Banking Awareness updates for April 7th , 2017 – Financial Affairs for IBPS, SBI, SSC Exams

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Hello friends, This is the Updates of Banking Awareness – April 7 2017. This will helpful for tackling Banking awareness section in SBI, IBPS, SSC, UPSC Exams.

 India, UK to set up 240 mn pound fund for green energy

Rs 40,000 crore National Infrastructure and Investment Fund (NIIF) to finance greenfield

India and the UK decided to set up a 240 million pound fund to finance clean energy projects.

The Green Growth Equity Fund will be a sub-fund of NIIF. India had in 2015 set up the Rs 40,000 crore National Infrastructure and Investment Fund (NIIF) to finance greenfield as well as brownfield projects.

The fund will focus initial investments in India’s rapidly growing energy and renewables market.

India’s ranks 7th in world’s largest tourism economy in terms of GDP

USA topped of world’s largest tourism economy in terms of GDP

India’s travel and tourism sector ranks 7th in the world in terms of its total contribution to the country’s Gross Domestic Product (GDP), according to a new report of the World Travel and Tourism Council (WTTC), 2016.

The USA topped the list followed by China and Germany at the second and third positions, respectively.

ADB lends $175 m loan to Power Grid Corporation

Manila-headquartered  Asian Development Bank

The Manila-headquartered  Asian Development Bank (ADB) lends a $175 million loan to the Power Grid Corporation of India Ltd.

The project will improve the capacity and efficiency of interstate transmission networks, particularly in transmitting the electricity generated from the new solar parks to the national grid.

RBI releases first bi-monthly monetary policy of 2017-18

Reverse repo rate raised to 6%

The Reserve Bank of India, in its first monetary policy review of financial year 2017-18, kept the repurchase (repo) rate unchanged at 6.25%, citing upward risks to inflation and global uncertainty.  The Monetary Policy Committee, however, raised the reverse repo rate by 0.25 basis points to 6%, and cut the marginal standing facility (MSF) rate to 6.5%.

Malvika Sinha appointed RBI ED

B P Kanungo as Deputy Governor

The RBI has appointed Malvika Sinha as Executive Director following the appointment of B P Kanungo as Deputy Governor.

As Executive Director, she will look after foreign exchange department, department of government and bank accounts and internal debt management wing.

Sinha had joined the Reserve Bank in 1982.

Belmont Forum Secretariat

total estimated expenditure of 40000 Euros

The government has given its approval for signing of the Collaborative Agreement with French National Research Agency, France.

The MoU will be signed for supporting the Belmont Forum Secretariat from January, 2015 to December, 2017 at a total estimated expenditure of 40000 Euros.

The Forum aims to improve the environment through research and co-operation.

India allows duty-free imports of raw sugar

India allow imports of 500,000 tonnes sugar

India, the world’s biggest sugar consumer, will allow imports of 500,000 tonnes of duty-free raw sugar, as a drought has cut output below consumption levels for the first time in seven years. Duty-free imports would be allowed until 12 June, 2017.

Japan Officially Recognises Bitcoin as Currency

Bitcoin as a legal payment option within the country.

Bitcoin has finally gained the recognition of a mainstream currency along the lines of other fiat currencies.

The privilege follows the implementation of a new law in Japan which categorizes Bitcoin as a legal payment option within the country.

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