| 1. India and Asian Development Bank has Signed $300 Million Loan. The Asian Development Bank and the Government of India signed a $300 million loan to continue a series of fiscal reforms in the State of West Bengal to improve the quality of public service delivery. The Second West Bengal Development Finance Program targets a further increase in public investment through the reduction of unproductive expenditure. |
| 2. Ministries of Power and Textile come together under the SAATHI Initiative. Ministries of Power and Textiles have joined hands under SAATHI (Sustainable and Accelerated Adoption of efficient Textile technologies to Help small and medium Powerloom units at no upfront cost. |
| 3.Singapore passport becomes 'most powerful' in the world. By removing visa requirements for Singaporeans, Paraguay helped Singapore edge out Germany for the top spot in a passport index developed by global financial advisory firm Arton Capital. Historically, the top ten most powerful passports in the world were mostly European, with Germany having the lead for the past two years. Since early 2017, Singapore has tied for number one position with Germany. But Singapore obtained a visa-free score of 159 in the latest rankings |
| 4. RBI slaps ₹2-crore penalty on IDFC Bank. The Reserve Bank of India has imposed a monetary penalty of ₹2 crore on IDFC Bank for contravention of regulatory restrictions pertaining to loans and advances. The central bank, in a statement said the penalty has been imposed in exercise of powers vested in RBI under the Banking Regulation Act, 1949, taking into account failure of the bank to adhere to certain directions issued by RBI. This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. |
| 5. Cabinet approves Rs. 7 lakh crores for the mega Highway Construction Plan. A project worth Rs. 7 lakh crores has been approved by the Union Government to develop 83000 km highways in 5 years. Finance Secretary, Ashik Lavasa announced that the project includes construction of 34800 km of highways under the Bharatmala Scheme, at the cost of almost Rs. 5.35 lakh crores |
| 6.RBI sets up task force on ‘Public Credit Registry’ Headed by YM Deosthalee. The Reserve Bank of India has constituted a 10-member ‘High Level Task Force on Public Credit Registry (PCR) for India’, which will, among other things, suggest a roadmap for developing a transparent, comprehensive and near-real-time PCR for India. Headed by YM Deosthalee, ex-CMD, L&T Finance Holdings, the task force includes Sekar Karnam, DMD & Chief Credit Officer, SBI; Vishaka Mulye, ED, ICICI Bank; Rashesh Shah, Chairman and CEO, Edelweiss Group; and Sriram Kalyanaraman, MD and CEO, National Housing Bank. |
| 7.SBI has signed MoU with Escorts for tractor financing. The State Bank of India (SBI), the countrys largest public sector lender, today said it has signed an agreement with Escorts Ltd to finance farmers for purchase of Escorts tractors. The aim of the tie-up with Escorts is to promote, market and make accessible, organised finance facility, with superior features, at competitive interest rates to farmers across the country, who wish purchase Powertrac and Farmtrac tractors manufactured by Escorts, a statement issued here said. |
| 8. EEPC India has signed pact with Punjab National Bank. The Engineering Export Promotion Council (EEPC) of India has signed a memorandum of understanding with Punjab National Bank to provide easy access to finance for SMEs and merchant exporters of the council. Punjab National Bank will provide finance with assurance that loans up to Rs. 10 crore would be provided within six to seven weeks at competitive rates, said a press statement issued by EEPC India. |
| 9. Madras High Court bans photos of living persons on banners. The Madras High Court on Tuesday banned the use of “photographs or pictures” of living persons on “banners, flex boards, signboards” across the state. In its direction to the state chief secretary, the court said: “If at all any permission is given by the authority concerned for erecting banners, flex boards, signboards, etc, the authority concerned shall ensure that the photographs or pictures of such persons who are alive shall not be depicted by way of those banners, flex boards, signboards . |
| 10. Tamil Nadu Government Laid Foundation Stone for Rs. 198 cr Aerospace Park. The Tamil Nadu Chief Minister, Edapaddi K Palaniswami, laid the foundation stone for an aerospace park at Kanchipuram district to be set up by the State Government in 245 acres and at an estimated cost of Rs 198 crore. When fully ready, the park will attract a total investment of nearly Rs 1,000 crore and create job opportunities for nearly 30,000, according to the State government. |
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