ECONOMY - 2013 JUNE

June 4

Up to 5% of global GDP (economic output) may be lost due to malnutrition, The United Nations Food and Agricultural Organization (FAO) said.

June 6

India and Myanmar set three billion dollars trade target by 2015 during the meeting of India's Energy Minister Anand Sharma with his Myanmar counterpart U Than Htay in New Delhi held on 6th June 2013.

June 8

Canara Bank plans to open exclusive micro, small and medium Enterprises (MSME) branches in Tiruchi and Perambalur soon.

June 10

The Reserve Bank of India imposed a fine of Rs. 5 Crores on Axis Bank, 4.5 Crores on HDFC and 1 Crore on ICICI Bank for violation of Know Your Customer (KYC) norms and anti money - laundering guidelines after inquiring into charges levelled by an online portal Cobrapost.

June 13

World Bank forecasted 6.7 percent growth rate for India by next fiscal (2014 - 15) as exports and private investment are projected to strengthen and provide a boost to growth.
* 6.5 Percent – F.Y. 2013 - 14.
* 6.7 Percent – F.Y. 2014 - 15.

June 14

Inflation based on Wholesale Price Index (WPI) fell to 4.7 percent in May. WPI based inflation stood at 4.89% in April.
* In May last year it was 7.55%.

June 21

Amid growing concerns over huge gold imports hurting the country's economic strength, financial services major Reliance Capital became the first company to suspend gold sales across all its businesses.
The Export - Import Bank of India has approved a $300 million worth line of credit to Ethiopia paving the way for construction of a railway line linking this land locked country in the horn of Africa to a port city in neighbouring Djibouti.

June 22

India's foreign exchange (forex) reserves increased by $ 982.3 million to $290.65 billion for the week endeing June 14th, according to data released by the RBI.

June 25

Reliance capital has roped in Japanese financial behemonths simitromo mistul Trust Bank and Nippon life insurance as minority partners to boost its quest for banking license.

June 26

Eco - Sport car from Ford India.
MSE's got digital advertisement from "Googles".
They MoU with GETIT Info India.

June 27

CAD touched a recored high of 4.8% of GDP in 2012 - 13 rising gold and oil imports. Though still better than market expectation, bringing relief to the government, which is struggling to arrest to the sliding rupee.
* Current Account Deficit (CAD): Which is the difference between inflow and outflow of foreign currency.
Muthoot finance got in principal approval from the Reserve Bank of India for establishing as well as operating White Label ATMs (WLAs).
* The White Label ATMs (WLAs) are the ones which are not owned and operated by the bank but by another non bank entity.

June 29

The Reserve Bank of India proposed a separate wealth management unit for banks involved in wealth and portfolio management services.

 

 

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