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RBI releases Second Bi-monthly Monetary Policy Statement 2018-19
The Reserve Bank of India (RBI) on June 6, 2018, released its Second Bi-monthly Monetary Policy Statement 2018-19. The six members Monetary Policy Committee (MPC) decided to:
- Increase the policy Repo Rate under the Liquidity Adjustment Facility (LAF) by 25 basis points to 6.25 percent.
- The Reverse Repo Rate under the LAF stands adjusted to 6.0 percent.
- The Marginal Standing Facility (MSF) rate and the Bank Rate stand at 6.5 percent.
- CRR at 4% and SLR at 19.5%
(1) The decision of the MPC was consistent with the monetary policy in consonance with the objective of achieving the medium-term target for Consumer Price Index (CPI) inflation of 4 percent within a band of +/- 2 percent.
(2) The RBI retained GDP growth for 2018-19 at 7.4 percent
(3) Retail inflation estimate to 4.8-4.9 percent for the first half of 2018-19 and 4.7 percent in the second half.
(4) Considering the level of non-performing assets (NPAs) for the ticket size of up to Rs 2 lakh as high, RBI asked banks to strengthen their screening and follow up in respect of lending to this segment in particular.
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Centre approves construction of 1.5 lakh houses for urban poor under PMAY
- The Centre has approved construction of 1.5 lakh houses for urban poor under the Pradhan Mantri Awas Yojana.
- The Housing and Urban Affairs Ministry announced that latest approval entails an investment of Rs. 7,227 crore with central assistance of Rs. 2,209 crore.
- With the latest approval for construction of affordable houses, the cumulative figure under the Pradhan Mantri Awas Yojana has reached 47.52 lakh houses.
- Pradhan Mantri Awas Yojana (PMAY) is an initiative by Government of India in which affordable housing will be provided to the urban poor with a target of building 20 million affordable houses by 31 March 2022.
- It has two components: Pradhan Mantri Awas Yojana (Urban) (PMAY-U) for the urban poor and Pradhan Mantri Awaas Yojana (Gramin) (PMAYG and also PMAY-R) for the rural poor.
- This scheme is converged with other schemes to ensure houses have a toilet, Saubhagya Yojana electricity connection, Ujjwala Yojana LPG gas connection, access to drinking water and Jan Dhan banking facilities, etc.
Government launches Swajal Scheme in 115 Aspirational districts Ministry of Drinking Water & Sanitation has launched Swajal Scheme in 115 Aspirational districts of India to provide clean water. It will involve an outlay of Rs. 700 crores through flexible-funds under the existing National Rural Drinking Water Programme (NRDWP) budget. Swajal is community owned drinking water scheme or programme for sustained drinking water supply. Under it, 90% of project cost is taken care of by the Government and the remaining 10% is contributed by the beneficiary community. The operations and management of the project are taken care of by the local villagers.
Aspirational districts: The Union Government had selected 115 backward (aspirational) districts for rapid transformation by 2022 in line with Governments vision to create New India. Bigger houses to get interested subsidy under PMs scheme
(a) The government has increased the carpet area of houses eligible for interest subsidy under the Credit-Linked Subsidy Scheme (CLSS) for the middle-income group (MIG) under Pradhan Mantri Awas Yojana (Urban).
(b) According to revised norms, the ministry of housing & urban affairs has enhanced the carpet area of houses eligible for subsidy under CLSS for MIG to 160 sq meter or 1,722 sq ft for MIG -I and 200 sq meter or 2,153 sq ft for category MIG-II.
(c) Earlier, the carpet area for these houses under MIG I and MIG II categories was fixed at 120 sq meter or 1,291 sq ft and 150 sq meter or 1,614 sq ft.
(d) These enhancements will now enable more MIG customers to qualify for the subsidy and avail the benefits provided under the ambitious flagship mission of Pradhan Mantri Awas Yojana (Urban).
(e) Under the revised norms, individuals with annual household Income from Rs 6 lakh to Rs 12 lakh would qualify for MIG I category, while MIG II for income above Rs 12 lakh up to Rs 18 lakh. Interest Subsidy for MIG I and II will be 4% and 3%, respectively for maximum loan tenure of 20 years.
(f) The eligible housing loan amount for interest for the subsidy would be Rs 9 lakh and Rs 12 lakh for MIG I and MIG II category, respectively. Loan quantum beyond this limit will be at non-subsidised rates.
(g) This also augurs well with the Reserve Bank of Indias recent decision to revise the housing loan limits for Priority Sector lending (PSL) eligibility where it has been decided to revise the housing loan limits for PSL eligibility from existing Rs 28 lakh to Rs 35 lakh in metropolitan centers (with population of 10 lakh and above), and from existing Rs 20 lakh to Rs 25 lakh in other centers, provided the overall cost of the dwelling unit in the metropolitan centre and at other centres does not exceed Rs 45 lakh and Rs 30 lakh, respectively. 3,000 more schools selected for setting up Atal Tinkering Labs The NITI Aayog announced an additional 3,000 Atal Tinkering Labs to be set up in schools across different parts of the country under the Atal Innovation Mission (AIM). The selected schools will receive a grant of Rs 20 lakh spread over the next five years to establish such labs. The new additions take the number of such ATLs to 5,441 representing all states and five out of seven union territories. It will facilitate the creation of over one million neoteric child innovators by 2020. If you like Current Affairs August 2018 Monthly Free PDF download post then subscribe and visit again for more update.
The Atal Innovation Mission (AIM) is the governments flagship initiative to promote a culture of innovation and entrepreneurship in the country. The sub-schemes of AIM include establishing Atal Tinkering Labs (ATLs) and Atal Incubation Centers (AICs), for providing scaling up support to Established Incubation Centres.
India to host first BIMSTEC Military Exercise in September India will host the first military exercise of the BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) group focussing on counter-terrorism. The exercise is scheduled to be held in Pune in the second week of September 2018. The theme includes counter-terrorism in semi-urban terrain and cordon and search.
The BIMSTEC member states—Bangladesh, India, Myanmar, Sri Lanka, Thailand, Bhutan, and Nepal. Leadership is rotated in alphabetical order of country names. The permanent secretariat is in Dhaka. Centre sanctions Rs 14 crore for sports in J&K The Centre sanctioned Rs 14.30 crore to promote block level sports in Jammu and Kashmir. The amount has been sanctioned under the Khelo India scheme by the Union Sports Ministry.
(1) It will cover 1,000 most talented young athletes each year across select sports disciplines. Each athlete selected under the scheme will receive an annual scholarship worth Rs.5.00 lakh for 8 consecutive years.
(2) 20 universities across the country will be promoted as hubs of sporting excellence, which will enable talented sportspersons to pursue dual pathway of education and competitive sports.
(3) Under it, the programme will cover about 200 million children in the age group of 10-18. It will not only measure the physical fitness of all children in the age group but also support their fitness-related activities.
(4) First edition Khelo India School Games (KISG) held at the Indira Gandhi Indoor Stadium in New Delhi. Govt launches affordable sanitary napkins The government launched affordable biodegradable sanitary napkins, priced at Rs 2.50 per pad, to be sold under the Pradhan Mantri Bhartiya Janaushadhi Pariyojana (PMBJP) across the country. Suvidha Oxo-biodegradable sanitary napkins would be retailed through more than 3,600 Jan Aushadhi stores in 33 states and UTs across the country. Union Cabinet Minister for Chemicals, Fertilizers & Parliamentary Affairs-Ananth Kumar(Constituency- Uttara Kannada, Karnataka) Krishi Kalyan Abhiyan Being Implemented in 25 Villages each of 111 Aspirational Districts TheMinistry of Agriculture and farmers welfare in line with Modis the vision of doubling farmers income by 2022 has launched the Krishi Kalyan Abhiyaan from 1st June, 2018 till 31st July, 2018.
The Krishi Kalyan Abhiyaan will be undertaken in 25 Villages with more than 1000 population each in 111 Aspirational Districts identified in consultation with Ministry of Rural Development as per directions of NITI Ayog. Union Minister of Agriculture & Farmers Welfare-Radha Mohan Singh(Purvi Champaran constituency).