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BUSINESS AND ECONOMY - October 2019

Oct 2019

Oct 31, 2019

DPIIT Kickstarts Exercise To Ease FDI Norms

  •  The Department for Promotion of Industry and Internal Trade (DPIIT) kickstarted an exercise to relax India's foreign direct investment norms.
  • The department held an inter-ministerial meeting to discuss further opening up in sectors, especially where 100% FDI is not allowed on the automatic route. 
  • The department has asked ministries and departments to submit specific proposals wherever they seek scope for relaxation.

RBI Imposes Penalty On Janata Sahakari Bank, Jalgaon Peoples Co-Operative Bank

  •  The Reserve Bank of India (RBI) has imposed a fine of Rs 1 crore on Pune-based Janata Sahakari Bank and Rs 25 lakh on Jalgaon Peoples Co-operative Bank for violating income recognition, advances management and asset classification norms.
  • The RBI has imposed, by order dated October 16, 2019 monetary penalty of Rs 1 crore on Janata Sahakari Bank, Pune, for non-compliance with directions issued on income recognition and asset classification (IRAC) norms, management of advances and exposure norms and statutory or other restrictions.
  • The apex bank has imposed a penalty of Rs 25 lakh on the Jalgaon Peoples Co-operative Bank, Jalgaon, Maharashtra (the bank) for non-compliance of these norms.

RBI Imposes Rs 35 Lakh Penalty On TMB

  •  The Reserve Bank has imposed a penalty of Rs 35 lakh on Tamil Nadu Mercantile Bank for violating norms on frauds classification and notification.
  • The RBI said in a release that it imposed the fine via an order dated October 24, 2019.
  • It stated that the bank has been penalised for non-compliance with certain provisions of directions issued by RBI on frauds classification and reporting by commercial banks and select FIs directions 2016.

Reliance Industries Surpasses Strategic Partner BP In Terms Of m-Cap

  •  Reliance Industries Ltd (RIL) has surpassed its strategic partner British oil major BP Plc in terms of market capitalization.
  • The rise in market value of the Indian company was, however, driven by its retail and telecom businesses.
  • RIL hit a market cap of $132.24 billion compared with BP's $130.51 billion. At closing, shares of RIL traded at ₹1,478.70 on BSE, up 0.8% from its previous close. So far in 2019, it has gained 31.9%. 

Oct 30, 2019

Microsoft Set To Invest $200  Mn In Ola, Boost Connected Car Tie-Up

  •  Ride-hailing company Ola is set to unveil a connected car project in partnership with Microsoft Corp., which will also invest around $200 million in Ola's parent, ANI Technologies Pvt. Ltd.
  • Microsoft will acquire around 4.5% in ANI Technologies as part of the deal.
  • The project, which began in 2017, aims to connect cars with Internet of Things sensors, and the transmitted data is stored in the cloud.
  • The car is thus tracked not only for its location through GPS, but also for the quality of its engine and for relaying information needed by vehicle insurers.

Oct 29, 2019

DGCA asks Indigo to Replace A320 Neo plane PW engines Used for More than 3,000 Hours

  •  The country's civil aviation regulator, DGCA asked IndiGo not to use such A320 Neo planes which are fitted with PW engines already used for over 3,000 hours, or face grounding of aircraft, officials said.
  • A Directorate General of Civil Aviation official said there are 16 aircraft in IndiGo's fleet in which both the Pratt and Whitney (PW) engines have been used for more than 2,900 hours.
  • All such 16 aircraft have to be fitted with at least one modified LPT engine within next 15 days, said the official.

World Bank to Continue with $ 6 bn Annual Lending Support to India

  •  World Bank President David Malpass said that the multi-lateral funding agency will continue with $ 6 billion lending target for India.
  • As many as 97 projects are being currently executed with loan assistance from the World Bank.
  • The visiting head of the World Bank met Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman.

Oct 28, 2019

UPI Achieves Milestone of 1 Billion Transactions

  •  India's very own Unified Payments Interface (UPI)- a real-time payment system has achieved the double milestone of one billion transactions as well as has crossed 100 million users in October 2019.
  • This makes it the fastest adoption of any payments system anywhere else in the world.
  • The National Payments Corporation of India (NPCI) which launched the domestic payments platform three years ago and operates it as well, aims to take the fund transfer system to other countries such as Singapore and the United Arab Emirates (UAE).

EPFO Warns Provident Fund Account Holders of Fraud

  •  As the Employees' Provident Fund Organisation (EPFO) has started crediting interest to its 6 crore subscribers spread throughout India, provident fund account holders have been warned against a fraud.
  • Scamsters might call you up posing as EPFO officials and seek personal details like Aadhaar card number, PAN card number or even UAN (Universal Account Number), its password or an OTP to siphon off money from your EPF account.
  • The EPFO has asked subscribers to not share these details with anyone over phone or email as this could lead to fraud.

Tata Sons Board Okays ₹6,500 cr Equity Infusion in Tata Motors

  •  Tata Motors Ltd board has approved an equity infusion of ₹6,500 crore from its promoter Tata Sons Pvt. Ltd. Tata Motors will allot ordinary shares and warrants to the promoter in return, subject to shareholder approval.
  • The board also approved raising ₹3,500 crore via external commercial borrowing, which will be used to refinance its existing debt.
  • P.B. Balaji, group chief financial officer of Tata Motors, said its total debt stands at around ₹50,000 crore, of which ₹20,000 crore is in its stand-alone business.

Oct 27, 2019

India and Ecuador Ink Protocol to Start Trade Negotiations

  •  India and South American nation Ecuador have inked the Protocol for Completion of the Joint Feasibility Study (JFS) between the two countries, in line with the government's efforts to expand its trade presence in the region
  • The Protocol was inked in New Delhi by Shyamal Misra, Joint Secretary, Ministry of Commerce and Industry and HéctorCueva, ambassador of Ecuador in India.
  • This has now opened the doors for both the countries to initiate trade negotiations for a Partial Scope Agreement (Preferential Trade Agreement).
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