Steel Ministry announces pension scheme

The steel ministry has agreed to introduce a pension scheme for its CPSEs (Central Public Sector Enterprises) like SAIL and RINL. The pension scheme is estimated to cost an additional financial burden of Rs 540 crore. The pension scheme will be subject to factors like affordability, capacity to pay and sustainability by the CPSEs. The current Steel Minister is Chaudhary Birender Singh

Draft of cross-border insolvency norms

The Ministry of Corporate Affairs is planning to introduce a globally accepted and well-recognised cross-border insolvency framework. It will be fine-tuned to suit the needs of aspirational Indian economy. The Government has taken initiative for Cross-Border Insolvency within the Insolvency & Bankruptcy Code, 2016 (the Code) to provide a comprehensive legal framework.

IRDAI set up panel to review marketing firms

IRDAI has formed a panel to review the regulations pertaining to insurance marketing firms. The committee is headed by Suresh Mathur, Executive Director, IRDAI, with nine more members. The new distribution channel of insurance marketing firms was introduced in 2015 by IRDAI, with the objective of increasing insurance penetration in the country through an area-wise registration approach.

HP to scrap semester system in UG courses

The Himachal Pradesh government has decided to do away with semester system in undergraduate (UG) courses and revert to annual examination system. HP Govt had set up a review committee headed by former vice-chancellor to review RUSA (Rashtriya Uchchatar Shiksha Abhiyan) and it has recommended reverting back to annual examination system. The RUSA was introduced in the state in 2013.

Deccan Queen completes 88 years of service

3 : India’s first superfast train, Deccan Queen express from Mumbai to Pune has completed 88 years on June 1, 2018. Also known as ‘Queen of Deccan’ the train started on June 1, 1930. This was the first deluxe train introduced on the railway to serve 2 important cities of the region.

New scheme introduced by IRCTC

Indian Railways Catering and Tourism Corporation has introduced VIKALP scheme for passengers in wait-listing to provide berth in another train. Under the scheme, passengers from all classes & trains can select 5 trains, however, the scheme does not guarantee a confirmed berth. Passengers should be prepared as they can be shifted to another train leaving even 12 hours prior to the booked one.

Paytm introduced automatic recurring payments

Paytm has introduced automatic recurring payments, a new feature that lets users configure the payments app to pay for periodic recurring expenses automatically. Similar to standing instructions for bank accounts, the ‘My Payments’ feature can be used for high-value payments for a variety of cases.Company expects the feature to significantly boost bank-to-bank transactions on the Paytm app.

EPFO introduces View Pension Passbook service

EPFO introduced ‘View Pension Passbook’ Service for the pensioners through ‘UMANG app’. On clicking ‘View Passbook’ option, it requires PPO Number and Date of Birth information to be entered by the pensioner. Other e-services of EPFO already available through UMANG app includes EPF Passbook, Raise claim, Track Claim, eKYC services etc.

E-way bill roll out in four more states

The Centre stated that the e-way bill system for intra-state movement of goods will be rolled out in four more states and one Union Territory on 25th April.The e-way bill system is being introduced in Arunachal Pradesh, Madhya Pradesh, Meghalaya, and Sikkim, and in Puducherry. The new system was implemented from April 15 in Andhra Pradesh, Gujarat, Kerala, Telangana and Uttar Pradesh.

ICICI Bank launched digital form

ICICI Bank has introduced a ‘digital form’ which will help open current accounts in a few hours in comparison to an industry average of a few days.Bank officials would now be able to capture information about customer & business digitally & verify KYC documents in real-time. Digital forms are expected to help bank secure more clients & help increase bank’s market share.

Wenger to step down as Arsenal manager

Arsene Wenger is all set to step down as a manager of Arsenal at the end of this season, thus ending his illustrious 22-year tenure.Wenger, who is the longest serving manager in the English Premier League, had led Arsenal to 3 league title in 1998, 2002, and 2004. Hired by Arsenal in Sept of 1996, he introduced new styles & standards to a sport & a league that had become set in their ways.

Twitter introduces ‘Timestamps’

Twitter has introduced ‘Timestamps’ – a new feature that will make it easier for its users to share a key moment from long, live videos. This will help to draw attention to the specific moment in a live video. The ‘Timestamps’ update has started rolling out on Twitter for Android and iOS devices.

PGs for cattle to boost milk production

Haryana government has decided to introduce a new concept for people living in high-rises, or in urban areas, who want to rear their own cattle and produce “quality milk” for their consumption. The government will set up PGs for cattle for them. The objective is to make Haryana the best state in milk production.

Chennai Metro introduced cycle scheme

Chennai Metro Rail (CMRL) has introduced a free bicycle ride scheme for its customers. To implement this scheme, CMRL has tied up with a private agency to provide 100-hours of bicycle ride free of cost every month. This scheme has been introduced to promote eco-friendly travel in the city. Commuters in Chennai can avail the benefit of this scheme at four metro stations.

99% of demonetised notes back

RBI has revealed in its annual report that Rs. 15.28 lakh crore or 99% of the Rs. 15.44-lakh-crore scrapped currency notes, had come back to central bank between demonetisation decision & June 30, 2017. About 89 million units of the demonetised Rs. 1,000 notes worth Rs. 8,900 cr had not come back into the system. The share of the newly introduced Rs. 2,000 notes at March-end was a little more than 50%.

RBI introduces incremental CRR

The RBI has introduced an incremental Cash Reserve Ratio of 100 per cent for the fortnight. It aims to absorb the surge in liquidity of banking system following the demonetisation of high value notes. CRR is the portion of the deposits which banks are required to park to the RBI. The incremental CRR is intended to be a temporary to drain excess liquidity in the system.