Economy & Banking Current Affairs

EPFO lowers interest rate on deposit to 8.50% for FY2019-20

Employees Provident Fund Organisation (EPFO) on Thursday lowered the interest rate on deposits to 8.50 per cent for the current financial year 2019-20. The interest rate, which is the lowest rate fixed in seven years, was reduced from the previous rate of 8.65 per cent in 2018-19. The Central Board of Trustees, which is the ..

Category: 

Topics: 

Cabinet approves amendment to ‘Foreign direct investment policy on civil aviation’

The Union Cabinet recently approved an amendment to the ‘Foreign direct investment policy on civil aviation’, which allowed Non-resident Indians (NRIs) to acquire 100 per cent equity stake in Air India under the automatic route. Prior to this amendment, only 49 per cent was available for sale to NRIs in Air India. After the proposed ..

Category: 

Topics: 

Cabinet approves proposal to allow direct listing of overseas Indian companies

The Cabinet recently approved a proposal to allow direct listing of Indian companies overseas. Appropriate amendment would be made in the Companies Act, 2013 for the same. Very few Indian companies have Global Depository Receipts (GDRs) and only some have American Depository Receipts (ADRs) which can be traded in the US. A Depository receipt is ..

Category: 

Topics: 

Paytm receives license from IRDAI

India’s leading payment and fin-tech company Paytm has entered into the insurance segment, as its subsidiary received licence to sell life-and non-life products from the regulator- Insurance Regulatory and Development Authority of India (IRDAI). Noida-based Paytm announced that it will commence its insurance services through its subsidiary, PayTM Insurance Broking Pvt Ltd (PIBPL). The company ..

Category: 

Topics: 

India’s services sector growth hits 7-year high in February

Purchasing Managers’ Index (PMI) is released by the data analytics firm IHS Markit. As per the survey, services sector of the country rose for the fifth consecutive month to 57.5 in February after 55.5 in January. A figure more than 50 signifies expansion, while below-50 figure identifies contraction. The service sector dipped to a 19-month ..

Category: 

Topics: 

advertisement