Economic and Banking Affairs – June 2018
June 2018 – Current Affairs Monthly Capsule PDF Download
In this we have given, June Important Economic and Banking Affairs. This is very important for all Competitive exams like UPSC, SSC, RRB, and all PSC Examinations.
Economic and Banking Affairs – June 2018
PhonePe crosses 100 million users
- Flipkart-owned digital payments start-up PhonePe said it had overtaken Paytm to become the largest consumer payments company in the country in terms of total payment volume (TPV).
Startup to launch geared e-motorcycle
- eMotion Motors, a Coimbatore-based start-up, will unveil a prototype of its geared electric motorcycle, Surge on June 5, World Environment Day.
World saw largest rise in renewable energy capacity in 2017
- Renewable power accounted for 70 per cent of net additions to global power generating capacity in 2017, the largest such increase in modern history.
- China, Europe and the US accounted for nearly 75 per cent of global investment in renewables in 2017.
Ather unveils e-scooters commercially
- Electric two-wheeler start-up Ather Energy commercially unveiled smart electric scooter Ather 450 and Ather 340.
HCC bags contract at nuclear power project in Bangladesh
- Hindustan Construction Company Ltd. (HCC), in a joint venture with Bangladesh construction firm MAX Group has been awarded a $110 million (Rs.737 crore) contract by Russia’s State Nuclear Company, JSC Atomstroy export, for civil works of Turbine Island for Unit 1 of Rooppur Nuclear Power Plant.
MPC hikes repo rate by 25 basis points to 6.25%
- The monetary policy committee of the Reserve Bank of India (RBI) decided to hike the repo rate by 25 basis points to 6.25 per cent while maintaining a neutral stance.
Moody’s Investors Service said India to stick to the fiscal deficit of 3.3% of GDP
- Moody’s Investors Service said it expects India to stick to the estimated fiscal deficit of 3.3 per cent of GDP and even cut capital expenditure to offset any slippage from the budgeted target.
FDI in India rises to $61.96 bn in 2017-18
- Foreign direct investment in India increased to $61.96 billion in 2017-18.
- FDI inflows stood at $60 billion in the previous fiscal.
Integrated food unit in Tamil Nadu soon by ITC
- ITC may unveil the first phase of its integrated food manufacturing and logistics facility at Pudukottai in Tamil Nadu by the second quarter of 2018-19. Products such as biscuits, atta, and noodles would be manufactured at this plant.
ONGC Videsh’s first equity cargo comes to MRPL
- The first equity cargo of about 6,90,000 barrels of Das Blend crude oil of ONGC Videsh Ltd. (OVL) from Lower Zakum oilfield in Abu Dhabi arrived at New Mangalore Port.
‘Govt. set to unveil Rs.500 cr. credit enhancement fund’
- The government is set to unveil a Rs.500-crore credit enhancement fund next month to facilitate infrastructure investments by insurance and pension funds.
- The fund was first announced in the Budget for fiscal year 2016-17.
Tata Power arm bags 150 MW solar project
Tata Power Renewable Energy Ltd. (TPREL), wholly owned subsidiary of Tata Power, has won a 150 MW solar PV project on a long term basis in Maharashtra.
Odisha can produce 100 million tonnes of steel
- India has become the second largest steel producing country.
- In the financial year 2017-18, India produced more than 100 million tonnes of steel.
- Odisha is a major steel producing State contributing more than half of steel production in the country.
‘Tri-Party Repo Market’
- Leading stock exchange NSE launched ‘Tri-Party Repo Market’ platform in its debt segment to facilitate repurchase (repo) of corporate debt securities.
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Banking Affairs – June 2018
CSCs to soon offer bank services
- The government will work to enable all 2.9 lakh common service centres (CSCs) in the country to operate as business correspondents of banks, Finance Minister Piyush Goyal said on June 11.
- Business correspondents are retail agents engaged by banks for providing services at locations other than a bank branch or an ATM.
Hyundai Motor, Audi signed an agreement for fuel cell technology
- Hyundai Motor Group signed an agreement with Audi AG to jointly develop electronics vehicles powered by fuel cell. Under the multi-year agreement signed they will share components, supply chains and patent licensing.
Gensol to make India ‘back-end hub’ for solar plant monitoring
- Ahmedabad-based Gensol Group, which specialises in design, engineering, operation and maintenance and advisory services for solar projects, is planning to make India a global back-end hub for engineering and remote monitoring of solar plants
RBI tightens remittance norms
- The RBI has tightened norms for Liberalized Remittance Scheme (LRS) by making quoting of permanent account number (PAN) mandatory even for transactions below USD 25,000.
India is the largest borrower from Asian Infrastructure Investment Bank
- AIIB is the first major multilateral development bank where principal contributors are the borrowing members themselves. The third Annual Meeting of the bank focuses on infrastructure, with the theme of innovation and collaboration, said Shri Garg.
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