.

1.6 million

The UK has an ethnic Indian population.

3Panel must call all telcos for meet on call drops

Members are requested to improve the quality of services

  • The Cellular Operators’ Association of India (COAI) has written to the Standing Committee on IT, ahead of its T meeting on call drops, requesting to call upon all the members of the association to furnish data on the quality of service.
  • The Parliamentary Panel is scheduled to hear views of COAI and Reliance Jio on November 10 followed by a meeting with representatives of the DoT and TRAI on “issues related to quality of services and reported call drops

COAI

The Cellular Operators’ Association of India.

4Cabinet may decide this month on listing of PSU insurers

Final list of PSU general insurance companies for this month on progress.

  • The Cabinet is likely to take a call on the final contours of listing of PSU general insurance companies this month.
  • The Ministry had last week circulated a draft Cabinet note for inter-ministerial consultations on the listing of four public sector general insurance companies.

List of PSU companies

  • New India Assurance Company
  • National Insurance Company
  • Oriental Insurance Co
  • United India Insurance Co

5Auto industry seeks clarity on definition of luxury cars, cess rate under GST

The GST Council had decided on a four-tier tax structure of 5, 12, 18 and 28%

  • The auto industry discussed with Revenue Secretary Hasmukh Adhia, the rate of cess and definition of luxury cars under the GST regime, which is likely to kick in from April next.
  • The GST Council, in its meeting last week, had decided on a four-tier GST tax structure of 5, 12, 18 and 28 per cent.

Kenichi Ayukawa

Maruti Suzuki MD and CEO

6Analysts buoyed on PNB numbers, but await triggers for stock re-rating

Shares jump 7% following positive surprise on NPAs; housing arm makes smart debut

  • Its double bonanza for Punjab National Bank’s shares and shareholders. The management’s focus on improving asset quality is yielding results and analysts expect the same to further improve gradually and consistently.
  • The company’s newly listed housing finance subsidiary is also on a strong wicket helped by benign interest rate environment going ahead and due to government’s schemes like ‘Housing for all’ and 100 new smart cities.

62%

Compounded annual growth of PNB Housing

7Future Retail acquires Heritage’s small stores business

Heritage will get 3.65% equity in Future Retail

  • Kishore Biyani-led Future Retail Ltd has inked a strategic deal to consolidate the retail and allied businesses of Heritage Foods through an equity transaction.
  • The retail and allied businesses of Heritage Foods posted revenues of ₹629.70 crore during 2015-16, wherein it closed with revenues of ₹2380.58 crore and a net profit of ₹55.43.

Nara Lokesh

Director of Heritage

8ICICI Bank’s bad-loan provisioning balloons

Alarm bells ring as gross NPAs double year-on-year

  • In what could sound alarm bells in the already sluggish banking industry, ICICI Bank Ltd on Monday reported a rise in the proportion of bad loans to perhaps the highest in 10 years.
  • While the slippages and credit cost will remain high over the next few quarters, it appears that the bank will largely be able to clean up the book and start looking at regular growth

ICICI Bank

It is the second largest in India in terms of assets and third in term of market capitalisation.

9Vinod Rai to head Kerala’s advisory commission

Vinod Rai as chairman of the Fund Trustee and Advisory Commission.

Kerala has roped in former Comptroller and Auditor General of India Vinod Rai as chairman of the Fund Trustee and Advisory Commission (FTAC) to ensure that the funds of the Kerala Infrastructure Investment Fund Board (KIIFB) are properly utilised and the interest of investors is protected.

Major roles of Mr. Rai

  • Principal Secretary,Finance
  • To audit properties of sree Padmanabhaswami Temple in Thiruvananthapuram.

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Current Affairs 8th November 2016 | General Awareness 8th November 2016