For our readers those who preparing for bank exam and going to appear in coming IBPS PO exam, we are happy to collect some important economic news from Indian economy.Hope it will be helpful for the coming exams.
1. Reserve Bank of India (RBI) cut the policy rates by 50 Basis points in Annual monetary policy of April 2012. Revised Rate of RBI
3. Target(2012-2013):
4. Inflation rate :
6. Per capita income (2010-11) per year
7. 12th Five Year Plan (2012-17)
8. 11th Five year plan recorded 8.2% GDP Growth. Agriculture growth 3.3%
9. Power generation capacity in India now more than 2,00,000 MW. In 11th Five year plan 54,964 MW capacity added.
10. The Micro Finance Institutions (Development and Regulation) Bill, 2012
11. In 2011-12
12. Export Target for 2012-13 - $350 billion
13. Basel norms will be implemented in India from 1 January 2013 to 2018 (in world 2013 to 2019)
14. Indian banks would need Rs 3,90,000-5,00,000 crore capital over the next six years in the wake of Basel III capital regulations announced by the Reserve Bank of India (RBI).
15. To attract foreign capital and stabilise the rupee, the Centre has permitted residents of six-member Gulf Cooperation Council (GCC) nations and all 27-nation European Union to invest directly in stock markets and individual overseas investors — better known as QFIs (qualified foreign investors) — to bring up to $1 billion to the debt market.
16. Earlier In January, the government had permitted QFIs from 34 FATF (Financial Action Task Force) member countries to invest in the stock market.
17. The Reserve Bank is holding gold reserves of 557.75 tonne valued at USD 27.02 billion, which accounts for 9.2 percent of foreign exchange reserves of USD 294.6 billion.
18. Mauritius Prime Minister Navinchandra Ramgoolam has written to Indian prime minister requesting India not to apply the proposed GAAR (General anti avoidance rule) on companies which have been given a tax residency certificate (TRC) by Mauritius.
19. Government deferred the introduction of GAAR (General Anti Avoidance Rules) provisions on foreign investors to the next fiscal year.
21. The government set up Rangarajan committee to review the Tendulkar Committee methodology for estimating poverty.
22. According to Planning Commission, Poverty line for rural areas is Rs 672 (daily 22.42 Rs.) and for urban areas is Rs 859 (daily 28.65 Rs.) (2009-10) (average 26 Rs daily).
23. Based on the Tendulkar committee, Planning Commission had announced earlier this year that poverty in the country has come down from 37.2 per cent in 2004-05 to 29.8 per cent in 2009-10 and the number of poor stood effectively reduced from 40.7 crore to 35.5 crore during the period.
24. Switzerland had agreed to provide details of secret bank accounts to India.
25. The U.S. Department of Transportation (DOT) imposed penalty of $80,000 against India's national carrier Air India.
26. Oil Ministry slapped penalty of $1 billion on Reliance Industries for failing to meet gas output targets.
27. Top three according to per capita income: - Goa, Delhi, Haryana.
28. Tax collection at source (TCS) by sellers on cash purchases of jewellery - Rs 5 lakh and on bullion Rs. 2 lakh. PAN card is compulsory.
29. Finance Minister withdrew 1% excise duty on branded and unbrandedprecious metal jewellery.
30. Rupee plunged to its historic low of 56 against the U.S. dollar due to uncertainty in the euro zone and fresh crisis in Greece.
31. Stockholm International Peace Research Institute (SIPRI) - India has become the largest importer of arms during 2007-11 (10 per cent of global arms).
32. RBI has decided to set up a $2 billion swap facility for SAARC (South-Asian Association for Regional Co-operation) member-nations. This facility will be available in foreign currency and Indian rupee.
33. The government said gross non-performing assets (GNPAs) of nationalised banks stood at Rs 59,397 crore at the end of December 2011.
34. India and Pakistan have agreed to do away with requirement of a visa to cross the border on both sides within a radius of 400 metres at the Attari-Wagah point in Punjab for Customs and other related border officials.
35. Prime Minister Manmohan Singh arrived in the Myanmar meets President Thein Sein
36. India and Myanmar expect to double their trade in three years, and despite a delay in introducing a bus link, hope to be connected not just over land and by air but also by rail. Memorandum of Understanding (MoU) singed of US$ 500million Line of Credit.
37. NPAs of public sector banks stood at about 3.3 per cent of the assets in 2011-12 as against 2.3 per cent a year ago. Several companies are opting for corporate debt restructuring (CDR) to tide over the difficult financial situation in the backdrop of slowdown.
38. Bank of India re-entered the mutual fund business by forging a joint venture with AXA Investment Managers with 51 per cent stake.
39. OECD (Organization of economic cooperation and development) said India's economic growth is likely to rise to more than 7.5 percent in calendar year 2013
40. All foreign exchange earners were permitted to retain their entire foreign exchange earnings in Exchange Earner's Foreign Currency (EEFC) Account with any authorised dealer in India. On a review of this scheme, RBI said, “50% of the balances in the EEFC accounts should be converted forthwith into rupee balances and credited to the rupee accounts as per the directions of the account-holder.”
41. The Reserve Bank will shortly put in circulation new coins of Rs 5 denomination to commemorate 150th year of Comptroller and Auditor General of India (CAG). The coin will bear the logo of CAG along with year "1860-2010" on the bottom of the logo.
42. The government said gross non-performing assets (GNPAs) of nationalised banks stood at Rs 59,397 crore at the end of December 2011.
43. Moody's downgraded three top private sector banks — ICICI Bank, HDFC Bank and Axis Bank — on growing concerns over the country's sovereign debt ratings and low level of cross-border diversification of their operations. Moody's also downgraded Life Insurance Corporation of India (LIC) following its recent investments in the oil and gas giant Oil and Natural Gas Corporation (ONGC).
44. Seoul-headquartered Woori Bank has set up its first Indian branch in Chennai.
45. IMF lowered India's growth projection to 6.9 per cent for 2012.
46. RBI has made it mandatory for all banks to print the MICR and IFSC code on the passbook and statement of account of the customers.
47. Reserve Bank asked banks not to levy any penalty on pre-payment of loans taken on floating rate
48. Record food grain production in India 2011-12 : 252.56 million tones
Wheat production : 90.23 million tones
Rice production : 103.41 million tones
49. The interest rate on the Employees' Provident Fund will be increased to 8.6 per cent from 8.25 per cent for the current fiscal.
50. RBI permitted RRB and cooperative bank to participate in Centralized Payment systems. Now these banks can transfer fund through NEFT and RTGS.
51. Foreign exchange reserves in India on March 2012 – $296 billion dollar
52. Centre launched a $2 billion infrastructure debt fund (IDF) to catalyse long-term lending to core sectors. The fund, which will be set up jointly by private sector lender ICICI Bank, Bank of Baroda, Citibank and Life Insurance Corporation of India (LIC)
53. Cheque and Draft will be valid for 3 month from 1 April 2012.
54. Tele density in India in December 2011 : 76.86%
55. After SBI and NABARD ownership of National Housing Bank (Now RBI hold 100% share) will be transferred from RBI to Government.
1. Reserve Bank of India (RBI) cut the policy rates by 50 Basis points in Annual monetary policy of April 2012. Revised Rate of RBI
- Bank Rate : 9% (Decreased 50 basis point in April 2012)
- Cash Reserve Ratio : 4.75% (Decreased 75 basis point in March 2012)
- Statutory Liquidity Ratio : 24% (Unchanged)
- Repo Rate : 8% (Decreased 50 basis point in April 2012)
- Reverse Repo Rate : 7% (Decreased 50 basis point in April 2012)
- Marginal Standing Facility Rate : 9% (Decreased 50 basis point in April 2012)
2. Gross Domestic Product(GDP):
- Growth Rate of GDP (2010-11) : 8.4%
- Growth Rate of GDP (2011-12) : 6.9%
- Agriculture sector : 2.5%
- Manufacturing sector : 3.9%
- Service sector : 11.2%
3. Target(2012-2013):
- Target for Growth Rate of GDP (2012-13)
- Budget : 7.6%
- Monetary policy : 7.3%
- United Nation : 7.5%
- OECD : 7.5% in 2013
4. Inflation rate :
- Whole price index : April - 7.23%, March - 6.89%
- Consumer Price index : April 10.36%, March – 9.38%
5. Per capita income (2011-12) per year
- At constant prices (2004-05) : Rs.38,005
- At current prices : Rs. 60,972.
6. Per capita income (2010-11) per year
- At constant prices (2004-05) : Rs. 35,993
- At current prices : Rs. 53,331.
7. 12th Five Year Plan (2012-17)
- Theme : Faster, sustainable and more inclusive growth
- $ 1 trillion (50 Lakh Crore Rs.) investments in Infrastructure in which USD 500 billion will be met by private sector.
- 9 - 9.5% GDP growth
- 4% agriculture growth
- Literacy rate : 100%
- Extra Power generation capacity : 76000 MW
8. 11th Five year plan recorded 8.2% GDP Growth. Agriculture growth 3.3%
9. Power generation capacity in India now more than 2,00,000 MW. In 11th Five year plan 54,964 MW capacity added.
10. The Micro Finance Institutions (Development and Regulation) Bill, 2012
- RBI has regulatory power to fix the maximum interest rates that MFIs can charge and also decide on the fair and reasonable method of loan recovery.
- MFIs have to register in RBI
- Net worth of MFIs 5 Lac Rs
- Micro Finance Development council will be set up
- Loan to MFIs will be consider in priority lending sector for bank
11. In 2011-12
- Import : $488.6 billion (32% Increased)
- Export : $303.7 billion (21% Increased)
- Trade deficit : $184.9 billion
12. Export Target for 2012-13 - $350 billion
13. Basel norms will be implemented in India from 1 January 2013 to 2018 (in world 2013 to 2019)
14. Indian banks would need Rs 3,90,000-5,00,000 crore capital over the next six years in the wake of Basel III capital regulations announced by the Reserve Bank of India (RBI).
15. To attract foreign capital and stabilise the rupee, the Centre has permitted residents of six-member Gulf Cooperation Council (GCC) nations and all 27-nation European Union to invest directly in stock markets and individual overseas investors — better known as QFIs (qualified foreign investors) — to bring up to $1 billion to the debt market.
16. Earlier In January, the government had permitted QFIs from 34 FATF (Financial Action Task Force) member countries to invest in the stock market.
17. The Reserve Bank is holding gold reserves of 557.75 tonne valued at USD 27.02 billion, which accounts for 9.2 percent of foreign exchange reserves of USD 294.6 billion.
18. Mauritius Prime Minister Navinchandra Ramgoolam has written to Indian prime minister requesting India not to apply the proposed GAAR (General anti avoidance rule) on companies which have been given a tax residency certificate (TRC) by Mauritius.
19. Government deferred the introduction of GAAR (General Anti Avoidance Rules) provisions on foreign investors to the next fiscal year.
20. Largest home loan provider - State Bank of India (one lakh crore Rs. to 20 lakh families)
21. The government set up Rangarajan committee to review the Tendulkar Committee methodology for estimating poverty.
22. According to Planning Commission, Poverty line for rural areas is Rs 672 (daily 22.42 Rs.) and for urban areas is Rs 859 (daily 28.65 Rs.) (2009-10) (average 26 Rs daily).
23. Based on the Tendulkar committee, Planning Commission had announced earlier this year that poverty in the country has come down from 37.2 per cent in 2004-05 to 29.8 per cent in 2009-10 and the number of poor stood effectively reduced from 40.7 crore to 35.5 crore during the period.
24. Switzerland had agreed to provide details of secret bank accounts to India.
25. The U.S. Department of Transportation (DOT) imposed penalty of $80,000 against India's national carrier Air India.
26. Oil Ministry slapped penalty of $1 billion on Reliance Industries for failing to meet gas output targets.
27. Top three according to per capita income: - Goa, Delhi, Haryana.
28. Tax collection at source (TCS) by sellers on cash purchases of jewellery - Rs 5 lakh and on bullion Rs. 2 lakh. PAN card is compulsory.
29. Finance Minister withdrew 1% excise duty on branded and unbrandedprecious metal jewellery.
30. Rupee plunged to its historic low of 56 against the U.S. dollar due to uncertainty in the euro zone and fresh crisis in Greece.
31. Stockholm International Peace Research Institute (SIPRI) - India has become the largest importer of arms during 2007-11 (10 per cent of global arms).
32. RBI has decided to set up a $2 billion swap facility for SAARC (South-Asian Association for Regional Co-operation) member-nations. This facility will be available in foreign currency and Indian rupee.
33. The government said gross non-performing assets (GNPAs) of nationalised banks stood at Rs 59,397 crore at the end of December 2011.
34. India and Pakistan have agreed to do away with requirement of a visa to cross the border on both sides within a radius of 400 metres at the Attari-Wagah point in Punjab for Customs and other related border officials.
35. Prime Minister Manmohan Singh arrived in the Myanmar meets President Thein Sein
36. India and Myanmar expect to double their trade in three years, and despite a delay in introducing a bus link, hope to be connected not just over land and by air but also by rail. Memorandum of Understanding (MoU) singed of US$ 500million Line of Credit.
37. NPAs of public sector banks stood at about 3.3 per cent of the assets in 2011-12 as against 2.3 per cent a year ago. Several companies are opting for corporate debt restructuring (CDR) to tide over the difficult financial situation in the backdrop of slowdown.
38. Bank of India re-entered the mutual fund business by forging a joint venture with AXA Investment Managers with 51 per cent stake.
39. OECD (Organization of economic cooperation and development) said India's economic growth is likely to rise to more than 7.5 percent in calendar year 2013
40. All foreign exchange earners were permitted to retain their entire foreign exchange earnings in Exchange Earner's Foreign Currency (EEFC) Account with any authorised dealer in India. On a review of this scheme, RBI said, “50% of the balances in the EEFC accounts should be converted forthwith into rupee balances and credited to the rupee accounts as per the directions of the account-holder.”
41. The Reserve Bank will shortly put in circulation new coins of Rs 5 denomination to commemorate 150th year of Comptroller and Auditor General of India (CAG). The coin will bear the logo of CAG along with year "1860-2010" on the bottom of the logo.
42. The government said gross non-performing assets (GNPAs) of nationalised banks stood at Rs 59,397 crore at the end of December 2011.
43. Moody's downgraded three top private sector banks — ICICI Bank, HDFC Bank and Axis Bank — on growing concerns over the country's sovereign debt ratings and low level of cross-border diversification of their operations. Moody's also downgraded Life Insurance Corporation of India (LIC) following its recent investments in the oil and gas giant Oil and Natural Gas Corporation (ONGC).
44. Seoul-headquartered Woori Bank has set up its first Indian branch in Chennai.
45. IMF lowered India's growth projection to 6.9 per cent for 2012.
46. RBI has made it mandatory for all banks to print the MICR and IFSC code on the passbook and statement of account of the customers.
47. Reserve Bank asked banks not to levy any penalty on pre-payment of loans taken on floating rate
48. Record food grain production in India 2011-12 : 252.56 million tones
Wheat production : 90.23 million tones
Rice production : 103.41 million tones
49. The interest rate on the Employees' Provident Fund will be increased to 8.6 per cent from 8.25 per cent for the current fiscal.
50. RBI permitted RRB and cooperative bank to participate in Centralized Payment systems. Now these banks can transfer fund through NEFT and RTGS.
51. Foreign exchange reserves in India on March 2012 – $296 billion dollar
52. Centre launched a $2 billion infrastructure debt fund (IDF) to catalyse long-term lending to core sectors. The fund, which will be set up jointly by private sector lender ICICI Bank, Bank of Baroda, Citibank and Life Insurance Corporation of India (LIC)
53. Cheque and Draft will be valid for 3 month from 1 April 2012.
54. Tele density in India in December 2011 : 76.86%
55. After SBI and NABARD ownership of National Housing Bank (Now RBI hold 100% share) will be transferred from RBI to Government.
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