सामयिक विषय: Economics
Question: Recently Reserve Bank of India has raised the ceiling of gold loans given by regional rural banks (RRB) to-
(a) 1 Lakhs
(b) 2 Lakhs
(c) 2.50 Lakhs
(d) 3 Lakhs
- On 16 February 2017; Reserve Bank of India has raised the ceiling of gold loans given by regional rural banks (RRB).
- It has been increased to Rs 2 lakh from Rs 1 lakh, expanding the access to credit for farmers and artisans willing to pledge gold as collateral.
- RBI has doubled the gold loan ceiling for loans not exceeding 12 months from the date of sanction.
- Interest will be charged to the account at monthly rests but will become due for payment along with principal only at the end of 12 months from the date of sanction.
- For this RRBs should maintain a Loan to Value (LTV) ratio of 75% on the outstanding amount of loan including the interest on an ongoing basis, failing which the loan will be treated as a Non Performing Asset (NPA).
- RBI has clarified that crop loans sanctioned against the collateral security of gold/gold ornaments shall continue to be governed by the extant income recognition, asset classification and provisioning norms for such loans.
- India’s first RRB was established in 1975.
- These were set up on the recommendations of The M. Narasimham committee.
Question: Recently the 2nd Advance Estimates of production of major crops for 2016-17 have been released by the Department of Agriculture, Cooperation and Farmers Welfare .As per 2nd Advance Estimates, the estimated production of foodgrains is-
(a) 300 million tonnes
(b) 265.78 million tonnes
(c) 271.98 million tonnes
(d) 350.15 million tonnes
- On 15 February 2017; the 2nd Advance Estimates of production of major crops for 2016-17 have been released by the Department of Agriculture, Cooperation and Farmers Welfare.
- The assessment of production of different crops is based on the feedback received from States and validated with information available from other sources.
- As per Second Advance Estimates for 2016-17, total Foodgrain production in the country is estimated at 271.98 million tonnes which is higher by 6.94 million tonnes than the previous record production of Foodgrain of 265.04 million tonnes achieved during 2013-14.
- The current year’s production is also higher by 14.97 million tonnes than the previous five years’ (2011-12 to 2015-16) average production of Foodgrains.
- Total production of Rice is estimated at record 108.86 million tonnes which is also a new record.
- This year’s Rice production is higher by 2.21 million tonnes than previous record production of 106.65 million tonnes achieved during 2013-14.
- It is also higher by 3.44 million tonnes than the five years’ average Rice production of 105.42 million tonnes.
- Production of rice has increased significantly by 4.45 million tonnes than the production of 104.41 million tonnes during 2015-16.
- Production of Wheat, estimated at 96.64 million tonnes is also a record.
- This year’s wheat production is higher than the previous record production of 95.85 million tonnes achieved during 2013-14.
- Production of Wheat during 2016-17 is also higher by 4.03 million tonnes than the average wheat production.
- The current year’s production is higher by 4.36 million tonnes as compared to Wheat production of 92.29 million tonnes achieved during 2015-16.
- Production of Coarse Cereals estimated at a new record level of 44.34 million tonnes is higher than the average production by 3.00 million tonnes.
- It is higher than the previous record production of 43.40 million tonnes achieved during 2010-11 by 0.94 million tonnes.
- Current year’s production it is also higher by 5.82 million tonnes as compared to their production of 38.52 million tonnes achieved during 2015-16.
- As a result of significant increase in the area coverage and productivity of all major Pulses, total production of pulses during 2016-17 is estimated at 22.14 million tonnes which is higher by 2.89 million tonnes than the previous record production of 19.25 million tonnes achieved during 2013-14.
- Production of Pulses during 2016-17 is also higher by 4.50 million tonnes than their Five years’ average production.
- Current year’s production is higher by 5.79 million tonnes than the previous year’s production of 16.35 million tonnes.
- With an increase of 8.35 million tonnes over the previous year, total Oilseeds production in the country is estimated at record level of 33.60 million tonnes.
- It is higher by 0.85 million tonnes than the previous record production of 32.75 million tonnes achieved during 2013-14.
- Production of Sugarcane is estimated at 309.98 million tonnes which is lower by 38.46 million tonnes than the last year’s production of 348.45 million tonnes.
- Despite lower area coverage during 2016-17, higher productivity of Cotton has resulted into higher production of 32.51 million bales (of 170 kg each) as compared to 30.01 million bales during 2015-16.
- Production of Jute & Mesta estimated at 10.06 million bales (of 180 kg each) is marginally lower than their production of 10.52 million bales during the last year.
Question: The amount allocated by government to India Post Payments Bank for the financial year 2017-18 is-
(a) 400 Crore
(b) 500 Crore
(c) 600 Crore
(d) 800 Crore
• On 13 February 2017; government has allocated Rs500 crore to India Post Payments Bank for the financial year 2017-18 .
• The government has allocated Rs125 crore as “capital infusion into corporate entity for India Post Payments Bank” and Rs375 crore as “grant in aid to India Post Payments Bank (IPPB)”, as per Output-Outcome Framework for Schemes 2017-18 for the department of posts (DoP) .
• The IPPB will offer an interest rate of 4.5% on deposits up to Rs25,000; 5% on deposits of Rs25,000-50,000 and 5.5% on Rs50,000-1,00,000.
• The total paid up equity of the new bank IPPB is Rs 800 crore, of which the government has already infused Rs275 crore.
• Government plans to set up 650 branches across country by September 2017.