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Current Affairs for Bank exams January 2016

DJ Pandian appointed as the AIIB Vice-President Ex-IAS officer D J Pandian has been appointed as the vice-president and chief investment officer

(CIO) of Asian Infrastructure Investment Bank (AIIB).

He is a retired IAS officer of Gujarat cadre and had served as chief secretary of Gujarat.

What is AIIB?:

Asian Infrastructure Investment Bank or AIIB is a multi-lateral lender set up to boost lending for

infrastructure projects in the Asia-Pacific region. It will fund infrastructural projects such as

energy, urban construction, transportation and logistics as well as education and healthcare.

HeadQuarters of AIIB: Beijing

It has authorised capital of US 100 billion dollars and subscribed capital of USD 50 billion.

China, India and Russia are the three largest shareholders of AIIB, taking 30.34%, 8.52%, 6.66%

stake respectively. Their voting shares are 26.06%, 7.5% and 5.92% respectively.

Saroj Kumar Jha appointed as Senior Director in World Bank Saroj Kumar Jha has been appointed as the senior Director for the Fragility, Conflict and

Violence Group in the World Bank.

Before this appointment, he was working as World Bank’s Regional Director for Central Asia

based in Almaty since February 2012.

RBI keeps rates unchanged in 6th bi-monthly monetary policy review The Reserve Bank of India (RBI) in its sixth bi-monthly monetary policy review for year 2016 has

made no changes in the key policy interest rate.

Main policy rates as following:

Repo rate under the liquidity adjustment facility (LAF): unchanged at 6.75 per cent.

Reverse repo rate under the LAF: unchanged at 5.75 per cent.

Marginal standing facility (MSF) rate and the Bank Rate has unchanged at 7.75 per cent.

Cash Reserve Ratio (CRR) of scheduled banks: Unchanged at 4.0 per cent of net demand and

time liability (NDTL).

Continuation of liquidity under overnight repos at 0.25 per cent of bank-wise NDTL at the LAF

repo rate.

Continuation of liquidity under 14-day term repos as well as longer term repos of up to 0.75 per

cent of NDTL of the banking system through auctions.

RBI projects that in Financial Year (FY) 2016 growth will be at 7.4% with downward bias and

FY17 growth at 7.6 % despite headwinds.

Also RBI projects that Inflation will be around 5% for FY 16-17 due to good monsoon projections

that can pull the inflation down.

ADB to Improve Urban Services in Agartala and Aizawl India and Asian Development Bank (ADB) have signed $80million loan agreement to improve

urban services in two North Eastern cities Agartala and Aizwal.

This loan agreement is the third tranche of a $200 million financing facility of ADB under

its North Eastern Region Capital cities Development Investment (NERCDI) Program.

The loan funds will be used for investments in water supply, sanitation and solid waste

management in Agartala and Aizwal. It will support urban reforms as well as strengthen the

institutional, managerial, and financial capacity of service institutions benefiting nearly a million

people in the two cities.

Under NERCDI, the previous program tranches have provided assistance to five other cities in

the Northeast. They are Aizawl (Mizoram), Shillong (Meghalaya), Gangtok (Sikkim), Kohima

(Nagaland) and Agartala (Tripura).

World Bank to provide loan for Bihar Kosi Basin Development Project India has signed 250 mn dollars Financing Agreement with World Bank for Bihar Kosi Basin

Development Project.

The loan has implementation period of 5 years and Bihar Government is the implementing

agency.

Bihar Kosi Basin Development Project will enhance: (i) Resilience to floods from Kosi River

which is infamously dubbed as sorrow of Bihar and increase agricultural production and

productivity of targeted districts along the river basin. (ii) State’s capacity to respond promptly

and effectively to an eligible crisis or emergency

AIIB formally opens in Beijing Chinese President Xi Jinping has formally opened Asian Infrastructure Investment Bank (AIIB) in

Beijing.

The bank was formally established in Beijing on 25 December 2015.

China’s former Finance Minister Lou Jiwei was elected as the first Chairman of the Bank’s

Council while its former Finance Minister Jin Liqun was elected its first President.

China is highest contributor with 30.34 percent stake in authorized capital. It has 26.06 per cent

of the voting rights along with veto powers for certain key decisions.

India is second largest shareholder with 8.52 per cent stake and voting share of 7.5 per cent.

SBI Launches First Dedicated Branch For Startups – SBI InCube India’s largest lender, State Bank of India (SBI) has launched dedicated specialized branch for

start-ups called ‘SBI InCube’ in Bengaluru, Karnataka.

The ‘SBI InCube’ branch will cater to the specific financial needs by providing advisory services

to the budding entrepreneurs under one roof It will assist start-ups in cash management,

regulations, taxation, mentoring, foreign exchange and remittances and other financial services.

InCube in its current form will not fund start-ups i.e. it will not provide loans.

However it will give them loans when they turn more mature.

It will also not help start-ups to raise funds from equity market as it not part of bank’s mandate.

Loan agreement signed with World Bank for Neeranchal National Watershed Project Union Government has signed a loan agreement with World Bank for the Neeranchal National

Watershed Project to improve watershed management in rural rain fed areas.

The loan credit will support the watershed activities of the Pradhan Mantri Krishi Sinchayee

Yojana (PMKSY) in selected sites in 9 states. These states are Andhra Pradesh, Chhattisgarh,

Telangana, Jharkhand, Gujarat, Maharashtra, Madhya Pradesh, Odisha and Rajasthan.

World Bank will provide loan of US$ 178.50 million with a maturity of 25 years, including a 5

year grace period. The loan has been sanctioned by the World Bank’s concessionary lending arm

International Development Association (IDA).

Neeranchal National Watershed Projectis implemented by the Union Ministry of Rural

Development over a six-year period (2016-21) to achieve objectives of Pradhan Mantri Krishi

Sinchayee Yojana (PMKSY).

Current Affairs for banking exams PDF

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