1. Centre plans to set up more commercial courts
Days after India jumped 30 positions in the World Bank’s Ease of Doing Business ranking, Law Ministry officials said the Union government proposed to establish commercial courts in districts to further improve the parameters.
An official of the Law Ministry familiar with the process said Legal remedy to commercial disputes and enforcement of business contracts are parameters of the World Bank ranking. In terms of ease of enforcing contracts, India jumped from 172 to 164. “Though the jump in the ranking sounds small, it is substantial given the diversities of laws in our country and the complex demography”
2. Note ban: firms put, drew Rs. 17,000 cr.
The government said more than Rs. 17,000 crore was deposited and withdrawn post-demonetisation, by 35,000 companies.
The Corporate Affairs Ministry said in a statement that to address the criminal angle, the Director, Additional Director or Assistant Director of the Serious Fraud Investigation Office (SFIO) had been authorised to arrest any person believed to be guilty of any fraud punishable under the Companies Act.
3. PSU banks may get Rs. 70,000 cr. via recap bonds in four months
Sources said The Finance Ministry may infuse about Rs. 70,000 crore through recapitalisation bonds in the NPA-hit public sector banks (PSBs) in the next four months.
Last month, Finance Minister Arun Jaitley had announced a Rs. 2.11 lakh crore two-year road map for strengthening public sector banks. The plan included re-capitalisation bonds of Rs. 1.35 lakh crore.
4. Securing N. Korea’s arms will require invasion
The Washington Post reported on Saturday, citing a letter from Pentagon officials sent to U.S. lawmakers “the only certain way to locate and secure all North Korea’s nuclear weapons sites would be via a U.S. ground invasion.”
It said the letter, reportedly written by the vice director of the Pentagon’s Joint Staff, noted that such a conflict could prompt Pyongyang to deploy chemical weapons.
5. Pet coke ban to render 25 lakh workers in NCR jobless: Assocham
Assocham said the Supreme Court’s decision to ban distribution, sale and use of furnace oil and pet coke in the national capital region will render over 25 lakh workers jobless.
Assocham said in a statement “The industries are already under tremendous stress after the implementation of GST and the ban on use of pet coke will prove to be the final nail in the coffin. Over 25 lakh workers will be rendered jobless in Faridabad, Ghaziabad, Gurugram (formerly Gurgaon), Panipat, Sonipat and Noida alone.”
6. Chennai to get flood warning system
Chennai, which of late has been experiencing urban flooding often, is all set to get a comprehensive flood warning system being developed by several national agencies and institutions.
The project is being implemented under the supervision of a high powered committee led by former Secretary of Ministry of Earth Sciences, Shailesh Nayak. The initiative was taken by Office of Principal Scientific Advisor after the devastating floods the city experienced on 2015.
7. New device may help reduce neonatal mortality
India had a neonatal mortality rate of 25.4 per 1,000 livebirthlast year. In other words, an average of little more than 25 children out of 1,000 live births died within 28 days of their births. It is significantly more than the global average of 19 per 1,000 live births recorded last year.
The solution addresses the issue of hypothermia, which is one of the major causes of neonatal deaths.
8. HDFC Bank makes RTGS, NEFT online transactions free from Nov 1
Private lender HDFC Bank has made online transactions through RTGS and NEFT free of cost from November 1, with an aim to promote a digital economy.
On the other hand, various charges for cheque-related transactions as well as request for additional leaves will get costly from early next month for non-managed savings and salary accounts.
9. India’s effort in renewable energy led to drop in solar price: US
US lawmakers have been told “India’s massive effort towards renewable energy has resulted in considerable drop in solar price and the country now believes that the solar power is cheaper than coal without subsidy.”
Influential Senator Jeff Merkley said during a Congressional hearing last week “I was really struck by just the transition in this single year between April and June, driven I think by decisions in India related to that dropping price”
10. Banks’ revenue pools set to change significantly in five years: BCG study
A Boston Consulting Group study notes that with retail loan growth touching its limits, the challenge for banks is expected to be acute from NBFCs, considering that the latter have made significant inroads in retail lending in the last three years.
The report titled ‘Hidden Treasure – How Data can turn the fortunes for Indian Banks’ reveals that over the last five years there has been an estimated 16 per cent growth in disbursement and over 30 per cent annual growth in loan enquiries.