1. Reserve Bank of India (RBI) on 7 March 2014 announced to set up a committee under the Financial Stability and Development Council (FSDC). The committee would set the guidelines for the banking sector to comply with Basel-III capital norms.
2. Union Government of India (Indian Revenue Department) on 6 March 2014 tightened baggage rules for inbound Indian passengers. According to the step, the passengers will have to provide details of source of funds for importing the metal as well as the air tickets.
3. Current Account Deficit (CAD) declined to 0.9 percent of Gross Domestic Product (GDP) in Quarter 3 (October - December) of 2013-14.
4. Government of India on 4 March 2014 hiked the interest rates on fixed deposit scheme that is offered by post offices by up to 0.2 percent. The new interest rates on the small savings schemes will come into effect from 1 April 2014.
Agreements & Tie Ups
Bharti Airtel and UAE’s telecom giant Etisalat signed a pact on 4 March 2014 to set up a multi-service regional network infrastructure node in India.The partnership includes Airtel's MPLS (Multiprotocol Label Switching) services supported by its global network.
Public sector general insurer New India Assurance announced an exclusive health insurance cover New India Asha Kiran for girl child on 7 March 2014. New India Assurance cut health insurance rate for 50 per cent for the girl child.
1. Tom Albanese is appointed as the new Chief Executive Officer (CEO) of Vedanta Resources on 6 March 2014. Tom will take over as the charges of CEO and join the Vedanta board with effect from 1 April 2014.He will also be appointed as CEO of Sesa Sterlite, main operating entity of Vedanta from 1 April 2014.
2. Cairn Energy founder Sir Bill Gammell announced retirement from the post of non – executive chairman on 3 March 2014. Sir William Benjamin Bowring Gammell commonly known as Sir Bill Gammell will leave the post on 15 May 2014.
3. Bill Gates, Microsoft Co-founder is the World’s top richest Billionaire with worth of 76 billion dollars according to Forbes magazine’s 28th Annual World billionaires list released on 3 March 2014.
4. Hyderabad-based Natco Pharmaceuticals won a patent case against Teva Pharmaceuticals of Israel on 3 March 2014. The decision would allow Natco to launched generic version of multiple sclerosis drug Copaxone (glatiramer acetate) in the U.S.A.
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