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Economy Current Affairs
Economy Current Affairs September 4th Week 2017
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Category : Economy Current Affairs
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Economy Current Affairs September 4th Week 2017

1. Union Government saved 65,000 crores through Direct Benefit Scheme (DBT).

Union HRD Minister Prakash Javadekar on Sunday claimed that the Union government has saved ?65,000 crore due to the Direct Benefit Transfer (DBT) scheme. The scheme requires linking Aadhaar numbers with bank accounts and other subsidised services. The government claims it is being used to fix leaks through which it has lost considerable amounts. Till date, the government has opened 30 crore Jan Dhan bank accounts, and has issued 118 crore Aadhaar numbers.

Speaking at a private function, Mr. Javadekar said, “With one-third achievement in DBT, the union government has been able to save Rs 65,000 crore. Imagine how much money the government will save when we fully implement DBT.”

He said, “Even in my ministry, fake scholarship applications were used to siphon off money meant for needy students. Now, such leakages are fixed. The Union government is also linking Aadhaar cards with licence numbers to make the system more effective and dynamic. Some people were simply looting the system.”

The government has also decided to bear the training expenditure of some 100 athletes Athelets who will also get Rs 50,000 additional assistance which the players can use for their non-training activities.

There are 109 crore mobile handsets in the country, which is an indicator of people and their choices.
 
2. Three Indians among World`s `100 Greatest Living Business Minds`.
Three Indians among World`s `100 Greatest Living Business Minds`
Three Indians have been included into the list of 100 greatest living business minds released by Forbes. Ratan Tata, Chairman Emeritus of the salt-to-software conglomerate; Lakshmi Mittal, CEO and Chairman of world’s largest steel producer, Arcelor Mittal; and Vinod Khosla, the founder of VC firm Khosla Ventures have featured in ‘the greatest ever collection of business essayists and greatest ever portrait portfolio in business history’.

Apart from these three, the list includes names like Jeff Bezos, Mark Zuckerberg, Warren Buffett, Bill Gates, Muhammad Yunus, Donald Trump and Masayoshi Son.

Ratan Tata: He is the Chairman Emeritus of Tata group under whose leadership, the revenue of the group touched USD 100 billion in 2011-12. An alumni of Cornell University and Harvard Business School, he is a recipient of the second highest civilian awards of India—Padma Vibhushan.
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His message: Be passionate in areas relevant to you, and be a voice that is respected and abreast of developments.

Vinod Khosla: The India-born American businessman and engineer was the co-founder of Sun Microsystem which is credited to develop Java programming language. The company was later acquired by Oracle in 2010. His venture has invested in companies like Academia.edu, BioConsortia, Checkr among others.

His message: I explicitly don`t build or guard my reputation. I believe in telling it like it is and not worrying about it.

Net worth: USD 1.82 Billion (Source: Forbes, as on September 20)

Lakhsmi Mittal: The Indian steel baron is the second richest Indian in the world after Mukesh Ambani. Under his guidance, ArcelorMittal waded through tumultuous times and registered a profit of 1.8 billion at a time when the world was dealing with steel over-production. This was the first time the company posted a profit since 2011. The company had lost USD 7.9 billion in 2015.

His message: Every industry today has to fight complacency, prepare to see the disruption coming and then be flexible enough to adapt swiftly.
 
3. Cheque Books, IFSC of 6 SBI Subsidiary Banks to be Invalid from Sept 30.
Cheque Books, IFSC of 6 SBI Subsidiary Banks to be Invalid from Sept 30
The State Bank of India has notified its customers that cheque books of its six subsidiary banks would become invalid from September 30.  The six banks are Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Raipur, State Bank of Travancore, State Bank of Hyderabad and Bhartiya Mahila Bank.
 
SBI has asked customers to submit applications for new cheque books for replacement of the old cheque books. IFSC codes of these banks will also become invalid from September 30.
 
SBI is also looking into the customer feedback over the charges for non-maintenance of monthly balance in their accounts. Earlier in April, the bank had brought back charges on non-maintenance of monthly average balance (MAB) after a gap of five year.
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"We have received feedback from our customers on the issue and we are reviewing those. The bank will take into account those and make an informed decision," Rajnish Kumar, the banks managing director (national banking group),  told PTI.  
 
There could be a change in policy, especially for senior citizens and students who have an account with the SBI on the minimum balance issue, he hinted.
 
"We will internally debate whether any moderation for certain categories of customers like senior citizens and students needs to be done anywhere. The charges are never cast in iron," Kumar said.
 
SBI introduced a penalty of up to Rs 100 plus GST in case of failure to maintain the monthly average balance. If the balance falls below 75 per cent of the MAB of Rs 5,000 in metropolitan areas, the penalty is Rs 100 plus GST. For rural areas, the minimum balance is Rs 1,000 and the penalty is between Rs 20 to Rs 50 for non-maintenance of minimAfghan Air Force got its first four U.S.-made UH-60 Black Hawk helicoptersum balance.


 

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