Economic and Banking Affairs in October 2019

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Economic and Banking Affairs in October 2019

In this we have given, October Month Economic and Banking Current Affairs 2019 and other important events held on that day. This is very important for all Competitive exams like UPSC, SSC, RRB, and all PSC Examinations.

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DIN system of CBDT launched

  • The Documentation Identification Number (DIN) system of Central Board of Direct Taxes (CBDT) has come into existence from with the generation of about 17,500 communications with DIN on the very first day.
  • This path breaking DIN system has been created as per the direction of Finance Minister Ms. Nirmala Sitharaman and from now onwards every CBDT communication will have to have a documentation identification number.

Bangladesh becomes 2nd fastest growing economy in South Asia: World Bank

  • Bangladesh has become the second-fastest growing economy in South Asia after Bhutan. World Bank in its report ‘South Asia Economic Focus, Making (De) Centralization Work’ says that GDP growth rate of the country is projected to moderate to 7.2 per cent this fiscal year and 7.3 per cent in 2020 in Bangladesh.

IMF cuts World and India growth rates

  • The World Bank-International Monetary Fund (IMF) annual meetings kicked off owith the IMF downgrading global growth in 2019 to 3%, the slowest since the global financial crisis.
  • India’s growth projections have also been downgraded to 6.1% and 7.0% in 2019 and 2020 respectively, down by 1.2 percentage points and 0.5 percentage points relative to April projections, owing to weaker than expected domestic demand.

Three Indian-origin CEOs in Harvard Business Review

  • Three Indian-origin CEOs have been featured in a list of world’s top 10 best-performing chief executives.’The Best-Performing CEOs in the World, 2019′ list compiled by the Harvard Business Review (HBR) features 100 CEOs and has been topped by American technology company NVIDIA’s CEO Jensen Huang.
  • On the 6th spot is Adobe CEO Shantanu Narayen, followed by MasterCard CEO Ajay Banga, ranked 7th and Microsoft chief Satya Nadella on the 9th spot.

India’s marine exports to China heading for USD 1 billion mark

  • India’s exports of marine products to China has tripled and touched almost USD 800 million, in the first nine months of 2019, as per the data released by China’s customs authority recently. India’s marine exports are expected to cross USD 1 billion mark by the end of this year. A Chinese trade delegation visited India on 9th October 2019 and signed a contract for import of marine products worth USD 500 million in the next two years.

Reserve Bank cuts repo rate by 25 basis points

  • Reserve Bank of India (RBI) has slashed the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points to 5.15 per cent from 5.40 per cent with immediate effect.
  • Consequently, the reverse repo rate under the LAF stands reduced to 4.90 per cent, and the marginal standing facility (MSF) rate and the Bank Rate to 5.40 per cent.

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