1. The eighth BRICS summit held in Benaulim, Goa, India. The theme for the summit was “Building Responsive, Inclusive & Collective Solutions”. The next summit will be held in 2017 in China. The representatives of Member Countries:
a) Brazilian President: Michel Temer
b) Russian President: Vladimi Putin
c) India’s PM: Narendra Modi
d) China’s President: Xi Jinping
e) South Africa’s President: Jacob Zuma
Note: The meet of agriculture ministers of BRICS nations concluded in New Delhi. The first trade fair of the BRICS countries, was held at Pragati Maidan exhibition ground, New Delhi The first BRICS U-17 Football Cup was held at Goa. Goa Declaration In this year BRICS summit, a statement was issued for the member states “strongly condemn terrorism in all its forms & manifestations & stressed that there can be no justification whatsoever.” The members also agreed to set up a credit rating agency. Besides this, first-ever BRICS-BIMSTEC Outreach Summit was also held on side-lines of 2016 BRICS Summit. BIMSTEC member countries are Bangladesh, India, Myanmar, Sri Lanka, Thailand, Bhutan & Nepal. GSAT-18 launched from K
2.CVC made it mandatory for PSB’s to report to all such frauds involving funds over Rs one crore to the commission.
3.RBI relaxed the norms on income recognition, asset classification & provisions pertaining to advances.
4.Taking into consideration the problems, RBI decided to provide an additional 60 days time to clear the dues, provided that the value of the loan or crop loan is less than 1 crore Rs.
5. Term loans, housing loans & agriculture loans with sanctioned amount of up to 1 crore Rs. are eligible for relaxation. RBI reduced the cash withdrawal limit from PMJDY A/C to Rs 10000 a month to protect the holders from money launderers.
6. For Non-KYC compliant, withdrawal limit is Rs 5000 per month. Reserve Bank of India (RBI) has approved the appointment of Parvez Ahmad as Chairman & Chief Executive Officer (CEO) of the Jammu & Kashmir Bank for a period of three years.
7. Reserve Bank of India gave a go ahead to Canada Pension Plan Investment Board (CPPIB) to almost double its holding in Kotak Mahindra Bank.
8. Reserve Bank of India is looking to improve its dealing with customers coming to it with complaints against banks. It has just set up the second Banking Ombudsman office in New Delhi. This is the 16th Ombudsmen with specific state wise jurisdiction covering all the 29 states & seven union territories.
9. Reserve Bank of India (RBI) issued rules permitting startups to raise External Commercial Borrowings (ECBs) per start-up was capped at $3 million per financial year to support financing for start-ups Urjit R Patel assumed charge as the 24th Governor of the Reserve Bank of India (RBI). He succeeded Raghuram Rajan. Reserve Bank of India launched Sachet portal,sachet.rbi.org.in, to check illegal money collection.
10. Union Government appointed Dr. Urjit R Patel as the 24th governor of Reserve Bank of India (RBI). He will be having tenure of three years. Reserve Bank of India asked all commercial & Co-operative banks to provide loans to women self-help groups (SHGs) in rural areas at 7 percent per annum.
11. Employee’s Provident Fund Organization EPFO decided to lower the interest on EPF deposits for the current fiscal to 8.65%, from 8.8% provided in 2015-16, for its over four crore subscribers.
12. Central Statistical Office announced that India’s Gross Domestic Product accelerated to 7.3 % in the second quarter (July-September) of the 2016-17 financial year from a provisional 7.1 % expansion in the previous quarter.
13. To encourage each district in the country to take the digitization route without fear, NITI Aayog will be immediately transferring Rs.5 lakh each district as seed money to kick start this drive.
14. ADB lowered India’s growth forecast for this year from 7.4 % to 7 % due to a slight slowdown in the economy following the central government’s demonetisation move.
15. India has signed a Grant Agreement of USD 5.19 million with International Bank for Reconstruction & Development (IBRD) for Additional Financing for Financing Energy Efficiency at MSMEs Project- Programmatic Framework for Energy Efficiency.
16.Wholesale Price Index (WPI)-based inflation for November 2016 came in at a five-month low of 3.15 %, lower than 3.39 % in the October month.
17. India’s foreign exchange reserves declined by 887.2 million dollars to 362.987 billion dollars in the week ended 9th December SEBI tightened rules for credit rating agencies, prescribing more disclosures on suspension & withdrawal of ratings. CRISIL, ICRA & CARE are the major agencies that assign credit ratings to issuers of debt instruments. 1
18. Govt. has announced that it will present the Union Budget for 2017-18 on February 1 & the budget session may begin in January. Also, the Centre approved the merging of Railway Budget with the Union Budget. ADB & the GOI signed a 500 million US dollar loan to build a 9.8 km long road bridge across the Ganges River. This will be India’s longest river bridge.
19.The 6th Indo-China joint training exercise Hand- in- Hand 2016 held at the parade ground in Aundh Military Camp, Pune.
20. Indian & Chinese armies held their second joint exercise, “Sino India Cooperation 2016” in Eastern Ladakh.