1. SBI inks agreement with Escorts Ltd to finance tractors purchase
State Bank of India (SBI) on Monday said it has signed an agreement with Escorts Limited to finance farmers for purchase of Escorts Tractors.
The bank said in a statement The aim of the tie-up with Escorts Limited is to promote, market and make accessible, organized finance facility at competitive interest rates to farmers, who wish purchase POWERTRAC and FARMTRAC Tractors manufactured by Escorts Ltd.
2. Veteran south Indian film director I.V. Sasi Passes away
Well-known south Indian film director IV Sasi, who directed at least 150 films in different languages, died in Chennai on Tuesday after prolonged illness. He was 69.
A native of Kozhikode in north Kerala, he was undergoing treatment in Chennai for some time. According to reports he was suffering from cancer
3. EEPC inks pact with PNB
The Engineering Export Promotion Council (EEPC) of India has signed a Memorandum of Understanding with Punjab National Bank to provide easy access to finance to SMEs and merchant exporters of the council.
Punjab National Bank will provide finances with assurance that loans up to Rs. 10 crore would be provided within six to seven weeks at competitive rates, said a press statement issued by EEPC India.
4. CVC to develop Integrity Index of 25 Organizations
In line with the broader strategy and emphasis on preventive vigilance, the Central Vigilance Commission (CVC) believes that the next level of systemic change can be through the tool of Integrity Index.
The CVC has therefore decided to go in for development of the Integrity Index-based on bench-marking of internal processes and controls within an organisation as well as management of relationships and expectations of outside stakeholders.
5. Government to build 83,677 km of infrastructure projects
In a fillip to India’s highway development programme, the Union cabinet chaired by Prime Minister Narendra Modi approved a plan to build thousands of kilometres of roads and highways over the next five years at a cost of about Rs 7 lakh crore, a spending push that could help generate jobs and lift the economy.
Announcing the Cabinet decision, Union finance minister Arun Jaitley called this public expenditure on infrastructure projects as “unprecedented” and “something which has not happened in the country till date.”
6. ₹2.11 lakh crore for public sector banks banks to boost lending
The Union government unveiled an ambitious plan to infuse ₹2.11 lakh crore capital over the next two years into public sector banks (PSBs) that are saddled with high, non-performing assets (NPAs) and facing the prospect of having to take haircuts on loans stuck in insolvency proceedings.
The move is vital for the slowing economy, as private investments remain elusive in the face of the “twin-balance sheet problem” afflicting corporate India and public sector banks reflected in slow bank credit growth.
7. SC bans dirty pet-coke, furnace oil in Haryana, Rajasthan, UP
The Supreme Court directed the governments of Uttar Pradesh, Haryana and Rajasthan to ban the use of pet coke and furnace oil in the industries and made it clear that their failure to do so would force it to ban these materials from 1 November.
A bench of Justices Madan B Lokur and Deepak Gupta, which slapped a fine of Rs2 lakh on union environment ministry for not finalising pollution emission standards for industries using petcoke and furnace oil in the national capital region (NCR), asked the three states to ban the use of these pollution causing materials.
8. Organic near-infrared filter developed by NIIST team
An organic filter that allows only near-infrared (NIR) light to pass through has been developed by scientists at the CSIR-National Institute for Interdisciplinary Science and Technology (CSIR-NIIST) based in Thiruvananthapuram.
The new NIR filter can be used for night vision glasses, night photography, and will have applications in security and forensics such as identifying blood stains on a dark fabric.
9. Ministries of Power & Textiles join hands for SAATHI initiative
The ministries of textiles and power have joined hands for SAATHI (Sustainable & Accelerated Adoption of efficient Textile technologies to Help small Industries). Under the initiative, Energy Efficiency Services Ltd (EESL) will procure energy efficient powerlooms, motors and rapier kits and give them to small and medium powerloom units at no upfront cost.
10. India-NDB signs $350 mn loan agreement to upgrade roads in MP
India signed the first loan agreement with the New Development Bank for USD 350 million for development and upgradation of road project in Madhya Pradesh.
The project, which is to be implemented over 5 years, is expected to improve transport connectivity to the interior regions and resultant boost to economic activity in the rural hinterland.