Banking/Financial Awareness for IBPS, SBI and Competitive Exams – 24/09/2016


China, Japan, India made 64% of world’s steel in Aug


  • World’s top three steel producers– China, Japan and India, collectively produced 134.1 million tonnes of steel, about 64% of the world’s steel production in August, World Steel Association said.
  • China accounted for about 51.15% of the world’s steel, while Japan produced 6.63% and India, 6.04%. The fourth largest steel producer, US, registered a fall of 3.4% in its production.

US bank Wells Fargo CEO asked to resign over fraud


  • At a public Banking Committee hearing, Wells Fargo CEO John Stumpf was asked to resign over a bogus accounts fraud that cost the US bank $190 million in penalties.
  • Stumpf was asked if he had “returned one nickel of the money he earned due to the scam” or “fired a single senior executive” in the aftermath of the scam.

Ministry announces export concessions for 2,901 goods

  • The Commerce Ministry on Thursday announced export concessions (sops) by adding 2,901 products, including engineering goods, garments, and chemical items, to the Merchandise Exports from India Scheme, reports said.
  • Under the scheme, rates of 575 products across 11 categories were also increased. These measures will add competitiveness and increase the benefits under the scheme, an official said.

India, EU pact on pharma exports to be finalised soon


  • India is on the “verge of finalising” a Free Trade Agreement (FTA) with the European Union (EU) on pharmaceutical exports, Anice Joseph Chandra, the Director of the Department of Commerce, has said.
  • Earlier, India had deferred the FTA talks after the EU banned the sale of around 700 pharmaceutical products. “We are also in talks with the UK,” Chandra added.

Vodafone infuses record FDI of Rs:47,700 cr in India


  • Ahead of the forthcoming spectrum auction, UK-based Vodafone has injected a record Rs:47,700 crore ($7.1 billion) into its Indian unit, Vodafone India.
  • The equity infusion, claimed by the company as the “largest ever” FDI infusion in India, will help Vodafone buy more spectrum, expand infrastructure, and reduce debt.
  • Notably, this comes after the launch of Reliance Jio earlier this month.

5th tranche of gold bonds scheme raises Rs:820 cr


  • The Centre has raised at least Rs:820 crore from the fifth tranche of the Sovereign Gold Bonds Scheme. This was mobilised by over two lakh applications corresponding to 2.37 tonnes of gold.
  • The next tranche is expected in October third week, prior to Diwali.
  • The total subscription in first four tranches was Rs:2,239 crore, equivalent to 7.85 tonnes of gold.

GSM subscriber base rises to 781 million in Aug


  • GSM telecom operators like Airtel, Vodafone, and Idea together added 2.09 million subscribers in August in India, taking the mobile subscriber base to over 781 million, as per data compiled by the Cellular Operators Association of India.
  • Airtel had the maximum mobile subscribers at 257.51 million, representing nearly 33% of the overall GSM subscriber base in the country in August.

India inks Rs:58,000 cr Rafale fighter jet deal with France


  • India signed the €7.8 billion (over Rs:58,300 crore) deal to buy 36 Rafale fighter jets from France on Friday.
  • The deal for the aircraft, India’s first fighter jet deal in 20 years, was inked in the presence of Defence Minister Manohar Parrikar and his French counterpart Jean-Yves Le Drian.
  • The delivery of the combat aircraft will start in 36 months.




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