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SEBI eases KYC norms for Foreign Portfolio Investors

2 days ago
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

3 days ago
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

3 days ago
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.

World Bank launches world-first blockchain bond

Aug 24, 2018
World Bank mandated Commonwealth Bank of Australia (CBA) as arranger for the bond. This decision was taken after a two-week consultation with the market wherein key investors indicated strong support for the issuance.

Commerce Ministry developing National Logistics Portal

Aug 24, 2018
The Union Ministry of Commerce and Industry is developing a National Logistics Portal to ensure ease of trading in the International and domestic markets. It aims to reduce the logistics cost from the present 14 per cent of GDP to less than 10 per cent by 2022.

Strong wage policies needed to promote inclusive growth in India: ILO’s India Wage Report

Aug 22, 2018
Despite India being one of the first countries to introduce minimum wages through the Minimum Wages Act, 1948, challenges still exist in providing a universal wage floor for all workers.

NITI Aayog launches ‘Pitch to MOVE’ for startups

Aug 14, 2018
NITI Aayog has launched ‘Pitch to MOVE’, a mobility pitch competition that aims to provide budding entrepreneurs of India with a unique opportunity to pitch their business ideas to a distinguished jury. The competition would enable startups working in the various fields of mobility to pitch their ideas to industry leaders and venture capitalists for raising investments.

Government dismisses Allahabad Bank CEO Usha Ananthasubramanian from service

Aug 14, 2018
The Union Government has dismissed Usha Ananthasubramanian, former CEO/ MD of Allahabad Bank and scam hit Punjab National Bank (PNB), from service. The bank had earlier divested Ananthasubramanian of all her powers as MD three months back, after she was named in the CBI charge-sheet in the Rs 14,000 crore PNB fraud case.

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