News Bites

By | October 7, 2016

News Bites

  1. Canara Bank Appointed Higher Education Evangelist

The Ministry of Human Resource Department has chosen Canara Bank to establish a Higher Education Financing Agency (HEFA) in the country. The agency will help finance high-quality infrastructure in top-tier institutions like IITs, IIMs and other central universities. The HR ministry and the Bank will each put in Rs.1,000 crore for the purpose. The bank hopes to leverage the money to raise more funds to improve amenities in higher education institutes around the country.

  1. Gold Prices Record Worst Weekly Drop Since November 2015

Gold prices tumbled to Rs 29,608 per 10 grams on Friday, reaching its weekly lowest since November 2015. Prices have dropped 5% in the last one month. The drop is triggered by weak demand in the global market and a strengthening dollar. Experts expect prices to fall further and have urged consumers to wait it out. The fall comes right in time for Diwali.

  1. RBI Cuts Repo Rates by 25 Base Points

The Reserve Bank of India lowered repo rates to 6.25 percent, cutting it by 25 basis points to make Home Loans cheaper in the country. The rate cut is the lowest since January 2011. This is the first policy by new RBI Governor Urjit Patel.

The cut comes despite a projected CPI in retail inflation of 5.31 percent for March 2017. Banks have welcomed the rate cut and have already started to reduce interest rates on Home Loans.

  1. Beer Outselling Hard Drinks in India

For the first time in the history of the nation, beer will be outselling other hard drinks. With the rise of social drinking and a conscious effort to put health first, people are choosing beer over other spirits. According to stats by Euromonitor, sales volume of beer will grow by 5.7 percent in the next year when compared to the mere 2 percent growth in Spirit sales.

  1. India’s Telecom Sector Raises Rs. 685 Billion in 5-Day Auction

India’s telecom sector raised Rs. 685 billion in what is being called the largest auction by spectrum volume in the industry. Vodafone made the biggest bid in the auction followed by Bharti Airtel and Idea cellular. The carriers purchased spectrum in the 2300 and 1800 bands. For the first time, none of the service providers bid for the most expensive airwaves of 750 megahertz.

  1. IFCI to be raided by RBI and SEBI for Fraud

The Industrial Finance Corporation of India (IFCI) will be raided by the RBI and SEBI on strict orders of the Supreme Court of India. The corporation has been accused of granting Rs. 225 crores to a party that is on the willful defaulters list. It has also been accused of taking up illegal stake in Maytas infrastructure.

  1. IRCTC to Reduce Rail Travel Insurance Premium

Passengers travelling by Indian Railways can now avail a Rail Travel Insurance scheme for just 1 paisa! The scheme was introduced to encourage more people to take up the scheme. The scheme debuted on September 01, 2016 for 95 paise, but in a special Diwali offer, the IRCTC reduced the premium to just 1 paisa!

  1. BP to Put Up 3,500 Petrol Pumps in India

British Petroleum will soon be setting up about 3,500 petrol pumps in the country. The oil and gas giant asserted that India’s growth in transportation fuel triggered their desire to start operating in the country. According to reports, India will consume 6 million bpd (barrels per day) to 10 million bpd by 2040.

  1. RBI Won’t Handle India’s Debt Anymore

The Reserve Bank of India will not be managing the country’s debt in the near future. The government is planning on setting up a new independent agency that will take care of the country’s borrowings and financial liabilities. Expect the cell to be introduced in the next couple of years. Thereafter, the cell will be upgraded to a statutory public debt management agency.

  1. New Guidelines for Small Finance Banks

Small finance banks and payment institutions can now use electronic verification and digital signatures to make the onboarding process for customers easier. The RBI said that payment banks can now open an account for a customer given their KYC documents are in place. The documents can be obtained by a telecom service provider like Vodafone, Airtel etc.

  1. India’s Mergers & Acquisitions Reaches Record Peak in Third Quarter of 2016

A global report claims India’s Mergers and Acquisitions reached a record high on a quarter-over-quarter basis. About 98 deals, worth more than Rs.180 crores, were finalised at the end of the third quarter. India now ranks third in the global tech startup exit activity.

  1. India Wants More Support from World Bank

In a meeting with World Bank President Jim Yong Kim, Finance Minister Arun Jaitley said that India would like more financial support from the World Bank and that the institution should explore innovative financing solutions by working with member countries of the World Bank Group.

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