Current Affairs Nov 03, 2015

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01. New MD & CEO for Andhra Bank: Suresh N.Patel has been appointed as the new MD & CEO of Andhra Bank. He started his career with Dena Bank and is a certified member of the Indian Institute of Bankers.

02. Nikkei India PMI index slips to 22 months low: India’s manufacturing output Index Nikkei India PMI index slipped to a 22 months low to 50.7 in October from 51.2 in September. A figure above 50 represents expansion while one below that means contraction.

03. Core sector growth rises to 3.2% , a four month high: Thanks to the whopping increase in fertilizer and electricity outputs, the core sector growth has risen to a four month high of 3.2%. According to the official data, generation of electricity expanded by 10.8% in September, compared to 5.6% in the previous month. On the other hand fertilizer output rose to a phenomenal 18.1% in September, against 12.6% in August.

04. Globally highest emission rate in India : India has the highest emission growth rate at 8.2% which is the highest globally. The global growth rate is just 0.5%. This growth rate is attributed to a strong economic activity that is going on in the country.

05. China raises daily reference rate of Yuan: Renminbi (RMB), which is the central reference rate of Yuan was raised by a huge 0.54%, which is the highest in a decade. This increase comes after a devaluation of Yuan, which sent shockwaves throughout the world.

06. Corporation Bank to write off Rs.532 crore loan: PSU Bank Corporation Bank will technically write off Rs.532 crores, being its share of the consortium lending done to Kolkata based REI Agro. UCO Bank who is the consortium leader alleged that the company had defrauded to the extent of Rs.3815 crores.

07. Lakshmi Vilas Bank ties up with SBI Payments: Tamil Nadu based Lakshmi Vilas Bank tied up with SBI cards and payments services, to launch a joint credit card, to commemorate its 90th anniversary. SBI Cards and Payment Services is a joint venture between State Bank of India and GE Capital.

08. New heads for PSU Banks: R.K.Takkar will head UCO Bank, Mahesh Kumar Jain, ED of Indian Bank will take over as MD of Indian Bank which was announced by the Ministry of Finance today.

09. NPAs will touch 10.9% in March 2016: Fitch Ratings has predicted that the stressed loans in banks in India would be high and would touch 10.9% in March 2016. It pointed out that the state run banks are struggling with NPAs as they account for nearly 90% of the total NPAs.

10. Banks to spend more on IT this year: As per the estimates of Gartner Inc, Banks will most likely spend Rs.49000 crores on technology this year, which will be amount to an increase of 9.8% over the previous year.