Assam Current Affaris - Week 1-7 July, 2018

Current Affairs Assam – July 2018

( Covers all important Assam Current Affairs & GK topics for the month of July 2018 )

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July 7

Four Asian Banks given clearance to operate in India

Four Asian banks have been given a go-ahead by the Government of India and conveyed its approval to the RBI. Bank of China, Bank Pasargad of Iran and South Korea’s KEB Hana Bank and KB Kookmin Bank are the four banks which are set to make their mark in the India.

The proposal relating to the entry of some Asian bank in Indn marketia was considered by an inter-departmental committee that included the home secretary, the secretaries of the ministries of commerce, financial services, external affairs and the chief general manager of the RBI.

Two of the Asian banks including the Industrial and Commercial Bank of China and Cooperative RaboBank have been denied of opening their second branch in India.

Other proposals from NongHyup Bank of South Korea and Woori Bank of South Korea have been put on hold, for now. And proposal of Malayan Banking Bhd. or Maybank of Malaysia has been rejected to set up branch in India.

TS govt allots 200 acres of land to women organisation

The FICCI Ladies Organisation (FLO Hyderabad) and TS Industrial and Infrastructure Corporation (TSIIC) on 6^th July allocated land allotment letters to 18 women entrepreneurs at the FLO-TSIIC Industrial Park, Sultanpur, on the outskirts of Hyderabad.

50 acres is allocated to FLO at Sultanpur, 30 acres to COWE at Toopran and 120 acres to ALEAP. In addition to this, 10 per cent of land in all the 140 various industrial parks in the state are earmarked for women entrepreneurs.

The industrial park will house 100 per cent women-run businesses representing varied industry verticals primarily in the green category, which includes packaging, organic food, handloom apparel, electronics and electricals, food processing, medical devices and general engineering.

The industries will be set up at an investment of Rs 150 crore in Phase-I and will come up in 6 to 12 months. These industries will generate an employment for 1,500 people.

FACTFILE – Federation of Indian Chambers of Commerce and Industry (FICCI)

The Federation of Indian Chambers of Commerce and Industry (FICCI) is an association of business organisations in India.
Established in 1927 by GD Birla and Purushottam Das Thakurdas, it is the largest, oldest and the apex business organisation in India.
FICCI draws its membership from the corporate sector, both private and public, including SMEs and MNCs.
The chamber has an indirect membership of over 250,000 companies from various regional chambers of commerce.
It’s headquarters is located in New Delhi and has presence in 12 states in India and 8 countries across the world.

Mobile wallet transactions peaked at ₹14,170 crore in May 2018

The value of transactions through mobile wallets reached an all-time high in the month of May 2018. According to data released by the Reserve Bank of India (RBI), Transactions worth ₹14,170 crore took place in May month, which is an increase of 21% from ₹11,695 crore in April 2018.

Highlight of the recent report

Around 325.78 million transactions took place in May-the highest after the 326.30 million recorded in January 2018.
The value of mobile wallet transactions fell from a peak of ₹13,104 crore in February to ₹10,097 crore in March 2018.
Significant reasons for growth would have been contributions from select mobile wallet providers offering cash-backs on promoting digital/online transactions using debit cards/credit cards/unified payments interface (UPI).
Debit and credit card transactions have also reached a new peak both in terms of value and volume.
The volume of card transactions went up marginally by 1% to 1,238.58 million in May from 1,225.75 million in April.
The transactions went up by around 7% to 266.94 million in May from 250 million in the previous month. The value of transactions increased to ₹1.76 trillion in May 2018 from ₹1.34 trillion in April 2018.
Payments using real-time gross settlement (RTGS) increased by around 8% to 11.5 million in May from 10.6 million in the preceding month.

FACTFILE – Mobile or digital wallet

A Mobile or digital wallet refers to an electronic device or online service that allows an individual to make electronic transactions.
An individual’s bank account can also be linked to the digital wallet.
Increasingly, digital wallets are being made not just for basic financial transactions but to also authenticate the holder’s credentials.
The system has already gained popularity in Japan, where digital wallets are known as “wallet mobiles”.

India’s Forex Reserves Dip By $1.76 Billion

India’s foreign exchange reserves declined by $1.757 billion to $406.058 billion in the week to 29 June owing to fall in foreign currency assets.

Forex reserves had touched a record high of $426.028 billion in the week to 13 April 2018. Forxe had crossed the $400-billion mark for the first time in the week to 8 September 2017, and afterward it has become little volatile.

Currently, the foreign currency assets decreased by $1.781 billion to $380.718 billion. Gold reserves rose by $38 million to $21.369 billion in the reporting week. The Special Drawing Rights (SDR) with the International Monetary Fund (IMF) fell by $5.2 million to $1.486 billion. The country’s reserve position with the IMF also declined by $8.7 million to $2.484 billion.

Top 10 Countries with biggest Foreign Currency Reserves (in billions of U.S. dollars)