RBI Governor Shaktikant Das has once again hailed Demonetization and said that it has done more good. On the other hand, Subramaniam Swamy slammed GST and said that the move hindered India’s progress towards becoming a superpower. Credit Growth in India’s banking sector is witnessing a slowdown. To boost the credit growth and improve the function of the Public Sector Banks (PSBs), FM Sitharaman announced EASE 3.0 reforms for PSBs. Pleasing the pensioners who opted for commutation of pension, EPFO announced that it would restore the commutation of pensioners who opted for it before 25 Sept, 2008. Violence in Delhi has persisted after the anti-CAA and pro-CAA groups clashed. AAP MLA Tahir Hussain has come under the radar for the alleged murder of a 26-year old IB Officer. Have a quick roundup of what happened in India and across the globe by clicking the top stories of the week:
Das Backs Demonetization, Swamy Slams GST – After three years of demonetization of Rs. 1,000 and Rs. 500 currency notes, RBI Governor Shaktikanta Das has once again come out in support of the government and has defended the move by saying, “note ban actually did well to the economy”. On the other hand, Subramaniam Swamy slammed Goods and Services Tax (GST) as a hindrance towards becoming a superpower by 2030.
Bank Credit Growth: Das Worries, CRISIL Sees Hope – According to a recent report by CRISIL, bank credit growth is set to rise 200-300 bps in the next fiscal while retail lending, supported by securitization which will remain the key driver in the next fiscal. RBI Governor Shaktikanta Das, in the Mint Annual Banking Conclave, also stressed upon combating the moderate 7-7.5% of credit growth.
FM Announces PSB Reform ‘EASE 3.0’ For Aspiring India– Finance Minister Nirmala Sitharaman released the new reform agenda ‘Enhanced Access and Service Excellence‘ – EASE 3.0 on February 26 to provide advanced solutions to make the Public Sector Banking (PSB) smart and technology-driven.
Pension Commutation Restored, 6.3 Lakh Pensioners Pleased – On February 20, the Labour Ministry notified about the decision of the Employees’ Provident Fund Organisation (EPFO) to restore pension of employees who had opted for commutation of their pension on or before September 25, 2008.
Violent Anti-CAA Protests Hover Over Peaceful Babri Deal – On February 24, the Sunni Central Waqf board accepted the five-acre land offered by the UP government to construct the Babri Masjid after the Supreme Court judgment in the Ayodhya case. The much sensitive Ayodhya – Babri Case has not sparked any violence after the verdict, whereas CAA has spread apprehension among Muslims, bringing them out on the streets. Sporadic incidents of hate speech and violence were witnessed in Delhi, Gujarat, and Bangalore in the backdrop of Trump’s 2-day visit to India.
Delhi Violence Escalation Takes Life Of Young IB Officer, AAP MLA Booked – Aam Aadmi Party (AAP) councilor Tahir Hussain (in image) has been booked by Delhi Police on charges of murder, arson, and violence on February 27. He is accused of murdering 26-year old Intelligence Bureau (IB) officer Ankit Sharma during the violent clashes in Delhi.
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