Financial Affairs 10 October 2016 | Banking Awareness for SBI IBPS UPSC SSC Exams

October 12, 2016
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RJio sets ‘world record’ at 1.6 crore users in 1st month17-1474115327-jiogigafiber1

  • Mukesh Ambani-led Reliance Jio has claimed to have created “a world record” by crossing the 1.6 crore subscribers-mark in its first month of operations.
  • The venture achieved this growth faster than any other operator or start-up in the world, including Facebook, a release stated.
  • Earlier, Ambani had said Jio would aim to acquire 10 crore customers in the “shortest” time.

Amazon has done in 3yrs what rivals couldn’t in 10: Agarwalamazon-logo-300x225-1

  • E-commerce major Amazon India Chief Amit Agarwal said the firm has accomplished in three years what rivals hadn’t in 10, despite launching earlier and acquiring many companies.
  • “We’ve grown 135%…year-over-year in every quarter (this year), against flat growth for others,” he said.
  • This follows Flipkart CEO Binny Bansal’s comments that Amazon misjudged customers’ needs in the festive sale.

5 Indian-Americans in Forbes US’ 400 richest list.

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  • A total of five Indian-Americans have been featured on Forbes list of the US’ 400 richest people in 2016.
  • These include Symphony Technology founder Romesh Wadhwani, who was ranked highest among the Indian-American’s named in the list at 222, followed by Syntel co-founders Bharat and Neerja Desai who were ranked 274.
  • Notably, Microsoft Co-founder Bill Gates topped the list.

Crude oil hits one-year high on Putin’s commentputin-finally-admits-to-sending-troops-to-crimea-300x225

  • Brent crude oil price on Monday hit its highest level in a year following Russian President Vladimir Putin’s statement that the country was ready to join a proposed cap on oil output by OPEC members.
  • Putin further said he hoped that OPEC members would confirm the decision to adopt quotas for output. The OPEC’s output is currently at record levels.

India’s industrial output contracts 0.7% in August

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  • India’s industrial output contracted by 0.7% in August due to a fall in mining and manufacturing production, government data released on Monday stated.
  • The index had contracted by 2.4% in July, its lowest in 8 months.
  • The Index of Industrial Production for mining output contracted by 5.6%, while that for manufacturing output fell by 0.3% for the month under review.

American duo win Economics Nobel for work on contract theory

 

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  • Oliver Hart of Harvard University and Bengt Holmström of MIT have been awarded the ‘Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel’ for their contributions to contract theory.
  • The theoretical tools created by the duo are valuable to the understanding of real-life contracts and institutions, as well as potential pitfalls in contract design, an official release said.

Railways gets ₹1,656 cr for installing bio-toilets, CCTVs

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  • Amid attempts to boost its cleanliness and safety drives, the Indian Railways has received ₹1,655 crore from the government for the installation of CCTVs at stations and bio-toilets in trains across the country.
  • The move aims to make the entire rail tracks network free of human waste discharge and to enhance safety and security of passengers.

Ready for talks on NSG entry, not Azhar UN ban: China

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  • Ahead of President Xi Jinping’s India visit, China on Monday said it is “ready” for talks on India’s entry into the Nuclear Suppliers Group, but was against a UN ban on JeM chief Masood Azhar.
  • Beijing said it was against anyone making “political gains in the name of counter-terrorism”. Xi will visit India to attend the BRICS Summit in Goa.

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