Banking and Financial Awareness – 25

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10 May, 2013

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1) The Union Cabinet recently decided that women self help groups (SHGs) will get bank loans at 7% interest rate per annum under its flagship programme, National Rural Livelihood Mission (NRLM). What is the existing interest rate under NRLM? – 11.5% to 14% per annum (Total burden due to this reduction in interest rate for 2013-14 has been estimated at Rs. 1,650 crore, of which the Centre will bear Rs. 1,400 crore and the remaining will be met by state governments. This reduction will bring the rate of interest for women SHGs at par with the rate at which banks lend to farmers)

  • 2) RBI came up with its annual monetary policy statement on 3 May 2013. What was the economic growth rate proposed for the Indian economy for the current fiscal of 2013-14 in this statement? – 5.7% (In comparison the growth rate during 2012-13 was at decade’s lowest level of 5%)

  • 3) In its annual monetary policy statement of 3 May 2013, RBI Governor D. Subbarao highlighted which measure as the biggest threat to monetary policy? – Widening Current Account Deficit or CAD (CAD is the difference between inflow and outflow of foreign currency)

  • 4) What is the new repo rate after RBI announced a cut of 25 basis points in its annual monetary policy statement of 3 May 2013? – 7.25% (No changes were announced in cash reserve ratio (CRR), which stays at 4%. Repo rate is now at its lowest level since May 2011)

  • 5) Which stock exchange recently launched an Islamic equity index especially for Islamic investors? – Bombay Stock Exchange (BSE) – This equity index includes 500 stocks of those companies that fulfill Islamic finance principles like staying away from business of alcohol, tobacco and gambling-related products. BSE had also launched India’s first Islamic index in 2010

  • 6) A six-member inter-ministerial committee was constituted by the Union Govt. recently to suggest measures for enhancing exports from country’s micro, small and medium enterprises (MSME). Who is the head of this committee? – R S Gujral, Finance Secretary (MSME contributed about 8% in country’s GDP and 40% in country’s total exports. However, of-late this sector’s contribution has been decreasing and new reports suggest that MSME’s contribution in exports have dwindled to around 36%. India’s total exports are also experiencing continuous decline)

  • 7) Who was elected as the new President of Manila-based Asian Development Bank (ADB) on 26 April 2013? – Takehiko Nakao of Japan (Nakao will take charge from Haruhiko Kuroda, also from Japan, who  resigned from the ADB top post to assume the charge of Bank of Japan governor)

  • 8) What was India’s total indirect tax collection (actual) during 2012-13, as announced on 25 April 2013? – Rs. 4.74 lakh crore (The revised estimate for indirect tax collection for the year was Rs. 4.68 lakh crore. Total excise duty collection stood at Rs. 1,76,457 crore whereas total customs collection stood at Rs. 1,65,896 crore during the year. Better than expected collections have provided a major relief to the govt. in meeting the fiscal deficit target of 5.2% of GDP for 2012-13)

  • 9) What was the projected growth rate for Indian economy for 2013-14 as suggested recently by the Prime Minister’s Economic Advisory Council (PMEAC)? – 6.4% (The PMEAC on 23 April 2013 suggested that the downturn for Indian economy has bottomed out and if investments are pushed towards completion the economy can spring back from the 5% rate of growth recorded in 2012-13)

  • 10) How many life insurance policies were sold during 2012-13 (till December 2012), as per an announcement made in the Rajya Sabha on 23 April 2013 by Minister for State for Finance? – 2.69 crore (The sale of life insurance policies has been witnessing a continuous downtrend since 2010-11. In 2010-11 total number of policies sold stood at 4.81 crore. This figure came down to 4.41 crore in 2011-12.  Decline in number of life insurance policies is attributed to fall in sales of unit-linked insurance segment and general market trends)

  • The Swedish newspaper was recently asked it to delete the reference made by President Pranab Mukherjee to the Bofors scam in an interview to it, as a claim protested by the Indian Government on 27 May 2015. India has expressed disappointment over the disrespect shown to the President, the newspaper has defended its right to publish what was said during the interview.

    Know, who is Vijay Kelkar and what is PPP !

    Vijay Kelkar is a renowned economist and a former Finance Secretary. He was appointed head of newly constituted committee to give recommendations to recast the model of Public-Private-Partnership (PPP) model in India. India is one of the largest PPP market with over 900 projects. The Kelkar committee will review the PPP policy, suggest a better risk-sharing mechanism between private developers and the government after analysing such projects.

    Know, who is Yaduveer Krishnadatta Chamaraja Wadiyar !

    Yaduveer Krishnadatta Chamaraja Wadiyar was crowned as the new Maharaja of of Mysuru (Mysore) royal family. He is the 23-year old grandson of Princess Gayathri Devi, who was the eldest daughter of the last Maharaja of Mysore, Sri Jayachamarajendra Wadiyar. The coronation was held at Mysuru’s famous Amba Vilas Palace, which was decked up for the occasion.

    Know about Sepp Blatter!

    Swpp Blatter, was re-elected as FIFA president for a fifth term at the 65th Annual Congress of FIFA held at Zurich for four year term.

    Prince Ali bin al-Hussein of Jordan stood against Blatter in this election. It is worth mentioning that FIFA is going through a major controversy regarding corruption in the organisation with two FIFA vice presidents and a recently elected FIFA executive committee member still in custody.

     


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