Current affairs 20th August, 2015

India Post, 10 entities get nod for payments banks

The Reserve Bank of India (RBI) gave approval in principle for 11 entities on Wednesday to set up payments banks.

They are India Post, Reliance Industries Ltd., Aditya Birla Nuvo, Tech Mahindra, Sun Pharma, National Securities Depository Ltd., Airtel M Commerce Services Ltd., Vodafone m-pesa Ltd., Cholamandalam Distribution Services Ltd., Fino PayTech Ltd. and Paytm.

Payments banks will take deposits and remittances, but will not advance loans. In its previous bi-monthly monetary policy, the RBI said it would announce the names of the entities in August. An external advisory committee, which submitted its report on July 6, selected them.

India accepts invitation to victory parade in Beijing

Ending weeks of speculation, India has accepted China’s invitation to a military parade in Beijing on September 3 to celebrate the end of World War II.

Union Minister of State for External Affairs V.K. Singh will represent India, sources here and Beijing said on Wednesday.

China has invited the U.S., the U.K., Germany, Russia, even Japan and other nations to the parade to commemorate the 70th anniversary celebrations of what it calls the “victory of the anti-fascist forces”.

New Delhi was cautious in accepting the invitation, weighing in the consequences on its bilateral ties with Japan.

Chinese Ambassador to India Le Yucheng recalled on Tuesday the support Beijing received during the war from leaders like Mahatama Gandhi and Rabindranath Tagore.

Tata Opportunities Fund invests in Uber

Tata Opportunities Fund (TOF), the private equity fund advised by Tata Capital, on Wednesday said it has invested in US-based taxi hailing application company Uber. This is the first investment by TOF in a global company with headquarters outside India. However, TOF did not disclose the amount it is investing in Uber.

The investment is expected to fuel the growth of the world’s largest taxi services provider in the Indian market. According to a press release from the Tata group entity, the partnership is a milestone for both entities. It will help Uber expand its services and solutions in India by leveraging the Tata Opportunities Fund’s network within the wider Tata Group, as well as externally.

 

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