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News in Short

News in Short - 09-March-2019

4th India-ASEAN Expo Summit held in New Delhi

Date: 09 March 2019 Tags: Industries
  • The 4th India-ASEAN Expo and Summit was held in New Delhi from 21-23 February 2019. Its theme was “Reviving the Millennial Partnership”.
  • It was organised by Federation of Indian Chambers of Commerce & Industry (FICCI), with the support of Government of India.
  • It attended by Ministers, government officials and business delegations from 10 ASEAN countries (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam).
  • Its aim was to build upon success of previous edition of ASEAN-India Business and Investment Meet and Expo which was held in 2018 as a precursor to India-ASEAN Commemorative Summit.
  • It provided platform for policy makers, business leaders and industry captains to come together and forge common vision for India and ASEAN’s mutual growth and progress.

NITI Aayog organises Conference on Future of Indian Banking

Date: 09 March 2019 Tags: Banking Committees
  • NITI Aayog organised the ‘Conference on Future of Indian Banking and role of technology’ in New Delhi. It was inaugurated by NITI Aayog Vice Chairman Dr. Rajiv Kumar.
  • It was aimed at increasing and elevating discourse on banking sector in India and help develop insights to inform continued evolution of banking sector in India.
  • It saw participation of 200 domestic and international participants, including policy makers, researchers, professionals, academicians and students from various banks, universities and institutes.

EPF interest rate hiked to 8.65 percent

Date: 09 March 2019 Tags: Industries
  • Central Board of Trustees (CBT) of Employees’ Provident Fund Organisation (EPFO) has hiked interest rate on PF deposits to 8.65% for 2018-19 from 8.55% in the previous financial year.
  • This is a 10 basis point increase from the 8.55 percent EPF interest rate announced by the retirement fund for 2017-18. One basis point is one-hundredth of a percentage point.
  • CBT is the apex decision-making body of EPFO and is headed by Union Labour Minister. It has representatives of employees, employers and government.
  • Note: CBT of EPFO proposal on interest rate hike will now go to Finance Ministry for approval. The interest rate is credited into the accounts of subscribers after it receives approval of Finance Ministry