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Daily Archives: March 28, 2023

March 28, 2023 -_4.1

Indian government forms committee to explore pension reforms

Indian Government Forms Committee to Address Concerns of Government Employees Over National Pension System The Indian government has formed a committee led by finance secretary TV Somanathan to explore ways to address concerns raised by government employees over the National Pension System (NPS). The committee aims to find a middle ground between the fiscally imprudent …

March 28, 2023 -_5.1

World Bank approves $108 million loan for Assam’s flood management project

World Bank to provide $108 million loan to assist Assam’s disaster preparedness and flood forecasting efforts The World Bank has given the nod to provide a loan of $108 million (about ₹ 889 crores) to assist Assam in its efforts to improve its disaster preparedness and enhance flood forecasting. The multilateral bank has stated that …

March 28, 2023 -_6.1

EPFO hikes interest rate on employees’ provident fund to 8.15% for 2022-23

The Employees’ Provident Fund Organisation (EPFO) has increased the interest rate on employees’ provident fund (EPF) deposits for the financial year 2022-23. At its meeting, the retirement fund body has fixed the interest rate at 8.15 per cent. However, this rate is subject to approval by the Ministry of Finance, which ratifies the interest rate …

March 28, 2023 -_7.1

‘Ironman’ Krishna Prakash becomes first person to swim from Gateway of India to Elephanta Caves

As part of the ‘Drowning Prevention Awareness’ campaign, Indian Police Service (IPS) officer Krishna Prakash swam from Gateway of India to Elephanta Caves, Mumbai. He completed the expedition of 16.20 kms in just 5 hours 26 minutes and became the first person in history to do so. This is far from the first time the …

March 28, 2023 -_8.1

SJVN gets Rs 915 crore ‘GREEN’ finance from Japan Bank for International Cooperation

SJVN Ltd, a state-owned company, has secured Rs 915 crore in ‘GREEN’ financing from Japan Bank for International Cooperation (JBIC) to support its 90 MW Omkareshwar floating solar project in Madhya Pradesh and 100 MW Raghanesda solar project in Gujarat. The ‘Facility Agreement’ was signed virtually between SJVN and JBIC under the Global Action for …

March 28, 2023 -_9.1

IDFC First Bank partners Crunchfish to demonstrate offline retail payments

IDFC First Bank has announced its collaboration with the Swedish company Crunchfish to launch a pilot project to demonstrate offline retail payments. The bank is going to participate in the Reserve Bank of India’s (RBI) pilot project that aims to enable offline payments. The project aims to provide digital payment services to customers and merchants …

March 28, 2023 -_10.1

Humza Yousaf elected leader of Scottish National party

Humza Yousaf, a Pakistani-origin politician, has won the Scottish National Party (SNP) leadership contest and is set to become Scotland‘s First Minister, replacing Nicola Sturgeon. Yousaf, who is the son of Asian immigrants, is poised to become the first person of colour to serve as Scotland’s first minister. He defeated Kate Forbes, the country’s finance …

March 28, 2023 -_12.1

China spent $240 billion bailing out ‘Belt & Road’ countries: Study

A recent study conducted by researchers from the World Bank, Harvard Kennedy School, AidData, and the Kiel Institute for the World Economy has revealed that China spent approximately $240 billion from 2008 to 2021 bailing out 22 developing countries that had difficulty repaying loans taken for Belt and Road infrastructure projects. Buy Prime Test Series …