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The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given approval for revision of guidelines of Sovereign Gold Bonds (SGB) Scheme with a view to achieve its intended objectives
Two sets of changes have been made in the scheme:
1. Specific changes have been made in the attributes of the scheme to make it more attractive, mobilise finances as per the target and reduce the economic strains caused by imports of gold and reduce the Current Account Deficit (CAD).
2. Flexibility has been given to Ministry of Finance to design and introduce variants of SGBs with different interest rates and risk protection / pay-offs that would offer investment alternatives to different category of investors.
Ministry of Finance (the issuer) has been delegated this power to amend / add to the features of the Scheme with approval of the Finance Minister to reduce the time lag between finalizing the attributes of a particular tranche and its notification.
Such flexibility will be effective in addressing the elements of competition with new products of investment, to deal with very dynamic and sometimes volatile market, macro-economic and other conditions such as gold price.
Bank of India’s new chief has launched Project Connect, an initiative to revive the bank that has suffered huge losses for two consecutive years due to a sharp rise in bad loans
The bank will have 115 area managers who would be stationed close to 30-35 branches and would be responsible for these branches; they would be on field and not have a formal office and would monitor and support the zonal offices.
Further, the bank has opened a new vertical ‘Premium Client Care’ which will cater to the needs of the 1000 top customers identified from the top five centres of the country.
Srikanth Kidambi has surpassed women’s single player Tai Tzu Ying of Taiwan to top the chart of the highest earners in badminton for 2017, earning a total of over Rs. 95 lakhs($147,847.50)
Sayaka Sato of Japan stands third overall followed by Malaysia’s Lee Chong Wei in the fourth position.
Srikanth Kidambi created history by becoming the first Indian to win two successive Superseries titles and by entering three consecutive finals at the Indonesian Open, Singapore Open, and the Australian Open.
The 2017 BRICS Youth Forum opened in Beijing to discuss the development of the youth in the countries of the grouping.
Themed ‘Enhance BRICS Partnership, Promote Youth Development’, the three-day forum gathered 50 youth representatives working as civil servants, scholars, entrepreneurs, artists and journalists from the BRICS countries.
Representatives will hold discussions on issues concerning youth policies and entrepreneurship, as well as the roles of BRICS youth in global governance, before formulating an action plan for the forum, state-run Xinhua news agency reported.
The five BRICS countries — Brazil, Russia, India, China and South Africa — first came up with the idea of establishing a dialogue mechanism for BRICS youth in 2014 during a meeting between BRICS leaders in South Africa.
Reliance Defence delivers two NOPVs, named ‘Shachi’ and ‘Shruti’ vessels to Navy at RDEL’s shipyard today in Pipavav.
Sixteen months after Reliance Infrastructure subsidiary Reliance Defence and Engineering Ltd (RDEL) took control of Pipavav Defence and Offshore Engineering Company, two naval offshore patrol vessels (NOPVs) were launched at RDEL’s shipyard today in Pipavav.
The two NOPVs, named ‘Shachi’ and ‘Shruti’, are the first warships to be launched by a private sector shipyard in India.
The two patrol boats are part of five ships under the P-21 project being constructed for the Indian Navy by RDEL.
RDEL is the first private sector company to obtain the licence and contract to build NOPVs.
The Punjab government announced the launch of its flagship ‘Apni Gaddi Apna Rozgar’ scheme by flagging off over 100 uberMOTO bikes.
Under the scheme the state government will be providing commercial two wheelers and four wheelers to unemployed youth at subsidised rates.
Though Uber will be able to operate easily with in Punjab.
Uber, the ridesharing app that connects riders with drivers, also announced the launch of its bike-sharing product, uberMOTO, in Mohali, Ludhiana, Zirakpurand Kharar in the presence of Manpreet Singh Badal Minister for Finance, Planning and Employment Generation in Punjab.
Daily Current Affairs for 27 Jul, 17.
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