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RBI Extends the Demonetized Currency Exchange Date for NRIs to June 30
i. The Reserve Bank of India (RBI) has taken a relief providing decision for the Non-Resident
Indian and Indian Citizens who were staying abroad since November 9 to December 31post
demonetization decision.
ii. As per the decision, the Indian Citizens can exchange their demonetized notes up to March
31, 2017 while the Non Resident Indian (NRIs) citizens can avail this facility up to June 30,
2017.
iii. The bank informed that there would not be any limit for Indian residents while for
the NRIs the maximum limit would be Rs 25,000 as per the FEMA regulations 2015.
iv. They can avail this facility only once during the period on submission of valid ID documents
and evidence proof of being abroad. The decision also states that third party tender will not be
accepted.
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sanctioned to the farmers through the network of the banks branches across the country.
ii. This will benefit the farmers from distress sale of their commodities
percent of the notes to the rural branches since currency notes in rural areas was not
adequate to meet the requirements of the population.
HDFC Ties with Niki.ai to Launch OnChat to make Payments via Facebooks Messenger
i. HDFC has tied-up with artificial intelligence firm Niki.ai to launch a chatbot
called OnChat on Facebooks Messenger platform, that will allow users to recharge phones,
pay utility bills, book cabs from Ola or Uber etc., through a chat.
ii. The chatbot is available for non-HDFC bank users as well. The chat opens a payment
gateway through which transactions can be made using any bank account.
Coca-Cola India partners the State Bank of India to enable digital transactions
i. Coca-Cola India and its largest bottling partner Hindustan Coca-Cola beverages have
partnered the SBI to enable over 2.6 million retailers and 5000 distributors in conducting
business transactions digitally.
ii. SBI will educate retailers on digital transactions and will be developed a customized payment
solution for retailers and distributors.
Yes Bank ties-up with Bajaj Electricals for vendor financing using block chain
i. Yes Bank has entered into a tie-up with Bajaj Electricals for vendor financing using
blockchain solution.
ii. There is an over 70 per cent cost reduction because of blockchain and the payback for our
investments is 6-8 months.
Paytm Gets final approval from RBI to Start Operating as Payment Bank
i. Mobile commerce and payments company, Paytm received the final approval from the Reserve
Bank of India on January 3, 2017 to launch Paytm Payment Bank.
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ii. Paytm Payments Bank Ltd is expected to start its operation in next 30-60days with its first
branch in Noida, Uttar Pradesh.
iii. Paytm Payments Bank is held 51% by Sharma and 49% by One97 Communications Pvt. Ltd. It
has already received investments of Rs 220 crore from One97 Communication and its Vijay
Shekhar Sharma.
Karnataka Bank launches group Personal Accident Insurance Scheme named KBL
Suraksha
i. Karnataka Bank has launched has launched a group Personal Accident Insurance
Scheme for all its Saving Bank(SB) Account holders. The insurance scheme is named KBL
Suraksha and provides insurance cover for accidental death.
ii. All the SB Account holders within the age group of 18-70 years can register themselves for
the insurance scheme. The KBL Suraskha Scheme comes in two variants.
iii. Plan A provides an accidental insurance of Rs 5 lakh on payment of Annual premium of Rs
50(plus service charge). Plan B provides an accidental insurance of Rs 10 lakh on payment of
Annual premium of Rs 100(plus service charge). The maximum renewal age for the policy will
be 75 years.
iv. Karnataka Bank has launched the insurance scheme in association with Universal Sompo
General Insurance. The bank has launched a month-long campaign to promote its KBL
Suraksha scheme.
16th Financial Stability and Development Council Meeting Held in New Delhi
The 16th edition of the Financial Stability and Development Council (FSDC) meeting was
held on January 5, 2017 in New Delhi under the Chairmanship of
the Union Finance Minister ArunJaitley.
Aim: The FSDC meeting was held to discuss about the obstacles faced by the economy and to
bring out the solution to tackle them. Besides, it also aimed at bringing new suggestions and
outcomes in order to benefit the upcoming Budget 2017-18.
Key Discussions Held During the Meeting
i.While chairing the meeting, the Union Finance Minister, ArunJaitley emphasized the significance
of demonetization decision saying that the governments measures to eliminate the shadow
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economy and tax evasion are expected to have a positive impact both on GDP and on fiscal
consolidation in the long run.
ii.The Council, which has heads of all financial sector regulators as its members, reviewed the
major issues and challenges facing the economy and noted that India appears to be much better,
placed today on the back of improvement in its macroeconomic fundamentals.
iii.Financial regulators gave suggestions to promote financial stability and also discussed the
measures and initiatives to establish and promote the financial stability. Also, the regulators
offered their suggestions for the upcoming Budget for 2017-18, which were discussed by the
Council.
iv.In the meeting, Chief Economic Advisor Arvind Subramanian made a presentation on the state
of the economy.
v.FSDC discussed about the various initiatives taken by the government and regulators for
promoting financial inclusion/ financial literacy efforts and discussed further measures for
promoting the same.
Indias GDP growth estimated at 7.1% this year & Per capita net national income rises
by over 10%
i. According to the Central Statistical Office data Indias Gross Domestic Product (GDP) growth
is estimated at 7.1 per cent in 2016-17 as compared to 7.6 per cent in 2015-16.
ii. The CSOs projection on the per capita net national income during 2016-17 is projected to be 1
lakh three thousand seven rupees displaying an increase of 10.4 per cent as compared to 93
thousand two hundred ninety three during 2015-16 with the growth rate of 7.4 percent.
iii. The agriculture, forestry and fishing sector and manufacturing sector are likely to show a
growth of 4.1 per cent and 7.4 percent respectively during 2016-17, as against the previous
years growth rate of 1.2 per cent and 9.3 percent in 2015-16.
iv. The wholesale price index (WPI), of food articles has risen by 6.9 per cent,and the consumer
price index has shown a rise of 5.0 per cent during April-November, 2016-17.
SEBI eases rules for foreign fund managers & Sebi relaxes rules for angel funds to boost
start-up funding
i.The Market Watchdog SEBI has released rules allowing foreign fund managers to act
as Portfolio Managers under a relaxed regulatory regime.
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ii.This new rule will make it easier for foreign fund managers to enter India also provides
significance of taxation incentives for the offshore fund managers willing to relocate to India.
iii. In another development the market regulator also relaxed its rules for investment by angel
funds, including permitting them to invest in up to five-year old entities which will boost startup
funding.
iv.Consequently the lock-in condition has been cut down from 3 years to 1 year for angel funds
and their minimum investment threshold has been slashed from Rs. 50 lakh to Rs. 25 lakh.
v. Angel funds are permitted to invest in overseas venture capital undertakings up to 25 per
cent of their investible corpus in agreement with other Alternative Investment Funds.
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SBI waives MDR charges for small merchants for one year
i. SBI has waived Merchant Discount Rate (MDR) on debit card transactions for all small
merchants with annual turnover of up to Rs 20 lakh for one year.
ii. The bank has decided to waive completely, the MDR charges on debit card transactions for all
small merchants for a period of one year upto December 31, 2017.
Indias GDP Growth Decelerates to 7 percent for fiscal 2016-17: World Bank
i. The World Bank on January 11, 2017 cut the Indias GDP growth for 2016-17 fiscal ending on
March 31, 2017 to 7 percent from its previous estimate of 7.6 percent due to demonetization.
ii. The bank cited the immediate withdrawal of a large volume of currency in circulation and
subsequent replacement with new notes as the main reason behind the deceleration of the GDP
growth rate.
iii. However, the bank also asserted that India is expected to regain its momentum with GDP
growth at 7.6 percent in Fiscal Year (FY) 2018-19 and strengthening to 7.8 per cent in FY
2019-20.
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and 22 carat. These caratage would also be mentioned on the jewellery besides the fineness for
the convience of the customers.
Airtels Payments Bank Starts Operation with Initial Investment of Rs. 3000
i. Airtel Payments Bank started its nationwide operations on January 12, 2017 with an initial
investment of Rs 3,000 crore and offering an interest rate of 7.25 per cent for savings
accounts. The bank was launched by Finance Minister Arun Jaitley.
ii. This is the first payments bank which will be opened across 29 states in India to provide
financial services to the millions who are outside the banking system.
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NPCI declares Rs 54.90 crore prize money for NITI Aayogs lucky draw schemes
i. National Payments Corporation of India (NPCI) has declared Rs 54.90 crore prize money to
over 3.42 lakh winners for NITI Aayogs lucky draw schemes Lucky Grahak Yojna (LGY) and
Digi-Dhan Vyapar Yojna (DVY).
ii. There are 15,000 daily winners qualifying for total prize money of Rs. 1.5 crore and
over 14,000 weekly winners qualifying for total prize money of over Rs. 8.3 crore every week.
It will run till April 14, 2017
iii. Maharashtra, Andhra Pradesh, Tamil Nadu, Uttar Pradesh and Karnataka emerged as the top
five states with maximum number of winners under the age group of 21 to 30 years.
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(CACMS) project that aims to digitalize business process to ensure faster service, accurate
customer responses and customer satisfaction.
ii. The project provides an Aadhar based e-KYC (Know Your Customer) service for
immediate activation of new mobile connections across the country.
iii. The state-run telecom has selected Intense Technologies to deliver the CACMS project on a
Pan India basis for all lines of business of BSNL as per the terms and conditions of the tender.
Market Regulator SEBI Tightens Mergers & Acquisitions Norms Among Unlisted Firms
The Capital market regulator of India, Securities and Exchange Board of India (SEBI) on
January 14 tightened the norms associated to Mergers and Acquisitions (M&A) of Indian
companies.
Aim: The main objective behind the move is to prevent large number of unlisted
company to get listed by merging with a very small company for personal motive and
protect the interest of the Public shareholders in the listed companies and give them a
greater say in the merger with unlisted subsidiaries.
Directives Rolled Out by SEBI
SEBI directed after the unlisted company merge with listed company and gets automatically
listed, the effective total public shareholding of the listed entity plus the qualified
institutional buyers (QIBs) of the newly listed company has to be at least 25%.
The public shareholding of the resultant entity created by the merger of an unlisted and
a listed company has to be more than 25 per cent.
The unlisted entity can only merge with those companies that are listed on exchanges such
as the National Stock Exchange (NSE) and BSE.
The market regulator also directed companies to follow the pricing formula specified under
the Issue of Capital and Disclosure Requirements (ICDR) regulations. This aims to
prevent companies to issue shares to select group of shareholders instead of all shareholders
during mergers and amalgamations between listed and unlisted entities.
Mysuru Printing Press Breaks Record by Printing Highest No. of Currency Notes in a
Month
i. As per the data released by the President of Note Mudran Limited Employees Union, A Ramdass,
the RBI Note Mudran printing press in Mysuru printing highest number of currency
notes in December breaking all its past record.
ii .It printed 10.9 million currency note in a day that even broke the world record made an
American currency printing press of printing 8.7 million notes in a day.
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India Signs Financing Agreement with World Bank for US$ 48 Million for Nagaland
Health Project
The Joint Secretary of Department of Economic Affairs, Mr. Raj Kumar and Acting Country Director
of the World Bank Mrs. Genevieve Connors are signed s financing agreement for IDA credit of US$
48 million for the Nagaland Health Project on January 16, 2017.
i. As per a report titled An economy for the 99 per cent released by rights group Oxfam on
January 16, 2017, the richest 1 percent of the population in India holds 58 percent of the
countrys total wealth which is higher than the global figure of 50 percent.
ii. The report found that since 2015, the richest 1 percent population in India has continued
iii. Besides, it also discovered that 57 billionaires in India having collective wealth of USD 216
billion was equal to the wealth that lowest 70 percent population held. However, when taken
globally only 8 billionaires have the same amount of wealth as the poorest 50 percent of the world
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population.
iv. The study stated that India has 84 billionaires with a collective wealth of USD 248
billion. The total Indian wealth in the country was calculated at USD 3.1 trillion. Top 3 billionaires
comprised of Mukesh Ambani (USD 19.3 billion), Dilip Shanghvi (USD 16.7 billion) and Azim
iv. In contrast, the total global wealth in 2016 was USD 255.7 trillion. Of this, the top three global
billionaires held about USD 6.5 trillion which comprised of Bill Gates (USD 75 billion), Amancio
IMF Lowers Indias GDP Growth Rate to 6.6% from 7.6% for FY17
i. According to the World Economic Outlook report, the International Monetary Fund
(IMF) on January 16, 2017 has lowered the Indias GDP growth rate for the current fiscal year
by one point to 6.6 percent from its previous estimate of 7.6 percent due to the effect of
ii. IMF also cut Indias GDP forecast for 2017-18 by 0.4 points to 7.2 percent as against previous
forecast of 7.6 percent. For the year 2018-19, the projected growth rate remained unchanged
at 7.7 percent.
iii. Besides, IMF estimated the growth rate of China at 6.7 percent for 2016-17, 6.5 percent for
iv. The global growth for 2016 was estimated at 3.1 percent that remained unchanged from
previous forecast while for 2017 the global forecast is estimated at 3.4 percent for advanced and
i. Private sector lender YES BANK in collaboration with T-Hub, Anthill and Lets Talk
Payments launched a unique business accelerator program YES FINTECH to provide start-ups
a platform for creating sustainable and market ready products as well as provide innovative
ii. YES FINTECH has invited start-ups applications from across the global community, till February
3, 2017 on its website www.yesfintech.com. It would select top 12 start-ups for 15 week dual
i. YES Bank has launched a first of its kind unique Customizable Savings Account to enable the
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ii. Mumbai based bank has become the first bank in India to launch such type of account that
enables the customer to choose various features of a savings accounts that suits ones own
lifestyle.
RBI Hikes Cash Withdrawal Limit from ATMs to Rs. 10,000 per Day
The Reserve Bank of India (RBI) from January 16, 2017 has increased the limit of cash
withdrawal from ATMs to Rs 10,000 per day from the current Rs 4,500 with immediate effect
CBDT Clarifies No TDS or Advance Tax Credit for Income under PMGKY
i. The Central Board of Direct Taxes (CBDT) on January 18, 2017 cleared that income
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declared under Pradhan Mantri Garib Kalyan Yojna (PMGKY) would not be entitled to get any
credit by way of advance tax paid or the tax deducted at source (TDS) or tax collected at
source (TCS)
ii. This is in contrast to the earlier Income Declaration Scheme (IDS) under which these credits
were allowed.
Lloyds Gets Final Approval from IRDAI to Open First Branch in India
i. Londons insurance giant Lloyd has received the final approval from the Insurance
Regulatory and Development Authority (IRDA) on January 19, 2017 to set up its first branch
in India.
ii. The specialist insurance and reinsurance company would open its first branch office in India
before April 2017 and will be located at Mumbai.
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anti-money laundering.
RBI had issued a notice regarding this to the bank and the bank has submitted its written reply.
Kwality Ltd Signs MoU with Bank of Baroda for Rs 4000 Cr Loan to Farmers
i. Mumbai based dairy firm Kwality Ltd has signed an MoU with Bank of Baroda on January
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20, 2017 to provide Rs. 4000 crore loans to one lakh farmers out of the established networks
from whom the company procures milk.
ii. The MoU aims to provide financial assistance to improve socio-economic lives of farmers
and encourage them towards digitisation.
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Cabinet Permits NABARD to Raise Rs. 20,000 crore for on-lending to Co-Op Banks
i. The Union Cabinet chaired by the Prime Minister Shri Narendra Modi gave its post-facto
approval on January 24, 2017 allowing National Bank for Agriculture & Rural Development
(NABARD) to raise approx. Rs. 20,000 crore from the market for on-lending to Cooperative
Banks.
ii. It permitted the bank to make the short term borrowing at the prevailing market rate and lend
to Co-op Banks at 4.5 Percent rate of interest. The move will support the famers by providing
them loans to boost agricultural production.
France Issues First Green Bonds With Record Sale of 7 Billion Euro
i. France on January 24, 2017 issued its first Green Bonds with a record sale of worth seven
billion euro (USD 7.5 billion) thus leading a significant way towards establishment of a genuine
market in renewable energy bonds.
ii. The proceeds from the bonds will be used by France to finance projects to address climate
change.
iii. The 22-year bonds coupon has been set at 1.75 percent which is same as the interest rate
on conventional borrowing for the same time frame. This will enable France to finance expenditure
on green projects at the same price as traditional borrowing.
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(FATF).
ii. The move aims to bring down the global terror financing and thus prevent, detect and prohibit
money laundering
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iii. CASHe offers multiple loan options ranging from Rs. 5,000 to Rs. 1,00,000 payable over 15,
30 and 90 days.
Union Finance Minister Arun Jaitley Presented Economic Survey 2016-17 in the
Parliament
The Union Finance Minister Shri Arun Jaitley presented the Economic Survey 2016-17 in the
Parliament on January 31, 2017 that provides a base for the government to prepare the annual
Budget.
The survey has been authored by Chief Economic Adviser Arvind Subramanian.The
Economic Survey depicts the state of the economy and is generally presented in
Parliament a day before the presentation of the annual Budget.
Important Highlights of the Economic Survey 2016-17
GDP Growth
The Economic Survey has estimated that the GDP growth rate for FY18 will be in the range
of 6.75 percent to 7.5 percent.
Demonetization and rising oil prices have been identified as the major risk to the growth
rate. However, remonetization and sufficient circulation of currency notes may return the
growth rate to normal position.
The growth rate for the current fiscal has been estimated at 7.1 percent from the previous
7.6 percent by the Central Statistics Office. This estimate does not take into account the
effect of demonetization.
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Fixed investment (gross fixed capital formation) to GDP ratio (at current prices) is estimated
to be 26.6 per cent in 2016-17 as compared to previous 29.3 percent.
Government Revenues
The survey stated that the indirect taxes grew by 26.9 percent during April-November 2016.
Besides, the revenue expenditure experienced a boost in the same period due to
increase in the salaries of government employees by 23.2 percent with the Seventh Pay
Commission and 39.5 percent increase in the grants for creation of capital assets.
Inflation
As per the Consumer Price Index (CPI), inflation remained under control for the third successive
financial year. The average CPI inflation was 5.9 percent in 2014-15, 4.9 percent in 2015-16
and 4.8 percent during April-December 2016.
Based on Wholesale Price Index (WPI), inflation was 2.0 per cent in 2014-15 and lowered to
(-)2.5 percent in 2015-16. During April-December 2016 it averaged to 2.9 percent. As per
the report pulses contributed major risk to food inflation.
Trade Growth
The survey stated that the growth in export was increased by 0.7 percent during April-December
of 2016-17 amounting to USD 198.8 billion.
Similarly, during April-December of 2016-17, imports declined by 7.4 per cent
to USD 275.4 billion.
Besides, trade deficit declined to USD 76.5 billion in 2016-17 (April-December)
compared to USD 100.1 billion in the previous year.
The current account deficit (CAD) too lowered in the first half (H1) of 2016-17 to 0.3
percent of GDP from 1.5 percent in H1 of 2015-16 and 1.1 percent in 2015-16 full year.
In the first half of 2016-17, Indias Foreign Exchange Reserves increased by USD 15.5
billion.
External Debt
Indias external debt declined from March 2016 by USD 0.8 billion to USD 484.3 billion in
September 2016.
The short-term debt that contributed major share in total external debt declined to 16.8
percent at end-September 2016 and foreign exchange reserves provided a cover of 76.8
percent to the total external debt stock.
Agriculture Sector Growth
As per the survey, the agriculture sector is estimated to grow at 4.1 percent in the current fiscal
as compared to 1.2 percent in 2015-16 due to better monsoon.
The total area coverage under Rabi crops was recorded to be 616.2 lakh hectare on
January 13, 2017 which is 5.9 percent higher than previous year.
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Similarly the area coverage under wheat as on January 13, 2017 is 7.1 percent higher
while the area coverage under gram is 10.6 percent higher than that in the
corresponding week of last year.
Industrial Growth
The survey estimates a growth rate of the industrial sector to be moderate at 5.2 percent in
2016-17 from 7.4 percent in 2015-16.
Services Sector
The Service sector has been estimated to grow at 8.9 percent in 2016-17 which is almost similar
to that in 2015-16.
Social Infrastructure, Employment and Human Development
The survey highlighted that the Parliament has passed the Rights of Persons with Disabilities Act,
2016 to enhance the rights and entitlements of Persons with Disabilities. It envisages increasing
the reservation in vacancies in government establishments from 3 percent to 4 percent for those
persons with disability.
The Survey says Apparel and Leather industry have immense opportunity for job creation for
the weaker sections, especially for women and can lead to social transformation in the
country.
It points out that the capacity of the State to provide essential services such as health and
education to weaker section of the society is weak due to low capacity, with high levels of
corruption, clientelism, rules and red tapism.
India Post Payment Bank Begins Pilot Service in Ranchi & Raipur
i. India Post Payments Bank (IPPB) started its operations on January 30, 2017 with the pilot
services launched in Raipur and Ranchi.
ii .The total paid up capital of the bank is Rs. 800 crore and the government has already
infused Rs. 275 crore.
iii. IPPB will offer an interest rate of 4.5 percent on deposits up to Rs.25,000; 5 percent
on deposits of Rs.25,000-50,000 and 5.5 percent on Rs.50,000-1 lakh.
iv. The main of IPPB is to encourage financial inclusion rather than promoting commercial
interests. It would work jointly with the Department of Post to offer the benefits of the
government schemes and financial services which is not easily available to rural people and
marginal population of urban area.
v. IPPB would enable 3 lakh postmen to aid in bank functions. Besides, 1000 ATMs of India Post
will be transferred to IPPB. The bank has made plans to launch 650 branches across the country
by September 2017.
ICRA Estimates Banks Credit Growth to Remain Subdued at 5-6 percent in FY17
As per the report of the rating agency, ICRA, the bank credit growth rate is likely to float
between 5-6 percent in the current fiscal year.The reason cited includes weak loan demand as
the rate of return offered by debt market is better in comparison to banks.
Besides, the deposit rate was also projected to drop to 12 percent from the current 14.7
percent this fiscal ending March 2017 due to better cash flow in the system and cut in the deposit
rate by the banks.
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