Daily GK Update: January 13th, 2016.

SBI to monetise non-core assets, list few units over three years.

SBI said it is planning to monetise non-core assets and list some of its subsidiaries for meeting capital needs as well as global risk norms, Basel III, which will kick in from March 2019.

Steel Ministry official made NMDC CMD.

Additional Secretary and Financial Adviser to Union Ministry of Steel Bharathi S. Sihag, is the new Chairman-cum-Managing Director of iron ore mining company NMDC Ltd.

Centre announces greenfield petrochem complex in Vizag.

Union Minister for Fertilizers and Chemicals Ananth Kumar announced the sanction of Greenfield petrochemical complex and National Institute of Pharmaceutical Education and Research (NIPER) in Visakhapatnam and full-fledged Central Institute of Plastics Engineering & Technology to offer B.Tech and M.Tech courses in Vijayawada.

Ensure RBI is not seen as ‘paper tiger’: Raghuram Rajan to staff.

As RBI chides banks to act tough on bad debts, RBI governor Raghuram Rajan has asked his colleagues to ensure that the central bank is not seen as mere “paper tiger” and even rich and powerful wrong-doers are not spared.

Increase in personal IT exemption limit for savings sought.

Increase in exemption limit to Rs.2.5 lakhs for savings under the Income Tax Act, interest rates on small savings schemes should be fixed at five-year Government Security yields and an end to the dividend distribution tax are among the suggestions the Union Finance Minister Arun Jaitley received at a pre-Budget Consultative Meeting with the representatives of Banks and Financial Institutions (FIs). The experts have also demanded that Corporate Social Responsibility (CSR) expenses should be treated as business expenditure for taxation purposes.

Social sector asks Jaitley to review subsidy alternatives.

Social sector groups want Finance Minister to review the implementation of alternative subsidy systems before going ahead with Direct Benefit Transfer (DBT).

Government’s UDAY scheme may light up power distribution companies: Crisil.

The government’s UDAY Scheme to aid ailing electricity distribution companies (discoms) has a better chance of succeeding than the previous financial restructuring plan, says Crisil.

Govt firming up sops to boost manufacturing.

The government is firming up employment-linked incentives for manufacturing sectors to increase labour absorption. The focus is on the sectors identified as part of the ‘Make In India’ initiative, such as leather, textiles, construction, automobiles and auto components and defence. Suggestions, including incentives such as government subsidies and tax concessions, will be submitted to Prime Minister Narendra Modi.

Yamaha inaugurates 4,000 KW solar power plant at Surajpur unit.

Japanese two-wheeler major Yamaha has inaugurated a 4,000 KW solar power project at its facility in Surajpur, Uttar Pradesh. The company’s country arm India Yamaha Motor (IYM) had partnered with solar service provider Amplus Solar for installation, operation and maintenance of the project, the installation of which will be completed by April this year, IYM said in a statement.