Economy and Banking Current Affairs May 2016

IFMR Capital Initiated First Capital Market Transaction for MUDRA

  • IFMR Capital enabled the first capital market transaction for MUDRA which emphases on providing low cost loans to microfinance and non-banking financial institutions on April 20, 2016.
  • IFMR Capital has completely structured j and arranged a securitization transaction of IFMR Capital enabling MUDRA to invest Rs 50 crore in the A (-) rated senior tranche of securitised MSME loan portfolio of Janalakshmi Financial Services.
  • This will be a short-term transaction with tenure of 1.5 years which in turn will gain exposure to over 100 high quality MFls and NBFCs in the Nation.

Union Government Imposed Anti-dumping Duty on N-Butyl Alcohol

  • The government on April 13, 2016 imposed an anti-dumping duty of up to $ 149 on imports of N-Butyl Alcohol from European Union, Malaysia, Singapore, South Africa and the USA for five years.
  • The duty was imposed because Normal Butanol exported from the European Union, Malaysia, Singapore, South Africa and the USA was found to be below its normal value.
  • Central Board of Excise and Customs (CBEC) issued a notification based on the recommendation of Directorate General of Anti-dumping and Allied Duties. The anti-dumping duty imposed under this notification shall be effective for five years.

‘Unified Payments Interface’ Launched

  • The Reserve Bank of India (RBI) and National Payments Corporation of India (NPCI) launched the Unified Payment Interfaceon April 13, 2016 with the objective of encouraging electronic payment systems.
  • It will enable anyone with a bank account to complete a transfer or make a payment without having to share bank account or credit/debit card details. The UPI will integrate all existing payment system. The NPCI wiil maintain a database of customer’s Aadhaar number, Mobile number and Bank accounts.
  • UPI, an app that customers can download on their mobile phones, can be used for making banking transactions (third-party payments, sending and receiving money) below ? 1 lakh.

NE-ASEAN Business Summit Held at Imphal

  • A three-day North-East Association of South-East Asian Nations (ASEAN), business summit was concluded on April 9, 2016 in Imphal (Manipur).
  • It was organised by Manipur Commerce and Industries Department (MCID), the Union Ministers of External Affairs and Development of North-Eastern Region (DONER), Indian Chamber of Commerce (ICC) and Indian Chamber of Service Industries (ICSI).
  • It focussed on enhancing the things in North-Eastern region like connectivity, trade and tourism, investments employment, Ease of doing business, agro and food processing, empowering MSME etc.

India’s First Aadhar-based ATM

  • The DCB Bank has become the first of its kind to start Aadhar-based ATM on April 5, 2016 wherein a customer can transact using his Aadhar card details.
  • Customers can transact using his biometric details instead of PIN. The user can key in the 12-digit Aadhaar number or swipe the card at an Automated Teller Machine (ATM) to start a transaction.

ECoR Largest Freight Loading Railway Zone

  • Bhubaneswar based East Coast Railway (ECoR) has become the largest freight loadings railway zone of Indian railways with a capacity of 49 million tonnes of freight.
  • It is one of sixteen railway zones of Indian Railways. In ternu of coal loading, the railway zone has carried 79.4 rakes per day from its jurisdiction. Indian railway carries 131.2 rakes per day from its jurisdiction and it includes coal, iron ore, cement, food-grains etc.

Banking

NABARD made Partnership with Germany for Food Security Initiative

  • National Bank for Agriculture and Rural Development (NABARD) joint ventured with German government for a special programme on Soil Protection and Rehabilitation for Food Security on April 29, 2016.
  • It include the Soil conservation and rehabilitation of degraded land for food security in Maharashtra and Madhya Pradesh and innovation of watershed development for rehabilitation of degraded soils. It will help in climate change adaptation in five States (Andhra Pradesh, Telangana, Maharashtra, Gujarat and Rajasthan).
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