Rs 8,000 crore
What is it?The approximate amount Punjab National Bank(PNB) expects to recover from bad loans in the April-June quarter.
Why is it important?The state-run lender, which posted the biggest-ever quarterly loss by any bank in the fourth quarter of 2017-18, says it has already recovered Rs 6,000 crore by the end of the first week of June, compared with Rs 5,617 crore in all of 2016-17. In addition, it expects to raise some money from stake sales in its subsidiaries and other entities as part of the reforms agenda of public sector banks that are battling high ratios of bad loans and frauds.
Tell me more:PNB’s total liability due to the Nirav Modi scam is around Rs 14,357 crore, of which it said it has provided 50% and the rest will be covered in the remaining three quarters of 2018-19.
What is it?The number of memoranda of understanding that China and India signed last week.
Why is it important?One MoU pertains to China sharing with India hydrological data about the Brahmaputra river. This data contains the distribution, movement and quality of water, which is an indicator of the water levels of the river and is useful in creating flood alerts for India’s northeastern states. Last year, China stopped sharing this data soon after the 73-day Doklam standoff between its troops and the Indian Army. It will share the data twice every day until October.
Tell me more:Beijing provides the information from three hydrological stations, for which India pays Rs 1 crore per year.
What is it?The number of grand slam titles won by Rafael Nadal of Spain.
Why is it important? On Sunday, Nadal won the French Open, beating Dominic Thiem of Belgium in straight sets. Nadal is closing in on the all-time record of archrival Roger Federer, who found new ways to win in 2017 to nudge his grand slam tally to 20. After his win, Nadal said while he would like to overhaul Federer, he wasn’t obsessive about such records.
Tell me more:Of Nadal’s 17 grand slam titles, 11 are on the clay of Paris. He’s played the French Open 14 times, and accumulated a staggering win-loss record of 86-3 there.
What is it?The percentage of voters in Switzerland who rejected via a referandum a radical proposal to overhaul the Swiss banking system. All the 26 Swiss cantons also voted against it.
Why is it important?The proposal entailed prohibiting commercial banks from lending more money than they had in deposits, leaving the country’s central bank as the only source of new money. Those supporting the proposal said they were seeking to strengthen the banking system and protect people’s savings from bank runs.
Tell me more:As of December 2016, there were 261 banks in Switzerlandand their total balance sheet size was $3.1 trillion.
What is it?The percentage of India’s gross domestic product (GDP) that was lost due to violence in 2017.
Why is it important?In a recent report, the Institute for Economics and Peace (IEP) has calculated the economic costs of violence globally, defining it as the expenditure and economic effect related to containing, preventing and dealing with the consequences of violence.
Tell me more:With a spending of $186 billion, the report ranked India fourth on spending to contain global violence, with most of the spending going towards military spending.