Daily Current Affairs – 7th & 8th – Tuesday & Wednesday

Posted on 8th April 201528th September 2018 by Neeraj Neeraj

1. PM launches MUDRA Bank i. Prime Minister Narendra Modi today launched MUDRA or Micro Units Development Re-finance Agency in New Delhi. ii. The Prime Minister said, the MUDRA bank, with a corpus of Rs 20,000 crore, will provide credit of up to Rs 10 lakh to small entrepreneurs and act as a regulator for […]

1. PM launches
MUDRA Bank

i. Prime Minister Narendra Modi today launched MUDRA
or Micro Units Development Re-finance Agency in New Delhi.

ii. The Prime Minister said, the MUDRA bank, with a
corpus of Rs 20,000 crore, will provide credit of up to Rs 10 lakh to small
entrepreneurs and act as a regulator for Micro-Finance Institutions MFIs to
promote their growth.

iii. The Bank will provide
institutional finance to 5.77 crore small business units in the country to
achieve higher GDP and generate employment opportunities.

iv. The government had proposed this scheme in the
budget, with a corpus of Rs 20,000 crore and credit guarantee corpus of Rs
3,000 crore.
v. MUDRA Bank is set up through a statutory
enactment and will be responsible for developing and refinancing through a
Pradhan Mantri MUDRA Yojana.

vi. Since the enactment for MUDRA is likely to take
some time, it is proposed to initiate MUDRA as a unit of SIDBI to benefit from
its initiatives and expertises.

vii. The bank will also partner with states and
regional level coordinators to provide finance to last mile financiers of small
and micro business enterprises.

2. RBI keeps rate unchanged!

i. The
Reserve Bank of India (RBI), on Tuesday 7th April 2015, kept the short-term
policy rate (repo) unchanged at 7.50 per cent in its first bi-monthly monetary
policy for fiscal 2015 -16.

ii. The
central bank said it would wait for banks to pass on rate cuts that have
already been announced before it looks for further easing.

iii. Earlier, RBI had unexpectedly
reduced the policy rate by 25 basis points on 4 March-the second such cut
outside a scheduled monetary policy review since January.

iv. The
first rate cut of the cycle had been announced on 15 January. One basis point
is one-hundredth of a percentage point.

Current Rates are as follows:

1. Repo Rate – 7.50% (unchanged)

2. Reverse Repo Rate – 6.50% (unchanged)

3. CRR (Cash Reserve ratio) – 4%
(unchanged)

4. Bank Rate – 8.50% (unchanged)

5. MSF (Marginal Standing Facility) – 8.50%
(unchanged)

6. SLR (Statutory Liquidity Ratio) –
21.50% (unchanged)

3. RBI survey
pegs 2015-16 Growth at 7.9%

i. A survey sponsored by the Reserve Bank has projected the economic growth
rate at 7.9 per cent for the current fiscal, up from 7.5 per cent in 2014-15.

ii. The RBI’s Professional Forecasters on Macroeconomic Indicators said that
in 2015-16, Gross Value Added at basic price is expected to increase by 7.9 per
cent, led by growth in ‘Services’ by 10.1 per cent.
iii. The government expects the economy to grow by 8 to 8.5 per cent in
the current fiscal. Yesterday, RBI has projected growth for 2015-16 as 7.8 per
cent in its monetary policy assuming steady financial situation and normal
monsoon.

4. Sumit Mazumder takes
over as CII President

i. Sumit Mazumder become new President of the Confederation
of Indian Industry (CII) for 2015-16.

ii. He succeeded
Ajay Shriram.

iii. A graduate
of St Xavier’s College (Kolkata), Mazumder has a Master’s in Business
Administration from Sam Houston State University, Texas, USA.

iv. He also
undertook the Advanced Management Program at Harvard University. He is also the
Executive Chairman of Tractors India Pvt. Ltd. which is a distributor for
Caterpillar’s earthmoving, construction and mining equipment and power systems
in India, Nepal and Bhutan.

5. Gujarat win
Syed Mushtaq Ali T-20 tournament

i. Gujarat beat Punjab by 2 wickets and won the Syed Mushtaq Ali T-20
cricket tournament.

ii. Opener Ravi Inder Singh top scored with 30. For Gujarat, pacer Rohit
Dahiya was the pick of the bowlers as he bagged four wickets giving away just
15 runs in 4 fours.

iii. However, opener Smit Patel’s resilience helped Gujarat reach the target
on the second last ball of the match. He made an unbeaten 50. For Punjab,
Siddarth Kaul and Taruwar Kohli bagged 2 wickets each.

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