Economy and Banking Current Affairs August 2015 Part 1

ADB and India Signed $ 300 Million Loan Pact

  • Asian Development Bank (ADB), headquartered at Manila, signed $ 300 million loan pact with the government of India on July 28, 2015 to support the National Urban Health Mission (NUHM) which is aimed at improving health status of India’s urban population.
  • The loan from the ADB’s Ordinary Capital Resources has a 20-year, term including a grace period of five years, and an interest rate to be determined in accordance with ADB’s LIBOR-based lending facility.
  • Asian Development Bank, established in 1966, is comprised of 67 members, of which 48 are from the region. In 2014, ADB assistance totalled $ 22.9 billion, including co-financing of $ 9.2 billion.
  • NUHM is Union government’s flagship program and a sub-mission of National Health Mission (NHM).

SEBI Canceled Sahara’s Mutual Fund Licence

  • Securities and Exchange Board of India (SEBI), the market regulator in India has cancelled the registration of Sahara Mutual Fund’s certificate of registration on expiry of a six-month period from July 28, 2015,
  • Recently, SEBI had also cancelled the portfolio management licence of Sahara asset Management Company (AMC).
  • SEBI considered that Sahara was no longer ‘fit and proper’ to carry out this business and ordered transfer of its operations to another fund house.
  • SEBI also directed Sahara Mutual Fund and Sahara AMC to stop accepting subscription from its existing or new investors with immediate effect and not levy any penalties on the investors for not depositing the installments.

Read Also – India & World Current Affairs September 2015 (Part 4).

MNREGA is World’s Largest Public Works Programme

World Bank

  • As per ‘The State of Social Safety Nets 2015’ a World Bank Group’s report in July, 2015 India’s rural employment guarantee programme MNREGA has been ranked as the world’s largest public works programme.
  • India is among the five middle-income countries running the world’s largest social safety net programmes. World Bank has said,
  • MNERGA has been providing social security net to almost 15% of the country’s population.
  • The world’s five largest social safety net programmes are all in middle-income countries (China, India, South Africa and’Ethiopia) and reach over 526 million people. India’s Mid-day meal scheme has also been classified as biggest school feeding programme benefiting 105 million beneficiaries.

FKCCI Completed its 100 Years of Service

  • The Federation of Karnataka Chambers of Commerce & Industry (FKCCI), which successfully liaises between the business community and the governments, is entering its 100th year of service on July 27, 2015.
  • The 100th year celebration was inaugurated by Pranab Mukherjee, the President of India.
  • On this event, special activities like Conferences on banking, finance and for Business Women etc. were conducted.
  • It also conducted awareness campaign on ‘Make in India’ programme and many other events like International Women’s Day, MANTHAN 2016, Export Excellence Award 2016, Members Day Celebration, FKCCI Innovation Excellence Award 2016.

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Updated: December 29, 2015 — 12:20 pm

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