Daily GK Update: February 24th, 2016.

RBI extends currency swap arrangement with SAARC nations.

In order to enhance economic cooperation and strengthen financial stability, RBI has extended the $2 billion currency swap arrangement to SAARC nations till mid-November 2017.

Workers at Tata Motor’s Sanand plant go on strike.

Around 300 workers at Tata Motor’s plant here have gone on flash strike to press for reinstatement of around 20 of their colleagues who have been suspended for serious misconduct.

Strategic debt restructuring initiated: Sinha.

The government has initiated strategic debt restructuring (SDR) in 10 to 12 cases comprising bad loans worth Rs 1 lakh crore, Minister of State for Finance Jayant Sinha said.

Budget will be a tough task, Railway Board veterans say.

Former chiefs of the Railway Board believe that Union Railway Minister Suresh Prabhu will have a tough task on his hands when he presents his second budget  as the public utility is slipping shar ply on its financial targets.

NTPC stake sale oversubscribed.

The government announced that the first round of its offer for sale of 5 per cent stock in NTPC reserved for institutional investors was oversubscribed 1.8 times.

FII cap in state-run banks may increase to 49 per cent.

The government is considering a proposal to increase the cap on foreign institutional investment in public sector banks to 49 per cent from 20 per cent. The move comes at a time public sector banks need equity capital while their stocks have taken a hammering after reporting huge losses in the third quarter due to a sharp rise in non-performing assets, banking industry sources said.

Government to unveil IPR policy in a fortnight.

The government is likely to announce its National Intellectual Property Rights (IPR) Policy within a fortnight. The policy which will be entirely compliant with the World Trade Organisation’s agreement on Trade Related aspects of IPRs (TRIPS) will, as per Prime Minister Narendra Modi’s suggestion, have a special thrust on awareness generation and effective enforcement of IPRs, besides encouragement of IP commercialisation through various incentives.

Manufacturing sector growth returns to expansion in Feb: SBI Index.

Manufacturing activity in the country bounced back and entered the expansion territory in February, says a report. The yearly SBI Composite Index for February is at 51.3, compared to last month index of 47.3. Meanwhile, the monthly Index declined to 49.5 in February, from 52.4 in January 2016.