1. RBI revises priority sector lending norms, adds more categories
The spectre of farmer suicides due to crop failure seems to have prompted
the Reserve Bank of India to revise priority sector lending guidelines for banks, doing away with the distinction between direct and indirect agriculture lending and ensuring loan disbursal to the farm sector is evenly spread out throughout the year.
In its revised guidelines for priority sector lending for banks, the central bank said the present distinction between direct and indirect agriculture is dispensed with.
As of now, within the priority sector lending (PSL) target of 40 per cent of average net bank credit (ANBC) as at March-end of the previous year, banks have to achieve a sub-target of 18 per cent (13.5 per cent direct lending and 4.5 per cent indirect lending) for agriculture.The spectre of farmer suicides due to crop failure seems to have prompted
In its revised guidelines for priority sector lending for banks, the central bank said the present distinction between direct and indirect agriculture is dispensed with.
PSL includes loans given by banks to agriculture, micro, small and medium enterprises, export, education, housing, social infrastructure and renewable energy.
Under the new guidelines, banks have been set a lending target of 8 per cent of ANBC for small and marginal farmers within agriculture. This is to be achieved in a phased manner – 7 per cent by March 2016 and 8 per cent by March 2017. Small farmer means a farmer cultivating (as owner or tenant or share cropper) agricultural land of more than 1 hectare and up to 2 hectares (5 acres). Marginal farmer means a farmer cultivating (as owner or tenant or share cropper) agricultural land up to 1 hectare (2.5 acres). The RBI said priority sector non-achievement will be assessed on quarterly average basis at the end of the respective year from 2016-17 onwards, instead of annual basis as at present.
2. Japan's Nikkei 225 closed above 20000 for the first time in 15 years
Japan’s main stock market index Nikkei 225 closed above the 20000 level for the first time in 15 years. The index surged by just over 15% in 2015, building on an incredible 140% boom since June 2012.
The index performance improved against the background of central bank of Japan pumping money into the economy at a rapid pace, and Prime Minister Shinzo Abe pledging to reform the way Japan Inc. does business.
Also, stocks rallied as the country logged a trade surplus in March 2015 after the weaker Japanese Yen boosted exports and cheaper oil prices lowered its import bill.
The prime minister's ambitious plan for Japan's economy -- dubbed Abenomics -- also helped end deflation, boost corporate earnings and send stock prices through the roof.
Most recently, Abe has been lobbying to get companies to raise worker wages. The idea is that workers will then increase spending; completing a so-called virtuous cycle that will deliver sustained economic growth across the nation.
3. World Happiness Report 2015 released
The World Happiness Report 2015 was released . The report was published by the Sustainable Development Solutions Network (SDSN) an initiative under the United Nations.
The report was topped by Switzerland followed by Iceland, Denmark, Norway and Canada. The World Happiness Report examined 158 countries and is aimed at influencing government policy.
Togo, Burundi, Benin and Rwanda, with civil-war wracked Syria, were least happy.
The study based its rankings on data from the Gallup World Poll and takes into account variables such as real GDP per capita, healthy life expectancy, corruption levels and social freedoms.
The SDSN is comprised of people from academia, government and the private sector and was first launched in 2012.
The World Happiness Report 2015 reveals trends in the data judging just how happy countries really are. On a scale running from 0 to 10, people in over 150 countries, surveyed by Gallup over the period 2012-15, reveal an average score of 5.1 (out of 10).
The World Happiness Report 2015 was released . The report was published by the Sustainable Development Solutions Network (SDSN) an initiative under the United Nations.
The report was topped by Switzerland followed by Iceland, Denmark, Norway and Canada. The World Happiness Report examined 158 countries and is aimed at influencing government policy.
Togo, Burundi, Benin and Rwanda, with civil-war wracked Syria, were least happy.
The study based its rankings on data from the Gallup World Poll and takes into account variables such as real GDP per capita, healthy life expectancy, corruption levels and social freedoms.
The SDSN is comprised of people from academia, government and the private sector and was first launched in 2012.
The World Happiness Report 2015 reveals trends in the data judging just how happy countries really are. On a scale running from 0 to 10, people in over 150 countries, surveyed by Gallup over the period 2012-15, reveal an average score of 5.1 (out of 10).
4. Pathai Ananthasubramanian Murali resigned as CFO & ED of United Spirits Limited
Pathai Ananthasubramanian Murali resigned as Chief Financial Officer (CFO) and Executive Director (ED) of Bengaluru-based United Spirits Limited. Murali also resigned from the boards of all subsidiaries.
United Spirits is the largest alcoholic beverage company of India.
Murali is a Chartered Accountant by profession. He has been in the industry for over 32 years and with the UB Group companies for 22 years.
He joined the UB Group in 1993 as senior manager (finance) in Mumbai and was later transferred to Bangalore. He was involved in the Group’s acquisition activities in the beer segment in the Republic of South Africa and the US.
He was instrumental in restructuring the erstwhile United Breweries Ltd by demerging the beer business from the UB Group.
Pathai Ananthasubramanian Murali resigned as Chief Financial Officer (CFO) and Executive Director (ED) of Bengaluru-based United Spirits Limited. Murali also resigned from the boards of all subsidiaries.
United Spirits is the largest alcoholic beverage company of India.
Murali is a Chartered Accountant by profession. He has been in the industry for over 32 years and with the UB Group companies for 22 years.
He joined the UB Group in 1993 as senior manager (finance) in Mumbai and was later transferred to Bangalore. He was involved in the Group’s acquisition activities in the beer segment in the Republic of South Africa and the US.
He was instrumental in restructuring the erstwhile United Breweries Ltd by demerging the beer business from the UB Group.
5. National Panchayati Raj Day observed on 24 April 2015
National Panchayati Raj Day was observed across India on 24 April 2015. The day is observed to mark the passing of the Constitution (73rd Amendment) Act, 1992 that came into force with effect from 24 April 1993.
The Amendment institutionalized Panchayati Raj through the Village, Intermediate and District levels Panchayats. This registers a defining moment in the history of decentralization of political power to the grassroots level.
6. Indo-French Naval exercise VARUNA commenced at Goa
The fourteenth edition of Indo-French Naval Exercise named VARUNA-15 commenced off the coast of Goa. The 10-day long joint naval exercise will end on 2 May 2015.
It is aimed at further deriving mutual benefit from the experiences of the two navies and strengthening the bilateral ties between India and France.
The French Navy is represented by Aircraft Carrier Charles de Gaulle, two destroyers Chevalier Paul and Jean de Vienne, replenishment tanker Meuse and a maritime patrol aircraft Atlantique 2. The Aircraft Carrier Charles de Gaulle is carrying its complement of fighter aircraft Rafale M, Strike Aircraft Super Etendard, E2C Hawkeye AWACS and helicopters Dauphin and Alouette 3.
The Indian Navy is represented by Aircraft Carrier INS Viraat, destroyer INS Mumbai, stealth frigate INS Tarkash, guided missile frigate INS Gomati, replenishment tanker INS Deepak, submarine INS Shankul and a few Fast Attack Craft. Aviation assets of the Indian Navy participating in VARUNA-15 include carrier-borne fighter aircraft Sea Harriers, maritime reconnaissance aircraft P-8 I and Dornier along with integral helicopters Seaking 42B and Chetak.
National Panchayati Raj Day was observed across India on 24 April 2015. The day is observed to mark the passing of the Constitution (73rd Amendment) Act, 1992 that came into force with effect from 24 April 1993.
The Amendment institutionalized Panchayati Raj through the Village, Intermediate and District levels Panchayats. This registers a defining moment in the history of decentralization of political power to the grassroots level.
6. Indo-French Naval exercise VARUNA commenced at Goa
The fourteenth edition of Indo-French Naval Exercise named VARUNA-15 commenced off the coast of Goa. The 10-day long joint naval exercise will end on 2 May 2015.
It is aimed at further deriving mutual benefit from the experiences of the two navies and strengthening the bilateral ties between India and France.
The French Navy is represented by Aircraft Carrier Charles de Gaulle, two destroyers Chevalier Paul and Jean de Vienne, replenishment tanker Meuse and a maritime patrol aircraft Atlantique 2. The Aircraft Carrier Charles de Gaulle is carrying its complement of fighter aircraft Rafale M, Strike Aircraft Super Etendard, E2C Hawkeye AWACS and helicopters Dauphin and Alouette 3.
The Indian Navy is represented by Aircraft Carrier INS Viraat, destroyer INS Mumbai, stealth frigate INS Tarkash, guided missile frigate INS Gomati, replenishment tanker INS Deepak, submarine INS Shankul and a few Fast Attack Craft. Aviation assets of the Indian Navy participating in VARUNA-15 include carrier-borne fighter aircraft Sea Harriers, maritime reconnaissance aircraft P-8 I and Dornier along with integral helicopters Seaking 42B and Chetak.
7. UN observed World Book and Copyright Day across the world
United Nations (UN) observed World Book and Copyright Day across the world on 23 April 2015. The day is an opportunity to recognise the power of books to change our lives for the better and to support books and those who produce them.
For the year 2015, UNESCO designated Incheon, South Korea as the World Book Capital 2015 in recognition of its programme to promote reading among people and underprivileged sections of the population.
8. India’s forex reserves up at $343.2 b
After a drop last week, India's foreign exchange reserves rose by $2.78 billion to $343.20 billion in week ended April 17, 2015, according to RBI.
During the week ended April 17, the foreign currency assets, a major component of forex reserves, jumped $2.727 billion to $318.859 billion.
Gold reserves remained unchanged at $19.038 billion, while Special Drawing Rights (SDRs) and India’s reserve position with the IMF increased marginally by $45.6 million to $4.005 billion and $14.8 million to $1.298 billion, respectively.
In the previous reporting week, the reserves had fallen by $2.593 billion in the week ended April 10, snapping a consecutive three-week rise. The reserves had partly fallen due to valuation changes and partly due to RBI selling dollars during that week. The rupee was under pressure in the previous reporting week due to dollar's global strength and RBI had to sell dollars to support the Indian currency.
United Nations (UN) observed World Book and Copyright Day across the world on 23 April 2015. The day is an opportunity to recognise the power of books to change our lives for the better and to support books and those who produce them.
For the year 2015, UNESCO designated Incheon, South Korea as the World Book Capital 2015 in recognition of its programme to promote reading among people and underprivileged sections of the population.
8. India’s forex reserves up at $343.2 b
After a drop last week, India's foreign exchange reserves rose by $2.78 billion to $343.20 billion in week ended April 17, 2015, according to RBI.
During the week ended April 17, the foreign currency assets, a major component of forex reserves, jumped $2.727 billion to $318.859 billion.
Gold reserves remained unchanged at $19.038 billion, while Special Drawing Rights (SDRs) and India’s reserve position with the IMF increased marginally by $45.6 million to $4.005 billion and $14.8 million to $1.298 billion, respectively.
In the previous reporting week, the reserves had fallen by $2.593 billion in the week ended April 10, snapping a consecutive three-week rise. The reserves had partly fallen due to valuation changes and partly due to RBI selling dollars during that week. The rupee was under pressure in the previous reporting week due to dollar's global strength and RBI had to sell dollars to support the Indian currency.
1. RBI revises priority sector lending norms, adds more categories
The spectre of farmer suicides due to crop failure seems to have prompted
the Reserve Bank of India to revise priority sector lending guidelines for banks, doing away with the distinction between direct and indirect agriculture lending and ensuring loan disbursal to the farm sector is evenly spread out throughout the year.
In its revised guidelines for priority sector lending for banks, the central bank said the present distinction between direct and indirect agriculture is dispensed with.
As of now, within the priority sector lending (PSL) target of 40 per cent of average net bank credit (ANBC) as at March-end of the previous year, banks have to achieve a sub-target of 18 per cent (13.5 per cent direct lending and 4.5 per cent indirect lending) for agriculture.The spectre of farmer suicides due to crop failure seems to have prompted
In its revised guidelines for priority sector lending for banks, the central bank said the present distinction between direct and indirect agriculture is dispensed with.
PSL includes loans given by banks to agriculture, micro, small and medium enterprises, export, education, housing, social infrastructure and renewable energy.
Under the new guidelines, banks have been set a lending target of 8 per cent of ANBC for small and marginal farmers within agriculture. This is to be achieved in a phased manner – 7 per cent by March 2016 and 8 per cent by March 2017. Small farmer means a farmer cultivating (as owner or tenant or share cropper) agricultural land of more than 1 hectare and up to 2 hectares (5 acres). Marginal farmer means a farmer cultivating (as owner or tenant or share cropper) agricultural land up to 1 hectare (2.5 acres). The RBI said priority sector non-achievement will be assessed on quarterly average basis at the end of the respective year from 2016-17 onwards, instead of annual basis as at present.
2. Japan's Nikkei 225 closed above 20000 for the first time in 15 years
Japan’s main stock market index Nikkei 225 closed above the 20000 level for the first time in 15 years. The index surged by just over 15% in 2015, building on an incredible 140% boom since June 2012.
The index performance improved against the background of central bank of Japan pumping money into the economy at a rapid pace, and Prime Minister Shinzo Abe pledging to reform the way Japan Inc. does business.
Also, stocks rallied as the country logged a trade surplus in March 2015 after the weaker Japanese Yen boosted exports and cheaper oil prices lowered its import bill.
The prime minister's ambitious plan for Japan's economy -- dubbed Abenomics -- also helped end deflation, boost corporate earnings and send stock prices through the roof.
Most recently, Abe has been lobbying to get companies to raise worker wages. The idea is that workers will then increase spending; completing a so-called virtuous cycle that will deliver sustained economic growth across the nation.
3. World Happiness Report 2015 released
The World Happiness Report 2015 was released . The report was published by the Sustainable Development Solutions Network (SDSN) an initiative under the United Nations.
The report was topped by Switzerland followed by Iceland, Denmark, Norway and Canada. The World Happiness Report examined 158 countries and is aimed at influencing government policy.
Togo, Burundi, Benin and Rwanda, with civil-war wracked Syria, were least happy.
The study based its rankings on data from the Gallup World Poll and takes into account variables such as real GDP per capita, healthy life expectancy, corruption levels and social freedoms.
The SDSN is comprised of people from academia, government and the private sector and was first launched in 2012.
The World Happiness Report 2015 reveals trends in the data judging just how happy countries really are. On a scale running from 0 to 10, people in over 150 countries, surveyed by Gallup over the period 2012-15, reveal an average score of 5.1 (out of 10).
The World Happiness Report 2015 was released . The report was published by the Sustainable Development Solutions Network (SDSN) an initiative under the United Nations.
The report was topped by Switzerland followed by Iceland, Denmark, Norway and Canada. The World Happiness Report examined 158 countries and is aimed at influencing government policy.
Togo, Burundi, Benin and Rwanda, with civil-war wracked Syria, were least happy.
The study based its rankings on data from the Gallup World Poll and takes into account variables such as real GDP per capita, healthy life expectancy, corruption levels and social freedoms.
The SDSN is comprised of people from academia, government and the private sector and was first launched in 2012.
The World Happiness Report 2015 reveals trends in the data judging just how happy countries really are. On a scale running from 0 to 10, people in over 150 countries, surveyed by Gallup over the period 2012-15, reveal an average score of 5.1 (out of 10).
4. Pathai Ananthasubramanian Murali resigned as CFO & ED of United Spirits Limited
Pathai Ananthasubramanian Murali resigned as Chief Financial Officer (CFO) and Executive Director (ED) of Bengaluru-based United Spirits Limited. Murali also resigned from the boards of all subsidiaries.
United Spirits is the largest alcoholic beverage company of India.
Murali is a Chartered Accountant by profession. He has been in the industry for over 32 years and with the UB Group companies for 22 years.
He joined the UB Group in 1993 as senior manager (finance) in Mumbai and was later transferred to Bangalore. He was involved in the Group’s acquisition activities in the beer segment in the Republic of South Africa and the US.
He was instrumental in restructuring the erstwhile United Breweries Ltd by demerging the beer business from the UB Group.
Pathai Ananthasubramanian Murali resigned as Chief Financial Officer (CFO) and Executive Director (ED) of Bengaluru-based United Spirits Limited. Murali also resigned from the boards of all subsidiaries.
United Spirits is the largest alcoholic beverage company of India.
Murali is a Chartered Accountant by profession. He has been in the industry for over 32 years and with the UB Group companies for 22 years.
He joined the UB Group in 1993 as senior manager (finance) in Mumbai and was later transferred to Bangalore. He was involved in the Group’s acquisition activities in the beer segment in the Republic of South Africa and the US.
He was instrumental in restructuring the erstwhile United Breweries Ltd by demerging the beer business from the UB Group.
5. National Panchayati Raj Day observed on 24 April 2015
National Panchayati Raj Day was observed across India on 24 April 2015. The day is observed to mark the passing of the Constitution (73rd Amendment) Act, 1992 that came into force with effect from 24 April 1993.
The Amendment institutionalized Panchayati Raj through the Village, Intermediate and District levels Panchayats. This registers a defining moment in the history of decentralization of political power to the grassroots level.
6. Indo-French Naval exercise VARUNA commenced at Goa
The fourteenth edition of Indo-French Naval Exercise named VARUNA-15 commenced off the coast of Goa. The 10-day long joint naval exercise will end on 2 May 2015.
It is aimed at further deriving mutual benefit from the experiences of the two navies and strengthening the bilateral ties between India and France.
The French Navy is represented by Aircraft Carrier Charles de Gaulle, two destroyers Chevalier Paul and Jean de Vienne, replenishment tanker Meuse and a maritime patrol aircraft Atlantique 2. The Aircraft Carrier Charles de Gaulle is carrying its complement of fighter aircraft Rafale M, Strike Aircraft Super Etendard, E2C Hawkeye AWACS and helicopters Dauphin and Alouette 3.
The Indian Navy is represented by Aircraft Carrier INS Viraat, destroyer INS Mumbai, stealth frigate INS Tarkash, guided missile frigate INS Gomati, replenishment tanker INS Deepak, submarine INS Shankul and a few Fast Attack Craft. Aviation assets of the Indian Navy participating in VARUNA-15 include carrier-borne fighter aircraft Sea Harriers, maritime reconnaissance aircraft P-8 I and Dornier along with integral helicopters Seaking 42B and Chetak.
National Panchayati Raj Day was observed across India on 24 April 2015. The day is observed to mark the passing of the Constitution (73rd Amendment) Act, 1992 that came into force with effect from 24 April 1993.
The Amendment institutionalized Panchayati Raj through the Village, Intermediate and District levels Panchayats. This registers a defining moment in the history of decentralization of political power to the grassroots level.
6. Indo-French Naval exercise VARUNA commenced at Goa
The fourteenth edition of Indo-French Naval Exercise named VARUNA-15 commenced off the coast of Goa. The 10-day long joint naval exercise will end on 2 May 2015.
It is aimed at further deriving mutual benefit from the experiences of the two navies and strengthening the bilateral ties between India and France.
The French Navy is represented by Aircraft Carrier Charles de Gaulle, two destroyers Chevalier Paul and Jean de Vienne, replenishment tanker Meuse and a maritime patrol aircraft Atlantique 2. The Aircraft Carrier Charles de Gaulle is carrying its complement of fighter aircraft Rafale M, Strike Aircraft Super Etendard, E2C Hawkeye AWACS and helicopters Dauphin and Alouette 3.
The Indian Navy is represented by Aircraft Carrier INS Viraat, destroyer INS Mumbai, stealth frigate INS Tarkash, guided missile frigate INS Gomati, replenishment tanker INS Deepak, submarine INS Shankul and a few Fast Attack Craft. Aviation assets of the Indian Navy participating in VARUNA-15 include carrier-borne fighter aircraft Sea Harriers, maritime reconnaissance aircraft P-8 I and Dornier along with integral helicopters Seaking 42B and Chetak.
7. UN observed World Book and Copyright Day across the world
United Nations (UN) observed World Book and Copyright Day across the world on 23 April 2015. The day is an opportunity to recognise the power of books to change our lives for the better and to support books and those who produce them.
For the year 2015, UNESCO designated Incheon, South Korea as the World Book Capital 2015 in recognition of its programme to promote reading among people and underprivileged sections of the population.
8. India’s forex reserves up at $343.2 b
After a drop last week, India's foreign exchange reserves rose by $2.78 billion to $343.20 billion in week ended April 17, 2015, according to RBI.
During the week ended April 17, the foreign currency assets, a major component of forex reserves, jumped $2.727 billion to $318.859 billion.
Gold reserves remained unchanged at $19.038 billion, while Special Drawing Rights (SDRs) and India’s reserve position with the IMF increased marginally by $45.6 million to $4.005 billion and $14.8 million to $1.298 billion, respectively.
In the previous reporting week, the reserves had fallen by $2.593 billion in the week ended April 10, snapping a consecutive three-week rise. The reserves had partly fallen due to valuation changes and partly due to RBI selling dollars during that week. The rupee was under pressure in the previous reporting week due to dollar's global strength and RBI had to sell dollars to support the Indian currency.
United Nations (UN) observed World Book and Copyright Day across the world on 23 April 2015. The day is an opportunity to recognise the power of books to change our lives for the better and to support books and those who produce them.
For the year 2015, UNESCO designated Incheon, South Korea as the World Book Capital 2015 in recognition of its programme to promote reading among people and underprivileged sections of the population.
8. India’s forex reserves up at $343.2 b
After a drop last week, India's foreign exchange reserves rose by $2.78 billion to $343.20 billion in week ended April 17, 2015, according to RBI.
During the week ended April 17, the foreign currency assets, a major component of forex reserves, jumped $2.727 billion to $318.859 billion.
Gold reserves remained unchanged at $19.038 billion, while Special Drawing Rights (SDRs) and India’s reserve position with the IMF increased marginally by $45.6 million to $4.005 billion and $14.8 million to $1.298 billion, respectively.
In the previous reporting week, the reserves had fallen by $2.593 billion in the week ended April 10, snapping a consecutive three-week rise. The reserves had partly fallen due to valuation changes and partly due to RBI selling dollars during that week. The rupee was under pressure in the previous reporting week due to dollar's global strength and RBI had to sell dollars to support the Indian currency.
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