‘Overestimated GDP growth’
Arvind Subramanian, Narendra Modi government’s former chief economic adviser, has deduced that India’s economic growth rate has been overestimated by around 2.5 percentage points between 201112 and 2016-17 due to a change in methodology for calculating GDP. India’s gross domestic product product (GDP) growth rate between this period should be about 4.5% instead of the official estimate of close to 7%, he said in a research paper published at Harvard University.
Panel to review ATM charges
Reserve Bank of India has constituted a highlevel committee under IBA chief executive V G Kannan to examine ATM charges and fees by banks amid demands for reviewing the levies. The use of ATMS has been growing significantly and there have been persistent demands to change ATM charges and fees. The six-member panel will review the existing structures and patterns of costs, charges and interchange fees for ATM transactions, RBI said on Tuesday.