Today, we are sharing the next part of our Banking and Finance Awareness Series “Financial Awareness at a Glance “. Go through this now to get all the important insights which took place last week in Banking and Finance Sector in India and world. This will immensely help you in upcoming exams.
Financial Awareness at a Glance
1. Informal Summit between India & China held in Wuhan
- The Informal Summit between India and China was held in the central Chinese city, Wuhan.
- The meeting was held between Indian Prime Minister Narendra Modi and China’s President Xi Jinping.
- The aim of the meeting was to share views on “solidifying” the India-China relationship and to elaborate their respective visions and priorities for national development in the context of current and future international situation.
- The first informal meeting between the two leaders was held in 2014 when Indian Prime Minister at the Sabarmati Ashram of Mahatma Gandhi in Gujarat hosted Chinese President.
- This is the fourth visit of PM Modi to China after he came to power in 2014.
- PM Modi will visit China to take part in the SCO summit which will be held at Qingdao city on June 9-10, 2018.
2. India ranks at 138 in 2018 World Press Freedom Index
- India ranked at 138 positions in 2018 World Press Freedom Index.
- The index is compiled and published by the Reporters Without Borders.
- Last year in 2017 India stood at 136th in the index.
- Norway topped the World Press Freedom Index 2018.
- Sweden and Netherlands stood on the second and the third rank respectively.
- The report measures the level of media freedom in 180 countries, including the level of independence, the environment and self-censorship, transparency, infrastructure that supports the production of news and information.
- Egyptian photojournalist Mahmoud Abu Zeid, known as Shawkan, won the 2018 UNESCO/Guillermo Cano World Press Freedom Prize.
3. Fitch retains India’s rating at BBB- with a stable outlook
- International credit rating agency Fitch has unchanged India’s sovereign rating at BBB- with a stable outlook.
- Fitch has not changed India’s rating this year too. Fitch has retained India’s Sovereign Rating for 12 consecutive years.
- The agency last changed its rating from BB + to BBB in August 2006.
- This BBB- indicates lowest investment grade.
- The rating was based on India’s weak fiscal finances and some lagging structural factors, including governance standards and improving the business environment.
- In 2017, Moody’s had upgraded India’s rating (to Baa2 from Baa3) after a gap of nearly 14 years, while Standard & Poor’s (S&P) retained its BBB- rating with stable outlook.
- In March 2018, Fitch projected India’s GDP growth to grow at 7.3 percent 2018-19 and further to 7.5 percent in 2019-20.
- A sovereign credit rating is credit rating of a country which gives an idea to the investors about the business environment and market risk in a country.
- If a rating of any country upgrade, it changes the profile of the country and attracts the investors to invest in the country.
- Fitch Ratings, Moody’s Investors Service and Standard & Poor’s (S&P) are big three international credit rating agencies controlling approximately 95% of the global rating business
4. India highest recipient of Remittances in 2017: World Bank
- As per the Migration and Development report of World Bank, India has retained the top position as recipient of remittances with about $69 billion in 2017.
- This was an increase of 8.5 percent over USD 429 billion in 2016.
- China with ($64 billion) stood on the second positions followed by Philippines ($33 billion), Mexico ($31 billion), Nigeria ($22 billion) and Egypt ($20 billion).
- While remittances are growing, countries, institutions, and development agencies must continue to chip away at high costs of remitting so that families receive more of the money.
- Remittances mean a sum of money sent in payment or as a gift by a foreigner to an individual in his/her home country.
5. TCS becomes country’s first $100 billion IT company
- On 23 April 2018, Tata Consultancy Services (TCS), crossed the $100 billion mark in terms of market capitalisation.
- With this, TCS created history and became the first Indian company to reach $100 billion market capitalisation (m-cap) milestone.
- Market capitalisation is a value of a company that is traded on a stock market, calculated by multiplying the total number of shares by present share price.
- TCS is the country’s most valued firm, followed by Reliance Industries Limited with a market capitalisation of ₹5,92,428 crore, HDFC Bank (₹5,01,644 crore), ITC (₹3,35,801 crore) and Hindustan Unilever Ltd (₹3,14,939 crore) in the top-five list.
- With this, TCS joined the ranks of the world’s 100 most valued organizations and now ranks 97th.
6. India & World Bank signed an agreement on National Biopharma Mission
- The Union Government signed an agreement with World Bank for a flexible financing arrangement to accelerate research towards early development for biopharmaceuticals.
- The mission has been approved at a cost of USD 250 million for five years.
- The National Biopharma Mission is being implemented by Biotechnology Industry Research Assistance Council (BIRAC) – a Public Sector Undertaking of Department of Biotechnology (DBT).
7. NITI Aayog launched Atal New India Challenges
- On 26th April 2018, NITI Aayog launched Atal New India Challenge under Atal Innovation Mission (AIM) with an aim to bring-in innovations and technologies relevant to the people.
- Under the Atal Innovation Mission grants of up to Rs 1 crore will be provided to the applicants showing capability, intent, and potential to productize technologies.
Key points –
- The objective of this initiative is to solve problems in different 17 areas, which would have a direct impact on improving lives of citizens and also generate employment.
- Under this new initiative, Atal Innovation Mission has partnered with the Ministries of Road Transport and Highways, Housing and Urban Affairs, Agriculture and Family Welfare, Drinking Water & Sanitation and the Railway Board.
17 identified focus areas listed below:
- Climate-smart agriculture
- Fog vision system for road and rail
- Prevention of Rail failure using emerging technologies
- Predictive maintenance of Rolling Stock
- Alternate fuel based transportation
- Smart Mobility
- Electric Mobility
- Safe transport
- Instant Portable Water Quality Testing
- Affordable Desalination / Recycling Technology
- Waste management recycling / reuse
- Garbage composition devices
- Quality of compost
- Decentralized composting
- Mixing blades for composting
- Waste in public spaces
- Dissuading public littering
8. Microsoft Is India’s Most Attractive Employer: Randstad Survey
- Microsoft India has emerged as India’s most attractive employer brand followed by Amazon India.
- The report is released by HR service provider Randstad’s Employer Brand Research (REBR) 2018.
- Tata Consultancy Services is most favoured in IT, while Larsen & Toubro tops Infrastructure & Construction and Hindustan Unilever emerges the winner in FMCG.
- The report reveals that in 2018, salary and employee benefits continue to be the top drivers among Indian workforce across all profiles while choosing an employer, followed by work-life balance and job security.
9. India & World Bank signed an agreement for MP Rural Connectivity Project
- The Government of India, Madhya Pradesh state govt. and the World Bank signed USD 210 million loan agreement for the Madhya Pradesh Rural Connectivity Project.
- The Project is expected to improve the durability, resilience and safety of the gravel surfaced rural roads and enhance the capacity of the state to manage its rural roads network.
10. IOB & NeSL signed an agreement on information utility services
- Indian Overseas Bank (IOB) signed an agreement for information utility services with the National E-Governance Services Limited (NeSL)
- With this agreement now IOB branches will provide high-quality, authenticated information about debts and defaults.
- It will have more transparency in maintaining the list of borrowers, debtors, creditors and loan defaulters.
- National E-Governance Services Limited (NeSL) is India’s first Information Utility and is registered with the Insolvency and Bankruptcy Board of India (IBBI) under the aegis of the Insolvency and Bankruptcy Code, 2016 (IBC).
11. Uttarakhand govt. & ADB signed an agreement for infrastructure development
- Uttarakhand state government and the Asian Development Bank (ADB) signed 1,700 crore rupees agreement for infrastructure development and creation of sewerage treatment facilities in urban areas.
- Uttarakhand Chief Minister Trivendra said infrastructure development in the urban areas was one of his government’s top priorities and 100 percent of the aid given by the institution will be utilised for the purpose.
12. Diu Smart City becomes first to run on 100% Renewable Energy during Daytime
- Diu smart city became the first city in India, that runs on 100% renewable energy during the daytime.
- According to Urban Affairs Ministry, Diu smart city developed a 9-MW solar park which spread over 50 hectares rocky barren land.
- With this, the city is saving about 13,000 tonnes of carbon emissions every year.
- Diu is a town in Diu district in the union territory of Daman and Diu, India.
- Daman and Diu is a union territory in Western India which was established on 30 May 1987.
- Daman is the capital of Daman and Diu.
13. Canada to host the world’s first female foreign ministers’ meeting
- Canada and the European Union will host the world’s first 2-Day female foreign ministers’ meeting in September 2018 in Canada.
- The announcement was made by the Canadian Foreign Minister Chrystia Freeland.
- In the first meeting, Female foreign ministers from about 30 countries will be invited to the gathering, which is aimed at deepening global discussion on women’s empowerment.
14. PMJDY account crossed Rs 80,000 crore marks in April 2018
- In April 2018, the total deposits in Pradhan Mantri Jan-Dhan Yojana (PMJDY) account crossed Rs 80,000 crore marks.
- India’s financial inclusion efforts have won recognition from the World Bank as their data indicate that 55 percent of new bank accounts opened are from India.
- Prime Minister Narendra Modi launched Pradhan Mantri Jan-Dhan Yojana in August 2014.
- PMJDY is a national mission for financial inclusion to ensure access to financial services – banking/ savings & deposit accounts, remittance, credit, insurance, pension.
- The Slogan of Pradhan Mantri Jan Dhan Yojana is “Mera Khata – Bhagya Vidhaata.”
- PMJDY is operated by Department of Financial Services under Union Finance Ministry.
Benefits under PMJDY Scheme are –
- Interest on deposit.
- Accidental insurance cover of Rs. 1 lac
- No minimum balance required.
- The scheme provides life cover of Rs. 30,000/- payable on the death of the beneficiary, subject to fulfilment of the eligibility condition.
- Overdraft facility upto Rs.5000/- is available in only one account per household, preferably lady of the household.
- The eligible Age group is 18 completed to 59 years.
15. Nabard contributed Rs 10,012 cr aid to UP in 2017-18
- NABARD contributed an assistance of Rs 10,012 crore to Uttar Pradesh during 2017-18 to facilitate overall development with special focus on agricultural credit.
- The information was shared by the Nabard Chief General Manager A K Panda
- According to the Chief General Manager A K Panda – the digital transformation of RFIs and rural enterprises, development plans for Bundelkhand region, crop residue management in western UP and irrigation infrastructure and its command management would be on the priority list of the National Bank for Agriculture and Rural Development (Nabard)for 2018-19.