02 July 2017 Current Affairs

New chiefs of Union Bank of India & Syndicate Bank take charge

Rajkiran Rai G & Melwyn Rego has been assumed charge as Managing Director & CEO of Union Bank of India, Syndicate Bank respectively. Prior to joining Union Bank of India, Rai was Executive Director of Oriental Bank of Commerce & Rego was MD & CEO of Bank of India. Rajkiran Rai started his career in 1986 as an Agricultural Finance Officer in Central Bank of India. Rai has been appointed by the government to head Union Bank of India for a period of three years from the date of his taking over charge of the post or until further orders, whichever is earlier, according to a finance ministry notification. Melwyn Rego started his career with IDBI Bank Ltd in 1984 and rose to the position of Deputy Managing Director. Rego will be at the helm of the bank till the remainder of the term up to August 13, 2018, according to a finance ministry notification.

India’s economic growth rate at 7.3% in 2017-18 – RBI report

The Reserve Bank of India stated the ongoing accelerated reform initiatives like Goods and Sevice Tax and continuing political stability will push the economic growth scale to 7.3 per cent in terms of Gross Value Added – GVA in the current fiscal year (2017-18). The Financial Stability Report 2017 released, going forward, reforms in FDI and real estate sector, implementation of GST, and revival in external demand are likely to contribute to a better growth outlook. According to the RBI report, GVA growth is expected to be higher at 7.3 per cent in 2017-18. On inflation, it paints a rosy picture and projects CPI inflation to be in the range of 2-3.5% in the first half of the year and 3.5-4.5% in the second half.

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