Daily GK Update: January 6th, 2016.

Andhra Bank launches IMPS for money transfer.

Andhra Bank has launched Immediate Payment Service (IMPS) at all its branches in association with the National Payments Corporation of India (NPCI).

Road shows on the anvil to pick partner for Hooghly Dock modernisation.

The Central government proposes to hold road shows to choose a joint venture partner for modernising and running the almost 200-year-old Hooghly Dock and Port Engineers (HDPE).

Centre likely to scrap 10 % export tax on low-grade iron ore.

The government is likely to scrap the ten per cent export tax levied on low-grade iron ore in view of the falling global prices and the lack of demand for such ore among domestic steel producers, giving a fillip to the economy of Goa.

PM meets oil, gas sector experts.

Prime Minister Narendra Modi held a two-hour meeting with oil and gas experts to discuss ways to infuse funds into exploration. The meet also explored acquisition of global assets, amid falling oil prices and spending cuts being undertaken by domestic firms.

Corruption, delays hamper startups in India: survey.

Corruption and delays are preventing the growth of entrepreneurship in India, according to a new survey. The survey, undertaken by social media network, LocalCircles, showed nearly 60 per cent of the citizens felt these bottlenecks were some of the biggest hurdles to growth of entrepreneurship in the country while only 14 per cent felt funding to be the main impediment.

Work starts on western freight corridor.

The Express Freight Consortium led by Mitsui & Co Ltd.of Japan and comprising TATA Projects and IRCON International Ltd has announced commencing work on a section of the western dedicated freight corridor (DFC), planned to connect Delhi and Mumbai.

When startups fail to deliver.

The problems for hyper local delivery startups in India seem to be piling up, with grocery firm Grofers becoming the latest to announce the scaling down of its operations. The Gurgaon-based company has said it will no longer deliver in nine cities: Bhopal, Bhubaneswar, Coimbatore, Kochi, Ludhiana, Mysuru, Nashik, Rajkot and Visakhapatnam. The news comes after Varun Khurana, chief technology officer of Grofers India, resigned recently, barely after it raised $120 million in funding from Japan’s SoftBank Corp., Russian entrepreneur and venture capitalist Yuri Milner, and existing investors Tiger Global and Sequoia Capital in November.