Govt advised RBI on note ban 1 day before Modi's announcement: Report
India > Note Ban > Jan 10
On November 7, 2015, a day ahead of Prime Minister Narendra Modi's demonetisation announcement, it was the central government which "advised" the Reserve Bank of India (RBI) to withdraw the legal tender status of old Rs 500 and Rs 1,000 notes and not the other way round, reported the Indian Express on Tuesday while citing a seven-page note submitted by the RBI to the Parliament’s Department Related Committee of Finance.
IOA annuls appointment of Abhay Singh Chautala, Suresh Kalmadi as life presidents
India > IOA > Jan 10
Facing a severe backlash for appointing scam-tainted Suresh Kalmadi and Abhay Singh Chautala as life presidents, the Indian Olympic Association has been forced to revoke its controversial decision. A top IOA official confirmed that the appointments of Kalmadi and Chautala has been declared “null and void” in order to get the recognition of the Sports Ministry and also to avoid any possible action from the International Olympic Committee (IOC).
Demonetisation impact: 40 days see Rs 3L crore put into 2 cr new accounts, says FIU data
Banks > Demonetisation > Jan 09
Forty days witnessed over two crore new bank accounts, and over Rs 3 lakh crore new deposits — that’s the big bang demonetisation impact. Data from the Financial Intelligence Unit (FIU) show that between November 15 and December 25, 2016, 2.10 crore bank accounts were created and over Rs 3 lakh crore was deposited in them. Of the amount deposited, around Rs50,000 crore was cash deposit, and Rs3 lakh crore was non-cash deposit (cheques, drafts, etc).
SBI hopes MCLR cut will boost loans
Banks > SBI > Jan 8
The demonetization exercise has impacted the credit appetite of the country as a result of which the largest lender- State Bank of India (SBI)- has hardly seen any growth in its loan book post-November 8.
India-Myanmar border trade hit by Manipur blockade
India > India-Myanmar > Jan 8
The crisis caused by the economic blockade in Manipur has affected the bilateral trade with the neighbouring Myanmar, and the concerns were echoed at a business meet here on Sunday.