News and Updates - February 08, 2015

Maharashtra government signs MoU with L&T for setting up CCTV based surveillance in Mumbai

Maharashtra government has signed an MoU with engineering and construction major Larsen & Toubro (L&T) for setting up closed-circuit television (CCTV) based surveillance in Mumbai. The MoU worth Rs 949 crore was signed by the company and Chief Minister Devendra Fadnavis in Mumbai.

Balchandra Nemade selected for Janpith Award 2014

Marathi Litterateur Bhalachandra Nemade selected for the 50th Jnanpith award for the year 2014. His mega novel 'Hindu', published in 2010 have earned him a reputation as a self-aware, globally conscious and alert writer. He is also known for his great work Kosala (Cocoon) published in 1963, which creates his identity as one of the most in the histories of Indian literature. Nemade is the fourth Marathi writer to win the literary honour after VS Khandekar in 1974, VV Shirwadkar alias Kusumagraj in 1988, and Govind Karandikar alias Vinda Karandikar in 2003.

Govt announces capital infusion of Rs. 6,990 crore in public sector banks

The government has announced a capital infusion of Rs.6990 crore in nine state run banks, including State Bank of India (SBI) and Punjab National Bank (PNB), but based on new efficiency parameters such as return on assets and return on equity. In a statement, the finance ministry said, “This year, the Government of India has adopted a new criterion in which the banks which are more efficient would only be rewarded with extra capital for their equity so that they can further strengthen their position.” The government had budgeted to infuse more than Rs.11,000 crore as capital in the current financial year. It is not clear if the government plans to infuse capital in the other state run banks that have not performed well on the listed parameters. While State Bank of India will get Rs.2,970 crore as capital in the current fiscal, Bank of Baroda will get Rs.1,260 crore, Punjab National Bank Rs.870 crore, Canara Bank Rs.570 crore, Syndicate Bank Rs.460 crore, Allahabad Bank Rs.320 crore, Indian Bank Rs.280 crore, Dena Bank Rs.140 crore and Andhra Bank Rs.120 crore.

State Bank of India to partner with RIL to apply for payments bank licence

Reliance Industries Limited (RIL) has applied for a payments bank licence with country's largest bank State Bank of India (SBI). RIL will be the promoter and SBI will be the joint venture partner with equity investment of up to 30%. The partnership is in accordance with the guidelines for payments bank issued by RBI and subject to grant of licence by RBI.

Indian Coast Guard inducts high-speed patrolling ship Amogh

Indian Coast Guard has inducted a high-speed patrolling ship Amogh into its fleet. Amogh will be stationed off Paradip coast in Odisha. It can travel at maximum speed of 63 km per hour. The ship has facilities like firing gun, rubber boats including one motor-run, GPS system and upgraded radar system. Amogh will be utilized by Indian Coast Guard during emergency situations such as accident and natural calamities besides security purposes. With the induction of this ship, the number of patrolling ships of the Coast Guard reached six.