RBI current affairs

2015 IPL contributed Rs 11.5 billion to India’s GDP: BCCI

  • 2015 IPL contributed Rs 11.5 billion to India’s GDP: BCCI
  • The 2015 Indian Premier League (IPL) contributed Rs 11.5 billion ($182 million) to India’s Gross Domestic Product (GDP), the Board of Control for Cricket in India (BCCI) said on Friday.
  • The BCCI appointed KPMG Sports Advisory Group to undertake a survey on the economic impact generated by the IPL on the economy of India, which brought forward the figures.
  • IPL 2015 consisted of eight franchises that played 60 matches over 44 days in 13 host venues of 12 cities across the country.
  • As many as 193 cricketers took part in the tournament that attracted 1.71 million spectators at the venues, the BCCI statement added.
  • “The total economic output associated with IPL matches in India for 2015 is estimated at INR 26.5 billion ($418 million). This is the aggregate value of all transactions that took place as a direct, indirect or induced effect of the economic activity of the 2015 matches. Hosting an IPL match also adds value and revenue to the economy of the state,” BCCI said.
  • IPL is tool to convert black money into white. A tool for money laundering, tax evasion, betting, prostitution and other illegal activities.
  • “The 2015 season, saw around 20 percent of attendees visiting from cities other than the host city. Also notable were international visitors primarily from the United Kingdom, Australia and South Africa.”
  • IPL matches directly affected the economy of India in a variety of ways, according to the survey. The key benefits and opportunities that arose were employment generation across sectors, tourism development, support of tier two cities providing key media exposure and development of cricket and sport participation across the country.

NRIs can now invest in National Pension System, says RBI

  • The Reserve Bank of India on Thursday notified that non-resident Indians (NRIs) can opt to invest in the National Pension System (NPS), in a move that can boost the corpus of the scheme aimed at providing old-age income security for all individuals.
  • The move will help boost dollar inflows into the country.
  • In its notification, the central bank said that NRIs may subscribe to the NPS governed a
    nd administered by the Pension Fund Regulatory and Development Authority (PFRDA), “provided such subscriptions are made through normal banking channels and the person is eligible to invest as per the provisions of the PFRDA Act.”
  • In the last budget, finance minister Arun Jaitley had proposed an additional deduction of `50,000 for investments made in the NPS, making the scheme tax attractive for the large chunk of non-government salaried persons.

ICICI Bank Q2 profit rises 12%, to sell 9% stake in Lombard

  • Private sector lender ICICI Bank  ‘s July-September quarter earnings matched analysts’ expectations on Friday with standalone profit rising 11.8 percent year-on-year to Rs 3,030 crore, aided by revenue, ot
    her income and operating profit.
  • The stock rallied 2 percent at close due to insurance stake sale news, ignoring asset quality concerns.
  • Net interest income (the difference between interest earned and interest expended) increased 12.8 percent year-on-year to Rs 5,252 crore during the quarter with net interest margin net interest margin at 3.52 percent (against 3.54 percent in preceding quarter and 3.42 percent in year-ago period).