Essar Group UK Obtains BP Assets Worth Rs. 800 crore
A division of the Indian conglomerate Essar Global Fund Limited, Essar Oil UK, has acquired UK assets from oil giant BP. The value of the acquisitions comes to about Rs. 800 crore.
RBI Withholds Contingency Reserves to Government
The Reserve Bank of India (RBI) is doubtful of releasing funds that were set aside for contingency reserves in 2016-17 and 2017-18. A total of Rs.27,330 crore was set aside by the RBI for the contingency fund, Rs.13,140 crore in FY17 and Rs.14,190 crore in FY18.
RBI Imposes Rs. 1 crore Penalty on SBI and Syndicate Bank
The Reserve Bank of India (RBI) imposed a fine of Rs.1 crore as penalty on State Bank of India (SBI) as a lender violated the RBI norms. SBI was not monitoring the end use of funds in respect of one of its borrowers. RBI also imposed a penalty of Rs.1 crore on Syndicate Bank due to non-compliance with the directions regarding frauds and risk management systems. RBI also imposed fine of Rs.20 lakh on Axis Bank for violating norms.
Head of SBI UK Operations Honoured by the City of London Corporation
The outgoing Regional Head of State Bank of India’s UK operations, Sanjiv Chadha has been awarded the ‘Freedom of the City Of London’ by the City of London Corporation. He was honoured in recognition of his outstanding contribution to promoting UK-India relations.
Interim Budget for 2019-20 Presented by Piyush Goyal
Interim Finance Minister Piyush Goyal presented the Interim Budget for 2019-20. He announced a financial support package for marginal farmers that includes direct cash transfer of Rs 6,000 per year in three instalments. A full tax rebate was announced for the salaried class with an income of up to Rs 5 lakh. A mega pension scheme for workers of the unorganised sector was also announced. The defence budget has been increased to over Rs.3 lakh crore. Additional funds for defence will be provided if needed.
RBI to Increase Liquidity Through Open Market Operations
The Reserve Bank of India will inject Rs 37,500 crore into the system through the purchase of government securities in February to increase liquidity. It will conduct the purchase of government securities under Open Market Operations (OMOs) for an aggregate amount of Rs 375 billion in the month of February 2019.
RBI Lifts Lending Curb on Three Public Sector Banks
The Reserve Bank of India (RBI) has decided to lift the lending curb imposed on three public sector banks. Bank of India, Bank of Maharashtra and Oriental Bank of Commerce can now exit Prompt Corrective Action (PCA) Framework. This will help them to expand loan growth to bolster economy.
Women Entrepreneurs Leading MSME Projects
Women entrepreneurs have set up 1.38 lakh projects under the Prime Minister’s Employment Generation Programme (PMEGP) Scheme of the Ministry of Micro, Small and Medium Enterprises (MSME). Under the scheme, women entrepreneurs are covered under Special Category and are entitled to 25% and 35% subsidies for the project set up in urban and rural areas respectively.