1. India’s GDP grows 6.1% in first 3 months of 2017 , loses fastest growing economy tag :
- According to the data published by Data from the Ministry of Statistics recently , India has lost its fastest-growing economy tag , because its GDP growth came at 6.1% in the fourth quarter of 2016-17 (January 2017-March 2017 Period).
- China’s GDP growth was 6.9% in the same period. GDP grew 7.1% in the financial year 2016-17, slower than the 8% registered in 2015-16.
2. Recent GDP forecasts :
- According to Niti aayog , Economy of India is expected to grow by 7.5% in current fiscal (2017-18).
- World Bank retains its forecast for global growth in 2017 at 2.7 % and in 2018 at 2.9 % keeping in mind the improvement in manufacturing and trade globally.
- According to HSBC(Hong-kong & Shanghai Corporation Bank) , India's GDP is expected to remain flat at 7.1% in 2017-18 .
3. Recent Ranking of India in different Indexes :
- India has ranked 45th out of 63 countries in World competitiveness index 2017 released by IMD (International Institute for Management Development). Hong- Kong has topped this list. Hong-kong has topped this list followed by Switzerland and singapore in 2nd and 3rd place.
- India has ranked 137th out of 163 countries in Global peace Index 2017. This index is released by The Institute of Economics and Peace. The 1st position is bagged by Iceland as the most peaceful country , which is followed by New Zealend and Portugal at 2nd and 3rd Place respectively.
- India has topped Global Retail Development Index (GRDI) 2017 , which is released by A.TT. Kearney . India bagged first place in index by overtaking China , which is at 2nd place.
- India has become world's third largest Aviation Market with passenger traffic of over 10 crore travelers in 2016-17. This was revealed in a statement delivered by Jayant Sinha , minister of state for Civil Aviation.
- India has ranked 74th in ranking of Internet data speed. This ranking is released by OpenSignal , a London based company.
4. RBI releases Bi-monetary policies :
- On 7th June , 2017 , Reserve Bank of India has released the second bi-monthly monetary policy statement 2017-18.
- RBI has kept Repo Rate and Reverse repo rate unchanged which are 6.25% and 6.00% respectively on the basis of an assessment of the current and evolving macroeconomic situation in the country. RBI has cutdown SLR by 0.50 %.
- RBI has also revised its target for Gross Value Added (GVA) by 10 basis points to 7.3%. The economic growth projection was 7.4 % earlier .RBI has lowered it to 7.3% now.
Name of rate/ratio
Current rate percent
Changed rate percent (Applicable from 24th June , 2017)
Reverse Repo rate
Marginal Standing Facility
Statutory Liquidity Rate
Cash Reserve Ratio
5. Shaktikanta Das retires as Economic Affairs Secretary; Tapan Ray succeeds :
- Shaktikanta Das announced his retirement as the Economic Affairs Secretary. He has served Government of India for almost 37 years.
- Now He will be succeeded by Corporate Affairs Secretary Tapan Ray, who will take the additional charges as the new Economic Affairs Secretary.
6. RBI appoints S. Ganesh Kumar as new executive director :
- Reserve Bank of India has appointed S Ganesh Kumar as Executive Director (ED). As anExecutive Director of RBI, S Ganesh Kumar will look after Department of Information Technology, Department of Payment and Settlement Systems and Department of External Investments and Operations.
- Before S Ganesh Kumar , Chandan Sinha was appointed on this post. Chandan Sinha has taken voluntary retirement from this post on May 31 ,2017 .
- Currently Reserve Bank of India has total 11 Executive Directors.
7. Uday kotak to head SEBI governance panel :
- A committee has been set up by Securities and Exchange Board of India (SEBI) to recommend on better corporate governance standards at listed companies.
- Uday Kotak is the chairman of this commitee , who is the executive vice-chairman and managing director of Kotak Mahindra Bank. The committee will consist of total 21 members who will be representatives from corporate India, stock exchanges, Sebi , legal firms and other advisory firms.
- Some of the other members of this committee are Keki Mistry, chief executive at HDFC, Rishad Premji, chief strategic officer at Wipro and R Shankar Raman, chief financial officer, Larsen & Toubro. Also Ashish Chauhan, chief executive of the BSE exchange; Zia Mody, managing partner at AZB Partners, and Cyril Shroff, managing partner at Cyril Amarchand Mangaldas.
- The 21 panel member will give its report in 4 months to suggest measures for “ensuring independence in spirit of independent directors and their active participation in functioning of the company.
- The chairman of SEBI is Mr. Ajay Tyagi. It has its headquarter in Mumbai.
8. IPPB appointed K G Karmakar and Gauri Shankar as Independent Directors :
- India Post Payment Bank has appointed K G Karmakar and Gauri Shankar as new independent directors of the bank for a period of three years.
- These appointments are approved by Appointments Committee of the Cabinet (ACC ).
- India post payment bank is a public sector bank , which was launched on 30th January , 2017 in Ranchi & Raipur . It is owned by Department of Posts . It has 100 percent equity of the government of India.
- Three distinct accounts are offered by IPPB which are Regular Account named as Safal, Basic Savings Bank Deposit Account (BSBDA) named as Sugam and BSBDA Small which is named as Saral.
9. Airtel-Telenor merger gets approval from the Competition Commission of India :
- Soon after getting approval of the Securities and Exchange Board of India (SEBI), BSE and National Stock Exchange of India Limited (NSE) for the proposed merger with Telenor (India) . Bharti Airtel has also got approval from the Competition Commission of India (CCI).
- As a result of this merger, Airtel will acquire Telenor India’s running operations in seven circles which are Uttar Pradesh (East), Uttar Pradesh (West) , Andhra Pradesh, Maharashtra ,Bihar, Gujarat, and Assam.
10. RCom and Aircel merged wireless company to be known as Aircom :
- Chairman of Reliance Communication Anil Ambani announced that the merged entity of R Com and Aircel will be called Aircom. Both these two companies announced their merger in September , 2016. The two merged entities are Reliance communication and Maxis Communication Berhed(MCB) .
- RCOM and Aircel will hold 50%-50% in the merged entity Aircom.
- This merged entity is going to be the second largest spectrum holding company among all operators currently.
11. Vijaya bank will develop 100 digital villages across country:
- Vijaya Bank is all set to develop 100 digital villages in various States of the country. This is the part of its initiative to promote digital banking among the rural population of India.
- It is going to be the first public sector bank in India which has taken such initiative to develop 100 digital villages.
- Vijaya Bank has already developed 5 villages as digital villages. The aim of developing digital villages across country is to offer Internet, free Wi-Fi connectivity, mobile payment facilities, ATM cards, online banking in rural India. The bank will also carry out a door-to-door campaign to educate the villagers and to make them aware about Banking.
- Kishore kumar sansi is the MD and CEO of Vijaya Bank currently. The bank has its headquarter in Bengaluru .The tagline of the bank is "A friend you can bank upon"
12. SBI will fund 100 MW rooftop Solar projects under World Bank Programme :
- Under a World Bank programme , State Bank of India (SBI) has announced financing of 100 MW rooftop solar projects worth Rs 400 crore for private developers.
- For this , SBI has availed loan of USD 625 million from the World Bank for on-lending to viable Grid-Connected Rooftop Solar PV (GRPV) projects undertaken by Private developers developers and aggregators.
This would contribute in meeting the government's target of 40 GW of rooftop solar installations.
- The implementation of the programme by the SBI will support the installation of more than 600 MW of rooftop solar capacity.
- State Bank of India is headed by Arundhati Bhattacharya. The headquarter of SBI is in Mumbai.
13. NHB approves merger between Aadhar Housing Finance and DHFL Vysya Housing Finance :
- National Housing Bank (NHB) has approved the proposal for the merger of Aadhar Housing Finance and DHFL Vysya Housing Finance Ltd. This merger will help the companies in diminishing their cost of borrowing.
- The merged entity will be named as Aadhar Housing Finance after the approval of National Company Law Tribunal (NCLT) . As a result of this merger 82% of the merged entity will be owned by the Wadhawani family and the remaining 18% will be with Aadhar housing finanace including International Finance Corporation (IFC).
- The merged entity will be financing affordable housing, which is one of the top priorities of the Narendra Modi government. The government has initiated a plan “Housing for All by 2022” with focus to build affordable dwelling units for lower-income group and wage earners.
- NHB is a wholly owned subsidiary of Reserve Bank of India and it is headquartered in New Delhi. The present chairman of NHB is Shri Sriram Kalyanaraman .
14. Axis bank introduces biodegrade prepaid gift cards:
- Axis Bank Ltd on Tuesday announced biodegradable prepaid gift cards on the occasion of World Environment Day.
- The card made of biodegradable plastic will help spread awareness about the benefits of such products, Singh added. The cards will be acceptable at all domestic merchant outlets and online portals.
- Biodegradable plastics can break down safely into their raw materials and do not release harmful substances. They can also be recycled.
- According to a circular issued by the Reserve Bank of India on 1 July 2014, the maximum validity of pre-paid gift instruments is three years.
- The CEO of Axis bank is Shikha Sharma. The bank has its headquarter in Mumbai.
15. ICICI Bank opened 200 Solar powered ATM :
- On the occasion of World Environment Day (5 June , 2017) , ICICI Bank has stated that it has commissioned over 200 solar powered ATM sites in the last one year . The solar powered ATMs are opened as part of its efforts to reduce carbon footprint and use more clean energy.
- Also , ICICI Bank has reduced its overall energy consumption in large offices and branches from 198 million units in 2013-14 to 164 million units in 2016-17 and saved 34.2 million units in last three years , which is equivalent to the amount of energy that can power 42,000 rural households for a year.
- ICICI bank has its headquarter in Mumbai. Mrs. Chanda Kochar is the CEO of ICICI Bank.The tagline of the bank is 'Khyaal Aapka'.