Business, Economy & Banking Current Affairs - 2019

Business, Economy and Banking in Current Affairs 2019 with latest news and current affairs in Agriculture, Industry, Banking, Capital Markets, Import and Export and Government schemes in commercial sector.

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RBI relaxes for opening new bank branches in Tier I cities

Now banks will have freedom to open branches in tier-I cities (those with population over 1 lakh) without seeking RBI’s approval in each case.

However, as per RBI guidelines, there are some conditions on opening branches, these are stipulated below:

  • Banks should open 25% of their branches in a financial year in Un-banked tier-V and tier-VI centres as earlier.
  • Total number of branches in tier –I centre’s can’t exceed the number of branches opened in tier-2 to tier-6 centres during a year.
  • If the banks are unable to open all tier – 1 branches during that year, they can carry it over for next 2 years.
  • If the banks unable to open requisite branches in tier- II to tier- VI centres for some reason, it should necessary correct the shortfall in the next financial year.

Govt to set up world’s largest solar power plant in Rajasthan

The government has begun the process of building 4,000 MW ultra mega green solar power project near Sambhar lake in Rajasthan. The project which has been named as Sambhar Ultra Mega Green Solar Power Project is being set under the Department of Heavy Industry (DHI) in the 23,000 acre area of Sambhar Salts Limited (SSL), subsidiary of Hindustan Salts Limited (HSL) located in Rajasthan. It will be the world’s largest solar based power project

First Phase Sambhar Ultra Mega Green Solar Power Project:

In the first phase the project will generate 1,000 MW which will be commissioned in 3 years i.e. by the end of 2016.

Partners in the development of the first phase are BHEL, Solar Energy Corporation of India, Power Grid Corporation, Satluj Jal Vidyut Nigam and Rajasthan Electronics and Instruments Ltd. The development of the later phases will be based on the experience gained during implementation of the first phase of project.