Govt Approves Deregulation of Sale of Domestically-produced Crude Oil
The government allowed firms like ONGC and Vedanta to sell locally produced crude oil to any Indian refinery for turning it into fuel, such as petrol and diesel, as it deregulated one of the last few avenues that were still under its control.
While contracts for oilfields awarded since 1999 gave producers the freedom to sell oil, the government fixed buyers for crude produced from older fields, such as Mumbai High of ONGC and Ravva of Vedanta.
The decisions taken at a meeting of the Union Cabinet, Information and Broadcasting Minister Anurag Thakur said that from October 1, the companies will have the freedom to sell crude oil in the domestic market.
However, the ban on the export of crude oil will continue.
Airtel Payments Bank Partners Axis Bank to Digitise the Cash Collection
Airtel Payments Bank partnered with Axis Bank to digitise the cash collection system in Tier III cities and semi-urban regions.
Under this partnership, Airtel Payments Bank will leverage the extensive reach of its digital-led neighbourhood banking model to support Axis Bank with the digitisation of last-mile cash collections.
Through this tie-up, Axis Bank and its customers will benefit significantly by building operational efficiencies in the cash management process. This would also speed up the payment cycle and help in releasing the bandwidth of field agents who operate across the country.
Jul 01, 2022
SBI Celebrates 66th Foundation Day
The oldest commercial bank in the country, State Bank of India (SBI) celebrated its 66th year. SBI descends from the Bank of Calcutta founded in 1806 through the Imperial Bank of India.
The Bank of Madras merged into the other two presidency banks, the Bank of Calcutta and the Bank of Bombay to form the Imperial Bank of India which in turn became the State Bank of India on 1st July in 1955.
SBI is an Indian multinational, public sector banking and financial services statutory body headquartered in Mumbai.
Renminbi Liquidity Arrangement
The central bank of China inked an agreement with the Bank for International Settlements (BIS), for establishing a Renminbi Liquidity Arrangement (RMBLA).
The Renminbi Liquidity Arrangement will provide support to participating central banks during market fluctuations.
It could be used in periods of market volatility in future,
In addition to People's Bank of China, the first participants of this arrangement would include Bank of Indonesia, Hing Kong Monetary Authority, Central Bank of Malaysia, Central Bank of Chile and Monetary Authority of Singapore.
Participant will contribute a minimum of 15 billion yuan.
BIS is an international financial institution. It is owned by central banks that "fosters international financial and monetary cooperation as well as serves as a bank for central banks. It is headquartered in Basel, Switzerland.
Renminbi is the official currency of China and one of the world's reserve currencies. As of April 2019, it was ranked the eighth most traded currency worldwide. Yuan is the basic unit of renminbi. People's Bank of China issue renminbi monetary authority of China.
Mumbai, Delhi most Expensive Cities for Expatriates in India
According to Mercer's 2022 Cost of Living survey, Mumbai and Delhi ranked among the top 40 most expensive cities in Asia for expatriates, and Kolkata is the least expensive city, says a report.
As per the report, Mumbai (127) is the costliest city in India in terms of both living expenses and accommodation costs. This is followed by New Delhi (155), Chennai (177), Bengaluru (178), and Hyderabad (192), while Pune (201) and Kolkata (203) are the least expensive Indian cities in the ranking.
The survey also found that Mumbai, the financial hub of India, is a popular place for multinational corporations to establish operations.