Scrapped Notes That Came Back

Rs 10,91,000 crore

What is it? The value of Rs 500 and Rs 1,000 notes returned by the public during demonetisation that the Reserve Bank of India has since processed for numerical accuracy and authenticity.

Why is it important? In all, Rs 15,28,000 crore worth of notes were returned to the RBI following demonetisation. This means, nearly a year on, RBI has verified 71% of the value of returned notes, a pace for which it has been facing criticism.

Tell me more: November 8 will mark one year of demonetisation, and political parties are set to again raise the pitch over its merits and demerits.

 

5 months

What is it? Time taken in India to receive approvals to merge a 100% subsidiary with its parent, Bharti Airtel chairman Sunil Mittal said on Saturday.

Why is it important? Mittal was using this to make a case that this government was making doing business in India easier, but it needed to do more.

Tell me more: The World Bank is expected to release its Doing Business report on October 31, and India is projected to gain positions over its 2017 rank of 130 out of 190 countries.

 

Rs 58,000 crore

What is it? The amount the government can raise by trimming its stake in public sector banks to 52%, according to a report released by industry chamber Assocham yesterday.

Why is it important? Such stake sales can reduce the burden on government’s finances from the three-pronged Rs 211,000 crore plan to recapitalise public sector banks it announced last week.

Tell me more: There are 25 public sector banks where the direct holding of the Central/state Government, or other public sector banks, is 51% or more.

 

35

What is it? Number of balls that David Miller of South Africa took to score a century against Bangladesh yesterday.

Why is it important? This is the fastest century in international T20 cricket. Miller shaved off 10 balls from the record, previously held by countryman Richard Levi, and also nearly smashed six sixes in an over.

Tell me more: Across cricketing formats, this is the second-fastest international century, after AB de Villiers’ 31-ball master-class against the West Indies in a one-day match in 2015.

 

2

What is it? The number of companies managing mutual funds that could be listed by the first half of 2018, if all goes as planned for the HDFC Group.

Why is it important? On Saturday, HDFC chairman said they were planning a listing of the asset management business in 2018. A new-found acceptance from retail investors is spurring the business of mutual funds into a new trajectory, and some are looking to use the buoyancy in the market to list. For investors, a new sector is now available to invest.

Tell me more: Last week, the IPO of the company that runs Reliance Mutual Fund was over-subscribed 81 times.

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Banks’ capital crisis

Rs 95,000 crore

What is it? The external equity capital that 11 state-run/public sector unit (PSU) banks would need by March, 2019 to meet Basel III norms, according Moody’s Investor Services.

Why is it important? It is about four times more than the amount India’s government has pledged (Rs 20,000 crore) to support the PSU banks. The rest has to come from the market. However, with high NPAs and low valuations, it might be a stretch for most PSU banks to raise the amount, and they might need further infusion from the government.

Tell me more: The State Bank of India will be trying to raise Rs 15,000 crore equity capital by itself in FY18.

 

Rs 16,580 crore

What is it? The estimated amount of loan the Uttar Pradesh government is considering to take to fund developmental projects.

Why is it important? Saddled with a farm-loan waiver of Rs 36,359 crore, the UP government will need financing for roads such as the Purvanchal Expressway and bridges, and also development schemes including affordable houses.

Tell me more: The news coincides with farmer protests in other states such as Madhya Pradesh, Maharashtra and Tamil Nadu for financial aid from governments, primarily in the form of loan waivers. By the time of the 2019 general elections, a Bank of America Merrill Lynch report estimates loan waivers would cost states Rs 2.57 lakh-crore.

 

$2.8 billion

What is it? The increase in net worth of Alibaba Group Holding’s chief, Jack Ma, overnight.

Why is it important? The richest person in Asia, Ma’s wealth stands at $34 billion in real-time. The surge was triggered by better-than-expected forecast of 45-49% revenue growth of the e-commerce company, China’s largest.

Tell me more: But the growth of the group is not just from online shopping, but also cloud  computing and media streaming.

 

37

What is it? The number of underground mines that Coal India reportedly plans to shut by end of this year.

Why is it important? The move is facing resistance from the labour unions, but shutting down the unprofitable mines could help the mining company cut costs. Its profits came down by more than a third to Rs2,716 crore in the quarter ending March 2017.

Tell me more: Coal India is the world’s largest coal miner and operates 413 mines including 207 underground mines. It accounts of 80% of coal produced in India.

 

22 minutes

What is it? The time taken by an AI machine to finish a two hour Chinese university entrance exam.

Why is it important? While the robot, MATHS AI, finished the exam fast, its score was below average. It got 105 marks out of 150, against the average score of 109. About 9.4 million students took the test this year. The robot, which is about the size of a refrigerator, is aiming for a score of 130+ next year.

Tell me more: The machine was developed by Zhunxingyunxue Technology in 2014 in partnership with Tsinghua University.

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