1.The Securities and Exchange Board of India (SEBI) approved norms for settlement of cases and new KYC norms for Foreign Portfolio Investors.SEBI has approved a proposal to allow foreign investors to trade in commodity derivatives market, except for sensitive commodities.SEBI chairman also said that the mutual fund expenses will be brought down considering economies of scale.
2.India Post Payments Bank (IPPB) and Bajaj Allianz announced a five-year partnership to sell life insurance products on a revenue share basis.Under the partnership, IPPB will facilitate customers to pay for Bajaj Allianz life insurance products through their accounts and Bajaj Allianz Life will offer life insurance solutions.IPPB was launched on September 1, 2018.
3.Prime Minister Narendra Modi and Bangladesh’s Prime Minister Sheikh Hasina jointly inaugurated the construction of a friendship pipeline project.The 130-kilometre India-Bangladesh Friendship Pipeline Project will connect Siliguri in West Bengal in India and Parbatipur in Dinajpur district of Bangladesh.The pipeline will help fulfil the energy needs of Bangladesh at cheaper rates.
4.Government modified operational guidelines of the Pradhan Mantri Fasal Bima Yojana (PMFBY).According to new norms crop insurance companies delaying claim payouts beyond two months from the prescribed will have to pay 12 per cent interest to farmers.The new operational guidelines come into force from the Rabi season, which commences on October 1.
5.An Inter-Ministerial Committee has rejected the view of the RBI and suggested setting up of an independent Payments Regulatory Board.The Committee, headed by Economic Affairs Secretary Subhash Chandra Garg, has prepared a draft for Payment and Settlement System Bill 2018.The members of the committee include IT Secretary Ajay Prakash, UIDAI CEO Ajay Bhushan, and RBI ED Ganesh Kumar.
6.Renowned scientist Kamlesh Nilkanth Vyas has been appointed the secretary of the Department of Atomic Energy and chairman of the Atomic Energy Commission.Vyas, who is at present Director of Bhabha Atomic Research Centre (BARC).
7.The Reserve Bank has curtailed the term of Yes Bank’s founding CEO Rana Kapoor and asked the bank to look for his replacement by January 2019.Kapoor, who has been managing director and CEO since the bank’s inception in 2004, had sought a three-year extension till August 31, 2021.Kapoor was part of the founding team of Yes Bank, along with Ashok Kapur who died in 2008.
8.Ministry of Health has introduced ‘budget dashboard’, an internal web portal comprising information on budget, expenditure and bill payment positions.The dashboard incorporates features for Ministry of AYUSH and Department of Health Research.The dashboard also has unique features for bill position of all India pay and accounts offices and reflects the reason for the return of bills.
9.Ministry of Health has introduced ‘budget dashboard’, an internal web portal comprising information on budget, expenditure and bill payment positions.The dashboard incorporates features for Ministry of AYUSH and Department of Health Research.The dashboard also has unique features for bill position of all India pay and accounts offices and reflects the reason for the return of bills.
10.K Sanath Kumar, Director and General Manager of General Insurance Corporation, took over as CMD of National Insurance Company (NIC).
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