1) India, World Bank signs US $100 Million agreement for Karnataka Urban Water Supply Modernization.

• The Loan and Project Agreements for World Bank (IBRD) assistance of US $100 million for the Karnataka Urban Water Supply Modernization project were signed between Government of India/Government of Karnataka and the World Bank.
• The objective of the project is to provide city-wide access to a continuous piped water supply in the eligible cities in the State of Karnataka and to strengthen the service delivery arrangements at the city level.
  
• KUIDFC is the implementing agency for the project.
  

The project would have four broad components:

(i) Capital Investment Program

(ii) Institution Building

(iii) Technical Assistance for Sector Development
(iv) Project Management.

1. The project will be implemented over a period of six years, initially in the twin cities of Hubballi-Dharwad, with provision for other eligible cities to join the project at a later date.
2. Under the project, the Hubballi Dharwad Municipal Corporation has hired a professional water supply operating company for improving the water supply system, as also to manage the refurbished system through a 12-year contract in accordance with strict performance criteria.
   
3. The project will benefit about one million residents of the Hubballi- Dharwad, including estimated 160,000 slum dwellers.
   

2) City Union Bank net up 13% in fourth quarter.

• City Union Bank (CUB), among the oldest private sector banks in the country, has managed to register growth while maintaining its asset quality amid prevailing concerns over bad loans in the Indian banking sector.
• For the quarter ended 2016, the bank posted a 13 per cent increase in net profit to Rs. 112 crore, from Rs. 99 crore in the year-ago period, on the back of strong growth in operating profit.
  
• Its operating profit grew 25 per cent to Rs. 224 crore (Rs. 179 crore in Q4 FY15), aided by a rise in net interest income, which went up 22 per cent to Rs. 264 crore (Rs. 205 crore in the year-ago period).
  
• For the full year, net profit grew 13 per cent to Rs. 445 crore (Rs. 395 crore in FY15). Operating profit was robust at Rs. 833 crore (Rs. 693 crore).
  
• Net interest income rose 22 per cent to Rs. 981 crore (Rs. 807 crore). Net interest margin (NIM) stood at 3.81 per cent compared with 3.44 per cent.
  

3) US court tosses out $1.3 billion penalty on Bank of America.

• A US appeals court threw out a nearly $1.3 billion penalty against Bank of America, concluding the bank had not committed fraud amid the housing bust.
• The federal court ruling overturned 2013 jury verdict that Countrywide`s sale of bad loans to mortgage finance firms Fannie Mae and Freddie Mac constituted fraud.
  
• A federal judge subsequently had sentenced Bank of America, which acquired Countrywide in 2008, to a $1.27 billion penalty.
  
• The US Justice Department had alleged that Countrywide had, under the so-called "Hustle" program, eliminated key checkpoints on loan quality and compensated employees solely based on loan volumes.
  

4) Lohia Auto Industries ties up with IndusInd Bank.

• Lohia Auto Industries announced its tie up with private sector lender IndusInd Bank for financing their diesel three wheelers.
• Through this partnership the bank will offer retail finance at an attractive rate of interest to the customers of Lohia Auto for all Lohia 3-wheeler models. This partnership will be able to provide hassle-free loan facility at competitive interest rates to its customers.
  
• The loan facility will be available across the stat states of Madhya Pradesh, Haryana, Bihar, Jharkhand, Chattisgarh, Gujarat, Rajasthan, Odissa, AP, R&T and Coastal Andhra.
  
• A huge segment of customers will be benefited by this alliance. This partnership will also help both the Lohia Auto and IndusInd Bank in increasing the number of customers, thus enabling widening of the market for the products.
  

5) Govt waives over Rs. 9,000 crore loans of HFCL.

• Union Cabinet waived off loans worth more than Rs. 9,079 crore owed by Hindustan Fertilizer Corporation Ltd (HFCL) as part of a financial restructuring package for the PSU.
• The Cabinet approved waiver of government loan of Rs. 1,916.14 crore, 2015 and the outstanding interest amount of Rs. 7,163.35 crore as on same date, according to an official statement.
  
• The Cabinet also approved transfer of 56 acres of ash dyke land of Barauni unit to Bihar State Power Generation Company Ltd to settle dues of HFCL for faster revival of the unit.
  
• Waiving off the outstanding amount will facilitate de-registration of HFCL from Board for Industrial and Financial Reconstruction (BIFR) by making its net worth positive. It will clear the way for faster revival of Barauni unit of HFCL.
  
• This unit will create 400 direct and 1,200 indirect employment opportunities.
  

6) EU releases $28 million to help Greece handle refugee crisis.

• The European Commission has awarded 25 million euros ($28 million) in emergency funding to the European Asylum Support Office (EASO) to enhance its support to the Greek authorities.
• These additional resources will be used to support the implementation of the EU-Turkey resolve and the EU emergency relocation scheme, Xinhua news agency reported.
  
• The latest funding was part of the emergency response plan developed together by the European Commission, the Greek authorities and other stakeholders to address the ongoing humanitarian situation.
  
• The funding will allow for the deployment of additional member state experts and interpreters, and set up mobile offices to assist with processing asylum applications.
  
• The statement also called on the European Union (EU) member states to quickly make available the necessary staff to help EASO deliver the support and give a boost to the EU relocation scheme.
  

7) Bad loans bite: BoI loss soars to Rs. 3,587 crore.

• Bank of India reported a net loss of Rs. 3,587 crore for the March 2016 quarter, following the balance sheet clean-up imposed on banks by the RBI.
• It had reported a loss of Rs. 56 crore in Q4 FY15. Bank of India’s total provisions rose 142 per cent to Rs. 5,470 crore in the quarter ended March.
  
• The bank’s net interest income rose 12 per cent year-on-year to Rs. 3,187 crore while the net interest margin was 2.43 per cent.
  
• For the full fiscal year, the bank reported a net loss of Rs. 6,089 crore, compared with a profit of Rs. 1,709 crore in FY15.
  
• The bank’s percentage of net NPAs (non-performing assets) stood at 7.79 per cent.
  

8) Aditya Birla Fashion buys India rights of Forever 21.

• Aditya Birla Fashion and Retail, part of Aditya Birla Group, has acquired the rights for global fashion chain Forever 21 in the country for an undisclosed sum.
• Forever 21 had a three year old tie up with DLF Brands and wanted to exit the partnership for a much aggressive play in the country.
  
• Aditya Birla Fashion has signed a memorandum of understanding (MoU) with the US based Forever 21 to acquire its exclusive online and offline rights for Indian market and its existing store network in India from the current franchisee Diana Retail.
  
• The proposed acquisition is in line with our strategic intent to create the largest integrated branded fashion player in the country.
  

9) SEBI likely to delist 4,200 firms; warns erring promoters.

• In a mammoth clean-up exercise, markets regulator Sebi is planning to push for delisting of over 4,200 listed companies whose shares are not being traded, and promoters refusing to give exit opportunity to investors would face strict penal actions.
• These include over 1,200 companies whose shares are listed on national bourses BSE and NSE but where trading has been suspended for various non-compliance issues for over seven years. Besides, there are over 3,000 companies listed on various regional stock exchanges that have become defunct.
  
• Auditors cannot go scot-free if they have been certifying the books for years without pointing finger at the lapses.
  
• The exercise for over 4,200 listed firms would be completed this year.
  

10) Cabinet nod for YES Bank proposal to increase foreign investment limit.

• The Cabinet Committee on Economic Affairs (CCEA) approved YES Bank’s proposal to increase foreign investment limit to 74 per cent, from the existing foreign equity of 41.87 per cent.
• The limit can be increased by way of issue of non-equity shares and/or other permissible instruments to eligible non-resident investors.
  
• This will result in a Foreign Direct Investment of $1 billion in the country.
  
• The mode of instruments includes Qualified Institutional Placement (QIP) of equity shares and/or issue of ADRs/ GDRs and/or QFIs/ FPIs under the Portfolio Investment Scheme (PIS) by acquisition of permissible securities on stock exchange (except NRIs).
  

11) Cabinet clears Railway projects worth Rs. 11,000 crore.

• Railway projects worth Rs. 10,736 crore were cleared by the government for improving infrastructure in various states, including Uttar Pradesh and Gujarat that go to polls next year.
• The projects, including three for doubling of existing rail lines and two for laying a third rail line on busy routes, were cleared by the Cabinet Committee on Economic Affairs (CCEA).
  
• The CCEA has approved projects worth Rs. 10,736 crore for doubling and tripling (of railway lines). There are a total of five new projects, three doubling projects for 763 kms and two third line projects for 514 kms.
  
• The benefit of these projects obviously will go to several states but two important states will benefit immensely, one is Gujarat and the other is Uttar Pradesh.
  
• Providing details of the projects, in Gujarat the CCEA has given approval for doubling of Surendranagar-Rajkot project at an estimated cost of Rs. 1,002.39 crore with expected completion cost of Rs. 1,137.17 crore with 5 per cent escalation per annum.
  
• The length of the railway line will be 116.17 kms. The completion period will be four years.
  

12) Biocon gets Karnataka govt nod for Rs. 1,060 crore plant.

• Biotech major Biocon will invest Rs. 1,060 crore to set up a manufacturing plant near Bengaluru.
• The State government cleared the company’s proposal to set up a plant to manufacture injectables, monoclonal antibodies and oral solid dosage (OSD) forms as part of its biosimilars, generics formulation and novel molecules businesses. Monoclonal antibodies are specific antibodies that are made in a lab to mimic the body’s immune system.
  

Job creation:

1. The plant is expected to create 750 jobs.
2. Pharmacokinetics is the study of the movement of drugs in the human body.
   
3. The Karnataka State High Level Committee Meeting also cleared PepsiCo’s plan to set up a beverage and snack manufacturing unit at an investment of Rs. 590 crore at Nanjangud (Mysuru district).
   
4. That project is likely to create 900 jobs.
   

13) Godrej to invest over Rs. 200 crore in capacity expansion.

• India’s green technology pioneer Godrej Appliances, part of Godrej & Boyce Manufacturing Company Ltd, will invest Rs. 200 crore on expanding production capacities, and is set to use solar energy in a big way for 50 per cent of its requirements over the next couple of years.
• The company, with manufacturing facilities at Shirwal, 50 km from Pune, and at Mohali (near Chandigarh), will invest Rs. 100 crore at each of these two plants to set up additional sheds for expanding capacities of production of air-conditioners, washing machines, refrigerators and microwave ovens, among others.
  
  

14) Tech Mahindra to acquire UK-based Target Group.

• Tech Mahindra Ltd will acquire UK-based Target Group in a bid to strengthen its BFSI portfolio. The transaction is expected to close in the second quarter of FY17, subject to the receipt of regulatory approvals. The deal size was not disclosed.
• The acquisition catapults Tech Mahindra to one of the top 3 processors in UK financial services for certain complex lending and investment product categories. It also strengthens Tech Mahindra’s European presence and adds several new clients
  
• The acquisition strengthens Tech Mahindra’s BFSI practice by access to IP and a platform which helps automate end-to-end processes in the lending, investments and insurance market.
  
• The acquisition will enhance Tech Mahindra’s capabilities and allow Tech Mahindra to capture a larger share of the GBP 45-60 billion annual spend by UK BFSI companies on software and services. Tech Mahindra intends to leverage its global footprint and enhance the platform to service other markets.
  

15) FDI inflows up 16.5% at $2.5 billion.

• Foreign direct investment (FDI) inflows into India increased by 16.5 per cent to $2.46 billion this year.
• FDI inflows were at $2.11 billion in the same month last year, according to the Department of Industrial Policy and Promotion (DIPP) data.
  
• For the entire 2015-16 fiscal ended March 31, the inflows grew 29 per cent to $40 billion from $30.93 billion in 2014-15.
  
• FDI inflows for 2015-16 were the highest since 2000-01. Services segment attracted the highest investments of $6.88 billion followed by computer hardware and software ($5.90 billion), trading business ($3.84 billion) and automobile industry ($2.52 billion).
  
• Singapore toppled Mauritius as the top FDI source for FDI in India last fiscal.
  
• The government has taken several steps to promote investments through a liberal FDI policy.
  
• It is expected to soon take a decision on permitting 100 per cent FDI in the food processing sector through the FIPB approval route.
  

16) Rs. 12,139 crore provision sees SBI Q4 net dive 66%.

• State Bank of India reported a 24 per cent drop in net profit for fiscal year 2015-16 - its sharpest annual fall in five years. India’s largest bank posted a net profit of Rs. 9,950.65 crore for the year against the Rs. 13,101 crore it recorded in the previous fiscal year.
• Net profit for the fourth quarter ended March declined 66.23 per cent to Rs. 1,264 crore. NPA provisioning for the quarter stood at Rs. 12,139.17 crore (Rs. 4,985.8 crore).
  
• The lower profit was a reflection of higher provisioning and cleansing of the balance sheet.
  
• The SBI scrip shrugged off the disappointing results and rose 6.42 per cent to close at Rs. 195.55 on the BSE. The bank’s board recommended a dividend of Rs. 2.60, or 260 per cent, for 2015-16.
  

17) FPIs pull out Rs. 5,986 crore from debt market in May.

• Foreign investors pulled out close to Rs. 6,000 crore from the Indian debt market in May after pumping in huge money in the preceding month.
• However, foreign portfolio investors (FPIs) are bullish on the stock market as they put in Rs. 1,495 crore during the same period.
  
• Market experts attributed the outflow to weakening of the rupee. Besides, possible action by the US Federal Reserve has also hit investor sentiment.
  
• The recent changes in Mauritius tax treaty might have prompted FPIs to pull out of debt, step back and consider their tax implications.
  
• Capital poured in by FPIs is often referred to as ‘hot money’ because of its unpredictability although they continue to remain the most important drivers of Indian stock markets.
  
• This year, FPIs have invested Rs. 14,406 crore in equities, while withdrawing Rs. 6,925 crore from the debt market, resulting in a net inflow of Rs. 7,481 crore.
  

18) J&K govt spent Rs. 322 crore on assistance to migrants.

• Jammu and Kashmir government has spent over Rs. 300 crore for providing cash assistance to Kashmiri migrants during the last two financial years.
• The government has incurred Rs. 321.948 crore on account of providing cash assistance to Kashmiri migrants. An amount of Rs. 18.76 crore was also used for providing food grains to the migrants registered under relief category in Jammu.
  
• Under the package, those Kashmiri migrants who propose or intend to return to their original place of stay, there is a component of financial assistance of Rs. 7.50 lakh for construction of the house.
  
• In addition, 6000 government jobs and 9000 additional jobs through establishing income generating units are also being provided to Kashmiri migrant Pandits under the PM`s package.
  

19) Central Bank posts Rs. 898 crore loss.

• Central Bank of India reported a loss of Rs. 898 crore for the quarter ended March, 2016, as compared to a profit of Rs. 174 crore during the same period of the previous year due to increase provisioning for non-performing assets.
• Its gross non-performing assets (NPAs) almost doubled to Rs. 22,720.88 crore as on March end which was 11.95 per cent of gross advances as of March 2016, from 6.09 per cent year ago.
  
• The bank has made a provisioning of Rs. 2,286 crore for the fourth quarter. For the full year, it reported a consolidated loss of Rs. 1,396.37 crore as compared to a profit of Rs. 666.06 crore in the previous fiscal.
  

20) GDP can rise by $1 trillion over 100% internet access.

• Four of five Indians could afford internet if data costs fell by 66%, according to a Facebook-commissioned report on internet access. But Indian telecom operators already run data services at a 11% loss, making cost-cutting difficult.
• The statistics mean that a data plan, currently priced at Rs. 100 should not cost more than Rs. 34, if India has to make the internet affordable for 80% of its population.
  
• But the adverse economics imply that this cannot happen without intervention from the government - who’s Rs. 20,000 crore ($2.9 billion) plan to connect each of India’s 250,000 panchayats (a village administrative unit) with broadband by 2018.
  
• The internet reached 29% of Indians 354 million users in 2015, IndiaSpend reported. It could rise to 39%, or 462 million users.
  
• But if it were to reach 100%, India’s GDP could be increased by an extra $1 trillion by 2020, according to the Facebook-commissioned report published. To put this in perspective, India’s GDP crossed the $2 trillion mark for the first time in 2014.
  

21) Yes Bank ties up with online payment solutions startup Click&pay.

• Private sector lender Yes Bank has partnered with Click&pay, T-Hub`s portfolio company and a mobile-based payment solutions enterprise, to facilitate cashless, secure and flexible transactions for customers.
• As a part of this alliance, Click&pay will issue Yes Bank sponsored mobile wallets and employ Yes Bank`s immediate payments service (IMPS) payments platform which will help Click&pay to process instant proximity transactions with merchants and person to person.
  
• Yes Bank signed a Memorandum of Understanding (MoU) with T-Hub, a unique public/ private partnership between the government of Telangana, three of India`s premier academic institutes (IIIT-H, ISB & NALSAR) and key private sector leaders.
  

22) Hyderabad Angels invests Rs. 15 crore in 12 start-ups in 2015-16.

• Hyderabad Angels, which had either invested in or committed around Rs. 15 crore to a dozen start-ups last fiscal, plans to grow its portfolio by adding 12 more companies in the current financial year.
• Of the 12 companies in which Rs. 15 crore was invested in 2015-16, two were follow-on rounds and the remaining new additions. Some of them were yet to go public with the fund raising news.
  
• The Hyderabad Angel’s current portfolio covers a range of industry verticals. The GIBSS, NowFloats, Betaout, Explara, Indian Money, Thrillophilia, Spareshub and Evibe form part of the portfolio.
  

23) Kellton Tech plans Rs. 120 crore QIP.

• Kellton Tech is planning to hire 2,000 more employees and raise Rs. 120 crore as it aims to reach a turnover of Rs. 2,000 crore by 2019. It presently has about 1,200 employees, of which half came on board last year.
• IT services firm would go for a qualified institutional placement to rise about Rs. 120 crore.
  
• The company is in the process of acquiring a couple of firms in the SMAC (Social, Mobility, Analytics and Cloud) and Internet of Thing areas.
  

24) UAE’s Thumbay group to invest Rs. 100 crore for multi-specialty hospitals.

• The United Arab Emirates (UAE) based Thumbay group is planning to invest Rs. 100 crore in setting up multi-specialty hospitals in India.
• The group will be opening super specialty hospitals in Mangalore, Bengaluru, Mysore and Mumbai shortly.
  
• The 250-bed Thumbay New Life Hospital has been set up with in investment of over Rs. 30 crore by taking over already existing New Life Hospital. Another hospital will be opened in Jubilee Hills - Hitech city zone soon.
  
• The group, which is one of the largest private healthcare providers in the Middle East region, plans to train its health university students in India in its hospital.
  

25) JICA to provide Rs. 1,548 crore for TN urban healthcare.

• The Japan International Cooperation Agency (JICA) has signed an agreement with the Government of India to provide a loan of Rs. 1,548 crore to improve the quality of urban healthcare services in Tamil Nadu.
• The Japanese Official Development Assistance (ODA) loan will be provided at 0.3 per cent interest rate for a period of 40 years (including 10 years of grace period). The assistance will be utilized for increasing the capacity of key hospitals, upgrading facilities and equipment and human resources with the focus on non-communicable diseases.
  
• It will be implemented in 17 cities in Tamil Nadu with focus on upgrading tertiary hospitals, strengthening referral and secondary care hospitals, improving hospital management and primary healthcare.
  
• The project will provide access to advanced healthcare services in urban areas and promote healthy lifestyle. Training to improve the skills of health personnel will also be covered under this project.
  
• JICA has given Rs. 19,870 crore through ODA loans since 1981 for comprehensive development in Tamil Nadu.
  

26) BSE plans to sell up to 30% stake within 2016-17.

• BSE, Asia’s oldest stock exchange, plans to sell up to 30 per cent stake in its much-awaited initial public offer (IPO), which is expected to hit the market this financial year.
• The exchange plans to file draft papers with the capital markets regulator SEBI.
  
• BSE (formerly known as Bombay Stock Exchange) has already appointed Edelweiss Financial Services as the lead merchant banker and AZB & Partners and Nishith Desai Associates as legal advisors to the issue.
  
• The total size of the issue will not exceed 30 per cent, according to a notice of AGM.
  
• The IPO could be a combination of an offer for sale and fresh issue for up to a maximum of 30 per cent of the post-issue issued equity share capital of the company, subject to regulatory requirements.
  
• BSE has also proposed to create an advisory committee that would consist of selling shareholders for transparency in the listing process.

1) Bajaj Auto Finance inks pact with India Post.

• Motorcycle finance company Bajaj Auto Finance has entered into an arrangement with post offices across India to enable buyers get information through brochures available at post offices, as well as apply for two-wheeler loans from the company.
• Subsequently, customers can also make loan repayments by depositing money in post offices.
  
• The project is being launched with Tamil Nadu as pilot/nodal office and the arrangement will initially be rolled out across 18 locations in the State.
  

2) Manappuram Fin net up 30% in FY16.

• Manappuram Finance posted a 30 per cent increase in net profit at Rs. 353.36 crore in FY16 compared with Rs. 271.31 crore profit reported in FY15.
• The operating income stood at Rs. 2,360.23 crore, an 18.8-per cent growth compared to Rs. 1,986.42 crore recorded in the previous fiscal.
  
• The company’s consolidated assets under management (AUM) also improved to Rs. 11,433 crore from Rs. 9,593 crore recorded in the previous fiscal.
  
• The recent diversification into new business areas has gained traction and new businesses contributed 12 per cent to its consolidated AUM. Its microfinance subsidiary Asirvad Microfinance Pvt Ltd ended the year with AUM of Rs. 998.82 crore, a growth of 210 per cent over Rs. 322 crore earlier.
  

3) Piramal to buy Pfizer’s brands for Rs. 110 crore.

• Piramal Enterprises is set to acquire four brands from multinational drug maker Pfizer Ltd for Rs. 110 crore, a move that will strengthen Piramal’s presence in the consumer products segment.
• The acquisition includes names that many associate with their childhood, like Ferradol and Waterbury’s Compound, besides Neko and Sloan’s. The agreement would also include the trademark rights for Ferradol and Waterbury’s Compound in Bangladesh and Sri Lanka.
  
• These brands have both a legacy and high consumer pull and are available in India for over 30 years, it targeted a marketplace that is pegged at Rs. 7,000 crore.
  

4) EPFO paid Rs. 8,200 crore as monthly pension in 2015-16.

• The Employees Provident Fund Organisation (EPFO) disbursed Rs. 8,200 crore as monthly pensions and Rs. 47,630 crore as member benefits in 2015-16.
• The retirement fund body, however, a mismatch between EPF and Aadhaar data in respect of date of birth and name of pensioner was noticed in certain cases. It has, therefore, advised members to either correct their details provided to EPFO offices or those given in Aadhaar, whichever is correct.
  
• The retirement fund body also noted that a number of online transfer applications by members were pending with employers for attestation and verification of member details. It has asked its field offices to take up the matter on priority with employers.
  
• With regard to compliance, the process of digitizing the reporting system was on.
  

5) Frontier Lifeline ties up with Russian institute to produce artificial hearts.

• Frontier Mediville, a SEZ Medical Park 45 km north of Chennai, will partner with a Russian medical institution to produce artificial hearts at an affordable price.
• The device developed at the Institute of Theoretical and Applied Mechanics at the Russian Academy of Sciences, tested at Meshalkin Novosibirsk State Research Institute of Circulation Pathology, Siberia, will bring down the cost to about Rs. 20 lakhs, as opposed to Rs. 68 lakhs for an equivalent product now available in the market.
  
• Meshalkin Novosibirsk State Research Institute will invest in India to mass produce the artificial heart. It will collaborate with Frontline Mediville for preclinical trials on animals and transfer technology know-how for production.
  
• The operating cost for mechanical and biological heart transplants stand at Rs. 20 lakhs. But in case of biological heart which can last for up to 20 years, the patients have to spend an additional Rs. 3.6 lakhs annually on medicines, for anti-rejection therapy.
  
  

6) BHEL wins Rs. 1,600 crore order from the joint venture of NTPC and SAIL.

• State-run engineering firm BHEL has bagged a Rs. 1,600 crore order from a joint venture company of NTPC and SAIL to set up a coal-based thermal power project in Odisha.
• The 1x250 MW coal-based thermal unit will be set up at Rourkela Power Project on engineering, procurement & construction (EPC) basis.
  
• The Rs. 1,600 crore order for Stage-III of the Brownfield power project, located in Rourkela district of Odisha has been placed on BHEL by NTPC-SAIL Power Company (NSPCL).
  
• The key equipment for the contract will be manufactured at BHEL’s Trichy, Haridwar, Bhopal, Ranipet, Hyderabad, Jhansi, Thirumayam and Bengaluru plants, while the company’s power sector division shall be responsible for civil works and erection/ commissioning of the equipment.
  

7) Pfizer to buy Anacor Pharma in $5.2 billion deal.

• Pfizer will acquire Anacor Pharmaceuticals Inc. in a deal valued at about $5.2 billion.
• Anacor`s topical treatment for eczema, called crisaborole, is currently under review by the Food and Drug Administration. If approved, Pfizer believes peak year sales could reach or exceed $2 billion. Anacor, based in Palo Alto, California, also holds the rights to a topical treatment for toenail fungus called Kerydin.
  
• Albert Bourla, group president of Pfizer`s global innovative pharma and global vaccines, oncology and the buyout is attractive because it provides an opportunity to address a significant unmet medical need for a large patient population with eczema
  
• Pfizer Inc. will pay $99.25 per Anacor share. That`s a 55 per cent premium to its closing price of $64.03.
  
• 
  

8) India Power posts Rs. 586 crore revenue.

• India Power Corporation Ltd (IPCL), a power utility company, has reported gross revenue for 2015-16 at Rs. 586 crore against Rs. 618 crore in the previous fiscal.
• Its PBT improved to Rs. 43.54 crore during FY 15-16 against last year`s PBT of Rs. 36.60 crore. The board recommended a dividend of 5 per cent.
  
• It commissioned 220/33 kV substation at J.K. Nagar in the Asansol subdivision of West Bengla in last year connecting IPCL to the national grid and flexibility to source power.
  
  

9) WPI inflation positive for 1st time in 18 months.

• The Wholesale price index-based inflation turned positive after a gap of 17 months, rising 0.34 per cent year-on-year in April against -0.85 per cent in the previous month, as food and manufactured items turned dearer while deflation in fuel products narrowed sharply.
• On a seasonally adjusted basis, the headline WPI inflation rose 0.86 per cent month-on-month, the strongest pace of sequential jump in the last 32 months.
  
• Coming on the back of a spike in retail inflation to 5.39 per cent in April from 4.83 per cent in the previous month, the latest WPI data dashed hopes of a rate cut by the Reserve Bank of India (RBI) at its next monetary policy review meeting.
  

10) 2,891 kg of gold deposited under monetisation scheme.

• The Centre has collected 2,891 kg under the Gold Monetisation Scheme.
• It also plans to start the tradability in Sovereign gold bonds by the end of the month and will launch a fourth tranche of the bonds soon.
  
• These issues were discussed at a meeting called by the Finance Ministry to review the progress under the Gold Monetisation Scheme and the Sovereign Gold Bond scheme.
  
• Banks were also asked to promote the two schemes.
  

11) CCEA gives approval to proposal for offering improved VRS package.

• The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi gave its approval to the proposal for offering an improved Voluntary Retirement Scheme (VRS) package based on 2007 notional pay scales for the employees of Hindustan Vegetable Oils Corporation (HVOC).
• The government`s assistance would be in the form of non-plan grant of approximately Rs. 27.56 crore to the company.
  
• HVOC is a Central Public Sector Enterprise (CPSE) under the Department of Food and Public Distribution, Ministry of Consumer Affairs, Food and Public Distribution.
  
• The employees of HVOC have been adversely impacted due to sickness of the company.
  
• They are in very old pay scales of 1992. The improved VRS package will give fair amounts of compensation to the employees and help them in their post retirement rehabilitation.
  

12) World Bank approves $625 million loan to support rooftop solar programme in India.

• The board of World Bank has approved a $625 million loan to support the central government’s programme to generate electricity from rooftop solar power plants.
• The board also approved a co-financing loan of $120 million on concessional terms and a $5 million grant from the Climate Investment Fund’s Clean Technology Fund.
  
• The sanctions will help finance installation of at least 400 MW of grid connected rooftop solar photovoltaic projects across India. These installations will provide clean, renewable energy and reduce greenhouse gas emissions by displacing thermal generation. The project will also strengthen the capacity of key institutions and support the development of overall solar photovoltaic market.
  
• State Bank of India will on-lend funds to solar photovoltaic developers and end-users who wish to invest in mainly commercial and industrial rooftop solar power systems. The financing will be provided to those with sound technical capacity, relevant experience and creditworthiness as per State Bank of India’s standards.
  
• 
  

13) NTPC tied-up with Coal India Limited to foray into Fertilizer Sector.

• State-run power producer NTPC signed a joint venture agreement (JVA) with state-run miner Coal India to revive plants of the Fertilizer Corporation of India Limited (FCIL).
• The joint venture company will take up the revival of FCIL plants at Sindri in Bihar and Gorakhpur in Uttar Pradesh by setting up an ammonia urea plant at each location.
  
• The JV Company would initially be incorporated with 50:50 equity participation from both, but also contains provision of inducting strategic partners at a later date depending upon business requirement of JV Company.
  
• 
  

14) PNB’s Rs. 5,367 crore shocker.

• Punjab National Bank (PNB) posted the worst-ever quarterly loss by an Indian bank after an RBI diktat on asset quality review (AQR) led to a surge in provisions for bad debt.
• PNB’s fourth-quarter net loss stood at Rs. 5,367 crore. This is the first time in recent history that the public sector lender is reporting a loss.
  
• It had last reported technical losses in the mid-1990s after the takeover of New Bank of India.
  
• PNB reported a net profit of Rs. 306 crore in the same quarter last fiscal.
  
• For fiscal year 2015-16, PNB reported a net loss of Rs. 3,690 crore despite its operating profit coming in at Rs. 13,100 crore. For five consecutive years now, PNB has recorded operating profits in excess of Rs. 10,000 crore.
  

15) BHIVE raises Rs. 6.5 crore from Blume Ventures.

• BHIVE Workspace, a co-working space in Bengaluru catering to over 150 ventures, has raised about Rs. 6.5 crore ($1 million) in funding led by Blume Ventures.
• The company, which now operates from four locations covering 50,000 sq ft and has over 800 active members, will use the money to expand in Bengaluru.
  
• It will also establish a presence in the top six cities in the country, attract top talent and build technology.
  
• BHIVE offers a range of facilities and services to corporates, small businesses and freelancers.
  

16) ECGC net rises 53% to Rs. 276 crore in FY16.

• ECGC reported a 53 per cent jump in net profit at Rs. 276 crore in the financial year 2016 as against Rs. 180 crore in the year-ago period.
• The profits are up despite the Corporation paying higher claims of Rs. 1,122 crore (Rs. 590 crore in the previous financial year) to banks and exporters and setting aside more as claim provision (Rs. 1,249 crore in FY2016 vs Rs. 897 crore in FY2015).
  

Investment income:

1. Robust investment income of Rs. 633 crore (Rs. 544 crore) supported the wholly-owned government entity’s bottomline.
2. Global economic slowdown had a cascading effect, with overseas buyers defaulting on payments to Indian exporters and the latter, in turn, failing to pay banks, thereby triggering the insurance claims.
   

17) MFI loan securitization more than doubles to Rs. 11,500 crore.

• Microfinance institutions (MFIs) have securitized Rs. 11,500 crore loan receivables in fiscal 2016 compared with Rs. 5,075 crore in 2015.
• The 125 per cent growth in securitization in the previous fiscal occurred as MFIs opted for this funding route to churn capital faster and fuelling growth.
  

PTCs preferred:

1. Crisil observed that pass-through certificates (PTCs) continued to be the preferred route (85 per cent in fiscal 2016), whereas in the overall securitization market, direct assignments rule the roost, accounting for two-thirds of new transaction volumes.

18) IFC to invest $20 million in FCEL.

• Future Consumer Enterprise Ltd (FCEL) has informed the stock exchanges that International Finance Corporation (IFC) will invest $20 million in the company through equity-linked instruments.
• It will use the funds to support growth plans and strengthen its balance-sheet. The company had also recently raised $55 million from US-based Proterra Partners (previously known as Black River Asset Management) and the promoters of the company and this completes the current fund raising plan of $75 million.
  
• Other investors in FCEL include Brussels-based Verlinvest and Singapore-based Arisaig Partners.
  

19) World Bank arm IFC to invest $68 million in Apollo Health.

• World Bank arm International Finance Corporation (IFC) is looking to invest $68 million or Rs. 460 crore in Apollo Health & Lifestyle Limited, which runs the hospital chains small format centers.
• The proposed investment is part of the overall raise by the unit of $135 million or Rs. 900 crore.
  
• IFC is considering an equity investment of approximately $68 million, including approximately $34 million for its own account and approximately $34 million for IFC`s Asset Management Company.
  
• IFC has earlier invested in the parent company of Apollo Health & Lifestyle, Apollo Hospitals Enterprise Limited.
  

20) Sebi tightens P-note norms to keep vigil on foreign investments.

• Tightening its norms to check any misuse of participatory notes (P-Notes) for laundering of black money, the Securities and Exchange Board of India (Sebi) made it mandatory for users of these controversy-ridden overseas instruments to follow Indian anti-money laundering law and report any suspicious transactions immediately.
• Acting upon recommendations of the Supreme Court - appointed Special Investigation Team on black money, Sebi also tightened the due-diligence requirements for issuance and transfer of these instruments and put the onus on the original issuer for compliance to Anti-Money Laundering Regulations.
  
• The issuers would have to conduct periodic review and report the complete transfer trail of Offshore Derivative Instruments (ODIs) - P-Notes - to Sebi on a monthly basis in addition to the present requirement of reporting details of their holders.
  
• P-Notes are instruments issued by registered foreign institutional investors to overseas investors.
  
• At about Rs. 2.2 lakh crore, P-Notes now make up for about 10% of total foreign investment inflows into Indian markets, as against over 55% at the peak of stock market Bull Run in 2007.
  

21) Karnataka Bank net profit declines 20.5% to Rs. 106.79 crore in Q4.

• Karnataka Bank reported a 20.5 per cent decline in net profit at Rs. 106.79 crore in the fourth quarter of 2015-16, compared with Rs. 134.42 crore in the corresponding period of the previous fiscal.
• There was growth in operating profit and net interest income. However, net profit fell slightly because of higher provisioning.
  
• The bank made a provision of Rs. 112.50 crore during the fourth quarter of 2015-16 as against Rs. 63.11 crore in the third quarter of 2015-16. However, there was a reversal of provisioning of around Rs. 4.49 crore during the fourth quarter of 2014-15.
  

22) KKR to invest Rs. 145 crore in Mantri’s Bengaluru projects.

• Bengaluru-based realtor Mantri Developers has signed an agreement with global investment firm KKR (Kohlberg Kravis Roberts) to raise Rs. 145 crore.
• The funds will be deployed in 1.3 million sq ft of luxury residential projects in Bengaluru.
  
• A global investor like KKR has shown confidence in our high-end project and is confident about the real estate market in Bengaluru.
  

23) Altico to invest Rs. 130 crore in NCR, Mumbai projects.

• NBFC Altico has closed two deals aggregating Rs. 130 crore in NCR and Mumbai.
• The first investment, of Rs. 50 crore, is in Noida-based Lotus Greens Group’s residential project named Arena I. The project is part of a larger sports city development in Noida.
  
• The funding proceeds will be utilized in the construction of the project. Through this transaction Altico Capital has strengthened its existing relationship with Lotus Greens. It had in the recent past funded the group for a 300-acre Sports City project in Sector-150, Noida, wherein, it invested Rs. 450 crore along with a co-lender.
  
• The company has also closed a Rs. 80 crore transaction with Mumbai-based Shree Sai Group for a residential project named The Nest in Andheri West.
  
• The project is being developed in a joint venture with Wadhwa Holdings. Shree Sai will use the proceeds of the funding to refinance existing debt and to finish project construction.
  

24) IDBI Bank posts loss of Rs. 1,736 crore in Q4 as loan loss provision surges.

• Huge loan loss provisioning led IDBI Bank to report a loss of Rs. 1,736 crore in the fourth quarter ended 2016, as against a profit of Rs. 546 crore in the year-ago period.
• In the preceding quarter, the government-owned bank had reported a loss of Rs. 2,184 crore.
  

Full-year loss:

1. In the financial year ended 2016, the bank logged a loss of Rs. 3,665 crore (against Rs. 873 crore profit in the previous year).
2. Loan loss provisions in the reporting quarter jumped to Rs. 4,275 crore (Rs. 1,393 crore).
   
3. Net interest income (the difference between interest earned and interest expended) was down 14 per cent at Rs. 1,428 crore (Rs. 1,660 crore).
   
4. Net interest margin edged lower to 1.67 per cent (2.10 per cent).
   

25) World Bank launches $500 million insurance fund to fight pandemics.

• The World Bank was launching a $500 million, fast-disbursing insurance fund to combat deadly pandemics in poor countries, creating the world`s first insurance market for pandemic risk.
• Japan has committed the first $50 million towards the facility, which will combine funding from reinsurance markets with the proceeds of a new type of World Bank-issued high-yield pandemic.
  
• In the event of a pandemic outbreak, the facility will release funds quickly to affected poor countries and qualified international first-responder agencies.
  
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1) Kalyan Jewellers eyes Rs. 13,000 crore turnover on Rs. 900 crore expansion.

• Kerala-based Kalyan Jewellers is eyeing a turnover of Rs. 13,000 crore this fiscal (FY-17) banking primarily on its Rs. 900 crore retail expansion plans through 20 stores in India and in the United Arab Emirates (UAE).
• The company, which has PE investor Warburg Pincus as a minority shareholder, will fund expansion plans mostly through own resources. It has 76 stores in India and 21 in Qatar, Kuwait and the UAE.
  
• The company has already invested Rs. 300 crore towards six of the 15 showrooms it planned to set up in the country this fiscal. Three stores have come up in Rajasthan and another three are expected in Kolkata. While five stores are in the works in Uttar Pradesh and Madhya Pradesh, the rest nine will be in South India.
  
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2) Knowlarity acquires customer engagement platform Smartwards.

• Knowlarity Communications, Asia’s leading cloud telephony company, announced the acquisition of Delhi-based Smartwards, a customer engagement platform that simplifies loyalty for local businesses and their customers.
• As part of the move, Shantanu Mathur and Dhanraj Singh Bisht - the co-founders of Smartwards, will lead the India operations for Knowlarity. The deal will see Knowlarity integrating the Smartwards product and technology into its own product ecosystem to provide enterprise software solutions to small & medium businesses.
  
• Smartwards started operations in 2013 with a team of 6. The company‘s proprietary technology enables SMBs to identify, reward, engage customers, in-store and out-of-store. With presence in over 150 locations across 8 cities, Smartwards provided engagement solutions to local businesses, including restaurants, cafes, cinemas, salons and retail outlets.
  

3) Quickr acquires beauty services provider Salosa.

• Online classifieds player Quikr has acquired Salosa, an on demand in-home beauty services provider.
• This strategic acquisition is a part of Quikr`s plan to invest Rs. 250 crore in its home services vertical, `QuikrServices`.
  
• This investment will enable the company go deeper and faster in key categories under QuikrServices.
  
• Salosa which has been a partner to QuikrServices will further strengthen its beauty services offerings with stylists that have undergone a rigorous process of quality and background checks along with required training.
  
• QuikrServices has 250,000 service providers offering over 80 types of services for consumers and is being used by 1,00,000 customers every day.
  

4) GMR Infra sells 30% in energy arm to Tenaga for Rs. 2,000 crore.

• GMR Infrastructure is selling a 30 per cent equity stake in its subsidiary GMR Energy Ltd (GEL) to Malaysia’s Tenaga Nasional Berhad for Rs. 2,000 crore ($300 million). The Malaysian power major has an option to invest further in more GEL assets.
• The firm would use the proceeds to retire GEL’s debt. After the funding infusion, the energy arm’s debt will come down to Rs. 750 crore, resulting in a saving of Rs. 250 crore a year in interest payments.
  
• GMR Infrastructure’s total debt stands at Rs. 43,439.60 crore. The firm had launched an asset-light strategy a couple of years ago to reduce its mounting debt burden.
  
• The Management Committee of GMR Infrastructure has approved Tenaga Nasional Berhad’s investments in ``select`` GEL assets.
  
• A power utility major in Malaysia, Tenaga has a total installed capacity of 10,818 MW and a share of 50 per cent in the grid’s generation capacity.
  

5) NRI deposit flows touch $15.9 billion in FY16.

• Attractive interest rates in India saw overseas Indians pour $1.92 billion more into non-resident Indian (NRI) deposits in FY2016 vis-à-vis FY2015, according to Reserve Bank of India data.
• Overall, NRI deposit inflows in FY2016 amounted to $15.977 billion ($14.057 billion in FY2015).
  
• In FY2015, NRI deposit inflow had dropped to $14.057 billion after topping $38.406 billion in FY2014.
  
• Year-on-year, NRI deposits increased by about 10 per cent to stand at $126.854 billion as at March-end 2016. Carry trade (NRIs borrowing in foreign currencies and parking these funds as deposits with banks in India) may have lured overseas Indians to save money with banks in India.
  
• NRIs parked $2.492 billion as against $1.001 billion in the year-ago period in FCNR (B) deposits, according to RBI’s monthly bulletin.
  

6) Government fixes ceiling price of 54 drug formulations.

• Pharma prices regulator NPPA has fixed ceiling price of 54 drug formulations used for treatment of cancer, diabetes rheumatoid arthritis, bacterial infections and hypertension.
• It has also fixed the retail price of 11 drugs.
  
• National Pharmaceutical Pricing Authority (NPPA) has fixed/ revised ceiling prices of 54 scheduled formulations of Schedule-I under Drugs (Price Control) Amendment Order, 2016 and Retail Price of 11 formulations under DPCO, 2013.
  
• Last month also it had fixed prices of some drug formulation packs.
  
• The government fixes the prices of essential drugs based on the simple average of all medicines in a particular therapeutic segment, having sales of more than 1 per cent.
  
• Besides, it regulates the prices of all other medicines, while companies are allowed to hike prices of such drugs by up to 10 per cent in a year.
  

7) FarEye to raise Rs. 35-40 crore from venture capital firm SAIF Partners.

• SaaS-based mobile workforce management software FarEye is in an advanced stage to raise about Rs. 35-40 crore from leading venture capital firm SAIF Partners.
• Founded in 2013, New Delhi-based FarEye is a mobile workforce management platform that helps organizations schedule jobs, track execution and evaluate performance, all in real time. The start-up helps companies to generate more revenue by increasing productivity and customer satisfaction.
  

RoboticWares:

1. FarEye is part of RoboticWares Pvt Limited that built India’s first desi GPS-based vehicle security device that provides customers with a web-based, centralized tracking tool to keep track of personal vehicle/ fleets. It also has features such as ignition alerts and anti-theft SMS alerts.
2. RoboticWares was founded in 2009. It was incubated at the Technology Business Incubator at Kalinga Institute of Industrial Technology, Bhubaneswar. It is also the only Indian company to design, develop and manufacture GPS tracking system indigenously in India.
   
3. FarEye’s services include real-time coordination with mobile workforce, task automation, constant job updates, tracking workers, identification of best worker to perform a task, reduction in manual work, analytical reports and smarter decision making.
   
4. 
   

8) Govt approves Rs. 1,984 crore Delhi-Meerut Expressway stretch.

• The government approved widening of the crucial UP Gate to Dasna stretch of the Delhi-Meerut Expressway, to be built at an estimated cost of Rs. 1,983 crore, which will ease traffic congestion in the national capital.
• The Cabinet Committee on Economic Affairs (CCEA), chaired by the Prime Minister Narendra Modi, has given its approval for development of 8/6 laning of Delhi-Meerut Expressway - Package-II-Uttar Pradesh Border to Dasna Section of NH-24 in Uttar Pradesh.
  
• The cost of the project is estimated to be Rs. 1,983.51 crore including cost of land acquisition, resettlement and rehabilitation and other pre-construction activities.
  
• The total length of the road will be approximately 19 kms.
  
• This work will be under the National Highways Development Project (NHDP) Phase-VI. The approval is in Hybrid Annuity Mode.
  

9) Union Cabinet approves for MoU between SEBI and FSRA Abu Dhabi.

• The Union Cabinet approved signing of a pact between markets regulator Sebi and Financial Services Regulatory Authority, Abu Dhabi for mutual co-operation and technical assistance.
• The Sebi`s pact with its Abu Dhabi counterpart will promote further development of economic links and cooperation between the two signatories and will help create conditions for development of securities markets in the two countries.
  
• It would also contribute towards strengthening the information sharing framework between the two regulators.
  
• The Union Cabinet chaired by Prime Minister Narendra Modi has given its approval for signing of a Memorandum of Understanding (MoU) between Sebi and Financial Services Regulatory Authority, Abu Dhabi, for mutual co-operation and technical assistance between the two regulators.
  
• In order to encourage the exchange of information and assistance, Sebi has been signing pacts with the jurisdictions who are yet to become a signatory to the multilateral MoU of International Organisation of Securities Commissions (IOSCO).
  

10) Start-up Raw Pressery to raise $20 million.

• Two-year-old start up Raw Pressery is planning to raise $20 million from the same set of investors since the time it started making cold pressed fresh juices. Having raised $7.2 million from investors such as Sequoia India, Saama Capital and DSG Capital, its next round is expected to be a bigger one for expanding its beverage portfolio to foods such as vegetable chips and health bars.
• It is likely to be the same set of investors and will help us raise $ 20 million in the next 10-12 months. Investors like Sequoia, Saama Capital and DSG have been growing with us and kept faith in our business model.
  
• Having created the raw cold pressed juice category in the country, the Mumbai-based start-up has been steadily raising funds to build its Mumbai-based plant and distribution network while a slew of others like Divine Jus, Rejeuve and Juice Up have also entered the category.

1) Rs. 1,900 crore provision for stressed assets drags State Bank of Hyderabad net.

• State Bank of Hyderabad has posted a 19.15 per cent drop in its net profit at Rs. 1,064.93 crore for the financial year 2016, as against Rs. 1,317.13 crore made during 2014-15.
• For the fourth quarter, the bank posted a profit of Rs. 253.13 crore, down 43.18 per cent.
• Provision during the year and also allocations made to take care of future requirements of other assets under stress has had a direct impact on the overall profitability of the bank. The bank had made a provision of Rs. 1,900 crore this year, which has impacted its profitability.

Impressive growth:

1. The operating profit has shown impressive growth of 13.01 per cent year-on-year to reach Rs. 3,293 crore and the net profit was Rs. 1,065 crore. Adequate provisions suggested by the RBI in respect of stressed assets accounts identified under early recognition process have been made by the bank.

2) Paytm ties up with Wipro for payments bank.

• Paytm, India`s largest mobile payments, has joined hands with Wipro Ltd to create the requisite technology infrastructure for its upcoming payments bank business.
• According to Paytm, Wipro will be implementing the core banking solution for Paytm and also programme managing the integration of other key systems like the anti-money laundering solution and the regulatory reporting solution.
• Wipro will play a crucial role in helping Paytm interface its existing systems with the core banking solution. It will also put in place and manage the data centres for the payments bank in order to ensure smooth functioning of the new unit.
• This part of the series of tie-ups, the firm has planned in run-up to its launch of its much-awaited payments banks. Technology is an integral part of the value proposition.
• Paytm had received an in-principle approval to set up a payments bank. Payments banks can accept demand deposits and savings bank deposits from individuals and small businesses, up to a maximum of Rs. 1 lakh per account.

3) Airtel and GBI announce partnership for West Asia.

• Airtel Business, the enterprise arm of Bharti Airtel, has partnered with networking player GBI to increase its direct reach in West Asian countries.
• GBI being a key network asset for the region will not only improve our customers` experience and reach but would also enable GBI`s customers to experience a seamless extension on the Airtel Global network spanning across 50 countries across 5 continents.
• Airtel Business only offers enterprise services to its clients in Middle East.
• The partnership will help "extend our network reach to Airtel`s customers and to further enhance the benefits of our value propositions for customers and partners".
• GBI owns and operates a multilayer carrier neutral network providing connectivity to West Asian countries.
• The partnership is in line with the long-term strategy of Airtel Business, considering the long-term potential for the Middle East market.

3) L&T Finance Q4 net rises 15%.

• L&T Finance Holdings reported a 15 per cent increase in year-on-year consolidated net profit at Rs. 237 crore in the fourth quarter ended 2016, as compared with Rs. 206 crore in the year-ago quarter.
• The financial holding company’s net profit was almost flat at Rs. 857 crore (Rs. 855 crore in FY15).
• The board of directors of the company recommended dividend of Rs. 0.80 per equity share of face value Rs. 10 each.
• The Larsen & Toubro-promoted company, which is registered with the Reserve Bank of India as a ‘non-deposit taking, systemically important, core investment company’, has seven wholly-owned subsidiaries, including L&T Finance, L&T Infrastructure Finance Company, L&T Investment Management, L&T Capital Markets, and L&T Housing Finance.

Loan disbursement:

1. Year-on-year (y-o-y), loan disbursements were up 20 per cent at Rs. 10,688 crore in the reporting quarter. Loans and advances grew 22 per cent y-o-y to Rs. 57,831 crore.
2. The company moderated its growth in the farm equipment business due to the challenging environment in this sector.
3. The growth has been led by healthy disbursements in key areas - operational projects in renewable energy and roads and retail products - housing, microfinance and two-wheelers.
4. Net interest margin has been maintained in the 5.5 per cent to 5.8 per cent band in the last eight quarters.

4) Government must boost supply of `India Gold Coins`.

• The World Gold Council has called upon the government to increase the supply of ‘India Gold Coins’ to encourage people to invest in the yellow metal.
• At present, these coins are available only through MMTC outlets and select banks and its distribution should be accelerated by adding more features, such as buyback arrangements in banks.
• The total recycled gold in India in 2015 was 80.2 tonnes.
• The launching of the Gold Coins will prompt temples to deposit their gold in banks, as devotees may prefer gold-coin offerings instead of jewellery.
• Gold savings should flow through the banking system for the benefit of the economy and it would encourage savings, promote financial inclusion, and leverage passion for gold.

Marginal increase:

• Demand for gold last year had registered a marginal increase to 849 tonnes against 828 tonnes in 2014. In the fourth quarter, demand grew 6 per cent to 233 tonnes from 220 tonnes in the same period last year.

5) India rated 9th in FDI Confidence Index.

• India has secured ninth position in the 2016 Foreign Direct Investment Confidence Index, a global management consulting firm, Underlining that the country is ``finally`` embarking on a growth path that will see it ``unlock its full potential``.
• India jumped two places to rank number 9 in this year’s AT Kearney Foreign Direct Investment (FDI) Confidence Index.
• India has emerged as the fastest growing economy in the world, surpassing China as well as Brazil, Russia and South Africa, the other members of BRICS - an acronym of five major fast-growing emerging economies.
• The Index of a London-based consulting firm is a forward looking analysis of how political, economic, and regulatory changes will likely affect FDI inflows into countries in the coming years. The Index is constructed using primary data from a proprietary survey administered to senior executives of the world’s leading corporations.

6) Commerce Ministry launches web-based dashboard for export, import data.

• The Commerce Ministry launched a web-based dashboard to provide an easy access to detailed trade data of the country.
• The dashboard would give an accurate perspective to the general public on the facts around the trade performance in India.
• `EXIM Analytics` would provide data graphically exposing patterns, trends and correlations that might go undetected in text based data.
• It also gives a graphical collection of exports and imports from India for example the export turnover of the country, how it performs over time and what are the export destinations.

7) LIC itself has bad loans of well over Rs. 12,000 crore.

• India’s leading life insurer, Life Insurance Corporation (LIC), has non-performing assets (NPAs) of its own to worry about.
• According to LIC’s 2014-15 annual report, it had gross NPAs amounting to 3.3 per cent (Rs. 12,230 crore) of its total ``debt`` (the term it uses). This had risen to 4.23 per cent as of 2015.
• LIC’s bad loans have been steadily rising over the last five years. In 2010-11, its GNPAs were at just 0.95 per cent. LIC’s total ``debt`` of about Rs. 3,70,625 crore as of 2015, is actually higher than HDFC Bank’s loan book of about Rs. 3,65,495 crore in the FY15 fiscal.
• Aside from its investments in debentures and bonds, LIC has extended loans to the Centre and State governments, banks and financial institutions and companies, which amounted to about Rs. 1 lakh crore as of March 2015.

8) Uber ties up with Alipay globally.

• Online cab aggregator Uber announced a global partnership with third-party payment platform, Alipay, to enable Chinese travellers avail of rides through this solution in more than 400 cities.
• Uber riders in India can avail of the facility through Paytm platform. China’s Alibaba Group and its affiliate Ant Financial had earlier picked up stake in One97 Communications, the parent company of Paytm.
• Alipay’s collaboration with Uber reflects a step forward of Ant Financial’s global strategy, and it also extends to the Alipay’s strategic global partners like Paytm in India.
• The tieup aims to bring better experiences for our users globally.

9) NSE to launch platform for financing SMEs against bills.

• The National Stock Exchange (NSE) is planning to launch a new trading platform for bill discounting or trade receivables of micro, small and medium enterprises (MSME). The country’s largest exchange has forged a joint venture with the Small Industries Development Bank of India (Sidbi) for the new platform, which is likely to go live by the end of this calendar year.
  
• The new electronic trading platform is aimed at easing the liquidity constraints of MSMEs. Bill discounting is a concept where a firm sells its accounts receivables to a bank or a factoring firm. Selling bills or accounts receivables helps the firm generate cash, which would otherwise have got realised at a future date.
  
• The Reserve Bank of India (RBI) had issued the final guidelines for setting up a Trade Receivables Discounting System in 2014.
  
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10) Wilful defaulters owe Rs. 66,000 crore to govt banks.

• There were 7,686 wilful defaulters owing Rs. 66,190 crore to state-owned banks as of 2015.
• The total outstanding amount in top 100 non-performing accounts (NPAs) with public sector banks (PSBs) was Rs. 1.73 lakh crore as of 2015.
  
• The number of wilful defaulters of PSBs rose from 5,554 to 7,686 in three years to 2015 while the amount involved more than doubled to Rs. 66,190 crore from Rs 27,749 crore.
  
• The total exposure of top 50 defaulters of PSBs as of 2015 was Rs. 1,21,832 crore.
  

11) IMF retains India growth forecast at 7.5 per cent.

• The International Monetary Fund has retained its growth forecast for India this year at 7.5 per cent, largely driven by private consumption even as weak exports and sluggish credit growth weigh on the economy.
• India`s growth momentum is expected to be underpinned by private consumption, which has benefited from lower energy prices and higher real incomes.
  
• In its latest Regional Economic Outlook for Asia and the Pacific, weak exports and sluggish credit growth (stemming from weaknesses in corporate sector and public sector banks` balance sheets) will weigh on the economy.
  
• India has benefited from lower oil prices and remains the fastest-growing large economy in the world, with GDP expected to increase by 7.5 per cent this year and next.
  

12) Special Financial Package for North East.

• Rs. 33097.02 crore has been allocated for the North Eastern Region by 56 Central Ministries/ Departments including Rs. 2400 crore provided to the Ministry of Development of North Eastern Region (DoNER).
• The budget allocation to Ministry of DoNER includes funds for the Non-Lapsable Central Pool of Resources (NLCPR) scheme and the scheme of North Eastern Council (NEC). In addition to the above, an amount of Rs. 1000 crore has been allocated for grants to Autonomous Councils, areas covered under the Sixth Schedule of the Constitution.
  
• The Ministry has also been receiving, from time to time, proposals from State Governments including through their priority lists for possible funding under the NLCPR scheme and NEC schemes which have been taken up within the budgetary provisions of the Ministry.
  

13) Jindal Brothers Sign Rs. 6,500 Crore Power Deal.

• Sajjan Jindal-led JSW Energy agreed to buy out Brother Naveen Jindal’s debt-laden Jindal Steel and Power’s 1000 megawatt power plant in Chhattisgarh for an enterprise valuation of Rs. 6,500 crore.
• The cost of the deal is linked to an initial enterprise value of Rs. 4,000 crore, which may be increased to Rs. 6,500 crore if pre-agreed fuel supply and power offtake arrangements are met. Under the terms of the deal, an interest-bearing advance of Rs. 500 crore is to be paid after shareholders’ approval of both firms and the competition watch dog CCI.
  

14) CCEA approved two laning with formation of four lane of Shimla Bypass on NH-22.

• The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has given its approval for development of two laning with formation of four lane of Shimla Bypass (Kaithlighat to Shimla section) on National Highway-22 in Himachal Pradesh.
• This work will be under the National Highways Development Project (NHDP) Phase-III. The approval is in Hybrid Annuity Mode.
  
• The cost is estimated to be Rs.1583.18 crore including cost of land acquisition, resettlement and rehabilitation and other pre-construction activities. The total length of the road will be approximately 28 kms.
  
• The main object of the project is to expedite the improvement of infrastructure in Himachal Pradesh and also in reducing the time and cost of travel for traffic, particularly heavy traffic, plying on the Kaithlighat to Shimla section on National Highway-22.
  

15) Snapdeal acquires TargetingMantra.

• Snapdeal.com, India’s second largest e-commerce company has acquired TargetingMantra (Insightful Pvt. Ltd), a Gurugram-based marketing and personalization services company for an undisclosed amount.
• The Targeting Mantra team comes with valuable experience in driving superior customer experience through machine learning.
  
• The companies did not disclose the financial details of the transaction. The TargetingMantra’s team will help in building the customer experience solutions that will personalize shopping experiences for customers.
  

16) Lenskart raises Rs. 400 crore from IFC, Ratan Tata.

• Online eyewear seller Lenskart has raised about Rs. 400 crore ($60 million) in Series D from a group of investors led by IFC, an arm of the World Bank.
• While IFC has invested Rs. 171 crore in the Delhi-based firm, other marquee investors who also participated in the current round were IDG Ventures, TPG Growth and Adveq Management. In addition, Ratan Tata and Kris Gopalakrishnan (co-founder of Infosys) invested in their personal capacity.
  
• Lenskart’s total funding stands at $95 million (Rs. 640 crore, approximately) and is valued at Rs. 1,200 crore, according to industry experts. Ronnie Screwvala’s Unilazer Ventures is also an investor in the company.
  
• Lenskart, which started as an online player in 2010, has over the past few years adopted an omni-channel way to expand its business. At present, it has over 100 stores across more than 65 cities and sells over 10,000 different styles of eyewear across brands.
  

17) Indian Railways creates Non-Fare Revenue Directorate to explore advertising in train coaches.

• Railways have created a new directorate to carry out advertisements in rail coaches, along the track and near stations in a big way to increase the revenue substantially from non-tariff sources.
• Named as `Non-Fare Revenue Directorate`, the new wing would explore getting advertisements on coaches, wagons, locomotives and at stations and commercial exploitation of vacant rail land among others.
  
• The directorate would be headed by a senior-level railway official and the new wing will focus on various ways to enhance revenues by 10 per cent to 20% from the current 5 per cent from the non-tariff sources.
  
• Action plan to increase the non-fare revenue was a Rail Budget proposal this year.