Current Affairs for BANK, IBPS Exams 14 March 2017

Current Affairs for BANK, IBPS Exams

14 March 2017

:: National ::

All curbs on withdrawal due to demonetisation lifted by RBI

Restrictions on cash withdrawals, which came into effect from November 9, 2016, following the ban on high-value currency notes, were lifted. The RBI announced the easing of curbs during its bimonthly monetary policy review on February 8.
While the limits on current accounts were lifted earlier, restrictions on savings account deposits were lifted. Though there will be no limit on cash withdrawals, currency in circulation is still far below the pre-November 8, 2016, levels.
Following the decision to withdraw the legal tender status of Rs. 500 and Rs. 1,000 notes, 86.9% of the currency in circulation was rendered invalid, amounting Rs. 15.4 lakh crore.
According to RBI data, the currency in circulation till the week ended March 3 was Rs. 11,984.1 billion which is 67% of the currency in circulation, pre-demonetisation.
The decision to withdraw high value notes was aimed at eliminating corruption, black money, counterfeit currency and terror funding.
According to a recent study by the Reserve Bank of India staff in the monetary policy department, about 78% of all consumer payments in India are effected in cash.
“It was, therefore, obvious that currency squeeze during the demonetisation period would have had some adverse impact on economic activity, although such impact was expected to be transient,” the study observed.

China says India and Pak entry into SCO will help security of region

China hoped the admission of India and Pakistan into the Beijing-led Shanghai Cooperation Organisation (SCO) security grouping will contribute to security and stability in the region.
Currently, all sides are going through relevant legal procedures in accordance with the Memorandum of Obligations signed at last year’s SCO summit at Tashkent to admit India and Pakistan, Chinese Foreign Ministry spokesperson said.
“Both India and Pakistan are China’s important neighbours and important countries in South Asia. China hopes that India and Pakistan can enhance mutual trust and improve relations through more dialogues,” she added.

Almost 20,000 women and children were victims of human trafficking in India in 2016

Almost 20,000 women and children were victims of human trafficking in India in 2016, a rise of nearly 25% from the previous year, according to government data released recently.
The Ministry of Women and Child Development told Parliament that 19,223 women and children were trafficked last year against 15,448 in 2015, with the highest number of victims recorded in the eastern state of West Bengal.
Police officials attributed the rise to increased public awareness of trafficking-related crimes and more police training.
The official said the actual figure could be much higher as many victims were still not registering cases with the police, largely because they did not know the law or feared traffickers.
South Asia, with India at its centre, is one of the fastest-growing regions for human trafficking in the world.
Thousands of people — largely poor, rural women and children — are lured to India’s towns and cities each year by traffickers who promise good jobs, but sell them into modern day slavery.
Some end up as domestic workers, or are forced to work in small industries such as textile workshops, farming or are even pushed into brothels where they are sexually exploited.
In many cases, they are not paid or are held in debt bondage. Some go missing, and their families cannot trace them.The 2016 data from the National Crime Records Bureau showed that almost equal numbers of women and children were trafficked.
Figures showed there were 9,104 trafficked children last year — a 27% increase from the previous year. The number of women trafficked rose by 22 % to 10,119 in 2016.
West Bengal — which shares a porous border with poorer neighbours Bangladesh and Nepal and is a known human trafficking hub for that reason — registered more than one-third of the total number of victims in 2016.
The desert state of Rajasthan recorded the second highest number of trafficked children in 2016, while the western state of Maharashtra, where India’s business capital Mumbai is located, showed the second highest number of trafficked women.

Manohar Parrikar to be sworn in as Goa Chief Minister

BharatiyaJanata Party leader Manohar Parrikar, who on Monday morning resigned as Defence Minister, will be sworn in as Chief Minister of Goa at Raj Bhavan at 5.15 p.m. on 14th March.
Mr. Parrikar, along with members of his Cabinet, will be sworn in by Governor Mridula Sinha, said sources in the Goa government.
According to a Raj Bhavan communication, Mr. Parrikar had been asked to prove his majority by convening a session of the Assembly within 15 days of taking oath.
BJP sources reiterated here that a majority of the Cabinet berths are expected to be offered to the coalition partners.
After winning 13 seats in the February 4 election, in a fast-paced political development, the BJP cobbled together a coalition of 21 legislators in the 40-member House.
This includes three MLAs each from regional parties, namely, the MGP and Goa Forward Party and two Independents.
The Goa SurakshaManch (GSM) too has accused the Governor of violating the spirit of the Constitution by allowing the BJP to ‘grab power.’

:: International ::

Referendum on Scottish independence on the cards

Scottish First Minister Nicola Sturgeon will ask the Scottish Parliament for authority next week for a second referendum on Scottish independence.
Ms. Sturgeon, leader of the Scottish National Party, said that Scotland needed to be given the choice about the “kind of country we want to be”, between the autumn of 2018 and the spring of 2019.
While the 2014 referendum on independence was pegged as a “once in a generation, the issue of independence resurfaced in the wake of last June’s referendum, when Scotland voted overwhelmingly (62%) to remain in the EU.
In December, the Scottish government published a white paper “Scotland’s Place in Europe” calling for the U.K. to either remain in the single market or commit to an outcome that would enable Scotland to remain within it.
Ms. Sturgeon’s announcement comes sooner than expected, marking a dramatic twist of events as the government prepares to trigger Brexit.
The bill that would authorise the government to trigger talks on leaving the EU has returned to the House of Commons and was set to be voted on Monday evening.
She added that the suggested timetable — between 2018 and 2019 — was to ensure that voters were able to make as informed a choice as possible, as the shape of the Brexit deal became clear. Leaving it to after Britain left the EU would make it difficult for Scotland that could face a lengthy period outside the EU.
Any effort by Westminster to block it from taking place would be like the government attempting to attempts to “puncture Scotland’s life-boat”, having sunk the ship.
While 55.3% of Scottish voters opted to remain in the U.K. in the 2014 independence referendum, recent polls have suggested that gap has narrowed.

:: Business and Economy ::

India Ratings (Ind-Ra) has maintained a stable outlook for cotton textiles

India Ratings (Ind-Ra) has maintained a stable outlook for cotton textiles for the next financial year following steady input prices, healthy capacity utilisation and healthy domestic demand.
The agency has revised its cotton outlook to stable for fiscal year 2017-18 from negative for the fiscal year 2016-17.
The status will stem from fiscal incentives and implementation of the Goods and Services Tax (GST) that will improve the industry’s export competitiveness, Ind-Ra said.
Favourable trade agreements with the U.S. and Europe will also lead to a significant increase in India’s exports and a higher-than-expected domestic demand would be positive for the sector, it added.
Moreover, Ind-Ra said, the U.S.’ exit from the Trans-Pacific Partnership is likely to realign textile trade and investments, which were diverted to Vietnam over FY16-FY17, towards the Indian subcontinent.
The stable cotton outlook is in view of an increase in acreage, a rise in supply in the first quarter of FY18 (due to demonetisation) and a decline in global inventory assisting with a balanced supply, Ind-Ra said.
It also expects operating profitability levels of Indian cotton ginners and exporters to moderate in FY18.

Airtel payment bank has opened more than one lakh saving bank accounts

Airtel Payments Bank, offered by telecom major Bharti Airtel, announced that more than one lakh savings accounts were opened in 100 villages across the state of Tamil Nadu.
Through the initiative, these villages in the southern state would have access to banking services along with the option of making digital payments, a company statement said.
A network of more than 16,000 neighbourhood Airtel stores offer banking services to consumers.
By introducing the service, Airtel Payments Bank will not charge any processing fee from its customers and merchant partners for digital transactions.
The payments bank, which was the first such bank to go live, has committed an investment of Rs. 3,000 crore and plans to build digital payments with more than five million merchants.
Payment Banks can accept deposits from individuals and small businesses up to a maximum of Rs. 1 lakh per account.