Current Affairs Agreements

  Indian Oil has signed an MoU with Ghana’s National Petroleum Authority for proper execution of the Ghana’s National LPG Promotion Policy. According to the MoU, Indian Oil will provide its technical expertise and assistance to Ghana’s National Petroleum Authority. The MoU is expected to strengthen the ties between India and Ghana in the field of Petroleum as Indian Oil will help Ghana in the successful execution of its plan of Re-circulation Model (CRM) of LPG. The MoU will also provide for administrative support to Indian Oil in case it decides to take part as a commercial participant in Ghana’s downstream petroleum sector.

  Hyderabad Metro Rail Limited has partnered with online bus ticketing platform redBus to start carpool service for train passengers. The facility aims to provide end to end connectivity to daily commuters in an affordable manner. The service will be offered through “rPool”. rPool is an in-app ride sharing service provided by redBus. Hyderabad Metro Rail Limited will also provide space inside the station premises to rPool for setting up of kiosks for customer service, apart from parking facilities for ride givers on rPool, for easy pick-up and drop of commuters.

  NITI Aayog and Union Territory of Ladakh sign MoU for Development of Infrastructure Projects in Ladakh.  It was signed between NITI Aayog Senior Adviser Dr Yogesh Suri and Adviser to the Lieutenant Governor of Ladakh Umang Narula. The agreement was executed in the presence of NITI Aayog CEO Amitabh Kant. Under this agreement, NITI Aayog will be supporting the UT’s administration through its key initiative ‘Development Support Services to States for Infrastructure Projects (D3S-i)’. In an important initiative to promote the development of key infrastructure sectors in the newly constituted Union Territory of Ladakh. NITI Aayog will identify high-impact projects, It will expedited project implementation, addressing structural-level issues and creating unique models of development for the Union Territory of Ladakh. The main purpose of D3S-i projects is creating PPP (Public Private Partnership) projects. In 2018, phase I of the project was completed. In phase I, 10 projects were selected from 400 projects that were submitted by the states. In phase II, that was completed in the year 2018-19, the selected projects entered transaction stage.
Preparation activities were carried out:
  • The think tank also created a techno-economic feasibility report.
  • A professionals team is to be stationed at Ladakh for identification and development of projects in the UT, especially in tourism, solar energy and basic infrastructure.
The following were other steps taken:
  • The think tank organized investor consultations for the state governments Integrated post-harvest supply chain management and integrated community-based micro-irrigation infrastructure were generated.

  Infosys has inked a deal for 5 years with GEFCO to digitally transform its worldwide operations. Infosys has partnered with the multimodal supply chain solutions provider, GEFCO to strenghthen its Digital Transformation. The digital services and consulting firm Infosys will help GEFCO to transfrom GEFCO’s next-generation business application management services. It will also help GEFCO to emerge as ‘Digital Native’ organization. The prime objective of the partnership is to support GEFCO to create new sustainable sources of competitive advantage and to constantly improve value for its customers.

 On January 9, 2020, the Andhra Pradesh Government signed Memorandum of Understanding with a German firm to implement Zero Budget Natural Farming in the state.
  • Highlights
The state Government will take a loan of Rs 1015 crores to spend towards climate resilient Zero Budget Natural Farming. The project aims to cover 2.39 lakh farmers in 600 villages. The project was included in the Budget presentation of 2019. Along with ZBNF implementation, the Government will also implement Pradhan Mantri Fasal Bima Yojana.
  • Zero Budget Natural Farming
It is a chemical-free agricultural farming practice. The Government of India is promoting ZBNF through Paramparagat Krishi Vikas Yojana and Rashtriya Krishi Vikas Yojana since 2015-16. According to Economic Survey, 2018, more than 1.6 lalkh farmers are practicing Zero Budget Natural Farming in over 1000 villages. The ZBNF was first adopted by Karnataka. In 2018, Andhra Pradesh was the first state to introduce an ambitious plan of 100% of natural farming in the state by 2024. Currently, Indian Council of Agricultural Research (ICAR) is researching ZBNF methods on wheat and basmati.
  • States practicing ZBNF
The states that are practicing Zero Budget Natural Farming includes AP, Uttarakhand, Karnataka, Himachal Pradesh, Chhattisgarh and Kerala. All crops can be grown using ZBNF in all agro-climatic zones.

  India’s leading Digital lending startup, RevFin has joined hands with PNB MetLife India Insurance Company to offer protection to the RevFin’s customers by bundling life insurance cover on their loans. This insurance covers loans up to ?3 lakh for a period of 3 years. The collaboration will help PNB MetLife to reach out to unbanked areas & drive greater financial inclusion in the country by securing the families of the borrowers against loan repayment in case of unfortunate death of the borrower.
Source: The Hindu

  Common Service Centres (CSC) e-Governance Services India has signed a memorandum of understanding with Paytm Payments Bank Ltd (PPBL) for sale of FASTags. The agreement will facilitate the sale of PPBL FASTags through the last mile network of 3.6 lakh CSCs, helping realise the government’s vision of cashless and smooth transit at all toll plazas across the country. FASTags which work on Radio Frequency Identification (RFID) technology have been made mandatory at toll gates on national highways. The FASTag process allows toll payments directly from the prepaid or savings account linked to it, thus doing away with the need for waiting in queues, saving time and fuel.
Source: The Business Standard

  Private sector lender Federal Bank has tied up with online real estate platform Magicbricks for listing and e-auctioning of immovable properties repossessed by it in recovery proceedings. The move is aimed at speedy recovery of the bank’s impaired assets while helping customers get the best rate in the market for their properties.
Source: The Business Standard

  Kotak Mahindra Bank has tied up with Pine Labs to enable debit card facility for their debit cardholders across point-of-sale terminals by Pine Labs. Banks customers can avail EMI facility with a minimum purchase of Rs 8,000 and repay over 3 months to 12 months. Its aim is to provide affordable, flexible and easy EMI options on a range of products so that bank’s customers can break their high-value purchases into affordable instalments at no extra cost.
Source: The Hindu

  Bank of Baroda signed an MoU with the Gujarat government to facilitate the flow of credit in the Micro, Small and Medium Enterprises (MSMEs) sector. As per the agreement, the credit will be provided to the MSME for greenfield projects, startups, women entrepreneurs and entrepreneurs from backward areas under the Gujarat Single Window Clearance Act 2017 & Ordinance Number 1 of 2019 dated October 24, 2019.
Source: The Times of India


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