News Updates From The Business World
RBI States that 99.3% Demonetised Currency Has Been Returned
Over 99 percent of the demonetized currency was returned, as per the Annual Report 2017-18 of the Reserve Bank of India (RBI), released on August 29, 2018.
PM Launches India Post Payments Bank
Prime Minister, Narendra Modi launched the India Post Payments Bank (IPPB) at Talkatora Stadium in New Delhi on September 1, 2018. The initiative seeks to leverage the expansive network of the postal department to ensure financial inclusion for the masses. It will help significantly expand the reach of the banking sector in India.
Shipping Ministry Signs New Wage Agreement
The Shipping Ministry signed a new wage settlement agreement for Group C & D category of Port and Dock Workers in Mumbai, Maharashtra on August 30, 2018. The move will benefit around one lakh 35 thousand port and dock workers and pensioners in 12 major ports across the country. The agreement was signed by Shipping Ministry, port officials and workers federation in the presence of the Union Minister for Shipping, Nitin Gadkari.
National Mission on GeM to be launched in September 2018
The National Mission on Government e Marketplace (GeM) will be launched on September 5, 2018, to accelerate the adoption and use of GeM by major central ministries, state governments and their agencies. The main aim of the mission is to promote inclusiveness, transparency and efficiency in public procurement and achieve cashless, contactless and paperless transaction.
Loan Agreement with World Bank
The Union Government and World Bank signed a $220 million loan agreement and an $80 million guarantee agreement for the India Energy Efficiency Scale-Up programme, on August 28, 2018. The agreement was signed by Sameer Kumar Khare, Joint Secretary in the Department of Economic Affairs, Ministry of Finance and Hisham Abdo, Acting Country Director of World Bank India.
Petroleum Minister Launches Online Portal
The Union Minister of Petroleum and Natural Gas, Dharmendra Pradhan launched an online portal to enable easy, efficient and transparent booking of common carrier capacity for natural gas transmission services under GAIL’s pipelines, on August 27, 2018. The portal will be the first step to facilitate gas trading on a hub or exchange-traded platform in India.
FAME India Phase II Launch in September 2018
Prime Minister Narendra Modi will launch the second phase of the FAME India scheme on September 7, 2018. The scheme which will be unveiled at the inaugural session of 'MOVE' – the global mobility summit, offers incentives for mass adoption of electric vehicles with an outlay of Rs 5,500 crore.
Image Source: TribuneIndia