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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.

IRDAI constitutes working group to review norms for insurance surveyors

Aug 14, 2018
The Insurance Regulatory and Development Authority of India (IRDAI) on August 13, 2018 constituted a working group to update the norms for insurance surveyors. The working group, which will comprise 7 members, has been formed to address areas pertaining to licensing, renewal and IIISLA membership.

Parliament passes Insolvency and Bankruptcy Code (Second Amendment) Bill, 2018

Aug 11, 2018
The Bill allows the withdrawal of a resolution application submitted to the National Company Law Tribunal (NCLT) under the Code. This decision can be taken with the approval of 90 percent of the committee of creditors.

SEBI should seek power to tap phone calls: TK Viswanathan Committee

Aug 10, 2018
The committee says, “Currently there are several methods of electronic communication apart from telephone calls which are fairly widely used…, interception of electronic communication should also be covered in the powers being sought”.

Lok Sabha approves government’s additional expenditure demand of Rs 11,698 cr

Aug 8, 2018
The Lok Sabha has passed the Supplementary Demands for Grants for the fiscal year 2018-19, in which Government had sought additional expenditure of Rs 11,698 crore. The account of expenditure includes a sum worth Rs 1,792 crore to be allocated to the Agriculture Ministry.

Government appoints S Gurumurthy, Satish Marathe as part-time Directors on RBI Board

Aug 8, 2018
Both Gurumurthy and Marathe have been appointed for a four year term. Their names were proposed by the Department of Financial Services of the Union Ministry of Finance.

Startup India launches Academia Alliance Programme

Aug 6, 2018
Startup India has launched the Startup Academia Alliance programme, which is a unique mentorship opportunity between academic scholars and startups working in similar domains. The initiative aims to reduce the gap between scientific research and its industrial applications in order to increase the efficacy of these technologies and widen their impact.

GST Council forms Sub-committee on MSMEs to consider tax relief for small businesses

Aug 6, 2018
The group will examine all the proposals regarding tax relief for Micro, Small and Medium Enterprises (MSME) and make recommendations to the Council. The group will submit its report in the next six weeks.

NITI Aayog launches ‘Move Hack’, global mobility hackathon

Aug 3, 2018
NITI Aayog has launched ‘Move Hack’, a global mobility hackathon to crowd source solutions aimed at the future of mobility in India. The hackathon, which is envisaged to be one of the largest globally, will be focused on ten themes.

RBI releases Third Bi-monthly Monetary Policy Statement 2018-19

Aug 2, 2018
The RBI projected the inflation at 4.8 percent in second half of 2018-19 and 5.0 percent in Q1 of 2019-20, with risks evenly balanced. The bank cited government’s decision to increase the Minimum Support Price (MSP) for Kharif crops as the primary factor causing increase in inflation.

US elevates India’s status to ease export controls for high-tech product sales

Jul 31, 2018
The United States has eased export controls for high-technology product sales to India by elevating its status to a Strategic Trade Authorisation-1 (STA-1) country. With the move, the United States has granted India the same access as NATO allies, Australia, Japan and South Korea.

Parliament passes Bill for merger of five subsidiary banks with SBI

Jul 31, 2018
The Bill seeks to repeal the State Bank of India (Subsidiary Banks) Act, 1959, the State Bank of Hyderabad Act, 1956. These Acts established the State Bank of Bikaner, State Bank of Mysore, State Bank of Patiala, State Bank of Travancore, and State Bank of Hyderabad, the subsidiaries of the SBI.

Government sets up panel to resolve issues of stressed thermal power assets

Jul 30, 2018
The Union Government has decided to set up a High-Level Empowered Committee headed by Cabinet Secretary to address the issue of stressed thermal power assets. The Government has asserted that the stressed thermal power assets are a cause of concern for the country.

Invest India, Business France sign MoU to promote investment

Jul 26, 2018
Invest India and Business France will collaborate to promote business and startup ecosystem cooperation through joint activities and exchange experiences to strengthen institutional knowledge.

Indian banks, financial institutions sign agreement to speed up bad loan resolution

Jul 24, 2018
Indian banks and financial institutions signed an inter-creditor agreement on July 23 to fast-track the resolution of stressed assets of Rs 500 crore or above that are under consortium lending. Under the pact, each resolution plan will be submitted by the lead lender to an Overseeing Committee.

GST Council cuts rate on 88 items, exempts Sanitary Napkins and Rakhis

Jul 23, 2018
Now, 5 percent GST will be levied on footwear having a retail sale price of up to Rs 1000 and Footwear having a retail sale price exceeding Rs 1000 will attract 18 percent GST.

RBI to issue new Rs 100 denomination banknote, bearing a motif of ‘Rani Ki Vav’

Jul 20, 2018
The new banknote bears a motif of ‘Rani Ki Vav’ on the reverse, depicting the country’s cultural heritage. The base colour of the note is Lavender.

India becomes Regional Head of Asia Pacific Region in WCO

Jul 16, 2018
India has become the Vice Chair of the Asia Pacific Region of World Customs Organisation (WCO) for a period of two years, from July 2018 to June 2020. The WCO is an independent intergovernmental body whose mission is to enhance the effectiveness and efficiency of Customs administrations.

India becomes 69th shareholder of European development bank

Jul 12, 2018
India has formally become the 69th shareholder of the European Bank for Reconstruction and Development (EBRD), paving the way for more joint investment with Indian companies across the bank's regions of operation.

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