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Economy & Business Current Affairs 2018

India Post Payments Bank to enable Digital Payments in Post Offices by April 2018

CCEA approves enhancement of target under Pradhan Mantri Ujjwala Yojana

IBBI amends IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016

NITI Aayog, UN sign Sustainable Development Framework for 2018-2022

Sep 28, 2018

NITI Aayog and United Nations have signed the Sustainable Development Framework (UNSDF) for 2018-2022 at an event in New Delhi. The framework outlines the development cooperation strategy between the Union Government and the United Nations country team in India.

Finance Minister launches Financial Inclusion Index, Jan Dhan Darshak app

Sep 26, 2018

Union Finance Minister Arun Jaitley launched the Financial Inclusion Index after his annual performance review meeting with the CEOs of public sector banks in New Delhi. The index will be a measure of access and usage of a basket of formal financial products and services that includes savings, remittances, credit, insurance and pension products.

Union Finance Minister Arun Jaitley launches web portal for MSME banking credit space

Sep 26, 2018

The loans are undertaken without human intervention till sanction and or disbursement stage. The Portal sets a new benchmark in loan processing and reduces the turnaround time from 20-25 days to 59 minutes. Subsequent to the principle approval, the loan will be disbursed in 7-8 working days.

Andhra Pradesh, Odisha, MP awarded best-performing states in ’Ease of Living Index’ 2018

Sep 25, 2018

The state of Andhra Pradesh has topped the ‘Ease of Living Index’ rankings launched by the Ministry of Housing and Urban Affairs. It was followed by Odisha and Madhya Pradesh. The three states were awarded best-performing states at the National Dissemination Workshop on September 24.

High-Level Committee recommends completion of stalled housing projects in Noida, Greater Noida

Sep 24, 2018

A high-level committee of the Uttar Pradesh Government has come out with recommendations that are aimed at providing a solution to the completion of homes in the stalled projects of Noida, Greater Noida and Yamuna Expressway.

SEBI eases KYC norms for Foreign Portfolio Investors

Sep 22, 2018

The market regulator relaxed the norms after considering the interim recommendations of the SEBI working group under the Chairmanship of Harun R Khan, a former deputy governor of the Reserve Bank of India.

World Bank approves framework to support India’s transition to high-middle income country

Sep 21, 2018

The World Bank board has approved an ambitious five-year Country Partnership Framework (CPF) for India that is in line with India’s objectives of high, sustainable and inclusive growth. The framework sets the strategic focus for the World Bank’s engagement with India for the period FY18-22.

PM Modi lays foundation stone of world-class convention centre in Delhi

Sep 20, 2018

The foundation stone of India International Convention and Expo Centre (IICC) was laid by Prime Minister Narendra Modi in New Delhi on September 20, 2018. The centre is being developed as a state-of-the-art centre to boost industrial development in the country.

Government proposes merger of Bank of Baroda, Dena Bank and Vijaya Bank under Alternative Mechanism

Sep 18, 2018

The state-owned Bank of Baroda, Vijaya Bank and Dena Bank will be merged to create the country's third largest lender after the SBI and ICICI Banks, as part of efforts to revive credit and economic growth. The scheme of amalgamation, which will now be formed, will be laid before Parliament. However, it would require no change in the banking law.

Government announces steps to check rising Current Account Deficit, fall in rupee

Sep 15, 2018

The Union Government has announced a host of measures to check the rising Current Account Deficit (CAD) and the fall in rupee. The CAD widened to 2.4 per cent of the country's gross domestic product (GDP) in the first quarter of 2018-19 from 1.9 per cent in the fourth quarter of 2017-18.

Comparison between India post payments bank and post office saving account: Fact box

Sep 6, 2018

India Post Payments Bank (IPPB) was recently launched by Prime Minister Narendra Modi to ensure financial inclusion of the rural population. The bank will have 650 branches and 3250 access points across the country.

Government approves proposal to increase wages of artisans by over 36 percent

Sep 5, 2018

This increase will also attract new and younger artisans to Khadi, who were earlier doubtful about their income comparing it to the wages given to the daily wagers under Mahatma Gandhi National Rural Employment Gurantee Act (MNREGA).

Banks with over 10 branches to have internal ombudsman: RBI’s Internal Ombudsman Scheme 2018

Sep 4, 2018

The customers of banks need not approach the IO directly as the banks themselves will escalate all complaints internally, which are not fully redressed to their respective IOs before conveying the final decision to the complainant.

Prime Minister Narendra Modi launches India Post Payments Bank

Sep 1, 2018

Prime Minister Narendra Modi has launched the India Post Payments Bank (IPPB), which seeks to leverage the expansive network of the postal department to ensure financial inclusion for the masses, at Talkatora Stadium in New Delhi

Shipping Ministry signs new wage agreement to benefit over one lakh port workers, pensioners

Aug 31, 2018

The Shipping Ministry has signed a new wage settlement agreement for Group C & D category of Port and Dock Workers in Mumbai, Maharashtra. The move will benefit around one lakh 35 thousand port and dock workers and pensioners in 12 major ports across the country.

Government to launch National Mission on GeM in September

Aug 30, 2018

The National Mission on Government e Marketplace (GeM) will be launched on September 5 to accelerate the adoption and use of GeM by major central ministries, state governments and their agencies.

99.3 percent of demonetised currency returned: RBI in its Annual Report 2017-18

Aug 30, 2018

Post demonetisation, the RBI spent Rs 7,965 crore in 2016-17 on printing new Rs 500 and Rs 2,000 and other denomination notes, which is more than double the value spent in the previous year that is Rs 3,421 crore.

India, World Bank sign loan agreement to scale-up India’s energy efficiency programme

Aug 29, 2018

The Union Government and World Bank have signed a $220 million loan agreement and a $80 million guarantee agreement for the India Energy Efficiency Scale-Up programme. The programme will largely tackle the financing, awareness, technical and capacity barriers faced by new energy efficiency programmes.

Petroleum Minister launches online portal for common carrier capacity booking

Aug 28, 2018

The Union Minister of Petroleum and Natural Gas, Dharmendra Pradhan has launched an online portal to enable easy, efficient and transparent booking of common carrier capacity for natural gas transmission services under GAIL’s pipelines.

FAME India phase II to be launched in September

Aug 27, 2018

Indian Prime Minister Narendra Modi will soon launch the second phase of the FAME India scheme offering incentives for mass adoption of electric vehicles with an outlay of Rs 5,500 crore. The prime minister will unveil the scheme at the inaugural session of 'MOVE' – the global mobility summit.

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