National Housing Bank increased refinancing limit towards eligible institutions
- The Refinance limit increased from Rs. 24,000 to Rs. 30,000 crores by National Housing Bank on October 8, 2018.
- Total Rs.8835 crores has been sanctioned till date for the new scheme.
- National Housing Bank (NHB):
As per WEO report, IMF predicted 7.3% growth rate for India in this financial year 2018-2019.
- The International Monetary Fund (IMF) predicts a growth rate of 7.3 per cent for India in the current year of 2018 and 7.4 per cent in 2019 as per its current WEO report.
- The GDP prediction has been decreased in 2019 compared to the April 2018 World Economic Outlook (WEO) report. Because of the increase in oil prices and the tightening of global financial conditions. These are some crucial reason behind that.
- The main reasons for the growth are:
- Goods and Services Tax,
- The inflation-targeting framework,
- The Insolvency and Bankruptcy Code,
- Liberalizing foreign investment norms in the new FDI policy.
- India will cross China by 0.7 percentage point in 2018 and 1.2 percentage point in 2019 by growth lead.
- China was the fastest growing economy in 2017 ahead of India by 0.2% but new projection has been lowered for both India and China by 0.4 per cent and 0.32 per cent respectively and that’s t5he main reason behind the new ups and downs of the both country.
The new GDPI contributors for insurance industry in India, U.P is among the tops: SBI Gen Insurance
- Uttar Pradesh is among the top 5 contributors to the insurance sector in terms of Gross Direct Premium Income (GDPI) as per SBI General Insurance in its latest report.
- Lucknow leads the section of retail and corporate policies as per its report.
- The other highest selling policies are: Simple Health Policy in the health category and Personal Accident Policy in the motor category
- SBI General Insurance:
- Headquarter: Mumbai.
- Under the FDI norms, SBI owns 74% of the total capital and IAG the remaining 26%.
- MD & CEO: Shri. Pushan Mahapatra.
To cut down gold imports and lower the current account deficit govt. launch Sovereign Gold Bond Scheme for 2018 -19
- The main reason is to cut down gold imports and lower the current account deficit.
- A total of Rs. 5000 crores have been expected to be collected by the government through the updated scheme.
- For the public access, the bonds will be available for sold every month of October 2018 to February 2019 through banks, Stock Holding Corporation of India Ltd etc.
- With exit option in the fifth, sixth and seventh years, the tenor of the bond will be for a period of eight years.
- Payment for the bonds will be available up to a maximum of Rs. 20,000 through cash payment only.
Coal India signs MoU with NLC for 5000 MW power generation
- The Coal India Limited (CIL) and NLC India (NLCIL), formerly known as Neyveli Lignite Corporation, signed an MOU in Kolkata for a 50-50 partnership to set up 5000 MW of power generation projects which comprised of 3000 MW of Solar powered project and 2000 MW of coal-fuelled project.
- The estimated cost for the project is at Rs 12,000 crore and would require a total of 15,000 acres of barren land.
- The joint venture company completes the project within 15 months (Solar) and 60 months (Thermal).
- The debt-equity ratio is 70:30 for CIL and NLC in the project.
- Coal India Limited (CIL):
- Headquarter: Kolkata.
- Chairman & MD: Mr Anil Kumar Jha.
- Neyveli Lignite Corporation (NLC):
- Headquarter: Chennai, Tamil Nadu.
- CMD: Shri Rakesh Kumar.
To manage liquidity RBI injected Rs 12,000 crore into system
- On October 11, 2018, Reserve Bank injected of liquidity worth Rs 12,000 crore into the system through purchase of government bonds under Open Market Operations.
- The purchase of government securities maturing will bear interest rate of as per OMOs or Open market operations:
- 8.27 per cent in 2020,
- 8.15 per cent in 2022,
- 7.35 per cent in 2024,
- 8.15 per cent in 2026 and
- 7.61 per cent in 2030.
- OMOs are used to either inject or drain liquidity from the system by the RBI.
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