General Awareness

BUSINESS AND ECONOMY - October 2018

Oct 2018

Sep 18, 2019

Airtel Payments Bank Launches 'Bharosa' Savings Account

Airtel Payments Bank launched "Bharosa" savings account services, designed for deepening the financial inclusion in the country.
Along with convenient banking services, Bharosa savings account would offer Rs 5 lakh personal accident insurance on maintaining balance of Rs 500 along with one debit transaction per month.

Govt Waives 3-Year Lock-In Period On Investments Made By NRIs In IDF Bonds

The government has waived the three-year lock-in period on investments made by non-residents in infrastructure debt funds (IDFs), to promote funding in the infrastructure sector.
A notification in this regard has been issued by the Central Board of Direct Taxes (CBDT).
With an aim to accelerate and enhance flow of long-term debt in infrastructure projects, amendments in the tax laws were made to provide exemption from income tax to infrastructure debt funds (IDFs) in 2011.

Mahindra And Mahindra Incorporates MBPL As Wholly-Owned Subsidiary

Home-grown auto major M&M said it has incorporated Mahindra Bangladesh Private Limited (MBPL) as its wholly owned subsidiary. MBPL has been incorporated in Dhaka, Bangladesh under the laws of Bangladesh, The Companies Act (Act XVIII) of 1994.
The objective of the move is to carry on the businesses of trading, distributing, supplying, storing, exporting, importing, servicing, manufacturing, developing, assembling, leasing, selling on hire-purchase or installment systems, research and development, of all kinds of passenger, transportation and utility vehicles including but not limited to tankers, tractors, agricultural machinery, multi-utility vehicles, trailers, lorries, trucks, buses, motor cars, motor cycles, three wheelers or others.

Bengaluru-Based Nitesh Estates Inks Pact With Garden City

Real estate firm Nitesh Estates has entered into a joint development agreement with realtor Garden City for three of its residential assets in the city. The move will help it pare debt by Rs 200 crore.
Bengaluru-based Nitesh Estates, which has been struggling with projects amid the slump in sale of residential units, had brought down its net debt of Rs 1,500 crore by Rs 450 crore earlier in 2019 by selling land in the city and exiting a joint venture mall project with Goldman Sachs.

Allahabad Bank Board Approves Merger with Indian Bank

The board of Allahabad Bank approved the merger proposal with Indian Bank, making the amalgamated entity the seventh largest public sector lender of the country.
Finance Minister Nirmala Sitharaman had on August 30, 2019 announced the consolidation of 10 state-run banks into four large-scale lenders.
In terms of SEBI (listing obligations and disclosure requirements), the board of directors in a meeting considered and accorded its in-principle approval for amalgamation of Allahabad Bank into Indian Bank.
Meanwhile, employees and officers of Allahabad Bank staged a demonstration in front of its headquarters here to protest against the merger.

Acewin Agriteck May Raise ₹300 cr

Acewin Agriteck Ltd., a Chennai-based software and digital solutions provider, has drawn up plans to enter into prawn hatchery and dairy farming, for which it is planning to raise ₹300 crore.
They are planning to set up two integrated projects covering aquaculture, agriculture, poultry and dairy farming at about ₹300 crore by early 2020.

Commerce And Industry Minister Launches Steel Import Monitoring System

Union Minister of Commerce & Industry and Railways, Piyush Goyal and Minister of State for Commerce & Industry, Hardeep Singh Puri launched Steel Import Monitoring System (SIMS) in New Delhi.
The system has been developed in consultation with Ministry of Steel on the pattern of US Steel Import Monitoring and Analysis (SIMA) system.
The SIMS will provide advance information about steel imports to Government and stake holders including, steel industry (producers), steel consumers (importers) to have effective policy interventions.

Govt Allows SAIL To Sell 25% Of Iron Ore Output

Ministry of Mines has allowed Steel Authority of India Limited, SAIL to offload in a year up to a quantity equivalent to maximum 25 per cent of total iron ore production in the year 2018.
It will be subject to clearance from the respective State Governments, where the mines are located, after following due procedure.
It is valid for a period of 2 years. Around 7 Million tonnes of iron ore, produced at its different mines in the States of Jharkhand, Odisha and Chattisgarh, can be offloaded by SAIL to the domestic market after getting necessary clearance from the State Governments.
This will enable SAIL to not only fulfill its own requirement, but also to partially cater to shortfall in domestic iron ore requirement.

Sep 17, 2019

RBI Allows Payment of All Recurring Bills Through BBPS

In a consumer friendly initiative, the RBI expanded the scope of Bharat Bill Payment System (BBPS) to cover all repetitive bill payments, which may include school fees, insurance premiums and municipal taxes.
Currently, the facility of payment of recurring bills through BBPS is available only in five segments -- direct to home (DTH), electricity, gas, telecom and water. BBPS functions under the aegis of National Payments Corporation of India (NPCI).
As per BBPS website, the facility would be expanded to include other types of repetitive payments like insurance premium, mutual funds, school fees, EMIs, and municipal taxes, among others.

Microfinance Industry Gets 'Code For Responsible Lending'

Microfinance Institutions Network (MFIN) and Sa-Dhan, the RBI-recognised self-regulatory organisation and industry association for the microfinance industry, along with FIDC, have jointly released the 'Code for Responsible Lending' (CRL) for the micro credit industry.
The CRL was launched at Sa-Dhan's 15th Annual National Conference in New Delhi.
The CRL is sector-specific and entity-agnostic. In addition to the CRL, a revised industry Code of Conduct (CoC) was also released for Microfinance Institutions (MFIs) that will act as a binding and compulsory set of principles with respect to lending practices.

SDF India Rolls Out New Tractor Of Agromaxx Series

Same Deutz-Fahr(SDF) India, one of the world's largest manufacturers of tractors, harvesters, agricultural machinery and engines launched its new range of Agromaxx series.
Having set two important milestones of introducing the first diesel engine tractor and the first 4-wheel drive tractor in the world, the company is now focused on providing farmers with state-of-the-art, reliable and versatile technology that would enhance their productivity and reduce their labour cost.

BEML, Wipro to Work Together In Aerospace, AI And 3D Printing

Defence PSU BEML Limited and Wipro Infrastructure Engineering (WIN) signed a memorandum of understanding (MoU) to work together in aerospace, industrial automation, 3D printing, artificial intelligence and hydraulic system engineering.
This is a first of its kind MoU for WIN with a large public sector enterprise in India.
The MoU entails working together on projects, products, systems, services and projects in defence, DRDO Labs, DPSUs and other relevant government entities in India as well as export customers.

German Consumer Electronics Brand Telefunken to Enter Indian TV Market

German consumer electronics brand Telefunken will make a foray into the Indian market by September, 2019 as it introduces its range of LED TVs.
Frankfurt-based Telefunken Licenses GmbH, which owns the trademark rights of the company, will enter India with a local partner.
Telefunken is brought in India by Japan-based Toyoichi Tsusho Co, which in May 2019 acquired the right to use the brand.

Sep 16, 2019

India's First Maritime Communication Services And CEIR System Launched

Nelco, a security service provider company of the TATA group, announced the launch of maritime communication services.
By this launch, Nelco became the first Indian company to provide broadband services in maritime sector.
This communication service that provides uninterrupted Broadband internet to any maritime vessel sailing in Indian waters was launched by Union Minister for Communications, Electronics & Information Technology and Law & Justice Shri Ravi Shankar Prasad in Mumbai along with pilot launch of Central Equipment Identity Register (CEIR) system to track stolen mobile phones.

Sep 15, 2019

Incentives For Exports To Boost Shipments

Incentives announced by the government will help in boosting the country's exports at a time when there are signs of worsening global economic conditions and it will help in boosting outbound shipments, according to exporters.
Federation of Indian Export Organisations (FIEO) said the new measures announced for the sector in form of incentives and refund of taxes will not only go a long way in enhancing the growth prospects in the short-term but will also give it a much needed boost in the medium-term and long-term.

BHEL Commissions 1320 MW Supercritical Power Project in Odisha

Bharat Heavy Electricals has successfully commissioned the 1320 MW IB Thermal Power Station (2x660MW).
Located in Jharsuguda district of Odisha, the project is owned by Odisha Power Generation Corporation Limited (OPGC), a joint venture company of the Government of Odisha and AES, a US-based energy company.
Previously, BHEL had set up two units of 210 MW at IB Thermal Power Station which are in operation for more than 20 years.

Sep 14, 2019

Iran Inks Deal to Develop Gas Field in Sensitive Gulf

Two Iranian companies have signed a 440-million Dollars agreement to develop a gas field in the sensitive Gulf.
Iran's Oil Ministry said it showed the United States could not stop the country with sanctions.
The deal reached between two government-owned firms, Pars Oil and Gas Company and PetroPars, to develop the Balal field, would be the first of many.
The Balal gas field is located 90 kilometres south of Lavan island in the Gulf. The deal aims to reach a production rate of 500 million cubic feet of gas per day over a 34-month period.

RBI Proposes 200 Cr Capital For Small Finance Banks

A SFB is primarily set up to undertake basic banking activities of acceptance of deposits and lending to unserved and underserved sections, including small business units, small and marginal farmers, micro and small industries, and unorganised sector entities.
The Reserve Bank of India (RBI) proposed a minimum equity capital of Rs 200 crore to set up a small finance bank (SFB) under the 'on tap' licence regime to provide saving vehicles for the unserved and underserved sections of the population and supply credit to small units and small and marginal farmers.
Unveiling the draft guidelines for 'on tap' licensing of SFBs in the private sector, the RBI said individuals and professionals with 10 years experience in banking, existing non-banking financial companies (NBFCs), micro finance institutions (MFIs)and local area banks in the private sector, which are controlled by residents, can opt for conversion into SFBs.

RBI Panel Pitches For Federal Body Like GST Council In Farm Sector

An RBI panel suggested setting up of a federal body on the lines of the GST Council to implement reforms and boost credit flow in the agriculture sector, besides pitching for direct transfer of subsidy and no farm loan waivers.
Among other recommendations, the panel said, banks should develop a management information system (MIS) to flag loans sanctioned against gold as collateral in core banking solution (CBS) platform for effective monitoring of end use of funds.
The panel said farm loan waivers should be "avoided" and interest subvention or subsidy given on farm loans should be replaced with Direct Benefit Transfer (DBT), which is being implemented in host of government schemes like subsidy on LPG and fertiliser.

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