Financial Affairs 22nd and 23rd October 2016 | Banking Awareness for SBI IBPS UPSC SSC Exams
INDIAN GOVERNMENT WOOING CHINESE COMPONENT MANUFACTURERS TO SET UP SHOP IN INDIA
Indian government is wooing Chinese component manufacturers to set up shop in India, instead of viewing it as a large consumer market where companies only import fully made products.
India and China have their strengths and the intent is to bring them together through partnerships to create a win-win proposition.
Investing here is welcome, because it has spin off benefits such as jobs, creating value and increasing our manufacturing base, which is very different from dumping Chinese products here – Aruna Sundarajan, secretary of IT.
DELHI METRO TO ADD 258 NEW COACHES TO CLEAR RUSH
The Delhi Metro will add 258 more coaches to its existing fleet of trains plying on the Yellow, Blue, and Red Lines.
The DMRC will use these coaches to induct 14 new eight-coach trains on the Yellow Line connecting Jahangirpuri and HUDA City Centre.
The three new trains on the Blue Line connecting Dwarka Sector 21 to Noida City Centre/ Vaishali.
The remaining coaches will be added to the existing four- or six-coached trains.
ANCHOR ELECTRICALS BEGINS OPERATIONS AT HARIDWAR UNIT
The new manufacturing unit has been set up with an investment of Rs 150 crore.
It will have production capacity of 25 million units monthly, and is expected to double the installed capacity by financial year 2020.
Anchor is a strategic business unit for Panasonic India that extends our commitment towards offering safe, reliable and quality electrical products.
RESERVE BANK OF INDIA TO MEET TOP BANKERS ON CLASSIFYING BAD LOANS
The RBI will meet top bank executives on Monday (24.10.16) as it finalises operational details related to relaxations in the way banks can classify restructured stressed loans.
RBI had introduced the scheme for sustainable structuring of stressed assets (S4A) in June that involved splitting loans into sustainable and unsustainable portions.
The scheme is meant for large loans where projects are up and running and provides an opportunity for reworking the financial structure of entities facing genuine difficulties and requiring coordinated intervention.
INFRA NEEDS $150-$300 BN. EQUITY OVER 5 YEARS
India needs $150 billion to $300 billion of equity over the next five years to drive infrastructure investments, National Investment and Infrastructure Fund.
The NIIF, which will start operations with a first-phase corpus of $6 billion.
The NIIF will work on creating smart public private partnerships (PPPs) to fund projects of unprecedented scale and will also continuously suggest policy improvements to support infrastructure sector investments.
‘ONE INDIA’ CONCEPT PUSH FOR EASE OF BUSINESS
One India’ concept – the biggest and the most comprehensive ‘ease of doing business’ initiative so far.
Under the ‘one-form-one-portal’ model, aimed at attracting huge investments, the processes will be simplified to an extent where investors will need to fill only a single e-form for investing and doing business anywhere in India.
Currently, firms are mandated to complete multiple forms at the Central and state-levels, and it gets more complicated as each state has different requirements and regulations.
The proposed concept will also make it easy for investors to even change plans midway and shift projects to different locations in India where it is easier to do business.
ANDHRA BANK TO SELL SOVEREIGN GOLD BOND SERIES III FROM OCT 24
Andhra Bank will open sale of Sovereign Gold Bond Scheme 2016-17 series-III for public subscription during October 24-November 2, 2016 at all its branches.
RBI has notified 2.5 per cent interest per annum on the initial investment based on nominal value.
The nominal price of gold, which is arrived based on simple average of closing price gold as published by IBJA in the preceding week to the issue Monday to Friday (24.10.16 – 28.10.16)
The issue price is fixed Rs. 50, less than the nominal price. The issue price for this tranche has been fixed Rs.2,957 per gram of gold.
WTO MEET: INDIA CALLS FOR LEVEL PLAYING FIELD IN AGRI-TRADE
The need for creating a level playing field for the developing countries in agricultural trade by addressing inequities and distortions which are threatening the livelihood of millions of poor farmers across the world – Nirmala Sitharaman.
she also underscored the importance of special and differential provisions in fisheries subsidies.
The two-day meeting was convened with a view to informally discuss various issues relating to WTO negotiations and set the stage for the Eleventh Ministerial Conference of the WTO to be held in Argentina in December 2017.