- On July 8, 2019, Anurag Singh Thakur, Minister of State for Finance stated that the government has infused over Rs 3.15 lakh crore into public sector banks(PSB) in the last 11 years up till 2018-19.Public sector banks source capital from internal capital generation, mobilization of capital from markets, and the government infusion. The capital infusion by the government complements PSU( Public sector Undertakings ) banks’ internal capital generation and mobilization of capital from markets.
- The state-owned banks in India stated that Rs.1.50 trillion ($21.76 billion) worth of loans as willful defaults in 2018-19. the State Bank of India(SBI) holds the highest number of willful defaults, worth around INR 461.58 billion, while Punjab National Bank(PNB) ranked second at Rs.250.9 billion and Bank of India at Rs.98.9 billion.
- E stands for Electronic in National Electronic Fund Transfer (NEFT).
- In a bid to move the country towards a less-cash economy, country’s largest bank, the State Bank of India(SBI) waived Real Time Gross Settlement (RTGS) and National Electronic Fund Transfer (NEFT) charges for its app YONO(You Only Need One), internet and mobile banking customers effective from 1 July 2019.It also waived off the charges for Immediate Payment Service (IMPS) from 1 August 2019.
- In a bid to move the country towards a less-cash economy, country’s largest bank, the State Bank of India(SBI) waived Real Time Gross Settlement (RTGS) and National Electronic Fund Transfer (NEFT) charges for its app YONO(You Only Need One), internet and mobile banking customers effective from 1 July 2019.It also waived off the charges for Immediate Payment Service (IMPS) from 1 August 2019.The directive was issued under Section 10 (2) with Section 18 of the Payment and Settlement Systems Act 2007.
- On June 11, 2019, RBI directed banks to withdraw the charges levied on the NEFT and RTGS transactions as per the recommendation of Nandan Nilekani panel.
- On July 12, 2019, IHS Markit, a global information provider, in its report mentioned that India will surpass Japan to be the world’s third largest economy in 2025 and it will overtake the United Kingdom (UK) to become the fifth biggest economy in 2019. Indian Gross Domestic Product (GDP) is predicted to reach $5.9 trillion in 2025 surpassing Japanese GDP.
- In order to reduce the dependency on carbon-based fuel for electricity generation, the Government of India (GoI) has waived off Basic Customs Duty (BCD) for the products which are imported for nuclear power plants.BCD of 7.5% for all goods for use in the generation of nuclear power & 2.5% for all forms of uranium ores and concentrates for the generation of nuclear power will now have no such duty.
- On July 12, 2019 Assam Gas Company Limited (AGCL), Oil India Limited (OIL) and GAIL Gas Limited (GGL) signed an agreement for setting up of a new company for implementation of the City Gas Distribution (CGD) network in five districts namely Kamrup, Cachar, Hailakandi and Karimganj of Assam. The joint venture is the result of the extension of the National Gas Grid Pipeline (Urja Ganga Project) which was initially planned for an extension from Jagadishpur in Western Uttar Pradesh, to Haldia in West Bengal, was consented to be extended to Guwahati in Assam by the Government of India.
- Hyderabad-based Kalyani Rafael Advanced Systems Ltd (KRAS), a 49:51 venture between Rafael Advanced Systems and Kalyani Strategic Systems Ltd, secured a $100-million order from Rafael of Israel to supply 1,000 Barak-8 Medium-Range Surface-to-Air Missile (MRSAM) kits for the Indian Army and the Indian Air Force. They will be supplied to Bharat Dynamics Ltd (BDL) for further integration. ii. As a part of the Make-in-India initiative, Rafael’s collaboration with the Indian defence industry led to investment of over $250 million.
- Motorcycle company headquartered at Chennai, TVS Motor Company launched India’s first ethanol-based motorcycle TVS Apache RTR 200 Fi E100 to help reduce crude imports and reduce air pollution.
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