Current Affairs Oct 02, 2015

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01. Top 5 sectors exports dip: Engineering, petroleum, gems/jewellery , textiles and pharmaceuticals which contribute for approximately 65% of the total exports of the country dipped by about 25% to US $ 13.33 billion. In the corresponding period last year, the exports in the above sectors stood at US $ 17.79 billion.

02. Hiring for US Jobs slows down: Hiring for US jobs has slowed down casting doubts on the China led global economic slowdown. The rate of growth of jobs should have been more but the growth has not been there, as expected, quoted a labour department official in US.

03. US $ 700 million oil bill payment to Iran: India will pay US $ 700 million to Iran being the second installment of US $ 1.4 billion being the payment towards its oil bill. India is the biggest purchaser of oil from Iran, next only to China. Iran has allowed for partial payments to be made, since 2014.

04. Postal Bank to be registered by year end: Approval from Cabinet / NITI Aayog is expected to be obtained by the month of November for setting up of postal bank. The bank will be a separate entity, in the form of an independent banking company, with a corpus of Rs.300 crores initially. This banking entity will be having the revenue sharing model with the Department of Posts.

05. NBFCs show interest in extending credit to schools and hospitals: Non-Banking Financial Companies (NBFCs) have evinced interest in granting loans to schools and hospitals. Rating agency CRISIL predicts loans to grow annually to 22% in this sector in the next four years, as these sectors have immense potential for credit intake.