Economic & Banking Current Affairs – October 2018

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Economic & Banking Current Affairs – October 2018

In this we have given, October Month Economic & Banking Current Affairs  and their other details. This is very important for all Competitive exams like UPSC, SSC, RRB, and all PSC Examinations.

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Economic Affairs:

Oil firms increaseATF prices by 7.25%

  • Aggravating the problem for loss-making airlines, oil marketing companies have increased the domestic Aviation Turbine Fuel (ATF) prices by 7.25% effective October 1.

BSE introduces commodity segment

  • BSE became the first equity exchange to unveil its commodity segment with contracts in popular commodities like gold and silver.

Government decides to cut petrol, diesel prices

  • The government has decided to cut Rs 2.50 per litre on both petrol and diesel.

USFDA nod for breast cancer drug

  • Drug firm Zydus Cadila has received approval from the US Food and Drug Administration (USFDA) to market Exemestane tablets, used for treatment of breast cancer.

IMF predicts 7.3% growth rate

  • The International Monetary Fund (IMF) predicted a growth rate of 7.3 per cent for India in the current year and 7.4 per cent in 2019.

IMF study says gender diversity is likely to be boost productivity growth

  • IMF study says gender diversity is likely to boost productivity growth including in countries like India. The Research Paper said the women bring new skills to the workplace.

Centre decides to start issuing Sovereign Gold Bonds

  • The Centre in consultation with the Reserve Bank of India has decided to issue Sovereign Gold Bonds 2018-19.

WhatsApp sets up system to store payments-related data

  • Messaging platform WhatsApp has set up a system in India that stores payments-related data locally in the country to comply with RBI regulations.

Government hikes import duty on certain communication items up to 20%

  • The government has hiked the import duty on certain communication items, including base stations, to up to 20 per cent as part of efforts to check a widening current account deficit by curbing imports.

Chinese Stock market’s plunge to lowest levels in four years

  • China stock markets plunged to their lowest levels in four years following a global rout, marking the lowest level since November 2014.

SpiceJet will offer WiFi on flights soon

  • SpiceJet is set to offer its passengers access to internet on board its aircraft. Airline CMD Ajay Singh made the announcement at a ceremony to induct its first Boeing 737 MAX 8 aircraft, which has arrived equipped with satellite communication device.

Govt hikes GPF interest rate to 8%

  • The union government has increased the rate of interest for General Provident Fund (GPF) and other related schemes by 0.4 percentage points to 8 per cent for the October-December quarter of current financial year.

WPI inflation rises to 5.13% in September

  • Inflation based on wholesale prices rose to a two-month high of 5.13 per cent last month, mainly due to hardening of food prices and rise in cost of petrol and diesel.

India imposes anti-dumping duty on certain steel products from China

  • India has imposed anti-dumping duties of up to 185.51 US dollars per tonne for five years on certain varieties of Chinese steel to protect the interest of the domestic players on the recommendations of the Directorate General of Trade Remedies (DGTR).

Income Tax returns growth of over 80 per cent

  • The number of Income Tax returns filed in the last four financial years has registered a growth of over 80 per cent.
  • The number was 3.79 crore in the year 2013-14 which has increased to 6.85 crore in 2017-18.

GST Council Secretariat asks six states to set up appellate authorities

  • The GST Council Secretariat hasasked six states to expeditiously set up appellate authorities to enable aggrieved entities to file appeals against orders of the Authority for Advance Rulings (AAR).

India takes lead in delivering equipment to France for ITER research project

  • India has taken a lead over others nations in delivering equipment to France for the International Thermonuclear Experimental Reactor (ITER) research project which is aimed at generating energy through nuclear fusion.

Govt clears five more rice mills for exporting non-basmati rice to China

  • The government has cleared five more rice mills for exporting non-basmati rice to China. With this, the number of Indian mills exporting rice to China goes up to 24.
  • China buys over five million metric tonnes of rice from India. India also intends to export sugar to China to bridge the trade deficit.

India set to be third largest aviation market

  • India will be the third largest aviation market globally a year sooner than was earlier predicted.
  • It is now expected to be among the top three countries by 2024 from its current seventh position, according to global aviation body IATA.

Massive inflow of tourists in last few years

  • Arunachal Pradesh has witnessed massive inflow of tourists both domestic and international jumping from 2.5 lac to 9 lac in last few years.

Japan agrees to 316 Billion Yen loan for infrastructure projects in India

  • Japan has agreed to provide loans of about 316 Billion Yen for seven major infrastructure projects in India. These include Mumbai-Ahmedabad Bullet Train, projects in Delhi, North East and Chennai.

Oil prices fall on rising supply

  • Oil prices fell signs of rising global supply despite looming sanctions on Iran’s crude exports.

Banking Affairs

RBI to inject Rs. 36,000 cr into system through purchase of government bonds

  • The Reserve Bank announced that it will inject 36,000 crore rupees into the system through purchase of government bonds in October to meet the festival season demand for funds.

SBI reduces ATM withdrawal limit to Rs 20,000

  • State Bank of India has slashed the daily withdrawal limit on its classic debit card from Rs 40,000 to Rs 20,000. The new limit will be effective from October 31st this year.

RBI allows state-owned oil companies to borrow long term working capital from overseas

  • The Reserve Bank of India (RBI) has allowed state-owned oil companies to borrow long term working capital from overseas. RBI relaxed the policy on borrowing up to 10 billion US dollar from the overseas by the state owned fuel retailers.

RBI imposes penalty on Federal Bank

  • Reserve Bank has imposed a penalty of five crore rupees on Federal Bank for non-compliance of certain RBI directions among other deficiencies.

RBI keeps key rates unchanged

  • The Reserve Bank of India (RBI) decided to keep the interest rate unchanged at 6.5%. The reverse repo rate at 6.25%. The Cash Reserve Ratio (CRR) at 4% while the bank rate is at 6.75%.

SBI to triple asset purchase from NBFCs

  • State Bank of India (SBI) has decided to triple the target for loans it purchases from non-banking finance companies (NBFCs). The move is expected to provide much-needed liquidity to these entities.

RBI issues guidelines to facilitate payments among PPI

  • In a move aimed at promoting digital transactions, the Reserve Bank of India (RBI) has released operational guidelines to facilitate payments among prepaid instruments (PPI) such as mobile wallets.

RBI opposes move for independent Payments Regulatory Board

  • The Reserve Bank of India (RBI) has opposed the move to have an independent Payments Regulatory Board (PRB) as envisaged by the draft proposal for amendments to the Payment & Settlement Systems Act, 2007.

Speed up cyberheist response, RBI says to banks

  • The Reserve Bank of India’s IT arm has asked banks to have a protocol in place to ensure quick response to a cyberheist and to effect recovery. The directive comes in the wake of multiple attempted heists in Indian banks in recent years.

New SBI ATM withdrawal limits

  • New ATM cash withdrawal rules for SBI account holders will come into effect from October 31.
  • The country’s largest bank will reduce the daily cash withdrawal limit for Classic and Maestro debit cards to Rs 20,000 per day, from Rs 40,000.

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