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PM Narendra Modi launched MUDRA Bank to provide credit to small entrepreneurs

PM Narendra Modi launched the Rs 20,000 cr Micro Units Development Refinance Agency (MUDRA) Bank and said , “the aim of the bank is to fund the unfunded small entrepreneurs and to strengthen savings habit in the country”.  MUDRA Bank will provide credit of up to Rs 10 lakh to small entrepreneurs and act as a regulator for ‘Micro-Finance Institutions’ (MFIs).  The roles envisaged for MUDRA include laying down policy guidelines for micro enterprise financing business and registration of MFI entities as well as their accreditation and rating. MUDRA is to be set up through a statutory enactment. It would be responsible for developing and refinancing through a Pradhan Mantri MUDRA Yojana. MUDRA would also partner with state/regional level coordinators to provide finance to “Last Mile Financiers” of small/micro business enterprises.

Snapdeal acquires FreeCharge

Online marketplace Snapdeal acquired India’s fastest growing mobile transaction platform FreeCharge. With this acquisition, Snapdeal has become India’s largest mobile commerce firm with 40 million users and the largest mobile transactions base for any company. Now Snapdeal can offer wide range of services and products including financial services, mobile recharge and utility payments to its growing user base.

Sumit Mazumder elected as new President of CII for year 2015-16

Sumit Mazumder was elected as the President of Confederation of Indian Industry (CII) for the year 2015-16. He is Chairman & Managing Director (MD) of TIL Limited. He will succeed Ajay Shriram, Chairman of DCM Shriram Consolidated Ltd. Moreover, Shobana Kamineni was elected as Vice-President of CII for the year 2015-16. Presently, she is Executive Vice-Chairperson of Apollo Hospitals Enterprises Limited (AHEL). Dr Naushad Forbes is the President-designate of CII for the year 2015-16. He is Director of Forbes Marshall.

Union Cabinet approves release of additional installment of DA and DR

The Union Cabinet gave its nod to release an additional installment of Dearness Allowance (DA) to Central Government employees and Dearness Relief (DR) to pensioners. The approved additional installment of DA/DR is at the rate of six percent increase over the existing rate of 107 percent with effect from 1 January 2015. This decision is going to benefit 48 lakh government employees and 55 lakh pensioners. Decision in this regard was taken in Union meeting chaired by the Prime Minister Narendra Modi in accordance with the accepted formula based on the recommendations of the 6th Central Pay Commission.