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19th June 2018 Part-1: Daily News Analysis
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CJI appointment

Jatin Verma is teaching live on Unacademy Plus

Jatin Verma
Have appeared in UPSC CSE thrice. Have been taking Unacademy Plus courses Academics- Polity, Economics & Current Affairs.

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Rishabhanatha was 1st tirthankara of jain tradition
Sir plz dna ke part 1 me hi sari slides share kro na otherwise telegram pe dna ki pdf share kro...plz sir that will be very helpful Thnx in advance
 article 124 clause 4 = judge of the Supreme Court shall not be removed from his office except by an order of the President passed after an address by each House of Parliament supported by a majority of the total membership of that House and by a majority of not less than two thirds of the members of that House present and voting has been presented to the President in the same session for such removal on the ground of proved misbehaviour or incapacity.
 article 124 clause 4 = judge of the Supreme Court shall not be removed from his office except by an order of the President passed after an address by each House of Parliament supported by a majority of the total membership of that House and by a majority of not less than two thirds of the members of that House present and voting has been presented to the President in the same session for such removal on the ground of proved misbehaviour or incapacity.
 article 124 clause 4 = judge of the Supreme Court shall not be removed from his office except by an order of the President passed after an address by each House of Parliament supported by a majority of the total membership of that House and by a majority of not less than two thirds of the members of that House present and voting has been presented to the President in the same session for such removal on the ground of proved misbehaviour or incapacity.
 article 124 clause 4 = judge of the Supreme Court shall not be removed from his office except by an order of the President passed after an address by each House of Parliament supported by a majority of the total membership of that House and by a majority of not less than two thirds of the members of that House present and voting has been presented to the President in the same session for such removal on the ground of proved misbehaviour or incapacity.
  1. for Monday'ganw forward to reWARMING GLOBAL look forward toit Wakort has Daily News Analysis top start sea ar stacea thi Parliamentary Committees ris DealTHE HINDU, pho even Judicial Over-reach 80 Indian express, Tol, Livemint for 19th June, 2018 as . AG Slams Govt. e ga Act olicy ayIut hadhe Oliver &for nanded by many a that Khan also a puralso Daily News Analysis Legislative Adventurism been no witact Troim .austrial Productio that it ha witten toor o months receveh financial crisis a pu Meltdow. China's Belt & Road Is there a need for Stimulus By Jatin Verma

  2. To access Searching for "jatin verma" - Daily Editorials EDUCATORS DNA - PIB Summary MCQs You can follow me Jatin Verma Mahesh Verma on Unacademy Facebook ID: jatinverma0509 unacader

  3. For PDFs and other UPSC related material Searching for "jatin verma" EDUCATORS Facebook ID: jatinverma0509 Telegram Channel: jatinverma05 Jatin Verma Mahesh Verma unacademy

  4. tth Back to Plus GS Mains Paper-3 through 250 expected Questions & Answers rc lag Jatin Verma 251k followers nt In this course, Jatin Verma will comprehensively cover entire topics of General Studies-11. The objective of this course is to enable learners for handling questions on any topic in GS Mains Paper- 3 through Questions-Answer based approach. The course will be conducted in English and the notes will also be provided in English ay

  5. Important News Articles Taking Delhi/Noida edition as the base tth Data Point Page 1: HC questions AAP's sit-in at L-G's office Page 1: Chinese envoy for trilateral with India, Pak. re Page 2: PM's role sought for settling food account Page 6 Nation: Second-phase nesting leaves a stench at Rushikulya Page 7 Nation: Paper setters to receive training Page 7 Nation: Flood warning: govt. teams up with Google Page 7 Nation: Visva-Bharati to set up yoga village Page 10 News: Anti-terror ops resume in Kashmir Page 11 News: Arab group wants India on board in Yemen Page 11 News: Road map laid for India-U.S. meet Page 11 News: India, Italy agree to revitalise bilateral ties Page 11 News: Mallya diverted *3,700 cr. to F1, IPL Page 11 News: Envoy lists steps to boost ties Page 12 World: Exclusion of Indian students from visa reform amounts to self-harm Page 12 world: Singapore financier acted as a conduit for U.S.-N, Korea talks lag nt ay

  6. Important News Articles Taking Delhi/Noida edition as the base tth Page 12 World: Trump defends policy Page 13 Business: Jaitley against cut in tax on fuels Page 13 Business: Govt. to set up fifth national data centre re Page 13 Business: RBI alters 'relative' definition to check outward remittances Page 13 Business: Bank credit rises 3.4% in December quarter Page 14 Business: Mills cut sugar exports as local prices rally lag nt ay

  7. estart DATA POINT DATA POINT Notable dip The number of Indian students pursuing higher education in the U.K. has come down substantially, Less than 10,000 first year students were from India in 2016-17, which was less than half of the numberfive years earlier. On the other hand, China's first year student population increased 1.7 times in the same period China 60000 -40000 India North America 20000 West Asia Malaysia 0 2006-07 2010-11 2016-17 Source: Higher Education Statistics Agency U.K

  8. want teo he starting Corporate Ethics: GS Mains Paper -4 at thh Chanda Kochhar to go on leave till probe gets over Remains MD & CEO: Sandeep Bakhshi, COO, to run ICICI Bank in the interimm Change of guard The allegations against Chanda Kochhar that finally ted to the appointment of a coo for ICICI Bank he ICICI Banks MD and CEO Chanda Kochhar, at the centre of a row over conflict of interest, has decided to go on leave till an independent probe into the allegations is completed. - Allegations surface of a quid pro quo in toans provided to the Videocon Group by ICICI Bank in 2012 ICI The Videocon Group allegedly pumped money into NuPower Renewables, a irm promoted by Deepak Kochhar husband of Chanda Kochhar The bank has appointed the chief executive of its life insurance arm Sandeep Bakhshi, as whole-time di rector and chief operating officer (COO) to run the bank e ar Videocon received a loan of 23.250 erore from ICICI in 2012. The Videocon account was declared as a bad loan in 2017 ent during her absence Taking over: A file photo of Chanda Kochhar, MD & CEO, ICICI Bank, with COo Sandeep Bakhshi PAUL NORONHA Ms. Kochhar will continue as MD and CEO, and Mr Bakhshi will report to the board during her leave. All executive directors and the executive management will report to Mr. Bakhshi, the bank informed the stock ex- changes following a meeting nounced on May 30, 2018. former judge of the Supreme sactions between ICICI of its board on Monday. - In March 2018, the CB launched a preliminary inquiry against the bank to look into the alleged nexus between the Videccon Group and Mr, Kochhar The transaction was frst highlighted by a whistlebtower in 2016, who also issue to the PMO and the RBI calling for a probe -Late in May 2018, CiCI Bank and Chanda Kochhar pertaining to Bakhshi, the nd Mr. Kochharroupssue to the pso wrote on theSEBI served a notice the bank said Court, will head the commit Bank, the Videocon Group Last month, ICiCI Bank tee for the probe, though the and NuPower Renewables said it would set up an inqui other members are yet to be acompany promoted by Ms Five-year term Mr. Bakhshi will be resp sible for handling all the b whistleblower's complaint disclosed the timeframe for Kochhar in 2010. sinesses and corporate against Ms. Kochhar for vio the committee to submit its centre functions at the lating the code of conduct of report. bank" the lender said. He the bank. It was also alleged will take charge as the COO that Ms. Kochhar had not adInvestor's ry committee to examine a named. ICICI Bank has not ochhar's husband Deepak It was alleged that a com pany related to Videocon Group chairman Venugopal Dhoot had nvested 64 on June 19 for a five year hered to legal and regulaory The controversy startedi crore in NuPower in 2010 ietorshi visions relati to con 2016 when Arvind Gupta. an and later, the

  9. want teo he starting Page-1: CJI Misra has to name his successor: Law Minister at thh Union Law Minister Ravi Shankar Prasad said that the Centre's intention on appointment of the next Chief Justice of India (CJI) should not be doubted as the sitting CJI had to forward the name of his successor. As far as the appointment of the next Chief Justice of India is concerned, as per the convention the tresittng Chief Justice of India sends the name of the senior-most judge to us. As and when we get the he name, we will discuss it. .The Minister's comment came in response to a question whether the government would follow the convention and appoint the next senior-most judge, Justice Ranjan Gogoi, as the CJI when Justice Dipak Misra retires on October 2 Justice Gogoi was among the four SC judges who had in January questioned the Chief Justice of India on allotment of sensitive cases by holding an unprecedented press conference. Law Minister also refuted a claim that appointment of judges has been slow because of the differences between the government and the judiciary over the issue of memorandum of procedure He said that between April 2015 and May 2018, 18 judges were appointed in the Supreme Court; 331 judges and 313 additional judges were appointed and made permanent in the high courts e ar k h ent * On TTT Bill: Asked whether the government will take the ordinance route to clear the bill on triple talaq, which is yet to be cleared by the Rajya Sabha, Mr. Prasad said the government remains committed to enacting the law tis

  10. want teo he starting On MoP: Responding to another question on the delay in finalising the memorandum of procedure for appointment of judges, he said discussions were on and the Supreme Court and the government would have to finalise the document together Obsolete laws: He also pointed out that the government has taken the initiative to repeal 1,428 old and obsolete Acts re Fast Track Courts: Further there has been substantial rise in fast-track courts, which deal mostly hewith cases related to crimes against women, children and the elderly, from 281 in March 2014 to 717 as on March this year, he added e ar k h ent tis that

  11. LT want teo he starting at thh he e ar k h that en thec

  12. want teo he starting Page 1: HC questions AAP's sit-in at L-G's office at thh The Delhi High Court questioned Chief Minister whether his sit-in or 'dharna' at the Lieutenant Governor's office was authorised by the L-G, saying such a strike could not be inside someone's office or residence. "If it is a strike or dharna, it has to be somewhere else. This can't be called a strike. You cannot go p inside someone's office or house and hold a strike," a Vacation Bench remarked he The Bench was dealing with three different petitions: V One seeking to declare the sit-in by CM and his Cabinet colleagues unconstitutional and illegal, V The other to end the alleged 'informal strike' by IAS officers, and v another by opposition leader against the Delhi government's sit-in. . The Bench did not pass any direction but made party in the case members of the IAS Officers e ar k h ent Association of the AGMUT (also known as Arunachal Pradesh-Goa-Mizoram and Union Territories) cadre who said that they were not on strike The leaders were not preventing or blocking any official work inside the L-G's office, and IAS officers accepted that they are not attending meetings called by the Ministers The Central government claimed that the IAS officers were not on strike and urged the Bench to direct AAP leaders to vacate the Lieutenant-Governor's office tis en thec

  13. want teo he starting at thh Page 11 News: More sugar rice imports . As a result of PM's visit to Wuhan to meet with Chinese President, the two sides had taken steps to reduce the trade deficit China will import more sugar, non-Basmati rice and high-quality medicines from India to reduce . trade imbalance. he A new bilateral target has been set for S100 billion by 2022. India agreed to facilitate the re establishment of Bank of China branch in Mumbai China had proposed that India should join a "trilateral" mechanism with China and Pakistan, on the e ar k h ent sidelines of the SCO. Indian policy is to resolve its problems with Pakistan in a bilateral format, one must see that China would not be an unbiased partner in such a dialogue given its ties with Pakistan pun tis that

  14. want teo he starting Page 6 Nation: Second-phase nesting leaves a stench at Rushikulya at thh Remnants of eggs from second-phase mass nesting of olive ridleys at Odisha's Rushikulya rookery has made the coast a stinking, polluted place. Fishermen are facing the stench problem this year because of the unique recurrence of mass nesting of olive ridleys. Thousands of decomposing remnants of turtle eggs can be seen strewn on the coast between Podampeta and Gokharkuda, the region where mass nesting had recurred. Olive ridley eggs incubate on their own by the heat of the sand under which they are buried. Hatchlings come out in 45 to 50 days and the covering of the eggs decompose and mix with sand. he . Vagaries of nature .This year, the olive ridleys nested twice at Rushikulya coast - the first time in February when it e ar k h ent the regular mass nesting period, and the second time in April from 18th to 22nd. .In the second phase, around 37,000 mother olive ridleys laid eggs at the beach. This untimely u second-phase mass nesting faced vagaries of nature like eroding sea waves which could not be stopped by using sand bags. A large number of olive ridley nests were exposed and damaged by the waves. These eggs have started to decompose now and the stench emanating is driving tourists away from the beach. . The summer sun and saline water of the sea will gradually decompose the remnants of the eggs and the beach will become free from the debris which will mix up with the sand. tis

  15. want teo he starting -to Page 7 Nation: Paper setters to receive training .The National Testing Agency, which is being set up to relieve the Central Board of Secondary Education (CBSE) of the burden of conducting multiple examinations, will also train paper setters to set better question papers and provide better model answers. There is no system for paper-setter training till now; HRD ministry will introduce it as part of the National Testing Agency's mandate . t" NTA to conduct exams: The agency's mandate as envisaged by the Ministry of Human Resource Development is to put in place a robust system for the conduct of examinations The National Testing Agency is expected to conduct some of the examinations that the CBSE has been conducting till now Eventually, the new body will take over all examinations from the CBSE, except the 10th and 12th nt board examinations Among the examinations that will be transferred to the NTA are the prestigious Joint Entrance Examination (JEE) for admission to engineering colleges like the IITs and NITs and the National Eligibility Cum Entrance Test (NEET) for admission to all medical colleges in the country, except AlIMS and JIPMER, Puducherry LI nd .The creation of NTA was approved by the Union Cabinet chaired by the PM in November 2 After a one-time grant of 25 crore to the NTA, it is supposed to become financially self- sustainable

  16. want teo he starting Page 7 Nation: Visva-Bharati to set up yoga village at thh Visva-Bharati University (VBU), founded by Rabindranath Tagore, will set up a yoga centre inside the campus, named yoga gram (village). The centre is aimed at increasing awareness about yoga. The campus at Santiniketan will have several single-storied buildings, termed as kuthis (cottages) re dedicated to different techniques of yoga. The cottages will be built inside a mango grove. he.Each cottage will have a library and an audio-visual facility dedicated to different techniques of yoga, along with large halls for practising yoga The VBU authorities were also planning to grow garden plants used in Ayurvedic medicine on the campus VBU have received R5 crore from the Ministry of Human Resource Development for setting up the yoga kuthis which is the first phase of the yoga gram project. Construction will begin within two to three months. e ar k h ent tis that

  17. want teo he starting LT at thh Page 10 News: Anti-terror ops resume in Kashmir |GSM-3: Securit . The Chief of the Army Staff, landed in Kashmir to review the security situation, a day after the Union government called off the month-long ceasefire. As full-fledged operations resumed, Army sources said that they expected progress in the coming davs as information started flowing in. re he.Now information will start flowing in as people are available. Police will also start getting inputs. Army is expecting good operations in the coming days Sacrifice not in vain' . The Chief of the Army Staff visited the valley and forward areas, and also visited slain rifleman's e ar k h ent ,village. Union Home Minister announced that the government had decided not to extend the suspension ofBU operations in J&K and operations against terrorists would resume . The ceasefire was announced for a month from May 17 to coincide with the holy month of Ramzan. One of the first operations since the ceasefire was called off was in Bandipora district. The Army had started an operation in the area on June 9 but had suspended it subsequently. Two terrorists were killed in the operation. tis that en thec

  18. want teo he starting New operation at thh Another cordon and search operation was launched in Bijbehara The suspension of operations in the Valley had led to free movement of terrorists and helped them consolidate. The information channels of the security forces had not been affected too much as the duration of the ceasefire was relatively short he. The intelligence-specific operations are expected to go up in the coming days as the Amarnath Yatra season approached. Additional forces are already in place as part of the security review to secure the vatra route. e ar k h ent tis that en thec

  19. want teo he starting Page 11 News: Road map laid for India-U.S. meet at thh Indian and U.S. experts began a three-day consultations to find meeting points in bilateral relations in preparation for the first-ever meeting of the Ministers for External Affairs and Defence with their U.S. counterparts next month The July meeting in Washington DC between Indian Ministers and their U.S. counterparts, called re the two-plus-two discussions, is expected to further cement the India-U.S. engagements. he.The key focus areas of the meeting is finding a breakthrough in concluding the Communications Compatibility and Security Agreement (COMCASA), one of the four foundational agreements that helps the U.S. to intensify its defence cooperation with a partner nation . Indications emerging from the U.S. side is that they are keen to stress the importance given to India The U.S. Pacific Command (PACOM) was recently renamed Indo-Pacific Command . Apart from the foundational agreements, the U.S. is also keen on a broad based intelligence-sharing . in its Indo-Pacific strategy ent (INDOPACOM), symbolic of the significance U.S. attaches to India in the region. agreement with India as the two countries have vastly expanded their counter-terror cooperation. In this context, the fourth foundational agreement, Basic Exchange and Cooperation Agreement for Geo-spatial Cooperation (BECA), will be significant. tis

  20. want teo he starting Page 11 News: Road map laid for India-U.S. meet (contd. at thh COMCASA and BECA are the two foundational agreements that India is yet to sign. It has already signed the General Security Of Military Information Agreement (GSOMIA) and the Logistics Exchange Memorandum of Agreement (LEMOA) The most significant of them is LEMOA, which gives both nations access to each other's military facilities. But it does not make it automatic or obligatory he. The U.S. has been engaging India since 2002 on the foundational agreements, but successive governments have been wary of giving in to the U.S. demands. Sale of drones e ar The COMCASA will facilitate transfer of encrypted communications systems. The agreements are a key requirement by Washington for sharing h-tech military hardware, especially armed drones which the U.S. is willing to supply to India. Sale of armed drones is high on the agenda of the 2+2 dialogue. ent .New Delhi has shed its traditional reluctance and has been open to COMCASA, with both sides holding several rounds of discussions in recent times. There have been widespread expectations that a broad understanding could be reached ahead of the 2+2 dialogue. However, India had concerns on some of the clauses and the language, which both sides would attempt to address in the discussions. tis

  21. want teo he starting LT Page 11 News: Road map laid for India-U.S. meet (contd. Sale of drones (contd. .As part of improving high tech cooperation, India and the U.S. announced the ambitious Defence at thh Technology and Trade Initiative and India was designated a major defence partner. But it has not made any progress. re he e ar k h ent tis that en thec

  22. Page 11 News: Mallya diverted 3,700 cr. to F1, IPL The Enforcement Directorate charged liquor baron Vijay Mallya and his two firms for fraudulently "diverting" over 3,700 crore from bank loan funds to a UK-based Fl motorsport firm, a T20 IPL team, and towards private jet sorties. The ED's fresh chargesheet against Mr. Mallya and his firms is likely to pave the way for him to be declared a "fugitive" under the recently promulgated Fugitive Economic Offenders Ordinance. . The agency named Mr. Mallya and his firms - Kingfisher Airlines Limited (KAL) and United Breweries (United Breweries Holdings Limited) in its voluminous prosecution complaint filed before a special Mumbai court under the Prevention of Money Laundering Act. . The chargesheet revolves around a complaint received from the State Bank of India on behalf ofa consortium of banks against Mr. Mallya for causing a loss of 6,027 crore by not repaying loans taken during 2005-10 False declaration The ED chargesheet said KAL made payments of 30,348,452.25 (over 254 crore) to UK-based Force India Formula One Team Limited (FIF1TL) and Mallya "surreptitiously transferred funds of the firm giving a false purpose of remittance and thus diverted the funds (loan amount)." On the T-20 cricket Indian Premier League team, the agency said the Bengaluru franchise of this sporting extravaganza (named Royal Challengers) was purchased by Mallya and "loan amount of . 5.90 crore was siphoned of and diverted from the bank acount of KAL, held with Deutsche Bank, to Royal Challengers Sports Pvt Ltd, Bengaluru."

  23. want teo he starting Page 12 World: Exclusion of Indian students from visa reform amounts to self-harm' at thh Britain's decision to exclude India from reform of its international student visa application process has been widely condemned in Britain, including by the Labour Party. It an "act of self-harm" that threatened to push even more Indian students away from British universities The Home Office decision to exclude Indian students from the new immigration rules was a missed opportunity. There is a sharp decline in Indian student numbers from 60,322 in September 2010 to 14,081 in 2017. This was a period during which the number of Indian students studying in America and Canada rose re he e ar k h ent India Week' summit . The controversy comes ahead of an 'India Week' summit, which senior politicians from both countries as well as industry figures are expected to attend . The summit is expected to focus on post-Brexit opportunities to build the bilateral relationship as Britain prepares to leave the EU customs union British Home Secretary announced that doctors and nurses would no longer be included in an annual cap on Tier 2 (general) visas, in what was seen as a positive move for bilateral relations, as many Indian doctors had been previously caught up in visa restrictions. tis

  24. want teo he starting Page 12 World: Exclusion of Indian students from visa reform amounts to self-harm (contd. India Week' summit * Relaxation was formally presented to Parliament, the government also announced the extension of a at thh programme under which students from certain countries could provide reduced documentation when applying for Tier 4 student visas. The list of countries included China, Bahrain, Indonesia, and the Maldives, but not India re There are some parts of government that want to be outward looking in the Brexit process and there is the Home Office that is discharged with ensuring a restrictive visa regime. he. e ar k h ent tis that

  25. want teo he starting at thh Page 12 World: Singapore financier acted as a conduit for U.S.-N. Korea talks An American financier approached government with an unusual proposition: The North Korean government wanted to talk to the President's son-in-law and senior adviser. Top North Korean official was seeking a back channel to explore a meeting between US President p and North Korea, who for months had traded threats of military confrontation. re he. Singapore had built a network of contacts in North Korea on trips he had taken to develop business opportunities in the isolated state. Circuitous path For some in North Korea, which has been ruled since its founding by a family dynasty e ar k h ent Mr. Schulze's quiet outreach was but one step in a circuitous path that led to handshake between U.S. and North Korea in Singapore - a path that involved secret meetings among spies, discussions between profit-minded entrepreneurs, and a previously unreported role for Mr. Kushner, according to interviews with current and former American officials and others familiar with the negotiations, In reaching out to the White House, Mr. Schulze was taking advantage of an unusual opening in an administration where matters of policy and business often seem to blur. tis

  26. want teo he starting Page 13 Business: Jaitlev against cut in tax on fuels . Reducing taxes on fuel could push India towards "unmanageable debt" at thh Increased tax compliance could reduce the country's dependence on the revenue earned from taxes on fuel Alluding to former Finance Minister's remark that the government can reduce the tax on petrol by 25 a litre, FM said this was a "trap." heAnother distinguished predecessor of mine had stated that the tax on oil should be cut by 25 per litre. This is a 'trap' suggestion. It is intended to push India into an unmanageable debt. The economy and the markets reward structural reforms, fiscal prudence and macro-economic e ar k h ent stability. Tax compliance is still a problem in India, Mr. Jaitley added, saying better compliance would reduce the dependence on tax collections from petroleum products. The tragedy of the honest taxpayer is that he not only pays his own share of taxes but also has to our compensate for the evader," FM said FM's earnest appeal to political leaders and opinion makers is that the full and complete suggestion would be that evasion in the non-oil tax category must be stopped and, if people pay their taxes honestly, the high dependence on oil products for taxation eventually comes down tis that

  27. want teo he starting Page 13 Business: Jaitlev against cut in tax on fuels (contd. States earn more' FM also pointed out that States charged ad valorem taxes on oil, and so, if oil prices rise, the States at th earned more As far as the non-oil taxes are concerned, we are still far from being a tax-complaint society. Salaried employees is one category of tax-compliant assessees. Most other sections still have to he improve their track record. The effort for the next few years has to be to replicate the last four years and improve India's tax-to- GDP ratio by another 1.5% The increase must come from the non-oil segment since there is scope for improvement. On employment, FM said several job-creating sectors such as construction, infrastructure and rural projects had started growing strongly. An analysis of the data released clearly shows that the construction sector is expanding by double our digits. e ar k h ent . It is a job-creating sector. Investment is increasing. Domestic investment is also increasing. The FDI is at an unprecedented level. We are spending huge amounts on infrastructure creation. tis that

  28. want teo he starting Page 13 Business: RBI alters 'relative' definition to check outward remittances at thh RBI has introduced a system for daily reporting of individual transactions under the LRS by banks Relatively stricter Funds under the 'close relatives' category can now be sent only to kin such as parents, spouses, children and their spouses. Earlier, the term had multifarious interpretations This enables banks to view he remittances already made by an Outward Maintenance of remittances* close relatives Year individual during the fiscal, thus improving monitoring and FY14 e ar k h ent ensuring compliance. Since the system uses the Permanent Account Number of the remitter to aggregate remitter-wise data, the central bank has made furnishing of PAN mandatory for such transactions 1,093.9 FY151,325.8 FY164,642.6 FY17 8,170.7 FY18 11,333.6 173.9 174.4 1,372.1 2,169.5 2,937.4 ind stay All figures in Smillion Source: RB * Under LRS that

  29. want teo he starting Page 13 Business: Bank credit rises 3.4% in December quarter .. Bank credit grew 3.4% on a sequential basis in the December 2017 quarter, helped by better at thh performance by private sector banks and an uptick in industrial credit after two successive quarters of declines, according to the Reserve Bank data. At the end of the December quarter, bank credit stood at 780.62 trillion compared with 77.95 re lion in the September 2017 quarter as per the RBI data he Industrial credit Significantly, industrial credit growth turned positive after moderating for two successive quarters the data showed. . The growth was broad-based across all population groups and for all major occupations, the RBlI e ar k h ent said Among bank groups, private sector banks continued to maintain double-digit annual expansion in their loan portfolio and led the overall credit growth. Private banks, credit offtake grew 4.88% in the reporting quarter, while public sector banks' loans- rose much lower by 2.96% Credit to the household sector recorded sustained growth and its share in total credit stood at 47.3%. . . The weighted average lending rate moderated by 18 bps during the quarter and stood at 10.44% at end December. tis that en thec

  30. want teo he starting Page 13 Business: GSTN lacuna hits refunds to exporters . West Bengal Finance Minister said that exporters were awaiting refunds to the tune of R25,000 crore, which have been stuck due to the "inability" of the GST Network (GSTN) There have been three lakh applications from exporters of the country, involving which are awaiting refund:s 25,000 crore, re The GSTN auto-verifies refund claims, but it is unable to do so, and therefore, manual verification heis relied upon that leads to huge pile-up of applications and impacts working capital of the exporters, the Minister said. e ar k h ent tis that