Launched Survey to Seek Info on Order Books in Manufacturing Companies
- The Reserve Bank of India (RBI) today launched the survey to seek quantitative information on order books, inventories and capacity utilisation of companies in the manufacturing sector, a key input for monetary policy formulation on October 18, 2016
- The survey seeks quantitative information on order books, inventories and capacity utilisation, such as, pending order books, backlog order books, total inventories, finished goods inventories, work in progress inventories and installed capacity from companies in the manufacturing activities.
- The information on installed capacity, quantity produced, value of production, etc., is used for calculating the capacity utilisation at industry as well as at an all India level. The survey provides a significant input to the RBI in monetary policy formulation.
Check Also – UPSC Question Papers.
BANKING CURRENT AFFAIRS
ICICI Bank UK Launched ‘Money2India Europe’
- The British subsidiary of ICICI Bank, ICICI Bank UK Pic, announced the launch of online money transfer services on October 27, 2016 to facilitate transaction from any bank accounts in Sweden, Norway and Denmark to any recipient account based in India.
- The service called /Money2India Europe’ verifies the credentials of the customers over video call from Money2India Europe website.
- The website is owned by ICICI Bank UK Pic and it eliminates the need to courier the Know Your Customer (&YC) documents. Money2India Europe service is now available in 20
- countries in Europe and the service is completely online and can be completed within 15 minutes.
- ICICI Bank UK Pic has partnered with Inpay A/S, a global payments service provider, to bring this service to consumers in Sweden, Norway and Denmark.
Bank Deposits Crossed Rs 100 Lakh Crore
- According to a data released by the RBI on October 17, 2016, shows that Indian banking system reported total deposits of Rs 100 lakh crore for the first time ever in September, 2016.
- Demand deposits crossing Rs 10 lakh crore and time deposits crossing the Rs 90 lakh crore mark, the month saw the highest-ever monthly rise of Rs 5.32 lakh crore, more than the total deposits in the banking sector 20 years back.
Money Deposit
- Demand deposits, bank money are funds held in demand deposit accounts in commercial banks. These account balances are usually considered money and form the greater part of the narrowly defined money supply of a country.
- A time deposit is a money deposit at a banking institution that cannot be withdrawn for a specific term or period of time.
- When the term is over it can be withdrawn or it can be held for another term. Generally speaking, the longer the term the better the yield on the money.
