December 2016 Current Affairs
- The Reserve Bank of India has relaxed the daily ATM withdrawal limit to Rs 4500 from the limit of Rs 2500 on 30 December 2016. The new limit would be applicable from January 1, 2017.However, the weekly withdrawal limit of Rs 24,000 remains unchanged.
- According to agency Carat, India’s 2016 advertising growth rate will be the fastest at 12%, which is ahead of global average of 4.5%. The agency Carat is the part of the Dentsu Aegis Network. It urge the marketers of India to promote their goods and services, that is expected to propel the country’s advertising growth rate by a significant margin in 2016. It has also better India’s performance last year, when the advertising growth rate was 11%.
- Reliance Industries director Nita Ambani and State Bank of India chairman Arundhati Bhattacharya have been ranked top two in Forbes’ “Asia 50 Power Businesswomen 2016” list, which acknowledges the inroads women are making in the business world, despite gender inequalities. American magazine Forbes has released 2016 “Asia’s 50 Power Businesswomen” list featuring business women from 14 countries.
- Governor of Reserve Bank of India, Raghuram Rajan, has said that the apex bank is expecting the US Fed to hike its near-zero short-term interest rate next week by anywhere from 0.01 per cent to 0.25 per cent.
- Improved investor sentiment and resilience to external shocks are expected to increase India's GDP growth rate to 7.5 percent during 2015-16 and further to 7.8 percent in the next fiscal year, predicts the World Bank. The Gross Domestic Product (GDP) growth, as per the bank, is lifted by cheap oil prices and the country's limited exposure to the global financial turmoil.
- RBI Governor Raghuram Rajan has raised hopes of India Inc as he hinted on another round of rate cut this year by saying India’s apex bank is still under “accommodative mode”. However, he also added that the final decision of any rate cut will be undertaken only after inflation data and other macroeconomic economic factors.
- Anticipating tougher competition after RBI granted payments banking licences to 11 entities, State Bank of India (SBI) has said it will increase the number of its Customer Service Points (CSP) to assert its position in the rural unbanked segment.'We are seeing a lot of competition,' SBI chairperson Arundhati Bhattacharya said at a FICCI Banking Conclave.
- Government data shows that retail inflation, measured by Consumer Price Index, has gone up to 5.4 per cent in the month of June 2015 from 5.01 per cent in May 2015. The actual data has even surpassed the forecast of 5.1 per cent CPI by Reuters poll of 30 economists. Reports say that 5.4 per cent CPI is the highest retail inflation witnessed in 8 months period, thereby dampening rate cut hopes.