Economy Current Affairs 3rd Week of April 2017
1. Market purchase scheme to AP red chilli farmers’ aid.
GUNTUR, APRIL 17:
Red chilli farmers, in distress this summer following the collapse of prices in the Guntur market yard, the country’s biggest, can now heave a sigh of relief: the State government has formulated the guidelines for a market intervention exercise, which should lift up prices.
According to the guidelines formulated by the State marketing department officials, the market intervention exercise will begin from April 20 and continue up to June 30. However, the market will remain closed from May 12 to June 11 for summer holidays. During that period, the scheme will not be in operation.
Under the guidelines of the scheme, every farmer can get an additional benefit of ?1,500 per quintal, subject to a ceiling of 20 quintals, and the price per quintal should not exceed ?8,000 inclusive of the ?1,500 per quintal being offered by the government.
The scheme is applicable to tenant farmers as well. To avail of the benefits, farmers should produce photostat copies of their Aadhaar cards and bank accounts. Market yard chairman M Subba Rao said the chilli stocks lying with farmers would be bought at the price fixed by the government, which would be a great relief to the farmers.
Chilli prices crashed from ?12,000-14,000 per quintal last year to below ?5,000 per quintal for most varieties this year, forcing the State government to take up the market intervention exercise.
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National Current Affair 3rd Week of April 2017
1.Cabinet approves setting up of Indian Institute of Petroleum and Energy (IIPE) at Visakhapatnam in Andhra Pradesh.
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for setting up of Indian Institute of Petroleum and Energy (IIPE) at Visakhapatnam in Andhra Pradesh as "an Institute of National Importance" through an Act of Parliament. The Institute will have the governance structure as well as legal mandate to grant degrees in a manner similar to that enjoyed by IITs. A separate Act will also impart the required status to the Institute to become a "Centre of Excellence" in petroleum and energy studies.
The Cabinet has also approved Rs 655.46 crore as capital expenditure to set up IIPE and contribution of Rs 200 crore towards its Endowment Fund (in addition to a contribution of Rs 200 crore from Oil Companies towards the Endowment Fund).
As committed under the 13 Schedule of Andhra Pradesh Reorganization Act, 2014, it has been decided to set up this Institute. The objective is to meet the quantitative and qualitative gap in the supply of skilled manpower for the petroleum sector and to promote research activities needed for the growth of the sector. The academic and research activities of IIPE will derive strength from the Institute`s proximity to sector-related activities such as KG-Basin, Visakhapatnam refinery and the planned Petrochemical complex at Kakinada.
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Economy Current Affairs Dec 2nd Week 2016
Union Government announces package for promotion of Digital Cashless Economy.
NITI Aayog has enlisted a series of incentives for the communication campaign for the district authorities and administration to promote the transition to the cashless digital payment systems.
NITI Aayog will provide logistic support for outreach activities at the district, taluk and panchayat level in form of the seed money of Rs. 5 lakh per district administration as a part of the communication campaign.
The five digital payment systems available in the country are – Unified Payment Interface (UPI), USSD, Aadhar Enabled Systems, Wallets and Rupay/ Debit/ Credit/ Prepaid Cards.
December 10
Govt decides to print plastic currency notes.
Government informed Parliament that a decision has been taken to print plastic currency notes and procurement of material has started.
It has been decided to print banknotes based on plastic or polymer substrate. The process of procurement has been initiated, The Reserve Bank for long has been planning to launch plastic currency note after field trials.
Plastic notes have an average life span of about five years and are difficult to imitate. Also, currency notes made of plastic are cleaner than paper ones. Such notes were first introduced in Australia to safeguard against counterfeiting.
In pre-demonetisation month of October, IIP contracts 1.9%.
The Index of Industrial Production (IIP), a measure of factory output, contracted by 1.9 per cent in October. Analysts reckon that an unfavorable base effect and the many holidays in October may account for the disappointing performance.
The contraction in October contrasted with the growth of 9.9 per cent in October last year. In September 2016, the IIP had recorded a print of 0.7 per cent. And for the April - October 2016 period, the IIP contracted 0.3 per cent as against a growth of 4.8 per cent in the same period last year.
### Claims worth Rs. 4,416 crore settled under PM Crop scheme.
Madhya Pradesh has settled and disbursed claims worth Rs. 4,416 crore under the Prime Minister`s Crop Insurance Scheme in the state.
Prime Minister Narendra Modi had launched the scheme at Sherpur in Sehore district of Madhya Pradesh during the Farmers` Convention.
Madhya Pradesh is the first state in the country where the claims under Prime Minister`s Crop Insurance schemes are being disbursed where claims worth Rs. 341 crore were settled.
Nabard to give Rs. 228 crore grant for cashless payment systems.
In order to encourage cashless payment modes in rural parts of the country, Nabard will provide a grant of Rs. 228 crore for deployment of point of sale machines and procurement of EMV based debit cards for farmers.
Nabard will extend nearly Rs. 120 crore to banks for deployment of two PoS devices each in one lakh villages of tier 5 and 6 areas having a population of up to 10,000.
For farmers who have RuPay Kisan Cards, Nabard will help in procurement of EMV chip and PIN-based RuPay Kisan Cards by both regional rural banks and the rural co-operative banks.
December 12
Insurers eye more biz after govt`s push for online sales.
Insurance companies, which have seen digital sales constitute only a miniscule portion of overall income, expect a jump in online sales following government incentives for promoting new modes of payment after demonetisation.
Private sector players also feel that they will have to explore if they need to come up with some common products for online and offline so as to provide identical products cheaper when sold online.
LIC sells only two policies online now - a term-policy `E-Term` and a single-premium policy Jeevan Akshay.
### World Bank `Pauses` Indus Treaty Processes Of India, Pak.
The World Bank has paused the separate processes initiated by India and Pakistan under the Indus Waters Treaty to allow the two countries to consider alternative ways to resolve their disagreements.
This pause to protect the Indus Waters Treaty and to help India and Pakistan consider alternative approaches to resolving conflicting interests under the Treaty and its application to two hydroelectric power plants.
The pause was announced by Kim in letters to the finance ministers of India and Pakistan. It was also emphasised that the Bank was acting to safeguard the Treaty.
NITI Aayog’s Amitabh Kant to Chair Meet on Digital Cash Payment.
NITI Aayog’s Chief Executive Officer Amitabh Kant will chair an important meeting with senior officials from Jharkhand in connection with digital cashless payment.
Principal Secretaries, secretaries of different departments and senior bank officials would attend the meeting.
December 14
Paytm partners with NHAI for digital payments at toll plazas.
Digital payments platform Paytm has partnership with major NHAI toll concessionaries like Reliance Infra, Sadhbav, IRB, MEP, L&T and GMR to enable cashless payments at all state, national and city toll plazas.
With the partnership, commuters across the country can now pay their toll charges instantly with Paytm by scanning the QR code placed at toll payment counters, using Paytm app.
Through this initiative, the company is aiming to cover over five lakh vehicles per day by end of the financial year. Now users can pay toll tax with Paytm using code-based cashless payments across 6000+ lanes across the country, enabling the transportation sector transition to a digital economy.
India-China trade to touch $65 billion in 2016.
Bilateral trade between Asian giants India and China will touch $65 billion for the year ending December 2016.
The bilateral trade between the two nations stood at $52.14 billion from January-September 2016 and is expected to cross $65 billion by the year-end.
Mutual Corporation between the two countries has been a win-win situation for both and will help increasing profitability in coming years. The key sectors in India which were focused by China are financial, infrastructure, electronics and IT.
December 15
Paytm launches `Each one, teach one` to increase digital inclusion.
Paytm has announced a program to increase the digital inclusion in the country wherein it is calling upon consumers and merchants across India to teach others on how to use Paytm to pay and accept money.
The campaign is aimed at transforming user behavior and further accelerating the country’s ongoing shift from cash to digital payments.
As a part of the drive, Paytm has also announced an incentive including Rs. 1 crore grand prize along with additional prizes like motorcycles, Smartphone’s, laptops and other exciting gifts. All users transacting between 1st December 2016 and 31st March 2017 are eligible to win these prizes.
The company has also announced Rs. 2100 in scholarship for 10,000 users who help increase digital inclusion and adoption of Paytm and certificates for one lakh further users across all major districts.
India to contribute $500,000 to United Nations emergency response fund.
India will contribute $500,000 to the United Nations emergency response fund for the year 2016-17 as it stressed that the international response is falling significantly short of the challenges posed by humanitarian crises across the world.
The high-level pledging conference that the government of India would be contributing $500,000 to the United Nations Central Emergency Response Fund (CERF) for the year 2016-17. India`s cumulative contribution to the fund so far has been $6 million.
Despite their resource constraints, India has always been forthcoming within its ability and national circumstances in offering humanitarian assistance as per the needs and requests of friends and partners.
Economy Current Affairs Dec 1st Week 2016
Facebook pumps $40,000 into Indian fashion start-up CoutLoot.
CoutLoot, an end-to-end fashion re-commerce platform, has been selected for Facebook`s developer-focused "FbStart" programme, receiving access to $40,000 worth of credits and services from the social networking giant.
"FbStart" helps developers grow their startups by leveraging valuable tools and services, worldwide events and opportunities to engage with the Facebook team.
Under the programme, CoutLoot would also receive mentoring from Menlo Park-headquartered tech giant`s engineering teams.
India`s GDP grows 7.3% in second quarter of 2016-17.
India`s Gross Domestic Product (GDP) grew at a healthy rate of 7.3% in the July-September quarter i.e Q2 of the fiscal year 2016-17.
Gross value added (GVA) growth in the second quarter was 7.1%, slower than the previous period’s 7.3% expansion. GDP and GVA growth in the first half of the year was 7.2%.
December 2
KIOCL gets listed on NSE.
The opening bell ceremony for the listing of KIOCL share on the National Stock Exchange (NSE) was held in Mumbai to commemorate the commencement of trading on the NSE platform.
Kudremukh Iron Ore Company Ltd (KIOCL) is a Government of India enterprise with its head office in Bangalore. It has iron ore mines in Kudremukh (Chikkamagaluru district) on the Western Ghats and a pelletisation plant in Mangalore. The Kudremukh mine is one of the largest iron ore mines in the world.
### RBI raises MSS limit 20 times to Rs. 6 lakh crore.
Reserve Bank of India has raised the ceiling for market stabilisation scheme or MSS 20 times to Rs. 6 lakh crore to suck excess cash out of the banking system and help banks earn some return from the deluge of deposits they have garnered after the government`s dramatic demonetization move.
While excess of liquidity make bond yields fall sharply, this may turn out to be costly for banks if they don`t find ways to deploy such a huge stack of cash.
Bonds issued by the government under this scheme are aimed at providing the central bank with a stock of securities to intervene in the market for managing liquidity.
Airtel Payments Bank offers talktime with new savings accounts.
Any customer opening a savings account with Airtel Payments Bank, will get one minute of talk time on his/her Airtel mobile for every rupee deposited.
This means that if a customer opens an account with a deposit of Rs. 1,000, then the person will get 1,000 minutes of free talk time on his or her Airtel mobile number.
This benefit is applicable on first time deposits only. The offer will be valid from Airtel to Airtel mobile minutes with a validity period of 30 days.
December 4
RBI to issue new Rs. 20 and 50 notes; old currency notes still valid.
The Reserve Bank of India will shortly issue new Rs. 20 and 50 notes in the Mahatma Gandhi Series-2005. These notes will bear the signature of RBI Governor Urjit R Patel.
Old banknotes of the two denominations will continue to be legal tender.
The Rs. 50 notes will be without inset letter in both the number panel while the Rs. 20 notes will have inset letter `L` in both the number panels, bearing signature of Urjit R Patel, Governor, Reserve Bank of India, and the year of printing `2016` printed on the reverse of side.
India takes pride of place, crosses $300 billion FDI milestone.
India crossed the $300 billion foreign direct investment (FDI) milestone between April 2000 and September 2016, firmly establishing its credentials as a safe investment destination in the world.
India received $ 101.76 billion from Mauritius between April 2000 and September 2016. The cumulative FDI inflows during the period amounted to $ 310.26 billion.
December 5
Amazon unveils Launchpad programme in India to help startups sell globally.
Amazon launches global startup program `Launchpad` in India.
The program will help startups launch, market, and distribute their products to Amazon customers across India and around the world via a dedicated store.
Amazon India has tied up with Department of Industrial Policy and Promotion (DIPP)’s Start Up India and Nasscom for its initiative. It will offer startups access to custom product pages, marketing support, and access to Amazons global customer base and their fulfillment network.
Amazon also has partnered with NASSCOM’s 10,000 Startups and Indian Angel Network (IAN) along with NITI Aayog, Governments of Maharashtra, Telangana and TiE to help roll in startups.
Yappily: Meet India`s first online flea market.
Online flea market app Yappily lets a buyer and seller interact and transact in 10 seconds literally. Over 17,000 users are doing that already.
It has co-founders in management graduate Kamonasish Aayush Mazumdar and technology graduates Rohit Kumar and Rashmi Ranjan Padhy. Yappily is not just ecommerce, it is India’s first Social Aided Commerce Startup.
Yappily has confidently seized the space with over 1,200 unique sellers – both online and offline – and more than 500,000 products on board.
Founded at Bangalore in 2016, Yappily is India’s first social aided commerce startup.
India can add value to growth by adopting circular economy: UNCTAD.
India can add value to its growth by resorting to a circular economy essentiating maximum utility of products, components and materials, a study by United Nations Conference on Trade and Development (UNCTAD).
A circular economy development path in India could create annual value of Rs. 14 lakh crore (#218 billion) in 2030 and Rs. 40 lakh crore ($624 billion) in 2050 compared with the current development scenario.
NITI Aayog to provide Rs. 5 lakh per district.
To encourage each district in the country to take the digitization route without fear, the NITI Aayog will be immediately transferring Rs. 5 lakh to every one of them as seed money to kick start this drive.
The top ten best performing districts of India will be awarded the Digital Payment Champions of India Award by NITI Aayog. Similarly, the 50 panchayats which go cashless will be awarded digital payment award of honour.
### EESL plans to open counters in Tripura for selling low cost LED bulbs, fans.
Energy Efficiency Services Limited (EESL), a joint venture company of PSUs under the Ministry of Power has planned to open counters in Tripura for selling low cost LED bulbs and electric fans. For the purpose, the company will soon open distribution counters at all 66 numbers electric sub-divisions in the state.
The programme designed to provide incentive to all stakeholders in the value chain. The consumers benefit due to lower electricity bill, the power utilities reduce demand during peak hours and do not have to invest in the programme.
RBI relaxes norms for online card transactions up to Rs. 2,000.
In a bid to speed up small value online transactions, the RBI relaxed norms for additional factor of authentication (AFA) for payments up to Rs. 2,000.
Relaxing the norms for AFA requirement for transactions up to Rs. 2,000 for online CNP (card not present) transactions, only authorised card networks will provide such payment authentication solutions with participation of card issuing and acquiring banks.
The relaxation for AFA under such solutions shall be applicable for card not present transactions for a maximum value of Rs. 2,000 per transaction across all merchant categories. Banks and card networks are free to facilitate their customers to set lower per transaction limits.
December 7
Ministry seeks Rs. 48,000 crore for NREG Scheme next year.
The rural development ministry has sought a higher allocation of Rs. 48,000 crore for its flagship National Rural Employment Guarantee Scheme (NREGS) in the 2017-18 budget.
The government has so far allocated Rs. 43,500 crore in the current financial year, one of the highest allocations made for the rural development programme.
It is likely to provide further assistance of Rs. 4,000 crore for the scheme this year, taking the total allocation to Rs. 47,500 crore. The ministry had sought an additional Rs. 10,000 crore in the second supplementary budget for this fiscal.
PSU banks write off Rs. 1.54 lakh crore bad loans.
Public sector banks (PSBs) have written off Rs. 1.54 lakh crore of bad loans between April 2013 and June 2016
During 2013-14, all PSBs written off Rs. 34,409 crore non-performing assets (NPAs). The amount increased further to Rs. 49,018 crore in the following year.
Banks wrote off NPAs of Rs. 56,012 crore during 2015-16. And Rs. 15,163 crore write-off of NPA has taken place during the first quarter of the current fiscal.
HDFC Life forays into micro-insurance space.
Private insurer HDFC Life has forayed into micro-insurance segment by launching two products, Jeevan Suraksha and Credit Suraksha to provide financial security at a nominal cost.
Group Credit Suraksha provides insurance protection against outstanding loan liability in the event of demise of the insured member while Group Jeevan Suraksha provides insurance cover against death.
Group Credit Suraksha offers insurance protection against loan liabilities for up to Rs. 2 lakh, with a flexibility to choose between level and decreasing cover.
Vijayawada Parliamentary constituency becomes first to have health insurance for all.
The `Swastha Kutambham’ health insurance scheme launched by Andhra Pradesh Government in association with Tata Trusts covers health for all in the rural areas.
Vijayawada Parliamentary constituency comprising 265 villages in Andhra Pradesh o became the first area in the country to have health insurance for all from a new born to senior citizens.
December 8
IOC, BPCL, HPCL join hands to set up India`s biggest oil refinery.
Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corp signed a pact to build India`s biggest oil refinery at a cost of $30 billion on the west coast.
The three firms signed the pact for the 60 million tonne a year refinery in Maharashtra with IOC as leader of the consortium.
IOC will hold a 50 per cent stake in the project while BPCL and HPCL will have 25 per cent each. The consortium agreement was signed on the sidelines of the Petrotech conference.
Economy Current Affairs Dec 1st Week 2016
Facebook pumps $40,000 into Indian fashion start-up CoutLoot.
CoutLoot, an end-to-end fashion re-commerce platform, has been selected for Facebook`s developer-focused "FbStart" programme, receiving access to $40,000 worth of credits and services from the social networking giant.
"FbStart" helps developers grow their startups by leveraging valuable tools and services, worldwide events and opportunities to engage with the Facebook team.
Under the programme, CoutLoot would also receive mentoring from Menlo Park-headquartered tech giant`s engineering teams.
India`s GDP grows 7.3% in second quarter of 2016-17.
India`s Gross Domestic Product (GDP) grew at a healthy rate of 7.3% in the July-September quarter i.e Q2 of the fiscal year 2016-17.
Gross value added (GVA) growth in the second quarter was 7.1%, slower than the previous period’s 7.3% expansion. GDP and GVA growth in the first half of the year was 7.2%.
December 2
KIOCL gets listed on NSE.
The opening bell ceremony for the listing of KIOCL share on the National Stock Exchange (NSE) was held in Mumbai to commemorate the commencement of trading on the NSE platform.
Kudremukh Iron Ore Company Ltd (KIOCL) is a Government of India enterprise with its head office in Bangalore. It has iron ore mines in Kudremukh (Chikkamagaluru district) on the Western Ghats and a pelletisation plant in Mangalore. The Kudremukh mine is one of the largest iron ore mines in the world.
### RBI raises MSS limit 20 times to Rs. 6 lakh crore.
Reserve Bank of India has raised the ceiling for market stabilisation scheme or MSS 20 times to Rs. 6 lakh crore to suck excess cash out of the banking system and help banks earn some return from the deluge of deposits they have garnered after the government`s dramatic demonetization move.
While excess of liquidity make bond yields fall sharply, this may turn out to be costly for banks if they don`t find ways to deploy such a huge stack of cash.
Bonds issued by the government under this scheme are aimed at providing the central bank with a stock of securities to intervene in the market for managing liquidity.
Airtel Payments Bank offers talktime with new savings accounts.
Any customer opening a savings account with Airtel Payments Bank, will get one minute of talk time on his/her Airtel mobile for every rupee deposited.
This means that if a customer opens an account with a deposit of Rs. 1,000, then the person will get 1,000 minutes of free talk time on his or her Airtel mobile number.
This benefit is applicable on first time deposits only. The offer will be valid from Airtel to Airtel mobile minutes with a validity period of 30 days.
December 4
RBI to issue new Rs. 20 and 50 notes; old currency notes still valid.
The Reserve Bank of India will shortly issue new Rs. 20 and 50 notes in the Mahatma Gandhi Series-2005. These notes will bear the signature of RBI Governor Urjit R Patel.
Old banknotes of the two denominations will continue to be legal tender.
The Rs. 50 notes will be without inset letter in both the number panel while the Rs. 20 notes will have inset letter `L` in both the number panels, bearing signature of Urjit R Patel, Governor, Reserve Bank of India, and the year of printing `2016` printed on the reverse of side.
India takes pride of place, crosses $300 billion FDI milestone.
India crossed the $300 billion foreign direct investment (FDI) milestone between April 2000 and September 2016, firmly establishing its credentials as a safe investment destination in the world.
India received $ 101.76 billion from Mauritius between April 2000 and September 2016. The cumulative FDI inflows during the period amounted to $ 310.26 billion.
December 5
Amazon unveils Launchpad programme in India to help startups sell globally.
Amazon launches global startup program `Launchpad` in India.
The program will help startups launch, market, and distribute their products to Amazon customers across India and around the world via a dedicated store.
Amazon India has tied up with Department of Industrial Policy and Promotion (DIPP)’s Start Up India and Nasscom for its initiative. It will offer startups access to custom product pages, marketing support, and access to Amazons global customer base and their fulfillment network.
Amazon also has partnered with NASSCOM’s 10,000 Startups and Indian Angel Network (IAN) along with NITI Aayog, Governments of Maharashtra, Telangana and TiE to help roll in startups.
Yappily: Meet India`s first online flea market.
Online flea market app Yappily lets a buyer and seller interact and transact in 10 seconds literally. Over 17,000 users are doing that already.
It has co-founders in management graduate Kamonasish Aayush Mazumdar and technology graduates Rohit Kumar and Rashmi Ranjan Padhy. Yappily is not just ecommerce, it is India’s first Social Aided Commerce Startup.
Yappily has confidently seized the space with over 1,200 unique sellers – both online and offline – and more than 500,000 products on board.
Founded at Bangalore in 2016, Yappily is India’s first social aided commerce startup.
India can add value to growth by adopting circular economy: UNCTAD.
India can add value to its growth by resorting to a circular economy essentiating maximum utility of products, components and materials, a study by United Nations Conference on Trade and Development (UNCTAD).
A circular economy development path in India could create annual value of Rs. 14 lakh crore (#218 billion) in 2030 and Rs. 40 lakh crore ($624 billion) in 2050 compared with the current development scenario.
NITI Aayog to provide Rs. 5 lakh per district.
To encourage each district in the country to take the digitization route without fear, the NITI Aayog will be immediately transferring Rs. 5 lakh to every one of them as seed money to kick start this drive.
The top ten best performing districts of India will be awarded the Digital Payment Champions of India Award by NITI Aayog. Similarly, the 50 panchayats which go cashless will be awarded digital payment award of honour.
### EESL plans to open counters in Tripura for selling low cost LED bulbs, fans.
Energy Efficiency Services Limited (EESL), a joint venture company of PSUs under the Ministry of Power has planned to open counters in Tripura for selling low cost LED bulbs and electric fans. For the purpose, the company will soon open distribution counters at all 66 numbers electric sub-divisions in the state.
The programme designed to provide incentive to all stakeholders in the value chain. The consumers benefit due to lower electricity bill, the power utilities reduce demand during peak hours and do not have to invest in the programme.
RBI relaxes norms for online card transactions up to Rs. 2,000.
In a bid to speed up small value online transactions, the RBI relaxed norms for additional factor of authentication (AFA) for payments up to Rs. 2,000.
Relaxing the norms for AFA requirement for transactions up to Rs. 2,000 for online CNP (card not present) transactions, only authorised card networks will provide such payment authentication solutions with participation of card issuing and acquiring banks.
The relaxation for AFA under such solutions shall be applicable for card not present transactions for a maximum value of Rs. 2,000 per transaction across all merchant categories. Banks and card networks are free to facilitate their customers to set lower per transaction limits.
December 7
Ministry seeks Rs. 48,000 crore for NREG Scheme next year.
The rural development ministry has sought a higher allocation of Rs. 48,000 crore for its flagship National Rural Employment Guarantee Scheme (NREGS) in the 2017-18 budget.
The government has so far allocated Rs. 43,500 crore in the current financial year, one of the highest allocations made for the rural development programme.
It is likely to provide further assistance of Rs. 4,000 crore for the scheme this year, taking the total allocation to Rs. 47,500 crore. The ministry had sought an additional Rs. 10,000 crore in the second supplementary budget for this fiscal.
PSU banks write off Rs. 1.54 lakh crore bad loans.
Public sector banks (PSBs) have written off Rs. 1.54 lakh crore of bad loans between April 2013 and June 2016
During 2013-14, all PSBs written off Rs. 34,409 crore non-performing assets (NPAs). The amount increased further to Rs. 49,018 crore in the following year.
Banks wrote off NPAs of Rs. 56,012 crore during 2015-16. And Rs. 15,163 crore write-off of NPA has taken place during the first quarter of the current fiscal.
HDFC Life forays into micro-insurance space.
Private insurer HDFC Life has forayed into micro-insurance segment by launching two products, Jeevan Suraksha and Credit Suraksha to provide financial security at a nominal cost.
Group Credit Suraksha provides insurance protection against outstanding loan liability in the event of demise of the insured member while Group Jeevan Suraksha provides insurance cover against death.
Group Credit Suraksha offers insurance protection against loan liabilities for up to Rs. 2 lakh, with a flexibility to choose between level and decreasing cover.
Vijayawada Parliamentary constituency becomes first to have health insurance for all.
The `Swastha Kutambham’ health insurance scheme launched by Andhra Pradesh Government in association with Tata Trusts covers health for all in the rural areas.
Vijayawada Parliamentary constituency comprising 265 villages in Andhra Pradesh o became the first area in the country to have health insurance for all from a new born to senior citizens.
December 8
IOC, BPCL, HPCL join hands to set up India`s biggest oil refinery.
Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corp signed a pact to build India`s biggest oil refinery at a cost of $30 billion on the west coast.
The three firms signed the pact for the 60 million tonne a year refinery in Maharashtra with IOC as leader of the consortium.
IOC will hold a 50 per cent stake in the project while BPCL and HPCL will have 25 per cent each. The consortium agreement was signed on the sidelines of the Petrotech conference.