1. RBI sets up fund to educate bank depositors
RBI has put in place a new mechanism for grant of financial assistance to
NGOs and other entities seeking to take up activities related to education and awareness of bank depositors.
Those eligible for such financial grants would include institutions, organisations and associations such as not-for-profit public charitable trusts, corporates and universities.
These entities can be already engaged in activities relating to bank depositors’ education and awareness, as also those proposing to take up depositors’ education programmes, organising seminars or research activities.
Releasing guidelines for institutions seeking financial assistance from the Depositor Education and Awareness Fund (Fund), RBI said that entities working in the area of bank depositors’ education and awareness can apply for making use of the funds.
Banks have been directed to transfer inoperative deposit accounts and balances (along with interest) that are unclaimed for 10 years or more to the fund.
As per the guidelines, a committee would administer and manage the fund.
“The activity of the institutions/organisations/ associations shall be monitored, post-registration.
“If activities of registered institutions, organisation or associations are not in conformity with activities permitted by Reserve Bank, then the Committee will deregister the institution,” RBI said.
Entities can use the fund grants for awareness among excluded sections, financial literacy, holding seminars and symposia on financial literacy and safe and secure banking.
Among others, they can also use it to fund projects and research on depositors’ education, rights awareness, production/procurement of material for distribution at exhibitions, seminars, town hall events, outreach programmes for depositors’ awareness, running media campaigns on financial literacy and customer protection.
Institutions can send their names till February 27, 2015 to apply for grant from the fund.
2. World Bank projects 6.4% economic growth in India in 2015
Indian economy is likely to grow at 6.4 per cent in 2015 and accelerate further in the next year on the back of steps being taken by the Narendra Modi-led NDA government, World Bank President Jim Yong Kim said on Sunday.
Speaking at the Vibrant Gujarat summit here, he said the World Bank was committed to catalysing a vibrant India and there is much reason for optimism.
“We project that India will be a bright spot in an otherwise medium global economic outlook. (The) economy according to our projections is expected to grow 6.4 per cent this year and even faster in 2016,” he said.
After slowing to sub-five per cent growth in the previous two financial years, the economy has started showing signs of pick-up as it expanded by 5.7 per cent and 5.3 per cent in the second and third quarter of 2015.
The World Bank President said Mr. Modi and his government have been quickly putting in place the building blocks for even more rapid growth, streamlining national regulatory structure and promoting social inclusion.
3. 7th Vibrant Gujarat Summit: Modi for inclusiveness of small with big, rich with poor
Prime Minister Narendra Modi invited the world to soak in the spirit of the kite
festival and enjoy Gujarati hospitality in his address on Day 1 of the three-day Vibrant Gujarat Summit on Sunday.
The pleasantries came even as Modi found endorsement from the industry that Gujarat was the place to do business in. World leaders chipped in as well.
At the outset, Modi expressed solidarity with the people of France, condemning the January 7 terror attack on the Paris office of the satirical magazine Charlie Hebdo.
Earlier, US secretary of state John Kerry said Modi had made the name of Gujarat synonymous with possibilities, change and energy.
"We share the Prime Minister's goal to increase trade five times with India," Kerry added.
He stressed on sustainable energy policy, saying it is "the answer to climate change".
On US President Barack Obama heading for India, Kerry said, "Barack Obama is very excited. He will be the first US President at Republic Day celebrations."
Earlier, Reliance Industries chairman Mukesh Ambani announced Rs. 100,000-crore investment in Gujarat across businesses in the next 12-18 months.
Aditya Birla Group chairman Kumar Mangalam Birla described Gujarat as "the most preferred destination for us" and said his group would invest Rs. 20,000 crore in expansion of cement and other plants in the state.
Speaking at the event, Suzuki Motor Corp chairman Osamu Suzuki said the state was superior in infra and decision-making over others.
He said Suzuki Motor Corp's new car manufacturing unit in Gujarat, being set up at an investment of Rs. 4,000 crore, would be ready by 2017.
4. Mobile payment firm LoopPay plans to enter India this year
US based tech firm LoopPay is planning to enter the Indian market this year with its patented technology that facilitates payment by just placing mobile phones beside a normal card reader at retail stores.
The company, founded in 2012 by payment industry experts, has developed a magnetic transmission based technology in form of a mobile cover and card. Credit or debit card details can be loaded in LoopPay’s mobile phone applications.
“We are looking at expanding our presence in late 2015 including India. We believe India, China and Japan would have appetite for this technology,” LoopPay CMO Gregory Mann told PTI at Consumer Electronics Show.
The Magnetic Secure Transmission (MST) technology of LoopPay generates changing magnetic fields over a very short period of time. This is accomplished by putting alternating current through an inductive loop, which can then be received by the magnetic read head of the credit card reader.
The signal received from Loop emulates the same magnetic field change as a mag stripe card when swiped across the same read head. Loop works within a 3-inch distance from the read head. The field dissipates rapidly beyond that point, and only exists during a transmission initiated by the user.
5. DRDO successfully tests advanced EW suite Tejas-PV1 Aircraft
Defence Research and Development Organisation (DRDO) has successfully tested an advanced electronic warfare (EW) suite.
It was tested onboard of the country’s Light Combat Aircraft (LCA) Tejas-PV1.
Key facts about Electronic Warfare (EW) suite
It is developed by Defence Avionics Research Establishment (DARE) of DRDO.
EW suite consists of Radar Warner and Jammer.
This suit gives pilot an additional capability of nullifying the effect of detected radar threat by appropriate mode of jamming.
It will replace existing EW systems, which are fitted on various combat aircraft as they consist of basic equipment – Radar Warner Receiver. It only has capability to provide warning to the aircraft pilot in case of detection of a radar threat.
6. World Hindi Day is being observed on 10 January every year
Every year 10 January is being observed World Hindi Day. Objective of this day is to promote use of Hindi language abroad.
To mark the occasion, special functions are being organized. It is usually, observed by Union Ministry of External Affairs (MoEF) and Indian Missions abroad.
7. eBay looks to tap more local artisans, industries
eBay has joined hands with one of India’s largest fabric traders body DHMA as the global eCommerce giant tries to reach out to local traders and artisans to offer more options for online shoppers.
The move is part of efforts by the online marketplace to deepen engagement with local traders and offer customers — both domestic and foreign — products that are made by local artisans and industries.
It is expanding to locations across India like Jaipur and Surat to bring local traders and artisan online so that it can provide more niche products to customers, while traders and artisans can reach out to markets — domestic and global.
Towards that end, eBay India has signed an MoU with Delhi Hindustani Mercantile Association (DHMA), a 125-year-old association of over 4,000 traders representing diverse sectors like clothing, textiles and transports.
Last April, eBay had signed a memorandum of understanding with Confederation of All India Traders, which is associated with over 20,000 small trader associations, to encourage small retailers to sell products through its platform.
eBay India, which had around 45,000 sellers then, saw its seller base swell by about 30 per cent following the MoU.
8. Arson attack on German paper that ran Charlie Hebdo cartoons
A building of German newspaper Hamburger Morgenpost was the target of an arson attack and two suspects were arrested, police said on Sunday.
Like many other German newspapers, Hamburger Morgenpost has printed cartoons of French satire weekly Charlie Hebdo after the deadly attack on Wednesday in Paris.
A police spokeswoman said that an incendiary device was thrown at the newspaper building in the night and documents were burned inside. Two suspects were arrested near the crime scene because they behaved in an unusual manner, she added.
The newspaper said on its web page that there were no people inside the building when the attack happened. Whether the arson attack was connected to the Charlie Hebdo cartoons was still under investigation, the paper added.
Police said state security had taken over the investigations.
9. Novelist Robert Stone, known for ‘Dog Soldiers’, dies at 77
Robert Stone, the award-winning novelist who spun out tales of seekers, frauds and other misbegotten American dreamers in such works as “A Flag for Sunrise” and “Dog Soldiers,” died on Saturday at age 77.
10. SpaceX Launches for NASA, Aims for Rocket Landing at Sea
A SpaceX rocket has blasted off with supplies for the International Space Station. The unmanned Falcon rocket soared into a clear pre-dawn sky at Cape Canaveral, Florida. The primary mission for SpaceX is delivering more than 5,000 pounds (2,300 kilograms) of food, experiments and other items ordered up by NASA.
A SpaceX rocket has blasted off with supplies for the International Space Station. The unmanned Falcon rocket soared into a clear pre-dawn sky at Cape Canaveral, Florida. The primary mission for SpaceX is delivering more than 5,000 pounds (2,300 kilograms) of food, experiments and other items ordered up by NASA.
1. RBI sets up fund to educate bank depositors
RBI has put in place a new mechanism for grant of financial assistance to
NGOs and other entities seeking to take up activities related to education and awareness of bank depositors.
Those eligible for such financial grants would include institutions, organisations and associations such as not-for-profit public charitable trusts, corporates and universities.
These entities can be already engaged in activities relating to bank depositors’ education and awareness, as also those proposing to take up depositors’ education programmes, organising seminars or research activities.
Releasing guidelines for institutions seeking financial assistance from the Depositor Education and Awareness Fund (Fund), RBI said that entities working in the area of bank depositors’ education and awareness can apply for making use of the funds.
Banks have been directed to transfer inoperative deposit accounts and balances (along with interest) that are unclaimed for 10 years or more to the fund.
As per the guidelines, a committee would administer and manage the fund.
“The activity of the institutions/organisations/ associations shall be monitored, post-registration.
“If activities of registered institutions, organisation or associations are not in conformity with activities permitted by Reserve Bank, then the Committee will deregister the institution,” RBI said.
Entities can use the fund grants for awareness among excluded sections, financial literacy, holding seminars and symposia on financial literacy and safe and secure banking.
Among others, they can also use it to fund projects and research on depositors’ education, rights awareness, production/procurement of material for distribution at exhibitions, seminars, town hall events, outreach programmes for depositors’ awareness, running media campaigns on financial literacy and customer protection.
Institutions can send their names till February 27, 2015 to apply for grant from the fund.
2. World Bank projects 6.4% economic growth in India in 2015
Indian economy is likely to grow at 6.4 per cent in 2015 and accelerate further in the next year on the back of steps being taken by the Narendra Modi-led NDA government, World Bank President Jim Yong Kim said on Sunday.
Speaking at the Vibrant Gujarat summit here, he said the World Bank was committed to catalysing a vibrant India and there is much reason for optimism.
“We project that India will be a bright spot in an otherwise medium global economic outlook. (The) economy according to our projections is expected to grow 6.4 per cent this year and even faster in 2016,” he said.
After slowing to sub-five per cent growth in the previous two financial years, the economy has started showing signs of pick-up as it expanded by 5.7 per cent and 5.3 per cent in the second and third quarter of 2015.
The World Bank President said Mr. Modi and his government have been quickly putting in place the building blocks for even more rapid growth, streamlining national regulatory structure and promoting social inclusion.
3. 7th Vibrant Gujarat Summit: Modi for inclusiveness of small with big, rich with poor
Prime Minister Narendra Modi invited the world to soak in the spirit of the kite
festival and enjoy Gujarati hospitality in his address on Day 1 of the three-day Vibrant Gujarat Summit on Sunday.
The pleasantries came even as Modi found endorsement from the industry that Gujarat was the place to do business in. World leaders chipped in as well.
At the outset, Modi expressed solidarity with the people of France, condemning the January 7 terror attack on the Paris office of the satirical magazine Charlie Hebdo.
Earlier, US secretary of state John Kerry said Modi had made the name of Gujarat synonymous with possibilities, change and energy.
"We share the Prime Minister's goal to increase trade five times with India," Kerry added.
He stressed on sustainable energy policy, saying it is "the answer to climate change".
On US President Barack Obama heading for India, Kerry said, "Barack Obama is very excited. He will be the first US President at Republic Day celebrations."
Earlier, Reliance Industries chairman Mukesh Ambani announced Rs. 100,000-crore investment in Gujarat across businesses in the next 12-18 months.
Aditya Birla Group chairman Kumar Mangalam Birla described Gujarat as "the most preferred destination for us" and said his group would invest Rs. 20,000 crore in expansion of cement and other plants in the state.
Speaking at the event, Suzuki Motor Corp chairman Osamu Suzuki said the state was superior in infra and decision-making over others.
He said Suzuki Motor Corp's new car manufacturing unit in Gujarat, being set up at an investment of Rs. 4,000 crore, would be ready by 2017.
4. Mobile payment firm LoopPay plans to enter India this year
US based tech firm LoopPay is planning to enter the Indian market this year with its patented technology that facilitates payment by just placing mobile phones beside a normal card reader at retail stores.
The company, founded in 2012 by payment industry experts, has developed a magnetic transmission based technology in form of a mobile cover and card. Credit or debit card details can be loaded in LoopPay’s mobile phone applications.
“We are looking at expanding our presence in late 2015 including India. We believe India, China and Japan would have appetite for this technology,” LoopPay CMO Gregory Mann told PTI at Consumer Electronics Show.
The Magnetic Secure Transmission (MST) technology of LoopPay generates changing magnetic fields over a very short period of time. This is accomplished by putting alternating current through an inductive loop, which can then be received by the magnetic read head of the credit card reader.
The signal received from Loop emulates the same magnetic field change as a mag stripe card when swiped across the same read head. Loop works within a 3-inch distance from the read head. The field dissipates rapidly beyond that point, and only exists during a transmission initiated by the user.
5. DRDO successfully tests advanced EW suite Tejas-PV1 Aircraft
Defence Research and Development Organisation (DRDO) has successfully tested an advanced electronic warfare (EW) suite.
It was tested onboard of the country’s Light Combat Aircraft (LCA) Tejas-PV1.
Key facts about Electronic Warfare (EW) suite
It is developed by Defence Avionics Research Establishment (DARE) of DRDO.
EW suite consists of Radar Warner and Jammer.
This suit gives pilot an additional capability of nullifying the effect of detected radar threat by appropriate mode of jamming.
It will replace existing EW systems, which are fitted on various combat aircraft as they consist of basic equipment – Radar Warner Receiver. It only has capability to provide warning to the aircraft pilot in case of detection of a radar threat.
6. World Hindi Day is being observed on 10 January every year
Every year 10 January is being observed World Hindi Day. Objective of this day is to promote use of Hindi language abroad.
To mark the occasion, special functions are being organized. It is usually, observed by Union Ministry of External Affairs (MoEF) and Indian Missions abroad.
7. eBay looks to tap more local artisans, industries
eBay has joined hands with one of India’s largest fabric traders body DHMA as the global eCommerce giant tries to reach out to local traders and artisans to offer more options for online shoppers.
The move is part of efforts by the online marketplace to deepen engagement with local traders and offer customers — both domestic and foreign — products that are made by local artisans and industries.
It is expanding to locations across India like Jaipur and Surat to bring local traders and artisan online so that it can provide more niche products to customers, while traders and artisans can reach out to markets — domestic and global.
Towards that end, eBay India has signed an MoU with Delhi Hindustani Mercantile Association (DHMA), a 125-year-old association of over 4,000 traders representing diverse sectors like clothing, textiles and transports.
Last April, eBay had signed a memorandum of understanding with Confederation of All India Traders, which is associated with over 20,000 small trader associations, to encourage small retailers to sell products through its platform.
eBay India, which had around 45,000 sellers then, saw its seller base swell by about 30 per cent following the MoU.
8. Arson attack on German paper that ran Charlie Hebdo cartoons
A building of German newspaper Hamburger Morgenpost was the target of an arson attack and two suspects were arrested, police said on Sunday.
Like many other German newspapers, Hamburger Morgenpost has printed cartoons of French satire weekly Charlie Hebdo after the deadly attack on Wednesday in Paris.
A police spokeswoman said that an incendiary device was thrown at the newspaper building in the night and documents were burned inside. Two suspects were arrested near the crime scene because they behaved in an unusual manner, she added.
The newspaper said on its web page that there were no people inside the building when the attack happened. Whether the arson attack was connected to the Charlie Hebdo cartoons was still under investigation, the paper added.
Police said state security had taken over the investigations.
9. Novelist Robert Stone, known for ‘Dog Soldiers’, dies at 77
Robert Stone, the award-winning novelist who spun out tales of seekers, frauds and other misbegotten American dreamers in such works as “A Flag for Sunrise” and “Dog Soldiers,” died on Saturday at age 77.
10. SpaceX Launches for NASA, Aims for Rocket Landing at Sea
A SpaceX rocket has blasted off with supplies for the International Space Station. The unmanned Falcon rocket soared into a clear pre-dawn sky at Cape Canaveral, Florida. The primary mission for SpaceX is delivering more than 5,000 pounds (2,300 kilograms) of food, experiments and other items ordered up by NASA.
A SpaceX rocket has blasted off with supplies for the International Space Station. The unmanned Falcon rocket soared into a clear pre-dawn sky at Cape Canaveral, Florida. The primary mission for SpaceX is delivering more than 5,000 pounds (2,300 kilograms) of food, experiments and other items ordered up by NASA.
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