ECONOMY
RBI allows NRIs for National Pension System
Reserve Bank of India allowed non-resident Indians (NRIs) to subscribe to the National Pension System (NPS). NRIs may subscribe to the NPS governed and administered by the Pension Fund Regulating and Development Authority (PFRDA), and the person is eligible to invest as per the provisions of the PFRDA Act. The subscription amount shall be paid by the NRIs either by inward remittance through normal banking channels or out of funds held in their NRE/FCNR/NRO account.
India seventh most valued ‘Nation Brand’ in the world
India has moved up one position to become the world’s seventh most valued ‘Nation Brand’ with an increase of 32% in it’s brand value to 2.1 billion dollars. The US remains on top with a valuation of 19.7 billion dollars followed by China and Germany as per the annual report on the world’s most valuable nation brands compiled by Brand Finance.
India signs with Asian Development Bank
Union government signed an agreement of 273 million dollars loan from the Asian Development Bank (ADB) to improve rural roads in Assam, Chandigarh, Madhya Pradesh, Odisha&West Bengal. This is the last tranche of the 800 million dollars financing facility under the Rural Connectivity Invest-ment Programme. The loan will help in constructuring over 6,000 kilometers of rural roads in five states.
Narendra Modi launches Neev Fund in UK
India’s first Low Income State Infrastructure Equity Partnership (the Neev Fund) was launched on 13 November, 2015 by Indian Prime Minister Narendra Modi in UK. The fund has co-investment from the UK Department of International Development and the State Bank of India. The fund aims to provide equity partnerships for small infrastructure development in sectors like water & sanitation, clean energy and urban infrastructure.
RBI allows RRBs to launch internet banking
Reserve Bank of India has allowed strong regional rural banks (RRBs) to launch online transaction through internet banking. Profitable RRBs with minimum Rs.100 crore net worth and better asset quality will be allowed to offer this service. Banks with capital adequacy ratio over 10% will be allowed to introduce the online transaction services. Weak banks will be allowed to offer internet services without online transaction facilities.