If the situation does not improve then the diamond industry of India will worsen. It was founded in 18 February The company is a state-owned Navratna under the administrative control of India's Ministry of Petroleum and Natural Gas. The agreement was signed by the finance directors of the two companies for purchase and sale of crude oil for a term of five years.
The agreement will streamline the sale and purchase transactions of crude oil produced from fields in North East India.
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It was formed to define the financial relations between the central government of India and the individual state governments. It was founded on 22 November It is headquartered in New Delhi. Recently, the Finance Commission Constituted an 8-member committee under Shri N K Singh in order to build a fiscal consolidation road map for the centre and the states. The Commission will submit its final report covering the financial years to by October NK Singh Committee will not only recommend the definition of deficit and debt but will also define contingent liabilities of PSUs.
FC: It refers to the Fiscal Consolidation. FC is a policy adopted by the Government to reduce the deficits. The objective behind the policy is to reduce debt stocks and deficits in the policies that are undertaken by the Government. It was founded on 2 April through an Act of Parliament. It is headquartered in Lucknow, Uttar Pradesh. SIDBI also coordinates the functions of institutions engaged in similar activities.
It seeks to empower budding entrepreneurs under its mission Swavalamban.
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The aim is to promote budding business aspirants and entrepreneurs. The train is to cover more than 7, km in 15 days during which various workshops and programmes are to be organized. The train has been launched to fulfil the goal of India of 5 trillion USD by The company is headquartered in Mumbai, Maharashtra, India.
Reliance owns businesses across India engaged in energy, petrochemicals, textiles, natural resources, retail, and telecommunications. A MoU has also been signed by Tamil Nadu with the Grasim Industries Ltd in order to establish a paint manufacturing unit at Cheyyar with an investment of Rupees crore. Tamil Nadu, in total, has signed 28 MoUs for the projects for which the budget outlay is Rupees 28, crore. Following this, the resolution plan of the company has been approved by the RBI.
It is headquartered in Mumbai. It was established in order to enable the access to the economical housing finance for the lower- and middle-income groups in the semi-urban and rural India. The company is the second housing finance company of India. With offices in 30 countries and brand presence in over markets, the Piramal Group has a global team of over 10, people from 21 diverse nationalities.
It was founded in Around 69 crore new job cards were issued this year as compared to usual about 69 lacs in previous years reflecting the succor it provided to the migrant workers going back to their villages.
Economic Current affairs 2021
Singh holds LLB Degree. To regulate the inter-State transmission of electricity and to determine tariff for such transmission of electricity, etc. It is in line with the vision of both organisations to harness data capabilities to ensure effective enforcement. The agreement will enable sharing of the specific information such as the details of Shipping bill exports , Bill of Entry imports Summary from CBIC and the financial statements filed with the Registrar by Corporates, returns of the allotment of shares.
In addition, MCA and CBIC will also be able to exchange with each other, on request, any detail available in their databases, for carrying out scrutiny, investigation, inspection and prosecution.
The data sharing agreement has become more significant in the context of development of MCA21 Version 3. The MCA21 version will utilize state of the art technology to enhance ease of doing business across India. It will also improve the regulatory enforcement.
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Embargo on Private Banks Lifted For Government Business: The Government has recently lifted the embargo on private sector banks for the conduct of Government-related banking transactions such as taxes and other revenue payment facilities, pension payments, small savings schemes, etc. This step is expected to further enhance customer convenience, spur competition and higher efficiency in the standards of customer services. With the lifting of the embargo, there is now no bar on RBI for authorization of private sector banks in addition to public sector banks for Government business, including Government agency business.
This move will enable private banks to conduct Government-related banking transactions include taxes and other revenue payments, pension payments, and small savings schemes. In , the government had continued with the embargo, and allowed the private sector with existing government agency business to continue without any fresh authorisation to private banks.
The central bank carries out the general banking business of the central and state governments through agency banks appointed under Section 45 of the RBI Act, It is also intended to improve the working of the Insurance Ombudsman mechanism which in turn will help in facilitating the resolution of the complaints with respect to the deficiencies in insurance services in a cost-effective and impartial manner on time. The Ombudsman mechanism was administered by the Executive Council of Insurers. This has now been renamed as the Council for Insurance Ombudsmen.
The amendments in the rules have strengthened the scope of the complaints made to the ombudsman from disputes to deficiencies in service at the part of insurers, brokers, agents and intermediaries. Earlier, Earlier, the scope of complaints to Ombudsmen was limited to only disputes.
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The insurance brokers have been brought within the ambit of the Ombudsman mechanism, by empowering the Ombudsmen to pass awards against insurance brokers as well. Under the amended rules, the timeliness and cost-effectiveness of the mechanism has been substantially strengthened. The amended rules also seek to create a complaints management system so as to enable the policyholders to track status of their complaints online.
In case there is vacancy in office of any particular Ombudsman, then to enable access to relief under the Ombudsman mechanism additional charge will be given to another Ombudsman. The selection committee will now comprise of an individual having a track record of promoting the consumer rights or is advancing cause of consumer protection in insurance sector.
A number of amendments have been made for securing the independence and integrity of the Ombudsman selection process, while also building in safeguards to secure the independence and impartiality of the appointed persons while serving as Ombudsmen. Ombudsman is an official who is appointed to investigate the complaints regarding the service or on an administrative authority.
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The ombudsman is usually appointed by governments however, the private companies can also appoint them. The Union government has appointed ombudsman to resolve the grievances with respect to income tax, banking and insurance. His appointment is for a period of 3 years with effect from the date of assumption of office on or after March 1, , or until further orders, whichever is earlier.
Central Bank of India, a government-owned bank, is one of the oldest and largest commercial banks in India. Established on 21 December , Central Bank of India was the first Indian commercial bank which was wholly owned and managed by Indians. It is based in Mumbai which is the financial capital of India and capital city of state of Maharashtra.
This acquisition will make Wipro one of the largest end-to-end global consulting, technology and transformation service providers to the banking and financial services industry. Wipro Limited is an Indian multinational corporation that provides information technology, consulting and business process services.
It is a unique cover which was launched with the aim of protecting the balance sheet of Micro finance Institutions MFIs , financial institutions and banks if any catastrophe or natural disaster occurs. The main objective of launching this kit is to limit the impacts on the balance sheet of financial institutions which occurs because of non-payment of EMIs by borrowers or because of several calamities like earthquakes, floods, cyclones. The retail sector products include motor, health, home, travel, cybersecurity policy and personal accident.
The Corporate products include marine, liability and property insurance while the Rural sector is meant for the farmers with crop insurance and cattle insurance. The company has its presence the sectors like banking, life and general insurance, venture capital realty, asset management, deposits, education and education loans. This was the second successful merger of insurance sector in India.
It is an independent intergovernmental body whose mission is to enhance the effectiveness and efficiency of Customs administrations. This initiative in sericulture sector is especially targeted for augmentation of sericulture host plants e. India was the first country to have such a comprehensive policy which was launched at the World Agroforestry Congress held in Delhi in February SMAF aims to encourage farmers to plant multi-purpose trees together with the agriculture crops for climate resilience and an additional source of income to the farmers, as well as enhanced feedstock to inter alia wood-based and herbal industry.
Union Health Minister Dr. Under the mission, the available knowledgebase in CSIR Institutes will be utilized and leveraged to help Indian farmers and industry re-position themselves to meet the import requirements. These bodies are as follows:. The CSIR Floriculture Mission aims to focus on commercial floral crops, seasonal and annual crops, and cultivation of flower crops for honey bee rearing and wild ornaments. Despite the fact that India has diverse agro-climatic and edaphic conditions, and rich plant diversity, it shares only 0.
This is because the Indian Farmers have little knowledge regarding the floriculture which have the potential to give 5 times more return than the traditional crops. It also has the potential to provide huge employment through floriculture farming, nursery raising, entrepreneurship development for nursery trade and export. This mission is significant because it is expected to create opportunities for entrepreneurship development in floriculture. Under the mission, CSIR will lead to infuse the latest technologies in the field of floriculture.
Floriculture, or flower farming, is a discipline of horticulture concerned with the cultivation of flowering and ornamental plants for gardens and for floristry, comprising the floral industry. Under the SmartUp Unnati programme, over the next one year, senior women leaders from HDFC Bank will mentor women entrepreneurs in helping them achieve their goals.
Hassan has now become the second-highest-ranking officer of the New York Fed as well as an alternate voting member of the Federal Open Market Committee. It was created on December 23, , with the enactment of the Federal Reserve Act, after a series of financial panics led to the desire for central control of the monetary system in order to alleviate financial crises. Known simply as the Fed, it is composed of 12 regional Federal Reserve Banks that are each responsible for a specific geographic area of the U.
Indian Railways: Indian Railways is the largest rail network in Asia and the world's second largest has over 70, passenger coaches and more than 11, locomotives. Indian Railways transports almost 2. Recently, the Indian railways launched a high capacity parcel van at Delhi Safdarjung Railway Station. The Indian Railways has launched an exclusive Banana Container train to boost the exports of the fruit.