Economy and Banking Current Affairs March 2017


Prohibited Investments in Non-cooperative Countries

  • The Reserve Bank of India (RBI) prohibited- Indian entities from making direct investments in any entity located in ‘non cooperative countries and territories’, as identified by the intergovernmental body FATF on January 26, 2017.
  • The Financial Action Task Force (FATF) currently comprises two regional organisations and 35-member jurisdictions, including India, the USA, the UK, China and the European Commission.
  • At present, there is no restriction on an Indian entity with regard to the countries where ft can undertake Overseas Direct Investment.


Government Barred Cooperative Banks from Accepting Deposits under PMGKY

  • The govern men barred cooperative banks from accepting deposits Pradhan Mantri Garib Kaiyan Deposit Scheme on January 21, 2017.
  • The deposit scheme is a part of the new income disclosure scheme under which a declarant has to deposit 25% of the declared undisclosed income in an authorised bank as notified by the government.
  • Initially, cooperative banks were allowed to take deposits of old currency notes and as per estimates, about Rs 16000 crore was deposited. But, six days into demonetisation, the RBI barred these banks from exchanging old currency notes or accepting deposits.

HDFC Bank Launched First ‘Humanoid’ Robot

  • The private lender HDFC Bank launched what it claimed to be the first ‘humanoid’ in the domestic banking space, on January 7, 2017.
  • The bank showcased human-sized robot Ira, developed in association with Kochi-based Asimov Robotics.
  • The robot will perform a limited role and act Largely as a receptionist, though the humanoid can also move around in the branch.


Mahindra Asset Management Launched New Scheme

  • Mahindra Asset Management Company Private limited (MAMCPL) announced launch of Mahindra Mutual Fund Dhan Sanchay Yojna scheme on January 11, 2017.
  • The scheme is for those investors who seek to take a calculated exposure in both equity and debt with a long term investment outlook.
  • It will offer scholarships for 150 outstanding students of Jawahar Navodaya Vidyalaya students qualifying for Indian Institute of Technology (IIT) or a National Institute of Technology (NTT).

Also Read – State Current Affairs

Tata Motors and Castrol Signed a Three-year Strategic Partnership Agreement

  • Tata Motors and Castrol announced the signing of a three-year strategic partnership agreement for supply of Commercial Vehicle Oils to Tata Motors globally on January 6, 2017.
  • The agreement will cover over 50 markets including SAARC and ASEAN region. Middle-East, Africa, Russia and Latin America.
  • As Tata Motors expand their international footprint, Castrol with its established presence in these markets, will support Tata Motors’ channel partners with high quality products and services to enhance their market share and profitability.
  • Tata Motors is a key strategic global account for Castrol and this new agreement is a step forward in the partnership which goes back three decades, starting in India where Tata Motors is the largest commercial vehicle manufacturer.

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