Business & Finance Updates
GST Exemption Limit Increased
The finance minister Arun Jaitley has increased the annual turnover for availing composition scheme from Rs 1 crore to Rs 1.5 crore. This will provide relief to small businesses under Goods and Services (GST) regime and will be effective from April 1, 2019.
World Economic Forum's Report on the Indian Consumer Market
According to a report by the World Economic Forum (WEF), consumer spending in India will grow from USD 1.5 trillion USD at present to USD six trillion by 2030. This will make India the world's third largest consumer market by 2030. India is currently the world's sixth largest economy with an annual GDP growth rate of 7.5 percent.
Swap Deal of USD 400 million Between Sri Lanka and RBI
The Reserve Bank of India (RBI) has agreed to provide $400 million to the Central Bank of Sri Lanka (CBSL). This deal is under the South Asian Association for Regional Cooperation (SAARC) swap facility.
Iranian Bank Pasargad Branch in Mumbai
India has allowed Iran's Pasargad Bank to open a branch in Mumbai. Subsequently, India's state-owned UCO Bank will soon be opening a branch in Iran.
Boeing, World's Largest Plane Maker
US-based Boeing has emerged as the world's largest plane maker for the seventh year in a row. The plane giant has retained its position by delivering a record 806 aircrafts in 2018. European Airbus delivered 800 aircrafts in 2018 and emerged as the second largest.
Bancassurance Pact Between Syndicate Bank and SBI Life Insurance
Syndicate Bank and SBI Life Insurance have signed a bancassurance pact. This will offer a comprehensive financial planning solution to customers. It was signed between the Syndicate Bank MD & CEO, Mrutyunjay Mahapatra and MD and CEO of SBI Life, Sanjeev Nautiyal.
Vivek Bhatia is the New MD & CEO of Thyssenkrupp Industries India
The German industrial giant Thyssenkrupp has appointed Vivek Bhatia as the Managing Director (MD) & Chief Executive Officer (CEO) of Thyssenkrupp Industries India. Bhatia was earlier the CEO - Asia Pacific at Thyssenkrupp AG.
Amrish Rau Joins Nasper as Head of Financial Technology
Amrish Rau, the CEO of PayU India has joined the parent company Nasper. He is now the head of financial technology partnerships and investments for Naspers’ fin tech business. Nasper is the South African parent company of PayU.
RBI asked to Legalise New Indian Currency in Nepal
The Nepal Rastra Bank (NRB) has written a letter to RBI to make Indian currency of Rs.200, Rs.500 and Rs.2,000 legal in Nepal. The higher denomination Indian notes had to be banned in Nepal since RBI did not allow their circulation. The RBI has only allowed the circulation of Indian currency notes of Rs.100 and less in Nepal.
Pankaj Sharma Appointed the New COO of RBL Bank
The RBL Bank has appointed Pankaj Sharma as its chief operations officer (COO). Sharma was heading retail operations of Axis Bank prior to this.