International Monetary Fund approved a $3 billion loan to Egypt, with an immediate disbursement of $347 million.
Egypt will benefit from the loan over 46 months under the Extended Fund Facility. The agreement is for 2,350.17 million SDRs, or Special Drawing Rights, an IMF unit of account based on a basket of five major international currencies, equivalent to about $3 bn.
The total government spending on IT in India is expected to grow at 10.2 percent in 2021, down from 11.6 percent growth in the previous year, a report by Gartner--a research and consulting firm focused on the technology sector-- has said.
The spending on data centres, devices, and telecom services is projected to decline in the coming year.
Expenses on software are expected to go up by 30.3 per cent.
Bank of Baroda (BoB) has decided to bring in a strategic partner in its subsidiary Nainital Bank Ltd. (NBL) With this, the public sector bank is planning to divest its majority stake and relinquish its control of the subsidiary.
NBL was originally promoted by Late Bharat Ratna Pandit Govind Ballabh Pant and few prominent personalities of Nainital in 1922.
At present, BoB holds 98.57 per cent stake in the Nainital Bank.
World Bank’s data shows that between 1995 & 2021, India has been receiving the highest remittances across the world for 23 years. The only years where it did not clinch the first position were 1998, 2004, 2005 and 2007.
In 2020, when remittance flows to India were 0.22 per cent lesser than what it received in 2019, it still topped the list for maximum remittance worldwide.
After a 3-3 thriller across 120 minutes, Argentina bested France 4-2 on penalties to win their third World Cup, after 36 years. Earlier, while Argentina took a 2-0 lead via Lionel Messi and Angel Di Maria, it was Kylian Mbappe, who got France back with a brace inside 97 seconds in the second half.
Jindal Steel and Power Limited (JSPL) Managing Director Bimlendra Jha said the company will spend Rs 7,930 crore under the PLI scheme for specialty steel. The amount will be used to manufacture eight types of high-end alloy in India.
On December 9, the government announced the selection of 67 entries with an investment potential of Rs 42,500 crore under the scheme.
The Tamil Nadu government issued a notification making the Aadhaar number mandatory for availing various welfare schemes of the government.
Recently, it was announced that electricity connection holders should link electricity consumer number with their Aadhaar card for e-bill payment in Tamil Nadu and the process of linking is active all over Tamil Nadu.
The stealth guided missile destroyer Mormugao, the 2nd of the four 'Visakhapatnam' class destroyers, was commissioned into the Indian Navy.
INS Mormugao is the second of the 4 'Visakhapatnam' class destroyers of 'Project 15B', indigenously designed by the Indian Navy's in-house organisation, Warship Design Bureau & constructed by Mazagon Dock Shipbuilders Limited, Mumbai.
Named after the historic port city of Goa, Mormugao undertook sea trial on Dec 19, 2021.
Goa Liberation Day is celebrated annually on 19 December to mark the anniversary of the state gaining independence from the Portuguese. Goa was liberated by Indian forces in 1961. The 36-hour military action, code-named “Operation Vijay” meaning “Operation Victory,” included strikes by the Indian Army, Indian Navy, and Air Force to free Goa and it became a Union Territory.
In Hockey, the Indian Women's Hockey Team defeated Spain 1-0 in the Final to win the FIH Women's Nations Cup 2022 in Valencia, Spain. Indian remained undefeated during the tournament and also got promoted to the 2023-24 FIH Hockey Women's Pro League.This was the inaugural season of the Women's FIH Nations Cup, with a promotion to next year’s Women’s Pro League hockey.
The Adani group will invest Rs 10,700 crore into Lucknow airport’s expansion so that its annual passenger handling capacity zooms from 4 million passengers per annum to 39 MPPA. According to earlier reports, the Adani group would invest about Rs 10,000 crore in the Ahmedabad airport between 2023 and 2027 to triple its passenger handling capacity, making it a regional hub.
Yes Bank has concluded assignment of the Rs 48,000-crore stressed asset loan portfolio of the bank to JC Flowers Asset Reconstruction company. The bank had earlier declared JC Flowers Asset Reconstruction Private Limited (JC Flowers ARC) as the winner of the Swiss Challenge process for sale of its identified portfolio of stressed assets.
Axis Bank has taken over Reliance Communication’s (RCom) enterprise business, Globalcom IDC Ltd, due to the non-payment of dues. Reliance Communications (RCom) said that Axis Trustee has invoked the pledge over 100% equity in RCom subsidiary Globalcom IDC Limited (GIDC) for non-repayment of loans.
RCOM holds 100% stake in GIDC through another subsidiary Reliance Webstore Limited (RWSL)
The 599th meeting of the Central Board of Directors of Reserve Bank of India was held in Kolkata under the Chairmanship of Shri Shaktikanta Das, Governor.
The Board in its meeting reviewed the current economic situation, global and domestic challenges including geopolitical developments, finance and trade.
The multiple projects include the inauguration of 320 completed and 890 under construction 4G mobile towers, the new campus of IIM Shillong, at Umsawli, the Shillong – Diengpasoh Road which will provide better connectivity to new Shillong satellite township and four other roads projects across the three states viz. Meghalaya, Manipur and Arunachal Pradesh.
National Miner NMDC won the coveted IEI (Institution of Engineers, India) Industry Excellence Award 2022 in December,2022. The largest producer of the iron ore in the country was felicitated at the 37th Indian Engineering Congress for its outstanding performance and high level of business excellence.
Shri Sumit Deb, CMD, NMDC