Financial Affairs 18 October 2016 | Banking Awareness for SBI IBPS UPSC SSC Exams

Big Central Bank Assets Jump Fastest in 5 Years to $21 Trillion

world_bank_building_at_washington

  • World Central banks are bulking up their balance sheets this year at the fastest pace since 2011’s European debt crisis to boost lackluster economic recoverie.
  • The 10 largest lenders now own assets totaling $21.4 trillion, a 10 percent increase from the end of last year.

‘GST must absorb green cess on diesel cars

GST or Goods and Services Tax alphabet letters with Malaysian currency. Concept of Government Service Tax. Slightly defocused and close-up shot.

  • Mercedes-Benz India MD and CEO Roland Folger is hopeful of the Goods and Services Tax (GST) structure subsuming the green cess levied on registration of diesel cars above 2000 cc.
  • He expected the new structure to address levies linked to environment protection and CO2 standards, Mr. Folger said.

Essar Oil deal may give breather to bank NPAs

Employees walk past an Essar Group logo outside their headquarters in Mumbai May 20, 2013. India's Economic Times newspaper said the Essar Group conglomerate would sign a financial agreement with China's China Development Bank and China's largest oil and gas producer PetroChina Company during Chinese Premier Li Keqiang's trip to India. REUTERS/Vivek Prakash (INDIA - Tags: BUSINESS LOGO ENERGY POLITICS) - RTXZTPP

  • Essar Oil, to the tune of Rs.28,000 crore, are still seen as standard in bank books, loans to Essar Steel, amounting to about Rs.35,700 crore, have been classified as non-performing by most banks.
  • It 49 per cent of their stake to Rosneft Russian investment fund United Capital Partners split 49 per cent equally.
  • The value of this all-cash deal, which includes Vadinar Port assets, was $1.3 billion or about Rs.85,000 crore.

HC orders removal of ATM on government land

Getting money

  • ATM centres of various banks on government land based on agreements between banks and “land-grabbers”.
  • So, the Madras High Court has ordered the removal of such ATM centres in Chennai and Kancheepuram districts.

RBI to cut rates in early 2017, aided by weak inflation

Police officer stands guard in front of the RBI head office in Mumbai

  • The Reserve Bank of India is expected to take advantage of expectations that inflation will remain low in the near-term and cut interest rates again early next year with an aim to boost already-solid growth a little bit more.
  • Urjit Patel and his six-member Monetary Policy Committee used the same rationale for their surprise 25 basis point (bps) cut to 6.25% earlier this month.

Samsung to invest Rs 1,970 crore in UP to boost Make in India

mou

  • India Electronics on Monday announced expansion of its Noida plant with an investment of INR 1,970 crore.
  • A memorandum of understanding (MoU) was signed between the company and the state government for setting up a manufacturing unit in Uttar Pradesh.

S&P warns China, reduce debt or we will downgrade your sovereign ratings

FILE - This Oct. 9, 2011 file photo shows 55 Water Street, home of Standard & Poor's, in New York. Standard & Poor's Ratings Services upgraded its outlook Monday, June 10, 2013, for the U.S. government's long-term debt. S&P cited the government's strengthened finances, a recovering U.S. economy and some easing of Washington's political gridlock. (AP Photo/Henny Ray Abrams, File)

  • China has been issued another yellow card.
  • Standard and Poors Global Ratings warned China’s risk at losing its AA-status.
  • The country’s slower-than-expected economic rebalancing and the growing financial risks.

Closure of Russia Today bank accounts nothing to do with us

russia

  • Russia has angrily accused Britain of trampling on freedom of speech after NatWest said it was closing down the bank accounts of the Kremlin TV channel Russia Today (RT).
  • The foreign ministry and human rights officials all condemned the move.
  • The UK government was guilty of violating press freedom and of double standards.

 

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