- Vinay Shah, appointed as new MD & CEO of LIC Housing Finance
Life Insurance Corporation of India (LIC) has appointed Vinay Shah as the new Managing Director (MD) and Chief Executive Director of its mortgage loan arm and listed entity LIC Housing Finance. He comes in place of Sunita Sharma after Government had elevated her to Managing Director of LIC. Prior to joining LIC Housing Finance, Sah was Executive Director–Marketing/Product Development with LIC of India.
- Cabinet approves procurement of Voter Verifiable Paper Audit Trail Units for use in the General Elections, 2019
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for procurement of Voter Verifiable Paper Audit Trail (VVPAT) Units for use in the General Elections, 2019. The decision of the Government would enable the Election Commission of India to deploy VVPAT Units in all pooling booths in the General Elections, 2019, which will act as an additional layer of transparency for the satisfaction of voters, allaying any apprehension in the minds of the voters as to the fidelity and integrity of the EVMs.
- India jumps to 8th place on Global FDI Confidence Index
India has climbed one spot to the eighth rank in the 2017 A.T. Kearney Foreign Direct Investment (FDI) Confidence Index as investors turned bullish on the Asia-Pacific. The index, released shows that investor confidence in India has been growing steadily over the last two years, making it one of the top two emerging market performers on the FDI Index, along with China. In this year’s survey, 31% of the respondents said they were more optimistic about India’s economic outlook over the next three years compared to a year ago.
- SBI surpasses ONGC to become India’s most valuable PSU firm
State Bank of India (SBI) has surpassed ONGC to become the country’s most valuable public sector unit (PSU), in terms of market valuation. At the end of trade, the market cap of SBI stood at Rs2,35,307.51 crore. This is about Rs2,961.79 crore more than that of PSU energy major ONGC’s Rs2,32,345.72 crore. ONGC once used to be the country’s most-valued company in terms of market valuation. Among the top-10 most valued companies list, SBI is at fifth position, while ONGC is seventh. Shares of SBI ended the day with a mild gain of 0.17% at Rs290.15, while ONGC fell by 1.12% to Rs181.05 on BSE.
- RBI signed MoU with the Royal Monetary Authority of Bhutan
The Reserve Bank of India (RBI) has inked a supervisory cooperation pact with the Royal Monetary Authority of Bhutan for information sharing. A memorandum of understanding on ‘Supervisory Cooperation and Exchange of Supervisory Information’ was signed by RBI Deputy Governor S S Mundra and Royal Monetary Authority of Bhutan Deputy Governor Phajo Dorjee, the central bank. The RBI has entered into MoUs, Letter for Supervisory Co- operation and Statement of Co-operation with supervisors of a few countries. The objective of such pacts is to promote greater co- operation and share supervisory information.
- RBI opened the Office of the Banking Ombudsman at Chhattisgarh and Jammu & Kashmir
The Reserve Bank has opened a new ombudsman office in Jammu as part of its efforts to expand banking grievances complaint cells across the country. Earlier, the banking services related complaints from entire Jammu & Kashmir used to fall under the jurisdiction of New Delhi-I banking ombudsman office. There are two banking ombudsman offices in New Delhi. There has been a significant increase in banking network during the recent past and the New Delhi office covers a large jurisdiction.
- Myntra acquires Bengaluru-based logistic solutions platform ‘InLogg’
Fashion e-tailer Myntra has said it has acquired Bengaluru-based InLogg for an undisclosed amount, a move that will further strengthen the supply chain capabilities of the Flipkart-owned company.Founded in 2015, InLogg offers a technology platform that provides end-to-end logistics solutions for the e-commerce sector. The team at InLogg has been inducted into Myntra, making it an acquihire that will further strengthen and expand Myntra’s supply chain capabilities
- ISRO, BHEL tie-up for lithium-ion batteries
The Indian Space Research Organisation (ISRO) which is finalising a memorandum of understanding with BHEL to help develop low-cost lithium ion batteries for electric vehicles, also envisages a buyback commitment for such batteries. The move is expected to take care of concerns on managing the waste generated at the end of battery life. According to the MoU, BHEL will set up a production plant, while ISRO will provide support for scale-up, joint effort in cost optimisation, research and development for alternate chemistry and buyback commitment.
- Navy’s missile destroyer dedicated to Chennai
Naval ship ‘INS Chennai’ was formally dedicated to the city in the presence of Chief Minister K Palaniswami and Flag Officer Commanding-in-Chief, Eastern Naval Command, Vice-Admiral HCS Bisht. The dedication ceremony of the ‘P15A Guided Missile Destroyer’ was marked by a series of drills and events, besides unveiling of a plaque by Palaniswami at the Chennai Port Trust. Vice-Admiral Bisht in his brief address said the navy was fully geared to meet the challenges at sea. INS Chennai has been anchored here since April 15 and was visited by more than 5,000 people, including 2,000 students.
- Philippine President Duterte wins TIME 100 Reader Poll
Controversial Philippine President Rodrigo Duterte has won Time magazine’s readers’ poll of the 100 most influential people in the world, while Prime Minister Narendra Modi did not garner any votes in the online survey. Duterte had consistently led the Time 100 Reader Poll, an online survey in which the publication had asked its readers to vote for who should be included in this year’s Time 100 list of the world’s most influential people.
- Cabinet approves signing of amended tax treaty with Portugal
The Union Cabinet has approved signing of the protocol amending the convention between India and Portugal for avoidance of double taxation. The Union Cabinet chaired by Prime Minister Narendra Modi has given its approval for signing of a Protocol amending the convention between India and Portugal for avoidance of double taxation. The Protocol will also ensure prevention of fiscal evasion with respect to taxes on income.
- Former AP minister Devineni Rajashekhar passes away
Telugu Desam leader and former Andhra Pradesh minister, Devineni Nehru (Rajasekhar), died of cardiac arrest. He was 63. A powerful youth leader, Devineni Nehru has been part of the TDP since its formation in 1982 by the TDP supremo and leading star NT Rama Rao. He was elected MLA from Kankipadu in 1985, 1989 and 1994 and served as a minister in the NT Rama Rao cabinet. After switching over to the N Chandrababu Naidu camp in 1996, when the TDP split, he later joined the Congress. Nehru lost the elections in 1999 but was later elected in 2004 and defeated in 2009 and 2014.