4, October 2016

1.Centre accepts pay panel recommendation on promotion

Source: The Hindu

MACP scheme:

The Union government has accepted the recommendation of the 7th Pay Commission on Modified Assured Career Progression (MACP) for Central employees which would ensure one minimum promotion for every 10 years till 30 years of service.

An office memorandum by the Department of Personnel said here that there shall be three financial upgradations under the assured promotion scheme counted from the direct entry grade on completion of 10, 20 and 30 years services respectively or 10 years of continuous service in the same level.

Background:

The Modified Assured Career Progression Scheme was originally introduced in 2008 following the recommendations of the Sixth Pay Commission.

2.India fair to boost intra-BRICS trade

Source: The Hindu

BRICS nations:

To boost trade among the BRICS nations, India, for the first time, will organise a trade fair for the bloc that also includes Brazil, Russia, China and South Africa.

First fair:

The focus of the Fair is ‘Building BRICS – Innovation for Collaboration’. The Fair is meant to give an impetus to intra-BRICS economic engagement. It will showcase about 20 key sectors. These include aerospace, agro-processing, auto, chemicals, green energy, healthcare, railways, textiles, infrastructure, IT, engineering goods, tourism, gems & jewellery and skill development.

Besides established companies, start-ups and innovators from BRICS will showcase their offerings to help technology solution providers share knowledge in dealing with challenges in healthcare, education, energy efficiency, waste management and urbanisation management.

3.Mission Innovation’ christened by PM Narendra Modi: US Energy Secretary

Source: Indian Express

Under Mission Innovation, India has announced ambitious plans for deployment of 175 GW renewable energy capacity by 2022.

Mission Innovation Accelerating The Clean Energy Revolution

Mission Innovation is a global initiative to accelerate public and private clean energy innovation to address climate change, make clean energy affordable to consumers, and create green jobs and commercial opportunities.

Mission Innovation aims to reinvigorate and accelerate global clean energy innovation with the objective to make clean energy widely affordable.

Accelerating widespread clean energy innovation is:

  • An indispensable part of an effective, long term global response to our shared climate challenge
  • Necessary to provide affordable and reliable energy for everyone and to promote economic growth.
  • Critical for energy security.

While important progress has been made in cost reduction and deployment of clean energy technologies, the pace of innovation and the scale of transformation and dissemination remains significantly short of what is needed.

4.Developing and Operating Inland Water Transport Terminal at Kolkata and Patna under PPP Model;

Source: PIB

Inland Waterways Authority of India (IWAI), Ministry of Shipping, has identified development and operation of Kolkata Terminal’s GR Jetty -I, GR Jetty-II & BISN and Patna Terminal’s Gaighat & Kalughat on National Waterways -1 i.e. River Ganga under the Public-Private Partnership (PPP) mode

This is the first PPP project undertaken by the IWAI.

Under the transactional structure worked out by International Finance Corporation (IFC)

Jal Marg Vikas Project:

IWAI will finalise the Front End Design (FEED) of the Kalughat Terminal and construct it with the technical assistance of the World Bank under Jal Marg Vikas Project ( Developing National Waterway-1).

5.Jharkhand becomes first state to launch Direct Benefit Transfer in Kerosene

Source: PIB

Under the DBTK Scheme, PDS kerosene is being sold at non-subsidised price, and, subsidy, as admissible, is being transferred to consumers directly into their bank accounts.

This initiative of the governments is aimed at rationalising subsidy, based on the approach to cut subsidy leakages but not subsidy per se.

6.Auction for Sale (Re-issue) of Government Stocks

Source: PIB

The auctions will be conducted by the Reserve Bank of India (RBI)

Price based auction:

The Government of India have announced the Sale (re-issue) of Government Stock  for a notified amount through price based auction and yield based auction.

The auctions will be conducted using multiple price method.

Both competitive and non-competitive bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system.

E-Kuber:

e-Kuber is the Core Banking Solution of Reserve Bank of India.

E-Kuber provides the provision of a single current account for each bank across the country, with decentralised access to this account from anywhere-anytime using portal based services in a safe manner.

Almost all branches of commercial banks, including the Regional Rural Banks (RRBs), are brought into the core-banking fold.

Securities through:

Auction of Government securities is done through e-kuber system.

  • Sovereign Gold Bonds are available for subscription at the branches of scheduled commercial banks and designated post offices through RBI’s e-kuber system.
  • Goods and Service Tax (GST) settlements are also proposed to be done through e-kuber.
  • RBI launched a platform to enable trading in the priority sector lending certificates (PSLC) through its Core Banking Solution (CBS) portal (e-Kuber).

7.India Post Payments Bank

Source: PIB

India Post Payments Bank (IPPB) as a Public Limited Company under the Department of Posts, with 100% Government of India (GOI) equity.

The IPPB will obtain banking licence from RBI by March 2017 and by September 2017, its services will be available across the country through 650 payments bank branches, linked post offices and alternative channels riding on modern technology including mobiles, ATMs, PoS/ m-PoS devices etc and simple digital payments.

Proposal:

The proposal will further the cause of financial inclusion by providing basic banking, payments and remittance services and facilitate financial services like insurance, mutual funds, pensions and access to credit in tie-up with third party financial providers with special focus on rural areas and the unbanked and under-banked segments.

It will generate new employment opportunities for skilled banking professionals and will generate opportunities for propagating financial literacy across the country.

 It will create the largest bank in the world in terms of accessibility and in time, will encourage the move towards a less cash economy.

Background

Setting-up of the IPPB to further financial inclusion was one of the budgetary announcements during 2015-16.

 The Department of Posts had obtained the “in-principle approval” of the RBI in September 2015 to set up the India Post Payments Bank.

The India Post Payments Bank will leverage the Department’s network, reach, and resources to make simple, low-cost, quality financial services easily accessible to customers all over the country.

 

 

 



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