Latest Updates From The Business World
Indian Bank Fined for Cyber Security Violation
The RBI has imposed a monetary penalty of Rs 1 crore on Indian Bank for contravention of circular on Cyber Security Framework in banks. This penalty was imposed by an order dated November 30, 2018. This was done by taking into account the failure of the bank to adhere to the guidelines and directions issued by RBI.
Global Debt at an All Time High
International Monetary Fund (IMF) released a report stating that debt worldwide has reached a record-high of $184 trillion in nominal terms, a nearly 222 per cent of the GDP in 2017. The report also stated the world's debt now exceeds $ 86,000 per person more than 2 times the average income per-capita, and was released on December 13, 2018. The world’s top three borrowers - the US, China and Japan accounted for more than half the debt.
RBI Gets New Governor
Shaktikanta Das was named the 25th governor of the Reserve Bank of India (RBI). He succeeds Urjit Patel who quit abruptly amid a bitter dispute on December 10, 2018. Das is a former economic affairs secretary. He is likely to join at the earliest on the appointment which will be for three years.
USD 31 million Loan Agreement for Tamil Nadu
The Government of India and the Asian Development Bank (ADB) signed in New Delhi a Loan Agreement for USD 31 million on December 10, 2018. The loan will help build-up the State Tourism Industry and boost visitor arrivals in Tamil Nadu.
Iran Falls as India's Oil Supplier
According to Reuters, Iran dropped two places and became India's sixth biggest oil supplier in November 2018. New Delhi cut purchases due to the impact of U.S. sanctions. The top five suppliers now are; Iraq, Saudi Arabia, UAE, Venezuela and Nigeria.
Resignation in PM's Economic Advisory Council
Indian economist Surjit Bhalla has announced his resigned from the PM’s Economic Advisory Council (PMEAC). He has joined the CNN IBN group as his resignation is effective from December 1, 2018.