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RBI deputy governor M. Rajeshwar Rao gets one-year term extension

The Central Government has re-appointed M. Rajeshwar Rao as Deputy Governor, Reserve Bank of India (RBI) for a period of one year with effect from October 9, 2023. Mr. Rao handles five departments which includes Department of Regulations, Department of Communication, Enforcement Department, Legal Department and Risk Monitoring Department at the RBI.

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He was appointed as Deputy Governor of Reserve Bank in October 2020 for a period of 3 yrs

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Indian Oil Corporation (IOC) unveils India's first green hydrogen-run bus that emits just water

IOC unveiled the nation's first green hydrogen-powered bus that emits just water as it takes the lead in bringing out unrivaled tools to replace fossil fuels.

IOC will produce close to 75 kg of hydrogen by splitting water using electricity from renewable sources. This hydrogen will be used to power two buses which will ply across the national capital region for trial runs.

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Piyush Pandey steps down from Ogilvy India's leadership role, VR Rajesh to be new CEO

In a new transition of roles, Ogilvy India on 26 September announced that Piyush Pandey has stepped down from the post of chairman global creative and executive chairman and has been replaced by VR Rajesh.

Hephzibah Pathak will take on the role of Executive Chairperson of Ogilvy India. She will be Ogilvy India's first ever woman in this role.

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Ogilvy global CEO : Devika Seth Bulchandani.

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Infosys collaborates with Microsoft to accelerate and democratize industry-wide adoption of generative AI

Infosys Ltd. is expanding its collaboration with Microsoft Corp. for large-scale adoption of generative artificial intelligence by enterprises at a time when disruptive technology is threatening to upend industries. The tie-up brings together the artificial-intelligence capabilities of software makers to enhance enterprise functions with AI-enabled solutions.

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UPI transactions surged to 9.3 billion in June 2023, driven by P2M, says Worldline report

The United Payments Interface (UPI) transactions in India surged by 62% in the first half of 2023 compared to the same period last year. The UPI transactions reached 9.3 billion in June 2023, up from 151 million in January 2018, primarily driven by the growth in Person-to-Merchant (P2M) transactions, a report by the global payments service provider Worldline revealed.

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India’s Sift Kaur Samra wins gold in women’s 50m Rifle 3-P individual event at Asian Games 2023 to give India its fifth gold

India’s Sift Kaur Samra won gold in the women’s 50m Rifle 3-P individual event at the Asian Games 2023 to give India its fifth gold at Hangzhou. In women's 25m pistol shooting event, Indian team comprising of Manu Bhaker, Rhythm Sangwan, and Esha Singh also claimed gold medal. This brings the overall medal tally for the country to 21 - 5 gold, 6 silver, and 10 bronze.

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World Tourism Day | 27 September

World Tourism Day is celebrated on September 27. This day highlights the significance of tourism in fostering cultural exchange, economic growth and sustainable development. The theme for World Tourism Day 2023 is “Tourism and Green Investments”. World Tourism Day was established by the United Nations World Tourism Organization (UNWTO) in 1980.

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Government extends support under Scheme for Remission of Duties and Taxes on Exported Products (RoDTEP) till 30th June 2024

The Scheme for Remission of Duties and Taxes on Exported Products (RoDTEP) support which was notified till 30th September 2023 is now being extended till 30th June 2024 at the same rates to the existing export items. The Scheme is WTO compatible and is being implemented in an end-to-end IT environment.

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REC and PNB sign MoU to co-finance Infrastructure Project Debts amounting to Rs. 55,000 crores over next three years

REC Limited has signed an MoU with Punjab National Bank (PNB) to jointly explore the possibility of funding projects in the Power Sector and Infrastructure & Logistics Sector under a consortium arrangement. REC and PNB will associate with each other to co-finance loans amounting to Rs. 55,000 crores over the next three years.

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Arogya Manthan 2023 award: Kerala tops in providing free medical treatment

For the third time in a row, Kerala has won the Centre’s Arogya Manthan 2023 award for providing free medical treatment to the maximum number of people in the country. The state bagged the award for the maximum utilisation of the Karunya Arogya Suraksha Scheme (KASP).

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RBI approves merger of Sahebrao Deshmukh Co-op Bank with Cosmos Co-op Bank

Pune-based Cosmos Coop Bank has merged Mumbai-based troubled Sahebrao Deshmukh Co-operative Bank (SDC Bank) with itself. With this, Cosmos has added 11 branches to its network – 10 in Mumbai and one in Satara. Now, Cosmos would have 170 branches in seven states across India. In May 2023, it had merged Marahta Co-op Bank. Till now it has acquired 18 small UCBs.

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Centre keeps borrowing plan unchanged for H2FY24, introduces 50-year bond

The central government has decided to stick to its market borrowing plan of Rs 6.55 trillion in the second half (October-March) of financial year 2023-24 (H2FY24). This will include the issuance of sovereign green bonds worth Rs 20,000 crore, as against the Rs 16,000 crore maiden green bonds issued in FY23.

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Govt rolls out Rs 5,000 cr scheme for innovation in pharma, medtech

Union Minister of Health and Family Welfare Mansukh Mandaviya launched the Rs 5,000 crore Promotion of Research and Innovation in Pharma and MedTech sector scheme, which aims to transform India’s pharma medtech industry from a cost-based one to innovation-based. India accounts for only 1.5% of the global medical devices market, while having 8% share of MedTech workforce.

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Nabard raises Rs 1,041 crore through India's first social impact bond

National Bank for Agriculture and Rural Development (Nabard) raised Rs 1,041 crore through its social impact bond, which matures in five years, at a coupon of 7.63 per cent. Nabard’s base issue size was Rs 1,000 crore, and a green shoe option of another Rs 2,000 crore.

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