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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The Reserve Bank of India (RBI) has deferred the implementation of new accounting rules, Indian Accounting Standards (Ind AS) for banks till further notice. This is the second extension provided by the RBI. Earlier in April 2018, RBI had postponed the implementation of Ind AS by the banks by one year.
RBI has reasoned that since the legislative amendments recommended by the RBI are under consideration of the government it has been decided to defer the implementation of Ind AS till further notice.
Indian Accounting Standards
Indian Accounting Standards (Ind AS) is a set of accounting norms developed by Indian authorities, which converge with the International Financial Reporting Standards (IFRS). Urban Cooperative Banks (UCBs) and Regional Rural Banks (RRBs) shall not be required to apply Ind AS and shall continue to comply with the existing Accounting Standards.
This delay in the implementation of Ind AS will give banks more time to prepare for the expected credit-loss model. Fitch Ratings estimated that India’s state-run lenders would have had to increase provisions by as much as 1.1 trillion rupees ($16 billion) in the fiscal first quarter ending June 30 if the rules had gone ahead. This huge capital requirement would have forced public sector lenders to raise substantial amounts of extra capital, beyond the estimated 1.9 trillion rupee infusion already committed by the government.
Indian low-cost airlines SpiceJet has joined the International Air Transport Association (IATA). SpiceJet is the first Indian budget carrier to join the IATA, which has over 290 airlines as members.
The membership of IATA will allow SpiceJet to explore and grow its collaborations with international member airlines of IATA through interlining and code shares and also enables to seamlessly expand the network options for its passengers in future.
International Air Transport Association (IATA)
International Air Transport Association (IATA) is the trade association for the world’s airlines and represents some 290 airlines which contribute to about 82% of total air traffic.
Functions of IATA
- IATA helps airlines to operate safely, securely, efficiently, and economically under clearly defined rules.
- IATA provides professional support is provided to all industry stakeholders with a wide range of products and expert services.
- IATA aims to assist airlines by simplifying processes and increasing passenger convenience while reducing costs and improving efficiency.
- IATA also aims to improve understanding of the air transport industry among decision makers and increase awareness of the benefits that aviation brings to national and global economies.
- IATA advocates for the interests of airlines across the globe and challenges unreasonable rules and charges and strive for sensible regulation.
IATA headquartered in Montreal, Quebec, Canada supports airline activity and helps formulate industry policy and standards. IATA which is the successor to the International Air Traffic Association, which was formed in 1919 at The Hague was formed in April 1945 in Havana, Cuba.