The Competition Commission of India has approved amalgamations of Chaitanya India Fin Credit Private Limited and Svatantra Holdings Private Limited into Svatantra Microfin Private Limited. SHPL is engaged in the business of making investments in equity shares, preference shares and other securities.
The proposed transaction relates to the amalgamation of Svatantra Holdings Private Limited (SHPL) and Chaitanya India Fin Credit Private Limited (CIFCPL) into Svatantra Microfin Private Limited (SMPL), through the Scheme of Amalgamation entered into between SHPL, CIFCPL, SMPL and their respective shareholders as has been approved by the board of directors.
CIFCPL is engaged in the business of providing micro finance loans and personal loans to low-income individuals and households in rural/ semi-urban areas. CIFCPL is a middle layer non-deposit taking NBFC-MFI registered with the RBI. in 2009. SMHFCL is a registered Non-deposit Taking Housing Finance Company (NBFC HFC) (Middle Layer).
Union Minister for Rural Development and Agriculture & Farmers’ Welfare Shri Shivraj Singh Chouhan will be inaugurated the 77th Session of the Executive Committee (EC-77) of African-Asian Rural Development Organization in New Delhi tomorrow. The 77th Session of the Executive Committee is being organised by its headquarters in New Delhi from 19-20 February 2025.
African-Asian Rural Development Organisation, one of the the earliest examples of South-South and Triangular cooperation in the fields of agriculture and rural development in the African-Asian region, established in 1962, is an autonomous inter-governmental/multilateral organisation, comprising 32 country governments of Africa and Asia as full members and 3 associate member
AARDO implements its activities at organisational and technical level. Under the organizational level, AARDO secretariat organises governing body meetings, conducts Member Relations and supervises its six Regional Offices located, 3 each in Africa and Asia.
The Executive Committee, consisting of President and 2 Vice Presidents, one each from Asia and Africa and ten members, five each from Asia and Africa, meets once a year and deals with all matters entrusted to it by the AARDO Conference. Important among these countries are Bangladesh, Republic of China (Taiwan), Egypt, India, Republic of Korea, Malaysia, Morocco, Zambia etc.
Union Minister of State for Science and Technology, Dr. Jitendra Singh inaugurated India’s first “Open Air Art Wall Museum” a unique open-air art museum at “Mausam Bhawan” today, depicting and celebrating the 150 years of milestone journey of the India Meteorological Department (IMD).
The “Mausam Bhawan” special art showcase features 38 unique murals depicting India’s meteorological history, the evolution of weather forecasting, and its impact on agriculture, disaster management, and everyday life.
Former bureaucrat Gyanesh Kumar took charge as India's 26th Chief Election Commissioner, succeeding Rajiv Kumar who held the post for over two years. Before his elevation as Chief Election Commissioner, Mr Kumar was serving as Election Commissioner since 15th of March last year. During his tenure as Election Commissioner, elections were held for the 18th Lok Sabha.
Election Commission of India is a permanent Constitutional Body. The Election Commission was established in accordance with the Constitution on 25th January 1950. The Commission celebrated its Golden Jubilee in 2001. The President appoints Chief Election Commissioner and Election Commissioners.
They have tenure of six years, or up to the age of 65 years, whichever is earlier. They enjoy the same status and receive salary and perks as available to Judges of the Supreme Court of India. The Chief Election Commissioner can be removed from office in like manner and on like grounds as a judge of the Supreme Court.
In a significant move to transcend from B2C to B2B approach for tribal communities, Tribal Cooperative Marketing Development Federation of India Ltd (TRIFED) has entered into a strategic partnership with Meesho, Indian Federation of Culinary Associations (IFCA) and Mahatma Gandhi Institute of Rural Industrialization (MGIRI) to facilitate tribal businesses.
The principal objective of the MoU with Meesho is to facilitate the onboarding of tribal products onto their social commerce platform, accompanied by training and capacity-building initiatives for tribal suppliers.
The Insurance Regulatory and Development Authority of India (Irdai) has allowed One-Time Mandate (OTM) on Unified Payments Interface (UPI) for insurance companies. The feature will allow policyholders to block funds in their bank accounts for specific transactions.
“Under the facility called the Bima Applications Supported by Blocked Amount (Bima-ASBA), the transfer of money from the prospect to the insurer happens only when an insurance policy is issued. In this facility, insurers can offer a one-time mandate for blocking a certain amount through UPI in the bank account for the concerned prospect,” Irdai said.
The amount towards the insurance premium will be debited only after the insurer decides to accept the proposal. In case the insurer does not accept the proposal, the amount shall be unblocked and shall be available at the disposal of the prospect.
Insurers have been asked to send a proposal form to policyholders through a standard declaration to block the amount through UPI and have been mandated to offer the facility to both life and health insurance policyholders. Both the Insurance Councils have to issue a standard declaration within a week of Irdai’s circular to be included in the proposal for authorization.
The amount under Bima-ASBA shall be unblocked automatically after the expiry of 14 days from the initial date of blocking funds, or within one working day from the date of non-acceptance of the proposal form. This facility for customers will go live on or before March 1, 2025.
The Securities and Exchange Board of India (Sebi) has cancelled the registration of 19 foreign venture capital investors (FVCIs) -- which includes entities based in Mauritius, Singapore, and Cyprus -- over norms violations. Sebi has alleged multiple violations of regulatory norms and found these entities to be defunct.
Among the 14 entities whose strike-off dates were available, 11 had been defunct for more than five years, while three had been defunct for periods ranging from 10 months to three years in their respective jurisdictions. Sebi had issued show-cause notices to these 19 entities in December 2024, but did not receive any response.
The Reserve Bank of India (RBI) has introduced a new mobile application, ‘RBIDATA’, offering seamless access to over 11,000 series of economic and financial data related to the Indian economy. According to RBI, the app presents macroeconomic and financial statistics in an interactive and user-friendly format, enabling users to view time series data through graphs and chart.
One of the key features of the app is the ‘Banking Outlet’ section, which helps users locate banking facilities within a 20-kilometre radius of their location. Additionally, the app includes a ‘SAARC Finance’ section, offering insights into economic data from SAARC nations.
Despite global geopolitical uncertainties and disruptions in trade and supply chains, India’s economy has remained resilient, according to a report by the State Bank of India (SBI). The bank has projected the country’s GDP growth at 6.2%-6.3% for the October-December quarter (Q3 FY25) based on its in-house ‘Nowcasting Model’, which tracks 36 high-frequency indicators.
The report highlighted that the percentage of indicators showing acceleration has increased to 74% in Q3 FY25, up from 71% in Q2 FY25. SBI attributed this positive momentum to a healthy rural economy, which has been reinforcing stability across other sectors.
In the same quarter last year, India’s economy had expanded at a much higher pace of 8.6%.
ICRA projected India's GDP to grow 6.4 per cent in the December quarter on account of enhanced government spending amid uneven consumption. The Indian economy grew at 6.7 per cent in April-June, but it slowed to a seven-quarter low of 5.4 per cent in September quarter on sluggish government capital expenditure due to general elections and weak consumption demand.
In the first advance estimates released in January, NSO projected GDP growth at a 4-year low pace of 6.4% in the current fiscal. The RBI expects growth to be 6.6%. ICRA has projected the economy to grow at 6.4 per cent in Q3 from 5.4 per cent in Q2. The YoY expansion in the government's capex surged to a six-quarter high of 47.7% in Q3 from 10.3% in the previous quarter.
Credit Fair, a non-banking financial company (NBFC) has raised $5 million in debt from the $75-million Green Basket Bond issued by Symbiotics Investments. The bond, which is the second of its kind, was issued by Symbiotics Investments and subscribed to by British International Investment (BII), the UK’s development finance institution.
Credit Fair, which is backed by VCs like LC Nueva AIF and Capital A, has a significant presence in the solar and MSME segments. The fresh capital infusion will fund 2,500 new rooftop solar projects, directly contributing to the reduction of carbon emissions and providing sustainable energy solutions to thousands of customers.
Union Minister for Coal and Mines, Shri G. Kishan Reddy, along with Secretary, Ministry of Mines, and senior officials of the Ministry of Mines, held a meeting with H.E. Raúl Alejandro Jalil, Governor of Catamarca, Argentina, in New Delhi.
A key highlight of the meeting was the signing of a Memorandum of Understanding (MoU) between Mineral Exploration and Consultancy Limited (MECL), a PSU under the Ministry of Mines, and the Provincial Government of Catamarca, Argentina, which will pave the way for deeper collaboration in exploration and resource development of critical minerals.
Argentina, known for its vast lithium reserves as part of the 'Lithium Triangle,' is a crucial partner for India in securing essential minerals required for electric vehicle batteWith the signing of the MoU, India and Argentina have reaffirmed their commitment to strengthening ties in the critical minerals domain. ries and renewable energy storage.
Marking a significant milestone in Science and Technology (S&T) cooperation between India and Nepal, the Council of Scientific and Industrial Research (CSIR), India, and the Nepal Academy of Science and Technology (NAST) formalized a Memorandum of Understanding (MoU) on 18th February 2025 at CSIR-National Physical Laboratory (CSIR-NPL), New Delhi.
To execute the agreement, two Working Programmes were signed in 1997 and 2002, leading to the organization of several joint workshops and training programs that continued beyond the official period of these agreements. The newly signed MoU seeks to rejuvenate and expand this collaboration, enhancing scientific engagement between the two institutions.
India is elected to the Vice Presidency of the International Organization of Aids to Marine Navigation (IALA) in Singapore. The first General Assembly of IALA also marks its transition from a non-governmental organization (NGO) to an inter-governmental organization (IGO), where India was elected to its Vice Presidency.
India is hosting the IALA Council meeting in December 2025 and the IALA Conference & General Assembly in September 2027 in Mumbai. India’s election to this prominent position reinforces its dedication to advancing maritime safety, enhancing navigational aids, and fostering international cooperation within the maritime sector.
