Modi to visit Varanasi, launch power scheme
(i) Prime Minister Narendra Modi will launch the Integrated Power Development Scheme aimed at ensuring 24x7 power for all, during his visit in Varanasi on Sunday.
(ii) Mr. Modi is scheduled to arrive at the LBS International airport at Babatpur where Uttar Pradesh Chief Minister Akhilesh Yadav and Governor Ram Naik would receive him.
(iii) Later at the DLW ground in Varanasi, he would launch the Integrated Power Development Scheme (IPDS), a flagship project of his government which aims at strengthening sub transmission and distribution network in the city along with 100 per cent metering facility.
(iv) The Scheme is being launched from Varanasi for which Rs. 574 crore has been allocated. The sector’s key financer Power Finance Corporation would prepare the detailed project report (DPR).
(i) Belagavi District Central Co-operative Bank, former Lok Sabha member from Chikkodi Ramesh V. Katti was elected as president for five years in the election held here on Saturday.
(ii) He defeated his rival and sitting president of the bank Laxman Savadi, MLA (Athani).
(iii) Mahanteshwar Basvantaraya Dodgoudar was elected vice-president of the bank by defeating sitting vice-president and rival Subash Gireppa Dhavaleshwar.
(iv) Mr. Katti, who headed the bank for two terms spanning over ten years, attributed his victory to his services during his 12-and-half years as president of the bank and in the co-operative sector.
India ranked best for investment
(i) A ranking of destinations for attractiveness to foreign investors has placed India at the top among 110 countries.
(ii) China has secured the 65th position and the U.S. is at the 50th. In the 2014 index, India was at the sixth position and Hong Kong was number one.
(iii) The ranking is based on an index for baseline profitability that assumes that three factors affect the ultimate success of a foreign investment: how much the value of an asset grows; the preservation of that value while the asset is owned; and the ease of repatriation of proceeds from selling the asset.
Reliance Capital, ICICI to manage Rs.60,000 crore corpus
(i) Reliance Capital Asset Management Company (RCAM) and ICICI Securities Primary Dealership have been selected to manage Rs.60,000 crore provident fund corpus of coal industry workers, a government official has said.
(ii) The decision was taken by the board of trustees (BOT) of the Coal Mines Provident Fund Organisation (CMPFO) at its meeting, chaired by Coal Secretary Anil Swarup, who is the Chairman of BOT, in Kolkata on Thursday.
(iii) “Out of the four — SBI, UTI, RCAM and ICICI Securities, RCAM and ICICI have been selected for management of about Rs.60,000 crore provident fund corpus of the coal industry workers,” the official said.
(iv) An autonomous organisation governed by the Board of Trustees, CMPFO functions under the Ministry of Coal and administers the Coal Mines Provident Fund and Miscellaneous Provision Act, 1948.
Axis Bank cuts base rate to 9.85%
(i) Axis Bank on Friday lowered its base rate by 0.10 per cent to 9.85 per cent, effective June 30.
(ii) The bank has cut its base rate, or the minimum lending rate, by 0.10 per cent to 9.85 per cent, a bank spokesman said.
(iii) With this, the bank has passed on a 0.30 per cent reduction to borrowers this fiscal as against the 0.75 per cent repo rate cut by RBI since January.
(iv) Still, the base rate is higher than the 9.7 per cent offered by ICICI Bank, HDFC Bank and SBI.
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