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Thursday, March 08, 2018

Expect RBI to pay interim dividend by month-end: DEA Secy
The government expects the Reserve Bank to pay an interim dividend by the end of this month, Economic Affairs Secretary Subhash Chandra Garg said yesterday. In August, RBI had paid a dividend of Rs 30,659 crore for the fiscal ended June 2017. It was less than half the Rs 65,876 crore it had paid in 2015-16. Since November last year, the finance ministry has been in discussions with the central bank to transfer the surplus to the exchequer. "We are expecting RBI to transfer the money by month end," Garg told reporters. According to sources, the government expects the RBI to pay a total dividend of about Rs 45,000 crore for financial year 2017-18.

ILO projects unemployment rate at 3.5% in 2018: Govt
The International Labour Organisation (ILO) has projected unemployment in India at 18.6 million in 2018, higher than 18.3 million in 2017 in its report, Parliament was informed yesterday. "The ILO released a report “World Employment and Social Outlook Trends – 2018”. As per the report, it is projected that the number of unemployed persons in India is expected to rise from 18.3 million in 2017 to 18.6 million in 2018 and 18.9 million by 2019. At the same time, unemployment rate is expected to remain static at 3.5% during the same period," Labour Minister Santosh Gangwar said in a written reply to Rajya Sabha yesterday. On the fears of increase in unemployment in 2018 and 2019, he explained that no target has been set by the government.

India Post Payments Bank to launch 650 branches by April: Sinha
The government aims to set up 650 India Post Payments Bank branches by next month, communications minister Manoj Sinha informed Parliament yesterday.     "India Post Payments Bank aims to have a pan-India reach (650 branches co-located at District Headquarter Post Offices) by April 2018," Sinha said in a written reply to Lok Sabha. India Post received permit from Reserve Bank of India on January 20, 2017 to roll out payments bank. The postal department has already set up two branches on January 30, 2017 in Raipur and Ranchi. Sinha said that these 650 branches will serve as controlling offices to service and monitor all the approximately 1.55 lakh post offices that will act as last mile access points for the public.

WZCC Plan to help Parsi Entrepreneurs
World Zarathushti Chamber of Commerce – India (WZCCI) and WZO Trust Funds (WZTOF) are delighted to announce a joint plan to support entrepreneurs / professionals / start-ups by funding selected projects in India with interest-free loans. The principal amount only would have to be returned, over a pre-determined period. WZCCI and WZTOF would like to invite Zoroastrian Donors to please come forward to donate Rs. 5 – Rs. 25 lakhs towards creating a corpus of Rs. 5 crores to help young people to start-off their entrepreneurial careers or help small businesses reach scale. WZCC – I and WZOTF sincerely hope that a large number of well placed, India based Zoroastrians will come forward and donate sums of money to give a big boost to Zoroastrian Entrepreneurship in India.

Aadhaar covers over 89% population: Alphons
More than 89% of the total population has been issued the biometric identifier Aadhaar as of mid-February, Parliament was informed yesterday. Aadhaar coverage is low in Assam and Meghalaya where the enrolment has started recently, K J Alphons, Minister of State for Electronics and IT, said in a written reply to the Lok Sabha. As per the information provided by the minister, against total population of 1.31 billion, the number of Aadhaars assigned were 1.17 billion, translating into 89.2% penetration. "As on 15 February, 2018, more than 89.2% of estimated population has been issued Aadhaar all over the country," Alphons said.

Regulatory policies must change to cater to digital world: TRAI Chief
Policies of the physical world cannot be simply "exported" to the digital world which is seeing rapid technological advances such as artificial intelligence (AI) and convergence of devices, Trai Chairman R S Sharma said yesterday. Speaking at Convergence India 2018, he noted that while there is convergence of pipes as also communication devices, the advent of 5G is driving greater throughput, lowering latency and facilitating machine-to-machine communication. "A lot is changing in the digital world. We also need to change the policies, so we can grapple with this issue. Policies for new, digital world can't be the same as those for physical world...These same policies can't just be exported (for digital space)," Sharma said.

Received SEBI nod as registered Investment Adviser: Paytm
Financial services platform Paytm yesterday said its wholly-owned subsidiary, Paytm Money, has received approval of market regulator SEBI to become a registered Investment Advisor. The nod from the Securities and Exchange Board of India will allow the company to roll out investment and wealth management products to consumers across the country, Paytm said in a statement. "Paytm Money is currently completing integrations with the respective compliance and regulatory authorities for KYC under the SEBI regulations. It is also integrating all leading AMCs (Asset Management Companies) in India," the statement added.

TVS Motor rolls out race edition of Apache RTR 200 4V
TVS Motor Company yesterday rolled out the race edition of its Apache RTR 200 4V,  priced up to Rs 1,08,985 (ex-showroom Delhi). Termed as race edition 2.0, the motorcycle's A-RT slipper clutch technology accentuates its performance, with 22% reduction in clutch force for quicker upshifts enabling better lap times, the company said in a statement.

SBI puts up Simbhaoli Sugars, 14 other NPA accounts for sale
Country's largest lender SBI has put up for sale 15 NPA accounts worth over Rs 988 crore, including UP-based Simbhaoli Sugars which owes Rs 158.57 crore to the lender. "SBI invites expression of interest from banks/asset reconstruction companies /NBFCs/FIs for the proposed sale of 15 non-performing assets (NPAs) with principal outstanding of Rs 988.95 crore," reads the SBI bid document published yesterday.

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