1.In a bid to check loan defaults, RBI said that a Public Credit Registry (PCR) will be set up containing information on all borrowers to ensure financial stability.Following a report by Yeshwant M Deosthalee headed High Level Task Force, RBI said it has considered the recommendations and decided to set up a PCR.The PCR will serve as a registry of all credit contracts.
2.The Reserve Bank allowed banks to spread their mark-to-market (MTM) losses for the June quarter as well.The central bank had also asked banks to build an Investment Fluctuation Reserve (IFR) of 2% of their holdings.In April, RBI had given banks an option to spread provisioning for MTM losses recorded on their investment portfolio.
3.The six-member monetary policy committee (MPC) of the Reserve Bank of India (RBI) increased the repo rate by 25 basis points to 6.25%.This is the first rate hike in four-and-a-half years; the last was in January 2014.The MPC arrived at the unanimous decision as the outlook for inflation had become ‘uncertain’ following a surge in international crude oil prices.
4.India has moved up four places to the 137th rank among 163 countries on the 2018 Global Peace Index.Iceland remains the most peaceful country in the world, a position it has held since 2008.New Zealand, Austria, Portugal and Denmark also sit in the top five most peaceful rankings.Syria remains the least peaceful country in the world, a position it has held for the past five years.
5.The Reserve Bank of India (RBI) has increased the eligibility limit for a loan to classify as priority sector lending in a bid to boost affordable housing.The move is aimed at giving a fillip to low-cost housing for the economically weaker sections and lower income groups.For metropolitan areas, loan limits have been raised from Rs. 28 lakh to Rs. 35 lakh
6.The Reserve Bank of India has decided to allow urban co-operative banks (UCB) to convert into small finance banks (SFB),The move is aimed at bringing these entities into mainstream banking.UCBs currently face regulation by both the RBI and the respective State governments.By turning into SFBs, they will be regulated only by the RBI.
7.The Union Cabinet apprised the MoU signed between India and Denmark.The objective of this MoU is to promote bilateral cooperation in the field of sustainable and smart urban development on the basis of reciprocity and mutual benefit through an exchange of knowledge, institutional cooperation, research.
8.NITI Aayog has launched a new course on ‘Urban Analytics – Evaluating and Measuring Sustainability of Cities’ at IIT, Roorkee.The course was launched under Global Initiative on Academic Network (GIAN).The course will provide an understanding and analysis on the urbanisation and its impacts that would help in evaluating the conditions of sustainability in Indian cities.
9.The President gave assent to promulgate the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018.The Ordinance provides significant relief to home buyers by recognizing their status as financial creditors.This would give them due representation in the Committee of Creditors and make them an integral part of the decision making process.
10.Prime Minister Narendra Modi said the government’s ₹10,000-crore ‘fund of funds’ will ensure that startups get fundings.He further said as of now the fund has provided an assistance of ₹7,000 crore to startups.In the long term, the fund is expected to provide a funding of ₹1 lakh crore for startups.
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