Banking Affairs 12th & 13th March 2017 | Financial Affairs 12th & 13th March 2017

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Exambin provide you daily Financial affairs updates which includes latest financial news and banking news. Updates of Banking Affairs on 13 March 2017 will helpful for tackling Banking awareness section  such as SBI PO, IBPS PO, IBPS SO, RBI Grade B, RBI Assistant, LIC AAO, SSC, UPSC CSAT etc.

1. BP Kanungo appointed RBI Deputy Governor

  • BP Kanungo was on Friday appointed Deputy Governor in Reserve Bank of India (RBI) for three years.
  • The Appointments Committee of Cabinet (ACC) has approved his appointment to the post with effect from the date of taking over the charge on or after April 3
  • He has been appointed in place of R Gandhi.
  • Kanungo was in March last year appointed as Executive Director in the central bank.


2. NBFC cash loan against gold restricted

  • Non-Banking Finance Companies cannot lend more than Rs 25,000 in cash against gold, the Reserve Bank of India said.
  • The earlier provision for NBFC was that high-value loans against the gold of Rs 1 lakh and above must only be disbursed by cheque.
  • RBI reduced the amount to Rs 25,000 from the earlier Rs 1 lakh in line with the provisions of the Income Tax Act.


3. Coal India aims 400 million tonne output

  • Coal India’s 65 new projects, with a targeted capacity of 302.88 million tonnes per year, were identified in FY 2014-15, of which project reports for 57 projects have been formulated.
  • Coal India accounts for over 80% of domestic coal production.


4. Index of industrial production rises

  • Index of Industrial Production rose 2.7% in Jan 2017.
  • The Index of Industrial Production (IIP) is an index for India which details out the growth of various sectors in an economy such as mining, electricity and manufacturing.
  • It is compiled and published monthly by the Central Statistical Organisation (CSO) six weeks after the reference month ends.


5. Maritime Admiralty Bill

  • A bill seeking to consolidate the existing laws on civil matters of admiralty jurisdiction of courts, proceedings on maritime claims and arrest of ships was passed by the LS.
  • The Admiralty, 2016 seeks to repeal laws which were made during colonial era when India had only 3 major ports.
  • Matters related to admiralty could be decided only by the High Courts of Bombay, Calcutta and Madras.


6. IT based Tax app

  • The I-T department has developed a mobile app for paying taxes and tracking refunds and is considering issuing PANs on real time basis using Aadhaar biometric.
  • Income Tax department is considering issuing of Permanent Account Number (PAN) on a real time basis using Aadhaar’s e-KYC facility.
  • The mobile application has the functionality to pay taxes and track refunds”.


7. President of India inaugurates the 12th CII-Exim bank conclave on India-Africa Project Partnership

  • President Pranab Mukherjee has inaugurated the two-day 12th CII-EXIM Bank Conclave on India-Africa Project Partnership in New Delhi.The first conclave has held in 2005.
  • It was organised by the Confederation of Indian Industry (CII) in partnership with the EXIM Bank of India with the support of the Ministry of External Affairs and the Ministry of Commerce & Industry, Government of India.


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