Prime Minister Narendra Modi launches India Post Payments Bank
The Indian Prime Minister, Narendra Modi on September 1, 2018 launched the India Post Payments Bank (IPPB) at Talkatora Stadium in New Delhi. The initiative seeks to leverage the expansive network of the postal department to ensure financial inclusion for the masses.In fact, simultaneous launch events were held for the IPPBs at 650 branches and 3,250 access points.
The objective of IPPB is to build the most accessible, affordable and trusted bank for the common man, spearhead the financial inclusion agenda by removing the barriers for the unbanked and reduce the opportunity cost for the under banked populace through assisted doorstep banking.
India records best-ever performance at Asian Games 2018: In Detail
India with a haul of 69 medals including 15 gold recorded its best-ever performance in the history of Asian Games at the 2018 edition held in Jakarta and Palembang in Indonesia. Overall, India maintained its top-10 rank by finishing eighth yet again.
India set a new record for most medals won and equaled its previous record for maximum gold medals at the Asian Games. India also won 24 silver medals at the 18th Asian Games, which is more than any of the Games’ previous editions. The huge boost in the medal haul can be seen as a result of the rising emphasis on non-cricketing sports and the various initiatives launched by the Government of India to support the growth.
Indus Waters Treaty: India, Pakistan agree to undertake Treaty mandated tours on both sides
The 115th meeting of the India-Pakistan Permanent Indus Commission (PIC) was held in Lahore, Pakistan during August 29-30, 2018. The Indian delegation was led by PK Saxena, the Indian Commissioner for Indus Waters.
During the meeting, technical discussions were held on implementation of various hydroelectric projects under the provisions of Indus Waters Treaty 1960 including Pakal Dul (1000 MW) and Lower Kalnai (48 MW) projects in Jammu and Kashmir. Both the countries agreed to undertake the Treaty mandated tours of both the Indus Commissioners in Indus basin on both sides.
Vodafone-Idea merger completed; creating India’s largest telecom service provider
The merger of Vodafone India and Idea Cellular completed on August 31, 2018, creating India's biggest telecom service provider with over 408 million subscribers. With this, Aditya Birla Group led Idea Cellular was renamed as the Vodafone Idea Limited. Both Vodafone and Idea brands will continue to operate.
The equity infusion of Rs.67.5 billion at Idea and Rs.86 billion at Vodafone along with monetisation of towers of both companies for an enterprise value of Rs.78.5 billion, provides the company a strong cash balance of over Rs 193 billion, after payout of Rs 39 billion to Department of Telecommunications (DoT).
India, Cyprus sign key agreements in various fields
India and Cyprus on September 3, 2018 signed key agreements in various areas to cement bilateral ties between both the countries following delegation level talks between President Ram Nath Kovind and Cyprus President Nicos Anastasiades. Both the leaders held the discussion on issues of mutual importance for the two countries.
One of MoUs was signed between Financial Intelligence Unit of India and Unit for Combating Money Laundering of Cyprus on combating money laundering. This agreement would further strengthen the institutional framework to facilitate investment cross-flows.
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