Sol. Union finance minister Arun Jaitley on 31 January 2017 has tabled the Economic Survey 2016-17 in Parliament budget session. The survey projects the economy to grow in the range of 6.75% to 7.50% in the next fiscal year 2017-18 in the post-demonetisation year. The survey prepared by chief economic adviser in the finance ministry Arvind Subramanian stated the adverse impact of demonetisation on GDP growth will be transitional. The Economic Survey 2016-17 advocates the concept of Universal Basic Income (UBI) as an alternative to the various social welfare schemes in an effort to reduce poverty.
Sol. Amulya Patnaik has appointed as the new commissioner of Delhi Police on 30th January 2017. Patnaik, a 1985 batch IPS officer of AGMUT cadre, has succeeded Alok Kumar Verma.
Sol. India Post Payments Bank (IPPB) has kicked off its operations by rolling out pilot services in Raipur, Chhatisgarh and Ranchi, Jharkhand. The bank will offer an interest rate of 4.5% on deposits up to Rs. 25,000; 5% on deposits of Rs. 25,000-50,000 and 5.5% on Rs. 50,000-1,00,000, its Chief Executive Officer A.P. Singh said. The paid up equity of the new bank is Rs.800 crore, of which the government has already infused Rs. 275 crore.
Sol. In Quebec City, Canada on 29th January 2017 that was upended when a man walked into a mosque and started shooting, killing six people and wounding eight.
Sol. Vijaya Bank is a PAN India Institution, serving diverse sectors of the society. The bank has built a network of 2030 branches, 13 Extension Counters and 1865 ATMs as on 31.12.2016 that span across all States and Union Territories in the country. A friend you can bank on is tagline of Vijaya Bank.
Sol. Incorporated as a Public Sector Bank under the Department of Posts with 100% GOI equity, IPPB has launched on January 30th, 2017 in Ranchi and Raipur with the objective of being present in all corners of India by the end of the year. For now, IPPB is offering Savings account upto a balance of Rs 1 Lakh, along with digitally enabled payments and remittance services of all kinds between individuals. In due course, IPPB will also provide current accounts and access to third party financial services like insurance, mutual funds, pension, credit products, forex, and more.
Sol. On 17th November 1966, the United Nations General Assembly passes resolution 2152 (XXI) establishing the United Nations Industrial Development Organization (UNIDO) as an autonomous body within the United Nations. Its mission is to promote and accelerate the industrialization of developing countries. The United Nations Secretary-General nominates Ibrahim Helmi Abdel-Rahman (Egypt) as UNIDO's first Executive Director. Vienna, Austria is the headquarter of UNIDO.
Sol. Sunil Mehta is the present MD and CEO of PNB.
Sol. LIBOR stands for London Interbank Offered Rate.
Sol. Riga is the capital city of Latvia.
Sol. The Idukki Dam is located in Kerala.
Sol. NABARD has hailed the increased focus on irrigation and dairy sectors in the Budget which has hiked the corpus of long term irrigation fund by another Rs 20,000 crore, taking the total fund size to Rs 40,000 crore. “The Budget focuses a lot on the rural and agriculture sector. Though the thrust on digital continues, reforms announced in the Budget will generate employment and help in doubling farmers income,” chairman, NABARD Harsh Kumar Bhanwala told PTI.
Sol. Income Tax Department (ITD) has initiated Operation Clean Money. Initial phase of the operation involves e-verification of large cash deposits made during 09th November to 30th December 2016. Data analytics has been used for comparing the demonetisation data with information in ITD databases. In the first batch, around 18 lakh persons have been identified in whose case, cash transactions do not appear to be in line with the tax payer’s profile.
Sol. NABARD is Promote sustainable and equitable agriculture and rural prosperity through effective credit support, related services, institution development and other innovative initiatives.
Sol. The importance of institutional credit in boosting rural economy has been clear to the Government of India right from its early stages of planning. Therefore, the Reserve Bank of India (RBI) at the insistence of the Government of India, constituted a Committee to Review the Arrangements For Institutional Credit for Agriculture and Rural Development (CRAFICARD) to look into these very critical aspects. The Committee was formed on 30 March 1979, under the Chairmanship of Shri B. Sivaraman, former member of Planning Commission, Government of India.