Current Affairs – October, 2013

Latest Current Affairs October, 2013 with Current Affairs, news summary on current events of National and International importance of October, 2013 for Banking, SSC, CLAT, UPSC, State PCS, IBPS, Railways and other Competitive Examinations.

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RBI slashes growth projection to 5% for 2013-14

The RBI in its second quarter review of monetary policy reduced the growth forecast for current fiscal 2013-14 to 5% from the earlier projection of 5.5%. The RBI had projected a growth of 5.5% for 2013-14 in its first quarter monetary policy on July 30, 2013. The economy grew by 4.4% in the first (April- June) quarter of current fiscal. It had expanded by 5% 2012-13 fiscal, the lowest level in a decade.

As per RBI chief Raghuram Rajan, strengthening export growth and signs of revival in some services, along with the expected pick-up in agriculture, could support an increase in growth in the second half of 2013-14 relative to the first half. He added that the revival of large stalled projects and clearances by the Cabinet Committee on Investment (CCI) would prop up investment and overall economic activity towards the close of the year.

It must be recalled that the World Bank and International Monetary Fund (IMF) also lowered the growth forecast for India for current financial year to 4.7% and 3.75% respectively.

Charge for SMS alerts on actual usage basis: RBI to banks

The RBI, in its  Second Quarter Review of Monetary Policy 2013-14, asked banks to charge customers for transaction SMS alerts on the basis of usage, instead of imposing a fixed fee, to ensure equity and be reasonable.

In March 2011, the RBI had released guidelines for banks to send online alerts to customers for all types of transactions, irrespective of the amount. However, it had not issued norms on charging customers for these alerts.

Earlier in the year, State Bank of India levied an annual charge of Rs 60 for SMS alerts, a move followed by banks such as Canara Bank. A number of other PSU banks which follow this practice include Punjab National Bank, State Bank of Patiala, IDBI and Vijaya Bank.