Business & Finance News Updates
SBI Signs MoU with Bank of China
The State Bank of India announced that it has signed a pact with the Bank of China. The announcement was made on March 19, 2019. The Bank of China is the third-largest bank in the world and a leading player in the Chinese banking sector. Through this pact, clients of both the banks will be able to use the combined network to expand their businesses. SBI has a branch in Shanghai and BOC will soon be opening a branch in Mumbai.
RBI Governor Calls for Stability Between Finance Commissions
The Reserve Bank of India (RBI) Governor Shaktikanta Das called for more consistency among various finance commissions on March 19, 2019. He also said there was a need for a 'permanent status to finance commissions'. The old commission should continue implementing schemes till the next commission becomes functional. This will ensure some continuity between the successive finance commissions.
New GST Rate Structure by GST Council
The GST Council approved a transition plan for the implementation of new tax structure for housing units, on March 19, 2019. The GST rates for new projects will be compulsory from April 1, 2019. A reasonable time for transition will be given to developers.
SpiceJet Becomes IATA Member
SpiceJet has become the first Indian low-cost carrier to join the International Air Transport Association (IATA) as a member. This enables SpiceJet to have codeshares and agreements with other carriers. The statement was released by the domestic airline on March 19, 2019.
Hyundai and Kia to Invest in Ola
Hyundai Motor Company and Kia Motors Corporation will jointly invest USD 300 million in Ola. This collaboration will see the three companies work on developing unique fleet and mobility solutions. They will also be looking at building India-specific electric vehicles and infrastructure.