Wednesday, March 7, 2012

Some facts about NFC

NFC – Nuclear Fuel Complex
NFC is the main supplier of fuel for India’s nuclear power programme.
NFC Chairman – Mr. R.N Jayaraj

Agents of banking correspondents (BCs) can now service customers of more than one bank

A retail outlet or an agent providing banking correspondent services can now provide services of more than one bank. The RBI has permitted interoperability at point of customer interface of BCs. The transaction and authentication at such retail outlets or subagents of BCs should be carried out on-line; the transaction should be carried out on the Core Banking Solution (CBS) platform and the bank should follow the standard operating procedures to be advised by the Indian Bank’s Association.

India’s first infrastructure debt fund launched

ICICI Group, Life Insurance Corporation, Citicorp Finance India and Bank of Baroda joined hands to launch India’s first Infrastructure Debt Fund (IDF) to be structured as a non-banking finance company (NBFC). As for the equity contribution, ICICI Group will take 31 per cent stake, Bank of Baroda 30 per cent, Citicorp Finance India 29 per cent and LIC 10 per cent.

Macedonian Prime Minister visits India

Macedonian Prime Minister  Mr. Nikola Gruevski visits india.
India and the south eastern European nation Macedonia are negotiating a Double Taxation Avoidance Agreement (DTAA), which will facilitate exchange of banking and tax related information between the two nations. During 2010-11, the trade between the two countries was $10 million.

Anand Sharma’s Indonesia visit

The Commerce and Industry Minister Mr. Anand Sharma met the Indonesian Economy Minister, Mr. Hatta Rajasa as a part of his three day visit. Both sides agreed to speed up the negotiation for early conclusion of the Comprehensive Economic Cooperation Agreement (CECA). The bilateral trade target between the two countries was set at $25 billion by 2015.

Tata Power ties up with Exxaro of South Africa

Tata Power and South Africa based diversified resources have formed a joint venture Cennergi to focus on building power generating projects in South Africa, Botswana and Namibia.

Government plans to boost agricultural growth through public-private partnership (PPP)

The centre has sought views of the States on a draft framework on PPP for Integrated Agricultural Development (PPPIAD) plan under the Rashtriya Krishi Vikas Yojana (RKVY) for facilitating large scale integrated projects led by private sector firms.

Government bans Cotton exports

The Central Government of India banned raw cotton exports with immediate effect from Monday, March 5. In a notification issued by the Directorate General of Foreign Trade, even exports of cotton for which registration certificates have been issued will not be allowed. A Government statement said the ban was imposed due to higher than anticipated exports and fears of a tendency to hoard cotton in bonded warehouses abroad. India is the second largest producer and exporter of cotton in the world.

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