General Awareness

BUSINESS AND ECONOMY - October 2018

Oct 2018

Oct 03, 2018

Daily ATM withdrawal Cut Down

State Bank has cut its daily withdrawal limit from ATMs by half to check fraudulent transactions.

The limit has been reduced to Rs. 20,000 from Rs. 40,000 on classic debit card, which is the most popular ATM-cum-debit card of the bank. There is no change in the daily withdrawal limits on other cards.

The new limit will be effective from October 31.

Indian Firms Feature in Forbes' List

Twelve Indian companies featured in a list of the world's best regarded firms compiled by Forbes.

The Indian companies that made it to the coveted list include are Infosys at the 31st place, Tata Consultancy Services (35), Tata Motors (70), Tata Steel (131), Larsen & Toubro (135), Grasim Industries (154), General Insurance Corporation Of India (156), Mahindra & Mahindra (164), Asian Paints (203), HDFC (217), Steel Authority of India (227) and ITC (239).

Oct 02, 2018

The Growth in Infrastructure Sectors Slowed

The growth of eight infrastructure sectors slowed down to 4.2 per cent in August against 4.4 per cent in the year-ago month on account of decline in production of crude oil and fertiliser.

RBI to Inject Liquidity into System

The Reserve Bank announced that it will inject Rs. 36,000 crore liquidity into the system through purchase of government bonds later this month to meet the festival season demand for funds.

The auctions to purchase government bonds as part of the Open Market Operations (OMO) to manage liquidity in the system will be conducted in the second, third and fourth week of October.

Government Takes over Indebted Lender IL&FS

The government will immediately seize control of a shadow lender whose defaults have caused widespread upheaval at mutual funds.

Officials were granted approval to oust Infrastructure Leasing & Financial Services Ltd.'s board and a new six-member board will meet, the National Company Law Tribunal.

India's richest banker Uday Kotak and ICICI Bank Chairman G. C. Chaturvedi will be part of the proposed board, which will elect a chairperson themselves.

Oct 01, 2018

Factory Growth Picks Up Pace

As per a business survey, the Indian factory activity expanded more quickly in September on strong domestic and export order growth.

This is a welcome sign of strength as policy makers worry about a sharp drop in the rupee and fallout from global trade frictions.

The Nikkei Manufacturing Purchasing Managers` Index, compiled by IHS Markit, rose to 52.2 in September from 51.7 in August.

Sale of Micro Insurance via PoS

With an aim to further increase insurance penetration in the country, IRDAI has allowed the distribution of all micro-insurance products through point-of-sales (PoS).

The Insurance Regulatory and Development Authority of India (IRDAI) has created a special category of insurance policies called micro-insurance policies to promote insurance coverage among economically vulnerable sections of the society. A micro-insurance policy is a general or life insurance policy with a sum assured of Rs. 50,000 or less.

Bhushan Production to Be Raised

After acquiring debt-laden Bhushan Steel through the insolvency and bankruptcy process, Tata Steel is now aiming to raise its production to 4 million tonne (MT) by the end of the current fiscal.

Bhushan Steel's Odisha plant is presently operating at 3.5 MT against a capacity of 5 MT.

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