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Mukhya Mantri Kaushalya Yojana
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Mukhya Mantri Kaushalya Yojana The Chief Minister Kaushalya Yojana is being launched to train the women and make women self-reliant by the state government. The main objective of this scheme is to provide necessary skill to women to get employment and self- employment, to ensure the participation of women by providing skill in non-conventional areas and to increase the employment opportunities of women. The plan has been set to train two lakh women every year in this scheme. Under this scheme, women will be provided healthcare, telecom, retail, security, construction, automotive, IT and ITES, banking and financial services, apparel med-ups and home furnishing, tourism and hospitality, electronics and hardware, beauty and wellness, capital goods, Domestic worker and food processing sector will be provided free training. Mukhya Mantri Kaushal Samvardhan The main objective of the Chief Minister Skill Promotion Scheme, being trained to train youth and self-help, is to bring uniformity in the skill development training programs being run by different departments, to increase the quality of training and increase the employment potential, bringing uniformity according to the national standards. In this scheme, the youth will be encouraged to provide retail, agriculture, security, construction, automotive, furniture and fittings, IT and ITES, banking and financial services, apparel med-ups and home furnishing, 22 | P a g e plumbing, telecom, green jobs, food processing, capital goods, domestic Free training for workers, tourism and hospitality and electronic and hardware will be given.
To make electronic payments efficient and more secure, the Reserve Bank of India said it will issue revised directions by October 11 to allow 'inter- operability' among prepaid payment instruments (PPIs).
: 6.25% PPIs are the substitute for paper currency or cash that prepaid payments industry issues in the form of paper coupons, mobile wallets or electronic formats. It is expected that PPIs can inter-operate within six months of the revised directions, RBI said in the 'Statement on Developmental and Regulatory Policies' . Facility Rate Bank Rate CRR SLR : 6.25% : 4% : 20.00% "Inter-operability amongst KYC compliant PPIs shall be implemented within six months of the date of issuance of the revised master directions, which will be issued within a week, i.e., by October 11, 2017," it said. The first guidelines for issuance and operations of PPIs came in April 2009 with the objective to create an ecosystem and earlier in March this year, the RBI asked for feedback on the PPI industry so far. Service charge exemption on train e-tickets extended till March 2018: Railways The Railway Board has directed the Indian Railway Catering and Tourism Corporation (IRCTC) to extend the benefit of service charge exemption on tickets booked online till March 2018. This will enable the rail passengers to continue to enjoy the service for an extended time period. www.exampundit.in The government had waived off service charges on online booked rail tickets in November 2016 following demonetisation to encourage digital modes of booking. The facility had been extended to 30 June and then to 30 September 2017. Service charges on booking train tickets online through IRCTC ranges from Rs 20 to 40 per ticket. Global Entrepreneurship Summit 2017 to be held in Hyderabad The eighth annual Global Entrepreneurship Summit (GES) 2017 will be held in Hyderabad, India from 28 to 30 November 2017. A high-level delegation from the Government of India and the USA met at NITI Aayog to plan the summit. The Summit will be inaugurated by the Prime Minister Narendra Modi and Advisor to the POTUS (President of the US) Ivanka Trump, who will lead the US delegation. The GES is the paramount annual meeting of emerging entrepreneurs, business leaders and investors from around the world. Through mentoring, networking and workshops, the GES allow entrepreneurs to pitch their ideas, secure funding, build partnerships, and create innovative goods and services that will change societies. Government reduces central excise duty on Petrol and Diesel by Rs 2 per Litre The Union government has decided to reduce the central excise duty on Petrol and Diesel by Rs 2 per Litre effective from 4 October 2017. 23 | P a g e With this reduction, the decrease in prices of Petrol and Diesel will be Rs 2.50 per litre and Rs 2.25 per litre respectively in Delhi. This measure is aimed at giving relief to the consumers and farmers, especially in the view of the upcoming agricultural season when Kharif crops would be harvested and Rabi crops would be sowed. Since the past few weeks, prices of both the fuels were rising due to increase in their prices in the international market. The prices of Petrol and Diesel on 3 October were Rs 70.88 per litre and Rs 59.14 per litre respectively in Delhi. RBI's Janak Raj panel suggests linking bank lending rates to a market benchmark A committee set up by the Reserve Bank of India (RBI) on Wednesday recommended linking bank lending rates to a market benchmark, in a bid to hasten monetary policy transmission as well improve transparency in rate setting by lenders. The panel—headed by Janak Raj, principal adviser, monetary policy department—recommended that all floating rate loans advanced from April could be referenced to one of three external benchmarks. The panel has suggested a risk-free curve involving rates on treasury bills, or certificate of deposits rates or the central bank's policy repo rate. RBI will take a final view on suggestions of the panel after taking into account public feedback received until 25 October. RBI issues directions for peer-to-peer lending platforms The Reserve Bank of India (RBI), on October 4, issued directions for non-banking financial companies (NBFC) that operate peer-to-peer (P2P) lending platforms. According to the directions, from now on no NBFC can start or carry on the business of a P2P lending platform without obtaining a Certificate of Registration. Every company seeking registration with the bank as an NBFC-P2P shall have a net owned funds of not less than Rs 20 million or such higher amount as the bank may specify. www.exampundit.in There is good news for existing NBFC-P2Ps as well as because there are few players already in the market. They have been asked to apply for registration as NBFC-P2Ps within 3 months. These directions issued by RBI will be known as the Non-Banking Financial Company - Peer to Peer Lending Platform (Reserve Bank) Directions, 2017, and will come into force with immediate effect. P2P lending is a form of crowd-funding used to raise loans which are paid back with interest by bringing together people who need to borrow, from those who want to invest. It can be defined as the use of an online platform that matches lenders with borrowers to provide unsecured loans. The borrower can either be an individual or a legal person requiring a loan. The interest rate may be set by the platform or mutual agreement between the borrower and lender. Scope of activities of NBFC-P2P Among several other things, an NBFC-P2P can: Act as an intermediary providing an online marketplace or platform to participants involved in P2P lending. Not raise deposits as defined by or under Section 45I(bb) of the Act or the Companies Act, 2013. Not lend on its own. Not hold, on its own balance sheet, funds received from lenders for lending, or funds received from borrowers for servicing loans; or such funds as stipulated in paragraph 9. Not cross-sell products except for loan-specific insurance products. Not permit international flow of funds. An NBFC-P2P will be expected to: Undertake due diligence on the participants. 24 | P a g e Undertake credit assessment and risk profiling of the borrowers and disclose the same to their prospective lenders. Undertake documentation of loan agreements and other related documents. Provide assistance in disbursement and repayments of loan amount. Render services for recovery of loans originated on the platform.
cap of Rs 10 lakh. The aggregate loans taken by a borrower at any point of time, across all P2Ps, shall be subject to a cap of Rs 10 lakh. The exposure of a single lender to the same borrower, across all P2Ps, shall not exceed Rs 50,000. The maturity of the loans shall not exceed 36 months.
mechanisms. All fund transfers shall be through and from bank accounts, and cash transactions are strictly prohibited. - Earlier, the RBI had issued a discussion paper on regulation of the P2P lending platform as a non-banking finance company (NBFC). Thereafter, the P2P platform has been notified as an NBFC under section 45I (f) (iii) of the Reserve Bank of India Act, 1934 as per the gazette notification published on September 18, 2017.
www.exampundit.in The planned investment of about $750 million comes on top of the $550 million that Mastercard invested in India over the last three years.
25 | P a g e India's renewable energy capacity will be more than double by 2022, according to the latest renewables market analysis and forecast report by the International Energy Agency (IEA). The increase, according to the report, would be enough for India to overtake renewable expansion in the European Union for the first time ever. The country's renewable energy installed capacity is 58.30 GW as per the recent government data. The government has an ambitious target of raising it to 175 GW by 2022 including 100 GW of solar and 60 GW of wind energy. Bangladesh signs USD 4.5 billion loan deal with India Bangladesh on 4 October 2017 signed a massive USD 4.5 billion third line of credit (LoC) agreement with India for its social sector development and infrastructure with Finance Minister Arun Jaitley vowing to back the country's developmental initiatives. The accord was signed in the presence of India's Finance Minister Jaitley and his Bangladeshi counterpart A M A Muhith after the two leaders held talks. The USD 4.5bn LoC was announced during Prime Minister Sheikh Hasinas visit to India in April. Vijaya Bank inks MoU with HPCL for digital payments with BHIM/ UPI Vijaya Bank has entered into a Memorandum of Understanding (MoU) with Hindustan Petroleum Corporation Ltd (HPCL) for enabling all HPCL retail outlets with BHIM/UPI merchant solutions. Following the success of the pilot launch at five outlets, the solution is being scaled to enable UPI acceptance in all HPCL outlets throughout Karnataka over the next few weeks. This rollout will empower all petrol pump attendants and LPG delivery personnel to accept digital payments. Customers can make payments by scanning a payment QR code, using BHIM Vijaya or any BHIM app that supports payments via UPI. www.exampundit.in India signs €300 million agreement with EIB for Bangalore Metro Phase II Government of India and European Investment Bank (EIB) on 5 October 2017 signed the Finance Contract for lending of €300 million for Bangalore Metro Rail Project Phase II Line R6. The agreement was signed by S. Selvakumar, Joint Secretary (BC), Department of Economic Affairs, Ministry of Finance and Andrew McDowell, Vice President of EIB. The metro rail's project phase II is to be jointly financed by the European Investment Bank (€500 million) and Asian Infrastructure Investment Bank (€300 million). The project envisages extension of East-West & North-South lines for Bangalore Metro Rail which includes a total length of 72.095 km (13.79 km underground) and 61 stations with 12 underground stations. Union Ministers lay foundation stone for highway, shipping projects worth Rs 1321 Cr Union Home Minister Rajnath Singh and Minister for Road, Transport & Highways Nitin Gadkari laid the foundation stone for 4 National Highways projects worth Rs 1121 Cr and several shipping projects worth Rs 200 Cr in Andaman and Nicobar Islands. The two ministers were on a two-day visit to the Union Territory. They laid the foundation stones at events held at Port Blair, Diglipur and Baratang. 26 | P a g e The Highway Projects include: National Highway (26 km-long) between Beodnabad- Ferrargunj at a cost of Rs 170 Cr. National Highway (56 km-long) between Austin Creek and Kalra Junction at a cost of Rs 410 Cr. Middle Strait Creek Bridge and Humphrey Strait Creek Bridge at a cost of Rs262.97 Cr and Rs277.17 Cr respectively. Andaman Trunk Road at Diglipur
It aims to improve connectivity of the island from Port Blair, reduce traffic on the route that passes through the Jarawa Tribal Reserve and thus promote tourism without disturbing the tribal areas.
It would be used by Indian Oil Corporation for discharging LPG and other petroleum products. The extension of jetty would allow berthing of bigger vessels of upto160 meter length and higher capacity.
www.exampundit.in Finance Ministry makes Aadhaar mandatory for small saving schemes The Union Government has made the biometric identification, Aadhaar mandatory for all post office deposits, PPF, the National Savings Certificate scheme and Kisan Vikas Patra. The information was shared by the Finance Ministry through four separate Gazette notifications. The identity card would now be a must for opening all post office deposit accounts, Public Provident Fund, National Savings Certificate scheme and Kisan Vikas Patra deposits. The government has given time to the existing depositors who have not provided Aadhaar number at the time of application for such deposit to submit their Aadhaar number to the post office savings bank or deposit office concerned, on or before 31 December 2017. RBI to soon launch financial literacy drive in 9 states The Reserve Bank of India (RBI) has decided to launch a financial literacy drive in 80 blocks in 9 states on a pilot basis to educate people on e-transactions, formal sector borrowings and insurance purchases. The pilot project will be commissioned in 9 states including Maharashtra, Chhattisgarh, Bihar, Odisha, Karnataka, Telangana, Andhra Pradesh, Haryana and Uttar Pradesh. Six non-governmental organisations registered with the Depositor Education and Awareness Fund have been selected to execute the pilot project in collaboration with banks. 27 | P a g e The NGOs include CRISIL Foundation, Dhan Foundation, Swadhaar Fin Access, Indian School of Micro Finance for Women (ISMW), Samarpit and the PACE Foundation. The total cost of the project over a period of three years would be around Rs 18.40 Cr. The main aim of the literacy drive is to infuse the habit of making a household budget and recording financial transactions, encourage transactions in savings accounts, and active saving by depositing in banks through fixed deposits and recurring deposits. Centre imposes anti-dumping duty on imports of steel wire rods from China The Union Finance Ministry has imposed anti-dumping duty on imports of certain steel wire rods from China for a period of five years. The decision has been taken to guard the interest of domestic players from cheap in-bound shipments. The duty was imposed after the Commerce Ministry's Directorate General of Anti-Dumping and Allied Duties (DGAD) recommended duty on such imports. Gujarat Government to set up 16 new townships to encourage SMEs growth Gujarat Government would be setting up 16 new Gujarat Industrial Development Corporation (GIDC) townships in 2400 hectare area to encourage the Small and Medium Enterprises (SMEs). The same was announced by the state's Chief Minister Vijay Rupani in a press conference at Gandhinagar on 11 October 2017. The township is expected to attract around 15,000 industrial units. It is also expected to result in the growth of SMEs, especially in remote locations. The combined area of industrial estates across 16 locations will be around 2400 hectares. www.exampundit.in The estates are expected to generate employment for around 100,000 people.
28 | P a g e The estimated cost of projects related to treatment of drains using bio-remediation technology is around Rs 4.29 Cr. These are for Rajapur drain and Digha drain in Patna and Laksar drain in Haridwar. The last project, which relates to pollution inventorization, assessment and surveillance on river Ganga, has been approved at an estimated cost of Rs 42.9 Cr. It aims to mainly strengthen environmental regulation and water quality monitoring through river Ganga. MoRTH to implement new programme to promote new technologies in highway projects The Ministry of Road, Transport and Highways has decided to implement a Value Engineering Programme to promote new technologies and material in highway projects. The programme will be executed under PPP mode or public funding mode. Key Objective - To use innovative technology, materials and equipment to reduce the cost of projects and make them more environment friendly. - To ensure that the roads or bridges and other assets get constructed much faster, are structurally stronger and more durable. After its implementation, the programme is expected to: - increase speed of construction - reduce construction cost - increase asset durability - improve aesthetics and safety Besides this, the Ministry has also reconstituted a nine-member expert panel -National Panel of Experts (NPE), which was constituted in 2016, for approving proposals for use of new technologies, material and equipment. Composition of the panel www.exampundit.in Chairman - SR Tambe, former Secretary, PWD Maharashtra Co-Chairman - Prof Ravi Sinha, IIT Mumbai Members - Prof. A Veeraraghavan, IIT Chennai, Dr. Sunil Bose, Deputy Director CRRI, Prof. Prof. K.S. Reddy, IIT Kharagpur, S.K. Dharmadhikari, Dr. Prakash W. Kaskhedikar RBI introduces strict KYC guidelines for Prepaid Payment Instruments RBI has announced a fresh guideline on the issuance and operation of PPI (Prepaid Payment Instruments). It has also has issued stricter Know Your Customer (KYC) norms for the users of prepaid instrument or mobile wallets. With these guidelines to complete full KYC formalities, the mobile wallet user can now send-receive money between wallets of different companies and banks seamlessly through Unified Payments Interface (UPI). The guidelines have come into effect from 12th October 2017 and the PPIs will have to comply with these norms on or before December 31, 2017. According to the new guidelines, mobile wallets or PPI, which have been doing a minimum KYC through verification of mobile numbers, will have switch to full KYC wallet within one year of opening it. All existing wallet users have to switch to the full KYC format by this year end. The minimum KYC wallets cannot have a balance of more than ten thousand rupees, and this can be allowed only for purchase of goods and services and not for remittances to other wallets or bank accounts. Full KYC wallets will have a limit of one lakh rupees and can avail all facilities for fund transfer. 29 | P a g e PPIs cannot be loaded with more than fifty thousand rupees per month.
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