Today Sector News – 20.02.2018
* BANKING: The Centre has shot off a letter to the Reserve Bank of India on the alleged 114-bln-rupee scam at the PUNJAB NATIONAL BANK, asking whether at any stage the banking regulator had detected the fraud, involving letters of undertaking issued to foreign branches of Indian banks on behalf of companies promoted by Nirav Modi and Mehul Choksi.
- The Union Cabinet today is likely to approve a bill that seeks to ban all unregulated deposit schemes including Ponzi schemes and the ones accepting cryptocurrencies. The Central Vigilance Commission questioned senior PUNJAB NATIONAL BANK and Reserve Bank of India officials on Monday over the lapses that led to the alleged fraud involving jewellers Nirav Modi and his uncle Mehul Choksi.
* ENERGY: Goldman Sachs-backed Re-New Power has lined up an investment of 140 bln rupees to develop clean energy projects in Maharashtra.
* INFORMATION TECHNOLOGY: Adobe Systems Inc said it plans to set up a centre of excellence in Hyderabad to work on artificial intelligence.
* INFRASTRUCTURE: National Highways Authority of India plans to auction toll collection for road length totalling around 1,720 km. The auction is expected to fetch the government around 150 bln rupees.
* POWER: The government has extended the waiver of inter-state power transmission charges and losses for solar and wind power projects commissioned till Mar 31, 2022, with a view to giving a boost to clean energy sources.
* TELECOMMUNICATION: India could see investments of up to $900 mln (about 60 bln rupees) in the next two years from leading handset makers and global contract manufacturers that seek to increase local content in their instruments by assembling printed circuit boards in the country.
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- The Union Cabinet today is likely to approve a bill that seeks to ban all unregulated deposit schemes including Ponzi schemes and the ones accepting cryptocurrencies. The Central Vigilance Commission questioned senior PUNJAB NATIONAL BANK and Reserve Bank of India officials on Monday over the lapses that led to the alleged fraud involving jewellers Nirav Modi and his uncle Mehul Choksi.
* ENERGY: Goldman Sachs-backed Re-New Power has lined up an investment of 140 bln rupees to develop clean energy projects in Maharashtra.
* INFORMATION TECHNOLOGY: Adobe Systems Inc said it plans to set up a centre of excellence in Hyderabad to work on artificial intelligence.
* INFRASTRUCTURE: National Highways Authority of India plans to auction toll collection for road length totalling around 1,720 km. The auction is expected to fetch the government around 150 bln rupees.
* POWER: The government has extended the waiver of inter-state power transmission charges and losses for solar and wind power projects commissioned till Mar 31, 2022, with a view to giving a boost to clean energy sources.
* TELECOMMUNICATION: India could see investments of up to $900 mln (about 60 bln rupees) in the next two years from leading handset makers and global contract manufacturers that seek to increase local content in their instruments by assembling printed circuit boards in the country.
