Rs. 36,000 cr to be injected into system through purchase of govt bonds by RBI
- For fulfil the festival season demand for funds.
- During the 2nd, 3rd and 4th week of October, auctions would be conducted.
- Reserve Bank of India
- Headquarters: Mumbai
- Governor: Urjit Patel
SBI cut daily ATM cash withdrawal limit to Rs 20,000
- to address the growing incidence of ATM frauds and boost digital transactions, sbi halved its daily ATM withdrawal limit.
- effective from October 31.
- customers with a requirement for higher ATM withdrawals can switch to card variants offering the same, SBI Platinum International Debit Card allows ATM withdrawals of up to Rs 1 lakh and the Gold debit card allows Rs 50,000 per day.
- State Bank of India
- Chairperson: Rajnish Kumar
- Headquarters: Mumbai
- Founded: 1 July 1955
Asian Development Bank (ADB) and India sign $150 Million Loan to improve Regional Connectivity in North Bengal and North-East
- to finance continued improvements to road connectivity and efficiency
- the 2nd tranche loan agreement for the $500 million South Asia Sub Regional Economic Cooperation (SASEC) Road Connectivity Investment Program.
- It was Approved in 2014, to expand about 500 kilometers (km) of roads in India’s North Bengal and northeastern region.
- second tranche will upgrade
- about 66 km of national highways in Manipur,
- construct about 1.5 km of an international bridge between India and Nepal,
- provide additional financing for the construction of about 103 km of a state highway in Manipur.
- Asian Development Bank
- Headquarters: Mandaluyong, Philippines
- Founded: 19 December 1966
- Membership: 67 countries
$100 Million Loan was signed by Government of India and the Asian Development Bank (ADB)
- expand Sewerage and Drainage Coverage in Kolkata
- this is the 3rd and final tranche under the $400 million Kolkata Environmental Improvement Investment Program to expand sewerage and drainage coverage and provide sewage treatment in Kolkata.
- Under this program
- Sewage and drainage system will be expanded to at least 3,000 additional households,
- sewage treatment will be providing to at least 100,000 households,
- construction of 43 km of additional sewer drain pipes,
- 4 pumping stations, 13 km of pumping mains, and three sewage treatment plants will be done to improve sanitation service quality and climate resilience.
MobiKwik’s new product ‘Boost’ to offer instant loan within 90 seconds.
- 1st wallet player to disburse loan amount in the user’s mobile wallet.
- Loans of upto Rs. 60,000 are sanctioned and disbursed within 90 seconds.
- loan sanction decision will be taken in 30 seconds, on the basis of an innovative risk scoring model called ‘Mobiscore’.
- users who avail loans via the app will have the option to transfer their loan amount to their bank account.
- CEO: Bipin Preet Singh
- Founded: April 2009
- Headquarters: Gurugram
To attract long-term investment from FPIs, RBI proposed Voluntary Retention Route
- RBI proposed a flexible route for FPIs to invest in debt markets with the government and the Securities and Exchange Board of India (Sebi)
- Named as voluntary retention route (VRR).
- The foreign portfolio investor will be required to invest a minimum of 67% of the committed portfolio size (CPS) within the one-month period for the specific protocol which also enable to invest in any government security, including treasury bills.
- FPIs under VVR would be eligible for participating in repo for liquidity only if their amount doesn’t exceed 10% of their investment under VRR.
As per World Bank latest report India’s growth Projection is 7.3 per cent in the 2018-19 fiscal and 7.5 per cent in 2019 & 2020
- India’s GDP growth is expected to touch 7.3% in 2018-19 as per the latest update.
- India’s GDP projection for 2019 & 2020 has been projected to 7.5%, its report says.
- India’s Growth can be reached 6.7 per cent in fiscal year 2017-18
- The main reasons for the growth are:
- Recapitalisation of Banks,
- Stronger private spending and
- Export growth.
- Agriculture and manufacturing sector (8.8% in second half vs 2.7% in first half) and services growth led by 7.7 per cent, on the production side.
- For the growth a widening trade deficit is likely to lead to a current account deficit of around 2.6 per cent of the GDP in fiscal year 2018-19and is likely to be continued with its projection.
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