Articles On Economy bank and economy
India and global economy 28 November Employment NewsFirst Islamic Bank in Eurozone to come up in Luxembourg. A host of private investors from GCC countries, including a royal family from the UAE have planned to set up the first full-fledged Islamic bank in the euro zone.
Raheel Sharif to be new Pak Army chief
Prime Minister Nawaz Sharif on Wednesday appointed Lt Gen Raheel Sharif as Pakistan’s new Army Chief and Lt Gen Rashid Mehmood as Chairman Joint Chiefs of Staff Committee.
Lt Gen Sharif will replace 61-year-old Gen Ashfaq Parvez Kayani who would hang his boots on Friday after being at the helm of the Army for six years.
The army chief is arguably the most powerful person in Pakistan, with the military having ruled the country for more than half its 66-year history since independence from Britain.
Sharif, 57, received his military commission in 1976 and studied military leadership in Germany, Canada and Britain. He commanded several infantry units, including the Sixth Frontier Force Regiment along the disputed Line Of Control in Kashmir.
The Reserve Bank of India (RBI) on 26 November 2013 directed the banks to charge customers for the transaction SMS alerts on the basis of usage, instead of imposing a fixed fee.
The RBI in its notification issued to all banks has asked the banks to charge customers based on actual usage of SMS alerts, considering the technology available with banks to considering the technology available with banks and the telecom service providers.
The notification has been done to ensure reasonableness and equity in the charges levied by banks for sending SMS alerts to customers. In its second quarter review of monetary policy 2013-14, the RBI had advised banks to charge for SMS alerts on usage basis.
Earlier, the Reserve Bank of India had set the guidelines for banks to send online alerts to the customers for all types of transactions, irrespective of the amount in March 2011.
Tata Sons withdraws application for banking licence
Tata Sons Ltd has withdrawn its application for a new bank licence, according to the Reserve Bank of India.
The company has indicated that its current financial services operating model best supports the needs of the Tata Group’s domestic and overseas strategy, and provides adequate operating flexibility to its companies, while securing the interests of the group’s diverse stakeholder base,” RBI said in a statement today.
A total of 26 companies, including big private corporates such as Tata Sons, Aditya Birla Nuvo, Reliance Capital and L&T Finance Holdings had applied for banking licences on July 1 this year.
The licences are likely to be announced by January by the central bank.
A panel chaired by former RBI Governor Bimal Jalan has been entrusted with scrutinising applications for new bank licences.
The RBI had issued guidelines for licensing of new banks in the private sector on February 22 and issued clarifications in the first week of June.
In the past 20 years, the RBI has licensed 12 banks in the private sector in two phases.
Ten banks were licensed on the basis of guidelines issued in January 1993.
BSE to launch currency derivatives trading on Friday
The Bombay Stock Exchange will launch its platform for trading in currency derivatives from Friday, making it the fourth bourse in the country to offer such trades.
Other stock exchanges present in the currency futures segment are — National Stock Exchange, MCX-SX and United Stock Exchange.
Currency derivative contracts: i. Currency derivative contracts allow investors to take position on change in foreign exchange rates between pairs of two currencies, such as rupee and dollar.
According to BSE, the currency futures trading would be commenced on the contracts on US Dollar-Indian Rupee, Euro-Indian Rupee, British Pound-Indian Rupee and Japanese Yen-Indian Rupee.
However, trading members in the currency derivatives segment would have to make a one-time contribution of Rs 250 towards the ‘Investor Protection Fund’, it said.
As per the guidelines, trading on the segment would take place between 9 a.m. and 5 p.m.
At present, NSE has the largest share in currency futures market, followed by MCX-SX.
NALCO Received EEPC Export Award for 2011-12
National Aluminium Company Limited (NALCO) on 22 November 2013 received the EEPC (Engineering Export Promotion Council, Eastern Region)’s Gold Trophy.
NALCO has bagged the EEPC Gold Trophy, as Top Exporter in the Large Enterprise Category, for its outstanding export performance during the year 2011-12.
National Aluminium Company Limited (NALCO) is a Navratna PSU and India’s leading manufacturer-exporter of alumina and aluminium.
During the financial year 2011-12, NALCO has achieved sales turnover of 6927 crore Rupees, including the export earnings of 2569 crore Rupees.
NALCO also have the Premier Trading House status, and it is the first Indian aluminium company to be registered with London Metal Exchange, for its high quality products.
The Reserve Bank of India (RBI) has confirmed its decision to grant self-regulatory status to associations of non-banking financial firms that deal in microfinance. Announcing the decision, the RBI said that the move would ensure effective monitoring of non-banking financial companies and microfinance institutions (NBFC-MFIs), and their compliance with set of laws and code of conduct.
India and global economy 28 November Employment NewsFirst Islamic Bank in Eurozone to come up in Luxembourg. A host of private investors from GCC countries, including a royal family from the UAE have planned to set up the first full-fledged Islamic bank in the euro zone.
Raheel Sharif to be new Pak Army chief
Prime Minister Nawaz Sharif on Wednesday appointed Lt Gen Raheel Sharif as Pakistan’s new Army Chief and Lt Gen Rashid Mehmood as Chairman Joint Chiefs of Staff Committee.
Lt Gen Sharif will replace 61-year-old Gen Ashfaq Parvez Kayani who would hang his boots on Friday after being at the helm of the Army for six years.
The army chief is arguably the most powerful person in Pakistan, with the military having ruled the country for more than half its 66-year history since independence from Britain.
Sharif, 57, received his military commission in 1976 and studied military leadership in Germany, Canada and Britain. He commanded several infantry units, including the Sixth Frontier Force Regiment along the disputed Line Of Control in Kashmir.
The Reserve Bank of India (RBI) on 26 November 2013 directed the banks to charge customers for the transaction SMS alerts on the basis of usage, instead of imposing a fixed fee.
The RBI in its notification issued to all banks has asked the banks to charge customers based on actual usage of SMS alerts, considering the technology available with banks to considering the technology available with banks and the telecom service providers.
The notification has been done to ensure reasonableness and equity in the charges levied by banks for sending SMS alerts to customers. In its second quarter review of monetary policy 2013-14, the RBI had advised banks to charge for SMS alerts on usage basis.
Earlier, the Reserve Bank of India had set the guidelines for banks to send online alerts to the customers for all types of transactions, irrespective of the amount in March 2011.
Tata Sons withdraws application for banking licence
Tata Sons Ltd has withdrawn its application for a new bank licence, according to the Reserve Bank of India.
The company has indicated that its current financial services operating model best supports the needs of the Tata Group’s domestic and overseas strategy, and provides adequate operating flexibility to its companies, while securing the interests of the group’s diverse stakeholder base,” RBI said in a statement today.
A total of 26 companies, including big private corporates such as Tata Sons, Aditya Birla Nuvo, Reliance Capital and L&T Finance Holdings had applied for banking licences on July 1 this year.
The licences are likely to be announced by January by the central bank.
A panel chaired by former RBI Governor Bimal Jalan has been entrusted with scrutinising applications for new bank licences.
The RBI had issued guidelines for licensing of new banks in the private sector on February 22 and issued clarifications in the first week of June.
In the past 20 years, the RBI has licensed 12 banks in the private sector in two phases.
Ten banks were licensed on the basis of guidelines issued in January 1993.
BSE to launch currency derivatives trading on Friday
The Bombay Stock Exchange will launch its platform for trading in currency derivatives from Friday, making it the fourth bourse in the country to offer such trades.
Other stock exchanges present in the currency futures segment are — National Stock Exchange, MCX-SX and United Stock Exchange.
Currency derivative contracts: i. Currency derivative contracts allow investors to take position on change in foreign exchange rates between pairs of two currencies, such as rupee and dollar.
According to BSE, the currency futures trading would be commenced on the contracts on US Dollar-Indian Rupee, Euro-Indian Rupee, British Pound-Indian Rupee and Japanese Yen-Indian Rupee.
However, trading members in the currency derivatives segment would have to make a one-time contribution of Rs 250 towards the ‘Investor Protection Fund’, it said.
As per the guidelines, trading on the segment would take place between 9 a.m. and 5 p.m.
At present, NSE has the largest share in currency futures market, followed by MCX-SX.
NALCO Received EEPC Export Award for 2011-12
National Aluminium Company Limited (NALCO) on 22 November 2013 received the EEPC (Engineering Export Promotion Council, Eastern Region)’s Gold Trophy.
NALCO has bagged the EEPC Gold Trophy, as Top Exporter in the Large Enterprise Category, for its outstanding export performance during the year 2011-12.
National Aluminium Company Limited (NALCO) is a Navratna PSU and India’s leading manufacturer-exporter of alumina and aluminium.
During the financial year 2011-12, NALCO has achieved sales turnover of 6927 crore Rupees, including the export earnings of 2569 crore Rupees.
NALCO also have the Premier Trading House status, and it is the first Indian aluminium company to be registered with London Metal Exchange, for its high quality products.
The Reserve Bank of India (RBI) has confirmed its decision to grant self-regulatory status to associations of non-banking financial firms that deal in microfinance. Announcing the decision, the RBI said that the move would ensure effective monitoring of non-banking financial companies and microfinance institutions (NBFC-MFIs), and their compliance with set of laws and code of conduct.
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